1. Robb Fraley, Ph.D.
Chief Technology Officer and Executive Vice President
Credit Suisse First Boston
September 30, 2004
1

2. Forward-Looking Statements
Forward-Looking Statements
Forward-
Certain statements contained in this presentation, such as statements concerning the company's anticipated financial
statements
results, current and future product performance, regulatory approvals, currency impact, business and financial plans and
approvals,
other non-historical facts are quot;forward-looking statements.quot; These statements are based on current expectations and
non- quot;forward- expectations
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
those
company’
such forward-looking statements. Factors that could cause or contribute to such differences include, among others: the
forward- such
company’s exposure to various contingencies, including those related to Solutia, Inc., litigation, intellectual property,
company’
regulatory compliance (including seed quality), environmental contamination and antitrust; fluctuations in exchange rates
contamination
and other developments related to foreign currencies and economies; increased generic and branded competition for the
economies;
company's Roundup herbicide; the accuracy of the company’s estimates and projections, for example, those with respect
company’
to product returns and grower use of our products and related distribution inventory levels; the effect of weather
distribution
conditions and commodity markets on the agriculture business; the success of the company’s research and
the company’
development activities and the speed with which regulatory authorizations and product launches may be achieved;
rizations
autho
domestic and foreign social, legal and political developments, especially those relating to agricultural products
especially
developed through biotechnology; the company's ability to continue to manage its costs; the company’s ability to
continue company’
successfully market new and existing products in new and existing domestic and international markets; the company’s
existing company’
ability to obtain payment for the products that it sells; the company's ability to achieve and maintain protection for its
company's
intellectual property; the effects of the company's accounting policies and changes in generally accepted accounting
policies
principles; the company's ability to fund its short-term financing needs; general economic and business conditions;
short-
political and economic conditions due to threat of future terrorist activity and related military action; and other risks and
terrorist
factors detailed in the company's filings with the U.S. Securities and Exchange Commission. Undue reliance should not
Securities
be placed on these forward-looking statements, which are current only as of the date of this release. The company
forward- this
disclaims any current intention to revise or update any forward-looking statements or any of the factors that may affect
forward-
actual results, whether as a result of new information, future events or otherwise.
events
2

3. Additional Disclosures
Fiscal Year
In this presentation, unless otherwise specified references to years, or to fiscal years, 2001 through 2006
references
are on a fiscal-year basis and refer to the 12-month period ending August 31.
fiscal- 12-
Trademarks
Roundup, Roundup Ready, Bollgard, Bollgard II, YieldGard, Harness, Posilac , VISTIVE, Processor Preferred
YieldGard,
and the Monsanto, Imagine and vine logo are trademarks owned by Monsanto Company and its wholly
owned subsidiaries. All other trademarks are the property of their respective owners. © 2004. Monsanto
their
Company. All Rights Reserved.
3

4. Overview
Biotechnology Is Most Rapidly Adopted Technology in
the History of Agriculture
Global Monsanto Planted Biotech Acres
Acres in millions
180
Canola
160
Cotton
140
Corn
120
Soybeans
100
80
60
40
20
0
1996 1997 1998 1999 2000 2001 2002 2003 2004*
Source: Monsanto estimates
* 2004 is preliminary
4

5. Overview
Biotechnology Provides Better Economical and
Environmental Solutions
Effect of Biotech Crops on U.S. Pesticide Use
in 2001 Million
Lbs.
Soybeans (29)
Corn (8)
Cotton (8)
Canola (1)
Total Reduction in
(46)
Pesticide Use
Source: “Plant Biotechnology: Current and Potential Impact for Improving Pest Management in U.S.
Agriculture,” Leonard P. Gianessi, National Center for Food & Agriculture Policy.
Agriculture,” Gianessi,
5

6. Overview
Early, Major Investment In Seeds Captured Value Shift
Monsanto Brand Share
Monsanto Licensed Share
Dupont-Pioneer Share
Monsanto Genetic Market Share in U.S. Corn Seed
60% 49%
48%
45%
43%
50%
40%
30%
20%
10%
0%
2001 2002 2003 2004
Source: Monsanto
6

