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monsanto 11-08-07-5_v2
1. ROBB FRALEY, PH.D.
CHIEF TECHNOLOGY OFFICER
MONSANTO BIENNIAL
U.S. INVESTOR DAY
NOVEMBER 8, 2007
1
2. OVERVIEW
Pipeline Leverages Power of Breeding and Biotech for Current
Commercial Growth and New Platforms in Next Decade
Pipeline Priorities Through 2012
BREEDING
Continue to Drive Breeding Gains
Across Crop Platforms
► Continue corn breeding momentum
MONSANTO’S R&D PIPELINE ► Accelerate soybean breeding
► Elevate cotton and vegetable
DISCOVERY PHASE I PHASE II
R&D PHASE: PHASE III PHASE IV LAUNCH
breeding
BREEDING
BIOTECHNOLOGY
COMMERCIAL
IT PLATFORM
GERMPLASM
G
ANALYTICS
MARKERS
GENOMICS
SEED
ELITE
Germplasm Deliver Value in Established Trait
SOLD TO
FARMERS
R Pipeline
► Launch Roundup RReady2Yield as
BIOTECHNOLOGY
soybean pipeline platform
Unlock Opportunity in Yield and
Stress Through BASF Collaboration
► Deliver industry’s first pure yield-
and-stress traits
► Change trait-value opportunity with
“product families”
2
3. CORN BREEDING
Early Yield Trial Results Continue to Reinforce Yield
Advantage of DEKALB Seed in U.S.
2007 PRELIMINARY U.S. COMPETITIVE
NEW:
CORN YIELD COMPARISON: DEKALB
DEKALB
U.S.
GEOGRAPHY: 210
(APPROXIMATE DIFFERENCES)
COMPETITORS
Grow footprint
OBJECTIVE:
205
2007 PERFORMANCE UPDATE
204
BUSHELS/ACRE
• In > 9,900 comparisons, 200
Monsanto outyields 199
competitive best by 195
196
8.3 bu/ac 195
190
• In 110-day RM, 192
191
191 191
190
Monsanto’s lead is
185
13 bu/ac, extended from
11.7 bu/ac in 2006
180
181
Source: 2007 Monsanto
and third party trials
175
through October 24,
2007. Weighted
average, calculated to
170
15% moisture. DEKALB
products are compared
100 RM 105 RM 110 RM 115 RM Overall
with competitive RELATIVE MATURITIES (DAYS)►
products that contain
>500 >1,400 >4,000 >3,700 >9,900
COMPARISONS:
similar crop protection
traits.
APPROXIMATE BU/AC
10 4.5 13 4 8
ADVANTAGE:
3
4. CORN BREEDING
Like National Brands, New ASI Hybrids Have Substantial Yield
Advantage Over Competitive Offerings
2007 PRELIMINARY U.S. COMPETITIVE
NEW:
CORN YIELD COMPARISON: ASI
ASI
210
(APPROXIMATE DIFFERENCES)
U.S.
GEOGRAPHY:
COMPETITORS
205
Grow footprint
OBJECTIVE:
2007 PERFORMANCE UPDATE 203 203
200
BUSHELS/ACRE
• Overall, 2007 yield
195
197
comparisons showing
7.5 bu/ac advantage for 190 193
192
ASI over competitive best 190
185
184
Source: 2007 Monsanto
183
trials through October
180
24, 2007.
175
170
165 166 163
160
95RM 100 RM 105 RM 110 RM 115 RM
RELATIVE MATURITIES (DAYS)►
54 128 87 147 158
LOCATIONS:
APPROXIMATE BU/AC
3.5 1 6.5 11.5 10.5
ADVANTAGE:
4
5. CORN BREEDING
Again in 2007, Best Combination of Germplasm and Traits in
Monsanto Brands Delivers Best Yield
PRELIMINARY TOTAL SEED & TRAIT YIELD PERFORMANCE IN 2007
NEW:
Seed & Trait: Head-to-Head
AVE. BUSHELS PER ACRE
210
13
210.3
206
BU/AC
202 ADVANTAGE
198
197.0
194
190
MONSANTO Pioneer ®
Competitive Hybrids
DEKALB, ASI and
Performance in Key Corn Belt States
with Herculex®
Corn States Hybrids
XTRA and Roundup
with YieldGard VT
NE IA IL
Ready Corn 2
Triple
>70 >400 900
1,949 comparisons in 13 states: Monsanto’s Comparisons:
seed, protected by YieldGard VT Triple,
210 214 219
Monsanto
outperformed the best competitive seed-and- Brands: bu/ac bu/ac bu/ac
trait package by >13 bu/ac on average
193 200 204
Competitive
Brand: bu/ac bu/ac bu/ac
5
6. SOYBEAN BREEDING
Coming Off 2007 Share Gain, Initial Soybean Yield
Performance Continues to Reinforce Breeding Leadership
2007 PRELIMINARY U.S. COMPETITIVE
NEW:
SOYBEAN YIELD COMPARISON: ASGROW
ASGROW
(APPROXIMATE DIFFERENCES)
COMPETITORS
60
U.S.
