Annual R&D Pipeline Review. January 6, 2016

Transcription

1 Annual R&D Pipeline Review January 6, 2016

2 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 understanding and acceptance of our biotechnology and other agricultural products; the success of the company s research and development activities; the outcomes of major lawsuits and the previously-announced SEC investigation; developments related to foreign currencies and economies; pursuit of acquisitions or other transactions; fluctuations in commodity prices; compliance with regulations affecting our manufacturing; the accuracy of the company s estimates related to distribution inventory levels; the recent increases in and expected higher levels of indebtedness; 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, accidents, and security breaches, including cybersecurity incidents, 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. Fiscal Year References to year, or to fiscal year, are on a fiscal year basis and refer to the 12-month period ending August Monsanto Company 2

3 Annual R&D Pipeline Review 2015 Pipeline Status and Overview UPDATE: Yield: eeding, 2015 Yield Performance & Yield & Stress Highlights 9 Weed Control: 2015 Highlights 16 Insect Control: 2015 Highlights 20 Disease Control: 2015 Highlights 23 The ioag Alliance: Pipeline Status and Highlights 27 iodirect: Pipeline Status and Highlights 29 Climate Platform: Pipeline Status and Highlights

4 Innovation Drives Precise Integrated Yield Solutions Monsanto s Leading Innovation Platforms Deliver Integrated Solutions Leveraging oth Internal and External Innovation and Expertise INNOVATION PLATFORMS DATA SCIENCE PLANT REEDING Information Technology Solutions TECHNOLOGIES UTILIZED Nucleic Acid Delivery Technologies Water & Soil Management Novel usiness Models in Agriculture METHODS TO DELIVER INNOVATION INTERNAL R&D EXPERTISE Approximately 5,000 employees spanning 40 countries; a field testing network wrapping around the globe 2 times INTEGRATED YIELD SOLUTIONS CHEMISTRY IOLOGICALS IOTECHNOLOGY Robotics & Automation Software, Remote Sensing & Measurements iotechnology, eeding, Traits, & New Crops Ag iologicals Crop Protection PARTNERSHIPS & COLLAORATIONS Currently have thousands of active technology alliances - ranging from academics to public and private sector entities VENTURE CAPITAL Over 300 opportunities reviewed last year, with investments initiated in 20+ organizations 4

5 Core Pipeline for Corn Corn Pipeline Reflects Integrated Offering of Key Technologies Driving Upgrades & Value CORE CORN PIPELINE INSECT CONTROL: Products that improve insect-control durability and spectrum ELOW GROUND CONTROL SmartStax PRO (Lead) 4 th -Gen Corn Rootworm AOVE GROUND CONTROL Trecepta (Lead) 4 th -Gen Above-Ground Insect Protection ACCELERON UPGRADES PHASE 1 R&D TARGET TECHNOLOGY D VALUE 2 YIELD: Targeting products that enhance yield ANNUAL GERMPLASM UPGRADES YIELD & STRESS SYSTEMS 3, 4 Higher-Yielding Corn (Lead) DroughtGard Platform Expansion 2 nd -Gen Higher-Yielding Corn HIGH DENSITY CORN SYSTEMS High Density Corn (Lead) Ultra High Density Corn WEED CONTROL: Products that improve weed-control durability and spectrum 3 RD -GEN WEED CONTROL SYSTEM 4 TH -GEN WEED CONTROL SYSTEM NEXT-GEN ACETOCHLOR PREMIX 1. Phase shown represents the phase of the latest project in the family. 2. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes iotech, eeding and Crop Protection. 3. Part of the Monsanto-ASF R&D Collaboration. 4. Commercial product may be a combination of projects or the individual projects themselves 5. Product is in Phase 4 and subject to regulatory approvals, and is expected to be branded as Nemastrike Technology LEAD LEAD NEW NEW LEAD LEAD NEW $7.0 $10.0 $1.5 - $2.0 $1.0 - $1.5 DISEASE CONTROL: Products that improve plant vigor and resistance to disease PLANT HEALTH SYSTEMS 4 Anthracnose Stalk Rot Resistance (Lead) Stalk Rot Complex Fusarium Stalk Rot Resistance Giberrella Stalk Rot Resistance Diplodia Stalk Rot Resistance IOTECH DISEASE CONTROL NEMASTRIKE TECHNOLOGY 5 NIMUS NOVEL FUNGICIDE ACCELERON UPGRADES ACCELERON SEED TREATMENT PRODUCTS ENHANCED FUNGICIDES OFFERING OTHER: ROUNDUP HYRIDIZATION SYSTEM RHS I (Lead) RHS II Legend L eeding applications of technology that use genomics, advanced breeding and other tools from Monsanto s breeding pipeline iotech applications drawing primarily from the application of genomics and biotechnology traits Crop Protection application of chemistry to develop new forms of crop protection; may take the form of seed treatments, foliar applications or pre-plant incorporation. PHASE 1 R&D TARGET TECHNOLOGY D VALUE 2 NEW LEAD NEW LEAD <$0.5 <$0.5 Arrows reflect advancement, progress or highlights tracking significant developments in R&D and commercial work 5

6 Core Pipeline for Soybeans Soybean Pipeline Reflects Integrated Offering of Key Technologies Driving Upgrades & Value CORE SOYEAN PIPELINE PHASE 1 R&D TARGET TECHNOLOGY D VALUE 2 PHASE 1 R&D TARGET TECHNOLOGY D VALUE 2 YIELD: Targeting products that enhance yield $1.5 $2.0 DISEASE CONTROL: Products that improve plant vigor and resistance to disease <$0.5 ANNUAL GERMPLASM UPGRADES PLANT HEALTH SYSTEMS 4 2 nd -Gen Cyst Nematode Resistance YIELD & STRESS SYSTEMS 3, 4 Next-Gen Higher-Yielding Soy NEMASTRIKE TECHNOLOGY 6 INSECT CONTROL: Products that improve insect-control durability and spectrum INTACTA RR2 PRO PIPELINE 2 nd -Gen Insect Protection 3 rd -Gen Insect Protection $0.5 - $1.0 NIMUS NOVEL FUNGICIDE ACCELERON UPGRADES OTHER: <$0.5 ACCELERON UPGRADES SDA OMEGA-3 ADVANCING TO LAUNCH 7 WEED CONTROL: Products that improve weed-control durability and spectrum ROUNDUP READY XTEND CROP SYSTEM Roundup Ready 2 Xtend 5 Improved Dicamba Formulation 5 Improved Dicamba Formulation II 3 RD -GEN WEED CONTROL SYSTEM 4 TH -GEN WEED CONTROL SYSTEM WARRANT ULTRA HERICIDE WARRANT + DICAMA PREMIX ADVANCING TO LAUNCH 5 ADVANCING TO LAUNCH 5 NEW LAUNCHING $1.5 - $2.0 VISTIVE GOLD Legend Arrows reflect advancement, progress or highlights tracking significant developments in R&D and commercial work 2014 ADVANCEMENT eeding applications of technology that use genomics, advanced breeding and other tools from Monsanto s breeding pipeline iotech applications drawing primarily from the application of genomics and biotechnology traits Crop Protection application of chemistry to develop new forms of crop protection; may take the form of seed treatments, foliar applications or pre-plant incorporation. ADVANCING TO LAUNCH 7 1. Phase shown represents the phase of the latest project in the family. 2. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes iotech, eeding and Crop Protection. 3. Part of the Monsanto-ASF R&D Collaboration. 4. Commercial product may be a combination of projects or the individual projects themselves 5. USDA deregulation received. Awaiting EPA approval for in-crop use of dicamba. 6. Product is in Phase 4 and subject to regulatory approvals, and is expected to be branded as Nemastrike Technology 7. US deregulation received. Awaiting approvals from import markets. 6

