The value of a leaf to a plant depends on the fate of its exported assimilates. When these are translocated and used in the growth of new leaves they contribute to further carbon assimilation. The result is that their value to the plant is greatest while they are young. In contrast, when assimilates are translocated to storage, assimilates produced early and late in the life of a leaf are of equal value. This arguments is developed in relation to the optimal distribution of mineral resources and defenses during the life of leaves.