1. HUGH GRANT
CHAIRMAN, PRESIDENT AND CEO
MONSANTO COMPANY
BIO CEO & INVESTOR
CONFERENCE
February 14, 2006
1

2. Forward-Looking Statements
Certain statements contained in this release are quot;forward-looking statements,quot; 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 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.
2

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 on-going 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. These non-GAAP financial measures are not intended to replace net income (loss), cash flows,
financial position, or comprehensive income (loss), as determined in accordance with accounting principles
generally accepted in the United States. 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,
which can be found at the end of this presentation.
Fiscal Year
In this presentation, unless otherwise specified, references to Monsanto’s fiscal years refer to the 12-month period
ending August 31.
Trademarks
Roundup, Roundup Ready, Roundup Ready2Yield, Bollgard, Bollgard II, YieldGard, Monsanto, Imagine, Vine
Design, Asgrow, DEKALB, Monsanto Choice Genetics, Posilac, Processor Preferred, Vistive, and French Kiss 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.
3

4. OVERVIEW
Biotechnology Poised to Expand As Increased Grain
Production Required to Meet World-Wide Demand
WORLD AREA GRAIN PRODUCTION
EUROPE
UNITED STATES ASIA
2005 2010
2005 2010 2005 2010
Corn 52M MT 55M MT
Corn 278M MT 297M MT Corn 122M MT 132M MT
Soy 1M MT 3M MT
Soy 86M MT 81M MT Soy 22M MT 23 MT
ARGENTINA BRAZIL
2005 2010 2005 2010
Corn 44M MT 53M MT
Corn 23M MT 27M MT
Soy 60M MT 81M MT
Soy 38M MT 40M MT
Production = Consumption
Net Importer
Net Exporter
4
Source: U.S.D.A. Foreign Agricultural Service, ABIOVE, Independent Economists & Monsanto Estimates

5. OVERVIEW
Early Adoption of Biotech Is Strong, But Tremendous
Future Potential Still Remains
10 YEARS OF PROVEN BENEFITS
U.S. CORN PRODUCTION COST PER
GLOBAL ACRES USING MONSANTO
200
ACRE (2004)2
$300
BIOTECHNOLOGY TRAITS
180
160 $250
ACRES (IN MILLIONS)
140
$200
120
100 $150
80
$100
60
40 $50
20
$0
0
DEPRECIATON OTHER FIXED COSTS
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 SEEDS FERTILIZERS
CHEMICALS MACHINE OPERATIONS
SOYBEANS CORN COTTON CANOLA
MISCELLANEOUS
GLOBAL ADOPTION MARKET OPPORTUNITY
Biotech was first commercialized in 1996 on Seed accounts for less than 20% of the cost per
approximately 3 million acres acre for a U.S. farmer today.
Biotechnology acreage has grown by double-digits Biotech traits create new value and substitute for
each year. inputs like chemicals and fertilizers
Cumulatively, acreage has grown The projected global value for the biotech trait
market in 2005 was $5.25 billion1 with estimates of
50-fold since 1996, with biotech traits planted on
more than 220 million acres in 20051 up to $25 billion in sales by 20103
1. International Service for the Acquisition of Agri-biotech Applications (ISAAA), “Global Status of Commercialized Biotech/GM Crops: 2005”
2. USDA and Monsanto estimates
3. AGROW, “The Global Crop Protection Industry in 2010,” (2001)
5

