CARL CASALEEXECUTIVE VICE PRESIDENT

MORGAN STANLEY Global Basic Materials Conference

FEBRUARY 18, 2009

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; developments related to foreign 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 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.

© 2009 Monsanto Company

3

Non-GAAP Financial Information

This presentation may use the non-GAAP financial measures of “free cash flow,” earnings per share (EPS) on an ongoing basis and Return on Capital (ROC). We define free cash flow as the total of cash flows from operating activities and investing activities. A non-GAAP EPS financial measure, which we refer to as ongoing EPS, excludes certain after-tax items that we do not consider part of ongoing operations, which are identified in the reconciliation. ROC means net income (without the effect of certain items) exclusive of after-tax interest expenses, divided by the average of the beginning year and ending year net capital employed, as defined in the reconciliation. Our presentation of non-GAAP financial measures is intended to supplement investors’ understanding of our operating performance, not replace net income (loss), cash flows, financial position, or comprehensive income (loss), as determined in accordance with GAAP. Furthermore, these non-GAAP financial measures may not be comparable to similar measures used by other companies. The non-GAAP financial measures used in this presentation are reconciled to the most directly comparable financial measures calculated and presented in accordance with GAAP.

With respect to the time period prior to Sept. 1, 2000, references to Monsanto in this presentation also refer to the agricultural business of Pharmacia.

FISCAL YEAR:References to year, or to fiscal year, are on a fiscal year basis and refer to the 12-month period ending August 31.

$0

$2,000

$4,000

$6,000

$8,000

$10,000

2003 2004 2005 2006 2007 2008 2009F 2012F

Five-Year Plan to More Than Double Gross Profit by 2012 Centered On Seeds and Traits Platform

4

$7.3-$7.5B

GROSS PROFIT COMMITMENT: 2003-2012F

~2.25X2007

BASELINE

$9.5-$9.75B

$4.40-$4.50ONGOING

EPS

$4.2B

SEEDS & GENOMICS GROSS PROFIT

AG PRODUCTIVITY GROSS PROFIT

BASELINE

2012 GROWTH RANGE

Gross profit targeted to more than double from 2007 baseline through 2012

STRATEGIC PLAYBOOK

All growth is organic, from base business and pipeline

U.S. CornInternational CornSoybeansCottonVegetablesR&D Pipeline

Earnings continue to translate into operating cash, and value created for shareowners through combination of acquisitions, share repurchases and dividends

GR

OS

S P

RO

FIT

(in

mill

ions

)

5

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

2009F 2012F

$1.9B$2.4B-$2.5B

~18% CAGR

GR

OS

S P

RO

FIT

(in

mill

ions

) $7.3B-$7.5B

$4.5B-$4.6B

~ -8% CAGR

Even as Roundup Supply and Demand Comes into Balance, Seeds and Traits Is Fundamental Driver of Growth

By 2012, Seeds and Genomics will grow at a CAGR of ~18%, representing nearly 4x the gross profit contribution of the Roundup business

SEEDS & GENOMICS GROSS PROFIT

ROUNDUP AND OTHER GLYPHOSATE-BASED HERBICIDES GROSS PROFIT

Roundup and Other Glyphosate-Based

HerbicidesFY2009 ForecastGross Profit Target $2.4B-$2.5B

Branded Price (per equivalent gallon)

> $20

FY2012 ForecastGross Profit Target $1.9B

Branded Price (per equivalent gallon)

$16-$18

6

Monsanto’s Growth Lies In Creating New Value for Growers; Yield From Seed Is Most Important On-Farm Decision

2006 200821% 21%

CHEMICALS11% 9%

FERTILIZER39% 47%

AVERAGE YIELD 149 bu/acrePRICE PER

BUSHEL $3.04

GROSS REVENUE $453/acreSEED +

CHEMICALS $67/acre

FERTILIZER $80/acreOTHER $59/acre

OVERHEAD $204/acreNET RETURN $43/acre

GR

OS

S

RE

VE

NU

ES

TO

TA

L

CO

ST

S

AVERAGE YIELD 153 bu/acrePRICE PER

BUSHEL $3.65 – $4.15

GROSS REVENUE ~$597/acreSEED +

CHEMICALS $89/acre

FERTILIZER $140/acreOTHER $72/acre

OVERHEAD $230/acreNET RETURN ~$66/acre

GR

OS

S

RE

VE

NU

ES

TO

TA

L

C

OS

TS

SEED (INCLUDING TRAITS)

