1. ROBB FRALEY
CHIEF TECHNOLOGY OFFICER
MONSANTO BIENNIAL
U.S. INVESTOR DAY
Nov. 10, 2005
1

2. OVERVIEW
Breeding and Biotech Provide Parallel R&D Paths to
Commercial Products
BREEDING and BIOTECHNOLOGY form two R&D pathways
Separate, but parallel, the BREEDING and BIOTECHNOLOGY pathways are linked
by shared tools.
DISCOVERY PHASE I PHASE II
R&D PHASE: PHASE III PHASE IV LAUNCH
BREEDING
COMMERCIAL
IT PLATFORM
GERMPLASM
G ANALYTICS
MARKERS
GENOMICS
SEED
ELITE
Germplasm SOLD TO
FARMERS
R
BIOTECHNOLOGY
2

3. OVERVIEW
Monsanto Is Partner of Choice for Technology Innovators
DISCOVERY PHASE I
Gene/Trait Identification Proof of Concept
STRUCTURE FUNCTION APPLICATION
MONSANTO MENDEL MENDEL MENDEL
Gene libraries Transcription factor hits Hit optimization Drought, cold, nitrogen, disease
CERES ICORIA
Gene libraries Gene screening
CERES CERES
Gene screening Gene screening
DEVGEN
Insect control
DIVERGENCE
Nematode control
MONSANTO
Corn & soybean trait testing
MODULAR GENETICS
Protein Optimization
U of Nebraska
TRAIT
MONSANTO CAPABILITIES KSU
COLLABORATIONS
TGI, Inc.
PARTNER CONTRIBUTION
Arcadia
MONSANTO
Advanced lead testing in crops
>20K GENE/ PROMOTER
GENES TESTED: >2K GENE/ PROMOTER COMBOS IN CROPS
COMBOS
3

4. OVERVIEW
Trait DISCOVERY PHASE I PHASE II PHASE III PHASE IV
Proof Of Concept Early Development Advanced Pre-launch
Gene/Trait
Pipeline Development
Identification
Roundup Ready Flex Cotton
Tolerance
Herbicide
Roundup RReady2Yield Soybeans
Roundup RReady2Yield Canola
Dicamba-tolerant Soybeans
2nd-Gen YieldGard Rootworm
Control
2nd-Gen YieldGard Corn Borer
Pest
FARMER BENEFITS
YieldGard Rootworm II
Soybean nematode-resistance
Drought-tolerant Corn
Higher-yielding Canola
Drought-tolerant Soybeans
Yield
Drought-tolerant Cotton
Higher-yielding Corn
Nitrogen Utilization Corn
Cold-tolerant Corn
Higher-yielding Soybeans
Mavera™ high-value corn with lysine
Enhancements
PROCESSOR
Mavera™ I high-value soybeans
Protein
Mavera™ II high-value soybeans
2nd-Gen high-value corn with lysine
Feed corn with balanced proteins
L
High oil soybeans for processing
P
Improved-protein soybeans
CONSUMER
Vistive II Low Lin – Mid Oleic soybeans
Lipids
Vistive III Low Lin – Mid Oleic – Low Sat
soybeans
B
Omega-3 Soybeans
Discovery Platform Abbreviations:
4
L P B
Lipid Enhancements Protein Enhancements Bioactive Compounds

5. OVERVIEW
Corn Germplasm Improvements Are Tightly Linked to
Market Share Gains
U.S. CORN MARKET SHARE
2004 CORN YIELD (BU/A)
220
HOLDENS/CORN STATES LICENSEES
MONSANTO BRANDED
210
AMERICAN SEEDS, INC. BRANDS
COMPETITORS 60%
200
DEKALB AND ASGROW BRANDS
50%
190
2004
40%
180
30%
170
20%
160
150 10%
95 100 105 110 0%
RELATIVE MATURITIES (DAYS) 2001 2002 2003 2004 2005
2005 CORN YIELD (BU/A) BREEDING ADVANCES AND ADVANTAGES
200
Strong yield in 2004 translated into
190
a 2-point share gain in 2005
180
2004
In 2005, preliminary data indicates
170
continued yield advantage versus
160
best-in-class competitors
150
95 100 105 110 115
RELATIVE MATURITIES (DAYS)
5