6. OVERVIEW
Biotechnology Is the Most Rapidly Adopted Agricultural
Technology in History Because of Significant Benefits
10 YEARS OF PROVEN BENEFITS
ECONOMIC BENEFITS
Since 1996, global farm income increased by a
cumulative total of $27 billion from a combination of
higher productivity and reduced costs1
FARM PRODUCTIVITY
In a single year, U.S. growers increased productivity by
5.3 billion pounds, increased net returns by $1.9
billion2
ENVIRONMENTAL BENEFITS
Biotech crops has resulted in 380 million pounds of
less pesticide use by growers since 1996, a reduction
of over 6 percent1
PESTICIDE REDUCTION
In 2003, US growers eliminated over 46 million pounds
of pesticide active ingredients2
The ‘environmental footprint’ of the four most
prevalent crops has been reduced by 14 percent
because of the planting of biotech crops1
OTHER BENEFITS
Conservation tillage practices have increased
significantly since the adoption of biotechnology-
derived herbicide-tolerant crops2
1. Brookes, Graham and Peter Barfoot “GM Crops: The Global Economic and Environmental Impact – The First Nine Years 1996-2004,” (2005) AgBioForum,
http://www.agbioforum.org.
2. National Center of Food and Agricultural Policy (NCFAP) “Impacts on US Agriculture of Biotechnology Derived Crops Planted in 2003 – An Update of Eleven cases studies,” (2004).
6

7. OVERVIEW
Farmers ‘Buy Yield,’ Opening Opportunity for Seeds and
Traits Strategy
MONSANTO’S POSITION
OPTIONS FOR FARMERS
FARMERS’ DECISION EQUATION
SEED Seed is locally adapted to Monsanto has three channels to
geographical growing market:
The starting point of all
conditions
agriculture; farmers National brands
need to maximize Roughly 300 seed
Regional/local brands
‘genetics’ in seed for companies serve U.S. Corn
yield
+ TECHNOLOGY
seed market Licensing to other brands
Monsanto traits offer protection
for ‘above-and-below’ ground
Biotechnology traits
insects and new weed control
Insecticides options
Technology is used to
protect and maximize We’ve had 11 different traits
Herbicide systems
the yield potential of the approved and commercialized
seed
= MAXIMUM YIELD
Our traits are broadly licensed to
seed companies
The elegance of a seed and trait
In a tight-margin business,
POTENTIAL approach is that the seed is the
farmers need the ‘complete
package and traits can be
package’ to maximize yield
The basic equation
‘stacked’ for maximum effect
and profitability
represents the maximum
yield potential multiplied by In 2005, Monsanto introduced the
the percent of that yield first triple-stack of biotech traits
preserved by technology
7

8. LEADERSHIP
Monsanto Has Rare Mix of Leading Commercial Portfolio
and Unmatched R&D Pipeline
DISCOVERY PHASE I PHASE II PHASE III PHASE IV CURRENT
COMMERCIAL
Proof Of Concept Early Development Advanced Development Pre-launch
Gene/Trait Identification
PRODUCTS
DROUGHT- 2nd GEN 2nd GEN YIELDGARD CORN
YIELDGARD
PEST CONTROL TOLERANT YIELDGARD YIELDGARD BORER
ROOTWORM II
CORN CORN BORER ROOTWORM (1997)
MAVERATM
2nd-GEN DICAMBA- ROUNDUP
HIGH-VALUE ROUNDUP READY
GRAIN YIELD DROUGHT- TOLERANT READY2YIELD
CORN WITH CORN (1998)
TOLERANT CORN SOYBENS SOYBEANS
LYSINE
INSECT- MAVERATM I
STRESS HIGHER- VISTIVE II LOW YGCB WITH RR
PROTECTED HIGH-VALUE
TOLERANCE YIELDING CORN LIN – MID OLEIC (1998)
SOYBEANS SOYBEANS
NITROGEN- HIGHER- IMPROVED-
HERBICIDE OMEGA 3 ROUNDUP READY
UTILIZATION YIELDING PROTEIN
TOLERANCE SOYBEANS CORN 2 (2001)
CORN SOYBEANS SOYBEANS
2nd-GEN HIGH- VISTIVE III LOW
DISEASE YIELDGARD
VALUE CORN LIN – MID OLEIC
RESISTANCE ROOTWORM (2003)
WITH LYSINE – LOW SAT
FEED CORN HIGH-OIL
LIPID YGRW WITH RR
WITH BALANCED SOYBEANS FOR
ENHANCEMENTS (2003)
PROTEINS PROCESSING
SOYBEAN MAVERATM II
PROTEIN YIELDGARD PLUS
NEMATODE HIGH-VALUE
ENANCEMENTS (2004)
RESISTANCE SOYBEANS
DROUGHT-
CARBOHYDRATE YGPL WITH RR
TOLERANT BOLLGARD III
ENHANCEMENTS (2005)
SOYBEANS
DICAMBA-
BIOACTIVE ROUNDUP READY
TOLERANT
COMPOUNDS SOYBEANS (1996)
COTTON
DROUGHT-
BOLLGARD COTTON
TOLERANT
(1996)
COTTON
ROUNDUP READY
COTTON
(1997)
BG WITH RR
(1997)
BOLLGARD II
(2003)
BGII WITH RR
(2003)
ROUNDUP READY
FLEX COTTON (2006)
8

