2. Forward-Looking Statements
Certain statements contained in this presentation, such as statements concerning the company's anticipated
financial results, current and future product performance, regulatory approvals, currency impact, business and
financial plans, the outcome of contingencies and other non-historical facts are quot;forward-looking statements.quot;
These statements are based on current expectations and currently available information. However, since these
statements are based on factors that involve risks and uncertainties, the company’s actual performance and results
may differ materially from those described or implied by such forward-looking statements. Factors that could cause
or contribute to such differences include, among others: the company's exposure to various contingencies,
including those related to Solutia Inc., litigation, intellectual property, regulatory compliance (including seed
quality), environmental contamination and antitrust; successful completion and operation of recent and proposed
acquisitions; fluctuations in exchange rates and other developments related to foreign currencies and economies;
increased generic and branded competition for the company's Roundup herbicide; the accuracy of the company’s
estimates and projections, for example, those with respect to product returns and grower use of our products and
related distribution inventory levels; the effect of weather conditions and commodity markets on the agriculture
business; the success of the company’s research and development activities and the speed with which regulatory
authorizations and product launches may be achieved; domestic and foreign social, legal and political
developments, especially those relating to agricultural products developed through biotechnology; the company’s
ability to successfully market new and existing products in new and existing domestic and international markets;
the company’s ability to obtain payment for the products that it sells; the company's ability to achieve and maintain
protection for its intellectual property; the company's ability to fund its short-term financing needs; and other risks
and factors detailed in the company's filings with the U.S. Securities and Exchange Commission. Undue reliance
should not be placed on these forward-looking statements, which are current only as of the date of this release.
The company disclaims any current intention or obligation to revise or update any forward-looking statements or
any of the factors that may affect actual results, whether as a result of new information, future events or otherwise.
2
3. Non-GAAP Financial Information
This presentation may use the non-GAAP financial measures of “free cash flow,” earnings per share (EPS) on an
ongoing basis, and Return on Capital (ROC). We define free cash flow as the total of cash flows from operating
activities and investing activities. A non-GAAP EPS financial measure, which we refer to as on-going EPS excludes
certain after-tax items that we do not consider part of ongoing operations, which are identified in the reconciliation.
ROC means net income (without the effect of certain items) exclusive of after-tax interest expenses, divided by the
average of the beginning year and ending year net capital employed, as defined in the reconciliation. Our
presentation of non-GAAP financial measures is intended to supplement investors’ understanding of our operating
performance. These non-GAAP financial measures are not intended to replace net income (loss), cash flows,
financial position, or comprehensive income (loss), as determined in accordance with accounting principles
generally accepted in the United States. Furthermore, these non-GAAP financial measures may not be comparable
to similar measures used by other companies. The non-GAAP financial measures used in this presentation are
reconciled to the most directly comparable financial measures calculated and presented in accordance with GAAP,
which can be found at the end of this presentation.
Fiscal Year
In this presentation, unless otherwise specified, references to Monsanto’s fiscal years refer to the 12-month period
ending August 31.
Trademarks
Roundup, Roundup Ready, Roundup RReady2Yield, Bollgard, Bollgard II, YieldGard, Monsanto Imagine, Vine
Design, Asgrow, DEKALB, Monsanto Choice Genetics, Posilac, Processor Preferred, Vistive and Seminis, Seminis
Vegetable Seeds, Royal Sluis, Petoseed, and Bruinsma are trademarks owned by Monsanto Company and its
wholly-owned subsidiaries and are italicized the first time they appear in this presentation.
3
4. OVERVIEW
Monsanto Has Established Strategic Platforms in
High-Value Crops
SEED & TRAIT CROP PLATFORMS
CROP PLATFORMS
CORN
Licensed
d
de AS
CORN
ran I
OILSEEDS
B
Biotechnology
COTTON
Breeding
I
AS
Genomics
VEGETABLES
VEGETABLES
Licensed
OILSEEDS
Branded
TECHNOLOGY PLATFORMS
Germplasm
GERMPLASM
GENOMICS
d
de
ran
BREEDING
B
BIOTECHNOLOGY
Bra d
COTTON
nse
nde
Lice
d
4
5. TECHNOLOGY PLATFORMS
Monsanto’s Germplasm Resources Provide an Unmatched
Base That Allows Us to Develop More Products, Better
GERMPLASM
Germplasm is the “library” of genetic material contained in all the plants of a species.