6. PIPELINE UPDATE
Cotton States Will Launch New Source
of Cotton Seed
KEY MARKET AREAS U.S.
TARGET MARKET 7M-8M
Cotton States
CREATING VALUE
PERCENT PENETRATED 0%
• Licensing fee Germplasm licensed from third parties and developed through molecular
reflects value of top
breeding by Monsanto
quality germplasm,
separate from value Taking preliminary orders from licensees; Enough seed for approximately
of trait
1 million acres available for licensing in 2006
• Cotton seed
All varieties offered in 2006 will be on a second-generation trait platform
currently sells for
average of $20 per
2005 UNIVERSITY COTTON VARIETY TESTS
acre retail
1,300
UP NEXT
LBS LINT/ACRE
1,200
• 4+ licensees will
sell seed sourced
from Cotton States
1,100
in 2006, located
broadly throughout
Cotton Belt
1,000
COTTON STATES COMPETITIVE
VARIETIES VARIETIES
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
6

7. OVERVIEW
Seminis DISCOVERY PHASE II PHASE III PHASE
PHASE I
LAUNCH
IV
Proof Of
Pipeline
Gene/Trait Early Advanced
Concept
Identification Development Development Pre-launch
BREED
ING SE
LECTIO
N
VEGETABLE
BREEDING
FAMILIES
SOLANACEOUS QUALITY TARGETS 2005
Tomato Vencedor Hot Pepper
Pepper 2006/7
Eggplant TYLCV Tomato
CUCURBITS 2005
Grower
Melon Watermelon MVR Squash
Cucumber Squash Performance PX03913198 Melon
Gourd 2006/7
High-Quality Watermelon
Horticultural
LARGE SEED 2005
Quality
Beans Okra Devotion Sweet Corn
Peas Sweet Corn 2006/7
Disease Sweeter Peas
BRASSICA Resistance 2005
DOZENS DOZENS DOZENS <10
Broccoli Ironman Broccoli
Cauliflower 2006/7
Cabbage Shelf Life Curd Yield & Quality
Brussels Sprouts Cauliflower
ROOT & BULB Consumer 2005
Onion Beet Fahrenheit Leek
Traits
Leek Carrot Invicta Carrot
2006/7
Low-Pungency onion
Seed
LEAFY 2005
Producibility
Lettuce Boomerang Lettuce
Spinach 2006/7
Celery
Processing Butterhead
Improved Mechanically
Harvested-Spinach
7

8. PIPELINE UPDATE
Conversion from Open-Pollinated to Hybrid Offers
Opportunity in Mexican Market KEY
CROP PENETRATION
MARKET
(Acres)
SQUASH
Mexican OP Conversion
100K 5%
CREATING VALUE
CARROTS 67K 10%
ONIONS
2005 FIELD REPORT
76K 40%
HOT PEPPERS 298K 40%
Mexican OP Conversion
MULTI-STAGE: PHASE II THROUGH LAUNCH
NEW MARKET OPPORTUNITY
$70 CURRENT MARKET
Not as well as Better than
As expected
$60
expected expected POTENTIAL MARKET
$50
$ MILLIONS
Quality
$40
$30
Horticultural Performance
$20
$10
New Hybrids
$0
HOT SQUASH ONION CARROT
OBSERVATIONS
PEPPER
• Able to achieve increased uniformity, earlier maturity,
higher produce quality
• Higher market yield and profitability
• Better disease resistance
• Value of hybrids already being recognized in the market
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
8

