1. BRETT BEGEMANN
EXECUTIVE VICE PRESIDENT,
INTERNATIONAL COMMERCIAL
LUNCH PRESENTATION:
THE SEMINIS COMMERCIAL
OPPORTUNITY
MONSANTO BIENNIAL
U.S. INVESTOR DAY
Nov. 10, 2005
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2. OVERVIEW
Seminis Provides Ready-Made, Leading Position in
Untapped Seed Segment for Monsanto
SEMINIS SALES GROWTH
Seminis outperformed original
580 financial expectations in 2005,
expected to be accretive in
560
2006 and 2007
540
Richness of germplasm and
520 breeding capabilities
500 confirmed, ready to be
accelerated
480
Opportunities to enhance
460
market share and pricing
440 being further refined
420 Kerry Preete and Marlin
2003 2004 2005 Edwards to join Seminis to
complement commercial,
breeding strategies
Note: 2003 Seminis fiscal year
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3. OVERVIEW
Seminis’ Commercial Portfolio Adds Diversity
Globally and Opens the Door to Small-Acre Crops
2005 SEED SALES BY REGION 2005 SEED SALES BY PRODUCT FAMILY
LEAFY & LARGE
OTHERS SEED
SOUTH AMERICA
ROOT & BULB
ASIA
EUROPE-AFRICA
SOLANUM
CUCURBITS
NORTH AMERICA
BRASSICAS
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4. OVERVIEW
Seminis Is a Leader In Every Major World Market, Yet Still Has
Opportunity to Grow
EUROPE-AFRICA
NORTH AMERICA 2005
Market Share 19%
2005
Market Position 1
Market Share 34%
Market Position 1
ASIA
2005
Market Share 7%
Market Position 3
SOUTH AMERICA
2005
Market Share 37%
Market Position 1
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5. GROW AND LEAD
Seminis Builds Current Pipeline First, Creates Space for
Future Breeding Advancements
TARGET: SEMINIS
2006 2007 2008 2009 2010
GROW
Grow Seminis by advancing and
LEAD
refreshing current product
pipeline, while building new base
for cutting-edge breeding Seminis is a substantial part of the
technologies company’s margin expansion, led by
growth from new generation of
breeding improvements in the product
portfolio, and by expanded go-to-
market approaches
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6. GROW
Like Our Large-Acre Businesses, Seminis’ Targets Are in
Farmer, Processor, Consumer Markets
CONSUMER
PROCESSOR
FARMER
CUSTOMER
BENEFITS
BENEFITS
BASE BENEFITS
PRODUCT • YIELD • UNIFORMITY • NUTRITION
VALUE • DISEASE RESISTANCE • SHELF-LIFE • CONVENIENCE
• PRODUCTIVITY • PACK-OUT • FLAVOR
• COLOR
VALUE SEED SALES TO FARMERS SHARED PREMIUM WITH SHARED PREMIUM WITH
CREATION PROCESSORS END-PRODUCT FOOD
COMPANIES
Through 2007, strongest
financial contribution will
come from optimizing existing
business, which largely
focuses on seed sales to
farmers
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7. GROW
Foundation for Long-Term Growth Starts with World’s Leading
Germplasm Library, Intellectual Property
As in our large-acre crops, Seminis’ germplasm
GERMPLASM
resources create global foundation for
RESOUCES
application of new breeding technologies
Breeding
1.5 Million
Lines
100
Technology (Across public
Alliances and private
EUROPE-
AFRICA organizations)
52 research or
NORTH
ASIA- Research screening
AMERICA
PACIFIC Stations stations in 17
countries
148 owned or
Patents
co-owned
SOUTH
AMERICA PVP 717 issued or
Certificates pending
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8. LEAD
Cucurbits and Solanaceous Families Are Largest Investments in
Seminis Active Breeding Programs
PERCENT OF R&D PROGRAM
PRIMARY CROP TARGETS
FAMILIES SPEND
BROCCOLI CAULIFLOWER
BRASSICA 13%
BRUSSELS SPROUTS RADISH
CABBAGE
CUCUMBER SQUASH
CUCURBITS 26%
GOURD WATERMELON
MELON
BEAN PEA
LARGE SEED 11%
OKRA SWEET CORN
CELERY
CORIANDER- FENNEL
CILANTRO
LEAFY 10%
ENDIVE-ESCAROLE LETTUCE
SPINACH
BEET LEEK
ROOT & BULB 11%
CARROT ONION
EGGPLANT SWEET PEPPER
SOLANACEOUS 29%
HOT PEPPER TOMATO
100%
FOCUS CROPS TARGETED FOR GENETIC MAPPING,
POTENTIAL FOR ACCELERATED BREEDING
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9. GROW
Significant Value Is Created in Hybrid Conversion
MULTIPLIER VALUE
PERCENT HYBRID –
HISTORY OF
CROP Price premium over open
HYBRIDIZATION INDUSTRYWIDE pollination exclusive of volume
effect
First hybridized in
TOMATOES 88% 80 Times
1939 in England
First male sterility
PEPPERS 87% 50 Times
lines discovered in
1958 in U.S.
First hybridized in
MELON 95% 40 Times
1955 in U.S.
First hybridized in
1955 in U.S.; first
WATERMELON 95% 20 Times
seedless
watermelons
developed in 1962
First hybridized in
1950 in U.S.;
SPINACH 85% 4 times
developed with
resistance to downey
mildew
Male sterility lines
ONIONS 50% 3 Times
discovered in 1925 in
U.S.
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10. GROW
Fresh Cut Melons Important Entrée Into Creating Additional
Processor Value
Fresh Cut Melons
CREATING VALUE
2005 FIELD REPORT
Melon product with better shelf life and sugar levels for
fresh-cut retail products
MULTI-STAGE: PHASE II THROUGH LAUNCH
Not as well as Better than
As expected
expected expected
Quality
FRENCH KISS
Horticultural Performance
New Hybrids
(PS03913108 and French Kiss)
OBSERVATIONS
• 55% useable cut-fruit yield versus industry average of 35%
• Higher marketable yield and profitability
• Better shelf life and excellent flavor
• Growers, processors recognizing role of genetics in fresh
3108
cut fruit
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
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11. GROW
Freshness of Portfolio Mix Critical to Success; Target in Low
20% Range Going Forward
SEMINIS FRESHNESS INDEX
25%
PERCENT OF NEW PRODUCTS IN
20%
COMMERCIAL PORTFOLIO
15%
10%
5%
0%
2002 2003 2004 2005
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12. GROW
Seminis Begins to be Accretive in Fiscal Year 2006,
With Acceleration in 2007
MONSANTO ONGOING EPS
$3.50
$3.00 Seminis modestly
accretive in 2006;
$2.50 adds 20-25 cents
per share in 2007
$2.00
Seminis
$1.50 contributes $75M-
$100M free cash
$1.00 2006-2007
$0.50
$0.00
2004 2005 2006F 2007F
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