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September 12, 2013
UBS Best of Americas 2013 Kerry PreeteExecutive Vice President, Global Strategy
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Forward-Looking Statements
Certain statements contained in this presentation are "forward-looking statements," such as statements concerning thecompany's anticipated financial results, current and future product performance, regulatory approvals, business andfinancial plans and other non-historical facts. These statements are based on current expectations and currentlyavailable information. However, since these statements are based on factors that involve risks and uncertainties, thecompany'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: continuedcompetition in seeds, traits and agricultural chemicals; the company's exposure to various contingencies, includingthose 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 developmentactivities; the outcomes of major lawsuits and the previously announced SEC investigation; developments related toforeign currencies and economies; successful operation of recent acquisitions; fluctuations in commodity prices;compliance with regulations affecting our manufacturing; the accuracy of the company's estimates related to distributioninventory levels; the company's ability to fund its short-term financing needs and to obtain payment for the products thatit sells; the effect of weather conditions, natural disasters and accidents on the agriculture business or the company'sfacilities; and other risks and factors detailed in the company's most recent periodic report to the SEC. Undue relianceshould 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 thefactors 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.
2013 Monsanto Company
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CORN DEMAND MOMENTUMEX: GLOBAL CORN DEMAND ESTIMATES (2002 2022F)
SOY DEMAND MOMENTUMEX: GLOBAL SOY DEMAND ESTIMATES (2002 2022F)
1. USDA 2. Monsanto internal estimates
MONSANTOSOPPORTUNITY
Drivers of global agricul tural growth are real and ongoing strainon future acres illus trates that only by stepping up yields can
agriculture meet grain demand over the long term
Agriculture Mega-Trends:Increasing Demand Requires More FromSustainable Yield Gains Globally
World Corn Demand Estimates 2013F 2022F 2 World Corn Demand 2002 - 2012 1
3
C O R N D
E M A N D
( I N B I L L I O N
B U S H E L S )
9B BUGROWTH
9B BUGROWTH
Trend Line World Soy Demand Estimates 2013F 2022F 2 World Soy Demand 2002 - 2012 1
S O Y D E M A N D
( I N B I L L I O N B U S H E L S )
2.5B BUGROWTH
2.5B BUGROWTH
Trend Line
Corn and soy demand increased by 9B bu and 2.5B bu respectively over the past decade. Estimatingat least 500M bu per year incr eases in corn and at least 200M bu i ncreases in soy o ver the next decade
2002 2012 2022F6
7
8
9
10
11
12
13
F O R E C A S T
H I S T O R I C A L
20
25
30
35
40
45
50
F O R E C A S T
H I S T O R I C A L
2002 2012 2022F
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On-Farm Productivity Strategy:Unique Technology Toolkit Allows Monsantoto Target Critical Productivity Drivers
FARMER LENS
Farmers drive income bymaximizing yield ability t o
achieve realized on-farmyield in face tcomes at local
farm level
GOAL:MAXIMIZE NET
RETURN PER ACRECRITICAL DECISION
SETS:
PLANNING DATA
Seed SelectionWeed-Control ProgramInsect-Control Program
PRE-PLANTING DATAFertility ProgramTillage Program
PLANTING DATAPlant Population DynamicsSeed Depth
IN-SEASON DATAPost-Emergent Pest ControlCrop Diagnostics
HARVEST DATAEquipmentCrop Marketing
Farmers drive income bymaximizing productivity abilityto achieve realized on-farm yieldin face of environmental stress
