1. CARL CASALE
EXECUTIVE VICE PRESIDENT,
NORTH AMERICA COMMERCIAL
MONSANTO BIENNIAL
U.S. INVESTOR DAY
Nov. 10, 2005
1

2. OVERVIEW
Two-Step, Two-Horizon Strategy Creates a Line of Sight
for Success through 2010
TARGET: NORTH AMERICA
2006 2007 2008 2009 2010
GROW
Grow Current Portfolio
Grow Globally
LEAD
Grow the Pipeline
Lead through Innovation
Lead in an Increasingly Competitive Market
Lead in New Market Opportunities
2

3. OVERVIEW
Roundup Is Positioned for Stable Contribution
U.S. Branded Roundup
Herbicide
CREATING VALUE
BUSINESS REPORT Structural changes to Roundup
business completed; staffing,
U.S. Branded Roundup Herbicide
portfolio, marketing programs
Decreased Increased
optimized
Business Complexity
Working capital structure
changed to unlock additional
Product Innovations free cash
Pricing in world band of
Staffing
$11-$13 per REG; incremental
volume growth with Roundup
Working Capital Investment
Ready crop expansion
3

4. OVERVIEW
Acceleration In Seeds and Traits Drives NALAN
Commercial Gross Profit Evolution
MONSANTO GROSS PROFIT GROWTH
2003 2005 2007F
TOTAL GROSS TOTAL GROSS TOTAL GROSS
PROFIT = $2.3M PROFIT = $3.0M PROFIT = $3.6M
ALL OTHER AGRICULTURAL
SEEDS & GENOMICS ROUNDUP AND OTHER
PRODUCTIVITY
GLYPHOSATE-BASED HERBICIDES
4

5. OVERVIEW
Biotechnology Adoption Reflects Trait Value, Independent
of Commodity Prices
MONSANTO U.S. BIOTECH ACRES VS. AVERAGE MARKET PRICE
CORN SOYBEANS
ACRES
ACRES $/BU
(IN MILLIONS)
$/BU
(IN MILLIONS)
70
50 $8.00
$3.00
R2 = .58
R2 = .38
45
60 $7.00
$2.50
40
$6.00
50
35
$2.00
$5.00
30
40
25 $4.00
$1.50
30
20
$3.00
$1.00
15 20
$2.00
10
$0.50 10 $1.00
5
0
0 $0.00
$0.00
2000 2001 2002 2003 2004 2005
2000 2001 2002 2003 2004 2005
SOYBEAN SOYBEAN COMMODITY
CORN BIOTECH CORN COMMODITY
BITOECH ACRES PRICES
ACRES PRICES
Source: USDA and Monsanto estimates
5

6. OVERVIEW
Corn and Soy Acreage Is Resistant to Change and
Monsanto Is Protected if it Does
PLANTED CORN ACRES PLANTED SOYBEAN ACRES
3M ACRES
3.2M ACRES
LARGEST ONE-
85 LARGEST ONE- 78 YEAR CHANGE
YEAR CHANGE
83 IN FIVE-YEAR
IN FIVE-YEAR
76 PERIOD
PERIOD
81
ACRES (IN MILLIONS)
ACRES (IN MILLIONS)
74
79
77
72
75
70
73
71 68
69
66
67
65 64
2001 2002 2003 2004 2005 2001 2002 2003 2004 2005
2006 AVERAGE GROSS PROFIT
DIFFERENTIAL PER ACRE
Corn vs. Soy = $0.33
Source: USDA and Monsanto estimates
6

7. GROW AND LEAD
Growth in Next Two Years Primarily Comes From Corn and
Cotton, Leadership Comes from Expanding the Market
TARGET: NORTH AMERICA
2006 2007 2008 2009 2010
GROW
Grow value of corn franchise by using
LEAD
multiple go-to-market channels; increasing
market share; expanding the trait market;
and driving stacked-trait penetration Monsanto’s global “genetic footprint”
has expanded
Grow branded and licensed cotton seed
market share while rapidly penetrating Monsanto’s combination of germplasm
second-generation stacked trait and stacked traits is platform of choice
combinations for farmers, and foundation for
introduction and expansion of new
traits
New traits are commercialized annually
7