7 Pipeline for Complementary Crops Other Seeds & Traits Pipeline Provides Key Complement to Innovation in Core Pipeline INSECT CONTROL: Products that improve insect-control durability and spectrum NEXT-GEN INSECT CONTROL ollgard 3 (Lead) 4 th -Gen ollgard COTTON LYGUS CONTROL ACCELERON UPGRADES WEED CONTROL: Products that improve weed-control durability and spectrum XTENDFLEX CROP SYSTEM ollgard II XtendFlex 5 Improved Dicamba Formulation 5 Improved Dicamba Formulation II WARRANT ULTRA HERICIDE WARRANT + DICAMA PREMIX 4 TH -GEN WEED CONTROL SYSTEM DISEASE CONTROL: Products that improve plant vigor and resistance to disease PHASE 1 R&D TARGET TECHNOLOGY 4 D VALUE 2 YIELD: Targeting products that enhance yield ANNUAL GERMPLASM UPGRADES NEMASTRIKE TECHNOLOGY 6 CORE COTTON PIPELINE <$0.5 $0.5 - $1.0 LEAD ADVANCING TO LAUNCH 5 ADVANCING TO LAUNCH 5 NEW LAUNCHING <$0.5 <$0.5 CANOLA WHEAT CORE OTHER SEEDS AND TRAITS PIPELINE OTHER SEEDS AND TRAITS PIPELINE YIELD: Targeting products that enhance yield ANNUAL GERMPLASM UPGRADES WEED CONTROL: Products that improve weed-control durability and spectrum LibertyLink 3 Canola TRUFLEX ROUNDUP READY TruFlex Roundup Ready (Lead) TruFlex Roundup Ready + LibertyLink 3 DICAMA-TOLERANT CANOLA YIELD: Targeting products that enhance yield ANNUAL GERMPLASM UPGRADES DISEASE CONTROL: Products that improve plant vigor and resistance to disease NIMUS NOVEL FUNGICIDE WEED CONTROL: Products that improve weed-control durability and spectrum HERICIDE-TOLERANT WHEAT I PHASE 1 R&D TARGET TECHNOLOGY 4 D VALUE 2 LEAD $1.0 - $1.5 ACCELERON UPGRADES HERICIDE-TOLERANT WHEAT II PIPELINE: Targeting products that enhance yield and disease resistance GENETICS PIPELINE UPGRADES PLANT HEALTH SYSTEMS Downy Mildew-Resistant Pickling Cucumber acterial Wilt-Resistant Tomato Geminivirus-Resistant Tomato Downy Mildew-Resistant Lettuce illiant White Cauliflower NIMUS NOVEL FUNGICIDE CORE VEGETALES PIPELINE LAUNCHING LAUNCHING $1.5 - $2.0 ALFALFA YIELD & WEED CONTROL: Products that improve yield and weed control HARVXTRA TM REDUCED-LIGNIN 7 NEXT-GEN WEED CONTROL 7 LAUNCHING Arrows reflect advancement, progress or highlights tracking significant developments in R&D and commercial work 1. Phase shown represents the phase of the latest project in the family. 2. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes iotech, eeding and Crop Protection 3. Commercial product may be a combination of projects or the individual projects themselves 4. Technology legend referenced in corn or soy pipeline slides 5. USDA deregulation received. Awaiting EPA approval for in-crop use of dicamba. 6. Product is in Phase 4 and subject to regulatory approvals, and is expected to be branded as Nemastrike Technology 7. Part of the Monsanto-Forage Genetics International R&D Collaboration. 7

8 Powerful Pipeline Progress in rd Consecutive Year of >20 Advancements, Showcasing eadth and Depth of Integrated Yield Pipeline that Fuels Innovation for the Industry 2015 PROGRESS HIGHLIGHTS Robust Pipeline Following Two $1+ 1 Expected lockbuster Launches with Intacta RR2 PRO & Roundup Ready Xtend Crop System Core Pipeline Expected to Deliver Up to $25 in Peak Net Sales with Incremental Value From New Platforms CORE PLATFORMS YIELD VALUE 2 $10.5 $14.5 Performance Advantage Continues: DEKAL corn 7-10 bu/ac range Roundup Ready 2 Yield >4 bu/ac Targeting to Increase Genetic Gain Rate by 30%: Revolutionizing plant breeding through Genome Wide Selection and Double Haploids Advancing: 2 New High Density Corn Systems WEED CONTROL VALUE 2 $3.5 $4.5 Advancing to Launch 3 : Roundup Ready Xtend Crop System Upgrade of industry s largest seed technology platform Advancing: 5 next-gen biotechnologies for weed control Advancing: 5 Next-Gen Chemistries Partnering: Co-Development of Next-Gen Weed-Control INSECT CONTROL Advancing: 3 Next-Gen Technologies 4 products in Phase 4: VALUE 2 $2.5 $4 2 nd -Gen Insect Protected Soy DISEASE CONTROL & OTHER VALUE 2 $3 $3.5 Progress: Innovative New Seed Treatments Nemastrike Technology 4 : 2 nd year of significant yield advantages Advancing: Premium seed treatment upgrade in corn Highlight: New Fungicide highlights externalized discovery model Advancing: 3 disease resistance traits NEW PLATFORMS Climate: THE Digital Ag Platform with M Acre Target by 2025 Advancing: Sub-Field Nitrogen & Connectivity with John Deere Launching: Fieldview Drive & Script Creator Pipeline Progress Supports M ioag Acre Target Advancing: Enhanced-Corn Inoculant Lead Advancing: iocontrol hits iodirect Platform Advances Advancing: Canola Flea eetle Advancing: ee Health 1. Estimated non risk-adjusted net present value 2. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes iotech, eeding and Crop Protection across crop platforms 3. USDA deregulation received. Awaiting EPA approval for in-crop use of dicamba. 4. Product is in Phase 4 and subject to regulatory approvals, and is expected to be branded as Nemastrike Technology 8

