Pipeline Presentation - Monsanto

Annual R&D Pipeline Review 

R&D Pipeline Resource 

January 5, 2012 

®

Forward-Looking Statements 

Certain statements contained in this presentation are "forward-looking statements," 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 and the previously announced SEC investigation; the previously reported material weakness in our internal 

controls over financial reporting; developments related to foreign currencies and economies; successful operation of 

recent acquisitions; 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. All other 

trademarks are the property of their respective owners. 

© 2012 Monsanto Company 

2

OVERVIEW 

With 14 Advancements, Monsanto’s R&D Pipeline Delivers 

Record Progress – Across All Platforms in Expanding Pipeline 

2011 HIGHLIGHTS 

BIOTECH PLATFORM –AGRONOMIC TRAITS 


Six advancements in agronomic traits that drive next-generation 

opportunities in weed and insect control 

COTTON LYGUS CONTROL 

2ND-GENERATION INSECT-PROTECTED SOYBEANS 

CORN ROOTWORM III 

GENUITY BOLLGARD III 

R&D PIPELINE PLATFORMS 

• 14 total advancements, launches or additions 

• Reflects convergence of platforms to provide farmers the 

opportunity to unlock yield potential 

• Progress and formal advancement in every platform, 

across each major crop area and in some of the most 

breakthrough project areas 

NEXT-GENERATION GENUITY ROUNDUP READY + 

LIBERTYLINK® CANOLA 2 

NEXT-GENERATION GENUITY ROUNDUP 

READY CANOLA 

1. Part of the Monsanto-BASF Yield-and-Stress R&D Collaboration. 

2. The LibertyLink® Canola event was licensed from Bayer CropSciences 

PHASE 2 

PHASE 3 

PHASE 3 

PHASE 3 

PHASE 3 

PHASE 4 

BIOTECH PLATFORM –YIELD AND STRESS 


With two projects advancing in 2011, half of yield-and-stress 

projects have advanced in the past two years 

DROUGHT-TOLERANT COTTON¹ 

HIGHER-YIELDING CORN¹ 

BREEDING TRAITS 


In addition to annual breeding advancements, three targeted 

breeding traits advance 

PHYTOPHTHORA-RESISTANT PEPPERS 

DOWNY MILDEW-RESISTANT CUCUMBERS 

BENEFORTÉ BROCCOLI 

AGRONOMIC SOLUTIONS 


Three advancements in the agronomic solutions pipeline designed to 

bring enhanced yield opportunity 

DIVERGENCE NEMATICIDE CHEMISTRY 

IMPROVED DICAMBA FORMULATION 

INTEGRATED FARMING SYSTEMS I (IFS I) 

PHASE 2 

PHASE 3 

PHASE 3 

LAUNCHING 

LAUNCHING 

PHASE 2 

PHASE 3 

PHASE 4 

3

OVERVIEW 

In Two Years, Almost Two-Thirds of Biotech Pipeline Has 

Advanced or Launched, Reflecting Monsanto’s Leadership 

UPDATE: 

17 BIOTECH ADVANCEMENTS IN THE 

PAST TWO YEARS 

CORN BIOTECH PIPELINE 

Drought-Tolerant Corn Family.. 

Drought-Tolerant Corn¹.. 

2nd-Gen Drought-Tolerant Corn¹.. 

Broad-Acre Higher-Yielding Corn Family.. 

Higher-Yielding Corn¹.. 

Nitrogen-Utilization Corn Family.. 

Nitrogen-Utilization Corn¹.. 

Agronomic Corn Traits.. 

Roundup Hybridization System for Corn.. 

Roundup Hybridization System for Corn II.. 

Rootworm III.. 

Corn Borer III.. 

Dicamba-, Glufosinate- and Glyphosate-.. 

Tolerant Corn.. 

FOPs-Tolerant Corn.. 

SOYBEAN BIOTECH PIPELINE 

Broad-Acre Higher-Yielding Soybean.. 

Family.. 

Higher-Yielding Soybeans¹.. 

2nd-Gen Higher-Yielding Soybeans¹.. 

Agronomic Soybean Traits.. 

Intacta RR 2 PRO Soybeans.. 

2nd-Gen Insect-Protected Soybeans.. 

Dicamba-Tolerant Soybeans.. 

Soybean Cyst Nematode-Resistance.. 

Value-Added Soybean Traits.. 

Soymega SDA Omega-3 Soybeans².. 

Vistive Gold Soybeans.. 

D 1 2 3 4 

D 1 2 3 4 


2. Part of the Monsanto-Solae Collaboration 


COTTON BIOTECH PIPELINE 

Drought-Tolerant Cotton Family.. 

Drought-Tolerant Cotton¹.. 

Agronomic Cotton Traits.. 

Dicamba- and Glufosinate-.. 

Tolerant Cotton.. 

Genuity Bollgard III.. 

Cotton Lygus Control.. 

WHEAT BIOTECH PIPELINE 

Broad-Acre Higher-Yielding Wheat Family.. 

Yield-and-Stress Wheat¹.. 

Agronomic Wheat Traits.. 

Herbicide-Tolerant Wheat.. 

CANOLA BIOTECH PIPELINE 

Broad-Acre Higher-Yielding Canola Family.. 

Higher-Yielding Canola¹.. 

Agronomic Canola Traits.. 

Next-Generation Genuity Roundup.. 

Ready Canola.. 

Next-Generation Genuity Roundup Ready.. 

+ LibertyLink® Canola 3 .. 

Dicamba-Tolerant Canola.. 

SUGARCANE BIOTECH PIPELINE 

Agronomic Sugarcane Traits.. 

Insect-Protected + Roundup Ready.. 

Sugarcane.. 

D 1 2 3 4 

D 1 2 3 4 

D 1 2 3 4 

D 1 2 3 4 

The colored bar associated with each project indicates which Phase that project is in. 

It is not intended to represent the relative status of the project within a particular stage. 

January 2012 Phase Advancement /Additions 


4

OVERVIEW 

With Convergence of R&D Tools, More Approaches Than 

Ever Are Helping Drive Total Package of Yield for Farmers 

CORN PIPELINE PLATFORM 


Drought-Tolerant Corn¹.. 

BIOTECH 

YIELD & STRESS 

BIOTECH 

AGRONOMIC 

HIGHLIGHTED 

BREEDING 

AGRONOMIC 

SOLUTIONS 

2nd-Gen Drought-Tolerant Corn¹.. 

Broad-Acre Higher-Yielding Corn Family.. 

Higher-Yielding Corn¹.. 


Nitrogen-Utilization Corn¹.. 

Roundup Hybridization System for Corn.. 

Roundup Hybridization.. 

System for Corn II.. 

Rootworm III.. 

Corn Borer III.. 

Dicamba-, Glufosinate- and Glyphosate-.. 

Tolerant Corn.. 

FOPs-Tolerant Corn.. 

Annual Product Improvements.. 

Gray Leaf Spot Resistance.. 

Goss’s Wilt Resistance.. 

Stalk Rot Complex Resistance.. 

Divergence Nematicide Chemistry.. 

Integrated Farming Systems Family.. 

Integrated Farming Systems I.. 


2. Part of the Monsanto-Solae Collaboration 

3. Part of the Monsanto-BASF R&D Collaboration 

D 1 2 3 4 

SOYBEAN PIPELINE PLATFORM 

Broad-Acre Higher-Yielding Soybean.. 

Family.. 

Higher-Yielding Soybeans¹.. 

BIOTECH 


BIOTECH 

AGRONOMIC 

VALUE 

ADDED 

HIGHLIGHTED 

BREEDING 

AGRONOMIC 

SOLUTIONS 

2nd-Gen Higher-Yielding Soybeans¹.. 

Intacta RR2 PRO Soybeans.. 

2nd-Gen Insect-Protected Soybeans.. 

Dicamba-Tolerant Soybeans.. 

