Investor Presentation May 2020 Forward Looking Statements Certain Information in This Presentation Constitutes Forward-Looking Statements

Investor Presentation May 2020 Forward Looking Statements Certain information in this presentation constitutes forward-looking statements. Actual results could differ materially from those presented in the forward looking statements as a result of many factors including general economic conditions, weather, competitive conditions in the Company’s industries, both in the U.S. and internationally, the COVID-19 pandemic and additional factors that are described in the Company’s publicly-filed documents, including its ’34 Act filings and the prospectuses prepared in connection with the Company’s offerings.

This presentation includes financial information which the Company’s independent auditors have not completely reviewed. Although the Company believes that the assumptions upon which the financial information and its forward looking statements are based are reasonable, it can give no assurances that these assumptions will prove to be accurate.

This presentation contains non-GAAP financial measures. The Company believes adjusted pretax income, adjusted pretax income attributable to The Andersons, adjusted net income, adjusted EPS, EBITDA and adjusted EBITDA provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and better period-to-period comparability. Adjusted pretax income, adjusted pretax income attributable to The Andersons, adjusted net income, adjusted EPS, EBITDA and adjusted EBITDA do not and should not be considered as alternatives to net income or income before income taxes as determined by generally accepted accounting principles. Reconciliations of the GAAP to non-GAAP measures may be found within the financial tables in this presentation and/or in our most recent earnings release.

2 Table of Contents

Company and Financial Overview 4

Trade Group 16

Ethanol Group 19

Plant Nutrient Group 24

Rail Group 28

Appendix 32

3 The Andersons at a Glance

Founded Listed (NASDAQ) Market Cap1 Employees U.S. Locations Dividend History2

1947 1996, ANDE ~$425M ~2,300 ~140 23 Years

2015-2019 Average Adjusted EBITDA by Business3

$56M $46M $29M $63M Trade (29%) Plant Nutrient (24%) Ethanol (15%) Rail (32%)

Top 10 U.S. Player in All Four Sectors

Lansing Trade Group Acquisition and ELEMENT to Significantly Boost EBITDA

1 As of 5/12/20. 2 Consecutive years of paying a dividend. 3 Excludes Retail Group (closed in June 2017). Ethanol and Grain results exclude ratable portion of IDA adjustments on equity income from affiliates through 12/31/18 and 9/30/19, respectively. Non-GAAP measure. See reconciliation tables in Appendix.

4 COVID-19 Response

• Mission-driven and here to serve • Part of a critical infrastructure industry • Facilities are essential to the North American ag supply chain • Employee health and safety has been top priority • Made charitable contributions and matched employees’ gifts

We are proud of our seamless reaction to the crisis

5 Financial Management of COVID-19

Liquidity and Debt Expenses Capital Spending

• We have adequate • We have built an expense • We have spent an average liquidity, with more than management culture, of more than $200 million $850 million of undrawn reducing legacy expenses on maintenance capital, credit or creating acquisition growth capital and synergies of more than investments over the last • We have sufficient of $40 million since 2016 three years headroom with our debt covenants • Our difficult operating • We intend to spend environment compels us to approximately $100 million • Reducing long-term debt do more. in 2020 while still growing remains a priority at a more measured pace • We are targeting $20 • We have a very well- million in additional 2020 staggered maturities expense reductions schedule; no major amounts due before Q3 2021 We are managing costs and conserving cash

6 M&A Strategy

STRATEGIC FILTERS FINANCIAL CRITERIA

Fits Strategically; Core Or Adjacent Accretive to EPS within Two Years Addresses Validated Customer Needs

Strengthens Geographic Footprint ROIC Above Cost of Capital by Year 3 Increases Scale (risk-adjusted)

Provides Differentiation: Enables Payback Period on Long- Ability to “Move Up Value Chain” lived Assets < 10 Years

Disciplined, Focused and Strategic Approach

7 Capital Allocation Framework

Uses of Cash: 2015 to 2019 $992M INVEST IN • Invest in adjacencies to increase 4.7% ORGANIC penetration of existing service 9.3% GROWTH offerings and expand footprint

66.4% 19.6% PURSUE • Seek strategic, bolt-on targets STRATEGIC • Selectively use minority partner ACQUISITIONS capital

Capital Investments

Acquisitions and Investments 1 RETURN • 23+ years of consecutive dividend Dividends CASH TO payout, totaling more than $92M Share Repurchases 2 SHAREHOLDERS over the past five years

1 Acquisitions of businesses, purchases of investments (including investments in affiliates) and distributions to noncontrolling interests, net of proceeds from return on investments in affiliates, as disclosed in the statement of cash flows. 2 Purchases of treasury stock, offset by proceeds from sale of treasury shares to employees and directors and excess tax benefit from share-based payment arrangements, as disclosed in the statement of cash flows.