7. Overview
Value and Growth Potential Continues
2
1 R&D Update Commercial Update
! Soybean gene sequence
! Collaborations with
Genomics sharing with Qualisoy;
Devgen and Divergence
Corn gene sequence
for pest control
sharing with NCGA*
! 2004 U.S branded market
! Launched 36 new corn
Conventional
share of 14% in corn and
hybrids and 30 new
Breeding 20% in soy
soy varieties in 2004
U.S. brands
! Enabling technology for
! Over 2,000 active
Molecular
early introduction of
markers drive breeding
Breeding Vistive low-linolenic
program
soybeans
! Ankeny, Iowa is world’s ! Processor Preferred
Crop Analytics hybrids for high ethanol
only ISO-9001 certified
yields
crop analytics lab
! First reports from growers
! Completed U.S.
show high satisfaction
submissions of full
Biotechnology
with YieldGard Rootworm
regulatory packages for
corn
Roundup Ready Flex
7 *NCGA is National Corn Growers Association

8. Round 1: Seed and Single-Trait Positions Firmly
Established and Growing
• Seed Breeding Advancements
• First-Generation Traits
• Geographic Expansion
• Value Capture
Round 1
8

9. Round 1: Breeding
Now Commercializing First Inter-Company Corn
Hybrids from Industry’s Most Diverse Genetic Pool
6-to-8 year process
6-to-8 year
Late 1990s Early 2000s Today
Acquired 36 major corn Crossed genetic lines Launching new hybrids
breeding programs across acquired from inter-company
(12 countries x average of 3 companies crosses
companies per country)
Temperate
Temperate
Sub-Tropical
Sub-
Sub-Tropical
Monsanto
corn Tropical
Tropical
germplasm
flows
globally Sub-Tropical
Sub-
Sub-Tropical
Temperate
Temperate
9

10. Round 1: First-Generation Traits
Roundup Ready Soybeans Continue Delivering Value
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Available Market 70M 50M 30M
Available Market 70M 50M 30M
Genomics
Percent Penetrated (2004 Preliminary) 94% 15% 100%
Percent Penetrated (2004 Preliminary) 94% 15% 100%
1 U.S. Grower System Cost
Conventional
Breeding
Trait
Molecular
Herbicide
Breeding
Seed
Crop Analytics
Herbicide
$ per acre
Cost
$52
Biotechnology
$48
$40
Trait
Cost
1999
1995 2005F
Conventional Roundup Ready
Source: Monsanto and Doane Market Research
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
10

11. Round 1: First-Generation Traits
Roundup Ready Soybeans Continue Delivering Value
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Available Market 70M 50M 30M
Available Market 70M 50M 30M
Genomics
Percent Penetrated (2004 Preliminary) 94% 15% 100%
Percent Penetrated (2004 Preliminary) 94% 15% 100%
2 Brazil Value Capture
Conventional
Breeding
Brazil
Molecular
Breeding
System Success
Crop Analytics
quot; Grain-based system
implemented
Biotechnology
quot; Over 95% of grain originators in
Sale of Roundup
Ready soybean the territory under contract
varieties for this
quot; 100% of harvest has been
area requires new
regulatory delivered
approvals
quot; Demonstrated Collections
Varieties from
40 million planted soybean acres
Argentina are
adaptable to
this area
10 million planted soybean acres
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
11

12. Round 1: First-Generation Traits
Available Market for Roundup Ready Corn Is Growing
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
20M
Available Market 20M-50M
20M- 5M
20M
Available Market 20M-50M 5M
Genomics
Percent Penetrated (2004 Preliminary) 32% 0% 0%
Percent Penetrated (2004 Preliminary) 32% 0% 0%
1 Grain Channeling in the U.S.
Conventional
Breeding
Business Approach
Molecular
Breeding
Website indicates to farmers
#
which elevators in their area
Crop Analytics
accept biotech grain not yet
approved for import into the
European Union
Biotechnology
Communication and
#
education program under way
Percent of growers citing
#
grain marketing concerns has
dropped from roughly 60% to
nearly 30% in past year*
*Based on Roundup Ready corn surveys taken in fall of 2003 and
spring of 2004 in Eastern Iowa/Northern Illinois region
www.866sellcorn.com
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
12

13. Round 1: First-Generation Traits
Available Market for Roundup Ready Corn Is Growing
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
20M
Available Market 20M-50M
20M- 5M
20M
Available Market 20M-50M 5M
Genomics
Percent Penetrated (2004 Preliminary) 32% 0% 0%
Percent Penetrated (2004 Preliminary) 32% 0% 0%
2 Regulatory Processes
Conventional
Breeding
European Union
! 23 products in regulatory queue
Molecular
Breeding
under Directive 2001/18; 12 from
Monsanto
Crop Analytics
! Roundup Ready corn (NK603)
Biotechnology
approved for importation and whole
corn feed in July 2004
! NK603 food application in queue
Argentina
! Roundup Ready corn (NK603)
approved for planting in Argentina
in July 2004
! Application for stacks in queue
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
13

