1. TERRY CREWS
CHIEF FINANCIAL OFFICER
MONSANTO EUROPEAN INVESTOR DAY
Nov. 10, 2006
1

2. OVERVIEW
Monsanto’s Strategic and Financial Opportunity Lies In
Seeds and Traits
$3,000 FOCUS: 12-MONTH ROLLING GROSS
PROFIT BY BUSINESS SEGMENT
SEEDS & GENOMICS SEGMENT
$2,500 AGRICULTURAL PRODUCTIVITY SEGMENT
12-MONTH ROLLING GROSS PROFIT
SEEDS &
GENOMICS
CAGR: 36%
$2,000
($ IN MILLIONS)
$1,500
$1,000 AGRICULTURAL
KEY INFLECTION POINT: PRODUCTIVITY
MID-2004, ROLLING GROSS CAGR: (5)%
PROFIT FOR SEEDS &
$500 GENOMICS BUSINESS
SEGMENT SURPASSED
AGRICULTURAL
PRODUCTIVITY
$0
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03
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2

3. OVERVIEW
Six Building Blocks Extend Leadership and Elevate Gross
Margin Opportunity Through 2010
MONSANTO’S OPPORTUNITY
GROSS MARGIN OPPORTUNITY
Delta between 2006 current gross
GROSS PROFIT AS A PERCENT OF SALES
margin and a 51-53% trajectory
54%
reflects continued growth opportunity
for seeds and traits
FACTOR VALUE1
GROSS MARGIN ‘PULL’
52%
HIGH
U.S. corn
International
MEDIUM
50% corn
Global biotech
MEDIUM
traits
48%
LOW
CURRENT LEVEL Cotton platform
MEDIUM
Seminis
46%
HIGH
R&D pipeline
44%
2003 2004 2005 2006 2007F 2008F 2009F 2010F
1. Increment to total gross profit in the period 2006-2010; Some categories will overlap.
MEDIUM LOW
HIGH >$250M $100M - $250M <$100M
3

4. U.S. CORN GROWTH
Seed Market Share Gains Alone Yield Greater
Profit Contributions
U.S. MARKET SHARE VALUE
SEED VALUE RANGE FOR ADDED ACRES IN DEKALB/ASGROW BRANDS
HIGH-END
U.S. Corn LOW-END RANGE
RANGE
MATURE, LOWER-VALUE
SITUATION: NEW, HIGHER-VALUE
HYBRIDS IN PORTFOLIO
HYBRIDS IN PORTFOLIO
• In 2006, Monsanto’s DEKALB MARKET FACTORS
and Asgrow brands grew by 3 78.5M
USDA Total Acres Planted (2006)
market share points
780,000 acres
Acre: Market Share Conversion
• Over five years, comparable
market share gain was 9 points PRICING FACTORS
OUTLOOK: $32 $42
Average Seed Retail Price
Per Acre
• Gain of 1 market share point in
U.S. adds approximately $10M $23.4M $32.8M
Retail Value: Per Share Point
to $15M to gross profit in seed
COST FACTORS
alone for DEKALB/Asgrow
40-45% 40-45%
Assumed Industry-Standard Gross
brands
Margin
GROSS PROFIT VALUE
$12.80-$14.40 $16.80-$18.90
Average Gross Profit: Per Acre
Average Gross Profit:
$10M-$11M $13M-$15M
Per Share Point
MEDIUM
1. Average incremental value in gross profit opportunity for the seed value (excluding traits)
of the addition of an acre in a Monsanto national brand:
MEDIUM
HIGH LOW
>$20 $10 - $20 <$10
4

5. U.S. CORN GROWTH
Each New Trait Stacks Additive Gross Margin to Upgrade
Financial and Commercial Platform
INCREASED MARGINS WITH STACKING
VALUE PROGRESSION OF STACKED CORN TRAITS
U.S. Corn
67%
SITUATION: 4 68%
TRAIT GROSS PROFIT VALUE PER ACRE
65%
• Stacking corn traits on to our 66%
3.5
GROSS PROFIT PER ACRE AS A
63%
PERCENTAGE OF NET SALES
germplasm improves gross
64%
profit contribution 3
61%
• In 2006, Monsanto national 62%
2.5
(INDEXED)
brands sold more stacked
60%
traits than single traits 2
58%
• In 2007, in our national brands,
1.5
Monsanto expects to sell more 56%
triple stacks than singles
1 54%
OUTLOOK:
0.5 52%
• Addition of each stacked trait
increases gross profit as a 0 50%
SEED ONLY 1 TR A IT 2 TR A ITS 3 TR A ITS 4 TR A ITS
percent of sales for each bag
of seed sold
GROSS PROFIT AS A PERCENT OF SALES
For currently commercialized traits, the demand for triple-
stack traits can double gross profit per acre over seed
alone in DEKALB/Asgrow brands
“4 trait” value assumed to be an average of the retail value of the three other first-generation traits
5