8 The Andersons at a Glance (cont’d) Trade Ethanol Plant Nutrient Rail

• Purchase and • Refiner of corn into • Supplier of primary • Subject to different merchandise grain ethanol and other nutrients; strong asset economic factors than products network the ag businesses, • Provide value-added risk creating portfolio effect management services to • Recent merger with with • Manufacturer and growers Marathon Petroleum distributor of specialty • Offsetting cycle value encompasses four nutrients buyers and sellers • Merchandise broad plants array of food and feed • Diverse product • Diversified by car fleet ingredients and • New state-of-the-art offerings and end markets specialty grains ELEMENT biorefinery • Growing lawn contract recently commissioned • Growing network of • Provide logistics and manufacturing business railcar repair facilities transload services for • Third-party trading propane and sand increased by Lansing transaction

72 5 39 26 Facilities ~1.3B ~550M ~2M+ ~24,800

Volume Bushels Traded Gallons Tons Railcar Fleet

9 Strong Geographic Footprint

~140 Locations Across the U.S., Canada, Puerto Rico & England

10 Experienced Leadership Team

Bill Krueger Jim Pirolli Jeff Blair Joe McNeely President, Trade President, Ethanol President, Plant Nutrient President, Rail

Pat Bowe President & CEO

Brian Valentine Christine Castellano Val Blanchett Tony Lombardi EVP, Chief Financial Officer EVP, General Counsel Chief Human Resources Chief Information Officer Officer

 Higher accountability Refreshed  All new executive team since 2016 with deep industry experience Leadership Team  Succession ladder with staggered age and experience  Hired outside talent with diverse experience

11 Leveraging Our Solid Foundation

COMPETITIVE DIFFERENTIATORS CORE STRENGTHS 70+ years of market expertise and ingenuity with Culture built on strong values and unique assets in place to provide customer community stewardship solutions Focus on safety and operational efficiency Well respected history as partner of choice with deep customer relationships Merchandising, plant operations, logistics and risk management Strong market presence in Eastern Corn Belt

Strong portfolio and balance Solid reputation due to nimble and customized sheet to weather industry cycles approach

Experienced, dedicated leadership focused on profitable growth

12 Q1 ‘20 Highlights

Asset income decreased as weak ethanol demand drove corn basis lower, food and specialty ingredients business improved

Stay-at-home orders limited gasoline and ethanol demand, causing margins to decline, resulting in large non-cash mark-to-market adjustments

Results improved on continued lower operating expenses; volume picked up in March as spring planting began in earnest

Lower average lease rates and cars on lease as well as some credit concerns in ethanol and sand markets drove lower group results

COVID-19 had significant impacts on several businesses

13 Key Financial Data – First Quarter 2020

$ In millions except per share data, long-term debt-to-equity Q1 ‘20 Q1 ’19 VPY Sales and merchandising revenues $1,853.1 $1,976.8 ($123.7) Gross profit $63.1 $109.7 ($46.6) Operating and general expenses $105.1 $113.3 ($8.2) Equity in earnings (loss) of affiliates $0.1 $1.5 ($1.4) Income (loss) before income taxes attributable to The ($39.1) ($19.4) ($19.7) Andersons, Inc. Adjusted income (loss) before income taxes attributable to ($37.8) ($7.8) ($30.0) The Andersons, Inc. Net income (loss) attributable to The Andersons, Inc. ($37.7) ($14.0) ($23.7) Adjusted net income (loss) attributable to The Andersons, Inc. ($43.2) ($5.3) ($37.9) Diluted earnings (loss) per share (EPS) ($1.15) ($0.43) ($0.72) Adjusted diluted earnings (loss) per share (EPS) ($1.32) ($0.16) ($1.16) Depreciation and amortization $46.9 $33.8 $13.1 EBITDA $9.9 $30.1 ($20.2) Adjusted EBITDA $14.7 $41.8 ($27.1) Effective tax rate 2.8% 27.8% (25.0%) Adjusted effective tax rate (9.7%) 27.8% (37.5%) Long-term debt (including current maturities) $1,068.3 $1,037.2 $31.1

Long-term debt-to-EBITDA ratio (trailing 12 months) 4.80 5.40 14(0.60) 2020 Outlook

Potential record corn crop and large carryout should result in increased space income beginning in the fall and throughout 2021

Margins expected to improve as U.S. economy reopens; plants positioned well to restart production quickly

Favorable weather coupled with more corn acres planted should bode well for the balance of the planting season

Expect continued weakening of leasing business until carloads begin to rebound; repair demand is also likely to decline

15 Trade Group at a Glance

~1.3B ~210M 96M 4.1M 1M Bushels Bushels Bushels Tonnes Tonnes

Total Grain Risk Management Total Space Capacity Feed Ingredients Specialty Ingredients Traded Products

Champaign, IL Bliss, ID Melfort, SK Toledo, OH

Top 5 U.S. Grain and Ingredients Merchant

16 Complementary Geographic Assets & Footprint

Expanded Geographic Footprint

SK MB • Geographic expansion into Western Corn ON Belt/Great Plains, and Eastern Canada MI ID MN • Further diversification of NY activities outside of NE traditional product and IA IL OH geographic regions IN VA • Greater scale in the NC OK agricultural marketplace NM

TX LA

17 Trade Group

Q1 ‘20 Highlights

• The impact of COVID-19 reduced demand, which lowered the corn basis significantly • Group increased credit reserves for an ethanol customer • Food, feed, specialty grains and The Andersons Canada businesses performed well

Adjusted EBITDA ($M) Unaudited in $M Q1 ‘20 Q1 ’19 VPY $126

Revenues $1,378.0 $1,537.7 ($159.7)

Gross Profit $62.5 $67.4 ($4.9) $51 $50 Pretax Income (Loss) ($10.0) ($17.9) $7.9 $8 $10 Adjusted Pretax Income (Loss) ($8.7) ($6.3) ($2.4)

EBITDA $8.5 $7.1 $1.4 2016 2017 1 2018 20192 2020 Q1 Q2 Q3 Q4 Adjusted EBITDA $9.9 $18.7 ($8.8) 1 Excludes asset impairment charges of $10.9. 2 Excludes acquisition costs of $16.0, asset impairment charges of $43.5, a loss on a pre-existing equity method investment of $1.1 and a gain on the sale of assets of $5.7.

