The document discusses opportunities for growth at Monsanto across several business segments through 2010. It outlines opportunities to increase market share and trait adoption in U.S. corn, expand internationally into markets like Europe, Africa, Latin America and Asia, and continue commercializing biotech traits globally, especially soybeans, cotton and corn. Capturing these opportunities could increase Monsanto's gross profit margin from its current level to a target range of 51-53% by 2010.

1. HUGH GRANT
CHAIRMAN, PRESIDENT,
AND CHIEF EXECUTIVE OFFICER
SANFORD BERNSTEIN
STRATEGIC DECISIONS CONFERENCE
May 30, 2007
1

2. Forward-Looking Statements
Certain statements contained in this presentation are quot;forward-looking statements,quot; such as statements
concerning the company's anticipated financial results, current and future product performance,
regulatory approvals, business and financial plans and other non-historical facts. 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: continued competition in seeds, traits and
agricultural chemicals; the company's exposure to various contingencies, including those related to
intellectual property protection, regulatory compliance and the speed with which approvals are received,
and public acceptance of biotechnology products; the success of the company's research and
development activities; the outcomes of major lawsuits, including proceedings related to Solutia Inc.;
developments related to foreign currencies and economies; successful completion and operation of
recent and proposed acquisitions, including Delta and Pine Land Company; fluctuations in commodity
prices; compliance with regulations affecting our manufacturing; the accuracy of the company's estimates
related to distribution inventory levels; the company's ability to fund its short-term financing needs and to
obtain payment for the products that it sells; the effect of weather conditions, natural disasters and
accidents on the agriculture business or the company's facilities; and other risks and factors detailed in
the company's most recent periodic report to the SEC. Undue reliance should not be placed on these
forward-looking statements, which are current only as of the date of this presentation. The company
disclaims any current intention or obligation to update any forward-looking statements or any of the
factors that may affect actual results.
Trademarks
Trademarks owned by Monsanto Company and its wholly-owned subsidiaries are italicized in this
presentation. Mavera™ is a trademark of Renessen. All other trademarks are the property of their
respective owners.
© 2007 Monsanto Company
2

3. Non-GAAP Financial Information
This presentation may use the non-GAAP financial measures of “free cash flow,” and earnings per share (EPS) on
an ongoing basis. 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.
With respect to the time period prior to Sept. 1, 2000, references to Monsanto in this presentation also refer to the
agricultural business of Pharmacia.
3

4. OVERVIEW
Building From Established Platform, Monsanto Has a Window
of Opportunity to Extend Our Leadership
R&D LEADERSHIP STRATEGIC PERFORMANCE
BIOTECHNOLOGY TRAITS
CHANNELS TO MARKET
Monsanto was the first to Monsanto is the only
develop and commercialize company in the industry to
broad-acre biotech traits in offer three commercial
the mid-1990s channels to market – widely
employing the multi-market
approach of branded and
Since then, Monsanto has licensed seed and trait sales
continued its first-mover
advantage – as the first to
COMMERCIAL COORDINATION
launch stacked traits and
Roundup, world’s best-
second-generation traits
selling herbicide brand,
uniquely complements
SEED & TRAIT
seed-and-trait platform
PLATFORM
BREEDING BETTER SEED
Monsanto combines a
global library of seed
germplasm unmatched in FINANCIAL PERFORMANCE
scale with advanced High-margin technology
breeding technology to business that generates
develop and deliver the sustainable free cash flow
industry’s best-performing
seed for farmers
4

5. SUMMARY
Monsanto’s Seeds-and-Traits Growth Moves Independently of
Commodity Cycles
MONSANTO PERFORMANCE VS. COMMODITY CYCLES:
2001-2007F
2 $3,000
CAGR for
Monsanto’s
1.8
$2,500
INDEXED COMMODITY PRICE1
Seeds &
SEEDS & GENOMICS GROSS PROFIT
Genomics
1.6
$2,000 segment for 2001-
(IN MILLIONS)
2007F is 26%
1.4
$1,500
1.2
During the same
$1,000
1 time period,
actual commodity
$500
0.8 prices deviated
by as much as
0.6 $0 30% below the
2001 2002 2003 2004 2005 2006 2007F price trend lines
and 50%+ above
CORN SOYBEANS COTTON SEEDS & GENOMICS GP
the price trend
lines
1. Commodity price per unit, indexed – base year: 2001; Corn and soybeans: price per bushel; Cotton: price
per pound (Source: USDA)
2. 2007F: Reflects commodity prices as of March 2007; Reflects forecasted gross profit contribution
5