9. PIPELINE UPDATE
Molecular Breeding Helps Target Novel Approaches to
Disease Resistance EUROPE N.
KEY MARKET AREAS JAPAN
-AFRICA AMERICA
Geminivirus (Ty) AVAILABLE MARKET 57K 88K 3K
Resistance in Tomato
CREATING VALUE PERCENT PENETRATED 31% 1% 0%
OPPORTUNITY: NOVEL DISEASE
2005 FIELD REPORT
RESISTANCE, MARKERS & IP OPEN
MARKET ACCESS
Ty Resistance Stacked with Nematode Resistance in High
Flavor Pink Tomatoes (Japan)
PROVEN SUCCESS IN EUROPE-AFRICA
PHASE II
15 60
Early Development
$ (m illio n s )
# OF CULTIVARS
10 40
Not as well as Better than
As expected
expected expected 5 20
CHROMOSOME 6
0 0
Shelf Life
99 00 01 02 03 04
Fruit Quality
Horticultural Performance
MARKER
Ty-1 ENABLED
OBSERVATIONS
• Demonstrating excellent disease resistance; Patents are
pending for traits
FUTURE IN JAPAN; TY-MI +
• Leads show promise for high-flavor pink tomatoes, high-
HIGH FLAVOR TOMATOES
value commercial opportunities
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
9

10. PIPELINE UPDATE
Herbicide-Tolerance Focus Has Shifted to Second- and Third-
Generation Traits in Larger Product Family
CREATING VALUE
FARMER BENEFITS Roundup Ready Flex for
cotton is first-ever second-
DISCOVERY PLATFORM: HERBICIDE TOLERANCE
generation trait in weed
PHASE PHASE PHASE PHASE
D
PLATFORM I II III IV
control
HERBICIDE TOLERANCE
Second-generation traits for
ROUNDUP READY
FLEX COTTON
soybeans and canola are in
ROUNDUP
mid-phases of pipeline
RREADY2YIELD
SOYBEANS
Third-generation product
ROUNDUP
RREADY2YIELD
already in Phase II for
CANOLA
soybeans, stacks two modes
DICAMBA-TOLERANT
SOYBEANS
of action
DICAMBA-TOLERANT
COTTON
10

11. PIPELINE UPDATE
Roundup RReady2Yield Soybeans Expand Weed
Control Window
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Roundup RReady2Yield 50M 35M
70M
AVAILABLE MARKET
Soybeans
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
2005 FIELD REPORT IMPLEMENTATION OF MARKER ASSISTED
SELECTION IN TRAIT INTEGRATION
Roundup RReady2Yield Soybeans
PHASE III
Advanced Development
Not as well as As Better than
expected expected expected
Trait Performance
Agronomic Performance
LEAD GENE: COMPLETED
Lead Selection LEAD EVENT: COMPLETED
OBSERVATIONS
• Lead event confirmed in April of 2005
• Trait integration efforts started
• Implementation of marker assisted selection
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
11

12. PIPELINE UPDATE
Third-Generation of Soy Weed Control Gives Farmers
Two Unique Modes of Action
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Dicamba-Tolerant 80M 50M 35M
AVAILABLE MARKET
Soybeans
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
2005 FIELD REPORT FIELD TESTING VALIDATING TOLERANCE
Dicamba-Tolerant Soybeans
DICAMBA TOLERANT
PHASE II
Early Development
Not as well as Better than
As expected
expected expected
Trait Performance
Agronomic Performance
NON TRANSGENIC
LEAD GENE: COMPLETED
Lead Selection LEAD EVENT: IN PROGRESS
OBSERVATIONS
• Tolerance demonstrated at both pre-emergence and post-
emergence application timing
Dicamba Resistant Soybean
• No visual crop injury at rates of 1.5lb/acre, 3X labeled use
Post Emergent Application of 1.5 lb/a
rate
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
12