GEOGRAPHY:
58
Grow footprint
OBJECTIVE:
58
57
56
BUSHELS/ACRE
2007 PERFORMANCE UPDATE 56
54 55
• Yield data from 2007
indicates continued yield 52
52
advantage for national 51
50
brands versus best-in- 51
class competitors 49
48 49
46 47
44
44
43
42
40
O 1 2 3 4 5
RELATIVE MATURITIES►
Source: 2007 Monsanto and
>300 >400 >3,500 >3,400 >1,000 >30
COMPARISONS:
third party trials through
October 30, 2007. Asgrow
APPROXIMATE BU/AC
products are compared to
1 1.5 1 1.5 2 (1)
competitive products. ADVANTAGE:
6
7. R&D PIPELINE
Yield and Stress Collaboration Resets Pipeline Structure and
Approach to Value Considerations
PHASE 3
DISCOVERY PHASE 1 PHASE 2 PHASE 4
Advanced
Gene/Trait Identification Proof of Concept Early Development Pre-Launch
Development
24 TO 48 MONTHS 12 TO 24 MONTHS 12 TO 24 MONTHS 12 TO 24 MONTHS 12 TO 36 MONTHS
JOINT-FUNDED DEVELOPMENT
Independent
Discovery
Program
2nd- Generation
COLLABORATION
YIELD & STRESS
drought-tolerant
Grain yield Drought-tolerant corn
corn
Environmental stress Higher-yielding
2nd-Generation
tolerance canola
higher-yielding
Independent Higher-yielding
soybeans
Discovery soybeans
Drought-tolerant
Program
Higher-yielding corn
cotton
Yield increase
Nitrogen-
Environmental stress utilization corn
tolerance
Insect-protected
Pest control
Roundup
Herbicide tolerance Soybean Roundup
RReady2Yield
Disease resistance nematode- RReady2Yield
soybeans High-oil soybeans
resistance
Lipid enhancements Vistive III soybeans soybeans
Improved-protein
(Increased oil, improved Dicamba-tolerant Dicamba-tolerant Omega-3 soybeans
fatty-acid balance) cotton soybeans
soybeans
Mavera II high-value
Protein enhancements Cotton lygus YieldGard VT PRO
Vistive II
soybeans
(Improved amino-acid control Extrax Corn
soybeans
Bollgard III
balance) Processing
YieldGard
System1
Carbohydrate Roundup
rootworm III
RReady2Yield canola
enhancements
Hybridization system
Bioactive compounds
for corn
1. Extrax is a part of the Renessen pipeline. Renessen is a Monsanto/Cargill joint venture. Mavera™ is a trademark of Renessen
7
8. R&D PIPELINE
Strong Pipeline Value Reflects Commercial Opportunity in
Latter-Stage Projects and Emerging Value in Yield and Stress
DISCOVERY PHASE 1 PHASE 2 PHASE 3 PHASE 4
Drought-
HIGH Tolerant
FAMILY TRAITS►
Family
COLLABORATION
CORN:
YIELD & STRESS
Nitrogen-
BROAD-ACRE HIGH Utilization
FAMILY TRAITS►
YIELD Family
Broad-Acre,
MEGA Higher-Yielding
FAMILY TRAITS►
Family
SOYBEANS: Broad-Acre,
BROAD-ACRE HIGH Higher-Yielding
FAMILY TRAITS►
YIELD Family
Insect-
2020 VALUE RANGES: protected Roundup
Omega-3
RR2Y RReady2Yield
soybeans
soybeans soybeans
MEGA HIGH Bollgard III
$300M-$500M
>$1BM High-oil YieldGard
Dicamba-
soybeans
tolerant VT PRO
soybeans corn
MID LOW Vistive III
<$150M
$150M-$300M Improved-
Roundup
protein
RReady2Yield
Corn Soybeans Cotton Canola canola soybeans
8
9. R&D PIPELINE
