2. Holden’s/Corn States Overview
Ken Rinkenberger
President,
Holden’s/Corn States

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

4. Holden’s/Corn States Licensees
Rapidly Adopting Traits and Stacks
63%
70%
7%
52%
60%
50%
43%
21%
40%
30%
35%
20%
10%
0%
'98 '99 '00 '01 '02 '03 '04 '05 '06E
®
YieldGard Plus / Roundup Ready ® Corn 2
Singles Doubles

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