Soybean Cyst Nematode-Resistance³.. 

Soymega SDA Omega-3 Soybeans².. 

Vistive Gold Soybeans.. 


Phytophthora Root Rot Resistance.. 

2 nd -Gen Soybean Aphid Resistance.. 

2 nd -Gen Soybean Cyst Nematode.. 

Resistance.. 

Improved Dicamba Formulation.. 


D 1 2 3 4 





5

OVERVIEW 

With Convergence of R&D Tools, More Approaches Than 

Ever Are Helping Drive Total Package of Yield for Farmers 

D 1 2 3 4 

COTTON PIPELINE PLATFORM 


Drought-Tolerant Cotton¹.. 

BIOTECH 


HIGHLIGHTED 

BREEDING BIOTECH 

AGRONOMIC 

AGRONOMIC 

SOLUTIONS 

Dicamba- and Glufosinate-.. 

Tolerant Cotton.. 

Genuity Bollgard III.. 

Cotton Lygus Control.. 


Root Knot Nematode Resistance.. 

Reniform Nematode Resistance.. 


D 1 2 3 4 

SUGARCANE PIPELINE PLATFORM 

BIOTECH 

AGRONOMIC 

Insect Protected + Roundy Ready.. 

Sugarcane.. 







D 1 2 3 4 

CANOLA PIPELINE PLATFORM 

Broad-Acre Higher-Yielding Canola.. 

Family.. 

Higher-Yielding Canola¹.. 

BIOTECH 


BIOTECH 

AGRONOMIC 

HIGHLIGHTED 

BREEDING 


Ready Canola.. 


Ready + LibertyLink® Canola 2 .. 

Dicamba-Tolerant Canola.. 


WHEAT PIPELINE PLATFORM 

Broad-Acre Higher-Yielding Wheat.. 

Family.. 

Yield-and-Stress Wheat¹.. 

BIOTECH 


HIGHLIGHTED BIOTECH 

BREEDING AGRONOMIC 

Herbicide-Tolerant Wheat.. 


D 1 2 3 4 

6

R&D UPDATE: YIELD & STRESS 

Monsanto-BASF Collaboration Combines Best R&D Platforms to 

Create Industry’s Most Complete Approach to Yield and Stress 

YIELD-AND-STRESS BIOTECH PIPELINE 

YIELD-AND-STRESS BIOTECH PIPELINE 


Drought-Tolerant Corn 1 .. 

2nd-Gen Drought-Tolerant Corn 1 .. 


Nitrogen-Utilization Corn 1 .. 

Broad-Acre Higher-Yielding.. 

Corn Family.. 

Higher-Yielding Corn 1 .. 


Soybean Family.. 

Higher-Yielding Soybeans 1 .. 

2nd-Gen Higher-Yielding Soybeans 1 .. 


Drought-Tolerant Cotton 1 .. 

Broad Acre Higher-Yielding Wheat.. 

Yield-and-Stress Wheat 1 .. 


Canola Family.. 

Higher-Yielding Canola 1 .. 

D 1 2 3 4 






COLLABORATION UPDATE 

Pipeline progress continues with 5 advancements in last 2 

years 

• Higher-Yielding Corn and Drought-Tolerant Cotton advance 

Phases based on multiple years of testing 

Collaboration pipeline is robust with unique nominations and 

broad-scale testing 

• >95 percent of gene nominations were unique 

• Planted yield-and-stress trials from projects in early Phases in 

more than 170 locations 

APPLIED LESSONS: 

NEXT STEPS FOR YIELD AND STRESS 

Yield-and-stress targets are more complex than firstgeneration 

agronomic traits; Combined Monsanto-BASF 

capabilities are key advantages to realize opportunity 

Reflecting increasing convergence, yield and stress will be 

built on the “system,” including traits, germplasm and 

agronomic practices 

• Increasing the amount of testing done in field in Phases 2-3 to 

identify trait-and-germplasm combinations 

• First-generation drought-tolerant corn enters “Ground Breakers” 

program where farmers help Monsanto generate data on full 

system 

Commercial value comes from a combination of elements 

• Multiple yield-and-stress traits and/or trait families may be 

combined to create the ultimate product that delivers incremental 

value for farmers 

COLLABORATION 

WITH 

7


First-Generation Drought Regulatory Submissions Complete; 

With U.S. Approvals, On-Farm Trials Help Inform Next Steps 

UPDATE 

DROUGHT-TOLERANT CORN FAMILY 

FIRST-GENERATION DROUGHT-TOLERANT 

CORN FAMILY 1 

STATUS: PHASE 4 

• Received USDA de-regulation in December 2011 

• Ground Breakers farmer trials expected in 2012 

• Potential commercial launch in 2013-2014 

pending international regulatory stack approvals 

• Drought tolerance expected to be introduced as 

part of an integrated system offering: 

• Improved genetics 

• Agronomic practices 

• Trait package stacked with Genuity VT Double 

PRO and Genuity VT Triple PRO 

OUTLOOK AND VALUE 

FAMILY LAUNCH-COUNTRY 

ACRES2 : 

45M - 55M 

FAMILY VALUE 3 : $250M - $500M 

• Product system designed to help farmers 

mitigate the risk of yield loss when experiencing 

drought stress 

• Potential for product upgrades via continuously 

improving germplasm, additional yield and 

stress genes, and agronomic trait package 

improvements 

COMPLETE 


2. Acre opportunity reflects acres where technology fits at Monsanto's current share in respective crops 

3. Value reflects gross sales opportunity of trait family in launch country in peak penetration year 

DROUGHT-TOLERANT CORN SYSTEM POTENTIAL ROLL-OUT 

U.S. 

REGULATORY 

APPROVALS: 

1 ST -GEN 

DROUGHT TRAIT 

2012 2013-2014 

DROUGHT SYSTEM FOR FARMERS 

UPDATE: GROUND BREAKERS PROGRAM EXPECTED IN 2012 

On-farm “Ground Breakers” testing to give farmers exposure to the 

system, while generating data to help inform commercial launch 

decisions 

PROGRAM ADVANTAGES: 

• Complementary to our testing network; modeled after successful Cotton New 

Product Evaluation (NPE) program 

• Tightly managed testing involving our lead customers 

• On-farm trials of system on thousands of acres, not millions 

DROUGHT-TOLERANT SYSTEM 

AGRONOMIC 

PRACTICES 

• Farm-level 

recommendations 

INTEGRATION 

INTO STACKS 

GERMPLASM 

TOTAL 

YIELD 

INT’L REGULATORY 

APPROVALS 

GROUND BREAKERS 

PROGRAM 

• Disease Tolerance 

• Drought Tolerance 

• Yield Potential 

TRAIT 

PACKAGES 

• Insect Control 

• Weed Control 


COMMERCIAL 

LAUNCH 

Commercially, drought 

tolerance is expected to 

be delivered to farmers 

as a system, drawing on 

best-adapted hybrids, 

trait packages and 

recommendations on 

best-management 

agronomic practices 

COLLABORATION 

WITH 

8


Higher-Yielding Corn Advances into Phase 3 Testing; Creates 

Opportunity for Additional Yield in System Approach 

UPDATE 

HIGHER-YIELDING CORN FAMILY 

HIGHER-YIELDING CORN¹ 

STATUS: ADVANCED: PHASE 3 

• Project advances into Phase 3 testing, including 

trait integration and advanced field testing 

• Yield performance consistent with past years of 

testing 

• Expanded second year of field testing in elite 

germplasm demonstrates similar effect observed 

in transformation germplasm hybrids 


FAMILY LAUNCH- 

COUNTRY ACRES2 : 