CHEMICALS

FERTILIZERS & SOIL CONDITIONERS

CUSTOM OPERATIONS & TECHNICAL SERVICE

FUEL & POWER COSTS

OTHER

1Excludes overhead costs, including hired labor and opportunity cost of land. Source: USDA and CBOT

A 1% yield increase improves returns by roughly

$4.50/acre to $6.00/acre

SEED

U.S. CORN PRODUCTION COSTS PER ACRE OPERATING COSTS1

Seed Platforms Targeted to Increase Size of Genetic Footprint Globally Through 2012

7

BRAZIL 2008 SHARE 2012 TARGETS

CORN 40% 44-48%

COTTON 21% 31%ARGENTINA 2008 SHARE 2012 TARGETS

CORN 46% 50-54%

U.S. 2008 SHARE 2012TARGETS

DEKALB 25.5% 30-34%ASI 10.5% ~15%Asgrow 20% 24-28%ASI 9% 10-12%Deltapine 41% ~50%

INDIA 2008 SHARE 2012 TARGETS

CORN 36% 40-44%

COTTON 5% 12%

EU27 2008 SHARE 2012 TARGETS

CORN 12% 16-20%

LA - NORTH 2008 SHARE 2012 TARGETS

CORN 58% 62-66%

Share for row crops provided reflects sales volume for Monsanto brands divided by total planted acres in respective geography.

Corn represents hybrid corn share in each respective market.

Source for Deltapine share in the U.S. is dmrkynetic 2008 new certified seed share estimates.

Significant Growth Opportunity Still Exists in Expansion of Biotech Traits Globally

INTERNATIONAL MARKET OPPORTUNITYMARKET OPPORTUNITY FOR BIOTECH TRAITS THROUGH 20101

Note: Market opportunity reflects total acres where technology is applicable, not necessarily acres projected for penetration by 2010.1Primarily Bollgard penetration; opportunity to expand to second generation technology.2Roundup Ready 2 Yield is planned to be launched in Brazil as a stack with insect-protected soybeans.

SOYBEANS COTTON CORN

ROUNDUP READY

ROUNDUP READY2 YIELD

ROUNDUP READY(FLEX)

BOLLGARD AND

BOLLGARD II

ROUNDUP READY CORN 2

YIELDGARDCORN BORER

YIELDGARDROOTWORM SMARTSTAX

U.S. 65-75M 45-55M 10-12M 6-8M 80M 60-70M 45-55M 50-65M

2008 Penetration 97% 0% 63-75% 74-98%1 86% 64-75% 55-67% 0%

8

International

Brazil 50-60M 45-50M2 3M 2M 15-20M 15-20M 5M 15-20MArgentina 40M - - - 9M 7M 5M 5-7M

India - - 15-20M 18-20M 6M 6M - 5-6MEurope (EU27) 1M - - - 24M 8M 5M 15-20M

South Africa 0.2M - .15M .15M 6M 4M - 4M

Australia - - 0.5M-0.8M 0.5M-0.8M - - - -

SOYBEANS COTTON CORN

ROUNDUP READY

ROUNDUP READY2 YIELD

ROUNDUP READY(FLEX)

BOLLGARD AND

BOLLGARD II

ROUNDUP READY CORN 2

YIELDGARDCORN BORER

YIELDGARDROOTWORM SMARTSTAX

Total International 91-101M 45-50M 19-24M 21-23M 60-65M 40-45M 15M 44-57M

2008 Penetration 66-74% 0% 3-4% 77-86%1 3% 20-23% 0% 0%

9

CORN SEED AND TRAITS SEGMENT2009 UPDATES► Target to increase gross profit by more than 25%► Target to increase gross margins by 300 basis

points► On track to deliver 1 – 2 share points in DEKALB

brand and 1 point gain in American Seeds in U.S.► Branded triple mix expected to increase to 70%

in U.S.2012 MILESTONE TARGETS

Advanced lead drought-tolerant corn project to Phase 4Advanced SmartStax to Phase 4, commercial launch expected in 2010

