1. ROBB FRALEY
CHIEF TECHNOLOGY OFFICER
MONSANTO EUROPEAN INVESTOR DAY
November 10, 2006
1

2. OVERVIEW
R&D Focus Aligns With Growth Drivers to Extend Leadership
Through 2010
SITUATION R&D
FACTOR ANALYSIS APPLICATION
MONSANTO’S R&D OPPORTUNITY
BREEDING
Growing demand
U.S. corn pressures feed
Application of our breeding and biotech
BIOTECH
capabilities fully supports our six gross and fuel supply
profit drivers
Better yields
International needed to
BREEDING
corn improve global
DISCOVERY PHASE I PHASE II
R&D PHASE: PHASE III PHASE IV LAUNCH
competitiveness
BREEDING Opportunity exists
Global biotech to upgrade plant
BIOTECH
COMMERCIAL
IT PLATFORM
GERMPLASM
G
ANALYTICS
MARKERS
traits performance with
GENOMICS
SEED
ELITE
Germplasm traits
SOLD TO
FARMERS
R Improve global
BREEDING
productivity
BIOTECHNOLOGY Cotton
through
platform
technology
BIOTECH
infusion
Highly fragmented
BREEDING
Seminis market, ready for
new technology
Deliver higher
value
BIOTECH
R&D pipeline
technologies
faster
2

3. OVERVIEW
Farmers Buy Yield; Our R&D Approach Oriented
Around Meeting That Customer Need
R&D APPROACH
PERCENT OF GENETIC
YIELD GENETIC POTENTIAL
FARM APPROACH
GAIN PRESERVED
= X
Farmer’s Purchase Inherent yield possible from the seed Amount of yield potential
Decision
BREEDING
GERMPLASM protected
=
SEED
• Starting point of all
agriculture; farmers
maximize genetics in
seed for yield
• 60% of farmers select • Germplasm library
• >2,000 genetic
seed first, then • Monsanto is only
assembled from markers used by
decide on biotech
company to develop
36 programs in 12
traits breeders for corn
and commercialize
countries
X
today
complete above-
• >100 breeding • 50% of breeding ground, below-ground
research centers population comes insect-control and
worldwide from inter-company,
TECHNOLOGY weed-control traits
inter-country
crosses
• Technology is used to
protect and maximize • Molecular breeding
yield potential of seed improves genetic
potential by 2X
versus conventional
breeding
3

4. BREEDING
Monsanto’s Global Breeding Engines Deliver Yield
Advantages Over Best-in-Class Competitors
2006 PRELIMINARY U.S.
COMPETITIVE CORN YIELD COMPARISON
200
DEKALB
U.S. Corn
195
SITUATION:
COMPETITORS
• Top 3 purchase drivers for
BUSHELS/ACRE
farmers buying DEKALB 190
corn seed all relate to
performance of underlying
185
germplasm
OUTLOOK:
• Preliminary yield data 180
from 2006 indicates
continued yield advantage
175
versus best-in-class
competitors
• Final data will be shared in 170
RELATIVE MATURITIES (DAYS)
January
115
95 100 105
110
YIELD ADVANTAGE
In 2006, across the 110-day maturity zone that covers one-third
of U.S. corn production, DEKALB outperformed the competition
by roughly 11 bushels per acre on average
4

5. BREEDING
Best Combination of Germplasm and Traits Delivers
Best Yield
FOCUS: YIELD PER ACRE (PRELIMINARY)
U.S. Corn
194 YieldGard
200
SITUATION:
bu/ac Rootworm or
BUSHELS PER ACRE
182.4
• In 2006, across four states and YieldGard Plus
190
bu/ac
267 locations, DEKALB seed
Herculex®
with YieldGard Rootworm or 180 Rootworm or
YieldGard Plus outperformed Herculex XTRA
170
competitive seed and trait
performance by roughly 10
160
bu/ac on average
• In 2006, across 81 locations, 150
DEKALB PIONEER
statistically there is no
difference between the
performance of YieldGard
Rootworm or YieldGard Plus FOCUS: TRAIT PERFORMANCE - ROOT PROTECTION (PRELIMINARY)
and competitive traits
0.25 YieldGard Rootworm
Difference between two traits
OUTLOOK:
NODE INJURY SCALE
or YieldGard Plus
statistically insignificant
0.20
• Farmers make their seed Herculex®
.20
purchase decision on the total Rootworm or
.17
0.15 Herculex XTRA
system performance of the
seed-and-trait package versus
0.10
the trait or germplasm
individually
0.05
0.00
PIONEER
DEKALB
5

