Monsanto Vice President Kerry Preete presented at the Merrill Lynch Chemicals Conference on March 15, 2005. The presentation discussed Monsanto's crop production platforms in large-acre and small-acre crops, highlighting biotechnology adoption rates. It also summarized Monsanto's market leadership in key crops such as corn, soybeans, and cotton, and new product innovations in plant breeding and biotechnology to enhance crop traits and create value.

1. KERRY PREETE
Vice President, U.S. Crop Production
Merrill Lynch Chemicals Conference
New York
March 15, 2005
1

2. Forward-Looking Statements
Certain statements contained in this presentation, such as statements concerning the company's anticipated
financial results, current and future product performance, regulatory approvals, currency impact, business and
financial plans and other non-historical facts are quot;forward-looking statements.quot; 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: the company's exposure to various contingencies, including those related to
Solutia Inc., litigation, intellectual property, regulatory compliance (including seed quality), environmental
contamination and antitrust; successful completion and operation of recent and proposed acquisitions;
fluctuations in exchange rates and other developments related to foreign currencies and economies; increased
generic and branded competition for the company's Roundup herbicide; the accuracy of the company’s estimates
and projections, for example, those with respect to product returns and grower use of our products and related
distribution inventory levels; the effect of weather conditions and commodity markets on the agriculture business;
the success of the company’s research and development activities and the speed with which regulatory
authorizations and product launches may be achieved; domestic and foreign social, legal and political
developments, especially those relating to agricultural products developed through biotechnology; the company’s
ability to successfully market new and existing products in new and existing domestic and international markets;
the company’s ability to obtain payment for the products that it sells; the company's ability to achieve and maintain
protection for its intellectual property; the effects of the company's accounting policies and changes in generally
accepted accounting principles; the company's ability to fund its short-term financing needs; and other risks and
factors detailed in the company's filings with the U.S. Securities and Exchange Commission. 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 revise or update any forward-looking statements or any of
the factors that may affect actual results, whether as a result of new information, future events or otherwise.
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 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 at the end of this presentation. 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, 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.
3

4. OVERVIEW
Monsanto Has Established Strategic Platforms in
High-Value Crops
SEED & TRAIT CROP PLATFORMS
SMALL-ACRE CROPS
LARGE-ACRE CROPS
CORN SOYBEANS COTTON VEGETABLE
Branded Licensed Branded
Branded Licensed Branded Licensed ASI
ASI
ASGROW EMERGENT*
DEKALB SEMINIS*
DEKALB
ASGROW
HOLDEN’S/ HOLDEN’S/ COTTON
CORN CORN STATES
STATES STATES
AMERICAN
AMERICAN
SEEDS, INC.
SEEDS, INC.
BIOTECHNOLOGY
R&D
PLATFORMS
MOLECULAR AND CONVENTIONAL BREEDING
4
*Pending

5. OVERVIEW
Biotechnology Adoption Reflects Trait Value, Independent
of Commodity Prices
MONSANTO U.S. BIOTECH ACRES VS. AVERAGE MARKET PRICE
$8.00
45 $3.00 80 11.5 $0.60
40 $7.00
70
$2.50 11 $0.50
35
$6.00
60
30 $2.00 10.5 $0.40
$5.00
50
25
$4.00
$1.50 40 10 $0.30
20
$3.00
30
15 $1.00 9.5 $0.20
$2.00
20
10
$0.50 9 $0.10
$1.00
10
5
$0.00
0 $0.00 0 8.5 $0.00
2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004
CORN BIOTECH SOYBEAN COTTON
CORN PRICES SOYBEAN COTTON
ACRES BIOTECH ACRES BIOTECH ACRES
PRICES PRICES
LEFT AXIS: ACRES (MILLIONS) RIGHT AXIS: $ PER ACRE
Source: USDA and Monsanto estimates
5