9 Revolutionizing Plant eeding Fundamentally Changing Plant eeding Approach; Targeting to Increase Current Genetic Gain by 30% KEY REEDING R&D ADVANTAGES HIGHLIGHT: EXPECTED INCREASES IN NEW HYRID TESTING THROUGH GENOME WIDE SELECTION GLOAL PLANT GENETIC DATAASE LEADING DISCOVERY TECHNOLOGIES TESTING CAPAILITY AND SCALE DATA SCIENCE 10X 6X STAGE 1 STAGE 2 Field aseline 2014 Lab 2018F Lab Next Decade INCORPORATING DATA ANALYTICS IN EVERY STEP OF THE PIPELINE PROVIDES NEW INSIGHTS IN PLANT REEDING TO DELIVER TARGETED INCREASES IN GENETIC GAIN STAGE 1: Utilization of seed chipping on Double Haploids with Genome Wide Selection STAGE 2: Innovation via new technologies HIGHER GENETIC GAIN & PRODUCT ADVANCEMENT RATES IN THE FIRST PHASE OF THE PRODUCT PIPELINE Genetic gains made with Genome Wide Selection(GWS) and Double Haploids(DH) were 30% higher 1 GWS and DH have a 50% higher advancement rate compared to conventionally derived lines 2 Main R&D hub in Chesterfield planning to plant and harvest millions of plots through GWS HIGHLIGHT 1. As compared to the overall product class in the first phase of the pipeline. 2. In the first phase of the pipeline of lines through 105 relative maturity. 9

10 DEKAL Corn Performance Year-in, Year-out Performance Confirms Overall Advantage for DEKAL USHELS PER ACRE U.S. COMPETITIVE CORN YIELD COMPARISON 1 : DEKAL VS. COMPETITIVE PRODUCTS DEKAL NATIONAL YIELD U.S. COMPETITIVE SET NATIONAL YIELD UPDATE: PERFORMANCE DEKAL outperforms competitive products for the 10 th consecutive year Overall advantage for DEKAL For more than a decade the average DEKAL advantage has been in the band of 7-10 bu/ac, underscoring its consistent advantage DEKAL consistently outperforms in both high- and low-yielding conditions Results confirm DEKAL ability to deliver industry-leading yield under a gamut of growing conditions, with varying degrees of stress FY15 harvest results Harvest results once again show a strong performance advantage of >7 bu/ac on average 1. Annual yield advantage calculated each year by comparing 5 leading DEKAL products within each state having a minimum of 100 comparisons to national competitor products containing similar crop protection traits as of December 2, All comparisons are head-to-head using +- 2RMs and weighted average calculated using 15% moisture 10

11 Further Improving Yield Field Results: Precommercial Hybrids Display Increased Yield Over 2015 Commercial Class FIELD RESULTS: GENUITY SMARTSTAX PRECOMMERCIAL HYRIDS 1 Potential Future Class of Products ushels/acre over Current 2015 Commercial Class RM 100 RM 105 RM 110 RM FIELD RESULTS: Potential future class of products out-yielding current commercial products Results confirm further yield improvement with core molecular breeding program Pipeline strength expected to deliver increased future value with breeding transformation taking yield gains to a level never seen before Hybrid Relative Maturity 1. Yield increases based on 2015 Genuity SmartStax PCM3 (precommercial material) new class of products vs. current DEKAL Genuity SmartStax commercial products in North America. 11

12 2015 U.S. Soybean Performance 2015 Harvest Results Continue to Confirm Industry Leading Platform Followed by Largest iotech Launch for Roundup Ready 2 Xtend Soybeans ROUNDUP READY 2 YIELD 1 : ENDURING PERFORMANCE ADVANTAGE ROUNDUP READY 2 XTEND PERFORMANCE: USHELS PER ACRE >4 U/AC AVERAGE YIELD ADVANTAGE GENUITY ROUNDUP READY 2 YIELD COMPETITIVE PRODUCTS WITH ROUNDUP READY TRAIT USHELS PER ACRE Class Class ROUNDUP READY 2 XTEND SOYEANS 2 GENUITY ROUNDUP READY 2 YIELD 2 SUPERIOR WEED CONTROL + CONTINUED STRONG YIELD PERFORMANCE WITH CURRENT CLASS, WITH POTENTIAL ~1 U/AC AVERAGE YIELD IMPROVEMENT WITH 2017 CLASS NUMER OF VARIETIES Y MATURITY ZONE (AT LAUNCH) MG0 MG1 MG2 MG3 MG4 MG5 MG6 MG7 Varieties deployed across branded and licensed seed partners including all eight maturity groups 1. Data as of December 7, Includes pre-commercial and commercial strip trial data. All head-to-head comparisons are within +/- 0.4 maturity group. Data represents the top performing Genuity Roundup Ready 2 Yield products (with a minimum of 15 comparisons per product) versus competitive products with the Roundup Ready trait. 2. Data as December 9, Includes internal pre-commercial trial data. All head-to-head comparisons are within +/- 0.4 day maturity. Data represents Genuity Roundup Ready 2 Yield products versus Genuity Roundup Ready 2 Xtend. 3. Analysis of eeding pre-commercial R&D trials as of 10/23/ >70 6x Roundup Ready 2 Xtend Roundup Ready 2 Yield The number of varieties in year of launch as compared to GENUITY ROUNDUP READY 2 YIELD 12

13 Deltapine Cotton Advantage eeding Engine Provides Strong Advantage for Cotton and 2015 DELTAPINE PERFORMANCE 1 : VS. COMPETITIVE PRODUCTS DELTAPINE VARIETIES NEW: 2015 PERFORMANCE LS/ACRE 1,600 1,500 1,400 1,300 1,200 1,100 1,000 COMPETITIVE VARIETIES Deltapine germplasm momentum continues The average performance advantage at today s prices translates to ~$40 per acre Demonstrates enduring yield advantage Despite weather impacting overall yields in key cotton growing areas this year - data shows ~70 lb/ac average advantage over competition for 6th consecutive year Harvest results Harvest results show strong performance advantage of 70 lbs/ac on average 1. Data as of December 15, Annual yield advantage calculated comparing commercially available leading Deltapine products across geographies to leading commercially available competitive products with similar crop protection traits. 13