6. BREEDING
Breeding Advances in France Fuel Market Share Growth
CORN GRAIN HYBRID
International Corn
REGISTRATION – FRANCE
SITUATION:
2003 - 2005
• From 2003 – 2005,
Monsanto led the way with
36 new corn grain hybrids
60
or 19% of the total new 51
product entrants approved 50
in France
40
• DEKALB market share has 35
29
grown 5 points over last
30
two years
• For first time ever, 20 15
12 13
11
DEKALB is co-leading
6
10
brand in France 6
4
2 2
OUTLOOK:
0
MONSANTO PIONEER SYNGENTA ALL OTHER
• Yield data will be shared in
January
2003 2004 2005
• Corn grain hybrid
registration in France will
BREEDING ACCELERATION
be updated
From 2003 – 2005, Monsanto registered more hybrids than its primary
competitors across broadest growing regions, accounting for 19% of
all newly registered hybrids in France
6

7. BREEDING
Corn Market Share Gains Still To Fully Reflect Power of
Molecular Breeding Application
MOLECULAR-BREEDING HYBRIDS
AS A PERCENT OF BRANDED
U.S. and UNITS SOLD IN COMMERCIAL
20%
International Corn 2006 BRANDED U.S. CORN PORTFOLIO
12%
MARKET SHARE: 19%
IN COMMERCIAL CORN PORTFOLIO
PERCENT OF BRANDED UNITS SOLD
SITUATION:
10%
• Conventional breeding
15%
U.S. MARKET SHARE
improves genetic gain
on average by 1.5% per
8%
year
10% DEKALB AND ASGROW
OUTLOOK:
6%
U.S. BRAND MARKET
SHARE
• Molecular breeding
improves genetic
4%
5%
potential by 2X versus
conventional breeding
2%
• By 2010, over 12% of
commercial portfolio will
0% 0%
be derived from
molecular breeding 2001 2002 2003 2004 2005 2006 2007F 2008F 2009F 2010F
CYCLE 1: CYCLE 2: CYCLE 3:
INTEGRATION OF APPLICATION OF MAB SELECTION POWER OF
GLOBAL GERMPLASM TO SELECTION MOLECULAR BREEDING
• BY 2006, FIRST MOLECULAR
• ASSEMBLED 36 MAJOR • PREDICTIVE
BREEDING HYBRIDS ENTER
CORN BREEDING COMBINATIONS ALLOW
U.S. COMMERCIAL
PROGRAMS IN 12 MORE EFFICIENT
PROGRESSION
PORTFOLIO
COUNTRIES BREEDING
OF BREEDING
TECHNOLOGY • EU IS ROUGHLY 2 YEARS
• FIRST INTRA-COMPANY • APPLY MOLECULAR
IN THE BEHIND THE U.S. FOLLOWED
CROSSES BREEDING TO TROPICAL
COMMERCIAL BY LATIN AMERICA AND ASIA
MARKETS, SUCH AS
PORTFOLIO PACIFIC
BRAZIL AND ASIA
7

8. BREEDING
Seminis R&D to Focus on Top Five Crops Supported by
Molecular Marker Platforms
TOP 5 CROPS
Seminis
STRATEGIC FOCUS INVESTMENTS
SITUATION:
• Consumer benefits such as
• In 2006, narrowed flavor and seedless • Advance
Tomato
commercial focus to 25
molecular markers
• Grower benefits such as disease
crops that generate
resistance
most profit
• Consumer benefit traits such as • Advance
OUTLOOK:
Sweet pepper
molecular markers
shape, sweetness and color
• Significant marker
platforms to support • Novel flavor for consumers
advancements in quality • Increase breeding
• Grower yield through hybrid
and consumer traits for investments in
Hot pepper
conversion and disease
top 5 crops NAFTA
resistance
• Advance
• Consumer benefits such as molecular markers
firmness, sugars, shelf life and
Melon
• Strengthen
flavor
germplasm
• Strengthen
• Aggressive hybrid conversion for
germplasm
yield and uniformity
Onion
• Advance
• Reduce pungency for consumers molecular markers
8