6. INTERNATIONAL CORN GROWTH
Gross Profit Value of Seed Internationally Varies, Yet Still
Solid Contributor to Growth, Commercial Platform
GERMPLASM VALUE: FRANCE
SEED VALUE RANGE FOR ADDED ACRES IN DEKALB/ASGROW BRANDS
International Corn
SITUATION:
• Primary value in international
corn markets today is in the
seed
FRANCE
• In France, DEKALB market
share has grown 5 points over MARKET FACTORS
7.5M
the last 3 years (3.0M Ha)
Total Acres Planted (2006)
OUTLOOK:
7,500 acres
Acre: Market Share Conversion
• For the first time ever,
PRICING FACTORS
DEKALB is co-leader of French
$57
market Average Seed Retail Price
Per Acre
• Monsanto is targeting to grow
share in each of the most COST FACTORS
40-45%
valuable corn-growing Assumed Industry-Standard Gross Margin
countries
GROSS PROFIT VALUE
$23-26
Average Gross Profit: Per Acre1
HIGH
1. Average incremental value in gross profit opportunity for the seed value (excluding traits)
of the addition of an acre in a Monsanto-owned brand:
MEDIUM
HIGH LOW
>$20 $10 - $20 <$10
6

7. GLOBAL BIOTECH TRAIT GROWTH
Significant Growth Opportunity Lies in Expansion of Existing
Commercial Biotech Traits Globally
GLOBAL MARKET OPPORTUNITY
MARKET OPPORTUNITY FOR BIOTECH TRAITS THROUGH 20101
Global Biotech Traits
SITUATION: SOYBEANS COTTON CORN
• Historically, most rapid BOLLGARD
ROUNDUP ROUNDUP YIELDGARD
ROUNDUP AND YIELDGARD
adoption has been in the READY READY CORN
READY BOLLGARD ROOTWORM
CORN 2 BORER
(FLEX) II
U.S., also the most highly
penetrated market
United States 70M 10-15M 6-8M 60M 50-60M 25-30M
• Penetration is moving
globally, trait by trait, country
Brazil 50M 3M 2M 20M 15M 5M
by country
Argentina 35M - - 5M 4M 1M
OUTLOOK:
• As is the case in the U.S., India - 10-15M 10-15M 3 – 5M 3 – 5M -
largest category of
Europe 1M - - 24M 8M 5M
opportunity internationally is
corn trait adoption Africa 0.2M 11M 10M 6M 4M -
• Even where some traits – like 0.5M- 0.5M-
Australia - - - -
cotton – are penetrated, 0.8M 0.8M
there’s still an upgrade
34.5- 28.5- 118-
opportunity to second- Total Key
156.2M 84-96M 36-41M
generation traits Markets 44.8M 35.8M 120M
2006
86% 39% 57% 29% 42% 26%
Penetration
1. Market Opportunity reflects total acres where technology is applicable, not necessarily acres projected for penetration by 2010.
7

8. GLOBAL BIOTECH TRAIT GROWTH
Emerging Markets Require Business Solutions to Balance
Reward and Risk
ROUNDUP READY SOYBEANS IN BRAZIL
PROJECTED EPS CONTRIBUTIONS (2007 VS 2010)
Global Biotech Traits
SITUATION: $0.12
$0.09-$0.11
• Genetic footprint in corn seed
$0.10
globally establishes platform
for trait launches
CONTRIBUTION TO EPS
• Largest soybean market $0.08
outside U.S. is Brazil; Recent ($ PER SHARE)
pricing action taken there to
$0.06
$0.025-$0.05
promote penetration of new
seed
$0.04
• Cotton traits among most
advanced globally, with
$0.02
second-generation upgrades
in 2007 in Australia and India
$0.00
OUTLOOK:
2007F 2010F
2007 2008F 2009F 2010
• Corn traits outside U.S. have
significant opportunity for
ASSUMPTIONS ASSUMPTIONS
penetration
• Brazilian upside of 30M+ acres
PRICING PRICING
$2.50-$3.00/acre $2.50-$3.00/acre
for Roundup Ready soybeans
MARKET SIZE MARKET SIZE
50M 50M
• Cotton holds dual opportunity
of initial penetration into PENETRATION PENETRATION
45% 90%
markets and upgrading to
second-generation traits
8

