1

Roundup ReadyRoundup Ready®® Flex Cotton UpdateFlex Cotton Update

Investor TourInvestor TourJune 25, 2004June 25, 2004

Leland, MSLeland, MS

Mark OppenhuizenMark OppenhuizenResearch Manager, Cotton Research Manager, Cotton

Roundup Ready® Flex cotton is not approved for sale or distribution in the United States.

Technical Presentation

2

Roundup Ready Flex CottonRoundup Ready Flex CottonPresentation OutlinePresentation Outline

Product ConceptDiscovery/DevelopmentU.S. Field Testing (2000-2003)

ToleranceAgronomicRegulatoryWeed Management

2004 U.S. Field TestingSeed Company variety development

Product Timelines

Technical Presentation

3

Expanded window of application (over-the-top)- Increased margin of crop safety- More ‘flexible’ weed control

Increased grower convenienceReduced need for specialized spray equipment

Roundup ReadyRoundup Ready®® Flex CottonFlex CottonProduct ConceptProduct Concept

Technical Presentation

Emergence Layby Preharvest Harvest

Over-the-top window of applicationRoundup Ready® Flex Cotton

Roundup Ready®

Cotton(< 4 lf.)

4

Roundup ReadyRoundup Ready®® Flex CottonFlex CottonDiscovery / DevelopmentDiscovery / Development

Technical Presentation

Roundup Ready Flex technologyMature Pollen

Roundup Ready cotton1.12 lb ae/A 4&8 node OT

Roundup Ready cotton Roundup Ready Flex technology

Pollen viability CP4 EPSPS Expression

- Chen, S., et al., July 2000.

Roundup Ready Flex Cotton - MON 88913Same gene as in Roundup Ready cotton – new promotersTransformed Coker 312 cotton using the ‘Agro’ methodCP4 EPSPS protein is expressed in pollen, providing reproductive tolerance to Roundup during floweringExpression in rest of plant provides excellent vegetative tolerance

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Technical Presentation

U.S. Field Testing2000-2003

Roundup ReadyRoundup Ready®® Flex CottonFlex Cotton

*does not include seed company partner breeding locations

ToleranceAgronomic

Trial types

Regulatory

Weed ManagementSystems / Demonstration

>60% of locations with University scientists

6Roundup applied OT @ 1.5 or 2.25 lb ae/A sequentially at 3,6,10 & 14 nodes

Roundup Ready Cotton(Current Product)

Roundup Ready FlexCotton Events

Non

tran

sgen

ic B

uffe

r Nontransgenic B

uffer

Technical Presentation

Roundup Ready Flex CottonRoundup Ready Flex CottonTolerance Field Trial

Leland, MS 2001

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Roundup ReadyRoundup Ready®® Flex CottonFlex CottonWeed Management Systems Studies Weed Management Systems Studies (2003)(2003)

Cotton Acres5 – 1306613066 – 3784137841 – 7646776467 – 169729169729 – 306706

Technical Presentation

Auburn University Oklahoma State University University of CaliforniaClemson University Texas A&M University University of GeorgiaLouisiana State University Texas Agricultural Experiment Station University of MissouriMississippi State University University of Arizona University of TennesseeNorth Carolina State University University of Arkansas

- Participating Universities

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Weed Control with Various Herbicide TreatmentsWeed Control with Various Herbicide TreatmentsDr. Bob Hayes University of Tennessee Jackson, TN

0

10

20

30

40

50

60

70

80

90

100

a b c d e f g

Perc

ent C

ontr

ol

Perc

ent C

ontr

ol (1

14 D

AT

(114

DA

T --A

)A)

Glyphosate** 1

Glyphosate** 1--2 leaf

2 leaf

followed by (

followed by (fbfb))

glyphosate 3

glyphosate 3--4 node.4 node.

@ 0.75 lb

@ 0.75 lb aeae

Glyphosate 3

Glyphosate 3--4 node

4 node fbfb

glyphosate 5

glyphosate 5--8 node8 node

@1.125 lb

@1.125 lb aeae

Glyphosate 3

Glyphosate 3--4 node

4 node fbfb

Glyphosate 5

Glyphosate 5--8 node

8 node

@ 1.5 lb

@ 1.5 lb aeae

Glyphosate +

Glyphosate +

pendimethalin

pendimethalin

11--2 leaf 2 leaf fbfb

glyphosate 3

glyphosate 3--4 node4 node

Lbs Seed Cotton/ALbs Seed Cotton/A2741a 2802a 2403a 2741a 2802a 2403a 2255a 2615a 2255a 2615a 2088a 2138a2088a 2138a

aa aa

**Roundup **Roundup WeatherMAXWeatherMAX®®

Glyphosate +

Glyphosate +

SS--metolachlor

metolachlor 11--2 leaf

2 leaf fbfb

glyphosate 3

glyphosate 3--4 node4 node

Pendimethalin

Pendimethalin

+ +

Fluometuron

Fluometuron

prepre--

emergent follow

ed by

emergent follow

ed by

glyphosate 3

glyphosate 3--4 node4 node

Pendimethalin

Pendimethalin

+ +

Fluometuron

Fluometuron

prepre--

emergent follow

ed by

emergent follow

ed by

glyphosate 5

glyphosate 5--8 node8 node

Cotton*Pitted MorninggloryVelvetleafSicklepodGoosegrassRed SprangletopPalmer AmaranthEntireleaf MorninggloryYellow NutsedgeIvyleaf Morningglory

aa aa aa aaaa

bb bb bb

aa

bbbb bb

*Cotton*CottonPhytotoxicityPhytotoxicity

20032003

**

Treatments Treatments (lbs (lbs aeae or or aiai/A)/A)

Technical Presentation

9

Early1980s

Early1990s

Roundup Ready®

Cotton launched

Glyphosate tolerant cotton developed

Development of glyphosate tolerance

in plants (EPSPS)

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

~60

Roundup Ready® Flex CottonResearch Timelines/University Testing (2004)

~30~25

Single internalfield trial

Roundup Ready Flex Cotton start

UniversityCooperatorSites

ResearchWeed ManagementCrop Tolerance‘Systems research’

Auburn UniversityClemson UniversityLouisiana State UniversityMississippi State UniversityNorth Carolina State UniversityOklahoma State UniversityTexas A&M UniversityTexas Agric. Experiment StationUniversity of Arizona

University of ArkansasUniversity of CaliforniaUniversity of FloridaUniversity of GeorgiaUniversity of MissouriUniversity of TennesseeUSDA ARSVirginia Tech

TargetLaunch*

Technical Presentation

●

Additional field trials

* - pending regulatory approvals

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Roundup Ready® Flex CottonField Testing

2001 2002 2003 2004

250

200

150

100

50

0

No. of field trial sites Field Research• Efficacy testing• Agronomic trials• Regulatory studies• University trials• Seed company work

Technical Presentation

Year

11

Seed Companies

Monsanto expects to broadly license the Roundup Ready Flex cotton trait.

Numerous seed companies are incorporating Roundup Ready Flex cotton into their product

lines under existing R&D agreements.

Technical Presentation

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Estimated Product Timelines

Event Testing & Selection 2000-02

Regulatory Trials 2002/03

Submissions to US, Japan* 2003/04

Approvals* 2005

Commercial Launch* 2006*Targeted milestones and timelines. Commercialization will depend on many factors, includingsuccessful completion of regulatory processes.

Roundup ReadyRoundup Ready®®

Flex CottonFlex Cotton

Technical Presentation