9. BREEDING
Genetic Mapping Timetable Supports Commercial
Launches of Molecular Breeding Hybrids by End of Decade
MARKER PLATFORMS
MARKER APPLICATION FOR KEY CROPS (2006-2009)
Seminis
SITUATION:
5,000 SWEET CORN
• Began application of
NUMBER OF MARKERS DEVELOPED
breeding technology,
with genome-wide
marker platform for
tomatoes and peppers
• Melons, watermelons TARGET:
1,000
and brassica family of 1,000 markers
cabbage, broccoli and
cauliflower next
OUTLOOK:
BRASSICA
• By 2009, Seminis 500 TOMATO
should have 1,000+
MELON
markers for 9 crops WATERMELON
PEPPER
ONION,
CUCUMBER,
LETTUCE
2009F
2007F 2008F
Current
Status
9

10. BIOTECHNOLOGY
Top-Ten Traits Poised to Deliver Significant Value
PIPELINE VALUE: TOP-TEN PROJECTS
REFLECTING COMMERCIAL VALUE1
VALUE PER ACRE CORE
PHASE SOURCE OF VALUE
ACRE BASE MARKETS
Renessen Corn Processing System U.S
4 Brazil
$10 - $30 20M
and Mavera™ High-Value Corn with Feed and fuel
Europe
Lysine2
U.S.
HIT
3
Roundup RReady2Yield soybeans $10 - $30 155M Brazil
Yield enhancement
Argentina
3
Omega-3 soybeans >$30 5M U.S.
Improved health
U.S.
3
YieldGard VT PRO $10 - $30 41M Brazil
Insect protection
2 -GEN YIELDGARD CORN BORER
nd
Europe
U.S
2
HIT
Water replacement
Drought-tolerant corn $10 - $30 164M Brazil
and yield Europe
HIT
2 U.S.
Vistive III soybeans $10 - $30 12-15M
Improved health
U.S.
2
Higher yielding soybeans $10 - $30 155M Brazil
Yield enhancement
Argentina
2 Brazil
Yield and insect
Insect-protected soybeans $20 - $40 95M
WITH ROUNDUP RREADY2YIELD Argentina
protection
U.S.
1 India
Water replacement
Drought-tolerant cotton $10 - $30 36M Brazil
and yield
Australia
U.S
1 Nitrogen replacement
Nitrogen utilization corn $10 - $30 164M Brazil
and yield Europe
1. Top ten not presented in ranked 2. Value and acres are for direct
order; Commercial value feed piece only and do not
calculated by penetration and include value for Renessen’s corn
retail value during three-year processing system, which is to be
span at peak. determined
10

11. BIOTECHNOLOGY
Roundup RReady2Yield Soybeans Offer Yield Improvement
Over First-Generation Roundup Ready Soybeans
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Roundup RReady2Yield AVAILABLE MARKET 70M 50M 35M
Soybeans PERCENT PENETRATED 0% 0% 0%
P R O JE CT
ROUNDUP RREADY2YIELD IN THE FIELD
FIELD TRIAL PHOTOS FROM 2006
R&D Pipeline
HIT Roundup
Project Ready2Yield soybeans LOCATION:
Stonington, Illinois
SITUATION:
ACTIVITY:
On Track
2006 STATUS: Monsanto
researchers check
• Yield data from 45 trials will be performance
shared in January indicators in the
fields such as plant
VALUE CONSIDERATIONS: height, and pod size
and number
• Value is additive, with target of
up to 5 bushel-per-acre yield OBSERVATIONS:
improvement over comparable 25 locations across
the U.S. tested
Roundup Ready soybeans
11,000 lines tested
RETAIL
$10 - $30/acre
VALUE/ACRE: in 45 trials
TOTAL ACRE
155M acres
OPPORTUNITY:
11