45M – 55M 

FAMILY VALUE 3 : >$500M 

• Higher-yielding corn designed to increase 

average yield under typical growing conditions 




UPDATE: FIELD RESULTS: JERSEYVILLE, IL – OCTOBER 2011 

Hybrid Without Gene 

Hybrid With Gene 

SYSTEM APPROACH WITH HIGHER-YIELDING CORN 

AGRONOMIC 

PRACTICES 

• Farm-level 

recommendations 

GERMPLASM 

TOTAL 

YIELD 




TRAIT 

PACKAGES 

• Insect Control 

• Weed Control 

• Yield-and-Stress 

Traits 

In early field testing, 

Higher-Yielding Corn 

lead event 

demonstrating yield 

advantage compared 

with check hybrids 

Higher-Yielding Corn 

expected to create 

additional yield 

opportunity that can be 

additive to total system 

available to farmers, 

creating potential for 

highest-yielding package 

COLLABORATION 

WITH 

9


Drought-Tolerant Cotton Advances into Phase 2; Field Testing 

Demonstrating Positive Performance Under Drought Stress Conditions 

UPDATE 

DROUGHT-TOLERANT COTTON FAMILY 

DROUGHT-TOLERANT COTTON¹ 


• Project advances into Phase 2, early product 

development, which includes conducting lab and 

field testing of genes in plants to select 

commercial product candidates and meet 

regulatory requirements 




8M – 11M 

FAMILY VALUE 3 :

R&D UPDATE: AGRONOMIC TRAITS 

Dicamba-Tolerant Soybeans in Phase 4; Would Provide Farmers 

an Additional Tool for Weed Management and Yield Protection 

UPDATE 

DICAMBA-TOLERANT SOYBEANS 


Global regulatory processes on track 

Broad germplasm testing of Genuity Roundup 

Ready 2 Yield/dicamba-tolerant stacked traits 

being evaluated 

Collaborating with BASF on next-generation of 

dicamba-based weed control chemistry 

products 

Ground Breakers farmer trials expected in 2013 

Dicamba trait package and lower volatility 

formulations commercial launch projected for 

2014 pending regulatory approvals 




35M – 45M 

FAMILY VALUE 2 : 750 

MATURITY GROUPS: 2 - 4 



3. Field trials data from November 3, 2011 

2011 Genuity Roundup Ready 2 Yield/Dicamba-Tolerant Field Trials 3 

Test Plots received 

two applications 

GLYPHOSATE 

(1X RATE) 

+ with DICAMBA 

(2X RATE) Dicamba 

Testing across 14 locations 

demonstrates excellent 

tolerance to both dicamba 

and glyphosate 

applications 

UPDATE: GROUND BREAKERS PROGRAM EXPECTED IN 2013 

On-farm “Ground Breakers” testing to give farmers exposure to the 

product, while generating data to help inform commercial launch 

decisions 

PROGRAM ADVANTAGES: 

• Complementary to our testing network; modeled after successful Cotton New 

Product Evaluation (NPE) program 

• Tightly managed testing involving our lead customers 

• On-farm trials of system on thousands of acres, not millions 

11

R&D UPDATE: CHEMISTRY 

Dicamba’s Profile Superior to 2,4-D; New Low Volatility Premix 

Advances to Phase 3, Showing Reduced Volatility 

UPDATE 

DICAMBA/ROUNDUP PREMIX 1 


Project advances to Phase 3, expanded field trials including 

wide geography and environmental conditions expected in 

2012 

Current studies indicate reduction in volatility, while 

maintaining weed control benefits 

Collaborating with BASF on additional formulations 

Has fewer resistant weeds, controls more weeds than 2,4-D 2 

VOLATILITY: GLYPHOSATE/DICAMBA PREMIX FORMULATION 

SHOWS LOW VOLATILITY CHARACTERISTICS 

PREMIX CANDIDATE 

BANVEL® (DICAMBA) + 

ROUNDUP 

WEATHERMAX 

DICAMBA VS. COMPETITIVE PLATFORMS 

RELATIVE VOLATILITY AS MEASURED IN 

GROWTH CHAMBER 

0% 50% 100% 

1. Premix candidate pending EPA Approval and is currently an unregistered chemistry nd not being promoted 

2. CDMS, represents weeds on Clarity label ®. Differs by product for 2,4-D 

RESIDUAL: HEBRON, MD – SUMMER 2011 FIELD TRIALS 

DICAMBA SHOWS A LONGER RESIDUAL CONTROL TIME 

THAN 2,4-D 

Roundup 

WeatherMax (0.75 lb/A) 

+ 2,4-D (1 lb/A) 

Residual Control 

Roundup 

WeatherMax (0.75 lb/A) 

+ Clarity® (0.5 lb/A) 

Residual Control 

RESISTANT WEEDS: GLOBALLY, DICAMBA HAS FEWER 

RESISTANT WEEDS THAN 2,4-D 

NUMBER OF WEEDS 

100 

0 

PHOTO TAKEN 38 DAYS AFTER 

Photo taken BURNDOWN 38 days after TREATMENT burndown treatment 

NUMBER OF GLOBAL RESISTANT WEEDS 

ALS GLYPHOSATE 2,4-D DICAMBA 

Source: International Survey of Herbicide Resistant Weeds. November 2011 

12


Second-Generation Insect-Protected Soybeans Advances to Phase 3; 

Designed to Expand Insect-Control Spectrum and Improve Durability 

INSECT-PROTECTED + ROUNDUP READY 2 

YIELD SOYBEAN FAMILY 

UPDATE 

2 ND -GEN INSECT-PROTECTED SOYBEANS 


Project advances into expanded Phase 3 

testing to develop regulatory package, trait 

integration and advanced field testing 


FAMILY LAUNCH COUNTRY: 

ACRES¹: 

BRAZIL 

40M – 60M 

FAMILY VALUE²: >$500M 

The second-generation insect-protected 

product contains multiple modes-of-action to 

improve durability and expand the spectrum of 

insect protection 

Spectrum of protection expanded to include 

armyworms 

UPDATE: 



EVENTS SHOW GOOD PROTECTION AGAINST TWO CRITICAL 

PESTS (SOYBEAN LOOPER AND VELVETBEAN CATERPILLAR) IN 

OPEN FIELD TRIALS 

BATON ROUGE, LA – SEPTEMBER 2011 

Events showed little leaf damage after a natural infestation by 

soybean looper and velvetbean caterpillar in which non-transgenic 

checks reached 90% defoliation 

SOUTHERN ARMYWORM: SCREENHOUSE –SEPTEMBER 2011 

CONTROL MULTIPLE MODES OF ACTION 

13


Rootworm III Corn Advances to Phase 3; New Insect-Control 

Technology Would Increase Consistency and Durability of Protection 

UPDATE 

ROOTWORM III CORN 

ROOTWORM III CORN 








30M – 40M 

FAMILY VALUE 2 : >$500M 

• Project designed to offer increased control 

and durability against the corn rootworm 

insects 

• Project concept aims to add a distinct mode of 

action using cutting-edge RNA interference 

(RNAi) technology 

UPDATE: 



2011 FIELD TRIALS: NEW RNAI STACKED EVENTS EXHIBITED 

EXCELLENT ROOT PROTECTION 

ROOT DAMAGE RATINGS 

(0-3 SCALE) 

2.0 

1.5 

1.0 

0.5 

0.0 

GENSS = Genuity SmartStax 

GENVT3P = Genuity VT Triple PRO 

ROOTWORM III RNAI STACKED EVENTS DEMONSTRATE 

SUPERIOR ROOT PROTECTION ACROSS ALL TRIALS 

WEST LAFAYETTE, IN. – JULY 2011: ROOT PROTECTION SAMPLES 

UNDER HIGH ROOTWORM PRESSURE 

ECONOMIC THRESHOLD 

RNAi STACKS GENSS GENVT3P CONROL 

Error bars are SE(standard error) 

