This document discusses Robb Fraley's presentation at the Goldman Sachs Tenth Annual Agricultural Biotech Forum on February 14, 2006. It provides an overview of Monsanto's breeding and biotechnology research and development pipelines. Key points include: Monsanto had a milestone year in 2005 with 15 pipeline projects advancing phases and 10 new projects added; corn and cotton breeding programs showed strong yield improvements; and the acquisition of Seminis expanded Monsanto's vegetable seed business globally. The presentation outlines Monsanto's strategy to develop second and third generation biotech traits to upgrade its commercial portfolio.

1. ROBB FRALEY, PH.D.
CHIEF TECHNOLOGY OFFICER
GOLDMAN SACHS TENTH ANNUAL
AGRICULTURAL BIOTECH FORUM
February 14, 2006
1

2. Forward-Looking Statements
Certain statements contained in this presentation are “forward-looking statements,” such as statements concerning
the company’s anticipated financial results, current and future product performance, regulatory approvals,
business and financial plans and other non-historical facts. 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: continued competition in seeds, traits and agricultural chemicals; the company’s exposure to various
contingencies, including those related to intellectual property protection, regulatory compliance and the speed with
which approvals are received, and public acceptance of biotechnology products; the success of the company’s
research and development activities; the outcomes of major lawsuits, including proceedings related to Solutia Inc.;
developments related to foreign currencies and economies; successful completion and operation of recent and
proposed acquisitions; fluctuations in commodity prices; compliance with regulations affecting our manufacturing;
the accuracy of the company’s estimates related to distribution inventory levels; the company’s ability to fund its
short-term financing needs and to obtain payment for the products that it sells; the effect of weather conditions,
natural disasters and accidents on the agriculture business or the company’s facilities; and other risks and factors
detailed in the company’s filings with the SEC. 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 update any forward-looking statements or any of the factors that may affect actual results.
Trademarks
Roundup, Roundup Ready, Roundup Ready2Yield, 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. Mavera™ is a trademark of Renessen.
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, Roundup Ready2Yield, Bollgard, Bollgard II, YieldGard, Monsanto, Imagine, Vine
Design, Asgrow, DEKALB, Monsanto Choice Genetics, Posilac, Processor Preferred, Vistive, and French Kiss are
trademarks owned by Monsanto Company and its wholly-owned subsidiaries and are italicized the first time they
appear in this presentation.
Mavera™ is a trademark of Renessen.
3

4. OVERVIEW
Breeding and Biotech Provide Parallel R&D Paths to
Commercial Products
BREEDING and BIOTECHNOLOGY form two R&D pathways
Separate, but parallel, the BREEDING and BIOTECHNOLOGY pathways are linked
by shared tools.
DISCOVERY PHASE I PHASE II
R&D PHASE: PHASE III PHASE IV LAUNCH
BREEDING
COMMERCIAL
IT PLATFORM
GERMPLASM
ANALYTICS
MARKERS
GENOMICS
SEED
ELITE
Germplasm SOLD TO
FARMERS
R
BIOTECHNOLOGY
4

5. OVERVIEW
Combination of Predictable Progress and Early-Phase
Additions Created Milestone Year Across Pipeline
R&D PIPELINE SCORECARD
KEY METRICS MEASURING PIPELINE PROGRESS
2005 PERFORMANCE
December No
ry v
ua em
PORTFOLIO ber
an BIOTECH TRAIT PIPELINE
J
UPDATE
PRIORITY DATA Fifteen projects either advanced from one
ry
Oc
rua
UPDATE phase to another or were added to the
ANALYSIS
tob
PIPELINE PROGRESS
b
pipeline, representing positive movement
Fe
e
r
in >50% of current pipeline projects
September
March
Ten projects were added to Phase I or later
DATA
PIPELINE ADDITIONS as a result of Discovery work or
COLLECTION collaborative partnerships
BREEDING PIPELINE
Ap
t
us
ri
g
l
Au
Field trial yield differentials versus
FIELD CORN BREEDING competitors even greater than in 2004
Ma
TESTING
y ly First-generation molecular breeding
Ju
varieties showed better yield results than
June
SOYBEAN BREEDING current competitive commercial set in field
ANNUAL R&D CYCLE: trials
SEEDS & TRAITS Breeding effort strengthens Stoneville’s
COTTON BREEDING offerings and enables entrance of Cotton
States into cotton germplasm market
Strong breeding base in place, currently
working on targets across farmer,
SEMINIS BREEDING processor and consumer segments, as
well as converting open-pollinated crops
5

6. PIPELINE UPDATE
Corn Germplasm Improvements Are Tightly Linked to
Market Share Gains U.S.
KEY MARKET ACRES BRAZIL ARGENTINA
BRAND LICENSED ASI
Corn breeding 80M 30M 6M
AVAILABLE MARKET
CREATING VALUE 16% 32% 3% 35% 49%
PERCENT PENETRATED
2005 CORN YIELD (BU/A)
PROJECT UPDATE MONSANTO BRANDS
200
COMPETITORS
Corn Breeding 190
2005 PERFORMANCE 180
RESULTS
• Average yield differential of Monsanto versus
170
competitors’ best material is better than one-third
greater in 2005 compared with 2004 testing
160
• Strong yield advantages are consistent across maturity
zones and outperform best competitive commercial 150
material sold in 2005 95 100 105 110 115
RELATIVE MATURITIES (DAYS)
2006 FOCUS
CORN PIPELINE HYBRID PERFORMANCE (110 RM)
• Continue marker-based breeding approach 120
• Continue focus on broadening genetic base of 115
SELECTION INDEX
commercial products, including strengthening our 110
international portfolio
RESULTS
105
• On pace to gain market share in U.S. corn seed for fifth 100
consecutive year 95
90
85
MONSANTO MONSANTO OTHER MONSANTO COMPETITIVE
COMMERCIAL NEW 2006 PIPELINE HYBRIDS HYBRID
LEADERS HYBRIDS LEADERS
6