14 Yield & Stress Trait First Approach: Corn & Soy Novel Corn and Soy Yield & Stress Traits Demonstrate Strong Progress In First Year of Field Testing In Collaboration with: YIELD PIPELINE: VALUE 1 : $ $ nd -GEN HIGHER- YIELDING CORN 2,3 CURRENTLY PHASE FIELD TRIALS JERSEYVILLE, IL JULY 2015 DEMONSTRATING STRONGER ROOT STRUCTURE DISPLAYING STRONGER STALKS CORN SOYEANS Early positive results from trait-first approach generating plants with stronger roots and stalks Additional traits are being evaluated for higher density opportunities NEXT-GEN HIGHER- YIELDING SOYEANS 2,3 CURRENTLY PHASE 1 Early positive results from trait-first approach generating plants with more pods iotech approach enables strong and specific enhancements not easily accomplished by breeding Non-Traited Control Non-Traited Control Non-Traited Control 1. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes iotech, eeding and Crop Protection across crop platforms 2. Part of the Monsanto-ASF R&D Collaboration. 3. Commercial product may be a combination of projects or the individual projects themselves. Traited 2015 FIELD TRIALS JERSEYVILLE, IL 2015 FIELD RESULTS: GENERATING MORE PODS PER PLANT AUG 2015 SEPT 2015 Traited Non-Traited Control Traited Traited 14

15 High Density Corn Systems Maximizing Yield by Leveraging Germplasm Targeted to Perform at Higher Plant Populations YIELD PIPELINE: HDC VALUE 1 : UHDC $ $14.5 HIGH DENSITY CORN ULTRA HIGH DENSITY CORN (HDC) (UHDC) ADVANCEMENT ADVANCEMENT Phase 3 Phase FIELD TESTING RESULTS INCREASING PRODUCTIVITY: Increases yield and soil preservation PRODUCT CONCEPTS: Targeting germplasm through advanced breeding techniques to perform at higher plant populations and testing enabled through our integrated field testing network HDC: Leveraging current products & pipeline deploying and validating through data analytic tools and precise product placement UHDC: eeding & testing for high density and increasing narrow row system adoption 1. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes iotech, eeding and Crop Protection across crop platforms USHELS/ACRE Hybrid 1 Hybrid 2 NATIONAL AVERAGE 30k 36k 42k 48k PLANTS/ACRE 15

16 Next-Gen Weed Control Pipeline Progress Innovation Sets Up Next Waves of Upgrades in the Industry s Largest Seed Technology Platform NEXT-GEN WEED CONTROL PIPELINE: VALUE 1 : $3.5 - $4.5 SOYEANS ADVANCING TO LAUNCH 2 Tolerance to glyphosate & dicamba On track for 2016 launch COMPETITIVE SYSTEM XTEND CROP SYSTEM + RR PLUS 3 SYSTEM 3 RD -GENERATION Tolerance to 4 TH -GENERATION glyphosate, dicamba & glufosinate Limited product offering CONTROL 4 TH -GEN ADVANCE: PHASE 4 ADVANCE: PHASE 2 UNTREATED TREATED Tolerance to glyphosate, dicamba & two additional herbicides Advancing to commercial event selection COTTON ADVANCING TO LAUNCH 2 Tolerance to glyphosate, dicamba and glufosinate On track for 2016 launch UNTREATED UNTREATED ROUNDUP READY XTEND CROP SYSTEM AND ROUNDUP READY PLUS SYSTEM 4 TH -GENERATION CURRENTLY PHASE 1 Tolerance to glyphosate, dicamba, glufosinate & an additional mode of action Advancing to test full vector stacks UNSPRAYED CONTROL SPRAYED 4 TH -GEN SPRAYED CONTROL CORN 3 RD -GENERATION ADVANCE: PHASE 4 Tolerance to glyphosate, dicamba and glufosinate Submitted regulatory submissions for global approval CONTROL 3 RD -GEN 4 TH -GENERATION CURRENTLY PHASE 2 Tolerance to glyphosate, dicamba, glufosinate & an additional mode of action Field testing in its 2 nd year CONTROL 4 TH -GEN 1. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes iotech, eeding and Crop Protection across crop platforms 2. USDA deregulation received. Awaiting EPA approval for in-crop use of dicamba. 3. RR PLUS = Roundup Ready PLUS 16

17 Five Next-Gen Chemistries Advancing Novel Herbicide Formulations Aimed at Providing Integrated Solutions that Offer Efficient, Flexible Weed Control NEXT-GEN WEED CONTROL PIPELINE: VALUE 1 : $3.5 - $4.5 FOUNDATIONAL HERICIDES Proprietary formulations with new VaporGrip technology offer new easy-to-use, low volatility solutions Relative volatility, % WARRANT HERICIDE + DICAMA PREMIX Untreated Warrant + Dicamba IMPROVED DICAMA FORMULATION II Convenient premix will deliver multiple ADVANCING TO LAUNCH 2 ADVANCE: PHASE 3 modes of action for ADVANCE: PHASE 3 Relative volatility, % anvel Clarity VaporGrip M1768 Herbicide Clarity VaporGrip M1768 Herbicide trait & chemistry durability Novel herbicide formulations show strong weed Efficient, broad control vs. untreated check 35 days after treatment acre can be applied pre- & post- emergence Up to 4 weeks of strong residual control of small seeded broadleaf weeds and grasses Untreated New Premix Higher concentration will offer significant grower convenience, reduced transportation footprint and packaging waste Improved compatibility with other agricultural products SELECTIVE HERICIDES LAUNCHING Provides excellent residual control of annual grasses & small-seeded broadleaf weeds when compared to competitive products Only premix on the market to combine proven herbicide actives acetochlor with fomesafen Part of the Roundup Ready PLUS Crop Management Solutions recommendations Untreated Treated with WarrantUltra NEXT-GEN ACETOCHLOR PREMIX ADVANCE: PHASE 3 Premix of two herbicides will offer dual residual modes of action including one selective burndown mode of action to provide superior weed control Will offer excellent control of glyphosateresistant Palmer Amaranth in corn and sorghum 1. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes iotech, eeding and Crop Protection across crop platforms 2. Awaiting EPA approval for in-crop use of dicamba. Untreated New Premix 17