18 Ethanol Group Overview

Strategically Located Ethanol Plants

MI IA Albion, MI Clymers, IN OH IN KS

Greenville, OH ELEMENT LLC Denison, IA Opened August 2019 The Andersons Marathon Holdings LLC Effective October 2019

Top 10 U.S. Ethanol Producer

19 ELEMENT, LLC Project Summary Timeline • 70 million gallons per year ethanol • Construction began March 2018 capacity • Production began August 2019 • $175 million joint investment • Fully operational by the end of 2019 • The Andersons (51% owner) provides • Expected to begin generating carbon grain origination; ethanol and RIN credits and cellulosic RINs in late 2020 marketing; and risk management and other support services; to provide carbon credit marketing • ICM (49% owner) provides plant construction, engineering, manufacturing, operations and management services • Significantly enhanced margins ($0.10 to $0.25 per gallon) ELEMENT™, Colwich, Kansas, September 2019

20 ELEMENT, LLC Technology Innovations

Improved ethanol and corn oil production and yield

Production of low carbon intensity ICM’s technologies ethanol, generating carbon credits will help ELEMENT ™ Production of cellulosic ethanol, make these generating cellulosic RINs advancements Production of higher value feed products

Significant energy usage reduction in both natural gas and electricity

21 Ethanol Group

Plant Open Date Capacity Ownership Key Benefits (MGY) • Stable service fee income The Andersons Marathon Holdings LLC 50.1% • Strategic partnerships with largest end user in the U.S. Albion, MI Aug. 2006 140 and foremost technology provider in the world Clymer, IN Apr. 2007 135 • Diversified geographic footprint Greenville, OH Feb. 2008 140 • Negotiation leverage to drive production costs lower Denison, IA May 2012 60 • Technology vetting opportunities ELEMENT, LLC 51% • Improved benchmarking and market intelligence Colwich, KS Aug. 2019 70

Production Capacity Attributable to ANDE: ~275MGY

22 Ethanol Group

Q1 ‘20 Highlights

• Ethanol margins declined in March due to stay-at-home orders • Recorded $14.7 million in non-cash mark-to-market adjustments • Efficient operations and cost reduction efforts helped mitigate lower margins

Adj. EBITDA Attributable Unaudited in $M Q1 ‘20 Q1 ’19 VPY to The Andersons, Inc. ($M) Revenues $313.0 $269.2 $43.8 $33 $31 $31 Gross Profit (Loss) ($29.4) $5.4 ($34.8) $25

Pretax Income (Loss) ($37.4) $2.9 ($40.3)

Pretax Income (Loss) Attributable ($13.4) ($0.2) ($13.2) to Noncontrolling Interest ($14)

Pretax Income (Loss) Attributable ($24.0) $3.0 ($27.0) to The Andersons, Inc. 1 2016 2017 2018 2019 2020 EBITDA ($17.5) $3.9 ($21.4) Q1 Q2 Q3 Q4 EBITDA Attributable to The ($14.0) $4.1 ($18.1) 1 Excludes pretax gain on pre-existing investments in three Andersons, Inc. former entities of $36.3 and acquisition costs of $1.3.

23 Plant Nutrient Group Overview

Plant Nutrient Foundation with a

Value-added Focus… MN WI MI • Natural adjacency to the Grain business, leveraging grower relationships and IA intelligence and a drive to bring growers value NE sustainability OH IL IN • Founded in wholesale distribution of basic row crop fertilizer (NPK) NC • Significant expansion of specialty nutrient capabilities AL Puerto Rico Creates value for Farmers and Shareholders • Delivers sustainable and precision agriculture solutions • Specialty nutrients helps maximize yields and minimize environmental impact Wholesale Fertilizer Facility Farm Center Facility • Improves economics for growers Lawn Facility Cob Facility

24 Plant Nutrient Group

Background Tons Sold (000s)

• 2.1M tons sold is about 4% of total ~50M ton fertilizer market

74 73 • Our market share is 15% to 18%1 59 in our core areas 129 121 130

• Maintaining our market share 201 170 210 ̶ Volumes steady, lower margins ̶ Wholesale entitlement radius Q1 '18 Q1 '19 Q1 '20 100 miles, retail 30 miles Ag Supply Chain Specialty Liquids Engineered Granules

Committed to Growth of Specialty Nutrients

1 Based on Company estimates.

25 Plant Nutrient Group

Q1 ‘20 Highlights

• Pretax income improved by $2.7 million on lower operating expenses • Adjusted EBITDA improved by $1.9 million year over year • Business reorganized into Ag Supply Chain, Specialty Liquids and Engineered Granules as of January