8. GROW
Monsanto’s Germplasm Reach Continues to Translate
to Greater Market Share
TARGET: GROW
U.S. Corn Grow the value of the corn franchise
Market Share
60%
51%
49%
46%
50%
44%
43%
40%
30% SUSTAINABLE
1-2 POINT
BRANDED
20%
SHARE GAINS
10%
0%
2001 2002 2003 2004 2005 2006F 2007F
AMERICAN SEEDS, INC BRANDS
HOLDENS/CORN STATES LICENSEES DEKALB AND ASGROW BRANDS
8

9. LEAD
Global Breeding Capabilities Create Full Product
Pipeline for Three Channels
TARGET: LEAD
U.S. Corn Monsanto’s global “genetic footprint”
Channel Strategy has expanded
1
2005 COMPETITIVE CORN Channel: Owned
YIELD COMPARISON Outlet: Retail
200 Target reach: National
190
BUSHELS/ACRE
180
2
Channel: Owned
Outlet: Regional, high-touch
170
Target reach: Local
160
150
95 100 105 110 115
3 Channel: Licensed, non-exclusive
RELATIVE MATURITIES (DAYS)
Outlet: Regional, high-touch
COMPETITORS
MONSANTO BRANDS Target reach: Local
9

10. GROW
Market Opportunity for Roundup Ready Corn on Track
for 60M Acres Longer Term
TARGET: GROW
Roundup Ready Grow the value of the corn franchise
Corn
Roundup Ready corn
is on pace for 50M
INFLECTION
POINT: EU
acres in 2008 in the
IMPORT
30 APPROVALS U.S.
INFLECTION
POINT:
25 DOMESTIC
CHANNELING
PROGRAM
U.S. ACRES
20
15 SUSTAINABLE
ACREAGE
10 GROWTH
5
0
1998 1999 2000 2001 2002 2003 2004 2005 2006F 2007F
10

11. GROW
Roundup Ready Is Poised to Penetrate Pre-Emergent
Market Segments
TARGET: GROW
Roundup Ready Grow the value of the corn franchise
Corn
U.S. CORN HERBICIDE APPLICATON SEGMENTS
PRE-EMERGENT TREATMENT ONLY
32%
31% POST-EMERGENT TREATMENT ONLY
PRE- AND POST-EMERGENT TREATMENTS
37%
PRE- AND POST-EMERGENT PRE-EMERGENT MARKET
POST-EMERGENT MARKET
MARKET
6%
51%
37%
CURRENT PENETRATION CURRENT PENETRATION
CURRENT PENETRATION
MARKET OPPORTUNITY
MARKET OPPORTUNITY
MARKET OPPORTUNITY
Source: Doane Marketing Research
11

12. GROW
Roundup Ready Corn Provides Yield Advantage Vs.
Conventional Pre/Pre-Post Programs
TARGET: GROW
Roundup Ready Grow the value of the corn franchise
Corn Advantage
8.1 BU/AC YIELD
210 ADVANTAGE
200 6.5 BU/AC YIELD
6 BU/AC YIELD ADVANTAGE
190 ADVANTAGE
BUSHELS/ACRE
5.4 BU/AC YIELD
180 ADVANTAGE
5.5 BU/AC YIELD
170 ADVANTAGE
160
150
2001 2002 2003 2004 4 Year
Average
ROUNDUP READY SYSTEM CONVENTIONAL SYSTEM – SAME
ROUNDUP READY HYBRID
12