13. PIPELINE UPDATE
Roundup RReady2Yield Canola Is Newest Addition to
Herbicide-Tolerance Family
KEY MARKET ACRES U.S. EUROPE CANADA
Roundup RReady2Yield TBD TBD TBD
AVAILABLE MARKET
Canola
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
2005 FIELD REPORT NEW BENEFIT TO CANOLA FARMERS
Roundup RReady2Yield Canola Enhanced crop tolerance will allow greater
application flexibility
PHASE II
Early Development
CURRENT EVENT
Not as well as Better than
As expected
expected expected
Trait Performance
Agronomic Performance
LEAD GENE: COMPLETED
Lead Selection LEAD EVENT: IN PROGRESS
OBSERVATIONS NEW EVENT
• Field performance shows enhanced tolerance to Roundup
herbicide
• Stacked with yield genes to deliver enhanced yield from
Tolerance at rates representing 8x standard
nitrogen use efficiency and enhanced seed yield
use rate
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
13

14. PIPELINE UPDATE
Insect Control Discovery Program Approaching Second-
Generation Commercialization
CREATING VALUE
FARMER BENEFITS Second-generation YieldGard
corn borer builds on triple-
DISCOVERY PLATFORM: PEST CONTROL
stack corn platform and
PHASE PHASE PHASE PHASE
D
PLATFORM I II III IV
expands potential for new
PEST CONTROL
acreage penetration
SECOND-GENERATION
YIELDGARD CORN
YieldGard corn rootworm
ROOTWORM
next-generation discovery
SECOND-GENERATION
YIELDGARD CORN
improves production of
BORER
stacked traits while
YIELDGARD
ROOTWORM CORN II enhancing performance
SOYBEAN NEMATODE-
RESISTANCE
14

15. PIPELINE UPDATE
Second-Generation YieldGard Corn Borer Expands
Insect Spectrum and Acreage Potential
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Second-Generation 50M 15M 4M
AVAILABLE MARKET
YieldGard Corn Borer
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
2005 FIELD REPORT
NEW BENEFIT TO CORN FARMERS
Second-Generation YieldGard Corn Borer
Second-generation YieldGard Corn Borer offers
PHASE III
unparalleled combination of insect control and
Advanced Development
resistance management
Not as well as Better than
As expected
expected expected
FALL ARMYWORM
Trait Performance
Agronomic Performance
LEAD GENE: COMPLETED
Lead Selection LEAD EVENT: COMPLETED
OBSERVATIONS
• Excellent control of targeted pests – raises bar for corn
earworm and fall armyworm control
• Outstanding yields, including stacks for rootworm control
2ND GEN YGCB CONVENTIONAL
• Insect resistance management benefit unique to market
• Lead event selected for regulatory submissions
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
15

16. PIPELINE UPDATE
Second-Generation YieldGard Corn Rootworm
Reinvents Stacked Corn Platform
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Second-Generation 25M 1M
AVAILABLE MARKET 5M
YieldGard Rootworm
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
2005 FIELD REPORT
CRW INFESTATION CONTINUES TO EXPAND
Second-Generation YieldGard Rootworm
PHASE IV
Pre-Launch
Not as well as Better than
As expected
expected expected
Trait Performance
Agronomic Performance
LEAD GENE: COMPLETED
Lead Selection LEAD EVENT: COMPLETED
OBSERVATIONS
Percent Acres Treated and/or Planted
• Vector-stack delivered outstanding performance for
Corn Acres - not treated
corn rootworm control and Roundup Ready crop safety 0.1 - 25 % treated
• Monsanto to launch 2nd generation CRW stacked-traits 25.1 - 50 % treated
while competitors introduce 1st generation singles >50% treated
• Will introduce to seed licensees in 2006 with commercial
sales expected in 2007 or 2008
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
16

17. PIPELINE UPDATE
Yield Platform Has Expanded Most Dramatically of All
Families in Past Year
CREATING VALUE
FARMER BENEFITS Drought traits have been
applied to new crops,
DISCOVERY PLATFORM: YIELD
expanded in corn
PHASE PHASE PHASE PHASE
PLATFORM D
I II III IV
Next-generation leads are
DROUGHT-TOLERANT
being developed
CORN
simultaneously with
SOYBEANS
advancement of first-
COTTON
INTRINSIC YIELD generation products
CORN
SOYBEANS
CANOLA
NITROGEN UTILIZATION
CORN
COLD-TOLERANT
CORN
17

