1. Developments in Competitor Products – Soybean Specialty Oils 2007 Canola Council of Canada Meetings Victoria, BC 21 March 2007

2. Agenda We see challenges ahead in the oils market that will impact our customers business Bunge and DuPont have created an alliance to help our customers meet these challenges We have a rich pipeline of products to address business issues Summary

3. Impact Spiraling health care costs are driving government regulatory changes (i.e. Trans fat label requirement) Increases emphasis to balance trans, saturates & cost Customers are demanding healthier foods that still taste great Challenges Rising health issues (i.e. obesity, heart disease, Type 2 diabetes, etc.) due to an aging population, diet and lifestyle Trans labeling requirements forcing use of new oils Increasing consumer awareness regarding health, nutrition and diet We see challenges ahead in the oils market that will impact our customers business

4. The Alliance integrates the capabilities of Bunge and DuPont to deliver functionally effective, large volume soy oil & meal products DuPont Research – Genomics & Trait Discovery Pioneer Research – Variety Development Pioneer Supply Management Pioneer Grower Contracting Team Pioneer Sales Team Bunge Grain Bunge Oil Processing Bunge Grain Pioneer Grower Contracting Team Pioneer Grain Quality Analysis Bunge Oil Processing – Crushing Bunge Oils – Refining Bunge Oils – Sales Bunge Oils – R&D & technical service Integrated capabilities across the Supply Chain See d Grow ers Origi nati on Proc essi ng Sales DuPont/Pioneer Bunge Gen etics

5. Customers are seeking a soy solution Total US Edible Oil Consumption ~ 26B lbs Total Soybean Oil ~ 17B lbs Total Hydro Soy ~ 8.5B lbs

6. The primary market opportunity for specialty soy oils is replacing hydrogenated products Customer Needs: Functionality Supply Reliability Price Future improved oil profile opportunity ~15 MM soy acres

7. We have an ambitious pipeline of products Treus™ Product Development Pipeline Treus TM Low Linolenic Soybean Oil: Significantly reduces trans fats for light frying Treus™ High Oleic Soybean Oil: Increase functionality & stability for heavy duty frying and industrial use Treus™ High Oleic/High Stearic Acid Soybean Oil: Low trans fats shortening and margarine for baking 20052012+ Treus™ Enhanced Soybean Meal: Improved feed value for poultry and pork

8. Matching customer and consumer needs with the research pipeline Functionality –Fry life, shelf life, flavor, etc. –Proven R&D support –Custom applications development Supply Reliability –Wide geographic production –Industry leading grower relationships –Broad processing coverage Price –Competitive with alternative oils –Risk management via hedging Customer needsResearch efforts

9. We have developed a Low Linolenic Oil that allows a zero/reduced Trans label Frying Oil Spray Oil All Purpose Interesterified All Purpose Palm Fractions Custom formulations produced to customer specifications Treus TM Low Linolenic Soybean product applications

10. Product application testing is critical to the success of new Trans -fat alternative oils Fry Test Treus™ Low Lin Oil versus Creamy Soy Liquid Frying Shortening Fried french fries, chicken nuggets and onion rings daily for 5 days Sensory evaluation of food products and analytical evaluation of oil breakdown Test Results No significant sensory difference found in food products fried in the Low Lin versus the hydrogenated control Analysis of oil samples indicate similar fry life to the hydrogenated control Bunge Internal – Low Lin Soy Fry Test

11. Building the supply chain to meet customers’ needs 2007 Low Lin Contracting Summary CHS – Fairmont

12. What is on the Horizon for Next Generation Specialty Oils High oleic soy is the next generation specialty soy oil High oleic offers increased stability & functionality for heavy duty frying and industrial applications Availability is expected ~2008 / 2009 L Hydro Soy 1 H Hydro Soy 2 HO Soy 3 Trans Acids 11371 Saturates 182211 Trans + Saturates 295912 Oleic Acid (C18:1) 417380+ Linoleic Acid (C18:2) 3432 Linolenic Acid (C18:3) 213 1 Lightly Hydrogenated, 2 Heavily Hydrogenated, 3 High Oleic

13.  +10 evaluations at university and commercial pilot facilities  Studies showed that low linolenic, high oleic soy and blends are attractive alternatives to partially hydrogenated oil  French fries, fried chicken, potato chips, tortilla chips, salad oil  High oleic soy typically equaled or outperformed partially hydrogenated soy in standard oil quality measurements –polars, polymers, p-anisidine, free fatty acids, peroxide value  High oleic soy generated less objectionable room odor compared to partially hydrogenated oil during frying studies High Oleic Soy Oil Testing Product application testing is critical to the success of new Trans -fat alternative oils

14. Summary The food industry is seeking different oil solutions than what we are providing today Other competing oils (i.e. palm, HO canola, corn, etc.) are eager to fill this need Next generation of modified oils will include High Oleic soy oil Low Lin soybeans are the first of many output traits being developed to improve soybean oil quality

15. Questions Steve Schnebly Research Coordinator – Pioneer Hi-Bred (515) 253 2270 Steve.Schnebly@pioneer.com