Drought, Nitrogen Use and Intrinsic Yield Boosts Come
Together In Broad-Acre Yield Value Opportunity for Corn
VALUE ANALYSIS DROUGHT-TOLERANT FAMILY
NEW:
INTRODUCTION HORIZON
Upgrade traits
come on line before
lead trait reaches
DROUGHT-
ACREAGE►
targeted goal►
TOLERANT
NITROGEN-
FAMILY
UTILIZATION
FAMILY
HIGHER-
YIELDING +1 +2 +3 +4 +5
FAMILY WINDOW FOR
YEARS►
2ND-GEN UPGRADE
LEAD DROUGHT UPGRADE 1
With continuing Sources of value
discovery, can overlap, Proof of Expansion to
additional, depending on
commercial broad-acre
FOCUS: FOCUS:
unassigned value functionality;
value insurance
remains for more overlap
broad-acre yield between drought
U.S. dryland Applicability
GEOGRAPHY:
category and yield
across Corn
GEOGRAPHY:
7-10 M
ACRE GOAL1:
Belt
1. Acre opportunity reflects acres where technology fits at Monsanto's
55 M
ACRE GOAL1:
current 2007 market share in respective crops
9
10. R&D PIPELINE
Drought Focuses First On Consistent Water Shortage Acres,
Before Expanding to Broad-Acre Applicability
SEGMENTED VALUE OPPORTUNITY ACROSS
MARKETS: U.S. EXAMPLE
R&D Pipeline
Drought-Tolerant Corn Family
HIT Project Phase 2 High annual
precipitation
PROJECT CONCEPT:
Drought-tolerance family aimed at
providing consistent yield and
buffering against effects of water
Low annual
limitations Source: Spatial Climate Analysis
precipitation
Service, Oregon State University
VALUE:
LAUNCH-COUNTRY
55M
ACRES1: IRRIGATED WESTERN DRYLAND STABILITY
$300-$500M
2020 VALUE2: 8-12% of U.S. acres 9-12% of U.S. acres 55-65% of U.S. acres
14-18” precipitation 14-18” precipitation 17-19” precipitation
SOURCES OF VALUE:
Irrigated Non-irrigated Non-irrigated
Improved yield
Targeting 8-10% yield Value: Reducing the Value: Improved yields Value: Improved yields
1 improvement in water-stress
variable costs of annually when moisture is less
environments
irrigation than optimal
Water substitution
Initial trait commercial
2 Variable costs in pumped
launch will focus on
irrigation of >$100/ acre
this segment, proving
applicability in
1. Acre opportunity reflects acres where technology fits at
consistent water
Monsanto's current 2007 market share in respective crops
2. 2020 value reflects gross sales opportunity in launch country
shortage
in year 2020
10
11. R&D PIPELINE
In Second Year of Off-Season Testing, Drought Lead
Consistently Delivered Yield Advantages Under Water Stress
LATIN AMERICA: YIELD IMPROVEMENT OF
NEW:
R&D Pipeline LEAD EVENT UNDER DROUGHT STRESS
Drought-Tolerant Corn Family
Percent yield difference vs. control
HIT Project Phase 2 7.3% 10.5% 10.9% 23.2% 9.0% 7.6%
14
PROJECT CONCEPT:
YIELD DIFFERENCE
12
Drought-tolerance family aimed at
10
providing consistent yield and
(BU/ACRE)
buffering against effects of water
8
limitations
6
NOT TESTED
NOT TESTED
VALUE:
4
LAUNCH-COUNTRY
55M
ACRES1:
2
$300-$500M
2020 VALUE2:
0
2006
2004 2005 2006/07
SOURCES OF VALUE:
LAS
U.S.
U.S. U.S.