18 The Future of Stacked Trait Packages Sets Pace for Future Seed Innovation, olsters Integrated Solutions ON-FARM ENEFIT PROFILE MODES OF ACTIONS UP TO 14 STACKED TRAIT PACKAGE 2025 CONCEPT CORN HERICIDE TOLERANCE 5 AOVE GROUND PROTECTION 4 ELOW GROUND PROTECTION 4 YIELD & STRESS 1,2 1 PRODUCT CONCEPT: oad durability in above- & belowground insect protection Greater flexibility in weed control Yield benefits SOYEANS ON-FARM ENEFIT PROFILE MODES OF ACTIONS HERICIDE TOLERANCE 4 AOVE GROUND PROTECTION 5 UP TO 9 STACKED TRAIT PACKAGE PRODUCT CONCEPT: oad durability in above-ground insect protection Greater flexibility in weed control Yield benefits 2025 CONCEPT 1. Part of the Monsanto-ASF R&D Collaboration. 2. Commercial product may be a combination of projects or the individual projects themselves. 18

19 Future of Weed Control Genomic Capabilities & Discovery Engine Enable Partnerships for Parallel Development NEXT GENERATION WEED CONTROL Future generations of weed control solutions expected to be developed in parallel with industry partners next generation chemistry mechanisms Objective: Develop novel herbicide tolerance mechanisms through: Leading discovery engine Capabilities to enable complex vector stacks Proven regulatory track record Leading seed footprint HIGHLIGHT Monsanto is currently working with multiple parties to co-develop next generation weed control by pairing seed solutions with next generation chemistry mechanisms New herbicide candidate shows excellent control of palmer amaranth NEW HERICIDE UNTREATED ENEFITS OF PARALLEL VS SEQUENTIAL DEVELOPMENT INNOVATION Parallel Development Enables: Early Prioritization Joint Testing Full Integration 19

20 Next-Gen Corn Insect Control Pipeline Innovation Driving Future Generations of Novel Insect Protection Traits NEXT-GEN INSECT CONTROL PIPELINE: ELOW GROUND CURRENTLY PHASE 4 TARGET MARKET: >100M ACRES ACROSS THE AMERICAS Industry s 1 st 3 modes-of-action product for CRW control Reduced risk of trait resistance 1.10 due to novel RNAi mode-of action 0.85 Licensing structure in place to 0.60 allow for broad commercial 0.35 access 0.10 Root Damage Rating (0-3) JULY MASSENA, IA Control VT Triple PRO SmartStax SmartStax PRO Smartstax PRO clearly showing significant root protection to help maximize yield & late season standability Non-t SmartStax SmartStax PRO PRO 4 TH -GENERATION ADVANCE: PHASE 2 Targeting to combine novel protein and proprietary RNAi modes-of-action for increased root protection and durability VALUE 1 : $2.5 - $4 JULY MASSENA, IA Novel Protein RNAi Control New novel protein and RNAi targets demonstrate root protection under high insect pressure AOVE GROUND CURRENTLY PHASE 4 TARGET MARKET: COASTAL N. AMERICA & S. AMERICA Only product with 3 modes-ofaction against corn earworm Enhanced protection against fall armyworm & corn borers with expanded control of cutworm Regulated field trials for 2016 with planned stewarded commercial introduction in 2017 Average Kernels Damaged/Ear of Corn CONTROL Trecepta Control Trecepta Field Data Across TX, MS, GA, NC & TN Trecepta demonstrates significant reduced ear damage vs. control for maximum protection of yield potential 4 TH -GENERATION ADVANCE: PHASE 2 Targeting to offer increased control and durability against key lepidopteran pests with multiple modes-of-action against each key pest KEY PESTS: Corn Earworm Fall Armyworm 1. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes iotech, eeding and Crop Protection across crop platforms Protein 1 + Protein 2 Corn orer Control Western ean Cutworm 20

21 Next-Gen Soy Insect Control Pipeline Innovation driving Intacta RR2 PRO Pipeline Progression NEXT-GEN INSECT CONTROL PIPELINE: VALUE 1 : $2.5 - $ ADVANCE: PHASE 4 RECENTLY LAUNCHED 1 st combination of Roundup Ready 2 Yield & above ground insect protection for S.Am KEY MILESTONES: Expanded production of varieties for 2016 sales to >150 varieties in azil alone In N. Argentina, ~70% of growers chose to pay upfront Licensed to germplasm 100M providers with >90% share ACRES in S. America M 90 ACRE TARGET M 50 ACRE 40 TARGET MARKET F 2019F OPPORTUNITY ACRES (IN MILLIONS) 2 ND -GENERATION CURRENTLY PHASE 4 Field trials confirm excellent insect control with 2 nd -gen insect protection Multiple modes-of-action to improve durability and expand the insect spectrum to include armyworm and podworm complexes Key region of focus South America; North America under evaluation planned commercial launch Control 2 nd Gen 3 RD -GENERATION ADVANCE: PHASE 2 3 rd -gen insect protection product would provide multiple modes-ofaction to primary and secondary pests to further improve durability against an expanded spectrum of insects Multiple new active leads identified for armyworm, loopers, podworm and velvetbean caterpillar Number of Distinct Modes-of-Action: 1. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes iotech, eeding and Crop Protection across crop platforms Intacta RR2 PRO Intacta RR2 PRO pipeline is deep and provides a long runway of insect protection and durability for farmers. This is important because in the South American market insect pressure is high and insects are constantly evolving. 2nd Gen 3rd Gen Soybean looper Velvetbean caterpillar ean shoot moth Southern armyworm lack armyworm Podworm complex (including Helicoverpa)

22 Next-Gen Cotton Insect Control Pipeline Innovation Driving Future Generations of Novel Insect Protection Traits NEXT-GEN INSECT CONTROL PIPELINE: VALUE 1 : $2.5 - $4 COTTON LYGUS COTTON LYGUS CONTROL CURRENTLY PHASE 3 TARGET MARKET: U.S., WITH POTENTIAL IN INDIA, AUSTRALIA & RAZIL Expected to be stacked with ollgard 3 XtendFlex Excellent yield protection demonstrated by high-level field efficacy against lygus, thrips and fleahoppers - estimated yield losses and control costs nearly $200 million 2 Would provide growers an additional tool beyond insecticides EARLY SEASON THRIPS TRIAL IMAGES JUNE SUFFOLK, VA Control Traited Injury Rating (0-5 scale) MONSANTO FIELD TRIALS Control Traited Control Traited JACKSON, TN SUFFOLK, VA Cotton lygus trait demonstrates significant early season plant protection in high thrips pressure across multiple testing locations NEXT-GEN OLLGARD CURRENTLY PHASE 4 TARGET MARKET: U.S. & AUSTRALIA, WITH POTENTIAL IN INDIA & RAZIL uilds on the superior ollgard II technology to deliver effective insect management with multiple modes of action against key lepidopteran pests Supports our commitment to sustainable and durable insect resistance management programs % Damaged olls 40% 30% 20% 10% MONSANTO FIELD TRIALS 0% ollgard 3 shows improved control against key lepidopteran pests under high insect pressure Control Non-bt ollgard II II ollgard 33 4 TH -GEN OLLGARD CURRENTLY PHASE 1 Control Traited 1. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes iotech, eeding and Crop Protection across crop platforms 2. Mississippi State University Research Study, 2014 Next-generation developed to provide season-long protection with multiple modes of action against key lepidoperan pests Novel modes of action designed to allow for refuge flexibility, increased durability and enhanced yield protection 22

