3. Holden’s/Corn States Represents
Established Business Model
• Holden’s founded 69 years ago
– Founded in 1937 by Carl and Roland Holden
• Corn States founded 63 years ago
– Founded in 1943 by John Spence
• Famous “handshake” agreement
• Now license 260 seed companies
5. Early Trait Adopters Are Winning
Early Rest of
Adopters Market
Key Metric
____________________________________________________
# of Brands 50 200+
2005 Market Share 21% 79%
Share Change +7.6 -7.6
2005 Trait Mix 70%+ 45%
2005 % Stacks 43% 10%
2001 to 2005 Data
6. Summary
• Holden’s/Corn States have valuable industry
legacy and brand equity
• Licensees represent significant market
segment and are rapidly adopting traits/stacks
• Early trait adopters are gaining share
• Licensing is a key contributor to Monsanto