► Grow U.S. DEKALB corn share to 30-34 share points; grow American Seeds to ~15 share points

CORN SEED & TRAITS

GROSS PROFIT PROGRESSION

GLOBAL GROSS PROFIT SPLIT

$1,721$2,174

$2,800

2007 2008 2009F 2012F

$4,500- $4,600

70%

30%U.S.Intl. 70%

30%

2008 2012F

$ in millions

Corn Gross Profit in FY2009 Targeted to Grow 25 Percent; Margins Up 300 Basis Points

10

Consistent Yield Advantage Has Led to Eight Consecutive Years of Share Gains

GEOGRAPHY: U.S.2009 OBJECTIVE:

Grow 1 – 2 Share Points

2008 PERFORMANCE UPDATE

• In 2008, in > 15,300 comparisons, DEKALBout-yields competitive best by 9.6 bu/acre on average

• DEKALB’s overall 3-year average yield advantage continues to improve each year

2008 FINAL U.S. COMPETITIVE CORN YIELD COMPARISON: DEKALB

8.2 8.4 8.4

9.6

7.1 7.88.3

8.8

0

2

4

6

8

10

12

2005 2006 2007 2008

DEKALB THREE -YEAR ROLLING YIELD ADVANTAGE

DEKALB ANNUAL YIELD ADVANTAGE

BU

SH

ELS

/AC

RE

(AP

PR

OX

IMA

TE

DIF

FER

EN

CE

S)

Source: Annual yield advantage calculated each year by comparing leading DEKALB volume products within each RM zone to national competitor products within 2 RM days. 2008 data as of November 23, 2008. Weighted average calculated to 15% moisture. >230,000 comparisons represented in the four years of rolling averages.

U.S. CORNSTATUS

• DEKALB earned 3 points in 2008 for total share of 25.5%, doubling its share in 5 years

• On track to deliver 1 – 2 share points in DEKALBin FY2009

Outlook to 2012:• Grow U.S. DEKALB corn

share to 30-34 share points

DEKALB on Path to Nearly Triple Share Through 2012

11

DEKALB U.S. CORN SHARE EVOLUTION: 2001-2009F

10%12% 13% 14%

16%

20%

23%26%

0%

5%

10%

15%

20%

25%

30%

2001 2002 2003 2004 2005 2006 2007 2008 2009F

27% - 28%DEKALB Brand Share

YIELD CREATION2001-2004

CREATION + PRESERVATION2005 FORWARD

Combining germplasm library and breeding capability, focus was on boosting the inherent genetic potential in the seed

Availability of stacked biotech traits now preserves a greater percentage of genetic potential

• Molecular breeding becomes new standard for Monsanto breeders

• Primary growth initially comes from existing customers expanding acres planted to DEKALB seed

• DEKALB brand’s continued strong yield performance is earning increasing trial and adoption from farmers who’ve historically purchased other brands

12

1. Acre opportunity reflects acres where technology fits at Monsanto's current 2007 market share in respective crops

2. 2020 value reflects gross sales opportunity in launch country in year 2020

R&D PipelineSmartStax Corn

STATUS: ADVANCED

Phase 4PROJECT CONCEPT:

SmartStax combines the following herbicide-tolerant and insect-protection traits for the most complete control:

• YieldGard VT Rootworm withRoundup Ready Corn 2 and YieldGard VT PRO

• Herculex® I and Herculex® RW• Liberty Link®

VALUE:

LAUNCH-COUNTRY ACRES1: 55-65M

2020 VALUE2: >$500M

WHOLE-FARM YIELD IMPROVEMENT ESTIMATES:

