1. FIRST-QUARTER 2006
ROBB FRALEY, PH.D.
CHIEF TECHNOLOGY OFFICER
ANNUAL R&D PIPELINE REVIEW
January 4, 2006
1

2. Forward-Looking Statements
Certain statements contained in this release 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, including proceedings related to Solutia Inc.;
developments related to foreign currencies and economies; successful completion and operation of recent and
proposed 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 filings with the SEC. Undue reliance should not be placed on these forward-looking
statements, which are current only as of the date of this release. The company disclaims any current intention or
obligation to update any forward-looking statements or any of the factors that may affect actual results.
Trademarks
Roundup, Roundup Ready, Roundup Ready2Yield, Bollgard, Bollgard II, YieldGard, Monsanto, Imagine, Vine
Design, Asgrow, DEKALB, Monsanto Choice Genetics, Posilac, Processor Preferred, and Vistive are trademarks
owned by Monsanto Company and its wholly-owned subsidiaries and are italicized the first time they appear in this
presentation.
Mavera™ is a trademark of Renessen.
2

3. OVERVIEW PHASE II PHASE III
DISCOVERY PHASE I PHASE IV
Early Advanced
Proof Of Concept Pre-launch
Gene/Trait
2005 Pipeline Development Development
Identification
AS OF JANUARY 1, 2005
Roundup Ready Flex cotton
Roundup RReady2Yield soybeans
2nd-Gen YieldGard Rootworm
FARMER
2nd-Gen YieldGard Corn Borer
Drought-tolerant corn
Drought-tolerant soybeans
Drought-tolerant cotton
Higher-yielding corn
Higher-yielding soybeans
Mavera™ High-value corn with lysine
PROCESSOR
Mavera™ I High-value soybeans
Mavera™ II High-value soybeans
2nd-Gen High-value corn with lysine
Feed Corn with balanced proteins
High oil soybeans for processing
CONSUMER
Improved-protein soybeans
Vistive II Low Lin – Mid Oleic soybeans
Vistive III Low Lin – Mid Oleic – Low Sat soybeans
Omega-3 soybeans
3

4. OVERVIEW PHASE II PHASE III
DISCOVERY PHASE I PHASE IV
Early Advanced
Proof Of Concept Pre-launch
Gene/Trait
2006 Pipeline Development Development
Identification
AS OF JANUARY 1, 2006
Roundup Ready Flex cotton
Roundup RReady2Yield soybeans
2nd-Gen YieldGard Rootworm
FARMER
2nd-Gen YieldGard Corn Borer
Drought-tolerant corn
Drought-tolerant soybeans
Drought-tolerant cotton
Higher-yielding corn
Higher-yielding soybeans
Mavera™ High-value corn with lysine
PROCESSOR
Mavera™ I High-value soybeans
Mavera™ II High-value soybeans
2nd-Gen High-value corn with lysine
Feed Corn with balanced proteins
High oil soybeans for processing
CONSUMER
Improved-protein soybeans
Vistive II Low Lin – Mid Oleic soybeans
Vistive III Low Lin – Mid Oleic – Low Sat soybeans
Omega-3 soybeans
4

5. DISCOVERY PHASE I PHASE II PHASE III PHASE IV
OVERVIEW
Proof Of Concept Early Advanced Pre-launch
Gene/Trait
2006 Pipeline Development Development
Identification
AS OF JANUARY 1, 2006
Roundup Ready Flex cotton
Roundup RReady2Yield soybeans
Roundup RReady2Yield canola
Dicamba-tolerant soybeans
Dicamba-tolerant cotton
2nd-Gen YieldGard Rootworm
2nd-Gen YieldGard Corn Borer
Insect-protected soybeans
YieldGard Rootworm II
FARMER
Soybean nematode-resistance
Bollgard III
Drought-tolerant corn
2nd-Gen Drought-tolerant corn
Higher-yielding canola
Drought-tolerant soybeans
Drought-tolerant cotton
Higher-yielding corn
Nitrogen utilization corn
Higher-yielding soybeans
Mavera™ High-value corn with lysine
PROCESSOR
Mavera™ I High-value soybeans
Mavera™ II High-value soybeans
2nd-Gen High-value corn with lysine
Feed Corn with balanced proteins
High oil soybeans for processing
CONSUMER
Improved-protein soybeans
Vistive II Low Lin – Mid Oleic soybeans
Vistive III Low Lin – Mid Oleic – Low Sat soybeans
Omega-3 soybeans
5