Locations: 9 

CONTROL RNAi GENVT3P RNAi STACKS GENSS 

14


Cotton Lygus Advances Into Phase 2; First Biotech Project of Its 

Kind To Provide Control of Piercing-Sucking Insects 

UPDATE 

COTTON LYGUS CONTROL 


2011 field tests demonstrated reduction of 

Lygus numbers on plants expressing the 

Lygus control gene, with increased square 

retention and yield 

Lygus control increased cotton yield across 

multiple locations 


LAUNCH-COUNTRY 

FAMILY ACRES1 : 

2M – 4M 

FAMILY VALUE 2 :

R&D UPDATE: YIELD RESULTS 

2011 Yield Data Reinforces Monsanto’s Continuing Yield 

Advantage Across Crops, Traits and Germplasm 

SOYBEANS 

GENUITY ROUNDUP READY 2 YIELD 

• 4.2 bu/ac advantage over 

competitive Roundup Ready 

varieties 

COTTON 

DELTAPINE COTTON-SEED PERFORMANCE 

Deltapine Germplasm 

• 71 lb/ac advantage versus 

competitors 

HARVEST RESULTS: 

YIELD DATA RESULTS BY CROP AND PRODUCT 

CORN 

REDUCED-REFUGE FAMILY OF PRODUCTS 

SIDE-BY-SIDE YIELD COMPARISONS EXCLUDING 

WHOLE-FARM YIELD ADVANTAGE FROM REFUGE REDUCTION 

Genuity SmartStax 

• 3.8 bu/ac advantage over the 

YieldGard VT Triple portfolio 

Genuity VT Triple PRO 

• 11.3 bu/ac advantage versus 

competitors 

Genuity VT Double PRO 

• 6.6 bu/ac advantage versus 

competitors 

DEKALB CORN-SEED PERFORMANCE 

DEKALB Germplasm 

• 11.2 bu/ac versus competitors 

16


Genuity Roundup Ready 2 Yield Offerings in 2012 Expected to 

Set the Standard in Existing Competitive Platforms 

UPDATE: 

BUSHELS PER ACRE 

60 

55 

50 

57.1 

45 

ROUNDUP READY 

2 YIELD 

2011 PERFORMANCE RESULTS GEOGRAPHIC BREAK-DOWN: 

TOP FIVE PERFORMING GENUITY ROUNDUP READY 2 YIELD PRODUCTS BY STATE VS. PIONEER® Y-SERIES 1 

ROUNDUP READY 2 YIELD VS. 

PIONEER ® Y-SERIES 

53.0 

4.1 bu/acre 

80% Win Rate 

>5,300 comparisons 

PIONEER ® 

Y-SERIES 

ND 

+3.4 

73% win rate 

SD 

>5.0 

87% win rate 

NE 

+3.5 

78% win rate 

KS 

+2.6 

74% win rate 

MN 

>5.0 

90% win rate 

IA 

>5.0 

85% win rate 

MO 

+2.5 

74% win rate 

AR 

+3.0 

69% win rate 

WI 

+4.4 

83% win rate 

IL 

+4.3 

79% win rate 

MS 

+3.0 

73% win rate 

MI 

+3.3 

77% win rate 

IN 

+4.2 

83% win rate 

OH 

+4.1 

81% win rate 

1. Data as of November 14, 2011. Includes all breeding and commercial strip trial data. All head-to-head comparisons are within +/- 0.4 day maturity. Data represents the top 5 performing Genuity Roundup 

Ready 2 Yield products (with a minimum of 30 comparisons per product) versus Pioneer® Y-Series products by state. 

17


Deltapine Cotton Germplasm Momentum Continues with 2011 

Performance Advantage Versus Competitors 

DELTAPINE 

2011 U.S. PERFORMANCE 

UPDATE 

• Deltapine classes of 2009, 2010 

and 2011 momentum continues 

showing germplasm 

performance advantage across 

geographies 

• The strong performance of 

Deltapine products coupled 

with the Performance Plus 

program provide growers 

opportunities to achieve high 

yields while managing 

glyphosate-resistant Palmer 

pigweed 

• For example, with the average 

performance of Deltapine 

leading varieties in Northern 

Tier of 107 lbs/acre, cotton 

growers there could see an 

average advantage of 

approximately $100 per acre at 

today’s prices versus the 

competitive best 

UPDATE: 

YIELD ADVANTAGE IN LBS/ACRE 

120 

100 

80 

60 

40 

20 

0 

DELTAPINE CLASS OF ‘09, ’10, AND ‘11 VS. COMPETITORS 1 

BY GEOGRAPHY 

107 

NORTHERN 

TIER 

SOUTHERN 

TIER 

CLASS OF '09, '10, AND '11 YIELD ADVANTAGE 

56 58 

EAST 

TEXAS 

78 

WEST 

TEXAS 

1. Data as of December 13, 2011, 913 comparisons. Annual yield advantage calculated each year comparing class of ’09, ’10, and ‘11 commercially available leading Deltapine products 

across geographies to leading commercially available competitive products with similar crop protection traits. Northern tier includes Mid-south and upper Southeast; Southern tier is lower 

Mid-south and lower Southeast. 

71 

WEIGHTED 

AVERAGE 

18

R&D UPDATE: AGRONOMIC SOLUTIONS 

New Opportunity in Prescription Farming Expected to Unleash Knowledge 

in Monsanto’s Breeding Databases to Deliver Yield for Farmers 

INTEGRATED FARMING SYSTEMS (IFS) 

PLATFORM 

New yield potential as more data is generated 

on farm with Monsanto proprietary breeding 

technology and combined with equipment 

technology advances 

UPDATE 

INTEGRATED FARMING SYSTEMS I 


• More on-farm pilot trials scheduled for 2012 

• IFS I on-farm system focused on 

recommending optimal hybrids with variable 

rate (VR) planting populations 

• Future IFS projects include enhanced 

recommendations for seed optimization 

through next-generation planting, fertililty and 

water management 

OUTLOOK: 

• Bring together fragmented technologies 

• Combine our proprietary Monsanto hybrid 

data with Precision Ag technology 

• Develop collaborations with agricultural 

industry equipment manufacturers 

UPDATE: 

PHASE 4 

LEAD 

INTEGRATED FARMING SYSTEMS PLATFORM 

PROJECTED ROLL-OUT 

IFS I IFS II 

IFS III DISCOVERY 

PHASE 3 PHASE 1 DISCOVERY 

NEW YIELD POTENTIAL DELIVERED THROUGH IFS PLATFORM 

Higher crop yields lie at 

the intersection of 

multiple technologies 

• IFS Scripts will focus on 

optimizing corn seed 

hybrids with variable 

rate populations 




AGRONOMIC 

PRACTICES 

• Prescription Farming 

• Plant populations 

• Optimized Yield Delivery 

GERMPLASM 

TOTAL 

YIELD 

TRAIT 

PACKAGES 

• Trait Packages 


19

R&D UPDATE: BREEDING 

Next-Generation Breeding for Plant Health Expected to Step-Up 

Yield Protection Across Crops 

HISTORY OF BREEDING FOR DISEASE 

RESISTANCE IN CROPS 

• Breeders screened germplasm to search for 

resistance to important diseases and pests 

• Success was dependant on the breeder’s ability to 

screen in the presence of the disease or pest and 

the presence of resistance genes in the germplasm 

• Moving resistance to commercial products was a 

long and slow process and also relied on field 

screening to track the resistance genes 

• As a result, relatively small incremental 

improvements to disease and pest resistance were 

achieved 

STEP UP INPLANT HEALTH 

IN BREEDING ENABLES: 

• Rapid and accurate identification of resistance 

genes in association with screening 

• Focused introgression of resistance genes for stepchange 

improvements in commercial products 

• Targeted stacking of existing and novel resistance 

genes for enhanced disease resistance and 

durability 

UTILIZING MONSANTO TECHNOLOGIES TO RAPIDLY IDENTIFY, 

SELECT, AND DEPLOY DISEASE RESISTANCE GENES 

CORN SEED CHIPPER AUTOMATED MARKER ANALYSIS 

MOLECULAR MARKERS ASSOCIATED WITH DISEASE 

RESISTANCE IN CORN 

20


Breeding Pipeline Benefits from Marker-Assisted Breeding; 