1IMPROVED CONSISTENCY FORPRIMARY AND SECONDARY PESTS3

2 REDUCED REFUGE4

TOTAL: 5-10%1Acre opportunity reflects acres where technology fits at Monsanto's current 2007 market share in respective crops22020 value reflects gross sales opportunity in launch country in year 20203As compared to YieldGard VT Triple 4Subject to EPA approvalLiberty Link® is a registered trademark of Bayer CropScience AG

Herculex® is a registered trademark of Dow Agrosciences LLC

The second-generation YieldGard corn borer trait, a key SmartStax component, demonstrates incremental yield benefit of 4 percent over first-generation corn borer traits in preliminary data from 2 years of comparisons

Fewer damaged kernels from earworm drives yield advantage

NEW: 2007 & 2008 SmartStax EFFICACY TRIALS

0.0

0.5

1.0

1.5

0.01.02.03.04.05.06.0

CRW Root Damage Ratings

Corn Earworm Damage

Dam

aged

Are

a (c

m2)

Nod

e In

jury

Sca

le 0

-3

Roundup Ready Corn

Herculex® Corn Borer

YieldGard VT Triple PRO

SmartStax

Herculex® Rootworm

YieldGard VT Rootworm

with Roundup Ready Corn 2

SmartStaxRoundup Ready Corn

SmartStax Raises the Bar as Most Durable, Complete and Easy to Use On-Farm Package for Weed and Pest Control

13

LATIN AMERICAN CORN OUTLOOK:

SEED & TRAIT TRENDS THROUGH 2012

LATIN AMERICA NORTH

CURRENT5-YEAR

OUTLOOK

SEED SHARE: #1 position in all key countriesHYBRID ACRES: 7-8M

BIOTECH STATUS:

Approved YieldGard Corn Borer with Roundup Ready Corn 2 in Colombia and HondurasDecember 2008 approval gained for experimental trials in El Salvador

FY2009 OUTLOOK • Integration of Cristiani; Expand seed footprint for pending trait introductions

BRAZIL

CURRENT 5-YEAR OUTLOOK

SEED SHARE: 40%HYBRID ACRES: 25-27M

BIOTECH STATUS:1st commercial trait in FY2009Received approval for Roundup Ready Corn 2

FY2009 OUTLOOK: • Targeted share gain: 1-2 points• 1.5-2M acre launch of YieldGard Corn Borer

ARGENTINACURRENT 5-YEAR OUTLOOK

SEED SHARE: 46%HYBRID ACRES: 8-10M

BIOTECH STATUS: Double-stack corn approved

FY2009 OUTLOOK:• Targeted share gain: 1-2 points• 2M-plus acre launch of YieldGard Corn Borer with

Roundup Ready Corn 2

BRAZIL #1 POSITION

ARGENTINA #1 POSITION

MEXICO #1 POSITION

Increasing Biotech Penetration in Brazil and Argentina Sets Stage for Significant Contributions to Gross Profit

14

SOYBEAN SEED & TRAITSGROSS PROFIT PROGRESSION

$588 $725

2007 2008 2009F 2012F

~$1,200

~$700

$ in millions

1Target market defined as acres where technology is applicable, not necessarily a projection of acres penetrated by 2012.

SOY SEED AND TRAITS SEGMENT2009 UPDATES► On track to gain 1 share point in Asgrow brand► Controlled commercial release of Roundup

Ready 2 Yield soybeans on 1.5M acres► Roundup Ready soybean in Brazil appears to

be on track to approach 60% penetration mark2012 MILESTONE TARGETS► Large-scale launch of Roundup Ready 2 Yield

in 2010; target market of 45-55M acres1

► Grow Asgrow brand to 25 share points in the U.S. by 2012

► Increase Brazil Roundup Ready soybean penetration to 80 percent by 2012 in anticipation of launch of insect-protected Roundup Ready 2 Yield soybeans

GLOBAL GROSS PROFIT SPLIT

80%

20%U.S.Intl.