14. Round 1: First-Generation Traits
YieldGard Rootworm Continues High Satisfaction
Pattern with Biotech Traits
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
5M
Available Market 15M-20M
15M- 1M
5M
Available Market 15M-20M 1M
Genomics
Percent Penetrated (2004 Preliminary) 11% 0% 0%
Percent Penetrated (2004 Preliminary) 11% 0% 0%
1 Grower Satisfaction
Conventional
Breeding
Percent of customers very or somewhat satisfied1
Molecular
Breeding 100%
80%
Crop Analytics
60%
Biotechnology
40%
20%
0%
Roundup Roundup Bollgard/ Roundup YieldGard YieldGard
Ready Roundup Rootworm
Corn
Ready
Ready
Ready Corn**
Borer*
Cotton* Corn*
Soybeans*
Cotton*
1Based on all growers using specified seed and treatment and able to answer very satisfied, somewhat satisfied, neutral, or not satisfied.
satisfied.
*Source: Marketing Horizons Trait Satisfaction Studies 2002
**Source: Marketing Horizons Trait Satisfaction Studies 2004
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
14

15. Round 1: First-Generation Traits
YieldGard Rootworm Continues High Satisfaction
Pattern with Biotech Traits
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
5M
Available Market 15M-20M
15M- 1M
5M
Available Market 15M-20M 1M
Genomics
Percent Penetrated (2004 Preliminary) 11% 0% 0%
Percent Penetrated (2004 Preliminary) 11% 0% 0%
2 YieldGard Rootworm Protection
Conventional
Breeding
Molecular
Breeding
Crop Analytics
Biotechnology
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
15

16. Round 2: Monsanto Is Uniquely Positioned To
Bring Next Generation of Traits to Market
• Continued Growth from Round 1
• Second-Generation Traits
• Greater Intensity of Stacked Traits
Round 1 Round 2
16

17. Round 2: Second-Generation Traits
Upgrades in Technology Raise the Bar on Competition --
Roundup Ready Flex Cotton
Key Market Acres U.S. Australia
Key Market Acres U.S. Australia
0.5M – 0.8M
Available Market 10M-15M
10M- 0.5M – 0.8M
Available Market 10M-15M
Genomics
0%
Percent Penetrated 0% 0%
Percent Penetrated 0%
1 Reproductive Tolerance to Roundup
Conventional
Breeding
Molecular
# New promoter in Roundup Ready Flex provides
Breeding
reproductive tolerance to Roundup during
Crop Analytics
cotton flowering
Biotechnology
Pollen
Viability
Roundup Ready Cotton Roundup Ready Flex
Cotton
1.12 lbs ae/A Roundup applied over the top sequentially at 4 and 8 node stages
ae/A stages
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
17

18. Round 2: Second-Generation Traits
Upgrades in Technology Raise the Bar on Competition --
Roundup Ready Flex Cotton
Key Market Acres U.S. Australia
Key Market Acres U.S. Australia
0.5M – 0.8M
Available Market 10M-15M
10M- 0.5M – 0.8M
Available Market 10M-15M
Genomics
0%
Percent Penetrated 0% 0%
Percent Penetrated 0%
2 Expanded Window of Application
Conventional
Breeding
# Expanded window of over-the-top application
Molecular
Breeding
- Increased margin of crop safety
Crop Analytics
- More “flexible” weed control
# Increased grower convenience
Biotechnology
# Reduced need for specialized spray equipment
Over-the-top window of application
Roundup Ready® Flex Cotton
Roundup Ready®
Cotton
(< 4 lf.)
Emergence Layby Preharvest Harvest
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
18

19. Round 2: Second-Generation Traits
Upgrades in Technology Raise the Bar on Competition --
Roundup Ready Flex Cotton
Key Market Acres U.S. Australia
Key Market Acres U.S. Australia
0.5M – 0.8M
Available Market 10M-15M
10M- 0.5M – 0.8M
Available Market 10M-15M
Genomics
0%
Percent Penetrated 0% 0%
Percent Penetrated 0%
3 Field Trial Update
Conventional
Breeding
# Over 200 field trials conducted in 2004
Molecular
Breeding
# 8 cotton seed companies participating in trial
Crop Analytics
program
Biotechnology
# Cotton States launching exclusively on a
second-generation trait platform
Results from the Field
Results from the Field
Coming in January 2005
Coming in January 2005
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
19