9. COTTON GROWTH
Upgrade to Double-Double Stacks in Cotton Significantly
Enhances Value Versus Seed Alone
INCREASED U.S. COTTON TRAIT RETAIL VALUE
EXAMPLE: VALUE PROGRESSION OF COTTON TRAITS
IN NORTH DELTA REGION OF U.S.
Cotton Platform
2
SITUATION:
• Cotton trait platform is first to
TRAIT RETAIL VALUE PER ACRE
1.50
move forward on complete
1.5
replacement of first-generation
1.17
traits with second-generation
1.00
upgrades
(INDEXED)
1
• Roundup Ready Flex cotton
launched in the U.S. in 2006;
Will launch in Australia in 2007
0.5
OUTLOOK:
• From the base of a single trait,
move to second-generation 0
stack – ‘double-double’ – can SEED ONLY FIRST-GEN SINGLE FIRST-GEN DOUBLE-DOUBLE
increase retail value by 50 STACKED
percent
ADDITIVE VALUE IN STACKS
Each trait in a stacked combination adds functionality
and value for the farmer. Second-generation stacks
further enhance that added performance
9

10. SEMINIS GROWTH
Seminis To Leverage Portfolio, Pricing and Molecular
Breeding To Create New Growth
SEMINIS VALUE
NET PRESENT VALUE OF GROSS PROFIT BY PRODUCT TIERS
Seminis
PRODUCT RANKING
SITUATION:
WITHIN 25-CROP
• In 2006, narrowed commercial
PORTFOLIO:
and research focus to 25 crops
that generate the most profit
FIRST TIER
• Began application of breeding
technology, with genome-wide Tomato
marker platform for tomatoes Sweet Pepper
and peppers; Melons, Hot Pepper
watermelons and the brassica Onion
~50%
family of cabbage, broccoli Melon
and cauliflower next
SECOND TIER
OUTLOOK:
THIRD TIER
• Seminis gross profit as a
percent of sales was in the
FOURTH TIER
60% range and will continue to
grow through price increases
SEMINIS VALUE
The top 5 crops in Seminis portfolio represent ~50%
of the expected gross profit contribution going
forward
10

11. PIPELINE
Monsanto’s Pipeline Is Funded for Growth, but Focused on
Return on Investment
PIPELINE VALUE: TOP-TEN PROJECTS
REFLECTING COMMERCIAL VALUE1
SOURCE OF VALUE PER ACRE CORE
PHASE
R&D Pipeline VALUE ACRE BASE MARKETS
Renessen Corn Processing
SITUATION: U.S
4 $10 - $30 20M Brazil
System and Mavera™ High- Feed and fuel
Europe
Value Corn with Lysine2
In FY2006:
U.S.
• There was positive
HIT
Roundup RReady2Yield 3 Yield
$10 - $30 155M Brazil
movement – enhancement
soybeans Argentina
advancing phases or
3 U.S.
Omega 3 soybeans >$30 5M
Improved health
adding to the pipeline
– in 50 percent of the U.S.
3
YieldGard VT PRO $10 - $30 41M Brazil
Insect protection
pipeline projects 2nd-GEN YIELDGARD CORN BORER
Europe
• Three projects were U.S
Water
2
HIT HIT
designated as “HIT” Drought-tolerant corn $10 - $30 164M Brazil
replacement and
Europe
yield
projects reflecting
2
our confidence in Vistive III soybeans $10 - $30 12-15M U.S.
Improved health
their commercial
U.S.
track 2 Yield
Higher yielding soybeans $10 - $30 155M Brazil
enhancement Argentina
1. Top ten not presented in
ranked order; Commercial
2 Brazil
Insect-protected soybeans <$10 95M
Yield
value calculated by
WITH ROUNDUP RREADY2YIELD Argentina
penetration and retail
value during three-year U.S.
Water
span at peak.
1 India
Drought-tolerant cotton $10 - $30 36M
replacement and Brazil
2. Value and acres are for
yield Australia
direct feed piece only and
do not include value for
U.S
Nitrogen
Renessen’s corn
1 Brazil
Nitrogen utilization corn $10 - $30 164M
replacement and
processing system, which
Europe
is to be determined yield
11