6. OVERVIEW
Six Building Blocks Extend Leadership and Elevate Gross
Margin Opportunity Through 2010
MONSANTO’S OPPORTUNITY
GROSS MARGIN OPPORTUNITY
Delta between 2006 gross margin and
GROSS PROFIT AS A PERCENT OF SALES
a 51-53% trajectory reflects continued
54%
growth opportunity for seeds and
traits
FACTOR VALUE1
GROSS MARGIN ‘PULL’
52%
HIGH
U.S. corn
International
MEDIUM
50% corn
Global biotech
MEDIUM
traits
48%
LOW
CURRENT LEVEL Cotton platform
MEDIUM
Seminis
46%
HIGH
R&D pipeline
44%
2003 2004 2005 2006 2007F 2008F 2009F 2010F
1. Increment to total gross profit in the period 2006-2010; Some growth factors will overlap.
MEDIUM LOW
HIGH >$250M $100M - $250M <$100M
6

7. U.S. CORN GROWTH
While Rising Corn Acres Grab Attention, Performance in the
Expanding Market Generates Value and Creates Leadership
GROW WITH THE MARKET GROW FASTER THAN THE MARKET
ACCELERATING CORN MARKET:
Opportunity associated with adding Opportunity associated with adding
INCREASED ACRES vs. ACCELERATED
incremental million acres of corn incremental million acres of corn
PERFORMANCE
TARGET ACRES 1M 1 share point
TARGET ACRES (From estimated 85-
RELEVANT
SHARE
ACRES 90M acre base)
For DEKALB seed, gross
DEKALB ~22% ~220K RELEVANT ACRES
profit opportunity is
ASI Brands ~8% ~80K
approximately TOTAL ~850K-900K
DOUBLE to TRIPLE
Licensee Brands ~30% ~300K GROSS PROFIT DRIVERS
for an incremental share
TOTAL ~600K • Incremental Germplasm: Seed
point versus an sales generate roughly 40-45%
GROSS PROFIT DRIVERS
incremental million corn gross profit
acres
• Incremental Germplasm: Value of
• Incremental Traits: Trait sales
germplasm sales primarily for
generate roughly 80%+ gross profit
sub-set of acres using DEKALB
and ASI
• Incremental Traits: Proportional
trait sales across three channels;
Incremental trait value generated
in licensee channel shared
proportionately
7

8. U.S. CORN GROWTH
By Delivering Better Yielding Products, DEKALB on Track to
Gain More Than 12 Share Points in Six Years
DEKALB SHARE EVOLUTION: 2001-2007F
U.S. Corn
SITUATION:
CREATION +
YIELD CREATION
PRESERVATION
• In 2006, Monsanto’s Combining germplasm library and breeding Biotech traits preserve a
DEKALB brand grew by 3 capability, focus is on boosting the inherent greater percentage genetic
25% genetic potential in the seed potential
market share points
OUTLOOK:
20% 22+%
• Expected 3+ share gain
for DEKALB, for 12 points
U.S. SHARE
19%
in 6 years
15%
16%
14%
13%
10%
12%
10%
5%
0%
2001 2002 2003 2004 2005 2006 2007F
TOTAL U.S. PLANTED
TRIPLE-STACK ACRES -- -- -- -- 1.3 6.0 16.0
(ACRES IN MILLIONS)
DEKALB TRIPLE-STACK
-- -- -- -- 8% 20% 40%
TRAIT PENETRATION
8