and variability
MONSANTO LENS
Farmers drive income bymaximizing yield ability t o
achieve realized on-farm yieldin face tcomes at local farm
levelThrough innovation, Monsanto hasunique opportunity to create new
sources of farm value fromimproving yield and overall farm
productivity within th e value chain
40+ DECISIONSa farmer makes that influence
on-farm yields and productivity
PRODUCTIVITY TOOLS:DRIVING KEY FACTORS TO MAXIMIZE ON-FARM OPERATIONS
MONSANTOS PRODUCTIVITY TOOLKIT
MONSANTOBIOTECH
Platforms lik e IFSand Biologicals offer
the potential toleverage information
MONSANTOTECHNOLOGY
PEST-CONTROLFACTORS
Focus on insect-and w eed-control
regimens
IN-SEASON CROPMANAGEMENT
FACTORS
Diseases, nutri ent,etc. approaches
based on in-fieldenvironment
Focus on best fieldconfiguration,
preparation andplanting elements
Seed is lynchpin
decisio n key toestablishing
yield potential
SEED
BROADEST ANDDEEPEST PIPELINE
PLANTINGFACTORS
Industry-bestgenomics, breedingand biotechnology
Industry-firstRefuge-In-the-Bag RIB agronomic
systems
Industry-firstsystems for weedand insect control
MONSANTOGENETICS
MONSANTONEW PLATFORMS
IN-SEED YIELD
INSECT CONTROL
PLANT HEALTH
DATA-BASEDPRECISION AG
WEED CONTROL
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Monsanto Technology Toolkit:Delivering Most Comprehensive System of Technology for On-Farm Yield & Productivity
With the leading trackrecord of innovation,Monsanto delivers mostcomprehensive productsuite for improving on-farm productivity
More data is being usedin more ways, andopportunity to leveragedata to improve yieldand productivity is thenext major opportunityin agriculture
R&D ENGINE DATA INSIGHT STRATEGY
INNOVATION HUB DATA
Convergence
Multiple components come together todrive yield, with more platforms co ming
together in more ways than ever
Innovation hub positions Monsanto todrive on-farm productiv ity across moreplatforms than anyone in the industry
R&DCOLLABORATION
INDUSTRYSLEADING R&D
ENGINE
CENTRAL POINT FORBUILDING TECNOLOGY
COMBINATIONS
MONSANTO
DEPLOYMENT
PRODUCTS
D E P L O Y
D E P L O Y
YIELD IS A
ON-FARM YIELD &PRODUCTIVITY
IN-THE-BAGSeed & traits establish found ation for yield
+OUTSIDE-THE-BAGChemistry & treatment protect
& drive productivity+
INFORMATIONInformed decision-making used
to maximize system
+
+
INFORMATION
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1.0
1.5
2.0
2.5
2003 2005 2007 2009 2011 2013 $2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
Aug-03 Aug-05 Aug-07 Aug-09 Aug-11 Aug-13
Yield Matters Most:Monsantos Consistent Pricing PhilosophyBased on Yield and Conservative Price Bands
IMPROVED YIELD DRIVES PORTFOLIO VALUEEXAMPLE: COMBINED KEY CORN-GROWING REGIONS (2003-2014F) 1
1. Combined key countries included U.S., Brazil, LAS (Argentina, Paraguay, Uruguay and Bolivia) and EMEA (Europe, Middle East and Africa).2. CBOT
B L E N D E D G L O B A L B R A N D E D C O R N
S E E D N E T S E L L I N G P R I C E ( I N D E X E D )
2003 2008 2014F
COMMODITY PRICESEXAMPLE: CORN COMMODITY PRICES (2003 2013) 2
CBOT Corn Futures 2014F PRICINGLIFT: 5%-10%
Price growthexpected in FY2014
from hybrid miximprovements
Primary driver of price growth is innovation & yieldCommodity prices play a lesser role as conservative pric e bands supportlong term pricing approach and smooth volatilityFY14F global branded corn seed port fol io pri ce expected to l ift by 5%-10%
Conservative priceband assumptionsaddress volatility
by not chasingpeaks or valleys
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C B O T D E C E M B E R F U T U R E S
( U S D / B U )
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R&D SpendSeeds-and-Genomics Gross Profit
U.S.
