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1
BRETT BEGEMANNEXECUTIVE VICE PRESIDENT, GLOBAL COMMERCIAL
CREDIT SUISSE
16TH ANNUAL CHEMICAL CONFERENCE
September 26, 2007
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 acceptance of biotechnology products; the success of the company's research and development activities; the outcomes of major lawsuits, including proceedings related to Solutia Inc.; developments related to foreign currencies and economies; successful completion and operation of recent acquisitions; fluctuations in commodity prices; compliance with regulations affecting our manufacturing; the accuracy of the company's estimates related to distribution inventory levels; 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 and accidents 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.
TrademarksTrademarks owned by Monsanto Company and its wholly-owned subsidiaries are italicized in this presentation. All other trademarks are the property of their respective owners.
© 2007 Monsanto Company
3
Market Forces Are Changing Agricultural Production Trends Globally
OVERVIEW
Brazil exploits land availability advantage to become commodity soy producer to meet demand from China
Expanding ethanol and export
demands favor U.S. as low-cost corn
producer
U.S. ramps up production of corn; Soy crop becomes increasingly focused on higher-value segments over commodities
Argentina leverages geographic proximity to
supply corn to Latin America
Growing wealth and population in Asia creates new demand for imported grain
Biggest increases in cotton acreage come in
Asia, with U.S. focused on quality and consistency of
supply
MACRO PRODUCTION TRENDS OVER THE NEXT DECADE: CORN, SOYBEANS, COTTON
Biodiesel drives oilseed demand in Europe
4
Ag Landscape Is Changing, But Monsanto Is Well Positioned Ahead of Emerging Trends
OVERVIEW
Yield traits and first-ever approaches designed for Latin America help bolster increased production
Support commodity production in Latin America
Drought-tolerance family of traits in development creates a platform for yield-and-stress in seed
Address universal trends, like water use
Cotton breeding has a head start versus early work in corn in 1990sCombined with further trait upgrades, cotton is an expanding technology platform
Improved-oils platform allows U.S. production to differentiate and focus on high-value segment
Nitrogen-utilization corn has potential to do for input commodities what insect control did for insecticides
SOLUTIONS
Use technology infusion to lift yield and returns
De-commoditize the market in the U.S.
Bring commodities into proprietary in-seed revenue generators
OPPORTUNITIES
Cotton must become more profitable for farmers – boosting yields is key
COTTON
There will be a bifurcation of the global soybean production into commodity and value-added streams
SOYBEANS
The demand for corn grain will remain strong; Yield provides the bridge between fuel and food-feed demands
CORN
TRENDS OVER NEXT FIVE YEARS
5
OVERVIEW
R&D pipeline
Seminis
Cotton platform
Global biotech traits
International corn
U.S. corn
FACTOR
By the end of the decade, Monsanto projects a gross margin in the range of 52-54%, reflecting growth opportunity in six areas of seeds and traits
MONSANTO’S OPPORTUNITY Grow 1-2 share points annually in key countries; stabilize Brazil share
Continue share growth for Monsanto brands
2010 OUTLOOKKEY PRIORITIES