9. U.S. CORN GROWTH
Farmer Demand for Maximum Yield Performance Has Driven
Accelerated Adoption of Biotech Traits in Corn
U.S. Corn
160
SITUATION:
140
• With traits in strong
demand, there has been
120
a significant jump in
TRAIT ACRES IN MILLIONS
trait demand from 2006
100
to 2007
OUTLOOK: 80
• In 2007, each bag of
60
DEKALB seed contains
on average more than 2 40
traits – compared with
an average of 1.7 traits 20
for the rest of the
0
industry
2005 2006 2007F 2010F
2007 FORECAST END-OF-DECADE
U.S. CORN TRAIT
2005 ACTUAL 2006 ACTUAL MARKET
ACRES1 INITIAL Q2
OPPORTUNITY
ESTIMATE UPDATE
(IN MILLIONS)
U.S. YIELDGARD
4.1 10 >15 ~19 25-30
ROOTWORM ACRES
U.S.YIELDGARD
32.1 32.3 >32 ~40 50-60
CORN BORER ACRES
U.S. ROUNDUP READY
24.8 32.7 >40 ~50 60
CORN ACRES
1.3 6.0 >10 ~16 25-30
U.S. TRIPLE-STACK ACRES
9
1. Trait acres reflect the total acres planted with each individual trait. In the case of stacked traits, each absolute acre will be reflected by two or more trait acres.

10. INTERNATIONAL CORN GROWTH
Gross Profit Value of Seed Internationally Varies, Yet Still
Solid Contributor to Growth, Commercial Platform
TOTAL HYBRID SHARE GROSS
MONSANTO
MARKET MARKET POINT PROFIT
BRAND BIOTECH TRAIT STATUS
SIZE SIZE CHANGE VALUE
SHARE
(ACRES) (ACRES) (’04-’06) PER ACRE1
International Corn EUROPE-AFRICA
SITUATION:
Limited acres planted,
HIGH
France 7.1M 7.1M 15% +5 beginning in 2006
• Primary value in
HIGH
Italy 2.8M 2.8M 21% +7 None currently
international corn markets
MEDIUM
today is in the seed Hungary 2.8M 2.8M 32% +6 None currently
• Breeding gains that have HIGH
Turkey 0.8M 0.7M 21% +4 None currently
been made in the U.S. set Corn Borer-Roundup
South LOW
pace for market share 6.0M 6.0M 50% +12 Ready Corn 2 stack
Africa approved in January
growth in other
LATIN AMERICA
international markets
Field trials for
OUTLOOK:
MEDIUM
Mexico 17.3M 3.9M 61% +3 regulatory approval
underway
• Monsanto is targeting to
Key traits in
grow share in each of the
LOW
Brazil 30.8M 20.6M 34% -1 regulatory approval
most valuable corn-growing queue
countries
Roundup Ready Corn
LOW
Argentina 7.3M 7.0M 35% FLAT 2 and YieldGard Corn
Borer planted
ASIA-PACIFIC
Field trials for
LOW
India 15.6M 5.9M 35% +6 regulatory approval
underway
1. Average incremental value in gross profit opportunity for the seed value (excluding traits) of the addition of
an acre in a Monsanto brand:
MEDIUM
HIGH LOW
>$20 $10 - $20 <$10
10

11. GLOBAL BIOTECH TRAIT GROWTH
Significant Growth Opportunity Lies in Expansion of Existing
Commercial Biotech Traits Globally
GLOBAL MARKET OPPORTUNITY
MARKET OPPORTUNITY FOR BIOTECH TRAITS THROUGH 20101
Global Biotech Traits
SITUATION: SOYBEANS COTTON CORN
• Historically, most rapid BOLLGARD
ROUNDUP ROUNDUP YIELDGARD
ROUNDUP AND YIELDGARD
adoption has been in the READY READY CORN
READY BOLLGARD ROOTWORM
CORN 2 BORER
(FLEX) II
U.S., also the most highly
penetrated market
United States 70M 10-15M 6-8M 60M 50-60M 25-30M
• Penetration is moving
globally, trait by trait, country
Brazil 50M 3M 2M 20M 15M 5M
by country
Argentina 35M - - 5M 4M 1M
OUTLOOK:
• As is the case in the U.S., India - 10-15M 10-15M 3 – 5M 3 – 5M -
largest category of
Europe 1M - - 24M 8M 5M
opportunity internationally is
corn trait adoption Africa 0.2M 11M 10M 6M 4M -
• With current traits, there’s 0.5M- 0.5M-
Australia - - - -
still opportunity to double 0.8M 0.8M
acres from 2006 penetration
34.5- 28.5- 118-
of 216M acres Total Key
156.2M 84-96M 36-41M
Markets 44.8M 35.8M 120M
2006
86% 39% 57% 29% 42% 26%
Penetration
1. Market Opportunity reflects total acres where technology is applicable, not necessarily acres projected for penetration by 2010.
11