20. Round 2: Second-Generation Traits
Second-Generation YieldGard Corn Borer Controls More
Insects
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
15M
Available Market 30M-40M
30M- 4M
15M
Available Market 30M-40M 4M
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
1 2nd Generation Yieldgard Corn Borer
Conventional
Breeding
Fall Armyworm Control
Molecular
# Broad control
Breeding
solution for fall
Crop Analytics
armyworm and
corn earworm for
Biotechnology
global expansion
YGCB YGCB II
# Durability
Corn Earworm Control
solution for
insect resistance
management
YGCB II
No Yieldgard
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
20

21. Round 2: Second-Generation Traits
Second-Generation YieldGard Corn Borer Controls More
Insects
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
15M
Available Market 30M-40M
30M- 4M
15M
Available Market 30M-40M 4M
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
2 Field Trail Update
Conventional
Breeding
# 2004 field trials conducted in Puerto Rico,
Molecular
Argentina and U.S.
Breeding
Crop Analytics
# Multiple trials per year
Biotechnology
# Excellent control in high infestations levels
Results from the Field
Results from the Field
Coming in January 2005
Coming in January 2005
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
21

22. Round 2: Stacked Traits
Stacking Biotech Traits Adds New Dimension to
Market Potential — Multiplying Margin Opportunities
Monsanto U.S. Biotech Intensity Index*
Average number of biotech traits per biotech acre
1.6 Cotton (2 Traits) 1.5
Corn (3 Traits)
1.5
Soybeans (1 Trait)
1.4
1.3
1.2
1.2
1.1
1.0
1
1996 1997 1998 1999 2000 2001 2002 2003 2004F 2005F 2006F
U.S. Biotech Margin Opportunities – 2004 Preliminary*
Corn Cotton
16 million
52 million 10 million
1.2
42 million 1.5
biotech
biotech X =
biotech
X =
intensity
biotech intensity
margin
margin Acres
index
acres index
opportunities
opportunities
22 * Monsanto traits only

23. Round 3: Pipeline Potential Builds on Established
Platform
• Continued Growth from Rounds 1 & 2
• Improved Food and Feed Biotech Traits
• Biotech Yield Traits
Round 1 Round 2 Round 3
23

24. Round 3: Food, Feed and Yield Traits
Pipeline Products Reach New Markets and Expand
Base in Corn, Soybeans and Cotton
Food Healthier Oil Soy
Yield
(Low Linolenic
Feed Omega-3 Soy
Omega- Mid Oleic
(Stearidonic acid) Low Saturate)
Enhanced High
Drought Tolerant
Improved Protein Soy
Lysine Corn
Corn, Soy, Cotton
(Beta Conglycinin)
Low Linolenic Cold Tolerant
High Lysine Corn
Soy Corn
Improved Protein
Soy
Nitrogen
Utilization Corn
Commercialized Agronomic Traits
YieldGard
Roundup YieldGard
Corn Borer
Ready Corn, Rootworm
Bollgard I & II
Soy, Cotton Corn
Cotton
2nd Generation
Roundup Ready
YGCB II Corn YGRW II Corn
Agronomic Traits Flex Cotton
24

25. Round 3: Feed Traits
High Lysine Enhances Essential Amino Acids in Feed
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
TBD
Available Market TBD TBD
TBD
Available Market TBD TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
1 High Lysine Corn
Conventional
Breeding
# Enhance level of limiting
Molecular
essential amino acids in feed
Breeding
# Lower cost of animal feed ration
Crop Analytics
Biotechnology
# Improved amino acid balance
High Lysine Corn – Total Lysine
# Increased total 150 Target
energy
Indexed 100
# U.S. regulatory 50
packages
submitted 0
Neg. Pos. Neg. Pos.
Event 1 Event 2
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
25

26. Round 3: Feed Traits
High Lysine Enhances Essential Amino Acids in Feed
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
TBD
Available Market TBD TBD
TBD
Available Market TBD TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
2 Field and Feeding Trial Update
Conventional
Breeding
# Field trials conducted in U.S. and
Molecular
Breeding
Argentina this year
# Evaluating over 12 hybrid genotypes in
Crop Analytics
this year’s program
# Excellent performance demonstrated in
Biotechnology
feeding trials to date
Results from the Field
Results from the Field
Coming in January 2005
Coming in January 2005
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
26

