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, the outcome of contingencies 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 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 (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, 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.
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
5. FINANCIAL GROWTH
Seed and Trait Gross Profit Growth Driven First by
Strong Base Business, Then by 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
5
* Includes Seminis and Emergent estimates
6. FINANCIAL GROWTH
Acquisitions of Seminis and Emergent Add to EPS and
Free Cash Flow Forecasts
MONSANTO ONGOING EPS MONSANTO FREE CASH FLOW
FORECAST FORECAST
$3.50 $1,500
$3.00
$1,000
$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) Effect of Seminis and
Emergent acquisitions
6
7. MARKET LEADERSHIP
Monsanto Raises Bar for Leadership in Global Seeds with
Addition of Emergent and Seminis
2003 SEED AND TRAIT REVENUE
$3,000
MONSANTO
$2,500
SEMINIS
EMERGENT
$2,000
$ MILLIONS
$1,500
$1,000
$500
$0
KWS SAKATA
MONSANTO BAYER
SYNGENTA
DELTA &
PRO FORMA
LIMAGRAIN PINE LAND DOW
DUPONT TAKII
Sources: Phillips McDougall, Monsanto reports, news releases
Calendar year for all companies but Monsanto and Seminis
Syngenta pro forma for acquisition of Advanta and Golden Harvest
7
8. MARKET LEADERSHIP
Market Potential for Biotech Traits Highlights Continued
Growth Opportunity
TOTAL AVAILABLE MARKET IN ACRES
SOYBEANS COTTON CORN
KEY Roundup Roundup Bollgard I Roundup YieldGard YieldGard
MARKETS Ready Ready and II Ready Corn Root-
Borer worm
United
70M 10-15M 6-8M 50M 30M-40M 15-20M
States
50M - - 20M 15M 5M
Brazil
30M - - 5M 4M 1M
Argentina
- - 10-15M - - -
India
0.5M- 0.5M-
- - - -
Australia
0.8M 0.8M
71% 66% 35% 22% 57% 7%
BIOTECH
ACRES
PLANTED 2004
REMAINING
AVAILABLE
MARKET
9
8
9. 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
9
10. MARKET LEADERSHIP
Brazil Can Accelerate Growth Potential for
Roundup Ready Soybeans
BRAZIL VALUE CAPTURE
FISCAL YEAR 2005
40 MILLION • SOUTHERN STATES HAVE GRAIN-BASED
PLANTED VALUE-CAPTURE SYSTEM IN PLACE
SOYBEAN
• DROUGHT EXPECTED TO REDUCE
ACRES
HARVEST TO 3M-3.5M METRIC TONS
• ROUNDUP READY SOYBEAN FEE FOR
SALE OF NEW CURRENT HARVEST WILL BE 1 PERCENT
ROUNDUP READY
OF GRAIN VALUE IN SOUTHERN REGION
SOYBEAN
VARIETIES NEEDED
FISCAL YEAR 2006
TO PENETRATE THIS
AREA
• PASSAGE OF BILL IN 2005 PERMITS SALE
OF NEW VARIETIES AND EXPANDS
VARIETIES
MARKET OVER THREE-TO-FOUR YEARS
FROM
ARGENTINA
ADAPTED TO • AVAILABLE SEED FOR SALE AND PRICE
THIS AREA FOR NEXT SEASON STILL TO BE
10 MILLION
DETERMINED
PLANTED
SOYBEAN ACRES
10
11. MARKET LEADERSHIP
Vistive First of a Trio 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
Oil to be in on-the-shelf consumer products in late 2005
to growers,
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
11
12. MARKET LEADERSHIP
Monsanto Now Reaches Corn Market Through
Three Channels
2004 U.S. CORN MARKET SHARE
DEKALB AND ASGROW BRANDS
49%
50% AMERICAN SEEDS
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
12
13. 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
80M
Corn 30M 6M
AVAILABLE MARKET
CREATING VALUE
Breeding 14% 32% 3% 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; U.S.
Today: Over 60% of corn hybrids represent new products
branded seed
share projected introduced over three-year period
for 4th year of 1+
point gain 2004 U.S. CORN YIELD GAINS
• Elite, high-
Monsanto Branded Competitors
yielding
germplasm 220
BUSHELS PER ACRE
refreshes 210
product portfolio
200
at high end of
pricing 190
• Highest priced 180
branded 170
conventional
160
hybrid averages
$100/unit or 150
95 100 105 110 115
$36/acre
RELATIVE MATURITY (DAYS)
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
13
14. 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 more than 20M acres of Roundup Ready
• 2005 U.S. trait corn in 2005 U.S. season
fee of $8-$10 per
With European import approval for single trait, U.S. market
acre in
Monsanto potential 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, plus
greater 10
flexibility in
weed control
5
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
14
16. MARKET LEADERSHIP
Stacked Traits in Corn Continue To Accelerate Because
of U.S. Grower Demand
U.S. STACKED CORN TRAITS
Percent of total corn trait units sold that are stacked
Branded Seed
100
Licensed Seed
80
60
40
20
0 Stacked traits are being driven by
grower needs
2002 2003 2004 2005F 2006F
16
17. 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
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 Genetics Poised for Growth in U.S.