9. LEADERSHIP
Drought Pressure in 2005 in Central Corn Belt Demonstrated
Performance Value of YieldGard Rootworm
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
YieldGard 5M 1M
AVAILABLE MARKET 25-30M
Rootworm Corn
2006 STATUS
16% 0% 0%
PERCENT PENETRATED
YIELDGARD
MIDWEST DROUGHT OBSERVATIONS
ROOTWORM (2003)
• Approximately one- YieldGard
quarter of growers
Rootworm’s
in U.S. drought-
protection allows
stricken areas in
for heartier roots
2005 have
that can tap what
experienced >30
bu/acre advantage moisture exists
over soil-applied
insecticides
The difference
between
YieldGard
INSECTICIDE
TREATED-CORN
Rootworm plants
and conventional
YIELDGARD
ROOTWORM
ones is visible
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
9

10. LEADERSHIP
Market Opportunity for Roundup Ready Corn on Track for
60M Acres Longer Term
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Roundup Ready 20M 5M
AVAILABLE MARKET 60M
Corn 2
2006 STATUS
40% 0% 0%
PERCENT PENETRATED
ROUNDUP READY
CORN 2 (2001)
INFLECTION
POINT:
• Roundup Ready
VARIABLE-
corn is on pace for
BASED
INFLECTION
40
50M acres in 2008 PRICING
POINT: EU
INFLECTION
in the U.S. IMPORT
35 POINT: APPROVALS
DOMESTIC
• We now have
30 CHANNELING
supply available to PROGRAM
U.S. ACRES
sell 15% more
25
acres of Roundup
Ready corn and
20 SUSTAINABLE
YieldGard
ACREAGE
15
Rootworm corn
GROWTH
than forecast in
10
November, up to
44M acres
5
collectively
0
1998 1999 2000 2001 2002 2003 2004 2005 2006F 2007F
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
10

11. LEADERSHIP
Stacking Shifts Value Opportunity to the More Profitable Acre
U.S. CORN TRAIT ACRES AVERAGE U.S. RETAIL VALUE ADDED WITH STACKED TRAITS
TRAIT RETAIL VALUE
SINGLE TRAITS
3.42
3 .5
45
TRAIT RETAIL VALUE PER ACRE
ADDED PER ACRE
STACKED – DOUBLE TRAITS
40
STACKED – TRIPLE TRAITS
3
35
(INDEXED)
ACRES IN MILLIONS
30
2 .5
25
2
20
1.59
15
1 .5
10
1
5
DOUBLE TRIPLE
STACK STACK
0
2001 2002 2003 2004 2005
1 = INDEXED VALUE OF SINGLE TRAIT
11