From the germplasm, plants inherit their basic characteristics that make them what
they are, and breeding is based on using germplasm to find the best combinations that
can make plants do more
Germplasm is the starting point for farming
None of the tools – markers, analytics, biotech – matter if there
isn’t good base germplasm
Monsanto is doing more with its germplasm – across corn,
soybeans, cotton and vegetables – than any other company in
the industry today
MONSANTO GERMPLASM RESOURCES
• Germplasm from 6 continents • Tens of millions of genes
screened each year in
• More than 200 breeders on staff
germplasm combinations
at Monsanto and Seminis
• More than 2,000 genetic
• More than 100 breeding
markers actively being used by
research centers world wide
breeders
5
6. MARKET RESULTS
Industry’s Most Diverse Genetic Pool in Corn Creates New
Opportunities for Monsanto U.S.
KEY MARKET ACRES BRAZIL ARGENTINA
BRAND LICENSED ASI
Corn Germplasm
80M 30M 6M
AVAILABLE MARKET
CREATING VALUE
14% 32% 3% 35% 49%
PERCENT PENETRATED
Monsanto has the largest private international collection of corn
• Value measured in
germplasm, spanning 6 continents, 3 temperature zones, and 36
market share
gains; U.S. acquired breeding programs
branded seed
share projected for No other company can make as many unique crosses from as many
4th year of 1+ point
unique germplasm libraries as Monsanto
gain
• Elite, high-yielding
2004 U.S. CORN YIELD GAINS
INTERNATIONAL GERMPLASM NETWORK
germplasm
Monsanto Branded Competitors
refreshes product
portfolio at high 220
BUSHELS PER ACRE
end of pricing 210
• Highest priced 200
branded 190
conventional
180
hybrid averages
170
$100/unit or
$36/acre 160
150
95 100 105 110 115
RELATIVE MATURITY (DAYS)
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
6
7. MARKET RESULTS
Monsanto’s Germplasm Reach Has Grown Significantly
Through Branded and Licensed Seeds
U.S. CORN MARKET SHARE – BRANDS AND LICENSEES
HOLDENS/CORN STATES
LICENSEES
AMERICAN SEEDS BRANDS
60%
DEKALB AND ASGROW BRANDS 51%
49%
46%
50% 44%
43%
40%
30%
20%
5+ Branded
10% Share Point
Growth in
4 Years
0%
2001 2002 2003 2004 2005
7
8. TECHNOLOGY PLATFORMS
Our Genomics Capabilities Allow Us to Unlock Germplasm,
Mining Our Resources for the Best Opportunities
GENOMICS
Genomics is one of the tools that “mine” the germplasm to find the best combinations
of traits that can be bred into plants for better products. Genomics allows us to map
the genes of the plant to understand their structure and the role they play in the plant’s
function
Genomics is used to identify traits and markers that will move
down different research pathways using breeding and
biotechnology
Genomics makes the germplasm useful. There are more
combinations of genes in corn than there are grains of sand in
the world. Finding the fastest way to the best gene
combinations is the key:
There are approximately 60,000 genes in corn
Only about 2 percent – or 1,200 -- appear to have been actively
selected by man in the cultivation of corn
The probability of breeding the best combination of genes for a trait
even within a set of just 20 genes is 1 in a trillion
By breeding using markers developed with genomics knowledge,
those 1 in a trillion odds rapidly improve to as good as 1 in 5
8
9. TECHNOLOGY PLATFORMS
Breeding is the Research Engine that Brings Commercial
Value to Germplasm
BREEDING
Breeding is the process of cross-pollinating plants with desirable qualities to develop
improved plants in successive generations; Molecular breeding is an enhanced tool
for breeding that involves the use of DNA markers for genes in combination with
physical measurement of traits to accelerate selection in plant breeding programs.
“MINING” FOR FIELD SUCCESS
The scarce resource in developing improved seeds and seed traits is
field testing because it is impossible for us to make and test all of the
trillions of posible gene combinations. A successful breeding program
assembles the combinations of germplasm that have the best chance of
commercial success and puts them into the field for testing.