Adjusted EBITDA ($M) Unaudited in $M Q1 ‘20 Q1 ‘19 VPY $49 $47 $45 Revenues $124.9 $128.5 ($3.6) $42

Gross Profit $20.4 $20.9 ($0.5)

Gross Profit Margin 16.3% 16.3% -

Pretax Income (Loss) ($1.2) ($3.9) $2.7 $7 Adjusted Pretax Income (Loss) ($1.2) ($3.9) $2.7

1 2016 2017 2018 2019 2 2020 EBITDA $6.9 $5.0 $1.9 Q1 Q2 Q3 Q4 Adjusted EBITDA $6.9 $5.0 $1.9 1 Excludes goodwill impairment charges of $59.1. 2 Excludes asset impairment charges of $2.2 and gain on the sale of a farm center for $2.9.

26 Physical Product Flow: Factory to Field

75% of Supply Moves through Distributors Like ANDE

Storage Retailers, Manufacturers Dealers and Farmers (Distribution) Co-ops

Wholesale Distribution Capacity is Critical to Ag Supply Chain

27 Rail Group Overview Key Metrics Railcar Fleet by Commodity2

Grain/Grain Products 25.5% Railcars ~24,400 Fertilizer/Minerals 14.3%

Ethanol & Gasoline 9.2%

Plastics 9.0% 89.0% Average Utilization Rate1 Chemicals 8.0%

Sand/Sand Products 6.2% ~21,900 Cars on Lease2 Wood & Forrestry/Paper 4.9% Aggregates & Limestone 4.4%

Metals & Products 3.8% Railcar Repair Facilities 26 Coal/Coke 3.3%

Cement 3.3% ~150 Commodities Handled Petroleum Products 2.6% Other 5.4%

1 Average for Q1 ’20. 2 As of 3/31/20

28 Rail Group’s Diverse Fleet

ANDE Focus Railcar Percent of North American Fleet1

• Expanded from ag-related Industry / Andersons Fleet2 cars (grain and fertilizer covered hopper) to broad range of car types

• Have only ~1% of railcars Covered Hopper Tank Car Gondola Open-Top Hopper in the pressured crude oil 34% / 64% 26% / 19% 12% / 4% 8% / 4% and coal markets

• Limited exposure to intermodal/flat car market

• Focused on improving the average remaining life of Boxcar Flat Car Intermodal Other the fleet 6% / 4% 8% / 2% Platform 1% / 3% 4% / NA We Are an Active Player in Most Primary Car Types

1 Source: Association of American Railroads as of 1/1/20. 2 As of 3/31/20.

29 Rail Repair Network

• Strategically located and geographically diverse network

• High-quality repairs WA

• Broad range of capabilities NY CA (from simple repairs to re- IA NJ UT IL IN OH manufacturing) MD MO NC • Growing tank car capabilities TN SC MS • Serves both ANDE fleet and TX third-party shippers and railroads

• Income growing steadily Repair Facility Tank Car Repair Capable

30 Rail Group

Q1 ‘20 Highlights

• Lease income declined on lower lease rates, fewer cars on lease • Credit concerns continued in the sand and ethanol markets • EBITDA stays relatively consistent but down 11 percent year over year

EBITDA ($M) Unaudited in $M Q1 ‘20 Q1 ‘19 VPY $66 Revenues $37.1 $41.4 ($4.3) $59 $58 $55 Gross Profit $9.7 $15.9 ($6.2)

Leasing Income $0.2 $3.3 ($3.1)

Car Sale Income $0.4 $0.6 ($0.2)

Service and Other Income (loss) $0.4 $0.4 - $14

Pretax Income $1.0 $4.3 ($3.3)

2016 2017 2018 2019 2020 EBITDA $14.4 $16.2 ($1.8) Q1 Q2 Q3 Q4

31 Appendix

32 Definitions

EBITDA: Earnings before interest, taxes, depreciation and amortization; a non-GAAP measure. A primary measure of period-over-period comparisons, and we believe they are meaningful measures for investors to compare our results from period to period Ethanol Margin Hedging: From time to time we establish hedge positions with futures and derivative contracts that lock in prices for sales of ethanol and purchases of corn and natural gas with the intent of securing portions of our future sales margins Railcar Fleet Utilization: Percentage of railcars in leased service divided by total railcars controlled by the company Ag Supply Chain: Primary nutrients sold by wholesale fertilizer distribution centers and farm centers Specialty Nutrients: Manufactured products intended for agricultural and industrial uses Engineered Granules: Granular products for turf and agricultural uses, contract manufacturing and cob products

33 Historical Performance ($M)

Gross Profit Adj. EBITDA1 Adj. Pretax Income1 Capital Investments2

$76 $230 $224 $518 $246

$60

$51 $376 $49 $178 $346 $175 $141 $319 $157 $302 $111 $124 $106

$19

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

1 Non-GAAP measure. See reconciliation tables in Appendix. 2 Investments in PP&E and net investments in Rail Group assets as disclosed in statement of cashflows.