6. MARKET LEADERSHIP
Growth Remains for Biotechnology, Particularly in Corn
KEY MARKET: UNITED STATES
SOYBEANS COTTON CORN
Roundup Roundup Bollgard Roundup YieldGard YieldGard
Ready Ready I and II Ready Corn Root-
Borer worm
AVAILABLE
70M 10-15M 6-8M 50M 30M-40M 15-20M
MARKET
TRAIT
97% 68% 88% 34% 80% 9%
PENETRATION
BIOTECH
ACRES
PLANTED 2004
REMAINING
AVAILABLE
MARKET
6

7. MARKET LEADERSHIP
Value of Soybean Weed Control Has Shifted to Seeds and
Roundup Ready Trait
U.S. GROWER SOYBEAN SYSTEM COST
ROUNDUP READY TRAIT
HERBICIDE
HERBICIDE
SEED
COST
$47
$43
$40
$ PER ACRE
TRAIT
VALUE
1999
1995 2004
CONVENTIONAL ROUNDUP READY
Source: Monsanto and Doane Market Research
7

8. MARKET LEADERSHIP
Vistive Is the First of a Family of Improved Oils for Food
Uses KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Vistive 5M TBD TBD
AVAILABLE MARKET
Low Linolenic Soy
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
First of a three-product step-change in oil profiles; launch in 2005
• Contract grown,
value shared.
Most oil already under contract with food companies
Monsanto sells
to growers, Oil to be in on-the-shelf consumer products in late 2005
processors pay
grower premium
OIL PROFILES ALONG THE THREE-STEP CHANGE IMPROVEMENT
and royalty to
Monsanto after LINOLENIC LINOLEIC OLEIC SATS
harvest and 18:3 18:2 18:1 18:0 / 16:0
STANDARD
crushing SOYBEAN
• To be stacked
with Mid-Oleic
LOW LIN
before full
market
penetration is MID OLEIC +
LOW LIN
achieved
• 1 acre = ZERO SAT +
approximately MID OLEIC +
500 lbs. of oil LOW LIN
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
8

9. INNOVATION - BREEDING
Breeding Breakthrough Improves the Taste and
Mouth-Feel of Soy-Based Foods
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Improved-Protein <1M TBD TBD
AVAILABLE MARKET
Soybeans for Food
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
Created through breeding
• Contract grown,
technologies
value shared.
Monsanto sells Improves taste and mouth-
to growers,
feel
processors pay
grower premium Consumer applications in
and royalty to
beverages and meat
Monsanto after
alternatives
harvest and
crushing Developed with molecular
markers and analytical
• Small acres, but
high value per screenings to accelerate
acre breeding
Produced in high-yielding
varieties for testing
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
9

10. MARKET LEADERSHIP
Monsanto Now Services Seed Market Through Three
Outlets
CORN
American Seeds
Licensed
Branded
Inc.
INDEPENDENT
SEED CO.
10

11. MARKET LEADERSHIP
Monsanto’s Germplasm Reach Has Grown
Through Branded and Broadly Licensed Seeds
2004 U.S. CORN MARKET SHARE
DEKALB AND ASGROW BRANDS
49%
AMERICAN SEEDS
50%
HOLDEN’S/CORN STATES
LICENSEES
40%
33%
30%
20%
14%
10% 4% Branded
4%
Growth in
3 Years
0%
SYNGENTA*
MONSANTO AND PIONEER MYCOGEN
LICENSEES
* Syngenta pro forma for acquisition of Advanta and Golden Harvest
11