6. PIPELINE UPDATE
Corn Germplasm Improvements Are Tightly Linked to
Market Share Gains U.S.
KEY MARKET ACRES BRAZIL ARGENTINA
BRAND LICENSED ASI
Corn breeding 80M 30M 6M
AVAILABLE MARKET
CREATING VALUE 16% 32% 3% 35% 49%
PERCENT PENETRATED
2005 CORN YIELD (BU/A)
PROJECT UPDATE MONSANTO BRANDS
200
COMPETITORS
Corn Breeding 190
2005 PERFORMANCE 180
RESULTS
• Average yield differential of Monsanto versus
170
competitors’ best material is better than one-third
greater in 2005 compared with 2004 testing
160
• Strong yield advantages are consistent across maturity
zones and outperform best competitive commercial 150
material sold in 2005 95 100 105 110 115
RELATIVE MATURITIES (DAYS)
2006 FOCUS
CORN PIPELINE HYBRID PERFORMANCE (110 RM)
• Continue marker-based breeding approach 120
• Continue focus on broadening the genetic base of our 115
SELECTION INDEX
market offerings, including strengthening our 110
international portfolio
RESULTS
105
100
95
90
85
MONSANTO MONSANTO OTHER MONSANTO COMPETITIVE
COMMERCIAL NEW 2006 PIPELINE HYBRIDS HYBRID
LEADERS HYBRIDS LEADERS
6

7. PIPELINE UPDATE
Cotton Breeding Program Provides Rich Source of Germplasm
to Branded and Licensed Businesses U.S.
COTTON
STONEVILLE
KEY MARKET ACRES STATES
Cotton breeding 14M
AVAILABLE MARKET
CREATING VALUE 14% 0%
PERCENT PENETRATED
PROJECT UPDATE 2005 COTTON GERMPLASM PERFORMANCE
(19 LOCATIONS)
Cotton Breeding 1600
1400
2005 PERFORMANCE
1200
• Monsanto varieties competitive with current market
LBS LINT/ACRE
1000
leaders and include Roundup Ready Flex stacked with
Bollgard II 800
• Stoneville will offer 9 varieties either with the Roundup 600
RESULTS
Ready Flex trait or with Roundup Ready Flex stacked
400
with Bollgard II
200
• Cotton States will have 7+ licensees in 2006 with
0
access to 5 varieties with Roundup Ready Flex stacked
2005
MONSANTO
with Bollgard II COMPETITIVE
VARIETIES
LEADERS
2006 FOCUS
• Introduce 4-6 new, improved varieties with latest trait
offerings
• Continue marker-based breeding approach
• Expand breeding program and evaluations of additional
varieties
7

8. OVERVIEW
Efficient Discovery Program Is in Full Gear, Fueling
Pipeline Expansion and Performance
PHASE II PHASE III
DISCOVERY PHASE I PHASE IV
Early Development Advanced
Proof Of Concept Pre-launch
Gene/Trait Development
Identification
AVERAGE
24 to 48 MONTHS 12 to 24 MONTHS 12 to 24 MONTHS 12 to 24 MONTHS 12 to 36 MONTHS
DURATION1
AVERAGE
5 PERCENT 25 PERCENT 50 PERCENT 75 PERCENT 90 PERCENT
PROBABILITY
OF SUCCESS2
ION
AT
GR
E
INT
IT
RA
T G
STIN
D TE
FIEL
MONSANTO
DISCOVERY + REGULATORY DATA GENERATION
COLLABORATIVE REG
U LATO
PARTNERS RY S
UBM
IS SION
KEY INFLECTON POINT: SE
ED
BU
AFTER PHASE II COMMERCIAL LK
UP
SUCCESS GOES TO >50%
WITH LEADS ON COMMERCIAL
TRACK
TENS OF THOUSANDS THOUSANDS 10s <5 1
GENES IN
TESTING
•HIGH-THROUGHPUT •GENE OPTIMIZATION •TRAIT •TRAIT INTEGRATION •REGULATORY
KEY ACTIVITY
SCREENING DEVELOPMENT SUBMISSION
•CROP •FIELD TESTING
•MODEL CROP TRANSFORMATION •PRE-REGULATORY •SEED BULK-UP
•REGULATORY DATA
TESTING DATA GENERATION •PRE-MARKETING
•LARGE-SCALE
TRANSFORMATION
1. Time estimates are based on our experience; they can overlap. Total development time for any particular product may be shorter or longer than the time estimated here.
2. This is the estimated average probability that the traits will ultimately become commercial products, based on our experience. These probabilities may change over time.
8