18. PIPELINE UPDATE
Drought-Tolerant Corn Is Lead Crop of Yield Family of
Traits
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
80M 30M 6M
AVAILABLE MARKET
Drought-Tolerant Corn
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
CONSISTENT RESULTS FROM EARLY
2005 FIELD REPORT
LEADS AND MORE LEADS EMERGING
FROM PIPELINE
Drought-Tolerant Corn
PHASE II WITH TRAIT WITHOUT TRAIT WITH TRAIT WITHOUT TRAIT
Early Development
Not as well as Better than
As expected
expected expected
Trait Performance
Agronomic Performance o
C 32 34 40
LEAD GENE: COMPLETED
Lead Selection LEAD EVENT: IN PROGRESS
OBSERVATIONS
• Lead genes show consistent drought stress performance
across years
• Mid-season drought performance results in more,
bigger ears
• Up Next: Advance into early development
WITHOUT TRAIT
WITH TRAIT
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
18

19. PIPELINE UPDATE
Drought-Tolerant Cotton Performance Encouraging in
Early Field Evaluation KEY MARKET ACRES U.S. AUSTRALIA
Drought-Tolerant Cotton
AVAILABLE MARKET 7M 0.5M
CREATING VALUE
0% 0%
PERCENT PENETRATED
2005 FIELD REPORT
FROM
GREENHOUSE
Drought-Tolerant Cotton
TESTING TO….
PHASE I
Proof of Concept
…FIRST
DROUGHT- YEAR FIELD
Not as well as Better than CONTROL
As expected TOLERANT
TRIALS
expected expected
Trait Performance
Agronomic Performance
LEAD GENE: IN PROGRESS
Lead Selection LEAD EVENT: N/A
OBSERVATIONS
• Drought leads are working across crops
• First leads into cotton are showing promise
• Next up: Continued evaluation to assess drought
DROUGHT-
CONTROL
performance
TOLERANT
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
19

20. PIPELINE UPDATE
Nitrogen Utilization Corn Moved From Greenhouse to
Field Work in 2005
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Nitrogen Utilization Corn
80M 30M 6M
AVAILABLE MARKET
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
2005 FIELD REPORT FROM
GREEN-
Nitrogen Utilization Corn
HOUSE
PHASE I TESTING
Proof of Concept TO…
Not as well as Better than …FIRST
As expected
expected expected YEAR
GENE H
Control
FIELD
Trait Performance
TRIALS
CONTROL GENE F
Agronomic Performance
LEAD GENE: IN PROGRESS
Lead Selection LEAD EVENT: N/A
G
en
e
OBSERVATIONS
s
• Enhanced nitrogen utilization is challenging trait
• Industrial scale genomics effort is generating leads
• Up Next: Optimization to improve trait performance and
continued screening HIGH N
MED N
LOW N
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
20

21. PIPELINE UPDATE
Processor Benefits Projects Represent New Approach to
Market Not Traditionally Served by Seed Innovations
CREATING VALUE
PROCESSOR BENEFITS Mavera High-Value Corn with
lysine represents first biotech
PHASE PHASE PHASE PHASE
product from our Renessen
D
PLATFORM I II III IV
collaboration
PROTEIN AND/ OR
ENHANCEMENTS
Like Vistive, Mavera
MAVERA HIGH-VALUE
CORN WITH LYSINE
represents a family of
MAVERA I HIGH-VALUE
products
SOYBEANS
MAVERA II HIGH-
Renessen joint venture
VALUE SOYBEANS
includes both biotech and
HIGH OIL SOYBEANS
FOR PROCESSING
breeding approaches to
SECOND-GENERATION
adding value in the feed
HIGH-VALUE CORN
WITH LYSINE
industry
FEED CORN WITH
BALANCED PROTEINS
21

