Benefits of New Seed

Convenience

•Highest quality and highest yielding product vs. bin-run

•Meets quality standards of seed company

         •Professionally handled and rigorously tested

             •Dramatically reduces splits and foreign matter

            • Ensures varietal purity

        • Germination tests to ensure peace of mind

        • Weed-Free

•Reliable seed supply in many maturities

•Access to the most elite germplasm

Economics of New Seed vs. Bin-Run

•Income lost by not selling as commodity grain (e.g. 1 bushel of bin-run seed multiplied by the price of a soybean bushel)

•Average loss of ~10-15% cleanout at harvest for bin-run seed

•Handling and transportation costs for bin-run

•Bin-run planting rates are generally 15% higher than new certified seed

•New seed yields an average of 1.8 bushel/acre more than bin-run (University yield trials range from 1.2 - 5.9 bushel/acre)

Limited Warranty Benefits

•Dealer agronomic support before and after the sale

•Risk management benefits of Roundup Rewards® (over $500 million paid to growers since 1997)

New Innovations

• Royalties provide research and development of new traits and higher yielding germplasm

• Monsanto research and development spent $588 million in 2005

• Monsanto is 100% committed to agriculture

• New trait introductions

         • 7-9 years for commercialization

        • $50-$100 million in total costs for a new biotech trait

• Seed companies and Monsanto are committed to our customers' success