LATINAMERICA
EASTERNEUROPE
SOUTHAFRICA
$0
$10
$20
$30
$40
$50
$60
$70$80
$90
50 60 70 80 90 100 110 120 130 140 150 160
IMPROVED TEHNOLOGY DRIVES VALUECUMULATIVE R&D SPEND VS SEEDS-AND-GENOMICS GROSS PROFIT
1. Based on 2011 whole bag unit prices.
Leverage in Increased Yield:Increasing Yield Generates More OpportunityGlobally in Corn Than Any Other Growth Driver
YIELD IS VALUED IN EVERY KEY GEOGRPAHYBRANDED CORN NET SELLING UNIT PRICE 1
C U M M U L A T I V E ( I N U S D B I L L I O N S )
B R A N D E D N E T S E L L I N G
U N I T P R I C E ( U S D / A C )
2001 2006 2012
HYBRID CORN YIELD (BU/AC)
A V E RA
GE
UNI T
N S P
/ A C
YIELD DRIVES VALUE the proportional value of yield-to-seed-price is similar across all key geographies
INCREMENTAL YIELD IS INCREMENTAL VALUE Because yield value is captured proportionally, as new yieldcomes on line in any geography, it boosts the realized valueof that regions portfolio
EXAMPLE: Emerging Growt h Areas
In emerging geographi es like Brazil and Eastern Europe theabsolute yield is less than the U.S., however the proportionalvalue of the yield is th e same and, as yields have increased,the increased portfolio value has been demonstrated
AVERAGE CORN YIELDS
TECHNOLOGY INCREASES PORTFOLIO VALUE Investments in research and development drives significantbusiness growth
EXAMPLE: Seeds-and-Genomics GP Growth
In the last d ecade, Seeds-and-Genomics g rossprofit com pounded annual growth has outpacedR&D spend growt h by a ratio of 2-to-1 for a grossprofit return thats nearly 4-to-1 in this tim e period
CumulativeSeeds-and-
Traits GrossProfit >$35B
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R&DPIPELINE
NEW GROWTHMODELS
BREEDING
BIOTECHBIOLOGICALS
CHEMISTRY
COREGROWTH MODELS
EMERGINGGROWTH MODELS
Yield Enables Gross Profit Growth:Layers of Growth Come Together to DefineRunway of Opportunity for Monsanto
PORTFOLIO GROWTH DRIVERSSTRATEGIC SOURCES OF INCREMENTAL GROWTH
PIPELINEOPPORTUNITYGROWTH LAYERS
GROWTH DRIVER ROLL OUT OVER TIME
CORN DRIVERS SOYBEAN DRIVERS
U.S. CORN
U.S. SOYU.S. COTTON
BRAZIL
ARGENTINAEASTERN EUROPE
ROUNDUP READY 2 XTEND
INTACTA RR2 PRO
FIELDSCRIPTS
North America
Geographic Multiplier
Next-Gen Upgrades
MULTIPLE CROPSCOTTON DRIVERS
IFS
R&D Platforms
K E Y
G R O W T H D R I V E R S
S T R A T E G I C S O U R C E S O F I N C R E M E N T A L G R O W T H
NEAR-TO-MID TERM MID-TO-LONG TERM
GROWTH TRENDS
Global growthcontinuesGlobal corn platformdrives annual mix
upgrades throughgermplasm and traitacceleration
New gro wth layersstep upIn the near-to-mid term,new growth driversbecome a contributingfactor with new growthfrom soybean platforms
Entirely newplatforms emergeIn the mid-to-long term,breakthrough newplatforms like IFS andBiologicals unlock totaltool belt creating newyield opportunities