13. GROW
Zone-Based Royalties Leverage Roundup Ready Corn Base
and Expand Market for YieldGard Family
TARGET: GROW
Zone-Based Grow the value of the corn franchise
Royalty System
SEGMENTED
VALUE
OPPORTUNITY
STATES WITH WEED
CONTROL NEEDS
STATES WITH
CONSISTENT NEED
FOR WEED CONTROL,
CORN-BORER
CONTROL AND
ROOTWORM CONTROL
STATES WITH
CONSISTENT NEED
FOR WEED CONTROL,
CORN-BORER
CONTROL AND
SPORADIC ROOTWORM
CONTROL
Source: 2004 Farm Progress Grower Survey and Monsanto Estimates
13

14. GROW
Seed Partners Have Responded Positively to Zone Based
Royalties With Increased Trait Production
TARGET: GROW
Expanding Trait Grow the value of the corn franchise
Penetration
ROUNDUP READY SUPPLY YIELDGARD ROOTWORM SUPPLY
60% 60%
50% 50%
40% 40%
30% 30%
20% 20%
10% 10%
0% 0%
2005 2006 2005 2006
BRANDED LICENSEES1 BRANDED LICENSEES1
COMPOSITE AVERAGE2 COMPOSITE AVERAGE2
Illinois/Indiana Seed Partners Are Ramping
Up Production of Roundup Ready and
YieldGard Rootworm
1. A sub set of largest Holden’s/Corn States Licensees Operating in Illinois and Indiana
2. A composite of all Holden’s/Corn States Licensees Operating in Illinois and Indiana
14

15. LEAD
YieldGard Rootworm Penetration Increases Despite
Competition
TARGET: LEAD
Expanding YieldGard Monsanto’s combination of germplasm
Rootworm Trait Penetration and stacked traits is platform of choice
2005 2006F 2010F
4M
8M 15M
TOTAL ROOTWORM
ACRES = 10-15 M
TOTAL ROOTWORM
ACRES = 15-20 M
TOTAL ROOTWORM
ACRES = 25-30 M
MONSANTO YIELDGARD
REMAINING AVAILABLE MARKET
ROOTWORM
15

16. LEAD
Royalty Revenue Will Grow Despite Greater Competition as
Regional Licensees Gain, Total Market Expands
TARGET: LEAD
Monsanto’s Royalty Grow the value of the corn franchise
Revenue Stream
2010F
2005
32%
50%
50%
68%
OTHER DUPONT & SYNGENTA
16

17. GROW
Direct Participation in Cotton Opens New Avenues for
Market Penetration
TARGET: GROW
Emergent Cotton Grow the branded & licensed cotton seed
Seed Brand market share
MONSANTO COTTON SHARE GROWTH Breeding gains will build
on 2005 market share
30%
growth with 1-to-2 points
25% of annual market share
gains forecast
20%
Stoneville and Nexgen
15%
brands also to lead
SUSTAINABLE
10% 1-2 POINT SHARE GAIN WITH launch of
EMERGENT & COTTON
Bollgard II/Roundup
5% STATES
Ready Flex stack
0%
2004 2005 2006F 2007F
EMERGENT
17

18. GROW
Experience Curve Allows Monsanto to Stage Largest
Trait Launch in Biotech History
TARGET: GROW
Roundup Ready Grow the branded & licensed cotton seed
Flex Cotton market share
Value reflects greater
U.S. MONSANTO COTTON TRAIT ACRES
convenience and
enhanced weed control;
STACKED
15 PENETRATION
lifts value of the
TREND
Roundup Ready trait
12
Anticipated largest trait
9
launch ever with 2-3
6 million acres, pending
final approvals
3
80-90% of Roundup
0 Ready Flex to be stacked
1998 1999 2000 2001 2002 2003 2004 2005
with Bollgard II
BOLLGARD & STACKED
ROUNDUP Broad introduction led
BOLLGARD II READY
by Emergent and Cotton
States
18