12. MARKET LEADERSHIP
Diversity of Corn Seed Breeding Is Driving Market Share
Growth; Poised to Expand U.S.
KEY MARKET ACRES BRAZIL ARGENTINA
BRAND LICENSED ASI
Corn
80M 30M 6M
AVAILABLE MARKET
CREATING VALUE
Breeding 14% 33% 2% 35% 49%
PERCENT PENETRATED
Late 1990s: Acquired 36 major corn breeding programs
• Value measured
in market share (12 countries X average of 3 companies per country)
gains;
Today: Over 60% of corn hybrids represent new products
Monsanto’s U.S.
branded seed over three-year period
gained 4 points
Monsanto’s elite corn germplasm out-yielded competitors’
in 3 years
germplasm across 2004 field trials
• Elite, high-
yielding 2004 U.S. CORN YIELD GAINS
germplasm
refreshes MONSANTO BRANDED COMPETITORS
product portfolio 220
BUSHELS PER ACRE
at the high end 210
of pricing 200
• Highest priced 190
branded 180
conventional 170
hybrid averages 160
$100/unit or
150
$36/acre 95 100 105 110 115
RELATIVE MATURITY (DAYS)
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
12

13. MARKET LEADERSHIP
Market Potential for Roundup Ready Corn Poised To
Accelerate
KEY MARKET AREAS U.S. ARGENTINA
Roundup Ready TARGET MARKET 50M 5M
Corn
CREATING VALUE
PERCENT PENETRATED 32% <1%
Current forecast of 20M acres of Roundup Ready corn in
• 2005 U.S. trait 2005 U.S. season
fee of $8-$10 per
With European import approval for single trait, U.S. market
acre in
Monsanto potential is now 50M acres
branded seed for
Production plans under way to accelerate growth in 2006
single trait
• Grower profits U.S. ROUNDUP READY CORN ACREAGE GROWTH
average of $12 25
per acre on yield
gains alone;
20
additional cost MILLIONS OF ACRES
savings on labor,
fuel and 15
equipment
• Provides grower 10
greater
flexibility in 5
weed control
0
1998 1999 2000 2001 2002 2003 2004 2005F
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
13

14. MARKET LEADERSHIP
Corn Trait Mix Continues To Accelerate Toward Stacked
Platform
U.S. CORN TRAIT ACRES
YIELDGARD CORN BORER
STACKED TRAITS ROUNDUP READY CORN
OR YIELDGARD
50 SINGLE TRAIT
ROOTWORM SINGLE TRAIT
40
ACRES (MILLIONS)
30
20
10
0
1998 1999 2000 2001 2002 2003 2004 2005F
Source: Monsanto estimates
14

15. MARKET LEADERSHIP
Triple-Stacked Corn Traits Fill a “Sweet Spot”
in U.S. Corn Market Needs
YIELDGARD
ROOTWORM
YIELDGARD
CORN
BORER
ROUNDUP
READY
CORE ACRES
INSURANCE ACRES INSURANCE ACRES
INSURANCE VALUE WITH PRICE VALUE REFLECTS BROAD INSURANCE VALUE WITH PRICE
ELASTICITY TECHNOLOGY FIT ELASTICITY
15

16. INNOVATION - BIOTECHNOLOGY
High Lysine Enhances Animal Feed, Shifts
Value to Seed
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
High-Lysine Corn: First 4M 1M 4M
AVAILABLE MARKET
and Second Generation
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
Lower cost of lysine animal feed ration
• Market value for
feed-grade
Improved amino acid balance; increased total energy
lysine is roughly
$1 billion High lysine corn mixed with feed proportionately to replace
annually
lysine in feeding system
• Value shared
Two-product step-change in lysine content
with Cargill
through 50/50 LYSINE TOTALS IN TESTING
Renessen joint First-Generation High-Lysine Corn
venture
Target: 1,000 PPM
0 4,000
Parts per million (PPM)
Second-Generation High-Lysine Corn Target: 4,000 PPM
0 4,000
Parts per million (PPM)
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
16