International Corn
Complete approval for YieldGard Corn Borer/ Roundup Ready stack to facilitate penetration of RR corn in Argentina
Stacked Corn Traits in Argentina
Shift Indian hybrid market to Bollgard II; currently 1M acres of 15-20M acre opportunity
Second-Generation Cotton Traits in India
Complete approval for YieldGard Corn Borer for Brazil and launch in 100% infested marketCorn Traits in Brazil
Increase penetration of Roundup Ready Soy in Brazil to U.S. level of 95%; currently at 50% penetration
Roundup Ready Soy Penetration in Brazil
Expand to acres of meaningful scale in key countries in EuropeYieldGard Corn Borer in Europe
2010 OUTLOOKKEY PRIORITIES
Global biotech traits
Currently in Phase II in the pipeline; pursue launch in U.S., Latin America and Europe
Drought Tolerant Corn in Brazil, Argentina and Europe
Insect-protected soybeans currently in Phase II; prepare for launch in early next decade in BrazilInsect-Protected Soybeans in Brazil
Currently in Phase I in the pipeline; pursue launch in U.S., Australia, India and Brazil
Drought Tolerant Cotton in Australia, India & Brazil
2010 OUTLOOKKEY PRIORITIES
R&D pipeline
INTERNATIONAL BUSINESS DRIVERS
International Contributes Across Several of Our Six Growth Drivers and Aligns with Emerging Trends in Agriculture
6
+313%27M+1$69Europe (EU 27)
7M
MARKET FUNDAMENTALS
+4
+5- 4
+2
2007SHARE POINT
CHANGE
2007 PERFORMANCE1
$15ASIA-PACIFIC
$26$29
LATIN AMERICA
$23
EUROPE-AFRICA
AVERAGE RETAIL VALUE
PER ACRE
8M
23M
6M
2007 HYBRID MARKET SIZE
(ACRES)
+1039%India
+540%Argentina
- 530%Brazil
+1351%South Africa
3-YEAR TREND: SHARE POINT
CHANGE (’04-’07)MONSANTO
BRAND SHARE
Consistent Share Gains in High-Value International Corn Markets Contributes Solid Growth
INTERNATIONAL CORN
1. Reflects expectations for share performance for 2007 planting season; For Brazil and Argentina, reflects 2006-2007 planting season
• Continued targeting of 1 to 2 share point gains in all regions except Brazil, where plan is to stabilize share
• Increased emphasis on breeding in tropical hybrids planned to stop share loss in Brazil
OUTLOOK:
• Value is in the seed• Early focus on high-value
temperate hybrids has led to annual 1 to 2 share point gains in key countries
SITUATION:
International Corn
7
0%5%
10%15%20%25%30%35%40%45%
2004 2005 2006 2007F 2008F 2009F 2010F0%
2%
4%
6%
8%
10%
12%
Corn Market Share Gains Yet To Fully Reflect Power of Molecular Breeding Application
BR
AN
DE
D M
AR
KE
T S
HA
RE
MOLECULAR-BREEDING (MAB) and DIHAPLOID HYBRIDS AS A PERCENT OF BRANDED UNITS SOLD IN EX-U.S. COMMERCIAL CORN PORTFOLIO
PE
RC
EN
T O
F BR
AN
DE
D U
NIT
S S
OLD
IN
CO
MM
ER
CIA
L CO
RN
PO
RT
FOLIO
DEKALB MARKET SHARE
• Molecular breeding improves genetic potential by 2X versus conventional breeding
• By 2010, over 8% of commercial portfolio will be derived from molecular breeding and dihaploid technologies
OUTLOOK:
• Conventional breeding improves genetic gain on average by 1.5% per year
SITUATION:
International Corn
INTERNATIONAL CORN
PROGRESSION OF BREEDING TECHNOLOGY
IN THE COMMERCIAL
PORTFOLIO
CYCLE 2:APPLICATION OF MAB TO SELECTION
CYCLE 3: SELECTION POWER OF MOLECULAR BREEDING
• BY 2006, FIRST MOLECULAR BREEDING HYBRIDS ENTER COMMERCIAL PORTFOLIO
• EU IS ROUGHLY 2 YEARS BEHIND THE U.S. FOLLOWED BY LATIN AMERICA AND ASIA PACIFIC
• PREDICTIVE COMBINATIONS ALLOW MORE EFFICIENT BREEDING