Improved yield Hybrid 1: 2004, 4 locs; 2005 5 locs; 2006, 1 loc (20 reps)
Targeting 8-10% yield
1 improvement in water-stress Hybrid 2: 2004, not tested; 2005, 5 locs, 2006, 3 locs, LAS 2006 3 locs (20 reps)
environments
Water substitution In second-year South American trials, lead drought gene
2 Variable costs in pumped tested in variable environmental conditions across
irrigation of >$100/ acre
3 locations
• Yield benefit of up to 12 bu/ac in water-stress conditions
1. Acre opportunity reflects 2. 2020 value reflects gross
acres where technology fits sales opportunity in launch
at Monsanto's current 2007 country in year 2020
market share in respective
crops
11
12. R&D PIPELINE
Second-Generation Drought-Tolerant Corn Continues to
Deliver Consistent Performance Under Drought Conditions
EARLY RESULTS ON SECOND-
NEW:
R&D Pipeline GENERATION DROUGHT-TOLERANT CORN
Drought-Tolerant Corn Family
Lead gene increases
HIT Project Phase 1 photosynthesis and water
relations, suggesting
PROJECT CONCEPT:
improved source
Drought-tolerance family
performance under
aimed at providing
drought
consistent yield and
buffering against effects of Increased pollination
water limitations success under flowering
stress observed
PROJECT UPDATE:
• Second-generation lead
CONTROL WITH GENE
has been in field testing
for last 3 years
• Consistent yield benefits
observed under drought
stress
CONTROL WITH GENE
12
13. R&D PIPELINE
Broad-Acre, Higher-Yielding Corn Focused on Relative Yield
Gains, Rather Than Acreage Expansion
BROAD-ACRE, HIGHER-YIELDING FAMILY
NEW:
R&D Pipeline
INTRODUCTION HORIZON
Broad-Acre, Higher-Yielding Corn
Family
Phase 2
LEAD STATUS:
Upgrade traits
PROJECT CONCEPT:
target same acres
with incremental
Broad-acre, higher-yielding corn
ACREAGE►
aimed at boosting intrinsic yield yield►
potential of corn hybrids through
insertion of key genes
VALUE:
LAUNCH-COUNTRY
55M
ACRES1:
>$1B
2020 VALUE2:
+1 +2 +3 +4 +5
WINDOW FOR
YEARS►
SOURCES OF VALUE:
2ND-GEN UPGRADE
Improved yield
1 Targeting incremental yield to LEAD HIGHER-YIELD UPGRADE 1
U.S. average of 150 bu/ac
Boost intrinsic Incremental
FOCUS:
yield per acre yield over lead
FOCUS:
1. Acre opportunity reflects
trait
acres where technology
U.S. broad-acre
GEOGRAPHY:
fits at Monsanto's current
U.S. broad-acre
2007 market share in GEOGRAPHY:
55 M
ACRE GOAL:
respective crops
55 M
ACRE GOAL:
2. 2020 value reflects gross
sales opportunity in launch
country in year 2020
13
14. R&D PIPELINE
Broad-Acre, Higher-Yielding Soybeans Combine Benefits of
Intrinsic Yield Gains and Water-Use Efficiency
BROAD-ACRE, HIGHER-YIELDING FAMILY
NEW:
INTRODUCTION HORIZON
R&D Pipeline
Higher-Yielding Soybeans Family Upgrade traits
target same acres
Phase 2
LEAD STATUS:
ACREAGE►
with incremental
PROJECT CONCEPT:
yield►
Higher-yielding soybeans aimed at
boosting intrinsic yield potential of
soybeans through insertion of key
genes
VALUE:
+1 +2 +3 +4 +5
LAUNCH-COUNTRY
YEARS►
45M WINDOW FOR
ACRES1:
2ND-GEN UPGRADE
$300-$500M
2020 VALUE2:
LEAD HIGHER-YIELD UPGRADE 1
SOURCES OF VALUE: Boost intrinsic Incremental yield
FOCUS: FOCUS:
yield per acre over lead trait
Improved yield
U.S. broad-acre U.S. broad-acre
GEOGRAPHY: GEOGRAPHY:
1 Targeting incremental yield to
U.S. average of 42 bu/ac 45 M 45 M
ACRE GOAL: ACRE GOAL:
1. Acre opportunity reflects
Discovery In Soybean Broad-Acre Yield
acres where technology
fits at Monsanto's current
DISCOVERY:
2007 market share in
Discovery investigates intrinsic
respective crops
yield and water use efficiency
INTRINSIC
2. 2020 value reflects gross
YIELD
A trait offering benefits to all
sales opportunity in launch
country in year 2020
WATER- acres from water utilization is a
UTILIZATION broad-acre yield trait
14
15. R&D PIPELINE
First Round of Phase 2 Testing Continues to Validate
Commercial-Track Events for Higher-Yielding Soybeans
LATIN AMERICA: HIGHER-YIELDING
NEW:
R&D Pipeline
SOYBEAN PERFORMANCE
Higher-Yielding Soybeans Family
Percent yield difference vs. control
(BU/A INCREASE OVER CONTROL)
Phase 2
LEAD STATUS:
10.5% 7.8%
AVERAGE YIELD ADVANTAGE
7.5%
8
PROJECT CONCEPT:
7
Higher-yielding soybeans aimed at
6
boosting intrinsic yield potential of
soybeans through insertion of key 5