Stepping-up the Monsanto Plant Health Breeding Program 

BREEDING PROJECT 

COMMERCIAL 

PRODUCTS 

AVAILABLE 

PIPELINE PHASE 

STATUS 

CORN Stalk Rot Complex Resistance PHASE 1 

SOYBEANS 

SELECTED PROJECTS FROM MONSANTO’S BREEDING PIPELINE 

Goss’s Wilt Resistance PHASE 2 

Gray Leaf Spot Resistance PHASE 2 

2 nd Generation Soybean Cyst 

Nematode Resistance PHASE 2 

2 nd Generation Soybean Aphid Resistance PHASE 2 

Phytophthora Root Rot Resistance PHASE 4 

COTTON Root Knot Nematode Resistance PHASE 2 

Reniform Nematode Resistance PHASE 2 

VEGETABLES Phytophthora-Resistant Peppers 

Downy Mildew-Resistant Cucumber 

(Advanced) 

PHASE 3 

(Advanced) 

LAUNCHING 

21


New Molecular-Breeding Tools Create Complementary Approach 

to Step-Up Goss’s Wilt Tolerance in Commercial Offerings 

GOSS’S WILT RESISTANCE IN CORN 

UPDATE 


• Increased screening with proprietary high 

throughput technology 

• Large scale germplasm screening continues 

to drive commercial corn pipeline 

improvements for Goss’s Wilt protection, 

providing more grower options 

OUTLOOK: 


ACRES 1 : 

4M - 6M 

• Reduce yield loss due to Goss’s Wilt which 

can impair yields as much as 60 bushels per 

acre 2 

• Develop genetic resistance for the Goss’s Wilt 

bacteria that affects the Western Great Plains 

and is appearing across the corn belt 

FIELD DEMONSTRATION OF RESISTANT 

AND SUSCEPTIBLE HYBRIDS 

SUSCEPTIBLE 

RESISTANT 

Directed breeding trials have helped to 

identify the underlying genetics for rapid 

germplasm improvement 

1. Acreage based on disease presence in NE, KS & CO and its spread to the east of these acres. Acre opportunity reflects acres where technology fits at Monsanto's current share in respective crops 

2. Source: “Goss's Bacterial Wilt and Leaf Blight of Corn”, Jackson, Harveson and Vivader, Univ. of Nebraska Extension, 2007 22


Stacked Soybean Phytophthora Root Rot Resistance Genes 

Provide Multi-Race Protection 

UPDATE 

PHYTOPHTHORA ROOT ROT (PRR) 

RESISTANCE 


Develop solutions via accelerated breeding for 

PRR resistance with stacked resistance genes 

along with chemistry solutions 

Monsanto’s double gene stack varieties showed a 

+1.4 bu/A advantage over singles across 37 

locations in 2011 field trials 

Initiated multi-state PRR race surveys with 

academics for effective gene stacking and 

deployment strategies 



ACRES 1 : 

15M - 20M 

• PRR is the second most significant soybean 

disease in the U.S. with an average yield loss of 

about 44 million bushels per year 

• PRR is primarily managed with a number of host 

resistance genes that are widely deployed singly 

and to a limited extent as gene stacks in 

commercial varieties 

• Effective gene deployment would provide 

enhanced and long-lasting protection against 

diverse pathogen strains 

UPDATE: 

2011 SOYBEAN PHYTOPHTHORA ROOT ROT RESISTANCE 

63 

62 

61 

60 

59 

+1.4 bu/acre 

Double Gene Stacks Single Gene Varieties 

ST. LOUIS, MO – 2011: PRR BIOASSAY 

Plants with 

phytophthora 

resistant genes 

demonstrated 

healthier plants 

that translates to 

improved yields 



ENHANCED PERFORMANCE OF PHYTOPHTHORA 

RESISTANT GENE STACKS IN SOYBEANS 

MULTI-GENE 

STACKS 

SINGLE-GENE 

VARIETIES 

2011 field trial 

testing across 37 

locations 

demonstrates 

resistance to 

phytophthora root 

rot in soybeans and 

increased yields 

SUSCEPTIBLE RESISTANT 

DISEASED 

23

SUMMARY 

Monsanto’s R&D Lead Expands As Next Evolution Drives Yield 

Across Broader Set of Research Platforms 

 

 

 

YIELD 

R&D OPPORTUNITY 

Monsanto is Extending its R&D Lead 

Building from early advantage on traits, Monsanto 

shifts from components of yield to total yield to create 

enduring yield advantage 

R&D’s Next Wave Comes as Breeding and Biotechnology 

Achieve Synergy 

Monsanto’s Structural Competitive Advantages Position 

Monsanto to Deliver the Full Package of Yield 

24

Annual R&D Pipeline Review 

Resource Appendix 

January 5, 2012 

®

Annual R&D Pipeline Review: 

Resource Appendix 

Additional Project Updates Slide 27 

• Genuity Bollgard III Cotton 

• Next-Generation Genuity Roundup Ready Canola 

• Next-Generation Genuity Roundup Ready + LibertyLink® Canola 1 

• Divergence Nematicide Chemistry 

Breeding Updates 

• Breeding Project Updates 

• 2011 Yield Results 

Slide 31 

Background Resources Slide 43 

• Pipeline Valuation 


APPENDIX CONTENTS 

26


Genuity Bollgard III Cotton Advances to Phase 3; Would Provide More 

Consistent and Durable Insect Protection with Multiple Modes of Action 

UPDATE 

GENUITY BOLLGARD III COTTON 





2011 field trials indicate excellent 

performance under high insect pressure 


FAMILY LAUNCH-COUNTRY 

ACRES¹: 

8M – 11M 

FAMILY VALUE²:


Next-Generation Roundup Ready Canola Advances to 

Phase 4; Would Offer Improved Flexibility and Weed Control 

NEXT GENERATION HERBICIDE TOLERANCE 

UPDATE 

NEXT GENERATION ROUNDUP READY CANOLA 


• Trait performance confirmed in broadly adapted 

germplasm 

• Regulatory submissions on track with key 

submissions made in production and import 

countries 


LAUNCH COUNTRY: 

ACRES¹: 

CANADA 

5M – 10M 

VALUE²:


Next-Generation Genuity Roundup Ready with LibertyLink ® Added to Pipeline; 

Would Provide Growers Additional Choice for Weed Management 

NEXT-GENERATION GENUITY ROUNDUP 

READY + LIBERTYLINK® CANOLA 3 

UPDATE 

NEXT-GENERATION GENUITY ROUNDUP READY + 

LIBERTYLINK® CANOLA 3 


• Delivers a second mode-of-action to give canola 

growers flexibility to have multiple herbicide 

choices within the DEKALB brand; combines 

proven yield performance and agronomic trait 

package 


FAMILY LAUNCH COUNTRY: 

ACRES¹: 

CANADA 

5M – 10M 

FAMILY VALUE²:

R&D UPDATE: AGRONOMIC SOLUTIONS 

Divergence Acquisition Brings New Chemistry Pipeline Project for 

Row Crops and Vegetables for Improved Nematode Management 

UPDATE 

ACCELERON SEED TREATMENT 

PRODUCTS 

DIVERGENCE NEMATICIDE CHEMISTRY 1 


• Efficacy of Divergence nematicide equal 

to competitive standards against multiple 

nematode species in a variety of crops 

• Acquisition brings valuable expertise in 

seed treatments and nematicides 

• Regulatory submissions on track 

UPDATE 

VEGETABLES 

• Demonstrated improvement in Root Knot 

nematode control in transplanted and 

seeded squash and cucumber equal to 

competitive standards 

• May offer application flexibility including 

pre-plant and in-season applications 

1. The new Divergence nematicide is currently an unregistered pesticide and not being promoted 

UPDATE: 