23 Disease Protection Program Systems Approach Combines Disease Resistance + Differentiated Seed Treatments, Yielding Season-Long Disease Protection DISEASE CONTROL PIPELINE: GERMPLASM SEED TREATMENT Pipeline remains best in class delivering high-yielding hybrids with market-leading disease ratings for diseases of economic importance to growers including ASR, GLS, GW and NCL. R&D Progress Targeting to Increase Disease Tolerance Ratings: ASR 2 GLS 3 GW 4 NCL 5 ACCELERON SEED TREATMENT PRODUCTS ENHANCED FUNGICIDES OFFERING ADVANCMENT PHASE 4 Provides early season disease control and late season stalk rot suppression due to the reduction of infections by Rhizoctonia, Fusarium and Colletotrichum Potential to increase yield disease rating scores Two new fungicides for corn growers; in collaboration with: USHELS/ACRE Enhanced Fungicides Offering Provided ~3.0 U/ACRE Avg Yield Increase 6 4 VALUE 1 : ASR 2 GLS 3 GW 4 NCL FIELD TRIALS COLLINSVILLE, IL JUNE Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes iotech, eeding and Crop Protection across crop platforms 2. Anthracnose Stalk Rot 3. Gray Leaf Spot 4. Goss Wilt 5.Northern Corn Leaf light 6. Acceleron STP = Acceleron Seed Treatment Products. 7. ayer and the ayer Cross are registered trademarks of ayer. $3.0 - $3.5 RESISTANT SUSCEPTILE RESISTANT SUSCEPTILE RESISTANT SUSCEPTILE RESISTANT SUSCEPTILE 2 7 ACCELERON STP 6 ACCELERON STP 6 - ENHANCED STANDARD FUNGICIDES OFFERING 0 Greater vigor and advanced growth stages demonstrated in 2015 field trials 23

24 Disease Resistance Program Advanced eeding Tools Leveraged in Vegetables Plant-Health Program DISEASE CONTROL PIPELINE: TOMATO CUCUMER ACTERIAL WILT RESISTANT TOMATO LAUNCHING Disease affects tomato production in hot, humid regions with poorly drained soils Significantly outpaces existing market standards for resistance and yield under disease pressure Target Market: India; opportunity for global expansion DOWNY MILDEW RESISTANT PICKLING CUCUMER LAUNCHING Stronger resistance to Downy Mildew introduced through conventional breeding eeding breakthrough provides growers the potential for a more flexible spray schedule while maintaining same yield and quality potential KILOGRAMS/ACRE 8,000 6,000 4,000 2,000 SUSCEPTILE 2015 FIELD TRIALS EAST LANSING, MI RESISTANT 1. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes iotech, eeding and Crop Protection across crop platforms - Proven yield advantage versus susceptible hybrids SUSCEPTILE HYRIDS RESISTANT HYRIDS MARKETALE USHELS/ACRE VALUE 1 : 2015 FIELD TRIALS HUANESWAR, INDIA SUSCEPTILE SUSCEPTILE HYRIDS RESISTANT $3.0 - $3.5 Recommended foliar fungicide sprays applied in both the control and the DM Resistant Hybrids 350 DOWNY MILDEW (DM) DEFENSE HYRIDS 24

25 NEMASTRIKE Technology Targets 125M Acre Opportunity 1 oad Spectrum Nematode Control Resulting In Improved Emergence, Plant Health and Yield Protection; Limited Introduction Planned for 2017 SEED CARE: NEMATICIDE 2025 TARGET: 125 Million Acres in New Crop Protection Solutions PROJECT: NEMASTRIKE TECHNOLOGY STATUS: Phase 4 PROJECT HIGHLIGHTS: Novel nematode-control technology with a fit on 125M acres of opportunity across soy, cotton and corn acres Licensing structure in place to allow for broad commercial access Planning for limited introduction in the U.S. in All regulatory filings complete with the EPA 1. Product in Phase 4 and subject to regulatory approvals, and is expected to be branded as Nemastrike Technology 2. Acceleron STP = Acceleron Seed Treatment Products. USHELS PER ACRE MONSANTO TRIALS AVERAGE YIELD ADVANTAGE CORN ~9 U/AC YIELD ADVANTAGE COMPETITIVE STANDARD ACCELERON STP 2 + NEMASTRIKE TECHNOLOGY USHELS PER ACRE SOY ~2 U/AC YIELD ADVANTAGE COMPETITIVE STANDARD ACCELERON STP 2 + NEMASTRIKE TECHNOLOGY JUNE ST. JACO, IL COMPETITIVE STANDARD ACCELERON STP 2 + NEMASTRIKE TECHNOLOGY Early season results for soybeans treated with new nematicide show nearly 2X height differential Acceleron STP 2 + Nemastrike Technology demonstrates strong in-field performance advantage vs. competitive standards across crops in second year of expanded broad acre field testing. 25

26 Novel Fungicide Chemistry Collaboration With Nimbus Therapeutics Delivers Novel Mode-of-Action Utilizing eakthrough Science In Collaboration with: PROJECT: Fungicide STATUS: Phase 1 PROJECT HIGHLIGHTS: A model for externalized active ingredient discovery Synthetic fungicide with broad spectrum control optimal for seed treatment and foliar applications eakthrough science pairs cutting edge computational technology and robust experimental screens in a rapid cycle discovery process to identify and optimize agrochemicals Early season seed treatment benefits demonstrated in row crops and strong foliar disease control in vegetable trials 1. Under high Rhizoctonia pressure 2. Under normal Rhizoctonia pressure MONSANTO SOYEAN FIELD TRIALS Soybean plants completely destroyed under high Rhizoctonia pressure without fungicide application ase Treatment Untreated JUNE LOXLEY, AL 1 Fungicide CORN YIELD DATA RESULTS (U/ACRE) Increased Yield Protection under Rhizoctonia pressure Commercial Standard New Fungicide Untreated JULY 2015 QUITMAN, GA 2 Fungicide in normal pressure Increased Yield Protection under Fusarium pressure Commercial Standard New Fungicide 26