FIELD
BREEDING
GERMPLASM GENOMICS
TRIALS
“Mining” Activities
9
10. TECHNOLOGY PLATFORMS
Breeding Capability Provides a Platform that Allows
Monsanto to Expand to Adjacent Business Spaces
APPLICATIONS AND OPPORTUNITIES OVER TIME
PRODUCT LEAD
GENERATION
PRODUCT LEAD APPLICATION
TIME
GENERATION EXPLORATION
PRODUCT LEAD PRODUCT LEAD CROSS-PLATFORM IDENTIFY
GENERATION GENERATION SHARING MARKERS
APPLICATION
CROSS-PLATFORM
EXPLORATION
SHARING
IDENTIFY
APPLICATION
CROSS-PLATFORM
MARKERS
EXPLORATION
SHARING
IDENTIFY
APPLICATION
MARKERS
EXPLORATION
IDENTIFY
MARKERS
SOYBEANS COTTON VEGETABLES
CORN
10
11. MARKET RESULTS
Molecular Breeding is Used To Create New Source of
Seed for U.S. Cotton Farmers
KEY MARKET AREAS U.S.
TARGET MARKET 7M-8M
Cotton States
CREATING VALUE
PERCENT PENETRATED 0%
The capabilities and knowledge we’ve refined in bringing new corn
germplasm to the market applies in cotton as well
• Rapid and broad
introduction of
Germplasm licensed from third parties and developed through molecular
traits and future
breeding by Monsanto
innovations
Seed production under way for commercialization in 2006
• Licensing fee
Cotton States launching exclusively on a second-generation trait platform
reflects value of top
quality germplasm,
2004 COTTON STATES FIELD TRIALS
separate from value
1,600
of trait
• Cotton seed
1,500
LBS LINT/ACRE
currently sells for
average of $20 per
acre 1,400
1,300
1,200
COTTON STATES COMPETITIVE
VARIETIES VARIETIES
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
11
12. MARKET RESULTS
Vistive Is First of Family of Improved Oils for Food Uses
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Vistive 5M TBD TBD
AVAILABLE MARKET
Low Linolenic Soy
CREATING VALUE
2% 0% 0%
PERCENT PENETRATED
Vistive was developed by screening Monsanto’s germplasm and
• Contract grown,
using advanced tools in breeding, effectively launching in 36
value shared.
months from concept
Monsanto sells
to growers,
Oil to be in on-the-shelf consumer products in late 2005
processors pay
grower premium
OIL PROFILES ALONG THE THREE-STEP CHANGE IMPROVEMENT
and royalty to
Monsanto after LINOLENIC LINOLEIC OLEIC SATS
harvest and 18:3 18:2 18:1 18:0 / 16:0
STANDARD
crushing SOYBEAN
• To be stacked
with Mid-Oleic
LOW LIN
before full
market
penetration is MID OLEIC +
LOW LIN
achieved
• 1 acre = ZERO SAT +
approximately MID OLEIC +
500 lbs. of oil LOW LIN
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
12
13. MARKET RESULTS
Seminis Has Largest, Most Diverse Germplasm Pool in
Vegetable Industry LATIN EUROPE- ASIA
KEY MARKET POSITION NAFTA AMERICA AFRICA PACIFIC
Vegetable 1 1 1 1
MARKET POSITION
Breeding
CREATING VALUE
Germplasm investment nearly double that of closest competitor
• Seminis branded
seed recognized Vegetable seed germplasm is proprietary, scarce
globally: Royal
75% of R&D devoted to breeding
Sluis, Petoseed,
Bruinsma, and
Between 20%-25% of commercial products come from new
Asgrow
hybrids introduced in prior two years
Vegetable
• Breeding valued
VEGETABLE FRESHNESS INDEX
for quality,
taste, health
25%
benefits, disease
control 20%
• New seeds have
15%
greatest pricing
opportunity 10%
5%
0%
2002 2003 2004 2005F
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
13
14. TECHNOLOGY PLATFORMS
Molecular Breeding Can Be Applied to Seminis’ Sweet
Corn Breeding Programs
KEY MARKET POSITION WORLDWIDE
Knowledge Transfer MARKET POSITION 4
to Sweet Corn