22. PIPELINE UPDATE
First-Generation High-Value Corn with Lysine in Final
Phases of Regulatory Reviews
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Mavera High-Value Corn 5M 2M 1M
AVAILABLE MARKET
with Lysine
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
2005 FIELD REPORT
FIELD DATA VALIDATES
LYSINE TARGETS
Mavera High-Value Corn with Lysine
PHASE IV
5000
Pre-Launch
4000
Not as well as Better than
As expected
expected expected
3000
Trait Performance
1ST GENERATION
2000
Agronomic Performance
MINIMUM
1000
LEAD GENE: COMPLETED
Competitive Comparison TARGET
LEAD EVENT: COMPLETED
0 SOUTH U.S. RESULT
CONTROL
OBSERVATIONS
AMERICA (2004)
RESULT
• Final year of field trial work confirms lysine targets in (2005)
commercial-quality germplasm
• Completed FDA Consultation; USDA comment period
underway
• Final approvals anticipated for 2007 launch
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
22

23. PIPELINE UPDATE
Vistive Family of Traits Continues To Offer Additive Value
as New Consumer Products Advance
CREATING VALUE
CONSUMER BENEFITS Monsanto and Solae recently
announced an agreement for
our improved-protein
PHASE PHASE PHASE PHASE
D
PLATFORM I II III IV
soybeans
PROTEIN
ENHANCEMENTS
Vistive II and III build on the
IMPROVED-PROTEIN
low-linolenic platform
SOYBEANS FOR FOOD
launched in 2005 with
LIPID ENHANCEMENTS
additional qualities that
VISTIVE II LOW LIN –
MID OLEIC SOYBEANS
improve the oil profile
VISTIVE III LOW LIN –
MID OLEIC – LOW SAT
SOYBEANS
BIOACTIVE COMPOUNDS
OMEGA-3 SOYBEANS
23

24. PIPELINE UPDATE
Improved-Protein Soybeans for Food Poised for
Commercial Track Following Solae Announcement
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Improved-Protein <1M TBD TBD
AVAILABLE MARKET
Soybeans for Food
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
2005 FIELD REPORT
Improved-Protein Soybeans for Food
PHASE III
Advanced Development
Not as well as Better than
As expected
expected expected IMPROVED SOLUBILITY PROFILE
Trait Performance
VINTON 81
Agronomic Performance COMMODITY
Lead Selection MON HBC
COMPLETED
OBSERVATIONS CASEIN
• Completed alliance with Solae 0 2 4 6 8 10 12
MEDIAN PARTICLE DIAMETER (MICRONS)
• Early food formulation work very promising
High beta-conglycinin presence
• Strong yield and agronomic performance
translates to mouth-feel more comparable
to conventional dairy products
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
24

25. PIPELINE UPDATE
Vistive Family of Improved Oils Meets Multiple Needs in
Food Industry
TARGET: LOW LINOLENIC TARGET: LOW LINOLENIC
TARGET: LOW SAT
VISTIVE SOYBEANS VISTIVE RAPESEED +INCREASED OLEIC
+ LOW LINOLENIC
2005 LAUNCH 2005 LAUNCH
500K ACRES IN US 40K ACRES IN EUROPE
VISTIVE III LOW LIN –
MID OLEIC – LOW SAT
TARGET: INCREASED OLEIC
SOYBEANS
+ LOW LINOLENIC
VISTIVE PHASE II
FAMILY VISTIVE II LOW LIN –
MID OLEIC SOYBEANS CONSUMER
PHASE III MARKET
OIL FOR
FRYING AND
IMPROVED SOYBEAN
SPRAYING
QUALITY FOR LIQUID OILS Crackers
Snack chips
25

