monsanto 07-27-05
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monsanto 07-27-05 monsanto 07-27-05 Presentation Transcript

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