17. INNOVATION - BIOTECHNOLOGY
Second-Generation YieldGard Corn Borer
Controls More Insects
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Second-Generation 30-40M 15M 4M
AVAILABLE MARKET
YieldGard Corn Borer
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
Broad control solution for fall armyworm and corn earworm
• Value reflects
for global expansion
enhanced insect
control and
Durability solution for insect resistance management
insect
resistance Excellent control in high infestation levels
management.
Lifts value of
CORN EARWORM FEEDING DAMAGE IN TRIALS
YieldGard Corn
Borer trait. 12
EAR DAMAGE (CM)
10
8
6
4
2
0
YIELDGARD CONTROL
2ND-GENERATION YIELDGARD CORN
CORN BORER EVENTS BORER COMPETING
PRODUCT
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
17

18. INNOVATION - BIOTECHNOLOGY
Drought Stress Tolerance To Be a Family of High-Value
Traits in Multiple Crops
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Drought-Tolerant TBD TBD TBD
AVAILABLE MARKET
Corn
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
Yield protection on all acres against water deficits
• Pricing will
Yield enhancement through improved water use on drought-
reflect yield
prone acres and cost savings on irrigated acres
gains in all three
markets; value
Two gene leads obtained positive results with more than one
of higher yields
transformed event
shared with
farmer
YIELD INCREASE IN TWO GENE TRIALS
• Stacking with
weed and insect 3 EVENTS: GENE 1 3 EVENTS: GENE 2
18
control 30 16
enhances the 14
25
margin
YIELD INCREASE
12
opportunity 20
10
• Irrigation 15 8
currently costs 6
(BU/AC)
10
$50 to $100 per 4
acre 5
2
0 0
EVENT 3
EVENT 1 EVENT 2 EVENT 3
EVENT 1 EVENT 2
GERMPLASM 1 GERMPLASM 2
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
18

19. MARKET LEADERSHIP
Emergent and Cotton States Mirror Monsanto’s Market
Approach for Corn
BRANDED PLATFORM
DEKALB
EMERGENT
ASGROW •Access to quality germplasm
•Brand recognition in important
markets
•Seed and trait share growth
LICENSING PLATFORM
COTTON
• Growth through seed breeding
HOLDEN’S enhancements
STATES
• Trait value capture through enhanced
marketing channels
• Rapid penetration of future
technology advances
19

20. MARKET LEADERSHIP
Emergent Has Held U.S. Market Share Over Last Six
Years; Clear Opportunity To Drive Growth
U.S. COTTON SEED MARKET SHARE
100%
80%
60%
40%
20%
0%
1999 2000 2001 2002 2003 2004
EMERGENT FIBERMAX
PHYTOGEN DELTA & PINE LAND
OTHERS
Source: USDA, based on planted acres
20

21. MARKET LEADERSHIP
Molecular Breeding Used To Create New Source of
Seed for U.S. Cotton Farmers
KEY MARKET AREAS U.S.
TARGET MARKET 7M-8M
Cotton States
CREATING VALUE
PERCENT PENETRATED 0%
Germplasm licensed from third parties and developed through
• Rapid and broad molecular breeding by Monsanto
introduction of
Seed production under way for commercialization in 2006
traits and future
innovations
Cotton States launching exclusively on a second-generation trait
• Licensing fee
platform
reflects value of
2004 COTTON STATES FIELD TRIALS
top quality
germplasm, 1,600
separate from
value of trait
1,500
• Cotton seed
LBS. LINT/ACRE
currently sells
1,400
for average of
$20 per acre
1,300
1,200
COTTON STATES COMPETITIVE
VARIETIES VARIETIES
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
21

22. INNOVATION - BIOTECHNOLOGY
Added Flexibility Means Better Weed Control, Greater
Value in Cotton
KEY MARKET ACRES U.S. AUSTRALIA
Roundup Ready AVAILABLE MARKET 10-15M 0.5-0.8M
Flex Cotton
CREATING VALUE
0% 0%
PERCENT PENETRATED
Expanded window of over-the-top application for more
• Value reflects “flexible” weed control
greater
convenience and Increased grower convenience
enhanced weed
Reduced need for specialized spray equipment
control; lifts the
value of the
8 cotton seed companies currently breeding trait into
Roundup Ready
varieties
trait
• Roundup Ready
Flex Cotton will
be available only
stacked with
Bollgard II,
which also
should boost
Bollgard II
adoption
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
22

