Monument Circle Acquisition Corp (MON)

[DewDiligence]

Reduction of the refuge requirement for SmartStax to 5% vs the 20% requirement that has been standard for GM corn seed up to now will allow farmers to increase farm corn yield 5 to 10 percent over and above the approximately 10% yield increase expected to result from the traits per se.

However, the 5-10% yield improvement from decreased refuge acreage does not accrue to farmers who were cheating with respect to refuge management.