27 The ioag Alliance Pipeline Progress and Integrated Field Testing Network Support M 2025 Acre Target The ioag Alliance JOINT MICROIALS R&D PIPELINE SEED CARE: MICROIALS 2025 TARGET: Million Acres in New Crop Protection Solutions Fertilizers ($183 billion) AG MICROIALS: SIGNIFCANT OPPORTUNITY 1 SALES OPPORTUNITY ~$240 billion Pesticides ($54 billion) Nitrogen Phosphate Potassium TRADITIONAL CHEMICALS & PESTICIDES 2 Microbial products have the potential to replace or complement traditional chemistry products. ~$1.8 billion iocontrol Inoculants AG MICROIALS 1 2 ACRE OPPORTUNITY In FY15 our products were on 65M acres Targeting M acres with new, high value technology upgrades by 2025 HIGHLIGHTS: THE IOAG ALLIANCE: R&D DEVELOPMENT PIPELINE DISCOVERY: 10 s of Thousands of Microbes PHASE 1: PROOF OF CONCEPT Thousands of Candidates Hits Corn ioyield Soy ioyield iocontrol PHASE 2: EARLY DEVELOPMENT Confirmed Hits / Commercial Leads Enhanced- Soy Inoculant Lead PHASE 3: ADVANCED DEVELOPMENT Commercial Candidates ADVANCEMENT iocontrol strains advancing from Discovery to Phase 1 for disease and insect control PHASE 4: PRE-LAUNCH Final Launch Preparation Enhanced- Corn Inoculant Lead ADVANCEMENT Enhanced-Corn Inoculant suitable for both upstream and downstream applications advancing from Phase 2 to Phase 4 New corn hits >4 U/AC and soy >1.5 U/AC average yield advantage 1. Monsanto estimates of Ag biologicals industry based on a combination of research data from DunhamTrimmer, Agrow, MarketsandMarkets, Frost & Sullivan, oston Consulting Group, CC Research, Philips McDougall, Global Industry Analysts 2. MarketLine and Phillips McDougal market data; All figures in USD. COMMERCIAL HIGHLIGHTS: Expansion of Current Products, Leveraging Monsanto s Global Network TagTeam LCO XC and Optimize XC for Soybeans in the U.S. QuickRoots in North America for multiple crops Arrows reflect phase advancement 27

28 Enhanced-Corn Inoculant Lead First Alliance Upstream Microbial Inoculant Seed Treatment for Corn; Delivers Improved Nutrient Uptake and Yield The ioag Alliance JOINT MICROIALS R&D PIPELINE SEED CARE: MICROIALS 2025 TARGET: Million Acres in New Crop Protection Solutions PROJECT: ENCHANCED-CORN INOCULANT LEAD STATUS: ADVANCEMENT Phase 4 PROJECT HIGHLIGHTS: KEY REGIONS: U.S., CANADA WITH SUSEQUENT GLOAL EXPANSION PLANS Enhanced formula delivers high onseed stability and secures convenient upstream microbial application Microbial growth along plant roots improves nutrient access enhancing root and shoot development unlocking yield potential Pending state regulatory approvals, planning for 2017 launch in the U.S. 1. Acceleron STP = Acceleron Seed Treatment Products U.S. Field Testing Results IMPROVING NUTRIENT ACCESS: Yield data across 40+ locations supports >4 U/AC average yield advantage, with >65% win rate USHELS PER ACRE >4 U/AC YIELD ADVANTAGE Acceleron STP 1 Control Acceleron STP 1 + Corn Inoculant Acceleron STP 1 Control Acceleron STP 1 + Corn Inoculant Trials demonstrated significant corn root development with Acceleron STP 1 + Microbial treatment vs Acceleron only 28

29 iodirect Pipeline Leveraging Genomics for Completely New Modes of Action with More Targeted Pest Control iodirect uses RNAi: A natural mechanism to control the expression of a gene DISCOVERY: INITIAL SCREENING Sequence genome related to product concept, identify key sequence and selection of lead actives SELECTION OF LEAD ACTIVES IODIRECT: R&D DEVELOPMENT PIPELINE PHASE 1: PROOF OF CONCEPT Define prototype formulation and test for desired performance iodirect Glyphosate Resistant Weed Control iodirect Virus Control - Tospovirus iodirect Insect Control Canola Flea eetle PHASE 2: EARLY DEVELOPMENT Finalize formulation and field testing to confirm performance consistency iodirect Insect Control Colorado Potato eetle iodirect Technology - ee Health PHASE 3: ADVANCED DEVELOPMENT Data generation for regulatory submissions and commercial preparation PATH TO MARKET PHASE 4: PRE-LAUNCH Final regulatory approvals and manufacturing scale up for commercial launch HIGHLIGHTS: PIPELINE FOCUS: Drive to early profits for the most valuable product concepts Continue to drive efficacy and delivery efforts to unlock the broader portfolio opportunity Continue focused effort on unlocking plant and insect responses more broadly PROJECT UPDATE: ADVANCEMENT ee Health advancing to Phase 2, expected to be first product to launch commercially from the iodirect Pipeline ADVANCEMENT Canola Flea eetle advancing to Phase 1, targets the #1 pest in canola, estimated annual damages in North America >$300M Arrows reflect phase advancement 29

30 iodirect Technology ee Health Research Significant Improvements in ee Hive Survival Achieved With New iologicals PROJECT: iodirect Technology - ee Health STATUS: ADVANCEMENT Phase 2 PROJECT HIGHLIGHTS: KEY REGIONS: GLOAL MARKET OPPORTUNITY ees play a vital role in agriculture as pollinators Varroa mites infestation is the greatest threat to bee health and most significant contributor to hive collapse New technology targeting Varroa is expected to replace non-selective miticides Next Steps: Expanded Varroa control field testing and field validation of antiviral technology Expected to be first product to launch from the iodirect platform MONSANTO VARROA CONTROL TESTING 2015 REHOVOT, ISRAEL (In Progress) Reduced Varroa populations demonstrated in the field by targeting Varroa mites Automated image analysis to assess hive strength ee infested with Varroa # of MITES/100 EES # OF WEEKS IODIRECT NON-TREATED Selective Varroa Suppression: At week 11, varroa mite count reduced by more than 1.8X with iodirect treatment vs untreated hives 30