2008

85%

15%

2012F

Soybean Platform to Cross $1 Billion in Gross Profit in 2012; 70 Percent Growth from FY2009

15

VALUE PROPOSITIONYIELD IMPROVEMENT ON

AVERAGE YIELDS IN GROUPS 2 & 3:

~3.8 bu/acINCREMENTAL YIELD

VALUE TO FARMER (VERSUS ROUNDUP

READY):~$38/ac

PRICING

SEAMLESS PRICE FOR FIRST-GENERATION

ROUNDUP READY SEED (PER ACRE)1:

$49-$52

SEAMLESS PRICE FOR ROUNDUP READY 2 YIELD

SEED (PER ACRE)1: $69-$72

Roundup Ready 2 Yield Soybeans First in Series of Yield-Enhancing Traits

1Reflects seamless price to the farmer, including trait value, germplasm value and value provided by the seed treatment.

RELATIVE MATURITIES: 2 3 Overall

COMPARISONS: >1,000 >2,900 >3,900

APPROXIMATE BUSHELS PER ACRE ADVANTAGE FOR

ROUNDUP READY 2 YIELD:4.6 3.8 3.8

PERCENT YIELD ADVANTAGE FOR ROUNDUP READY 2 YIELD1: 9.1% 7.3% 7.4%

Bus

hels

per

Acr

e

54.5 55.5 55.2

49.951.7 51.4

35

40

45

50

55

60COMPETITORS’ PRODUCT WITH ROUNDUP READY TRAITROUNDUP READY 2 YIELD

Two year summary (2007-2008) of head-to-head comparisons between all Roundup Ready 2 Yield products available for sale in 2009 vs. national competitor Roundup Ready products. Final data as of December 9, 2008.

NEW: FINAL ROUNDUP READY 2 YIELD SOYBEANS VERSUS COMMERCIAL CHECKSCOMPARISONS TO COMMERCIAL ROUNDUP READY SOYBEANS – 2 YEAR SUMMARY

16

Research And Development

GEOGRAPHY Global

OBJECTIVE: Maximize return on investment

2009 STATUS

• Monsanto spends more on seed and biotech R&D than any other company

• >90% of R&D spend is for seeds-and-traits, split roughly 50/50 between breeding and biotechnology

• For 2009, R&D spend expected to be 9.5%-10% of sales, or more than $1 billion

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

2001 2002 2003 2004 2005 2006 2007 2008

2001 – 2008 28% CAGR

SEEDS & GENOMICS GROSS PROFITTOTAL COMPANY RESEARCH & DEVELOPMENT1

IN M

ILLI

ON

S

1Total R&D does not include IP R&D from acquisitions

Technology Investment Has Fueled Gross Profit Progression for Seeds and Traits

2001 – 2008 9% CAGR

17

As SmartStax and Roundup Ready 2 Yield Launch, Four New Game-Changing Products Extend Lead into the Next Decade

2012 TO END OF DECADE

Drought Tolerant Corn Family1

Nitrogen-Utilization Corn Family1

Higher Yielding Soybeans1

2nd

Generation Drought1

• Advanced to Phase IV• First dry-land drought

product submitted for FDA approval

• 5 years of testing exceeded 6%-10% yield improvement target

• Phase I Project• Consistent yield benefit

after two years of testing• 8% yield benefit at lower

nitrogen levels

• Advanced to Phase III• Built upon yield platform

of Roundup Ready 2 Yield

• Lead events 1 & 2 experienced averageyields of 7.4% and 6.7%, respectively

• Phase II project• 9% yield advantage in

2008 in water-stressed environments

• Currently selecting commercial event for broad-acre application

CONTROL HYBRID(76 BU/AC)

WITH GENE(94 BU/AC)

SUPERIOR, NE - FIELD TRIALS – 2007

1Part of the Monsanto-BASF Yield and Stress R&D Collaboration

FARM PROGRESS SHOW – 2007

TransgenicControl

Dayton, Iowa -- 2008

18

Strong Cash Position Creates Opportunity to Bolster Strategic Position and Drive Differentiation Through Innovation

USES OF CASHCUMULATIVE: 2005-2008 Fiscal Years

$4,485$2,078

$307

$1,058

$906

ACQUISITIONS 51% OF CASH USED

• American Seeds(2004-2007)

• Seminis (2005)

• Delta & Pine Land (2007)• Agroeste (2007)• De Ruiter and Cristiani (2008)

CAPITAL SPENDING 24% OF CASH USED

• Spent $918M in 2008, 60% for new or expanding seed facilities

SHARE REPURCHASES 10% OF CASH USED

• Completed 4-year $800M share-repurchase program and began previously announced 3-year $800M authorization in December 2008

$ in millions

DIVIDENDS 12% OF CASH USED

• From 2002-2008, Monsanto’s Board of Directors has raised the dividend seven times for a total increase of 300 percent.