• APPLY MOLECULAR BREEDING TO TROPICAL MARKETS, SUCH AS BRAZIL AND ASIA
CYCLE 1: INTEGRATION OF GLOBAL GERMPLASM
• ASSEMBLED 36 MAJOR CORN BREEDING PROGRAMS IN 12 COUNTRIES
• FIRST INTRA-COMPANY CROSSES
ARGENTINA
BRAZIL
INDIA
EUROPE
8
Acquisition of Agroeste in Brazil Bolsters Market Share and Provides Diverse Germplasm
• Increased emphasis on breeding in tropical hybrids and access to germplasm from this acquisition should stabilize share in Brazil
• Potential to accelerate launch of YieldGard Corn Borer
OUTLOOK:
• Acquisition increases focus on the high value segment in Brazil
• Solid position in the southern region complements our existing base
• Potential synergies with existing corn germplasm
SITUATION:
International Corn
Pioneer, 22% Syngenta, 12%
Monsanto, 30%
Others, 11%
Dow/Agromen, 15%
Agroeste, 10%
20071 BRAZIL CORN MARKET SHARE
INTERNATIONAL CORN
• Strong core management team to remain in place and run similar to the ASI model in the United States
• Approximately 20-25 million acres of hybrid corn planted annually in Brazil; Agroeste brand used on approximately 10 percent in 2007
ACQUISITION OF AGROESTE
• Acquired 100 percent ownership of Agroeste in September 2007 forapproximately $100 million cash
1. Reflects 2006-2007 planting season
9
Penetration of Roundup Ready Soybeans in Brazil Expected to Mirror U.S. Penetration Curve
GLOBAL BIOTECH TRAITS
• Potential to penetrate 95% of the acres in Brazil at peak share, establishing footprint for transition to Roundup RReady2Yield and insect-protected soybeans
OPPORTUNITY:
• Brazil Roundup Readysoybean penetration currently at 50% of the opportunity
SITUATION:
Global Biotech Traits
ROUNDUP READY SOYBEANS
PENETRATION AS A PERCENTAGE OF THE OPPORTUNITY
0%
20%
40%
60%
80%
100%
120%
'96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07U.S. Roundup Ready soybeans Brazil Roundup Ready soybeans
50% penetration in Brazil consistent with U.S. trend in year four
10
Bollgard Penetration Accelerated as Indian Farmers Experienced Clear Economic Benefit of the Technology
GLOBAL BIOTECH TRAITS
• Transition to biotech improves yield and reduces inputs to improve profits
• Opportunity to widen gap of economic benefit with Bollgard II and Roundup Ready Flex
OPPORTUNITY:
• Depressed cotton prices and lack of yield improvement had reduced on-farm profits in India
• India is the 2nd largest cotton producer in the world and seeks to surpass China via increased yields
SITUATION:
Global Biotech TraitsBOLLGARD COTTON VS. CONVENTIONAL COTTON IN INDIA
ASSOCHAM STUDY OF BT COTTON FARMING IN INDIA1
• 93% of Bt cotton farmers satisfied with Bt performance
PRODUCT PERFORMANCE
• Estimated 162% increase in 2006 to $172/acre for farmers planting Bt Cotton; additional $1.5B in income earned collectively by Indian farmers using Bt cotton in 2006
NET PROFIT PER ACRE
• Number of sprays reduced by approximately five; average savings of $21 per acre for Bt cotton farmers
PESTICIDE SPRAYS
• Estimated 50% increase in Bt cotton yields compared with conventional cotton yields in 2006
AVERAGE YIELD
1Assocham launched two studies on “BT Cotton Farming in India” after 2006 season; Indicus Analytics covered 9000 farmers in 467 villages and 28 districts of the 8 cotton growing states and IMRB study covered nearly 6000 farmers from 111 Taluks of 37 districts including 4188 farmers using biotech traits and 1793 conventional cotton farmers in 9 cotton growing states.