and Indian Cotton Markets
1
UNITED STATES U.S. COTTON SEED MARKET: $279M
12%
U.S. BRANDS
52% D&PL
EMERGENT
24% FIBERMAX
OTHERS
12%
2
INDIA INDIAN HYBRID SEED MARKET: $120M
23%
21%
INDIAN BRANDS
NUZIWEEDU
EMERGENT
ANKUR
MAHYCO
10%
RASI
OTHERS
24% 8%
PUBLIC HYBRIDS
8%
6%
1 2
USDA and Emergent Genetics estimates Industry and Monsanto estimates
19
20. 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
20
21. 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
21
22. 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
22
23. 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
stacked only
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
23
24. 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
24
25. MARKET LEADERSHIP
Seminis Provides Ready-Made, Leading Position in
Untapped Seed Segment for Monsanto
SEMINIS INTERNATIONAL BRANDS
2003 VEGETABLE SEED SALES
500
400
$ MILLIONS
300
200
100
0
O
II
TA
IS
ZA
IN
N
TA
EJ
K
N
IN
A
TA
A
N
EN
A
B
R
K
U
M
ZW
G
SA
N
SE
G
A
N
M
K
SY
LI
IJ
R
Source: Seminis estimates
Calendar year
25
26. MARKET LEADERSHIP
Seminis Has Largest, Most Diverse Germplasm Pool in
Vegetable Industry LATIN EUROPE- ASIA
KEY MARKET POSITION NAFTA AMERICA AFRICA PACIFIC
Vegetable 1 1 1 1
MARKET POSITION
Breeding
CREATING VALUE
Germplasm investment nearly double that of closest competitor
• Seminis branded
seed recognized Vegetable seed germplasm is proprietary, scarce
globally: Royal
75% of R&D devoted to breeding
Sluis, Petoseed,
Bruinsma, and
Between 20%-25% of commercial products come from new
Asgrow
hybrids introduced in prior two years
Vegetable
• Breeding valued
VEGETABLE FRESHNESS INDEX
for quality,
taste, health
25%
benefits, disease
control 20%
• New seeds have
15%
greatest pricing
opportunity 10%
5%
0%
2002 2003 2004 2005F
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
26
27. INNOVATION - BREEDING
Molecular Breeding Can Be Applied to Seminis’ Sweet
Corn Breeding Programs
KEY MARKET POSITION WORLDWIDE
Knowledge Transfer MARKET POSITION 4
to Sweet Corn
CREATING VALUE
Immediate access to broad
• Breeding
corn germplasm base
knowledge
transfer Corn genotyping
increases
capabilities applicable
potential new
across all corn germplasm
product
including sweet corn
offerings
Enables efficient selection
• Molecular
breeding speeds for disease and quality
creation of new
traits using marker-
hybrids
assisted selection
• Accelerated
genetic gains
have potential to
translate to
market share
gains, higher
market value
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Early Development Adv. Development Pre-Launch
27
28. INNOVATION
Pipeline Is Valued Across Market Opportunities and Crops
PRICING VALUE MATRIX
4
3
2
HIGH PER-ACRE ($11-$100+)
OMEGA-3 SOYBEANS
BOLLGARD II COTTON (AUSTRALIA)
IMPROVED-PROTEIN SOYBEANS FOR FOOD
PROCESSOR PREFERRED
ELITE GERMPLASM
BOLLGARD II COTTON
BOLLGARD II COTTON (INDIA) ROUNDUP
ROUNDUP READY + FLEX COTTON
YIELDGARD READY
ROUNDUP READY 2ND GENERATION
ROOTWORM SOYBEANS
+ FLEX COTTON HIGH-LYSINE CORN
(AUSTRALIA) 2ND GENERATION ROUNDUP
IMPROVED-ENERGY CORN III
READY SOYBEANS
HIGHER-YIELDING CORN
SMALL-ACRE (0-10 MILION)1 LARGE-ACRE (11-100 MILLION+)1
DROUGHT ROUNDUP READY CORN
TOLERANT
COTTON
LOW PER-ACRE ($0-$10)2
VISTIVE ZERO SATURATED FAT + MID-
IMPROVED-PROTEIN OLEIC + LOW-LINOLENIC SOYBEANS HIGHER-
SOYBEANS FOR FEED
YIELDING
YIELDGARD CORN BORER
VISTIVE MID-OLEIC + LOW-
SOYBEANS
LINOLENIC SOYBEANS
VISTIVE SOYBEANS DROUGHT
TOLERANT
IMPROVED-OIL
CORN
SOYBEANS FOR
PROCESSING
HIGH-LYSINE CORN
DROUGHT TOLERANT
1 2
SOYBEANS
Pipeline projects denoted in white text and represent global value; Commercial products denoted in gold and are U.S.-only, unless otherwise indicated.
1. “Acre Potential” represents the maximum acre penetration by the trait individually and as a stacked trait in the three-year span during its peak.
2. “Per-Acre” premium represents the per-acre average value in the three-year span during the trait penetration peak.
28
29. 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
29
30. 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 $1,125-$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
$ per share Fiscal Year 2005 12 Months Ended 12 Months Ended
Fiscal Year 2007 Fiscal Year 2006
Aug. 31, 2004
Target Target Target Aug. 31, 2003
Net Income (Loss) $2.81-$2.93 $2.34 $0.85-$0.97 $0.99 $0.26
--
-- $0.05
-- --
Cumulative Effect of Change in Accounting Principle
$0.31
Income (Loss) Before Cumulative Effect of Accounting Change -- $0.99
-- $0.85-$0.97
Estimated In-Process R&D and other Purchase Accounting -- $0.78 - $0.85 --
-- --
Adjustments
--
-- -- $0.67 --
Solutia-Related Charge
-- --
--
Tax Benefit on Loss from European Wheat and -- $(0.39)
Barley Business
$0.10
$0.36
-- $0.03
Restructuring Charges -- Net --
$0.05
(Income) Loss on Discontinued Operations and -- $(0.01) --
--
Related Restructuring
--
--
Impairment of Goodwill -- -- $0.24
-- -- -- --
PCB Litigation Settlement Expense -- Net $0.96
$2.81-$2.93 $1.42
$2.34 $2.00 - $2.05
Net Income (Loss) from Ongoing Business $1.59
30