genes
4
VALUE:
3
LAUNCH-COUNTRY
45M
ACRES1: 2
$300-$500M
2020 VALUE2: 1
0
SOURCES OF VALUE:
EVENT 1 EVENT 2 EVENT 3
Improved yield
10 Locations
1 Targeting incremental yield to
U.S. average of 42 bu/ac
First of new Phase 2 commercial-track events
1. Acre opportunity reflects
acres where technology
demonstrates up to 10% increase in yield across
fits at Monsanto's current
10 environments in Argentina
2007 market share in
respective crops
• Recently completed testing of additional 60 events in
2. 2020 value reflects gross
sales opportunity in launch
U.S. during the 2007 growing season
country in year 2020
15
16. R&D PIPELINE
Insect-Protected Soybeans Are First-Ever Trait Developed
Exclusively for Non-U.S. Opportunity
INITIAL PERFORMANCE OF INSECT-
NEW:
PROTECTED SOYBEANS
R&D Pipeline
Insect-Protected Soybeans with MONMOUTH, IL SCREENHOUSE – 2007
Roundup RReady2Yield
Phase 2
STATUS:
PROJECT CONCEPT:
Insect-protected soybeans use Bt
technology widely adopted in corn
and cotton to control insect pests
especially economically important
for South American farmers
VALUE:
LAUNCH-COUNTRY: Brazil
LAUNCH-COUNTRY
50M
ACRE OPPORTUNITY1:
2020 COMMERCIAL
$150-$300M
VALUE2:
CONTROL WITH GENE
(NO INSECTICIDE)
SOURCES OF VALUE: (NO INSECTICIDE)
Insecticide substitution
1 First Monsanto trait product developed exclusively for non-U.S.
Based on 2 current sprays
costing almost $6/application market – Brazil and Argentina – where farmers spray 2 times
annually at a cost of $5.70/acre to control insect pests
Improved yield
2
Targeting 7-11% increase
1. Acre opportunity reflects acres where technology fits at Monsanto's current 2007 market share in respective crops
2. 2020 value reflects gross sales opportunity in launch country in year 2020
16
17. R&D PIPELINE
Vistive III Positions Significant Portion of U.S. Soybean Crop
For Higher-Value Food-Grade Oil Opportunity
IMPROVING NUTRITIONAL PROFILE OF
R&D Pipeline SOYBEAN OIL
Vistive III Soybeans
LINOLENIC LINOLEIC OLEIC SATS
HIT Project Phase 2
18:3 18:2 18:1 18:0 / 16:0
PROJECT CONCEPT: Standard
Soybean
Combining both breeding and
biotechnology, Vistive III trait
designed to lower linolenic and Target:
saturate content while boosting
Vistive III
oleic content for an oil profile
similar to olive oil with processing
MAJOR MARKET SEGMENTS FOR U.S. SOYBEAN OIL
and economic advantages
VALUE: HYDROGENATED-
NON-HYDROGENATED HYDROGENATED-BAKING
FRYING
LAUNCH-COUNTRY
20M
ACRES1:
For various
For salad oils, For various baking
frying
<$150M
2020 VALUE2:
household use applications
applications
SOURCES OF VALUE:
Uses 50% of total Uses 25% of Uses 25% of total
Oil replacement value crushing total crushing crushing
Fit for frying applications and
1 (~20M acres) (~10M acres) (~10M acres)
oil blends for baking, roughly
20M of oil for food uses
Applicable uses ideal for Vistive III
Source: Soyatech, USDA
1. Acre opportunity reflects acres where technology fits at Monsanto's current 2007 market share in respective crops
2. 2020 value reflects gross sales opportunity in launch country in year 2020
17
18. SOYBEAN BREEDING
Roundup RReady2Yield and Molecular Breeding Rewrite
Historic Soybean Yield Trends
SOYBEAN YIELD PROGRESSION: 2000-2012
52 MAB gains set new
USDA AVERAGE YIELD/AC1
trajectory on top of
TREND LINE OF USDA YIELD
50 Roundup RReady2Yield
step change
SOYBEAN YIELD AT HISTORIC
48 RATE GAIN Roundup
AVERAGE YIELD
RReady2Yield creates
EXPECTED TREND WITH APPLIED
step change of 7-11%
(BU/ACRE)
46 MOLECULAR BREEDING (MAB)
across portfolio
44
42
All breeding going
40 forward is built on
Roundup RReady2Yield
MAB-ROUNDUP
HISTORIC GAIN: 0.50 BU/AC
38 foundation and uses
RREADY2YIELD
applied MAB
PLATFORM
technology
36
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2006 2009-2010
First varieties from MAB Roundup RReady2Yield
enter commercial portfolio controlled commercial
release + commercial
Varieties show >3 bu/ac yield
launch
advantage over
commercial checks
1. USDA NASS: http://www.nass.usda.gov/QuickStats/
18
19. R&D PIPELINE
U.S. Field Trials Continuing to Test Drought-Tolerance Proof
of Concept in Cotton
EARLY RESULTS ON DROUGHT-TOLERANT
NEW:
R&D Pipeline COTTON TESTING IN U.S.