12. FINANCIAL FOCUS
2007 Is First Step Toward Gross Profit Targets in 2010
MONSANTO’S OPPORTUNITY
GROSS MARGIN OPPORTUNITY
Delta between 2006 current gross
GROSS PROFIT AS A PERCENT OF SALES
margin and a 51-53% trajectory
54%
reflects continued growth opportunity
for seeds and traits
FACTOR VALUE1
GROSS MARGIN ‘PULL’
52%
HIGH
U.S. corn
International
MEDIUM
50% corn
Global biotech
MEDIUM
traits
48%
LOW
CURRENT LEVEL Cotton platform
MEDIUM
Seminis
46%
HIGH
R&D pipeline
44%
2003 2004 2005 2006 2007F 2008F 2009F 2010F
1. Increment to total gross profit in the period 2006-2010; Some categories will overlap.
MEDIUM LOW
HIGH >$250M $100M - $250M <$100M
12

13. FINANCIAL FOCUS
Gross Profit Mix Shows Power of Seeds and Traits,
Especially as Traits Expand
ONGOING FREE CASH
EPS FLOW
2007F $1.50-$1.57 $875M - $950M
GROSS PROFIT PERFORMANCE BY SEGMENT
2003-2007F
Gross Profit by Segment
$4,000
SITUATION:
$3,500
• From 2005 to 2006, gross profit
grew 18%; Gross profit from
$3,000
Seeds & Genomics grew 24%
IN MILLIONS
$2,500
OUTLOOK:
2007F
$2,000
~$2.8B
SEEDS & GENOMICS
$1,500
ROUNDUP AND
OTHER
~$600M
GLYPHOSATE-
$1,000
BASED HERBICIDES
ALL OTHER AG
$500
~$400M
PRODUCTIVITY
$0
2003 2004 2005 2006 2007F
ROUNDUP AND OTHER GLYPHOSATE-
SEEDS & GENOMICS
BASED HERBICIDES
ALL OTHER AGRICULTURAL
PRODUCTIVITY
13

14. FINANCIAL FOCUS
R&D and SG&A Spend Balances Growth with Focus
ONGOING FREE CASH
EPS FLOW
2007F $1.50-$1.57 $875M - $950M
SG&A AS A PERCENT OF SALES
2004-2007F
25
SG&A and R&D
LOW 20%
as Percent of Sales RANGE
20
SITUATION:
15
• Seeds and traits are high-
service businesses, but that
10
service is highly rewarded in
the marketplace
5
• R&D as a percent of sales
remains in 10 percent range
0
• R&D expense includes 2004 2005 2006 2007F
milestone payments and other
R&D AS A PERCENT OF SALES
expenses related to third-party 12
2004-2007F
agreements
• Renessen joint venture 10% RANGE
included in Other Expense,
8
approximately $35M
investment annually
OUTLOOK:
4
2007F
21%-21.5%
SG&A % SALES
~10%
R&D % SALES 0
2004 2005 2006 2007F
14

15. FINANCIAL FOCUS
Earnings Should Continue to Translate to Free Cash Flow
ONGOING FREE CASH
EPS FLOW
2007F $1.50-$1.57 $875M - $950M
Free Cash Flow FREE CASH FLOW PERFORMANCE
2004-2007F
SITUATION:
• In 2005, Monsanto used
$1,500
$1,600
roughly $1.5 billion of cash for
acquisitions, including
Seminis, Emergent and ASI
• 2006 free cash also covered a
$1,200
$1,049
one-time payment for a
$999 $875 - $950
IN MILLIONS
licensing agreement with
University of California and a
$800
contingent payment related to
Seminis acquisition
OUTLOOK:
2007F
$400
$875-$950M
FREE CASH FLOW
$70
$0
2004 2005 2006 2007F
FREE CASH FLOW PERFORMANCE 2005 FREE CASH USED FOR
AND FORECAST ACQUISITIONS
15

16. FINANCIAL FOCUS
Working Capital Improvements Have Helped Fund Key
Acquisitions
ONGOING FREE CASH
EPS FLOW
2007F $1.50-$1.57 $875M - $950M
SOURCES OF CASH USES OF CASH
Free Cash Flow
CUMULATIVE: 2004-2006 CUMULATIVE: 2004-2006
SITUATION:
ACQUISITIONS
WORKING CAPITAL
• From 2004-2006, Monsanto
CAPITAL EXPENDITURES
NET INCOME
generated $1.3B from
TECHNOLOGY AND OTHER INVESTMENTS
working capital
• During the same period,
$1.8B was spent on
acquisitions
OUTLOOK:
2007F
$860M
$1.8B
$1.3B
$1.2B
$875-$950M
FREE CASH FLOW
$270M
CASH GENERATION AND USES
Between 2004 and 2006, much of the cash generated from
working capital improvements was used to fund key acquisitions
16