12. BIOTECHNOLOGY
Reflecting HIT Status, Roundup RReady2Yield Soybeans Is
Targeted for Monsanto’s Most Significant Commercial Launch
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Roundup RReady2Yield AVAILABLE MARKET 70M 50M 35M
Soybeans PERCENT PENETRATED 0% 0% 0%
P R O JE CT
LAUNCH ACRES OF U.S. TRAITS
3
HISTORICAL COMMERCIALIZED TRAITS (1996-2006)
R&D Pipeline
2.5
ACRES (IN MILLIONS)
Roundup
HIT AVERAGE HISTORIC
2
RReady2Yield TRAIT LAUNCH:
Project 1.2M ACRES
soybeans 1.5
SITUATION:
1
On Track
2006 STATUS:
0.5
• Yield data from 45 trials will be
0
shared in January SOYBEAN TRAITS
COTTON TRAITS
CORN TRAITS
VALUE CONSIDERATIONS:
Target acreage for Roundup RReady2Yield commercial
• Value is additive, with target of
up to 5 bushel-per-acre yield launch is expected to be a multiple above historical acreages
improvement over comparable in launch years
Roundup Ready soybeans
RETAIL ROUNDUP RREADY2YIELD: COMMERCIAL MILESTONES
$10 - $30/acre
VALUE/ACRE:
STARTING POINT
U.S. REGULATORY
TOTAL ACRE APPROVAL
155M acres
OPPORTUNITY:
SEASON 1 LAUNCH YEAR
GLOBAL REGULATORY CLEARANCES
PRE-COMMERCIAL USER-RELIABILITY COMMERCIAL LAUNCH
TRIALS
12

13. BIOTECHNOLOGY
Tests of Drought-Tolerant Corn Continue to Validate
Concept
KEY MARKET ACRES U.S. BRAZIL EUROPE
Drought-tolerant AVAILABLE MARKET 80M 30M 24M
corn PERCENT PENETRATED 0% 0% 0%
P R O JE CT
DROUGHT TOLERANT CORN IN THE FIELD
R&D Pipeline FIELD TRIAL PHOTOS FROM 2006
HIT Project Drought-tolerant corn
SITUATION:
On Track
2006 STATUS:
LOCATION:
• Continued expansion of testing in lead Vacaville, California
ACTIVITY:
genes and events in moisture-stressed
Monsanto
and broad acre environments
researcher checks
• Currently testing hundreds of genes performance
across several generations of drought indicators in the
traits field such as
chlorophyl content,
• Results will be shared in January ear size, and plant
height
VALUE CONSIDERATIONS:
OBSERVATIONS:
• Value of trait reflects better yields
Confirming third
under moisture-stressed conditions
year of field trial
• Value will be specific to variable costs data in U.S.
of water use by farmers, rather than
fixed costs of irrigation
RETAIL
$10 - $30/acre
VALUE/ACRE:
TOTAL ACRE
164M acres
OPPORTUNITY:
13

14. BIOTECHNOLOGY
Multi-Generational Drought-Tolerant Corn to Create
Value Across Multiple Market Segments
KEY MARKET ACRES U.S. BRAZIL EUROPE
Drought-tolerant AVAILABLE MARKET 80M 30M 24M
corn PERCENT PENETRATED 0% 0% 0%
P R O JE CT
SEGMENTED VALUE OPPORTUNITY
ACROSS MARKETS: EUROPE EXAMPLE
R&D Pipeline
HIT Project Drought Monitor
Drought-tolerant corn
D0: Abnormally Dry
SITUATION: D1: Drought - Moderate
On Track
2006 STATUS: D1: Drought - Severe
D1: Drought - Extreme
• Continued expansion of testing in lead genes
D1: Drought - Exceptional
in moisture-stressed and broad acre
environments.
• Currently testing hundreds of genes across
several generations of drought traits
Source: UCL Department of Space and Climate Physics
• Results will be shared in January
VALUE CONSIDERATIONS:
IRRIGATED DRYLAND STABILITY
• Value of trait reflects better yields under Irrigated Non-Irrigated Non-Irrigated
moisture-stressed conditions; varies by
Value is in Value is in Value is in
region (see table at right)
replacing improved yields improved yields
• Value will be specific to variable costs of irrigation, reducing annually, by when moisture is
water use by farmers, rather than fixed costs variable costs of improving water- less than optimal
irrigation use efficiency
of irrigation
RETAIL VALUE/ACRE: $10 - $30/acre
TOTAL ACRE
164M acres
OPPORTUNITY:
14