CREATING VALUE
Immediate access to broad
• Breeding
corn germplasm base
knowledge
transfer Within 4 weeks of closing
increases
the Seminis acquisition,
potential new
Monsanto had identified
product
1,000 corn markers to help
offerings
with Seminis sweet corn
• Molecular
breeding
breeding speeds
creation of new
hybrids
• Accelerated
genetic gains
have potential to
translate to
market share
gains, higher
market value
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Early Development Adv. Development
Proof of Concept Pre-Launch
14
15. TECHNOLOGY PLATFORMS
Biotechnology Complements Breeding to Bring Farmers
the Best Options
BIOTECHNOLOGY
Biotechnology is the application of scientific knowledge to transfer beneficial genetic
traits to enhance plants’ growth or to provide nutritional or other benefits to farmers,
food and feed processors, or consumers
The use of biotechnology is an additive tool where there is a
special value to be brought that can justify the additional R&D
investment
Second Generation Stacked
• Bollgard II cotton • YieldGard Plus corn
2003 2004
• Roundup Ready Flex • YieldGard Plus with
cotton 2006 Roundup Ready Corn 2 2005
• Second-generation
YieldGard Corn Borer corn
PHASE III
Breakthrough Platforms
• Roundup RReady2Yield
• Drought-tolerant corn
soybeans PHASE III PHASE I
Growth Opportunities • Omega-3 soybeans PHASE II
• Roundup Ready Corn 2 2001
15
16. MARKET RESULTS
Roundup Ready Flex Launch To Be Largest in 10-Year
History of Biotech Traits
KEY MARKET ACRES U.S. AUSTRALIA
Roundup Ready AVAILABLE MARKET 10-15M 0.5-0.8M
Flex Cotton
CREATING VALUE
0% 0%
PERCENT PENETRATED
Anticipated largest trait launch of 2-3 million acres,
• Value reflects pending final approvals
greater
convenience and 80-90% of Roundup Ready Flex to be stacked with
enhanced weed Bollgard II
control; lifts the
8 cotton seed companies currently breeding trait into
value of the
Roundup Ready varieties
trait
• Roundup Ready
Flex Cotton will
be available
predominately
stacked with
Bollgard II,
which also
should boost
Bollgard II
adoption
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
16
17. MARKET RESULTS
Testing of Second-Generation Roundup RReady2Yield
Soybeans Indicates Extended Control
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Roundup RReady2Yield 70M 50M 30M
AVAILABLE MARKET
Soybeans
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
Identified lead event during agronomic and tolerance trials
• Expanded
during the 2004 U.S. field season.
window of
application Second-generation testing indicates improved tolerance under
provides greater
extended spray conditions
grower flexibility
2005 field trials planted in the U.S. and preparation of
• Yield
regulatory submission under way
improvement of
5+ bushels per
acre in 2004 FIELD TRIAL YIELD
field trials
65
60
BU/ACRE
ROUNDUP READY
SOYBEANS
55
ROUNDUP
RREADY2YIELD
SOYBEANS
50
SPRAY SPRAY SPRAY
TIME 1 TIME 2 TIME 1&2
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
17
18. MARKET RESULTS
Roundup Ready Corn Acreage Expected to
Grow 35-40 Percent in 2005
KEY MARKET AREAS U.S. ARGENTINA
Roundup Ready TARGET MARKET 50M 5M
Corn
CREATING VALUE
PERCENT PENETRATED 48% <1%
Current forecast of 23-24M acres of Roundup Ready corn in
• 2005 U.S. trait 2005 U.S. season
fee of $8-$10 per
30M acres targeted in U.S. for 2006
acre in
Monsanto
With European import approval for single trait, U.S. market