11
Bollgard Cotton Penetration in India Nearly Doubles in 2007; Creates Platform for Second-Generation Traits
GLOBAL BIOTECH TRAITS
• Opportunity to upgrade 100% of the Bollgard acres with Bollgard II technology in India
OPPORTUNITY:
• Bollgard planted on 13M acres and Bollgard IIplanted to slightly more than 1M acres
• Hybrid market in India now estimated to be 15-20M acres
SITUATION:
Global Biotech Traits
0
5
10
15
20
25
BOLLGARD II BOLLGARD
BOLLGARD & BOLLGARD II COTTON IN INDIA
M ACRES
2004 2005 2006 2007 2010OPPORTUNITY
M A
CR
ES
RETAIL PRICE /ACRE SEED & TRAIT
BOLLGARD IIBOLLGARD
$22$ 18
15-20M
12
Launch of Roundup Ready Flex in India Would Provide Opportunity to Further Improve Grower Profitability
GLOBAL BIOTECH TRAITS
• Roundup Ready Flex has a fit on all of the 15-20M hybrid cotton acres in India; allows India to leapfrog directly to 2nd
generation technology
OPPORTUNITY:
• Roundup Ready Flex currently launched in the U.S. and Australia
• Roundup Ready Flex awaiting approval in India; will only be offered in a stack with Bollgard II
SITUATION:
Global Biotech Traits
0
5
10
15
20
25
2007 AT LAUNCH
ROUNDUP READY FLEX OPPORTUNITY IN INDIA
BOLLGARD II
ROUNDUP READY FLEX/BOLLGARD II
BOLLGARD
ROUNDUP READY FLEX TECHNOLOGY
EXPECTED BENEFITS
ACRE OPPORTUNITY
Reduces labor costs associated with hand weedingReduces fuel associated with mechanical harrowingReplacement for herbicides used by some growers; ~$10/acre
15-20M acres
M A
CR
ES
OPPORTUNITY
15-20M
13
Approval of Stacked Corn Traits in Argentina Opens the Door for Increased Roundup Ready Corn Penetration
GLOBAL BIOTECH TRAITS
• Roundup Ready Corn has a fit on all acres of corn in Argentina; currently growers unwilling to give up corn borer control for superior Roundup Readyweed control
OPPORTUNITY:
• Currently only single traits are available in corn in Argentina
• Roundup ReadyYieldGard Corn Borer corn received regulatory approval in Argentina at the end of August; awaiting local approvals for hybrids containing the stack
SITUATION:
Global Biotech Traits
0
2
4
6
8
10
2007 2010
TRAITED CORN OPPORTUNITY IN ARGENTINA
YIELDGARD CORN BORER
ROUNDUP READY CORN
ROUNDUP READY YIELDGARD CORN BORER - ARGENTINA
• Growers today utilize pre-plant herbicides in lieu of Roundup Ready technology• Growers seek both technologies but currently forced to make trade-offs• Significant loss from European corn borer and lack of other viable control
options makes YieldGard Corn Borer the technology of first choice
• Currently eight million acres planted to corn in Argentina today; expected to grow to 10 million acres to fill U.S. export gap
M A
CR
ES
OPPORTUNITY
YIELDGARD ROOTWORM
14
Several Corn Trait Products Await Approval for Use in Brazil; Country in Need of Improved Corn Yields
GLOBAL BIOTECH TRAITS
• 100 percent of the corn acres planted in Brazil are infested with corn borer
OPPORTUNITY:
• Brazil plants approximately 20-25M acres to hybrid corn, its number two crop after soybeans
• Yields are low and demand for exports up
• Currently there are no commercial biotech traits approved for use in corn, although CTNBio recently approved YieldGard Corn Borer
• Seeking approval of the specific hybrids that contain the event by the Ag ministry
• Agroeste acquisition expands base for launch
SITUATION:
Global Biotech Traits
0
5
10
15
20
25
2007 2010
TRAITED CORN OPPORTUNITY IN BRAZIL
YIELDGARD CORN BORER
ROUNDUP READY CORN
• CTNBio approval may be followed by a review from the National Biosafety Council (CNBS) to examine social and economic factors
REGULATORY APPROVAL PROCESS IN BRAZIL
• Hybrid variety registrations required before commercial launch
• First step consists of approval from CTNBio, Brazil’s biosafety commission, which is managed by the Ministry of Science and Technology to make science-based technical assessments