9. PIPELINE UPDATE
Drought-Tolerant Corn Advances to Phase II Based on
Second-Year Field Test Results
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Drought-tolerant corn 80M 30M 6M
AVAILABLE MARKET
CREATING VALUE 0% 0% 0%
PERCENT PENETRATED
PROJECT UPDATE 8
DURING DROUGHT STRESS
Drought
Drought-tolerant corn tolerance
% IMPROVED GROWTH
6 established
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
RESULTS
through plant
physiology
4
(performance)
2005 PERFORMANCE
over three
2
• Moved into Phase II years
2003 2004 2005
• In second year, lead genes tested in drought conditions
in 7 locations, broad-acre application in 10 locations
• Physiological drought tolerance repeated over past 3 40 In multiple
years locations of
% YIELD ADVANTAGE
drought-
20
2006 FOCUS condition field
RESULTS
trials, best-
• Continue to screen lead events for performance 0 performing
• Continue commercial transformations for second events show
60 80 100 120
generation of drought tolerance; Second set of genes significant yield
-20
are being evaluated in Discovery and Phase I advantage over
conventional
• Select optimal germplasm for drought genes
checks
-40
LOCATIONS WITH INCREASING DROUGHT SEVERITY
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
9

10. PIPELINE UPDATE
Nitrogen Utilization Corn Emerged from Discovery
Engine to First-Year Field Testing
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Nitrogen utilization corn 80M 30M 6M
AVAILABLE MARKET
CREATING VALUE 0% 0% 0%
PERCENT PENETRATED
PROJECT UPDATE
G
en
Nitrogen utilization corn es
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
RESULTS
HIGH N
MED N
LOW N
2005 PERFORMANCE
Broad screens of hundreds of traits in low,
• Emerged from Discovery to Phase I field testing
medium and high nitrogen situations allow us to
• Lead events show roughly 10 percent increase in yield
identify candidates for more intensive field testing
in multi-location field trials
190 At standard
2006 FOCUS
YIELD (BU/ACRE)
nitrogen rates
170
• Enhanced nitrogen utilization is a challenging trait, so (120 lbs/ac) there
EVENT 1 is yield
industrial scale genomics is continuing to identify more
RESULTS
150
EVENT 2 advantage over
leads
CONTROL conventional
• Continue to refine the gene constructs for optimal 130
check
performance
110
0 50 100 150 200
POUNDS OF N APPLIED/ACRE
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
10

11. PIPELINE UPDATE
Higher-Yielding Soybeans Showing Good Results in
Second-Year Field Tests
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Higher-yielding soybeans 80M 50M 35M
AVAILABLE MARKET
CREATING VALUE 0% 0% 0%
PERCENT PENETRATED
PROJECT UPDATE WITH
TRAIT
Higher-yielding soybeans
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
RESULTS
CONTROL
2005 PERFORMANCE
Higher yield potential is being validated in field
• Advanced to Phase II
environment versus conventional checks, with
• Tested hundreds of events in both first- and second-
visible plant height differences
year field testing over approximately 20 locations
• Volume of current events in testing as a result of
2004
10 Yield
partnership with Mendel
2005 advantage
8
YIELD ADVANTAGE
(% OF CONTROL)
2006 FOCUS over
conventional
RESULTS
6
• Initiate commercial transformations and optimization to checks
improve trait performance 4 improved in
leads in
2
second-year
testing
0
Event 1 Event 2 Event 3
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
11