19. LEAD
Monsanto’s Stacked Cotton Traits Have Been Established to
Remain the Technology of Choice
TARGET: LEAD
Expanding Cotton Trait Monsanto’s combination of germplasm
Penetration and stacked traits is platform of choice
2006F 2008F 2010F
2-3M
7M
6M
TOTAL ROUNDUP TOTAL ROUNDUP TOTAL ROUNDUP
READY FLEX/ READY FLEX/ READY FLEX/
BOLLGARD II ACRES BOLLGARD II ACRES BOLLGARD II ACRES
ACRES = 8-10 M ACRES = 8-10 M ACRES = 8-10 M
MONSANTO STACKED REMAINING AVAILABLE MARKET
COTTON TRAITS
19

20. LEAD
Second-Generation Roundup RReady2Yield Soybeans
Enhances Weed Control, Offers Disease Insurance
TARGET: LEAD
Roundup RReady2Yield Monsanto’s combination of germplasm
Soybeans and stacked traits is platform of choice
HISTORICAL SOY YIELD GAINS Return value to farmer by
bringing new technology
Yield improvement of
45 3 - 4+ bushels per acre
y = 0.4246x - 811.11
in 2004 field trials
BUSHELS/ACRE
40
Flexibility by providing
35
wider window of
30
application
25
Research under way
20 on potential for
1970 1980 1990 2000 additional insurance
for Asian soybean rust
Provides the platform for
future soy technologies
20

21. GROW
Vistive Brand Branches Out With More Acres, More
Seeds, More Processors
TARGET: GROW
Vistive Low Linolenic Successfully launch and grow new products that
Soybeans serve the farmer, processor and consumer markets
Available market
5M acres, 100K
In 2006, additional brands and varieties will
acres planted in
expand the maturity zones and geographic reach
2005, growing to
of Vistive
500K in 2006
One seed variety in
2005 growing to
10+ in 2006, 4
2005 processors in 2006,
from two in prior
2006 year
800+ Farmers in Eastern
and Northeastern Iowa
Oil sold out from
planted Vistive soybeans
this year
2005; to be in
consumer products
in late 2005
21

22. LEAD
First-Generation Vistive Soybeans Initiate Value
Creation Across the Food Chain
TARGET: LEAD
Vistive Family New traits are commercialized annually
of Traits
DEMAND CREATION
SUPPLY MANAGEMENT
FARM FOOD
CRUSHING CONSUMER
AG INPUTS
PRODUCTION MANUFACTURE
REFINING DEMAND
(SEED)
(GRAIN) (PRODUCTS)
(OIL) (FOOD)
• Crop Yield • Stronger Brands • Great Taste
• Agronomic Performance • Category Expansion • Improved Health
• Germplasm Choice • Quality Assurance • Product Convenience
• Income Opportunity • Raw Material Supply • Economical Price
Monsanto Food Quality Traits
Deliver Value Across the Food
Supply Chain
22

23. LEAD
Growth Still Considerable for Biotech Traits in United
States, Particularly as Corn Market Expands
TARGET: LEAD
Market Opportunity Monsanto’s combination of germplasm
and stacked traits is platform of choice
KEY MARKET: UNITED STATES
SOYBEANS COTTON CORN
Roundup Roundup Roundup Bollgard I Roundup YieldGard YieldGard
Ready Ready Ready and II Ready Corn Borer Rootworm
Flex
AVAILABLE
70M 10-15M 0M 6-8M 50M 30M-40M 15-20M
MARKET AS
REPORTED 2003
2010
70M 0M1 10-15M 6-8M 60M 50M-60M 25-30M
AVAILABLE
MARKET
UPDATED
FORECAST
BIOTECH
ACRES
PLANTED 2005
REMAINING
AVAILABLE
MARKET
1. Roundup Ready market cannibalized by Roundup Ready Flex cotton
23

24. OVERVIEW
Two-Step, Two-Horizon Strategy Creates a Line of Sight
for Success through 2010
TARGET: NORTH AMERICA
2006 2007 2008 2009 2010
GROW
Grow Current Portfolio
Grow Globally
LEAD
Grow the Pipeline
Lead through Innovation
Lead in an Increasingly Competitive Market
Lead in New Market Opportunities
24