17. FINANCIAL FOCUS
Working Capital Discipline Sustained Even as Business
Expands
ONGOING FREE CASH
EPS FLOW
2007F $1.50-$1.57 $875M - $950M
RECEIVABLES AS A PERCENT OF SALES
2004-2007F
Receivables & Inventories 40%
as Percent of Sales
30%
SITUATION:
• Receivables as percent of
20%
sales have declined from 47
percent in 2003 to just under
20 percent in 2006, even with 10%
addition of acquisitions
• Credit policies in Brazil and 0%
Argentina remain disciplined, 2004 2005 2006 2007F
preference for receivables that
INVENTORIES AS A PERCENT OF SALES
are securitized
2004-2007F
30%
• As a result, receivables as
percent of sales dropped in
both Brazil and Argentina in
20%
2006
OUTLOOK:
• Inventories as percent of sales 10%
have increased because of
acquisitions but should drop
modestly going forward
0%
2004 2005 2006 2007F
17

18. FINANCIAL FOCUS
Investing Cash Targeted for Bolt-On Acquisitions,
Technology Investments, Seed Production
ONGOING FREE CASH
EPS FLOW
2007F $1.50-$1.57 $875M - $950M
CAPITAL AND TECHNOLOGY EXPENDITURES
Investing Cash 2004-2007F
SITUATION:
$400
• Investing cash primarily used
$350
for bolt-on acquisitions to
bolster seed positions in all
$300
crops globally
IN MILLIONS
$250
OUTLOOK:
$200
• Capital expenditures of
approximately $400M in 2007,
$150
with primary investments in
new or expanded seed $100
production
$50
• Technology investments
$0
expected to continue in $100M
range 2004 2005 2006 2007F
TECHNOLOGY CAPITAL
18

19. FINANCIAL FOCUS
Consistent Commitment to Return Additional Value through
Dividends, Share Repurchases
ONGOING FREE CASH
EPS FLOW
2007F $1.50-$1.57 $875M - $950M
USES OF CASH
Uses of Cash
CUMULATIVE: 2004-20061
SITUATION:
• From 2004-2006, Monsanto has
generated a cumulative total of
approximately $4.6B in cash
ACQUISITIONS
• $800 million, four-year share
repurchase program announced end
SHARE REPURCHASE & DIVIDENDS
of October 2005
$120 million of shares repurchased DEBT REPAYMENT
through end of FY 2006
CAPITAL EXPENDITURES
• Dividend payments
Dividend yield as of 8/31/06: 0.84%
CASH ACCUMULATION
FY 2006 GAAP pay-out ratio: 30.5%
OUTLOOK:
• Monsanto will continue to explore
options for returning value to
shareowners, including:
• Continued strategic seed USES OF CASH
acquisitions
Between 2004 and 2006, 75% of the cash generated was
• Continued technology investments
either returned to shareowners or re-invested in the growth
• Share repurchase programs
of the business
• Dividends
1. Net of approximately $400M in pension contributions
19

20. FINANCIAL FOCUS
Return on Capital Has Leapfrogged Original Targets, Still
Can Significantly Improve
ONGOING FREE CASH
EPS FLOW
2007F $1.50-$1.57 $875M - $950M
Return on Capital RETURN ON CAPITAL
12%
2003-2006
SITUATION:
10%
• ROC in 2006 of 11.2 percent
surpassed original projections
8%
of an ROC target in 2007 of
10.5 percent
• ROC in 2007 will be dependent 6%
on timing of closing of
potential Delta and Pine Land 4%
acquisition
OUTLOOK:
2%
• Exclusive of acquisition effect,
target of another 100-basis- 0%
point improvement
2003 2004 2005 2006
ROC IMPROVEMENT
From 2003 to 2007, ROC has the potential to double
20