15. BIOTECHNOLOGY
Vistive III Soybeans Have Potential To Leapfrog on
Commercial Development Track
KEY MARKET ACRES U.S.
Vistive III Soybeans AVAILABLE MARKET 12-15M
PERCENT PENETRATED 0%
P R O JE CT
VISTIVE III
FIELD TRIAL PHOTOS FROM 2006
R&D Pipeline
HIT Vistive III Soybeans
Project
SITUATION:
LOCATION:
On Track
2006 STATUS:
Sperry, Iowa
ACTIVITY:
• Field trial results on oil composition
2006 summer
and oil yield will be reviewed in
agronomic
January
testing
VALUE CONSIDERATIONS:
OBSERVATIONS:
• Approximately 40M acres of U.S. First broad acre
soybean crop is crushed for oil; field testing in
U.S. with lead
Vistive III is optimal for non-
events
hydrogenated and hydrogenated-
frying segments
• Vistive III has potential to be priced
at a premium to conventional
soybean oil
RETAIL VALUE/ACRE: $10 - $30/acre
TOTAL ACRE
12M - 15M acres
OPPORTUNITY:
15

16. BIOTECHNOLOGY
Vistive III Soybeans Meet Multiple Needs in Food
Industry KEY MARKET ACRES U.S.
AVAILABLE MARKET 12-15M
Vistive III Soybeans
P R O JE CT PERCENT PENETRATED 0%
CONSUMER
VISTIVE MARKET
R&D Pipeline FAMILY
OIL FOR
HIT Vistive III Soybeans FRYING AND
IMPROVED SOYBEAN
Project SPRAYING
QUALITY FOR LIQUID OILS
SITUATION: Crackers
Snack chips
On Track
2006 STATUS:
• Field trial results on oil
composition and oil yield will be IMPROVING NUTRITIONAL
reviewed in January PROFILE OF SOYBEAN OIL
VALUE CONSIDERATIONS: LINOLENIC LINOLEIC OLEIC SATS
18:3 18:2 18:1 18:0 / 16:0
• Approximately 40M acres of U.S. STANDARD
SOYBEAN
soybean crop is crushed for oil;
Vistive III is optimal for non-
TARGET: VISTIVE III
hydrogenated and hydrogenated- LOW-LIN – MID-OLEIC –
LOW-SAT SOYBEANS
frying segments
• Vistive III has potential to be Major market segments for U.S. soybean oil
priced at a premium to NON- HYDROGENATED- HYDROGENATED-
HYDROGENATED FRYING BAKING
conventional soybean oil
RETAIL For salad oils, For various For various
$10 - $30/acre
VALUE/ACRE:
household use frying baking
TOTAL ACRE applications applications
12M – 15M acres
OPPORTUNITY:
Uses 50% of Uses 25% of Uses 25% of
total crushing total crushing total crushing
(~20M acres) (~10M acres) (~10M acres)
16

17. BIOTECHNOLOGY
Omega-3 Soybeans Have Met Early Development
Targets for Both Food Application and Field Performance
KEY MARKET ACRES U.S.
Omega-3 soybeans AVAILABLE MARKET 5M
PERCENT PENETRATED 0%
R&D Pipeline
Omega-3 soybeans
OMEGA-3 OIL TASTE RESULTS FROM 2005
SITUATION:
On Track
STATUS:
10
TASTE RATING
• Extensive field testing for
5
lead events in U.S.
0
• Food formulation results will
Omega-3
be shared in January
Soy Oil SDA Oil Fish Oil
VALUE CONSIDERATIONS:
• Value created through a Taste Rating 0-15 Scale
product with similar profile Score of zero indicates no flavor
to soybean oil in taste, shelf-
life and oil stability but with In taste-testing, Omega-3 oil containing
a superior nutritional and stearidonic acid (SDA) oil compares
taste profile to fish oil favorably versus fish oil and commodity
RETAIL Salad Dressing
soy oil
>$30/acre
VALUE/ACRE:
with SDA Oil
Testing also focused on field performance,
TOTAL ACRE
demonstrating Omega-3 soybean yield on
5M acres
OPPORTUNITY:
par with commodity soybeans – an
important factor to farmers growing
specialty crops
17