MONSANTO RESEARCH, SUMMER 2011 

SOYBEAN CYST NEMATODE TESTING 

New nematicide shows 

control against several 

nematode species in row 

crops including Root Knot 

nematodes in corn and 

cotton and Soybean Cyst 

nematodes in soybeans as 

well as vegetable crops 

NEW NEMATICIDE CHEMISTRY DEMONSTRATING GOOD 

CONTROL OF NEMATICIDES IN A VARIETY OF CROPS 

EXPLORATORY 

NEMATICIDE CHEMISTRY 

ROOT KNOT NEMATODE TESTING IN CUCUMBER AND SQUASH 

UNIVERSITY OF FLORIDA, 

SPRING 2009 

CUCUMBER 

UNTREATED 

CONTROL 

EXPLORATORY 

NEMATICIDE 

CHEMISTRY 

UNTREATED 

CONTROL 

UNIVERSITY OF CALIFORNIA-RIVERSIDE, 

SPRING 2009 

SQUASH 

COMPETITIVE 

STANDARD 

EXPLORATORY 

NEMATICIDE 

CHEMISTRY 

30


The Vegetable Pipeline Reflects Our Commitment to 

Bringing Valued Products to Growers 

HIGHLIGHTED 

BREEDING 

D 1 2 3 4 

VEGETABLE PIPELINE PLATFORM 

Incremental Annual Improvements 

Seminis EasyHarvest Broccoli 

Frescada Lettuce 

Phytophthora-Resistant Peppers 

Gemini Virus-Resistant Tomato 


It is not intended to represent the relative status of the project within a particular stage 

EASYHARVEST BROCCOLI FRESCADA LETTUCE 


Susceptible Variety Resistant Variety 

FRESH DETERMINANT SALADETTE (FDS) 

GEMINIVIRUS FIELD TRIAL 2011 

31


Marker-Assisted Breeding Improves Resistance to Phytophthora; 

Globally One of the Most Destructive Pepper Diseases 

UPDATE 

DISEASE-RESISTANT PEPPERS 


• Field evaluations demonstrate significant 

improvements in phytophthora resistance 

peppers 

• Peppers are breed with resistance to 

phytophthora blight, a global disease that can 

lead to total crop loss under severe pressure 

• Multiple fungicide applications are not highly 

efficacious 


• Elite commercial pepper hybrids with high 

resistance to Phytophthora blight would enable 

farmers to increase productivity, simplify 

management and potentially reduce fungicide 

applications 

• Pepper growers currently utilize a combination of 

fungicide applications, crop rotation and water 

management to manage this disease 

PHYTOPHTHORA-RESISTANT PEPPERS 

Santa Fe Grande 

Jalapeño 

Blocky 

DONOR 

Cayenne 

SAHUARO ANAHEIM PEPPERS 

Ancho 

Pasilla 

Guajillo 

Serrano 

Anaheim 

Phytophthora resistance 

incorporated into a 

broad range of pepper 

types through advanced 

breeding techniques 

SUSCEPTIBLE PHYTOPHTHORA 

RESISTANT 

32


Beneforté Broccoli Provides Improved Nutrition Over Current 

Commercial Varieties 

UPDATE 

BENEFORTÉ BROCCOLI 

STATUS: ADVANCED: LAUNCHING 

• Nutritional improvement over current 

commercial broccoli varieties 

• Product launch expected in January of 2012 

via partner Apio 

OUTLOOK: 

• Beneforté naturally contains 2-3 times the 

phytonutrient glucoraphanin as a serving of 

other leading broccoli varieties produced 

under similar growing conditions, boosting 

the body’s antioxidant enzyme levels at least 

2 times more than other broccoli 

• Glucoraphanin naturally boosts the body’s 

antioxidant enzyme levels, which help 

maintain the antioxidant activity of 

vitamins A, C and E in the body 

UPDATE: BENEFORTÉ BROCCOLI 

UPDATE: 

PERCENT OF 

GLUCORAPHANIN 

PER SERVING 

300% 

250% 

200% 

150% 

100% 

50% 

0% 

Delivered by conventional breeding 

using marker-assistance, Beneforté 

Broccoli boosts antioxidant 

enzymes at least two times more 

than other broccoli 

RELATIVE PERCENTAGES OF GLUCORAPHANIN PER 

SERVING OF CRUCIFEROUS VEGETABLES 

1% 1% 

13% 

CAULIFLOWER¹ KALE¹ BRUSSEL 

SPROUTS¹ 

24% 

100% 

270% 

CABBAGE¹ BROCCOLI¹ BENEFORTÉ 

1. Journal of the Science of Food and Agriculture 85:681 (2005) – relationship of climate and genotype to seasonal variation in the glucosinolate-myrosinase system. 

2. Average glucoraphanin content in Beneforté broccoli relative to market standard broccoli varieties over 3 years in 23 locations. 

2 

33


DEKALB Oilseed Rape Maintains Industry-Leading Performance; Breeding 

Investment Positions DEKALB Among Industry Best in Canada 

DEKALB OILSEED RAPE AND CANOLA 

SEED UPDATE 

EUROPE’S DEKALB OILSEED RAPE (OSR) UPDATE 

• DEKALB OSR seed maintains yield advantage 

across key markets in Europe 

• DEKALB OSR consistently ranked number one in 

total number of European registrations leading 

the industry again this past year with 19 new 

product registrations 

CANADA’S DEKALB CANOLA UPDATE 

• Monsanto’s new advancements include 

improvements in yield, lodging resistance, green 

seed and enhanced blackleg resistance over 

current commercial line-up 

• Investments over the past 7 years have enabled 

DEKALB to catch up to the leading competitor 

with a breeding program that delivers nearly 2 

times the annual genetic gain of other programs 

UPDATE: 


(APPROXIMATE DIFFERENCES) 

6 

4 

2 

0 

UPDATE: 

3.8 

2011 COMPETITIVE OSR YIELD COMPARISON 

ACROSS EUROPEAN MARKET 1 

DEKALB YIELD ADVANTAGE 

1. Head to Head comparisons of 2-4 leading DEKALB products within each mega environment vs 2-4 competitors, as of Oct 30, 2011. 

2. 2010 - 2011 Monsanto Field Scale Trials as of Dec 16, 2011 

YIELD (% OF DEKALB) 

100 

99 

98 

97 

96 

95 

2.7 

3.0 

4.2 

FRANCE UK GERMANY POLAND UKRAINE ROMANIA CZECH R. 

# of 

Comparisons 

2011 CANADA’S CANOLA DEKALB PERFORMANCE HAS 

ADVANTAGE OVER PIONEER AND EQUAL TO BAYER 2 

5.0 

100 100 100 100 

96.5 

DK 73-45 RR DK 73-75 RR 

89 49 # of 

Comparisons 

97.9 

4.4 

90 37 

Win Rate 64% 43% Win Rate 57% 49% 

5.4 

DEKALB 

45H29 

L150 

34


DEKALB Corn Seed Maintains Industry-Leading Yield Advantage in 2011; 

Superior Performance Over Competition in a Year With Significant Heat Stress 


(APPROXIMATE DIFFERENCES) 

12.0 

10.5 

9.0 

7.5 

6.0 

4.5 

3.0 

1.5 

0.0 

2011 U.S. COMPETITIVE CORN YIELD COMPARISON: DEKALB 

5.7 

6.4 

6.8 

6.3 

8.2 8.4 

7.8 

8.4 8.3 

7.1 

9.6 

8.8 

9.9 9.7 9.7 

9.3 

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 

DEKALB ANNUAL YIELD ADVANTAGE 

DEKALB THREE-YEAR ROLLING YIELD ADVANTAGE 

Source: Annual yield advantage calculated each year by comparing 5 leading DEKALB volume products within each relative maturity zone to national competitor products (within 2 relative maturity 

days) containing similar crop protection traits as of November 2, 2011. Weighted average, calculated to 15% moisture. 