31 iodirect Technology Canola Flea eetle (CF) Research Alternative Solution to Neonic Application, Additionally Would Offer Growers an Enhanced Solution to Control Striped Flea eetles PROJECT: iodirect CF STATUS: ADVANCEMENT Phase 1 PROJECT HIGHLIGHTS: KEY REGIONS: U.S.,CANADA & EUROPE Flea beetles are highly destructive defoliators of canola causing significant economic yield loss Field trials with iodirect technology at multiple locations in the U.S. and Canada demonstrate reduction in flea beetle damage on canola Provides alternative solution to neonics and additionally provides enhanced control against striped flea beetles Continue field trial testing for efficacy Untreated iodirect Technology Treated 2015 MONSANTO FIELD TRIALS JULY 2015 PORTAGE LA PRAIRIE, MANITOA, CANADA IODIRECT TECHNOLOGY PROVIDES SIGNIFICANT CONTROL: 12 DAYS POST INFESTATION, INSECT VIAILITY ~20% AS DEMONTRATED IN LA RESULTS % INSECT VIAILITY DAYS POST INFESTATION NON SPECIFIC TRIGGER IODIRECT TECHNOLOGY 31

32 Digital Pipeline Drives eakthroughs for Ag Platform Delivers Data Capture, Visualization, Connectivity and Actionable Insights to Farmers to Unlock Yield and Productivity Core R&D Focus Areas EARLY STAGE Research & Development LATE STAGE Commercial Highlights Data Access Weather & Soil Equipment Seeds & Planting Fertility Automated Scripts with Seed Data Variable Rate Nitrogen Crop Expansion Assisted Scripts Sub-Field Nitrogen ADVANCEMENT Script Creator Increase productivity with simple, easy-to-use script creation tool Nitrogen Advisor LAUNCHING UPGRADES Nitrogen Advisor identifies ~$1 illion Opportunity to improve productivity in US corn Field Testing Field Insights Enhanced Imagery Field Health Advisor UPGRADES Seed, Fertility & Crop Protection Yield Analytics Advanced Insights In-season and historical field imaging to evaluate and identify issues before they impact yield Grower Data Data Capture & Visualization Connectivity with John Deere s WDS 1 ADVANCEMENT Third Party Data Integration & API s Ongoing Environmental Data Upgrades Climate Fieldview Drive Enable seamless data collection, sharing & visualization LAUNCHING 1. Wireless Data Server 32

33 Fertility Opportunity Nitrogen Results Identify $1 illion Opportunity with Upgrades Targeted to Optimize within the Field and in Crops eyond Corn Fertility Commercial Highlights: Nitrogen Advisor 2015 Field Results Late Stage Pipeline Shortfall More than 10% of fields experienced yield loss due to insufficient nitrogen Tested Across Thousands of Fields ased on Sample of >3,800 Fields 1 Surplus More than 40% of fields could benefit from optimizing their inputs Sub Field Nitrogen ADVANCEMENT Field testing targeted for 2016 across US Leverages existing modeling capabilities for Nitrogen Advisor LATE STAGE Customize for sub field level variation including soil type and hydrology Important milestone towards enabling Variable Rate Nitrogen Average impact of yield loss for this group is $54 / acre Average savings opportunity for this group is $13 / acre Example: Field Nitrogen Levels (Parts per Million) Nitrogen Advisor identifies ~$1 illion Opportunity to improve productivity in US corn Nitrogen levels can vary significantly across field 1. Representative and random sample of >3,800 Nitrogen Advisor Fields where main Nitrogen application was mineral fertilizer. Assumes $4/bushel corn, $0.40/lb-N fertilizer costs and average yield of 168 bushels per acre 33

34 Data Capture, Connectivity & Visualization Leading Capabilities, Recent Launches and Late Stage Pipeline Provide Head Start in Foundational Connectivity and Visualization Category Data Capture & Visualization COMMERCIAL HIGHLIGHTS LAUNCHING Climate Fieldview Drive Low cost option to enable connectivity across broad set of planters and harvesting equipment Easily pull data from the field into the cloud View data while passing through the field Integrate field data from multiple machines JOHN DEERE CONNECTIVITY ADVANCEMENT John Deere s Wireless Data Server Targeting Climate and John Deere in-cab connection launch within next year First & only third-party wireless connection with near-real time in-cab data visualization Fastest, most frequent and highest resolution third-party connectivity in the industry THIRD PARTY CONNECTIVITY Third Party Connectivity through APIs (Application Programming Interface) Working across the industry to enable cloud-to-cloud connectivity with equipment OEMs, retailer platforms and third-party farm management information systems Targeting seamless two-way data transfer Third Party oadest Data Access Weather & Soil Equipment Field Testing Seed, Fertility & Crop Protection Grower Data 34

35 Powerful Pipeline Progress in rd Consecutive Year of >20 Advancements, Showcasing eadth and Depth of Integrated Yield Pipeline that Fuels Innovation for the Industry 2015 PROGRESS HIGHLIGHTS Robust Pipeline Following Two $1+ 1 Expected lockbuster Launches with Intacta RR2 PRO & Roundup Ready Xtend Crop System Core Pipeline Expected to Deliver Up to $25 in Peak Net Sales with Incremental Value From New Platforms CORE PLATFORMS YIELD VALUE 2 $10.5 $14.5 Performance Advantage Continues: DEKAL corn 7-10 bu/ac range Roundup Ready 2 Yield >4 bu/ac Targeting to Increase Genetic Gain Rate by 30%: Revolutionizing plant breeding through Genome Wide Selection and Double Haploids Advancing: 2 New High Density Corn Systems WEED CONTROL VALUE 2 $3.5 $4.5 Advancing to Launch 3 : Roundup Ready Xtend Crop System Upgrade of industry s largest seed technology platform Advancing: 5 next-gen biotechnologies for weed control Advancing: 5 Next-Gen Chemistries Partnering: Co-Development of Next-Gen Weed-Control INSECT CONTROL Advancing: 3 Next-Gen Technologies 4 products in Phase 4: VALUE 2 $2.5 $4 2 nd -Gen Insect Protected Soy DISEASE CONTROL & OTHER VALUE 2 $3 $3.5 Progress: Innovative New Seed Treatments Nemastrike Technology 4 : 2 nd year of significant yield advantages Advancing: Premium seed treatment upgrade in corn Highlight: New Fungicide highlights externalized discovery model Advancing: 3 disease resistance traits NEW PLATFORMS Climate: THE Digital Ag Platform with M Acre Target by 2025 Advancing: Sub-Field Nitrogen & Connectivity with John Deere Launching: Fieldview Drive & Script Creator Pipeline Progress Supports M ioag Acre Target Advancing: Enhanced-Corn Inoculant Lead Advancing: iocontrol hits iodirect Platform Advances Advancing: Canola Flea eetle Advancing: ee Health 1. Estimated non risk-adjusted net present value 2. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes iotech, eeding and Crop Protection across crop platforms 3. USDA deregulation received. Awaiting EPA approval for in-crop use of dicamba. 4. Product is in Phase 4 and subject to regulatory approvals, and is expected to be branded as Nemastrike Technology 35