34 Long Term Debt Maturities

Long-term Debt Maturities by Quarters ($000)

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

$0 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 2025 and After Recourse Non-Recourse

No material long-term debt matures before Q3 2021

35 Reconciliation to EBITDA and Adjusted EBITDA

Plant $M Trade Ethanol Rail Other Total Nutrient

Three Months Ended March 31, 2020

Net income (loss) $ (10.0) $ (37.4) $ (1.2) $ 1.0 $ (3.5) $ (51.1) Interest expense 7.2 2.4 1.8 4.5 (0.2) 15.6 Income tax expense - - - - (1.5) (1.5) Deprecation and amortization 11.3 17.5 6.3 8.9 2.7 46.9 Earnings before interest, taxes, depreciation and 8.5 (17.5) 6.9 14.4 (2.5) 9.9 amortization (EBTIDA) Total EBITDA impact of noncontrolling interests - (3.5) - - - (3.5) Income (loss) before income taxes attributable to The 8.5 (14.0) 6.9 14.4 (2.5) 13.4 Andersons, Inc.1 One time acquisition costs ------Transaction related stock compensation 1.3 - - - - 1.3

Total adjusting items 1.3 - - - - 1.3

Adjusted EBITDA $ 9.9 $ (14.0) $ 6.9 $ 14.4 $ (2.5) $ 14.7

1 Income (loss) before income taxes attributable to The Andersons, Inc. for each Group is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income (loss).

36 Reconciliation to EBITDA and Adjusted EBITDA

Plant $M Trade Ethanol Rail Other Total Nutrient

Three Months Ended March 31, 2019

Net income (loss) $ (17.9) $ 2.8 $ (3.9) $ 4.3 $ 0.5 $ (14.2) Interest expense 10.8 (0.7) 2.3 3.7 (0.1) 15.9 Income tax expense - - - - (5.4) (5.4) Deprecation and amortization 14.2 1.8 6.7 8.2 2.9 33.8 Earnings before interest, taxes, depreciation and 7.1 3.9 5.0 16.2 (2.1) 30.1 amortization (EBTIDA) Total EBITDA impact of noncontrolling interests - (0.2) - - - (0.2) Income (loss) before income taxes attributable to The 7.1 4.1 5.0 16.2 (2.1) 30.2 Andersons, Inc.1 One time acquisition costs 4.6 - - - - 4.6 Transaction related stock compensation 3.4 - - - - 3.4

(Gain) on pre-existing equity method investments 3.5 3.5

Total adjusting items 11.6 - - - - 11.6

Adjusted EBITDA $ 18.7 $ 4.1 $ 5.0 $ 16.2 $ (2.1) $ 41.8

37 Reconciliation to EBITDA and Adjusted EBITDA

Plant $M Trade Ethanol Rail Other Total Nutrient

Year Ended December 31, 2019

Net income (loss) $ (14.8) $ 45.1 $ 9.2 $ 15.1 $ (26.5) $ 28.1 Interest expense 35.2 0.6 7.9 16.5 (0.5) 59.7 Income tax expense Deprecation and amortization 51.0 23.7 26.0 34.1 11.4 146.2 Earnings before interest, taxes, depreciation and 71.4 69.4 43.1 65.7 (15.6) 234.0 amortization (EBTIDA) Total EBITDA impact of noncontrolling interests - (7.4) - - - (7.4) Income (loss) before income taxes attributable to The 71.4 62.0 43.1 65.7 (15.6) 226.6 Andersons, Inc.1 One time acquisition costs 6.7 1.3 - - - 8.0 Transaction related stock compensation 9.3 - - - - 9.3

Asset impairment incl. equity method investments 43.5 - 2.2 - 0.5 46.2 (Gain) on pre-existing equity method investments 1.1 (36.3) - - - (35.2) (Gain) on sales of assets (5.7) - (2.9) - - (8.6)

Total adjusting items 54.9 (35.0) (0.7) - 0.5 19.7

Adjusted EBITDA $ 126.3 $ 27.1 $ 42.3 $ 65.7 $ (15.1) $ 246.3

38 Reconciliation to EBITDA and Adjusted EBITDA

Plant $M Grain Ethanol Rail Other Total Nutrient

Year Ended December 31, 2018

Income (loss) before income taxes $ 26.7 $ 21.9 $ 12.0 $ 17.4 $ (24.8) $ 53.2

Income (loss) attributable to the noncontrolling - (0.2) - - - (0.2) interests

Income (loss) before income taxes attributable to The 26.7 22.1 12.0 17.4 (24.8) 53.4 Andersons, Inc.1

Interest expense 11.8 (1.9) 6.5 11.3 - 27.8

Depreciation and amortization 16.1 6.1 26.9 29.2 12.1 90.4

Earnings before interest, taxes, depreciation and 54.6 26.4 45.4 57.9 (12.7) 171.6 amortization (EBITDA)

Adjusting items impacting EBITDA

Acquisition costs - - - - 6.5 6.5

Earnings before interest, taxes, depreciation and $ 54.6 $ 26.4 $ 45.4 $ 57.9 $ (6.2) $ 178.1 amortization (EBTIDA)