TECHNOLOGY SPENDING 4% OF CASH USED

• Over $300M spent to expand technology partnership network

FY2009 Guidance Supports 20 Percent Plus EPS Growth Rate

19

2009FEARNINGS

ONGOING EARNINGS PER SHARE$4.40-$4.50

~20-24% GROWTH FROM 2008

Seeds & Genomics Gross Profit $4.5-$4.6BCorn Seed & Traits Gross Profit ~$2.8B

Soybean Seed & Traits Gross Profit ~$700MCotton Seed & Traits Gross Profit ~$300M

Vegetable Seeds Gross Profit ~$500MAll Other Seed & Traits Gross Profit ~$200M

Roundup and All Other Glyphosate-based Herbicides Gross Profit $2.4-2.5B

All Other Ag Productivity Gross Profit ~$400M

CASH MANAGEMENT AND SPENDINGFREE CASH FLOW >$1.8B

Operating Cash >$3BCapital Expenditures ~$1B

SG&A as a Percent of Sales 19% Range

R&D as a Percent of Sales (excluding acquired IPR&D) 9.5%-10% Range

20

Monsanto’s Growth Opportunity Lies at the Intersection of Demand, Innovation and Execution

More demand requires more YIELD

More yield requires more INNOVATION

More innovation delivers more GROWTH

Monsanto’s Simple Philosophy on Opportunity:

Reconciliation of Non-GAAP Financial Measures

Reconciliation of Free Cash Flow

$ MillionsFiscal Year

2009 ForecastFiscal Year

2008Fiscal Year

2007First

Quarter 2009First

Quarter 2008

Net Cash Provided (Required) by Operations $3,000 $2,799 $1,854 $114 $996

Net Cash Provided (Required) by Investing Activities (1,200) (2,027) (1,911) $10 (256)

Free Cash Flow $1,800 $772 $(57) $124 $740

Net Cash Provided (Required) by Financing Activities N/A (102) (583) (258) (47)

Effect of Exchange Rate Changes on Cash and Cash Equivalents N/A 77 46 (137) 58

Net Increase (Decrease) in Cash and Cash Equivalents N/A $747 $(594) $(271) $751

$ per shareFiscal Year

2009 ForecastFiscal Year

2008Fiscal Year

2007First

Quarter 2009First

Quarter 2008

Diluted Earnings (Loss) per Share TBD1 $3.62 $1.79 $1.00 $0.46

Solutia Claim Settlement -- ($0.23) -- -- --

Loss (Income) on Discontinued Operations ($0.02) ($0.04) ($0.15) ($0.02) ($0.01)

In-Process R & D Write-Off Related to the De Ruiter Acquisition -- $0.29 -- -- --

In-Process R & D Write-Off Related to the Delta & Pine Land (D&PL) Acquisition -- -- $0.34 -- --

In-Process R & D Write-Off Related to the Aly ParticipacoesLtda. Acquisition TBD1 -- -- -- --

Diluted Earnings (Loss) per Share from Ongoing Business $4.40-$4.50 $3.64 $1.98 $0.98 $0.45

Reconciliation of Non-GAAP EPS

211The company is not able to provide a reconciliation to reported EPS guidance for fiscal year 2009 at this time, as it is still evaluating purchase accounting adjustments related to its recent acquisition of the Brazilian sugar cane business Aly Participacoes Ltda. Such adjustments are dependent upon the completion of valuations of certain intangible assets, including in-process R&D which requires immediate expense recognition and it is expected to be significant.