12. LEADERSHIP
Market Potential for Biotech Traits Highlights Continued
Growth Opportunity
SOYBEANS COTTON CORN
MARKET
OPPORTUNITY: ROUNDUP
KEY MARKETS BOLLGARD I ROUNDUP YIELDGARD YIELDGARD
READY
ROUNDUP READY
AND II READY CORN BORER ROOTWORM
FLEX
UNITED
70M 10-15M 6-8M 60M 50-60M 25-30M
STATES
BRAZIL 50M 3M 2M 20M 15M 5M
ARGENTINA 35M - - 5M 4M 1M
INDIA - 10-15M 10-15M 3 – 5M 3 – 5M -
EUROPE 1M - - 24M 8M 5M
AFRICA 0.2M 11M 10M 6M 4M -
AUSTRALIA - 0.5M-0.8M 0.5M-0.8M - - -
TOTAL KEY 34.5-
156.2M 28.5-35.8M 118-125M 84-96M 36-41M
MARKETS 44.8M
76% 0% 35% 19% 40% 10%
BIOTECH
ACRES
PLANTED 2005
REMAINING
AVAILABLE
MARKET
12

13. LEADERSHIP
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
AIT
TR
ING
TEST
D
FIEL
MONSANTO
DISCOVERY + REGULATORY DATA GENERATION
COLLABORATIVE REG
ULA
PARTNERS TOR
Y SU
BMIS
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.
13

14. DISCOVERY PHASE I PHASE II PHASE III PHASE IV
LEADERSHIP
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
14

15. LEADERSHIP
Monsanto Is Upgrading the Entire Commercial Trait
Portfolio to Second- and Third-Generation Traits
TECHNOLOGY UPGRADES IN THE PIPELINE
CORE FIRST-
COMMERCIALIZED
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
GENERATION
SECOND-
Proof Of Concept Early Development Advanced Development Pre-launch
Gene/Trait
TECHNOLOGY
GENERATION
Identification
YIELDGARD CORN
2ND GEN YIELDGARD
BORER
CORN BORER
(1997)
UPGRADE: BROADER BENEFIT: FULL-SEASON
INSECT CONTROL; CONTROL OF EUROPEAN
BETTER IRM PROPERTIES CORN BORER
ROUNDUP READY
ROUNDUP READY
CORN
CORN 2
(1998)
(2001)
BENEFIT: NEW WEED
UPGRADE: SIMPLIFIED
CONTROL SYSTEM
WEED CONTROL,
GREATER FLEXIBILITY
YIELDGARD
YIELDGARD 2ND GEN YIELDGARD
ROOTWORM
ROOTWORM II ROOTWORM
(2003)
UPGRADE: NEW MODE OF UPGRADE: IMPROVED BENEFIT: CONTROL OF
ACTION FOR INSECT EFFICIENCY OF STACKING CORN ROOTWORM
CONTROL IN ELITE GERMPLASM
ROUNDUP READY
ROUNDUP
DICAMBA-TOLERANT
SOYBEANS
RREADY2YIELD
SOYBEANS
(1996)
SOYBEANS
UPGRADE: ADDITIONAL BENEFIT: NEW WEED
UPGRADE: GREATER
MODE OF ACTION CONTROL SYSTEM
FLEXIBILITY; YIELD
BENEFIT
BOLLGARD
BOLLGARD II
BOLLGARD III
COTTON
COTTON
COTTON
(1996)
(2003)
BENEFIT: BROADER
BENEFIT: IN-PLANT
BENEFIT: BROADER
INSECT CONTROL;
CONTROL OF THE
INSECT CONTROL;
BETTER IRM PROPERTIES
BOLLWORM
BETTER IRM PROPERTIES
ROUNDUP READY
ROUNDUP READY
DICAMBA-TOLERANT
COTTON
FLEX COTTON
COTTON
(1997)
(2006)
BENEFIT: ADDITIONAL BENEFIT: NEW WEED
BENEFIT: GREATER
MODE OF ACTION CONTROL SYSTEM
FLEXIBILITY; HERBICIDE
REPLACEMENT
15