23. MARKET LEADERSHIP
Cotton Market Already Has Shifted to Stacked Platform;
Emergent Can Accelerate that Trend
U.S. MONSANTO COTTON TRAIT ACRES
15 BOLLGARD &
ROUNDUP READY STACKED
BOLLGARD II
12
ACRES (MILLIONS)
9
6
3
0
1998 1999 2000 2001 2002 2003 2004 2005F
Source: Monsanto estimates
23

24. FINANCIAL GROWTH
Monsanto’s Seed and Trait Gross Profit Growth Driven First by
Strong Base Business, then by Pending Acquisitions
GROSS PROFIT
2003 2004 2005F PRO FORMA*
$2.9 BILLION
$2.3 BILLION $2.6 BILLION
48% Gross Profit/Net Sales
47% Gross Profit/Net Sales
47% Gross Profit/Net Sales
23%
28%
30%
47% 61%
53%
16%
19%
23%
ROUNDUP AND OTHER GLYPHOSATE-BASED SEEDS AND TRAITS
HERBICIDES
ALL OTHER AG PRODUCTIVITY
24
* Includes Seminis and Emergent estimates

25. FINANCIAL GROWTH
Growth of Monsanto’s Ongoing Business Is
Accelerating, Generating Significant Free Cash Flow
MONSANTO ONGOING EPS MONSANTO FREE CASH FLOW
BEFORE ACQUISITIONS BEFORE ACQUISITIONS
15%
$3.00 growth $1,200
15%
growth
$2.50
$1,000
$700-$800M
$ MILLIONS
$2.00 $800
$1.50 $600
$1.00 $400
$0.50 $200
$0.00 $0
2003 2004 2005F 2006F 2007F 2003 2004 2005F 2006F 2007F
25

26. FINANCIAL GROWTH
Acquisitions of Seminis and Emergent Add to EPS and
Free Cash Flow Forecasts
MONSANTO PRO FORMA MONSANTO PRO FORMA FREE
EPS FORECAST CASH FLOW FORECAST
$3.50 20%-25% $1,500
growth
$3.00 $825-$925M
17%
$1,000
growth
$2.50
$ MILLIONS
$2.00
$500
$1.50
$0
$1.00
2003 2004 2005F 2006F 2007F
$0.50
($500)
$0.00
2003 2004 2005F 2006F 2007F ($1,000) Impact of Seminis and
Emergent acquisitions
26

27. SUMMARY
Monsanto Has Established Strategic Platforms in
High-Value Crops
SEED & TRAIT CROP PLATFORMS
SMALL-ACRE CROPS
LARGE-ACRE CROPS
CORN SOYBEANS COTTON VEGETABLE
Branded Licensed Branded
Branded Licensed Branded Licensed ASI
ASI
ASGROW EMERGENT*
DEKALB SEMINIS*
DEKALB
ASGROW
HOLDEN’S/ HOLDEN’S/ COTTON
CORN CORN STATES
STATES STATES
AMERICAN
AMERICAN
SEEDS, INC.
SEEDS, INC.
BIOTECHNOLOGY
R&D
PLATFORMS
MOLECULAR AND CONVENTIONAL BREEDING
27
*Pending

28. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow
12 Months Ended
Fiscal Year 2006 12 Months Ended
Fiscal Year 2007 Fiscal Year 2005
$ Millions Aug. 31, 2003
Target Aug. 31, 2004
Target Target
Net Cash Provided (Required) by Operations $1,100 $1,200 $1,261 $1,128
$1,000-$1,100
Net Cash Provided (Required) by Investing Activities $(482)
$(300) $(300) $(400) $(262)
Free Cash Flow $700-$800 $800 $800 $999 $646
Net Cash Provided (Required) by Financing Activities N/A N/A N/A $(243) $(502)
Net Increase (Decrease) in Cash and Cash Equivalents N/A N/A $756 $144
N/A
Reconciliation of Non-GAAP EPS
$ per share 12 Months Ended 12 Months Ended 12 Months Ended
12 Months Ended 12 Months Ended
Aug. 31, 2006
Aug. 31, 2003 Aug. 31, 2004 Aug. 31, 2005 Aug. 31, 2007
Net Income (Loss) $0.26 $0.99 $0.71-$0.93 $2.13 - $2.30 $2.45 - $2.65
--
-- --
$0.05 --
Cumulative Effect of Change in Accounting Principle
$2.45 - $2.65
Income (Loss) Before Cumulative Effect of Accounting Change $0.99 $2.13 - $2.30
$0.31 $0.71-$0.93
--
--
$0.36 --
Restructuring Charges -- Net $0.10
--
2004 Discontinued Operations and Related $0.02 -- --
$0.05
Restructurings-- Net -- --
Goodwill Impairment Charge for Global Wheat $0.24 -- --
Business
-- -- --
--
Estimated Purchase Accounting Adjustments $0.78 -- $0.85
-
-- --
--
Tax Benefit on Loss from Sale of European Wheat and -- $(0.39)
Barley Business
-- -- --
$0.96 $0.68
Solutia-Related Charge
$1.42 $2.45 - $2.65
Net Income (Loss) from Ongoing Business $1.61 $1.85 - $2.00 $2.13 - $2.30
28

29. Reconciliation of Non-GAAP Financial Measures
Pro Forma Basis
Reconciliation of Free Cash Flow Pro Forma
12 Months Ended
Fiscal Year 2007 Fiscal Year 2006 12 Months Ended
Fiscal Year 2005
$ Millions Aug. 31, 2003
Target Pro Forma Target Pro Forma Aug. 31, 2004
Target
Net Cash Provided (Required) by Operations $1,125-$1,200 $1,200 $1,261 $1,128
$1,125-$1,225
Net Cash Provided (Required) by Investing Activities $(482)
$(300) $(300) $(2,100) $(262)
Free Cash Flow $825-$925 $825-$900 $(900) $999 $646
Net Cash Provided (Required) by Financing Activities N/A N/A N/A $(243) $(502)
Net Increase (Decrease) in Cash and Cash Equivalents N/A N/A $756 $144
N/A
Reconciliation of Non-GAAP EPS Pro Forma
12 Months Ended 12 Months Ended
$ per share Aug. 31, 2007
12 Months Ended 12 Months Ended 12 Months Ended Aug. 31, 2006
Pro Forma
Aug. 31, 2003 Aug. 31, 2004 Aug. 31, 2005 Pro Forma
Net Income (Loss) $0.26 $0.99 $0.71-$0.93 $2.16 - $2.34 $2.59 - $2.93
--
-- --
$0.05 --
Cumulative Effect of Change in Accounting Principle
$2.59 - $2.93
Income (Loss) Before Cumulative Effect of Accounting Change $0.99 $2.16 - $2.34
$0.31 $0.71-$0.93
--
--
$0.36 --
Restructuring Charges -- Net $0.10
--
2004 Discontinued Operations and Related $0.02 -- --
$0.05
Restructurings-- Net -- --
Goodwill Impairment Charge for Global Wheat $0.24 -- --
Business
-- -- --
--
Estimated Purchase Accounting Adjustments $0.78 -- $0.85
-
-- --
--
Tax Benefit on Loss from Sale of European Wheat and -- $(0.39)
Barley Business
-- -- --
$0.96 $0.68
Solutia-Related Charge
$1.42 $2.59 - $2.93
Net Income (Loss) from Ongoing Business $1.61 $1.85 - $2.00 $2.16 - $2.34
29