branded seed for
potential is now 50M acres
single trait
U.S. ROUNDUP READY CORN ACREAGE GROWTH
• Grower profits
average of $12
35
per acre on yield
gains alone; 30
additional cost
MILLIONS OF ACRES
Inflection
savings on labor, 25
Points: There
fuel and
are new 20
equipment
trajectories 15
• Provides grower for growth in
greater Roundup 10
flexibility in Ready Corn 5
weed control
0
1998 1999 2000 2001 2002 2003 2004 2005F 2006F
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
18
19. MARKET RESULTS
Stacked Trait Growth Is Driving Corn Acceleration
U.S. CORN TRAIT ACRES WITH ROUNDUP READY
25
Roundup Ready/YieldGard Plus
Roundup Ready/YieldGard Corn Rootworm
20
Roundup Ready/YieldGard Corn Borer
ACRES IN MILLIONS
Roundup Ready
15
10
5
0
1998 1999 2000 2001 2002 2003 2004 2005
19
20. MARKET RESULTS
Triple-Stacked Corn Traits Fill a “Sweet Spot”
in U.S. Corn Market Needs
YIELDGARD
ROOTWORM
YIELDGARD
CORN
BORER
ROUNDUP
READY
CORE ACRES
INSURANCE ACRES INSURANCE ACRES
INSURANCE VALUE WITH PRICE VALUE REFLECTS BROAD INSURANCE VALUE WITH PRICE
ELASTICITY TECHNOLOGY FIT ELASTICITY
20
21. TECHNOLOGY PLATFORMS
Drought Stress Tolerance To Be Family of High-Value
Traits in Multiple Crops
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Drought-Tolerant TBD TBD TBD
AVAILABLE MARKET
Corn
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
Yield protection on all acres against water deficits
• Pricing will
Yield enhancement through improved water use on drought-
reflect yield
prone acres and cost savings on irrigated acres
gains in all three
markets; value
Two gene leads obtained positive results with more than one
of higher yields
transformed event
shared with
farmer
YIELD INCREASE IN TWO GENE TRIALS
• Stacking with
weed and insect 3 EVENTS: GENE 1 3 EVENTS: GENE 2
18
control 30 16
enhances the 14
25
margin
YIELD INCREASE
12
opportunity 20
10
• Irrigation 15 8
currently costs 6
(BU/AC)
10
$50 to $100 per 4
acre 5
2
0 0
EVENT 3
EVENT 1 EVENT 2 EVENT 3
EVENT 1 EVENT 2
GERMPLASM 1 GERMPLASM 2
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
21
22. TECHNOLOGY PLATFORMS
Omega-3 Biofortification Could Be a Food Industry
Breakthrough
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
TBD TBD TBD
AVAILABLE MARKET
Omega-3 Oilseeds
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
American Heart Association, American Diabetic Association,
and 1,600+ research studies support health benefits
• Contract grown,
value shared.
Vegetable oils enriched with bio-available Omega-3, which
Monsanto sells to
promotes heart health
growers,
processors pay
Enhanced stability; Best applications in refrigerated or frozen
grower premium
foods or as animal feed for Omega-3 enriched poultry or pork
and royalty to
Monsanto after
harvest and
crushing
DIETARY OMEGA-3 IN BIOTECH OILSEED
• 1 acre =
NEW BIO-
approximately AVAILABLE
OMEGA-3
500 lbs. of oil
CONTROL
OTHER POLY-
• Small acres, but
UNSATURATES
high value per acre
MONO-
BIOTECH
UNSATURATES
SATURATES 100%
20% 40% 60% 80%
FATTY ACID (WT%)
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
22
23. TECHNOLOGY PLATFORMS
Seeds and Traits Business Built on Breeding and
Biotechnology Platforms
Breeding and Biotechnology provide powerful platforms that can be
pursued separately or combined where there is untapped opportunity
EXAMPLE: FOOD-TRAIT PRODUCT PROGRESSION
PIPELINE PROJECT PROGRESSION TECHNOLOGY PLATFORMS APPLIED
BREEDING