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GROWTH
FACTORSPRICINGOPPORTUNITY
I N F L U E N C I N G
F A C T O R 10%-20%
Ann ualGermplasmTurnover
P R I C I N G
F A C T O R 5%-10%
Ann ual Pri ceImprovements
MONSANTOS INVESTMENT IN BREEDING DRIVESSUSTAINABLE PRICING OPPORTUNITY
Ann ual p or tfo lio up gradesDrive consistent mix improvements
Across key target s eed geographiesOpportunity in k ey geographies represent more than 200M of the the 300M productive corn acres
On industry leading share positions Monsanto has #1 or #2 positions in every key target seed geography
1.0
1.5
2.0
2.5
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013F 2014F
I N D E X E D
B R A N D E D S E E D
N E T S E L L I N G P R I C E
KEY CORNGROWING REGIONS
HIGHLIGHTED 1 :HYBRIDACRES 2
MONSANTOSSHARE
POSITION
U.S. ~97M #1
BRAZIL ~31M #1
LAS ~14M #1
EMEA ~67M #2
TOTAL ~209M
GROWTH IN PORTFOLIO VALUE OVER THE PAST DECADE
BRANDED CORNSEED NET SELLING
PRICE GROWTH
Because of the mixbenefit of new hybrids,
the portfolio valueincreases annually
MONSANTO 10-YR GLOBAL BRANDED CORN PRICING CAGREXAMPLE: COMBINED KEY CORN-GROWING REGIONS 2003-2014F 1
1. Combined key countries included U.S., Brazil, LAS (Argentina, Paraguay, Uruguay and Bolivia) and EMEA (Europe, Middle East and Africa).2. USDA, World Agricultural Supply and Demand Estimates, August 12, 2013 report. Ex-U.S. acres represent Monsanto 2012 planted hybrid acres.
R & D P I P E L I N E
N E
W
G R O W T H
C O R E
G R O W T H
E M E R G I N G
G R O W T H
Global Germplasm Refresh:Underlying Blockbuster Generated $2 Billionin Seed Sales Growth Over Last Decade
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GROWTH
FACTORS
Corn in the Americas:Upgrade Opportunity, Strong Technology
Appetite Fuels Runway Over Next Decade
1. USDA, WASDE 2012 harvested acres. LAS (Argentina, Paraguay, Uruguay and Bolivia). North America figures includes U.S., Canada. L.A. North includes Mexico and Central America countries
CORN PLANTED ACRES IN THE AMERICAS1
HIGHLIGHT: HYBRID PLANTED ACRES BY REGION
R & D P I P E L I N E
N E
W
G R O W T H
C O R E
G R O W T H
E M E R G I N G
G R O W T H
GROWTH DRIVERSFACTOR : GERMPLASM PORTFOLIO UPGRADE
FACTOR: UPGRADEABLE TECHNOLOGY OPPORTUNITY
HIGHEST VALUELOWEST VALUE
R
E L A T I V E M I X I N
D E K A L B P O R T F O L I O
10-20%MATURE HYBRIDS
25-40%PROVENHYBRIDS
25-40%CORE
HYBRIDS
10-20%FIRST-YEAR HYBRIDS
ANNUAL MIXBENEFIT
New higher-value seedhybrids replace hybridsthat average 4-6 yearsold, creating acompounding benefit asthe portfolio adds newproducts each year
CORN TECHNOLOGY PLATFORMS
FUTURE
PRODUCTSTECHNOLOGY UPGRADES
REGION 1 BREEDINGWEED
CONTROLBIOTECH
INSECTCONTROLBIOTECH
IFSRWIII
(NEXT-GENSMARTSTAX )
L.A. SOUTH
U.S./CAN.