18. BIOTECHNOLOGY
Early Field Testing Indicates Nitrogen Utilization Corn Offers
Yield Benefits in Both Limited and Normal Nitrogen Conditions
KEY MARKET ACRES U.S. BRAZIL EUROPE
Nitrogen utilization
corn
AVAILABLE MARKET 80M 30M 24M
PERCENT PENETRATED 0% 0% 0%
NITROGEN CONTROL TESTING
R&D Pipeline
Nitrogen utilization corn
SITUATION:
LOCATION:
On Track
STATUS: Morrisonville,
Illinois and
• Continued expansion of Jerseyville, Illinois
ACTIVITY:
testing in limited and normal
Field control
nitrogen environments
testing to measure
• Results will be shared in nitrogen uptake
January and to screen
genes for nitrogen
VALUE CONSIDERATIONS:
utilization
• Value created through OBSERVATIONS:
improved yield in both Under normal
limited and normal nitrogen nitrogen, corn has
environments good chlorophyll
content, normal
RETAIL
$10 - $30/acre
VALUE/ACRE: ear development
and higher yield
TOTAL ACRE
164M acres
OPPORTUNITY:
Limited Nitrogen Normal Nitrogen
18

19. BIOTECHNOLOGY
Nitrogen Utilization Technology Extends Benefits Across
Crop Families
KEY MARKET ACRES U.S. CANADA EUROPE
Nitrogen utilization
canola
AVAILABLE MARKET 1-2M 12-14M 12-14M
PERCENT PENETRATED 0% 0% 0%
2006 NITROGEN
R&D Pipeline
CANOLA CONTROL TESTING
Nitrogen utilization canola
SITUATION:
1800
On Track
STATUS:
1700
• Continued expansion of
testing in limited and normal
YIELD (LBS/ACRE)
1600
nitrogen environments
NITROGEN UTILIZATION
15% 9%
• Results will be shared in CANOLA
1500 OBSERVATIONS:
16%
January
Significant increase in pod
11% development
1400
VALUE CONSIDERATIONS
• Value created through
1300
improved yield in both 18%
limited and in normal
1200
nitrogen environments
RETAIL
$10 - $30/acre 1100
VALUE/ACRE:
0 50 100 150 200
TOTAL ACRE
25-30M acres
OPPORTUNITY:
NITROGEN APPLIED (LBS/ACRE)
CANOLA CONTROL
Conventional use rate
OBSERVATIONS:
Nitrogen gene
Significantly less pod
activity
Control
19

20. BIOTECHNOLOGY
Opportunity in Renewable Fuels Is Driving Yield Demand in
Agriculture
U.S. & BRAZIL ETHANOL OUTLOOK
ETHANOL
30 45
ASSUMPTION
BILLIONS OF GALLONS
40
MILLIONS OF ACRES
25
• MTBE replacement by
35
2010 is base case
20 30
• Incremental yield
25
gains through
15
20
technological
10 15
innovations allow
further substitution
10
5
5
0 0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
CORN
U.S.
SUGAR CANE
BRAZIL
BIODIESEL
4 20
GLOBAL BIODIESEL OUTLOOK
ASSUMPTION
18
BILLIONS OF GALLONS
MILLIONS OF ACRES
3.5
16
• In EU, biodiesel to
3
14
represent 5% of
2.5 12
transport fuels with
2 10
U.S. growing up to 2%
8
1.5
6
1
4
0.5 2
0 0
2005 2006 2007 2008 2009 2010 2011 2012
BIODIESEL PALM
SOYBEAN
RAPESEED & CANOLA
20
Source: Proexporter Network, Pro Mar And Monsanto Estimates

21. BIOTECHNOLOGY
MaveraTM High-Value Corn with Lysine to Provide
Incremental Value to Both Feed and Fuel Markets
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Renessen’s MaveraTM High- AVAILABLE MARKET 5M 2M 1M
Value Corn with Lysine PERCENT PENETRATED 0% 0% 0%
HIGH-VALUE CORN WITH LYSINE IN THE FIELD
R&D Pipeline FIELD TRIAL PHOTOS FROM 2006
Mavera High-Value Corn with
Lysine LOCATION:
Monmouth, Illinois
SITUATION:
ACTIVITY:
On Track
2006 STATUS: Renessen researchers
check performance
• Hybrid performance including indicators such as plant
yield and nutrient composition height, chlorophyl and
ear fill. They also use
will be shared in January
advanced crop analytics
VALUE CONSIDERATIONS to help track the oil levels
in plants
• Enhances level of limiting
OBSERVATIONS:
essential amino acids and corn
oil content in feed, and lowers U.S. received regulatory
approval in 2006;
cost of animal rations
Agronomic testing in the
• Incremental value extracted
field to select best
through Renessen’s Corn hybrids
Processing Technology
RETAIL
<$10/acre1
VALUE/ACRE:
TOTAL ACRE
<10M acres1
OPPORTUNITY:
1Value and acres are for direct feed piece only and do not
21
include value for processing component