12. COTTON GROWTH
Upgrade to Second-Generation Cotton Traits Flourishes,
Highlighted by 2007 Roundup Ready Flex Growth
PENETRATION RATE OF SECOND-GENERATION TRAITS
PENETRATION TREND OF COTTON TRAITS AS
A PERCENT OF ANNUAL PLANTED ACRES1
Cotton Platform
2006 RESULTS
SITUATION:
• Cotton trait platform is the first
17%
Bollgard II
to move forward on complete
replacement of first-generation
14%
Roundup
traits with second-generation
Ready Flex
upgrades
• Roundup Ready Flex cotton 2007 FORECAST
launched in the U.S. in 2006;
25-30%
Launched in Australia for Bollgard II
FY2007 planting
25-30%
Roundup
OUTLOOK:
Ready Flex
• Transition to second-
generation traits continues in
2007
0% 5% 10% 15% 20% 25% 30%
• Roundup Ready Flex was
planted on ~14% of planted
ROUNDUP READY FLEX
acres in 2005 – that should
double in 2007 Even on potentially lower total planted acres, Roundup
Ready Flex penetration rate should double in 2007 to
>25% of total cotton crop
1. Percent of annual planted acres reflects the ratio of number of actual trait acres planted to total planted acres in the
identified year for the specified geography
12

13. SEMINIS GROWTH
Seminis To Leverage Portfolio, Pricing and Molecular
Breeding To Create New Growth
SEMINIS VALUE CREATION
STAGED OPPORTUNITIES FOR INCREASING BUSINESS VALUE
Seminis
SITUATION: Significant use of
molecular markers
• In 2006, narrowed commercial
VALUE CREATION OPPORTUNITY
and research focus to 25 crops
Aggressively make hybrid
that generate the most profit
conversions in strategic crops
• Began application of breeding
technology, with a target of
Identify and implement opportunities
1,000+ markers each for 9
to price products to value
crops by 2009
OUTLOOK:
Assemble genetic maps for key crops
• Seminis is targeted to
contribute $0.10 - $0.125 to
EPS in FY2007 now that
Focus on 25 most-profitable key crops
inventory step-up charge is
complete
2005 2006 2007 2008 2009 2010
PIPELINE
OPERATIONAL EXCELLENCE NEW VALUE CREATION ADVANCEMENT
Monsanto Seminis Seminis Commercialize
acquires modestly projected to be first hybrids
Seminis accretive accretive to developed by
to FY2006 FY2007 EPS in molecular
EPS range of $0.10- breeding
$0.125
13

14. PIPELINE UPDATE
Pipeline Demonstrates Increased Breadth and Depth; Key
Projects on Track for Commercial Launch
R&D PIPELINE: JANUARY 2007
PHASE PHASE PHASE PHASE
PHASE PHASE PHASE PHASE
D
D 1 2 3 4
1 2 3 4
PROCESSOR BENEFITS
FARMER BENEFITS
MAVERA™ HIGH-VALUE CORN
ROUNDUP READY FLEX COTTON
WITH LYSINE1
ROUNDUP RREADY2YIELD SOYBEANS
MAVERA™ I HIGH-VALUE SOYBEANS1
ROUNDUP RREADY2YIELD CANOLA
MAVERA™ II HIGH-VALUE SOYBEANS1
DICAMBA-TOLERANT SOYBEANS
2nd-GEN HIGH-VALUE CORN WITH
LYSINE1
DICAMBA-TOLERANT COTTON
FEED CORN WITH BALANCED
PROTEINS1
YIELDGARD VT ROOTWORM/RR2
2ND-GEN YIELDGARD ROOTWORM
HIGH OIL SOYBEANS FOR
PROCESSING1
YIELDGARD VT PRO
2ND-GEN YIELDGARD CORN BORER
CONSUMER BENEFITS
INSECT-PROTECTED SOYBEANS
YIELDGARD ROOTWORM II IMPROVED-PROTEIN SOYBEANS
SOYBEAN NEMATODE-RESISTANCE VISTIVE II SOYBEANS
BOLLGARD III VISTIVE III SOYBEANS
COTTON LYGUS CONTROL OMEGA-3 SOYBEANS
HYBRIDIZATION SYSTEM FOR CORN
DROUGHT-TOLERANT CORN
2ND-GEN DROUGHT-TOLERANT CORN High Impact Technologies (HIT) project
HIGHER-YIELDING CANOLA
Jan. 4, 2007 Advancements/Additions
WATER-USE EFFICIENCY SOYBEANS
Jan. 4, 2006 Advancements/Additions
DROUGHT-TOLERANT COTTON
1. These product candidates are in the Renessen pipeline. Renessen is a
HIGHER-YIELDING CORN
Monsanto/Cargill joint venture.
NITROGEN UTILIZATION CORN
2. The colored bar associated with each project indicates which phase that project is
HIGHER-YIELDING SOYBEANS in. It is not intended to represent the relative status of the project within a particular
stage.
3. Roundup Ready Flex Cotton advanced from Phase 4 to commercialization in 2006.
14