Drought-Tolerant Cotton
GENE 2
GENE 1
Phase 1
LEAD STATUS:
PROJECT CONCEPT:
Drought-tolerant cotton
designed to minimize risk in
cotton farming by providing
yield stability in
environments experiencing
sporadic or consistent
water stress and by WITH GENE CONTROL WITH GENE CONTROL
reducing water needs on
irrigated acres
NUMBER OF FIELD TRIALS►
As Phase 1 project,
PROJECT UPDATE: testing multiple
genes for in-field
• Building a portfolio of
proof of concept
genes that confer drought
tolerance in cotton Field testing will ►
• Initial field results show expand significantly
positive phenotypes for as drought-tolerant
multiple genes in water- cotton leads continue
stressed conditions through pipeline
evaluation and
development 2008 2009 2010 2011 2012 2013 2014 2015
19
20. R&D PIPELINE
Strong Pipeline Reflects Growing Innovation, Opportunity in
Latter-Stage Projects and Emerging Value in Yield and Stress
2020 COUNTRY ADDITIONAL
PHASE COMMERCIAL OF GEOGRAPHIC SOURCES OF VALUE
VALUE LAUNCH OPPORTUNITY
• Improved yield
BRAZIL
HIGH
2 LEAD ARGENTINA
Drought-Tolerant Corn Family U.S.
YEILD & STRESS
• Water replacement
EU 27
• Improved yield
BRAZIL
HIGH
1 LEAD ARGENTINA
Nitrogen-Utilization Corn Family U.S. • Nitrogen replacement
EU 27
BRAZIL
MEGA
2 LEAD • Improved yield
Broad-Acre, Higher-Yielding Corn Family U.S. ARGENTINA
EU 27
Broad-Acre, Higher-Yielding Soybean
HIGH BRAZIL
2 LEAD • Improved yield
U.S. ARGENTINA
Family
HIGH BRAZIL
4 • Improved yield
Roundup RReady2Yield Soybeans U.S. ARGENTINA
• Improved yield
BRAZIL
HIGH
4 ARGENTINA
U.S.
YieldGard VT PRO • Improved insect protection
EU 27
LOW
4
Improved-Protein Soybeans U.S. • Food industry functionality
N/A
LOW BRAZIL
3
High-Oil Soybeans U.S. • Food industry functionality
ARGENTINA
HIGH
3
Omega-3 Soybeans U.S. • Food industry functionality
N/A
• Improved yield
Insect Protected + Roundup
MID
2 Brazil ARGENTINA
• Improved insect protection
RReady2Yield Soybeans
LOW BRAZIL
2
Dicamba-Tolerant Soybeans U.S. • Durable weed control
ARGENTINA
INDIA
MID
2 • Improved insect protection
Bollgard III Cotton U.S. AUSTRALIA
BRAZIL
LOW
2
Vistive III Soybeans U.S. • Food industry functionality
N/A
LOW U.S.
2 • Improved yield
Roundup RReady2Yield Canola Canada EU 27
COMMERCIAL VALUE RANGES AT 2020:
LOW <$150M MID $150-$300M HIGH $300-$500M MEGA >$1B
For further valuation information and valuation definitions, see “Valuing the R&D Pipeline” backgrounder, available at: http://www.monsanto.com/investors
20