26. PIPELINE UPDATE
Vistive II Adds Improved Oleic Content to Current
Vistive Low Lin Product
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Vistive II Low Lin – 30M TBD TBD
AVAILABLE MARKET
Mid-Oleic Soybeans
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
2005 FIELD REPORT
Vistive II Low Lin – Mid-Oleic Soybeans
PHASE III
Advanced Development
Not as well as Better than
As expected 50% of the oil
expected expected
of Vistive II is
Trait Performance mid-oleic,
improving
Agronomic Performance overall oil
profile
Lead Selection COMPLETED
Mid Oleic
OBSERVATIONS Linolenic Linoleic Sats
18:1
STANDARD
• Achieved commercial targets of 50% oleic and 3% SOY
linolenic composition in field testing
MID-OLEIC
• Molecular marker selection was implemented enabling
SOY
plant selections with compositions for line advancements
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
26

27. PIPELINE UPDATE
Omega-3 Oil Production in Soybeans: Initial Taste,
Smell and Oil Stability Results Promising
KEY MARKET ACRES U.S. EU ROW
TBD TBD TBD
AVAILABLE MARKET
Omega-3 Soybeans
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
2005 FIELD REPORT
SDA OIL TASTES RESULTS 2005
Omega-3 Soybeans
PHASE II
10
Early Development
5
Not as well as Better than
As expected
expected expected
0
Trait Performance
Soy Oil SDA Oil Fish Oil
(INCLUDES OIL TASTE, SMELL AND STABILITY)
Taste Rating 0-15 Scale
Agronomic Performance
Score of zero indicates no taste
LEAD GENES: COMPLETED
Lead Selection LEAD EVENT: COMPLETED
In taste-testing, stearidonic acid (SDA) oil
compares favorably versus fish oil and
OBSERVATIONS
commodity soy oil
• 2004 U.S. and 2005 Argentine field trials continue to
confirm expression of SDA levels at concept targets
• Initial sensory data superior to fish oil
• SDA oil stability results are promising
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
27

28. SUMMARY
New Traits, Trait Upgrades and New Stacked
Combinations Are Creating New Platforms for Farmers
CORN
2005 2010F 2015F
Preferred Trait Preferred Trait Preferred Trait
Trait Offerings Trait Offerings Trait Offerings
Combinations Combinations Combinations
ROUNDUP READY ROUNDUP READY ROUNDUP READY
STACKED – STACKED – STACKED –
CORN 2 CORN 2 CORN 2
DOUBLE: TRIPLE: TRIPLE + YIELD
YIELDGARD PLUS
YIELDGARD YIELDGARD YIELDGARD TRAITS:
YGCB + RR YGRW+YGCB+RR
ROOTWORM ROOTWORM ROOTWORM
YGRW + RR
YIELDGARD CORN 2nd GENERATION 2nd GENERATION 2nd GEN YGCB +
STACKED –
STACKED –
BORER YGRW YGRW 2nd GEN YGRW +
2nd GEN TRIPLE:
TRIPLE: RR
YIELDGARD CORN YIELDGARD CORN
+ DROUGHT
BORER BORER
2nd GEN YGCB +
YGRW+YGCB+RR + INTRINSIC
2nd GEN YGRW +
YIELDGARD CORN YIELDGARD CORN + NITROGEN
RR
BORER BORER
HIGH-VALUE HIGH-VALUE STACKED – TRIPLE
STACKED – TRIPLE
CORN W/ LYSINE CORN W/ LYSINE + FEED TRAITS +
+ FEED TRAITS:
YIELD TRAITS:
2nd GEN HIGH-
VALUE CORN W/
HIGH-VALUE
LYSINE 2nd GEN HIGH-
CORN W/ LYSINE +
FEED CORN WITH VALUE CORN W/
YGRW + YGCB +
BALANCED LYSINE + YGRW +
RR
PROTEINS YGCB + RR
FARMER BENEFITS
YIELD: DROUGHT
PROCESSOR BENEFITS
CONSUMER BENEFITS YIELD: INTRINSIC
YIELD: NITROGEN
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