15. PIPELINE UPDATE
Roundup RReady2Yield Soybeans in Phase 4, Poised
for Commercial Opportunity
KEY REGIONS U.S. BRAZIL ARGENTINA
Roundup RReady2Yield AVAILABLE ACRES 70M 60M 35M
Soybeans PERCENT PENETRATED 0% 0% 0%
P R O JE CT
GROWER PERSPECTIVE: ROUNDUP RREADY2YIELD UPGRADE
WEED Satisfaction levels of 95%, noting “unsurpassed”
++
++
CONTROL weed control
Yield target for Roundup RReady2Yield soybeans
++
+
YIELD BENEFIT is up to 5 bushel-per-acre improvement over
comparable Roundup Ready soybeans
With no residual issues, Roundup weed control
+
+
FLEXIBILITY system allows for flexibility in annual corn-
soybean rotation
Monsanto has filed for patent protection and
DISEASE licensed other third-party patents relating to
RESEARCHING RESEARCHING
CONTROL disease control. Testing is continuing to evaluate
potential for control of Asian soybean rust.
Roundup RReady2Yield is a yield trait – up to 5 bu/acre
+ Additive Performance to a yield improvement translates to roughly an average
Farmer’s Operation boost of 10% in farmers’ revenue per acre
15

16. PIPELINE UPDATE
Yield and Stress Biotech Collaboration with BASF Creates
Enhanced Opportunity in Key Growth Area for Next Decade
LICENSEE BRANDS
MONSANTO
DISOVERY
REGIONAL BRANDS
PROGRAM
INTENSIFIED
YIELD & STRESS BASF
PIPELINE DISCOVERY NATIONAL BRANDS
Collaboration creates PROGRAM DEVELOPMENT OF
a new joint pipeline
SUCCESSIVE UPGRADES
focused on stepping
TO CREATE A “FAMILY”
up the volume of
OF PRODUCTS
leads and certainty of
commercial success DISCOVERY DEVELOPMENT COMMERCIALIZATION
in the emerging
category of “yield” • Pairs two separate, but • Greater volume of leads • Broad-licensing approach
traits for corn, complementary discovery and cost sharing reduce allows for products to
soybeans, cotton and
engines risk of failure, increasing reach broadest market
canola
probability of possible, allowing farmers
• Increased rate of
commercial success to choose traits in the
discovery, unlocking more
KEY seed brands they prefer
sources of genes than • Successive upgrades
ADVANTAGES for the greatest
ever before emerge sooner, creating
performance
steady stream of traits in
• With combined effort,
a “product family” in
products should advance
each crop
at faster-than-average
development timelines,
esp. in early-phase
research
16