21. SUMMARY
Focus, Discipline and Leadership Translate to
Continued Growth
FY2007
GUIDANCE
EARNINGS PER SHARE GROWTH
PROGRESSION OF ONGOING EPS (2003-2007F) $1.50-$1.57
Earnings Per 15%-20% GROWTH
FROM 2006 YEAR-END
Share1
2007 EPS GUIDANCE: PERFORMANCE
$1.60
15-20% GROWTH
$875M-$950M
Free Cash Flow
$1.40 $1.50-$1.57
SG&A as a % Of 21%-21.5%
Sales
$1.31
$1.20
R&D as a % Of ~10%
Sales
$1.00 Capital $350-$400M
$1.04
Expenditures
$0.80 Roundup and All
Other Glyphosate- ~$600M
$0.79
Based Herbicides
$0.71
$0.60 Gross Profit
2003 2004 2005 2006 2007F
All Other Ag
~$400M
12% GROWTH 31% GROWTH 26% GROWTH Productivity
Gross Profit
Seeds & Traits ~$2.8B
Gross Profit
1. EPS figures reflect the stock split effective July 28, 2006
21

22. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow Fiscal Year
2007 Fiscal Year Fiscal Year Fiscal Year
$ Millions Forecast 2006 2005 2004
Net Cash Provided (Required) by Operating Activities $1,375-$1,450 $1,674 $1,737 $1,261
Net Cash Provided (Required) by Investing Activities $(500) $(625) $(1,667) $(262)
Free Cash Flow $875-$950 $1,049 $70 $999
Net Cash Provided (Required) by Financing Activities N/A $(117) $(582) $(243)
Effect of Exchange Rate Changes on Cash and Cash Equivalents -- $3 -- --
Net Increase (Decrease) in Cash and Cash Equivalents N/A $935 $(512) $756
Reconciliation of Non-GAAP EPS
Fiscal Year Fiscal Year Fiscal Year Fiscal Year
$ per share 2006 2005 2004 2003
Net Income (Loss) per Share $1.25 $0.47 $0.50 $0.13
Cumulative Effect of Change in Accounting Principle $0.01 -- -- $0.02
Diluted Earnings (Loss) per Share Before Effect of $1.26 $0.47 $0.50 $0.15
Accounting Change
Tax Charge on Repatriated Earnings $0.04 -- -- --
Seminis and Stoneville In-Process R&D -- $0.45 -- --
Solutia-Related Charge -- $0.32 -- --
Tax Benefit on Loss from European Wheat and -- $(0.19) -- --
Barley Business
Restructuring Charges -- Net -- $0.01 $0.18 $0.05
Loss (Income) on Discontinued Operations $0.01 $(0.02) -- $0.04
Impairment of Goodwill -- -- $0.12 --
PCB Litigation Settlement Expense – Net -- -- -- $0.48
Diluted Earnings (Loss) per Share from Ongoing Business $1.31 $1.04 $0.80 $0.72
Note: EPS figures reflect the stock split effective July 28, 2006
22

23. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Return on Capital
12 Months 12 Months 12 Months 12 Months
$ Millions Total Monsanto Company and Subsidiaries: Ended Ended Ended Ended
Aug. 31, 2006 Aug. 31, 2005 Aug. 31, 2004 Aug. 31, 2003
Operating Profit After-tax (excluding certain items) $767 $612 $464 $413
Average Capital 6,827 6,256 6,068 6,774
Return on Capital 11.2% 9.8% 7.6% 6.1%
Operating Profit After-tax (excluding certain items):
Net Income $689 $255 $267 $68
Adjustment for certain items, after-tax:
In-Process R&D Write-Off Related to the Seminis and Stoneville -- 248 -- --
Acquisitions
Solutia-Related Charge -- 175 -- --
Tax Benefit on Loss from European Wheat and Barley Business -- (106) -- --
Restructuring Charges (Reversals) – Net (1) 6 98 24
Impairment of Goodwill -- -- 64 --
Tax Charge on Repatriated Earnings 21 -- -- --
Cumulative Effect of Accounting Change 6 -- -- 12
PCB Litigation Settlement Expense – Net -- -- -- 252
(Income) Loss on Discontinued Operations 3 (12) (1) 18
Interest Expense – Net 79 75 57 63
Tax on Interest Expense – Net (30) (29) (21) (24)
Operating Profit After-tax (excluding certain items) $767 $612 $464 $413
As of Aug. 31, As of Aug. 31, As of Aug. 31, As of Aug. 31,
2006 2005 2004 2003
Average Capital:
Short-Term and Long-Term Debt $1,667 $1,584 $1,368 $1,422
Shareowners’ Equity 6,525 5,613 5,258 5,156
Cash and Cash Equivalents (1,460) (525) (1,037) (281)
Cash for Operations 125 125 125 125
Total Capital 6,857 6,797 5,714 6,422
Prior Period Capital 6,797 5,714 6,422 7,125
Average Capital $6,827 $6,256 $6,068 $6,774
23