L.A. NORTH
BRAZIL
NORTH AMERICA (U.S./CAN)
LATIN AMERICA NORTH
BRAZILLATIN AMERICA SOUTH
NORTH AMERICA 100M PLANTED ACRES#1 POSTION
LATIN AMERICA NORTH7M HYBRID ACRES
#1 POSTION
LATIN AMERICASOUTH
14M PLANTED ACRES#1 POSTION
BRAZIL31M HYBRID ACRES
#1 POSTION
GENUITY REDUCED REFUGE FAMILY
GENUITY VT TRIPLE PRO (Lead)
VT PRO 2 (Lead Product)
#1 GERMPLASM
With More than 150Mhybrid acres and
Monsantos footprint inthe region , the Americasrepresent a signifi cant
runway for upgradeableacres that fuels growt h
through next decade10
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GROWTH
FACTORSINNOVATION DRIVES GROWTH INEASTERN EUROPE
Higher-yielding corn hybri dsIntroduction of new corn germplasm drivesyield improvements throughout the region
Yield creates valueHigher yields translate into increased grower
profitability per acre increasing the preferenceto grow corn
Monsantos business growthMonsantos share growth significantlyoutpacing market expansion
0%
5%
10%
15%
20%
2009 2010 2011 2012
Eastern Europe Opportunity: Intersection of Mega-Trends and BusinessOpportunity Drive Growth
R & D P I P E L I N E
N E
W
G R O W T H
E M E R G I N G
G R O W T H
EASTERN EUROPE CORN YIELD IMPROVEMENTEXAMPLE: CORN VS. WHEAT YIELDS ( 1996 2011) 1
2009 2010 2011 2012PLANTED
HYBRID ACRES 2 21M 23M 27M 33M
0
20
40
60
80
100
1996 1999 2002 2005 2008 2011
WHEAT CORNLinear (WHEAT) Linear (CORN)
~25BU/AC
C R O P Y I E L D S
( I N B U S H L E S / A C R E )
CORN SUBSTITUTION EFFECT
Higher relative corn yields driv e animal feed value per acreWheat acres transitioning to corn
MONSANTOS GROWTH OUTPACES MARKET EXPANSIONEXAMPLE: EASTERN EUROPE CORN MARKET
M O N S A N T O
C O R N S E E D S H A R E LONG-TERM GROWTH OPPORTUNITY
SUPPORTED BY CURRENT INVESTMENTS
Corn breeding facilities being added toaccelerate germplasm yield g ainsInvestments in new corn seed pro ductionin the region will add sign ificant capacityto support future growth
1. FAO 2. Monsanto estimated acres. Includes: Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey, Ukraine
TREND LINES
BRANDED SHARE
C O R E
G R O W T H
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GROWTH
FACTORS
Next-Generation Soybean Platforms:Decade of the Soybean Creates Multi-Billion-Dollar Opportunity as Soybean Platforms Roll Out
ROUNDUP READY 2 XTEND
The other 100-millio n acre opportun ity in th e AmericasWith practical fit on more than 100M soybean acres, the RoundupReady Xtend crop system holds potential across the Americas
INTACTA RR2 PRO
New 100-millio n acre opportunit y for Latin AmericaNext layer of growth in Latin America, building on step-change in yieldcombined with insect control for first soybean stack
Brazil launch in FY2014 targeting around 3M acres
Argentina Ground Br eakers in FY2014 with br oadcommercial launch expected in FY2015Limited but strategically significant opportunity for early sales of INTACTA RR2 PRO in Northern Argentina in FY2014
GENUITY ROUNDUP READY 2 YIELD On track to reach or exceed the high-end of origin al target
of 39M-41M Genuity Roun dup Ready 2 Yield acres
Expanded platform opportunity with multi-year licensingagreement with DuPont Pioneer through 2030. The licenseincludes fixed annual royalty payments totaling $1.75B from 2014-2023
1. 2012 USDA and Monsanto estimated planted acres.2. USDA 2012 production
SOYBEAN PLANTED ACRESHIGHLIGHT: OPPORTUNITY IN THE AMERICAS 1
SOUTHAMERICA
~120M A CRES
NORTHAMERICA
~80M A CRES
~20%
Nearly 90 percent of world soybean producti on comes f romthe Americas 2