17. PIPELINE UPDATE
First of Drought-Tolerant Corn Traits Continues To
Deliver Yield Boost in Third-Year Testing
KEY REGIONS U.S. BRAZIL ARGENTINA
AVAILABLE ACRES 80M 30M 6M
Drought-Tolerant Corn PERCENT PENETRATED 0% 0% 0%
P R O JE CT
2006 TESTING: YIELD IMPROVEMENT OF LEAD EVENT UNDER
R&D Pipeline DROUGHT STRESS
Percent yield difference vs. control
Drought-Tolerant Corn
14 7.3% 10.5% 10.9% 23.2% 9.0%
PROJECT CONCEPT:
12
First-generation drought tolerance is
targeted to minimize uncertainty in farming
VS. CONTROL (BU/ACRE)
10
by buffering against the effects of water
YIELD DIFFERENCE
limitation, primarily in areas of annual water
8
stress
KEY RESULTS
2006 PERFORMANCE UPDATE: 6
NOT TESTED
Phase 2
2006 STATUS:
4
• Yield enhancement demonstrated
2
again in 2006 under water-stress
conditions in U.S. 0
• Lead gene chosen 2004 2005 2006
• 2007 trials expected to demonstrate Hybrid 1: 2004, 4 locations; 2005 5 locs; 2006, 1 loc (20 reps)
Hybrid 2: 2004, not tested; 2005, 5 locs, 2006, 3 locs
yield enhancement in multiple
hybrids under dryland conditions
In third year field testing in U.S., drought-tolerant leads are
VALUE CATEGORIES: consistently delivering higher yields compared with controls under
drought-stressed conditions
TOTAL RETAIL
$10 - $30/acre
VALUE/ACRE:
First leads show primary benefit under annual water-stress
conditions
17

18. SUMMARY
Fueled By Seeds-and-Traits Business Performance,
Monsanto Has Created a Strong Platform for Growth
$3,000 FOCUS: ANNUAL GROSS PROFIT BY
BUSINESS SEGMENT
SEEDS & GENOMICS SEGMENT
$2,500 AGRICULTURAL PRODUCTIVITY SEGMENT
$2,000
ANNUAL GROSS PROFIT
SEEDS &
($ IN MILLIONS)
GENOMICS
CAGR 2002-2006: 34%
$1,500
$1,000
AGRICULTURAL
PRODUCTIVITY
KEY INFLECTION POINT: IN
CAGR 2002-2006: (8)%
2003-2004, GROSS PROFIT FOR
SEEDS & GENOMICS BUSINESS
$500 SEGMENT SURPASSED
AGRICULTURAL PRODUCTIVITY
$0
2002 2003 2004 2005 2006
18

19. SUMMARY
Monsanto Is Unique In Being a Technology Company That
Generates Significant Free Cash Flow
Free Cash Flow
SOURCES OF CASH USES OF CASH
SITUATION:
CUMULATIVE: 2004-2006 CUMULATIVE: 2004-2006
• From 2004-2006, Monsanto ACQUISITIONS
WORKING CAPITAL
generated $1.3B from
CAPITAL EXPENDITURES
working capital NET INCOME
TECHNOLOGY AND OTHER INVESTMENTS
• During the same period,
$1.8B was spent on
acquisitions
$860M
$1.8B
$1.3B
$1.2B
$270M
CASH GENERATION AND USES
Between 2004 and 2006, much of the cash generated from
working capital improvements was used to fund key acquisitions
19

20. SUMMARY
All Six Growth Drivers Are On Track in 2007, Setting Stage
for Continued Growth Through End of Decade
MONSANTO’S OPPORTUNITY
FY2007 PRIORITIES
FACTOR
FOCUS: GROSS PROFIT AS A PERCENT OF SALES
• Drive trait penetration, especially
triple-stacks
54%
U.S. corn
• Seed share growth in U.S.
national and ASI brands
GROSS MARGIN ‘PULL’
52% International • Grow share in key international
markets
corn
• Achieve 2.5-5 cents EPS for
50% Global biotech
Roundup Ready soybeans in
traits Brazil
• Complete Delta and Pine Land
48%
acquisition
Cotton
CURRENT LEVEL platform • Continue penetration of second-
generation stacked traits in U.S.
46%
• Achieve 10-12.5 cents EPS
Seminis
contribution
44%
2003 2004 2005 2006 2007F 2008F 2009F 2010F
• Emphasis on “HIT” projects
R&D pipeline
20