27. Round 3: Food Traits
Preparing for 2005 Launch of First-Generation Output
Trait Pre-Launch — VISTIVE Soybeans
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
TBD
Available Market 5M TBD
TBD
Available Market 5M TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
1 VISTIVE Low Linolenic Soy
Conventional
Breeding
A more stable soy oil
#
Molecular
requiring less
Breeding
hydrogenation:
reduce/eliminate trans
Crop Analytics
fats
Biotechnology
Yield parity and
#
stacked with Roundup
Ready trait
Linolenic acid < 3%
#
Linolenic
18:3 Linoleic Oleic Sats
Std Soybean
VISTIVE
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
27

28. Round 3: Food Traits
Preparing for 2005 Launch of First-Generation Output
Trait Pre-Launch — VISTIVE Soybeans
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
TBD
Available Market 5M TBD
TBD
Available Market 5M TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
2 Field Trial Update
Conventional
Breeding
Molecular
# Advanced field testing
Breeding
# Shipping several tons of oil to food companies
Crop Analytics
for food formulation testing
Biotechnology
# Finalizing processor programs; Ag
Processing, Inc. (AGP) participating
# Launch in 2005
Results from the Field
Results from the Field
Coming in January 2005
Coming in January 2005
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
28

29. Round 3: Food Traits
Omega-3 Biofortification Is a Food Industry
Breakthrough
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
TBD
Available Market TBD TBD
TBD
Available Market TBD TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
1 Oilseed Produced Omega-3
Conventional
Breeding
! American Heart Assn., Omega-3 Deficiency Implicated in
Molecular
CVD Recommendations are
American Dietetic 4:1 Japan
Ratio dietary omega-6:3
Breeding
for a ratio of 4:1
Assn., and 1,600+ omega-6 to omega-3
Canada
Crop Analytics
research studies UK
support health benefits US Diet
80:1
Biotechnology
% general population 50 200
CV deaths/100,000
39.1%
stating they consider their
! Vegetable oils
32.0%
PIC? diet deficient
30.9%
Whole Grains 29.4%
in…
enriched with bio-
24.9%
Vitamin E 23.1%
available Omega-3
Folic Acid 18.7%
Omega-3
! Omega-3 promotes
Soy Protein
Vitamin C
heart health
Fiber
! Enhanced stability
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
29

30. Round 3: Food Traits
Omega-3 Biofortification Is a Food Industry
Breakthrough
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
TBD
Available Market TBD TBD
TBD
Available Market TBD TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
2 Field Trial Update
Conventional
Breeding
! 2004 field trials in U.S. Midwest
Molecular
Breeding
! Analyzing Omega-3 oil assay in Ankeny, Iowa and
Crop Analytics
St. Louis labs
! Testing for taste, odor and for agronomic performance
Biotechnology
PIC?
Results from the Field
Results from the Field
Coming in January 2005
Coming in January 2005
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
30

31. Round 3: Yield
Drought Stress Tolerance Is One of Potential New
Agronomic Traits in Pipeline
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
TBD
Available Market TBD TBD
TBD
Available Market TBD TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
1 Drought Tolerance
Conventional
Breeding
! Pricing depends on choice
! Yield insurance
Molecular
of market
on all acres to
Breeding
protect against
! Stack with weed and insect
water deficits
Crop Analytics
control traits enhances
! Yield enhancement margin opportunity
Biotechnology
on all acres
through improved
water use
! Cost savings
on irrigated acres
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
31

32. Round 3: Yield
Drought Stress Tolerance Is One of Potential New
Agronomic Traits in Pipeline
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
TBD
Available Market TBD TBD
TBD
Available Market TBD TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
2 Field Trial Update
Conventional
Breeding
Molecular
Breeding
Crop Analytics
Biotechnology
Results from the Field
Results from the Field
Coming in January 2005
Coming in January 2005
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
32

33. Summary
Value Shift to Seed Continues…
Industry value shift from crop chemicals to
seeds and traits is well under way…
1996 2003 2008F
$7.5 Billion $8.4 Billion $9.2 Billion
$3.6 $2.6
$4.5
$0.1 $3.8
$1.3
$3.5
$3.0 $2.7
Crop Chemicals Germplasm Biotech Traits
Source: U.S. 1996-2003 Doane AgroTrak & Seed Studies; 2008 Monsanto Estimate
1996-
33

34. Summary
Value Shift to Seed Continues…
Value shift extends to feed, food, and yield…
Water and
Soil Value Shift
Value Shift
Nutrients
Human
Value Shift
Value Shift
Health
Animal
Value Shift
Value Shift
Nutrition
Crop
Value Shift
Value Shift
Chemicals Seed
34

35. Questions?
35