MULTI-BILLION-DOLLAR OPPORTUNITY EMERGINGIN SOYBEANS IN THE NEXT FIVE YEARS
Roundup Ready 2Yield Base PlatformCurrent Penetration
Opportunity
~80%
NEXT-GENERATION SOYBEAN OPPORTUNITY OPENS UP ~200M-ACRE OPPORTUNITY GLOBALLY
Expect to realize ~20% of the global opport unity, wi th thetargeted step up in Genuity Roundu p Ready 2 Yield in 2013Over the next five years, expect signifi cant upgrades wil lhave practical fit on the balance of the ~200M global acre
opportunity with continued build-out of the platforms
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R & D P I P E L I N E
N E W
G R O W T H
E S T A B L I S H E D
G R O W T H
E M E R G I N G
G R O W T H
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GROWTHFACTORS
R&D Advantage in Action:Monsantos R&D Pipeline Deepest andMost Successful in Industry
BIOTECHAGRONOMIC TRAITS
YIELD & STRESS 1
BREEDINGANNUAL UPGRADES
BREEDING TRAITS
1. Part of the Monsanto-BASF Yield-and-Stress R&D Collaboration
INFORMATION
IN-THE-BAG
YIELD & PRODUCTIVITY OPPORTUNITY
YIELD IS A SYSTEMMultiple components come together to
drive yield, with mor e platforms comi ngtogether in more ways than ever
Innovation hub positions Monsanto todrive on-farm productivity across moreplatforms than anyone in the industry:
Seed & yield protectionestablish foundation for yield
ON-FARM YIELD & PRODUCTIVITY
Chemistry & treatmentprotect and drive productivity
Informed decision-makingused to m aximize system
+
+
=DATA CONVERGENCE
AGRONOMICSOLUTIONSINTEGRATED FARMING
SYSTEMS
AG BIOLOGICALS
CHEMISTRY
APPLYING TECHNOLOGY TO DRIVE PRODUCTIVITY:R&D TECHNOLOGIESR&D ENGINE
BREEDING
BIOTECH
INTEGRATEDYIELD
PIPELINE
NEW AND EXPANDING PLATFORMSMore data is being leveraged in more ways
R & D P I P E L I N E
N E W
G R O W T H
E S T A B L I S H E D
G R O W T H
E M E R G I N G
G R O W T H
OUTSIDE-THE-BAG
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GROWTH
FACTORS
R & D P I P E L I N E
N E W
G R O W T H
E M E R G I N G
G R O W T H
C O R E
G R O W T H
New R&D Platforms:Integrated Farming Systems and Ag BiologicalsCreate New Yield Platform Opportunity
INTEGRATED FARMING SYSTEMS
FIELDSCRIPTS DRIVES INCREMENTAL YIELD FOR FARMERS
Optimal hybrid match and variable planting densityprescriptions backed by proprietary algorithms
Simple and convenient tool f or farmers to r ealizeadditional yield benefits
FieldScripts on-farm trials across 56 locations sho wed a5-10 bu/ac performance advantage vs. cur rent fixed andvariable rate seeding practices
AG BIOLOGICALS
MONSANTOS BIODIRECT TECHNOLOGYNEW TECHNOLOGY FOR AG BIOLOGICALS
BioDirect expected to be the first pl atformtechnology within biologicals for Monsanto
Leverages Monsantos core capability ingenomics, using genome sequences toidentify mor e precise, effective tools for pestcontrol
PRECISION SEEDINGVARIABLE-RATE
FERTILITY
FERTILITY &DISEASEMANAGEMENT
YIELD MONITOR
USER INTERFACE
BREEDING
DATABASE BACKBONE
UNTREATED TOMATOVIRUS PLANTS
BIODIRECT APPLICATION
BIODIRECT TECHNOLOGY APPLICATION
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Turning Yield Into Growth:Monsantos Business Focus
Key take-aways:
Monsanto is in a growth mode - With multip le years of strongperformance, our business has momentum
Weve taken the business to a global stage - Our growth is moreglobal, with more drivers coming from more geographies thanever before
Were a yield and product ivity company - We have the best R&Dto deliver yield and w e expect even more differentiation withfuture waves of innovation
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