39 Reconciliation to EBITDA and Adjusted EBITDA

Plant $M Grain Ethanol Rail Other Total Nutrient

Year Ended December 31, 2017

Income (loss) before income taxes $ 12.8 $ 19.0 $ (45.1) $ 24.8 $ (32.0) $ (20.5)

Income (loss) attributable to the noncontrolling - 0.1 - - - 0.1 interests Income (loss) before income taxes attributable to The 12.8 18.9 (45.1) 24.8 (32.0) (20.6) Andersons, Inc.1

Interest expense 8.3 (0.1) 6.5 7.0 (0.1) 21.6

Deprecation and amortization 18.8 6.0 26.6 23.1 12.0 86.4

Earnings before interest, taxes, depreciation and 39.9 24.8 (12.0) 54.9 (20.1) 87.4 amortization (EBTIDA)

Adjusting items impacting EBITDA:

Goodwill impairment - - 59.1 - - 59.1

Asset impairment 10.9 - - - - 10.9

Total adjusting items 10.9 - 59.1 - - 70.0

Adjusted EBITDA $ 50.8 $ 24.8 $ 47.1 $ 54.9 $ (20.1) $ 157.4

40 Reconciliation to EBITDA and Adjusted EBITDA

Plant $M Grain Ethanol Rail Retail Other Total Nutrient

Year Ended December 31, 2016

Income (loss) before income taxes $ (15.7) $ 27.6 $ 14.2 $ 32.4 $ (8.8) $ (28.3) $ 21.4

Income (loss) attributable to the noncontrolling - 2.9 - - - - 2.9 interests

Income (loss) before income taxes attributable to (15.7) 24.7 14.2 32.4 (8.8) (28.3) 18.5 The Andersons, Inc.1

Interest expense 8.0 - 6.4 6.5 0.5 (0.3) 21.1

Deprecation and amortization 18.2 5.9 28.7 20.1 2.4 9.0 84.3

Earnings before interest, taxes, depreciation and 10.5 30.6 49.3 59.0 (5.9) (19.6) 123.9 amortization (EBTIDA)

Adjusting items impacting EBITDA:

Total adjusting items ------

Adjusted EBITDA $ 10.5 $ 30.6 $ 49.3 $ 59.0 $ (5.9) $ (19.6) $ 123.9

41 Reconciliation to EBITDA and Adjusted EBITDA

Plant $M Grain Ethanol Rail Retail Other Total Nutrient Year Ended December 31, 2015 $ $ Income (loss) before income taxes $ (9.5) $ 30.3 $ 0.1 $ 50.7 $ (0.5) (82.7) (11.6) Income (loss) attributable to the noncontrolling - 1.8 - - - - 1.8 interests Income (loss) before income taxes attributable to (9.5) 28.5 0.1 50.7 (0.5) (82.7) (13.4) The Andersons, Inc.1 Interest expense 5.8 0.1 7.2 7.0 0.4 (0.4) 20.1

Deprecation and amortization 19.2 5.9 25.2 18.5 2.5 7.2 78.5 Earnings before interest, taxes, depreciation and 15.5 34.5 32.5 76.2 2.4 (75.9) 85.2 amortization (EBTIDA) Adjusting items impacting EBITDA:

Goodwill impairment 46.4 - 9.7 - - - 56.1

Pension adjustment - - - - - 51.4 51.4 Partial redemption of investment in Lansing (23.1) - - - - - (23.1) Trade Group One-time acquisition costs - - 4.9 - - - 4.9

Total adjusting items 23.3 - 14.6 - - 51.4 89.3

Adjusted EBITDA $ 38.8 $ 34.5 $ 47.1 $ 76.2 $ 2.4 $ (24.5) $ 174.5

42 U.S. Corn Planting Progress

Percent planted change from 2019 Gold states = ahead of 2019 progress Gray states = behind 2019 progress

Source: USDA crop progress report 5/4/20

43 U.S. Soybeans Planting Progress

Percent planted change from 2019 Gold states = ahead of 2019 progress Gray states = behind 2019 progress

Source: USDA crop progress report 5/4/20

44 USDA Supply/Demand

Source: USDA 4/9/20

45 U.S. Grain Storage Capacity U.S. Off Farm Storage Capacity1 ANDE U.S. Storage Capacity In millions of bushels In millions of bushels State ANDE2 ANDE % of Total Illinois 1,500 Illinois 16.2 1.1% Nebraska 950 Nebraska 15.4 1.9% Minnesota 810 Minnesota 1.7 0.2% Texas 630 Texas 6.2 1.0% Indiana 545 Indiana 22.5 4.1% Ohio 465 Ohio 41.9 9.0% Michigan 235 Michigan 28.7 12.2% Colorado 136 Colorado 1.6 1.2% Louisiana 131 Louisiana 24.9 19.0% Idaho 124 Idaho 16.7 13.5% Kentucky 90 Kentucky 1.4 1.6% Tennessee 75 Tennessee 2.5 3.3% New York 1.4 2.9% New York 48 Total U.S.3 184.4 1.6%4

Total U.S. commercial (off-farm) storage capacity of 11,588 million bushels, and 13,538 million on-farm storage

1 Sources: USDA 1/10/20 Grain Storage Capacity 2 As of 12/31/19; includes temporary pile storage 3 Doesn’t include 22.3 million bushels in Canada 4 ANDE percent of total U.S. off-farm storage capacity