16. LEADERSHIP
Roundup Ready Flex Launch To Be Most Significant in 10-
Year History of Biotech Traits
KEY MARKET ACRES U.S. INDIA AUSTRALIA
Roundup Ready 10-15M
AVAILABLE MARKET 10-15M 0.5-0.8M
Flex Cotton
2006 STATUS
0%
0% 0%
PERCENT PENETRATED
Anticipated trait launch of 2-3 million acres in U.S. in 2006 through 10
ROUNDUP READY
FLEX COTTON
(2006)
cotton seed suppliers
• Pricing at a Roundup Ready Flex will be only stacked with Bollgard II, at
premium of $6-$11
approximately 70-80% of mix
an acre over the
Introductory acres planted in Australia; full launch set for 2007
first-generation of
Roundup Ready
Trait in initial breeding phase with licensees in India in preparation for
cotton
filing for regulatory field trials
The Roundup Ready
Flex cotton trait will
be coupled with our
Stoneville brand and
our Cotton States
licensing as a
showcase of
Monsanto’s cotton
business
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
16

17. LEADERSHIP
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
Consistent results from early leads and more
Drought-tolerant corn leads emerging from pipeline
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
2005 PERFORMANCE
• In second year, lead genes tested in drought conditions
in 7 locations, broad-acre application in 10 locations
RESULTS
• In multiple locations of drought-condition field trials,
best-performing events show significant yield
advantage over conventional checks
2006 FOCUS
• Continue to screen lead events for performance
• Continue commercial transformations for second
generation of drought tolerance; Second set of genes
are being evaluated in Discovery and Phase I
• Select optimal germplasm for drought genes
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
17

18. LEADERSHIP
Vistive Is First of Family of Improved Oils for Food Uses
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Vistive Low- 5M TBD TBD
AVAILABLE MARKET
Linolenic Soy
CREATING VALUE 2% 0% 0%
PERCENT PENETRATED
PROJECT UPDATE 800+ Farmers in Eastern and
Northeastern Iowa planted Vistive
Vistive Low Lin soybeans
soybeans this year
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
Vistive provides opportunity to
declare zero trans fat and use the
2005 PERFORMANCE nutrient content claims of “Low in
saturated fat, contains 7 g of total
• Vistive was developed by screening Monsanto’s
fat per serving” and “Reduced
RESULTS
germplasm and using advanced tools in breeding,
Saturated Fat”
effectively launching in 36 months from concept
100% PARTIALLY
100% PALM OIL
HYDROGENATED
• Successful launch, with approximately 100,000 acres 100% VISTIVE
SOYBEAN OIL
planted in Iowa in the Asgrow seed brand Nutrition Facts Nutrition Facts Nutrition Facts
Tortilla Chips (Plain, white corn) Tortilla Chips (Plain, white corn) Tortilla Chips (Plain, white corn)
Serving Size – 1 0z. (28 g) Serving Size – 1 0z. (28 g) Serving Size – 1 0z. (28 g)
• Oil from the Vistive crop was sold out before Harvest Amount Per Serving Amount Per Serving Amount Per Serving
Calories 140 Calories Calories 140 Calories Calories 140 Calories
from Fat 60 from Fat 60 from Fat 60
2006 FOCUS % Daily Value % Daily Value % Daily Value
Total Fat 7 g 11% Total Fat 7 g 11% Total Fat 7 g 11%
• Expanded market, with approximately 500,000 acres, Saturated Fat 1.5 g 8% Saturated Fat 3 g 15% Saturated Fat 1 g 5%
Trans Fat 2 g Trans Fat 0 g Trans Fat 0 g 0%
10+ seed brands and 4+ processors Cholesterol 0% Cholesterol 0% Cholesterol 0%
Sodium 120 mg 5% Sodium 120 mg 5% Sodium 120 mg 5%
Total Carbohydrate 19 g 6% Total Carbohydrate 19 g 6% Total Carbohydrate 19 g 6%
Dietary Fiber 2 g 8% Dietary Fiber 2 g 8% Dietary Fiber 2 g 8%
Sugars 0 g Sugars 0 g Sugars 0 g
Protein 2 g 4% Protein 2 g 4% Protein 2 g 4%
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
18