22. RENESSEN OPPORTUNITY
Renessen’s New System Bolts Onto Conventional Dry Milling
Process and Makes More Efficient Use of Corn Seed
RENESSEN PROCESS
FLOW
•FOR ALL PRACTICAL CONVENTIONAL DRY MILL PROCESS
PURPOSES, RENESSEN CORN
NUTRIENT
NUTRIENT
PROCESSING SYSTEM BOLTS
Hammer
Hammer
DENSE Distillation Ethanol
DENSE
ONTO A CONVENTIONAL DRY Elevator Fermentation Distillation Ethanol
Elevator Fermentation
Mill
CORN Mill
CORN
MILL PROCESS
STEP 1:
Drying
Drying
•START WITH A
NUTRITIONALLY DENSE CORN RENESSEN FRACTIONATION AND EXTRACTION PROCESS
DEVELOPED THROUGH
BIOTECH OR A
CONVENTIONAL HYBRID
HIGHLY
HIGHLY HIGH PROTEIN
4
3 FERMENTABLE
Fractionation FERMENTABLE
Fractionation LOW OIL DDG
STEP 2: FRACTION
FRACTION
•PROCESS IT THROUGH A
High oil
High oil
NOVEL PROCESS
fraction
TECHNOLOGY DEVELOPED BY fraction
CARGILL AND RENESSEN
STEP 3:
Nutrient-rich
Nutrient-rich
Oil extraction
Oil extraction
meal
•DELIVER FOUR HIGH-VALUE meal
REVENUE STREAMS
1: HIGH-OIL CORN OR
BIODIESEL
Corn oil
Corn oil
2: HIGH-VALUE SWINE
AND POULTRY FEED
3: HIGHLY
FERMENTABLE STARCH
HIGH VALUE SWINE
1 2
HIGH OIL CORN
4: HIGH-PROTEIN, LOW-
AND POULTRY FEED
FOR FOOD OR BIODIESEL
OIL DDG
22

23. SUMMARY
Breeding and Biotech Come Together To Lift The Ceiling
on Yield
U.S. CORN YIELD
HISTORY AND PROJECTED EVOLUTION
200
AVERAGE YIELD (BU/AC)
(MULTIPLE REGRESSION MODEL ANALYSIS)
180
MONSANTO’S
OPPORTUNITY
160
140 The delta between what is
predicted and what is
120
possible is where
100 opportunity lies
80
Molecular breeding
60 boosts the genetic
potential of the seed
1975 1980 1985 1990 1995 2000 2005 2010 2015
Biotech traits protect
that genetic potential
U.S. SOYBEAN YIELD for more practical yield
55
HISTORY AND PROJECTED EVOLUTION
AVERAGE YIELD (BU/AC)
50 Breeding and Biotech
(MULTIPLE REGRESSION MODEL ANALYSIS)
come together to
45
change the curve of
40
yield potential
35
30
25
20
1975 1980 1985 1990 1995 2000 2005 2010 2015
USDA YIELD TREND LINE
PROJECTED YIELDS WITH MOLECULAR
BREEDING AND BIOTECHNOLOGY
23

24. SUMMARY
R&D Focus Aligns With Growth Drivers to Extend Leadership
Through 2010
SITUATION R&D
FACTOR ANALYSIS APPLICATION
MONSANTO’S R&D OPPORTUNITY
BREEDING
Growing demand
U.S. corn pressures feed
Application of our breeding and biotech
BIOTECH
capabilities fully supports our six gross and fuel supply
profit drivers
Better yields
International needed to
BREEDING
corn improve global
DISCOVERY PHASE I PHASE II
R&D PHASE: PHASE III PHASE IV LAUNCH
competitiveness
BREEDING Opportunity exists
Global biotech to upgrade plant
BIOTECH
COMMERCIAL
IT PLATFORM
GERMPLASM
G
ANALYTICS
MARKERS
traits performance with
GENOMICS
SEED
ELITE
Germplasm traits
SOLD TO
FARMERS
R Improve global
BREEDING
productivity
BIOTECHNOLOGY Cotton
through
platform
technology
BIOTECH
infusion
Highly fragmented
BREEDING
Seminis market, ready for
new technology
Deliver higher
value
BIOTECH
R&D pipeline
technologies
faster
24