M A
CR
ES
OPPORTUNITY
YIELDGARD ROOTWORM
15-20M
15
YieldGard Corn Borer Moves Beyond Trial Status in Europe as 270K Acres Planted Across Eight Countries in 2007
GLOBAL BIOTECH TRAITS
• Nearly 30 percent of the corn acres planted in Europe are infested with European corn borer
• Growers seek expanded YieldGard corn borer acreage and additional traits
OPPORTUNITY:
• YieldGard corn borer approved for planting in eight European countries and in South Africa
SITUATION:
Global Biotech Traits
M ACRES0.0 2.0 4.0 6.0 8.0 10.0
YIELDGARD CORN BORER 2010 OPPORTUNITY IN EUROPE
YIELDGARD CORN BORER PENETRATION IN EUROPE IN 2007
270K Acres
8M Acres
• Average 2006 yield advantage of 21 bushels per acre across European locations
• Dramatic reduction of fumonisin on harvested grain provides a reduced risk of grain rejection
YIELDGARD CORN BORER BENEFITS
16
Significant Growth Opportunity Lies in Expansion of Existing Commercial Biotech Traits Globally
GLOBAL BIOTECH TRAITS
• As is the case in the U.S., largest category of opportunity internationally is corn trait adoption
• With current traits, international opportunity still exists to nearly triple to approximately 270M acres from 2007 penetration of approximately 95M acres
OUTLOOK:
• Biotech traits are now approved for planting in all major agricultural regions
SITUATION:
Global Biotech Traits
INTERNATIONAL MARKET OPPORTUNITYMARKET OPPORTUNITY FOR BIOTECH TRAITS THROUGH 20101
0%16-18%3%62-81%24-5%71-79%2007 Penetration
15M40-45M60-65M
17.7-23M
18.7-24M
90.2-100.2M
Total Key International
Markets
-4M6M0.15M0.15M0.2MSouth Africa
CORNCOTTONSOYBEANS
---0.5M-0.8M
0.5M-0.8M-Australia
5M8M24M--1MEurope(EU27)
-6M6M15-20M15-20M-India
5M7M9M--39MArgentina
5M15-20M15-20M2M3M50-60MBrazil
YIELDGARDROOTWORM
YIELDGARDCORN BORER
ROUNDUP READY CORN 2
BOLLGARD AND
BOLLGARD II
ROUNDUP READY(FLEX)
ROUNDUP READY
1. Market Opportunity reflects total acres where technology is applicable, not necessarily acres projected for penetration by 2010.2. Primarily Bollgard penetration; opportunity to expand to second generation technology.
17
R&D PIPELINE
Pipeline Has Some Likely Blockbusters and Some Hidden Gems
ANNUAL R&D CYCLE: SEEDS & TRAITS
Second-generation stacked products to accelerate globallyCotton could be a 3+ stack by middle of next decade with drought tolerance and lygus control
COTTON POTENTIAL TO BE UNLOCKED
At a greater pace than ever before, new breeding tools are being applied across all platforms and resulting in breakthrough products
YIELD AND STRESS POTENTIAL EXPLODING
Drought tolerance in corn expected to be first of a rapid series of blockbuster traits
Roundup RReady2Yield creates platform for futureFirst product developed exclusively for an ex-US market will be in soybeansSoybeans could be a 3+ stack by middle of next decade
BREEDING ENGINE FIRING ON ALL CYLINDERSBREEDING PIPELINE
SOYBEANS ARE EMERGING FROM CORN’S SHADOW
BIOTECH TRAIT PIPELINE
Q1 Q4
Q3Q2
18
0%0%PERCENT PENETRATED
35M
ARGENTINA
50-60MAVAILABLE MARKET
BRAZILKEY MARKET ACRES
Insect-Protected Soybeans
Insect-Protected Soybeans in Development for Heavily Infested Latin America Market
R & D PIPELINE
SITUATION:
• Value proposition set by the insecticide sprays displaced and enhanced yield that accrues to the farmer
• Insect pressure present on all acres in Brazil
85-95M acresTOTAL ACRE OPPORTUNITY:
$10 - $30/acreRETAIL VALUE/ACRE:
2007 STATUS:
VALUE CONSIDERATIONS:
PHASE II
• First Monsanto trait developed exclusively for a non-U.S. market, notably Brazil and Argentina, where insect pressure is a significant issue
• Initial field trials demonstrate significant yield protection vs. unsprayed controls
• Intended as a stacked offering with Roundup RReady2Yield soybeans for effective control of both insects and weeds