11.2 

10.3 

35


Genuity SmartStax Established as A Strong Performer in 

Second Commercial Season 


210 

200 

190 

180 

170 

2011 HARVEST RESULTS: 

NORTHERN CORN BELT GROWING REGIONS 

GENUITY SMARTSTAX 

HEAD-TO-HEAD COMPARISONS VS. YIELDGARD VT TRIPLE 1 

199 

3.8 

Bu/Ac 

195 

GENUITY SMARTSTAX YIELDGARD VT TRIPLE 

COMPARISONS: >300 

HEAD-TO-HEAD YIELD 

ADVANTAGE 1 : 

YIELD ADVANTAGE FROM 

REFUGE REDUCTION 2 : 

WIN RATE: ~65% 

TOTAL WHOLE FARM 

YIELD ADVANTAGE: 

~3.8 bu/ac 

1.5-3.0 bu/ac 

5.3-6.8 bu/ac 

BU/AC 

GEOGRAPHIC FIT: 

2011 SUCCESS 

CRITERIA: 

190 

185 

180 

WESTERN CORN 

BELT 

Genuity 

SmartStax 

2011 HARVEST SUMMARY 

• Geographies with consistent rootworm pressure, via 

corn-on-corn cycles or with rootworm variants 

• Roughly 90% of sales volume in in 90-105RM 

• Outyield flagship triples in Monsanto brands and from 

competitors in 90-105RM 

NORTHERN 

CORNBELT 

CENTRAL CORN 

BELT 

SOUTH CENTRAL 

CORN BELT 

COTTON GROWING 

REGION 

SMARTSTAX VS TRIPLES 

INSECT-PRESSURE POCKETS 

200 8.5 

195 199 

Bu/Ac * 

191 

YieldGard 

VT Triples 

In the Northern Corn Belt – 90-105 

RM regions – Genuity SmartStax 

outperforms VT Triples 

Heavy rootworm insectpressure 

pockets head-tohead 

comparisons shows 

8.5 bu/ac + 1.5-3.0 bu/ac 

from reduced refuge benefit 

for a combine 10.0-11.5 

bu/ac. whole farm yield 

improvement 

In 2011, there was 

significant rootworm 

pressure in some 

geographic pockets, 

including key areas in Iowa 

and Nebraska 

* Results from 2011 Monsanto trials where corn rootworm pressure was present in 77 head-tohead 

comparisons. Comparisons within ±2 RMs and calculated at 15% moisture 

1. Head-to-Head comparisons. Data as of November 2, 2011. All comparisons using ± 2RMs and calculated using 15% moisture. 2. Based on historical 10-20 bushel per acre yield loss from Roundup Ready 

isoline refuge hybrid compared with insect-protected trait-acre products. Reduced-refuge advantage is calculated by multiplying 10-20 bushel average by the 15 pts gain from reducing refuge from 20% to 5%. 36


Genuity VT Triple PRO Continuing Momentum With Strong 

2011 Performance Versus Competitors 


210 

200 

190 

180 

170 


SOUTH CENTRAL GROWING REGIONS 

GENUITY VT TRIPLE PRO 

HEAD-TO-HEAD COMPARISONS VS. ALL COMPETITORS 1 

200 

11.3 

Bu/Ac 

189 

GENUITY VT TRIPLE PRO TRIPLE-STACK COMPETITORS 

COMPARISONS: >14,400 


ADVANTAGE: 


WHOLE-FARM YIELD POTENTIAL 

~11.3 bu/ac 

• In cotton-growing regions in the South, 

refuge-reduction adds incremental benefit 

ranging from 3 to 6 bushels 2 

GEOGRAPHIC 

FIT: 

2011 SUCCESS 

CRITERIA: 

WESTERN CORN 

BELT 


• South Central and Coastal Southern region with reduced 

refuge in cotton areas 

• Upgrade from first-generation triples 

• Outyield flagship YieldGard VT Triple and competitive 

products in the South and in rootworm areas of Corn Belt 

NORTHERN CORN 

BELT 

CENTRAL CORN 

BELT 


REGION 

VT TRIPLE PRO VS COMPETITORS 

COASTAL SOUTHERN REGION* 

• In the South Central and 

Southern Cottonbelt region, 

Genuity VT Triple PRO improved 

its performance advantage 

established last year, with strong 

performance against competitive 

offerings in 2011 of greater than 

11 bu/ac 

Coastal Southern 

Cottonbelt region head-tohead 

comparison shows 

that Genuity VT Triple PRO 

has continued 

performance advantage 

established last year, with 

strong performance 

against competitive 

offerings in 2011 

* Source: 2011 Monsanto head-to-head comparisons of 5 leading DEKALB hybrids within ±2 RMs 

zone to national competitor products containing similar crop protection traits as of 

Septermber 29, 2011. Adjusted to 15% moisture. Whole farm bushel advantage is calculated 

by multiplying 10 - 20 bushel average by the 30 pts gain from refuge reduction in the cotton 

belt to get 3 to 6 additional bushel benefit from planting a VT Triple PRO vs. competitive triple 

1. Source: 2011 Monsanto head-to-head comparisons of DEKALB hybrids within ±2 RMs zone to national competitor products containing similar crop protection traits as of November 2, 2011. 

Adjusted to 15% moisture. 2. Based on historical 10-20 bushel per acre yield loss from Roundup Ready isoline refuge hybrid compared with insect-protected trait-acre. 

BU/AC 

165 

160 

155 

150 

145 

161 

VT Triple 

PRO 

SOUTH CENTAL 

CORN BELT 

8.4 

Bu/Ac * 

153 

Competitors 

37


2011 Genuity VT Double PRO Demonstrates Advantages Over 

Competitors, Reinforcing 2012 Growth Opportunity 


210 

200 

190 

180 

170 

160 


WESTERN CORN BELT GROWING REGIONS 

GENUITY VT DOUBLE PRO 

HEAD-TO-HEAD COMPARISONS VS. DOUBLE-STACK COMPETITORS 

198 

GENUITY VT DOUBLE PRO 

6.6 

Bu/Ac 

191 

DOUBLE-STACK 

COMPETITORS 



ADVANTAGE: 

YIELD ADVANTAGE FROM 

REFUGE REDUCTION: 


TOTAL WHOLE FARM 

YIELD ADVANTAGE: 

~6.6 bu/ac 

1.5-3.0 bu/ac 

8.1-9.6 bu/ac 

GEOGRAPHIC FIT: 

2011 SUCCESS 

CRITERIA: 


WESTERN 

CORN BELT 

• Areas where insect pressure is primarily aboveground 

only where rootworm pressure is limited 

• Outyield best current competitive doubles 

NORTHERN CORN 

BELT 

CENTRAL CORN 

BELT 

SOUTH CENTRAL 

CORN BELT 


REGION 

SOUTHWESTERN CORN BORER DAMAGE 

DIXON SPRINGS, IL – SEPT. 2011 

ROUNDUP READY 

Competitor 

CORN 2 

1. Source: 2011 Monsanto head-to-head comparisons of top 5 leading DEKALB hybrids within ±2 RMs zone to national competitor products containing similar crop 

protection traits as of November 2, 2011. Adjusted to 15% moisture. 