19. LEADERSHIP
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
19

20. LEADERSHIP
Monsanto’s Pipeline Is Balanced Across Multiple
Market Opportunities
OMEGA 3
SOYBEANS VISTIVE III
>$30/ ACRE
SOYBEANS
HIGH:
DICAMBA-
TOLERANT
SOYBEANS
DICAMBA- ROUNDUP
YIELDGARD
TOLERANT RREADY2YIELD
BOLLGARD III
ROOTWORM II
COTTON SOYBEANS
2ND GEN HIGH-VALUE
VISTIVE II
CORN WITH LYSINE
RETAIL VALUE PER ACRE2
SOYBEANS
<$30/ ACRE
ROUNDUP READY
MEDIUM:
HIGHER- ROUNDUP 2ND GEN
FLEX COTTON
YIELDING RREADY2YIELD YIELDGARD
FEED CORN WITH
CANOLA CANOLA NITROGEN-
ROOTWORM
BALANCED PROTEINS UTILIZATION CORN
2ND GEN
MAVERATM II HIGH- DROUGHT-TOLERANT
YIELDGARD
IMPROVED- VALUE SOYBEANS DROUGHT- CORN
CORN BORER
PROTEIN TOLERANT HIGHER-YIELDING
SOYBEANS COTTON SOYBEANS
MAVERATM HIGH-VALUE INSECT- SOYBEAN DROUGHT-
CORN WITH LYSINE PROTECTED NEMATODE TOLERANT
SOYBEANS RESISTANCE SOYBEANS
<$10/ ACRE
SMALL:
HIGH OIL
SOYBEANS FOR
MAVERATM HIGH-
PROCESSING
VALUE SOYBEANS
SMALL: <5M ACRES MEDIUM: <20M ACRES HIGH: >20M ACRES
TOTAL ACRE OPPORTUNITY1
1. “Total Acre Opportunity” represents the maximum acre penetration by the trait individually and as a stacked trait during the three-year span of its peak; Second- and third-generation traits may cannibalize acre
opportunities of preceding product offerings
2. “Retail Value Per Acre” represents the per-acre average value for the individual trait in the three-year span during the trait penetration peak
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21. OVERVIEW
Drivers of Growth in Mid-Term and Long-Term Horizons
Are On Track
FY2006 AND FY2007 TARGETS FY2008 - FY2010
2006 2006 2007
LEADERSHIP
TARGET UPDATE TARGET
$2.35-$2.50 $2.82-$3.00 Accelerate the Current
$2.35-$2.50
EARNINGS PER Up to 20% 20% growth Commercial Platform
Toward upper
SHARE growth from from 2006
end of range Expanded long–term opportunity
2005 projection
for corn traits, reflecting
opportunity in licensing,
FREE CASH
$825M - $900M $825M - $900M $875-$950M stacking and price-to-value
FLOW
strategies
KEY COMMERCIAL COMMITMENTS
Expand in New Markets
US CORN
1 – 2 pts 1 – 2pts Penetration of new markets in
SHARE
Asia, Europe and South America
with existing traits
US RR CORN 30M ACRES 34M ACRES
New opportunity in the high-
margin Seminis business
US YGRW 8M ACRES 10M ACRES
Discover New Opportunities
US COTTON
Through Research
1 – 2 POINTS 1 – 2 POINTS
SHARE
Refreshing of first-generation
US RR FLEX 2 – 3M ACRES 2 – 3M ACRES trait portfolio
Breeding programs expand our
AUSTRALIA 80-85% 90%
genetic footprint
COTTON TRAITS penetration penetration
Translate Growth to Value
BRAZIL RR
5 – 10 cents per 5 – 10 cents Gross profit mix reflects higher-
EARNINGS
share per share margin seeds and traits
CONTRIBUTION
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22. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow
Fiscal Year Fiscal Year
2006 2007
$ Millions Target Target
Net Cash Provided by Operations $1,300 - $1,375 $1,375 - $1,450
Net Cash Provided (Required) by Investing Activities $(475) $(500)
Free Cash Flow $825 - $900 $875-$950
Net Cash Provided (Required) by Financing Activities N/A N/A
Net Increase in Cash and Cash Equivalents N/A N/A
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