12. PIPELINE UPDATE
Second-Generation Platform Expands Soybean Weed
Control Window, Benefits for Growers
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Roundup RReady2Yield 80M 50M 35M
AVAILABLE MARKET
soybeans
CREATING VALUE 0% 0% 0%
PERCENT PENETRATED
PROJECT UPDATE
Roundup RReady2Yield soybeans
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
2005 PERFORMANCE
• Lead event confirmed in April of 2005
RESULTS
• 2005 U.S. field trials confirmed the target yield and
wider window of application benefits
• Trait integration efforts started
• Implementation of marker-assisted selection
2006 FOCUS
• Continued field testing to build data for regulatory
submissions
2005 U.S. field tests confirmed yield targets;
The use of marker-assisted selection helped
teams working on trait selection
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
12

13. PIPELINE UPDATE
Pipeline Success and Continuing Prospects Are Strong
Across Food-Trait Discovery Platforms
PLATFORM LIPID ENHANCEMENTS
VISTIVE II VISTIVE III
VISTIVE SOYBEANS LOW LIN – MID OLEIC LOW LIN – MID OLEIC – LOW SAT
D I II III IV
D I II III IV D I II III IV
• Successful first year of planting • Achieved commercial targets in • Analysis from commercial
• Kellogg’s makes public its oleic and linolenic composition transformation indicated that project
trans-fat reduction program meets oleic and saturate targets
• Molecular marker implementation
using Vistive moving selection for line • Advancing to multi-location field
advancement trials in 2006
PLATFORM PROTEIN ENHANCEMENTS PLATFORM BIOACTIVE COMPOUNDS
IMPROVED-PROTEIN SOYBEANS OMEGA-3 SOYBEANS
D I II III IV D I II III IV
• Advanced to Phase IV • Advanced to Phase III
• In October, announced alliance with • Initial taste, sensory and stability
Solae, who will use Monsanto tests completed and continue to
technology to formulate new line of confirm viability of project concept
improved-flavor soy protein
13

14. PIPELINE UPDATE
2005 Marked Successful Completion of Initial Taste,
Smell and Oil Stability Testing for Omega-3 Soybeans
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Omega-3 soybeans TBD TBD TBD
AVAILABLE MARKET
CREATING VALUE 0% 0% 0%
PERCENT PENETRATED
PROJECT UPDATE 400
Stabilized 20% SDA
Omega-3 soybeans 350
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
20% SDA w/ CA
300
PEROXIDE VALUE, MEQ/KG
Stabilized Fish Oil
250
2005 PERFORMANCE
200
• Moved into Phase III
• Field trials continue to confirm expression of
RESULTS
150
stearidonic acid (SDA) levels at concept targets
100
• Initial sensory data superior to fish oil
50
2006 FOCUS
0
• Continue to screen to select the lead event for
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
regulatory submission DAYS AT 55°C
In testing for oil stability, SDA oil produced
from Omega-3 soybean plants showed less
oxidation – an indicator of stability – than fish oil
where both oils were stabilized with commercial
products
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
14

15. OVERVIEW
Combination of Predictable Progress and Early-Phase
Additions Create Milestone Year Across Pipeline
R&D PIPELINE SCORECARD
KEY METRICS MEASURING PIPELINE PROGRESS
2005 PERFORMANCE
December No
ry ve
ua mb
PORTFOLIO
an BIOTECH TRAIT PIPELINE
J er
UPDATE
PRIORITY DATA Fifteen projects either advanced from one
ary
Oc
UPDATE phase to another or were added to the
ANALYSIS
bru
tob
PIPELINE PROGRESS pipeline, representing positive movement
Fe
er
in >50% of current pipeline projects
September
March
Ten projects were added to Phase I or later
DATA
PIPELINE ADDITIONS as a result of Discovery work or
COLLECTION collaborative partnerships
BREEDING PIPELINE
Ap
st
gu
ril
Au
Field trial yield differentials versus
FIELD CORN BREEDING competitors even greater than in 2004
Ma
TESTING
y ly First-generation molecular breeding
Ju
varieties showed better yield results than
June
SOYBEAN BREEDING current competitive commercial set in field
ANNUAL R&D CYCLE: trials
SEEDS & TRAITS Breeding effort strengthens Stoneville’s
COTTON BREEDING offerings and enables entrance of Cotton
States into cotton germplasm market
Strong breeding base in place, currently
working on targets across farmer,
SEMINIS BREEDING processor and consumer segments, as
well as converting open-pollinated crops
15