• In the Western Corn Belt regions, 

Genuity VT Double PRO has 

continued performance 

advantage established last year, 

with strong performance against 

competitive offerings in 2011 

Genuity VT Double PRO 

and the other products in 

the Genuity Reduced- 

Refuge Family have 

protection against above 

ground pest such as 

Southwestern Corn Borer 

and Corn Earworm 

38


In Its Third Year, Genuity Roundup Ready 2 Yield Step-Change 

Yield Performance Validated 

2011 GENUITY ROUNDUP READY 2 YIELD TRIALS VS. COMPETITIVE PRODUCTS 

WITH ROUNDUP READY TRAIT 1 


60 

55 

50 

45 

59.5 

AVERAGE YIELD 

ADVANTAGE (BU/AC): 


COMPETITIVE PRODUCTS WITH ROUNDUP READY TRAIT 

55.3 

4.2 

WIN RATE: 77% 


1. Data as of November 2, 2011. Includes all breeding and commercial strip trial data. All head-to-head comparisons are within +/- 0.4 day maturity. Data represents the top 

performing Genuity Roundup Ready 2 Yield products (with a minimum of 30 comparisons per product) versus competitive Pioneer ® and NK ® Roundup Ready products 

39


Genuity Roundup Ready 2 Yield Demonstrates Yield Advantage 

Nationally and Across All Major Soybean Growing Regions 

2011 TOP PERFORMING GENUITY ROUNDUP READY 2 YIELD PRODUCTS VS COMPETITIVE 

PRODUCTS WITH THE ROUNDUP READY TRAIT 1 

COMPARING 2010 to 2011: 

• Percent yield advantage 

vs. competitors held 

at >7% 

• Percent win rate increased 

year-over-year 

• Improved performance in 

Southern states with 

increased number of 

variety offerings in the 

later maturities 

ND 

>4.0 bu 

81% wins 

SD 

>5.0 bu 

79% wins 

NE 

>2.5 bu 

71% wins 

KS 

>2.5 bu 

78% wins 

MN 

>4.0 bu 

80% wins 

IA 

>3.5 bu 

74% wins 

MO 

>3.0 bu 

75% wins 

AR 

>5.0 

76% wins 

WI 

>4.0 bu 

82% wins 

IL 

>4.0 bu 

78% wins 

MI 

>3.0 bu 

74% wins 

IN 

>4.0 bu 

80% wins 

MS 

>5.0 bu 

84% wins 

OH 

>3.0 bu 

77% wins 

1. Data as of November 2, 2011. Includes all breeding and commercial strip trial data. All head-to-head comparisons are within +/- 0.4 day maturity. Data represents the top performing Genuity Roundup 

Ready 2 Yield products (with a minimum of 30 comparisons per product) versus competitive Pioneer ® and NK ® Roundup Ready products by state. 

40


Third-Party F.I.R.S.T. Trials Confirms Marketplace Conversion to 

Genuity Roundup Ready 2 Yield Varieties 

Top Performing Genuity 

Roundup Ready 2 Yield 

Products vs. Top 

Performing Roundup 

Ready Products 

S. DAKOTA 

>4.5 bu/ac 

MINNESOTA 

>4.5 bu/ac 

IOWA 

>4.5 bu/ac 

Average 

Yield 

Advantage 1 

>4.5 

bu/ac 

WISCONSIN 

>4.5 bu/ac 

ILLINOIS 

>4.5bu/ac 

# of 

Locations 

64 

INDIANA 

N/A 

1. F.I.R.S.T. data as of October 31, 2011. Data represents the top performing Genuity Roundup Ready 2 Yield products versus top performing Roundup Ready 

products by location averaged across regions within a state and across 64 locations total. 

OHIO 

N/A 

With nearly 90% of F.I.R.S.T. trials (421 

of 480) seed entries being Roundup 

Ready 2 Yield varieties, it validates 

marketplace conversion to Genuity 

Roundup Ready 2 Yield platform 

41


Genuity Roundup Ready 2 Yield Is a Case Study In Build Out of 

Commercial Scale and Performance Differentiation 

PERCENT YIELD ADVANTAGE 

10% 

8% 

6% 

4% 

2% 

0% 

CASE STUDY: YEAR 3 ANALYSIS GENUITY ROUNDUP READY 2 YIELD 

PORTFOLIO DEPLOYMENT AND PERFORMANCE PROGRESSION 

GENUITY ROUNDUP READY 2 YIELD PERCENT 

YIELD ADVANTAGE OVER COMPETITIVE 

PRODUCTS WITH THE ROUNDUP READY TRAIT 

WIN RATE 

7.0% 

7.7% 

2010 2011 

FACTOR: 

ON-FARM PERFORMANCE 1 

• Consistent performance advantage of >7% 

yield advantage across broad geography 

• More than 200 varieties deployed through 

2011 

• Genuity Roundup Ready 2 Yield reached 

platform status with 17 million trait acres 

across licensed and branded customers 

90% 

85% 

80% 

75% 

70% 

WIN RATE 

NUMBER OF VARIETIES 

300 

250 

200 

150 

100 

50 

- 

NUMBER OF GENUITY ROUNDUP READY 2 YIELD 

VARIETIES 


TRAIT ACRES 

FY2009 FY2010 FY2011 FY2012F 

FY2012 OUTLOOK: 

TRAIT ACRES PENETRATION 

• Targeted range of 27-30 million acres 

• Ramp up continues with some 300 total 

commercial varieties available in 2012 

• Conversion trajectory on track from firstgeneration 

Roundup Ready 

1. Data as of November 2, 2011. Includes all breeding and commercial strip trial data. All head-to-head comparisons are within +/- 0.4 day maturity. Data represents the top 

performing Genuity Roundup Ready 2 Yield products (with a minimum of 30 comparisons per product) versus competitive Pioneer ® and NK ® Roundup Ready products by state. 

30 

25 

20 

15 

10 

5 

- 

MILLIONS OF TRAIT ACRES 

42

R&D UPDATE: PIPELINE VALUATION 

Valuing the Biotech Pipeline 

PIPELINE VALUATION 

Valuation estimates are specific to the traits, regardless of the stacked combination in which it is sold. These estimates do not reflect value attributed to other 

traits or germplasm, nor do they include any potential value beyond the first country of launch from the additional geographic opportunities where the trait 

technology fits 

• Assumed launch dates coordinate with Phase placement in the R&D pipeline and normal progression timelines. 

• Family value reflects gross sales opportunity in launch country in peak penetration year 

• Launch country acres reflect areas where technology fits at Monsanto’s 2011 share 

• Projects are valued as families according to the year in which the last member of the family launches and reaches peak penetration. (For example, the 

expected gross revenues for the Insect‐Protected soybean family include the revenues from the first‐generation product, plus the revenues from the second‐ 

generation product in the peak penetration year of the second‐generation product.) 

• For projects in the Yield‐and‐Stress collaboration with BASF, the profit will be shared with BASF, generally 60 percent Monsanto – 40 percent BASF 

43

R&D UPDATE: PIPELINE VALUATION 

Understanding the Biotech Pipeline 

CORN PIPELINE 

SUMMARY VALUATION TABLE 

Project Phase 1 Value 5 

Roundup Hybridization System for 

Corn Family 

Country 

of 

Launch 5 

Acreage 

Potential – 

Country of 

Launch 6 

Additional 

Geographic 

Opportunity 

4 LOW N/M N/M N/M 

Drought-Tolerant Family² 4 MID U.S. 45M-55M Brazil, Argentina 

Broad-Acre Higher-Yielding Corn 

Family² 

3 HIGH U.S. 45M-55M Brazil, Argentina 

Corn Rootworm III 3 HIGH U.S. 30M-40M Brazil, Argentina 

Dicamba-, Glufosinate-, and 

Glyphosate-Tolerant Corn 

Corn Borer III 2 HIGH U.S. 40M-50M Brazil, Argentina 

2 MID U.S. 45M-55M Brazil, Argentina 

Nitrogen-Utilization Family² 2 MID U.S. 45M-55M Brazil, Argentina 

SOYBEAN PIPELINE 

FOPs-Tolerant Corn 1 To be decided when project enters Phase 2 

Soymega SDA Omega-3 3 4 LOW U.S.

Pipeline Presentation - Monsanto

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