INSECT-PROTECTED SOYBEANS
R&D Pipeline
0%
1%
2%
3%
4%
5%
6%
INSECTICIDE TREATED INSECT-PROTECEDSOYBEANS
INITIAL PERFORMANCE OF INSECT-PROTECTED SOYBEANS2005/06 ARGENTINA – 10 LOCATIONS
AV
ER
AG
E Y
IELD
IN
CR
EA
SE
(%
) O
VE
R N
O-I
NS
EC
TIC
IDE
CO
NT
RO
L
1.0 % 5.5 %
WITHOUT GENE(NO SPRAYS)
WITH GENE(NO SPRAYS)
MONMOUTH, IL SCREENHOUSE – 2007
19
0%
10M
ARGENTINA
0%0%0%PERCENT PENETRATED
27M
EUROPE
20-25M90MAVAILABLE MARKET
BRAZILU.S.KEY MARKET ACRES
Drought-tolerant corn
Family of Drought-Tolerant Corn Products to Create Differentiated Value Across Multiple Market Segments
STABILITYDRYLANDIRRIGATED
Value is in improved yields when moisture is less than optimal
Value is in improved yields annually, by improving water-use efficiency
Value is in replacing irrigation, reducing variable costs of irrigation
Non-IrrigatedNon-IrrigatedIrrigated
R & D PIPELINE
PART OF MONSANTO BASF YIELD AND STRESS R&D COLLABORATION
• Value of trait reflects better yields under moisture-stressed conditions; varies by region
• Value will be specific to variable costs of water use by farmers, not fixed costs of irrigation
• Corn needs 18-to-20 inches of moisture during the growing season
147M-152M acresTOTAL ACRE OPPORTUNITY:
$10 - $30/acreRETAIL VALUE/ACRE:
Drought-tolerant corn
2006 STATUS:
VALUE CONSIDERATIONS:
Phase II• Lead event has consistently delivered yield
improvements under water stressed conditions across four seasons of testing in the United States and Latin America, with yield advantage of up to 12 bushels per acre
• Currently in fifth season of field testing; significant expansion in number of locations, test environments and germplasm backgrounds
HIT Project
R&D Pipeline
P R O J E C T
PART OF MONSANTO-BASF YIELD AND STRESS R&D COLLABORATION
27-45M acresTOTAL ACRE OPPORTUNITY:
$10 - $30/acreRETAIL VALUE/ACRE:
2007 STATUS:
VALUE CONSIDERATIONS:
• Value of trait reflects better yields under moisture-stressed conditions; varies by region
• Value will be specific to variable costs of water use by farmers, not fixed costs of irrigation
PHASE I
• First drought leads are advancing to multi-location testing
• First leads in field testing are showing promise; continued evaluation to assess drought performance
DROUGHT TOLERANT COTTON
R&D Pipeline
R & D PIPELINE
Drought Tolerant Cotton in Development to Address Needs in All Key Cotton Regions
0%
0.5-0.8M
AUSTRALIA
0%0%0%PERCENT PENETRATED
15-25M
INDIA
2-4M10-15MAVAILABLE MARKET
BRAZILU.S.KEY MARKET ACRES
WITHOUT GENE WITH GENE
with gene
without gene
with gene
without gene
Fully watered Stressed
GREENHOUSE TESTINGDavis, CA – 2007
LAS CRUCES, NEW MEXICO - 2006
20
21
SUMMARY
International Well Positioned for Layers of Complementary Growth Through the End of the Decade
Grow share in branded corn by 1-2 share points annually
VA
LUE
CR
EA
TIO
N O
PP
OR
TU
NIT
Y
Increase penetration in first-generation Roundup Readysoybeans in Brazil to set platform for future soy technologies
Convert Indian market to Bollgard II while increasing overall penetration of insect-protected cotton
2007 2008 2009 2010
Pursue final approvals of stacked corn in Argentina and traited corn in Brazil and launch
Successful launch of pipeline traits
INTERNATIONAL VALUE CREATIONSTAGED OPPORTUNITIES FOR INCREASING BUSINESS VALUE• Base of corn seed
established and growing• First-generation traits in
cotton and soybeans enjoy significant penetration increases in 2007 in Brazil and India
• Recent regulatory approvals in Latin America provide opportunity for corn trait expansion Ex U.S.
• Pipeline provides promise of new traits in yield and stress
OUTLOOK:
International
• Expect contribution from International to drive margin expansion to 52-54% by the end of the decade
SITUATION:
BEYOND