46 U.S. Storage Capacity/Supply Impact

(B) of bushels Grains Are Crop Year ‘08-’09 ’09-’10 ‘10-’11 ‘11-’12 ‘12-’13 ‘13-’14 ’14-’15 ‘15-’16 ’16-’17 ‘17-’18 ‘18-’19 ‘19-’20 Harvested Once and Supply1 19.8 21.3 21.0 19.8 18.3 21.3 22.3 22.5 24.9 24.7 24.7 23.5 Needed throughout Capacity 21.4 21.8 22.3 22.9 23.2 23.5 23.8 24.2 24.3 24.7 25.0 25.1 Each Year; Total Supply Utilization2 93% 98% 94% 86% 79% 91% 94% 93% 100% 102% 99% 93.6% Growing Faster than Carryout 2.5 2.8 2.2 1.9 1.7 1.9 2.7 2.9 4.0 3.7 3.7 3.3 Capacity

20 Industry 13.0 13.1 13.2 13.3 13.5 13.5 13.5 12.0 12.3 12.5 12.8 12.9 Has Grown Into New 10 On-farm 9.4 9.5 9.7 10.1 10.3 10.4 10.7 10.9 11.1 11.2 11.5 11.6 Storage (B) (B) bushels of 0 Capacity '08-'09 '09-'10 '10-'11 '11-'12 '12-'13 '13-'14 '14-'15 '15-'16 '16-'17 17-'18 18-'19 19-'20

Off-Farm On-Farm

U.S. Grain Storage Will Continue to Have Value Based on Strong Market Demand

Sources: PRX (The ProExporter Network) as of 1/10/20, USDA 1/10/20 Grain Storage Capacity, USDA Supply & Demand 2/10/20. 1 Total supply = corn, soybeans, wheat. 2 Storage capacity utilization = Total supply/total storage capacity.

47 Sources of Octane

125 Not covered Banned in 26 states. by OEM 120 No liability protection warranties for producers 115 Limited to 1% of the blend 115 110 113 110 105 Extremely high RVP 106 100 103 101 95 Premium Gasoline

90 Regular Gasoline 92 85 84 80

75 Sub-octane Butane Benzene Toluene Xylene MTBE Ethanol Methanol

Ethanol Demand Driven by Economic, Clean Source of Octane

Source: U.S Department of Energy, National Renewable Energy Lab

48 Ethanol Group

Overview of Contribution Margin Per Gallon Ethanol Production Capacity of Ethanol Produced

• Ethanol is a low cost,

clean burning, high CO2 octane, renewable Ethanol 550M Gal. Corn Oil MARGIN fuel product DDGs Depreciation Fixed Variable • E85, Distillers Dried Gas & Electric Grains (DDGs), Corn E85 Flex Fuel 60M+ Gal. Oil and CO2 Ethanol Corn • We market the CO2 produced as part of DDGs 1.3M Tons the process at 3 out of our 4 plants

• Our ethanol 115M+ lbs. customers are Corn Oil Revenue Input primarily refiners and Streams Costs fuel blenders

49 2019 Exports Decline Due to Loss of China Demand

U.S. Ethanol Exports (MGY) 1,583

1,391 United 1,325 Kingdom, 2% Other, 11% 1,171 Mexico, 2% 1,108 Oman, 3% Brazil, 23% 868 Peru, 3% 814 Netherlands, 668 4% 602 Philippines, 5% Canada, 22% 397 Colombia, 5% Korea, 7% India, 12% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: EIA as of 2/28/20 Source: Pro Exporter Network 5/1/20

2020 Exports Expected to Be Lower Due to COVID-19 Demand Destruction

50 Ethanol Group Production

Ethanol Gallons Produced E-85 Gallons Shipped DDG Tons Shipped Corn Oil Pounds Shipped in millions in millions in thousands in millions

61.4 1,262 481.1 1,240 117.2 119.4 448.6

47.7

536

147.3 14.9 116.8 118.1 314 305 27.5 28.9 29.3 8.9 9.1

2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020 Q1 FY Q1 FY Q1 FY Q1 FY

Charts include activity at formerly nonconsolidated ethanol plants

51 Life Cycle of Nutrients

Spring Pre-Planting Spring & Summer Growing Season Fall Post Harvest Pre-Season: Mar Apr May Jun Jul Aug Sept Oct • Agronomy Testing • Base load of Nitrogen, Phosphorus and Potassium (NPK) Application • Micro-Nutrient Application

Spring & Summer Growing Season: • Planting: Starter, Low Salt • Side Dressing: Nitrogen supports yields • Protecting: Pesticides

Post-Season: • Agronomy Testing • Base load of Phosphorous and Potassium Application • Micro-Nutrient Applications: Zinc and Manganese Emergence  Tassel & Ear Initiation  Pollination  Tasseling  Silking  Maturity