VISTIVE LOW-LIN SOYBEANS
LAUNCHED
2005 Planting
BREEDING
MID OLEIC + VISTIVE LOW-LIN
PHASE III
SOYBEANS
Advanced Development
BIOTECH
OMEGA-3 SOYBEANS PHASE II
Early Development
BREEDING + BIOTECH
ZERO SAT +MID OLEIC + VISTIVE
PHASE II
LOW-LIN SOYBEANS Early Development
EACH INDIVIDUAL PRODUCT USES THE APPROPRIATE PLATFORM OR PLATFORMS,
BUT THE PRODUCT FAMILY IS POSSIBLE ONLY WITH BOTH BREEDING AND BIOTECH
GENOMICS CONVENTIONAL MOLECULAR CROP ANALYTICS BIOTECHNOLOGY
BREEDING BREEDING
23
24. MARKET RESULTS
The Combination of Capabilities Translates to Increasing
R&D Velocity and New Commercial Opportunity
PLATFORM COMMERCIAL AREA MARKET RESULTS TIME TO RESULTS
CORN DEKALB 5+ MARKET SHARE POINT
4 YEARS
ASGROW GAIN
BUILT GERMPLASM BANK
COTTON COTTON COMPARABLE TO
3+ YEARS
STATES INDUSTRY-BEST
GERMPLASM
LAUNCHED NEW
SOYBEANS VISTIVE
36 MONTHS
PRODUCT FROM
LOW-LIN SOYBEANS
CONCEPT
VEGETABLES SWEET IDENTIFIED NEW
2 WEEKS
CORN BREEDING MARKERS
SPEED OF RESEARCH
OPPORTUNITIES OPENED
GENOMICS CONVENTIONAL MOLECULAR CROP ANALYTICS BIOTECHNOLOGY
BREEDING BREEDING
24
25. MARKET RESULTS
Pipeline Is Valued Across Market Opportunities and Crops
PRICING VALUE MATRIX
4
3
2
HIGH PER-ACRE ($11-$100+)
OMEGA-3 SOYBEANS
BOLLGARD II COTTON (AUSTRALIA)
IMPROVED-PROTEIN SOYBEANS FOR FOOD
PROCESSOR PREFERRED
ELITE GERMPLASM
BOLLGARD II COTTON
BOLLGARD II COTTON (INDIA) ROUNDUP
ROUNDUP READY + FLEX COTTON
YIELDGARD READY
ROUNDUP READY 2ND GENERATION
ROOTWORM SOYBEANS
+ FLEX COTTON HIGH-LYSINE CORN
(AUSTRALIA) 2ND GENERATION ROUNDUP
IMPROVED-ENERGY CORN III
READY SOYBEANS
HIGHER-YIELDING CORN
SMALL-ACRE (0-10 MILION)1 LARGE-ACRE (11-100 MILLION+)1
DROUGHT ROUNDUP READY CORN
TOLERANT
COTTON
LOW PER-ACRE ($0-$10)2
VISTIVE ZERO SATURATED FAT + MID-
IMPROVED-PROTEIN OLEIC + LOW-LINOLENIC SOYBEANS HIGHER-
SOYBEANS FOR FEED
YIELDING
YIELDGARD CORN BORER
VISTIVE MID-OLEIC + LOW-
SOYBEANS
LINOLENIC SOYBEANS
VISTIVE SOYBEANS DROUGHT
TOLERANT
IMPROVED-OIL
CORN
SOYBEANS FOR
PROCESSING
HIGH-LYSINE CORN
DROUGHT TOLERANT
1 2
SOYBEANS
Pipeline projects denoted in white text and represent global value; Commercial products denoted in gold and are U.S.-only, unless otherwise indicated.
1. “Acre Potential” represents the maximum acre penetration by the trait individually and as a stacked trait in the three-year span during its peak.
2. “Per-Acre” premium represents the per-acre average value in the three-year span during the trait penetration peak.
25
26. MARKET RESULTS
Market Potential for Biotech Traits Highlights Continued
Growth Opportunity
TOTAL AVAILABLE MARKET IN ACRES
SOYBEANS COTTON CORN
KEY Roundup Roundup Bollgard I Roundup YieldGard YieldGard
MARKETS Ready Ready and II Ready Corn Root-
Borer worm
United
70M 10-15M 6-8M 50M 30M-40M 15-20M
States
50M - - 20M 15M 5M
Brazil
30M - - 5M 4M 1M
Argentina
- - 10-15M - - -
India
0.5M- 0.5M-
- - - -
Australia
0.8M 0.8M
71% 66% 35% 22% 57% 7%
BIOTECH
ACRES
PLANTED 2004
REMAINING
AVAILABLE
MARKET
9
26
27. OVERVIEW
Monsanto Has Established Strategic Platforms in
High-Value Crops
SEED & TRAIT CROP PLATFORMS
SMALL-ACRE CROPS
LARGE-ACRE CROPS
CORN SOYBEANS COTTON VEGETABLE
Branded Licensed Branded
Branded Licensed Branded Licensed ASI
ASI
ASGROW EMERGENT
DEKALB SEMINIS
DEKALB
ASGROW
HOLDEN’S/ HOLDEN’S/ COTTON
CORN CORN STATES
STATES STATES
AMERICAN
AMERICAN
SEEDS, INC.
SEEDS, INC.
BIOTECHNOLOGY
R&D
PLATFORMS
MOLECULAR AND CONVENTIONAL BREEDING
27