52 Nutrient Demand Crop nutrient (N,P,K) use is highest for Corn

Nitrogen Phosphorous K Potassium

44% 41% 43%

17% 19% 15% 14% 5% 5% 5% 6% 2%

Corn Wheat Soybeans Cotton Corn Wheat Soybeans Cotton Corn Wheat Soybeans Cotton

Strong corn acreage supports NPK demand

53 2020 U.S. Farm Income Expected to Remain Low $ billion 160 136 140 135 131 123 120 120 107 110 124 101 104 96 96 100 114 84 87 85 77 97 97 72 74 92 94 80 87 68 62 84 57 79 78 77 81 78 60 51 70 62 62 61 57 40 51 55 39 20

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F2020F Net Farm Income Net Cash Income Average since 2000: $78B $94B Source: USDA Farm Sector Indicators, February 2020 Over the Cycle, Farmer Income Is a Key Driver

54 Rail Group Top 10 Player

Background Top 25 Private Railcar Owners

1. Greenbrier Management Services 374,000  • ~1.6M U.S. railcars 2. TTX Co. 169,305  3. Union Tank Car 102,174  4. Trinity Industries Leasing 102,140 ̶ 65% private owners  5. Wells Fargo Rail 102,849  6. The CIT Group/Equipment Financing 87,734  ̶ 35% railroad owned 7. GATX 86,210  8. *SMBC Rail Services/ARL LLC 83,918  9. Procor 29,989  • More nimble than larger 10. The Andersons 23,951  11. ExxonMobil 16,838  players, providing speed 12. American Railcar Industries 15,068  13. ADM Transportation 13,320 and flexibility  14. Midwest Railcar 12,245  15. Progress Rail Leasing 11,665  16. Equistar Chemicals 11,345  • More cars than smaller 17. Chicago Freight Car Leasing 11,226  18. Dow Chemical 10,417  players to provide us 19. Greenbrier Leasing 8,900  20. Halliburton Energy Services 8,164 with scale advantage  21. Cargill 7,151   Lessor 22. Georgia Power 6,665  23. CAI Rail 6,366  Manufacturer  24. David J. Joseph 5,546   Shipper 25. Mitsui Rail Capital  5,429 - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000

* SMBC purchased American Railcar Leasing, LLC (ARL, LLC) Well Positioned in Industry with Strong Customer Service Focus

Source: The Official Railway Equipment Register® April 2019 55 Rail Tank Car Retrofit Regulations

Comparison of HM-251 Tank Car Phase-out Schedule vs. FAST Act Phase-out Schedule (Tank Cars in Class 3 Flammable Liquid Service) Tank Car Type/Service TC Retrofit Deadline FAST Act Phase-out Deadline Crude – Removed Crude – Removed Condensates – Removed Ethanol – May 1, 2023 Non-jacketed DOT-111s Ethanol – May 1, 2023 PG I – May 1, 2025** PG I/II/III – May 1, 2025 PG II/III – May 1, 2029* Crude – Removed Crude – Removed Jacketed DOT-111s Condensates – Removed Ethanol – May 1, 2023 Ethanol – May 1, 2023 PG I – May 1, 2025** PG I/II/III – May 1, 2025 PG II/III – May 1, 2029* Crude – Removed Crude – April 1, 2020 Non-jacketed CPC-1232’s Condensates – Removed Ethanol – July 1, 2023 Ethanol – July 1, 2023 PG I – May 1, 2025** PG I/II/III – May 1, 2025 PG II/III – May 1 ,2029* Crude – May 1, 2025 Crude oil – May 1, 2025 Jacketed CPC-1232s Condensate – May 1, 2025 Ethanol – May 1, 2025 Ethanol – May 1, 2025 PG I – May 1, 2025** PG I/II/III – May 1, 2025 PG II/III – May 1, 2029*

**Extendable up to May 1, 2027, if the Secretary finds that insufficient retrofitting shop capacity will prevent the phase-out of tank cars not meeting the DOT-117, DOT-117P, or DOT-117R by the deadline.

*Extendable up to May 1, 2031, if the Secretary finds that insufficient retrofitting shop capacity will prevent the phase-out of tank cars not meeting the DOT-117, DOT-117P, or DOT-117R by the deadline.

56 Rail Group Earning Power

YTD $ in millions YE 2016 YE 2017 YE 2018 YE 2019 2020

Average # of Railcars 23,057 23,314 22,899 24,250 24,416

Sources of Income Beg. $ on Bal. Sheet $338.1 $327.2 $423.4 $521.8 $584.3

• Generates lease income Average % Utilization 87.8% 85.0% 90.8% 92.4% 89.0% from long-lived assets Income YTD $ in millions FY 2016 FY 2017 FY 2018 FY 2019 • Maximizes value by 2020 remarketing assets Lease Income $13.2 $8.9 $8.1 $9.1 $0.2 opportunistically Railcar Sale Income $11.0 $11.0 $2.4 $3.5 $0.3 • Provides repair services Services & Other Income $8.2 $4.9 $6.9 $2.5 $0.5 embedded in leases and to third parties Total Rail YTD $ in millions FY 2016 FY 2017 FY 2018 FY 2019 2020

Revenue $163.7 $172.1 $174.2 $166.9 $37.1

Gross Profit $55.9 $52.5 $54.8 $57.1 $9.7

Gross Profit % 34.1% 30.5% 31.5% 34.3% 26.1%

Pretax Income $32.4 $24.8 $17.4 $15.1 $1.0