7. PIPELINE UPDATE
Cotton Breeding Program Provides Rich Source of Germplasm
to Branded and Licensed Businesses U.S.
COTTON
STONEVILLE
KEY MARKET ACRES STATES
Cotton breeding 14M
AVAILABLE MARKET
CREATING VALUE 14% 0%
PERCENT PENETRATED
PROJECT UPDATE 2005 COTTON GERMPLASM PERFORMANCE
(19 LOCATIONS)
Cotton Breeding 1600
1400
2005 PERFORMANCE
1200
• Monsanto varieties competitive with current market
LBS LINT/ACRE
1000
leaders and include Roundup Ready Flex stacked with
Bollgard II 800
• Stoneville will offer 9 varieties either with the Roundup 600
RESULTS
Ready Flex trait or with Roundup Ready Flex stacked
400
with Bollgard II
200
• Cotton States will have 5 licensees in 2006
0
2005
MONSANTO
2006 FOCUS
COMPETITIVE
VARIETIES
LEADERS
• Introduce 4-6 new, improved varieties with latest trait
offerings
• Continue marker-based breeding approach
• Expand breeding program and evaluations of additional
varieties
7

8. COMMERCIAL OPPORTUNITY
Seminis Addition to Monsanto Quickly Contributes to Growth
And Opens New Business and Research Opportunities
EUROPE-AFRICA
2005
Market Share 19%
Market Position 1
ASIA-PACIFIC
NORTH AMERICA
2005
2005
Market Share 7%
Market Share 34%
Market Position 3
Market Position 1
OPPORTUNITY
Fruit & vegetable seeds only
represent approximate
farmgate value (corn: 13.2%;
soybeans: 11.4%)
Significant growth
opportunities in hybrid
creation
Seminis has the largest
SOUTH AMERICA
global vegetable germplasm
2005
library; molecular breeding
Market Share 37%
tools honed in row crops
Market Position 1
will be applied to vegetables
8

9. LEADERSHIP
Efficient Discovery Program Is in Full Gear, Fueling
Pipeline Expansion and Performance
PHASE II PHASE III
DISCOVERY PHASE I PHASE IV
Early Development Advanced
Proof Of Concept Pre-launch
Gene/Trait Development
Identification
AVERAGE
24 to 48 MONTHS 12 to 24 MONTHS 12 to 24 MONTHS 12 to 24 MONTHS 12 to 36 MONTHS
DURATION1
AVERAGE
5 PERCENT 25 PERCENT 50 PERCENT 75 PERCENT 90 PERCENT
PROBABILITY
OF SUCCESS2
ION
AT
GR
E
INT
AIT
TR
ING
TEST
D
FIEL
MONSANTO
DISCOVERY + REGULATORY DATA GENERATION
COLLABORATIVE REG
ULA
PARTNERS TOR
Y SU
BMIS
SION
KEY INFLECTON POINT: SE
ED
BU
AFTER PHASE II COMMERCIAL LK
UP
SUCCESS GOES TO >50%
WITH LEADS ON COMMERCIAL
TRACK
TENS OF THOUSANDS THOUSANDS 10s <5 1
GENES IN
TESTING
•HIGH-THROUGHPUT •GENE OPTIMIZATION •TRAIT •TRAIT INTEGRATION •REGULATORY
KEY ACTIVITY
SCREENING DEVELOPMENT SUBMISSION
•CROP •FIELD TESTING
•MODEL CROP TRANSFORMATION •PRE-REGULATORY •SEED BULK-UP
•REGULATORY DATA
TESTING DATA GENERATION •PRE-MARKETING
•LARGE-SCALE
TRANSFORMATION
1. Time estimates are based on our experience; they can overlap. Total development time for any particular product may be shorter or longer than the time estimated here.
2. This is the estimated average probability that the traits will ultimately become commercial products, based on our experience. These probabilities may change over time.
9

10. LEADERSHIP
Monsanto Is Upgrading the Entire Commercial Trait
Portfolio to Second- and Third-Generation Traits
TECHNOLOGY UPGRADES IN THE PIPELINE
CORE FIRST-
COMMERCIALIZED
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
GENERATION
SECOND-
Proof Of Concept Early Development Advanced Development Pre-launch
Gene/Trait
TECHNOLOGY
GENERATION
Identification
YIELDGARD CORN
2ND GEN YIELDGARD
BORER
CORN BORER
(1997)
UPGRADE: BROADER BENEFIT: FULL-SEASON
INSECT CONTROL; CONTROL OF EUROPEAN
BETTER IRM PROPERTIES CORN BORER
ROUNDUP READY
ROUNDUP READY
CORN
CORN 2
(1998)
(2001)
BENEFIT: NEW WEED
UPGRADE: SIMPLIFIED
CONTROL SYSTEM
WEED CONTROL,
GREATER FLEXIBILITY
YIELDGARD
YIELDGARD 2ND GEN YIELDGARD
ROOTWORM
ROOTWORM II ROOTWORM
(2003)
UPGRADE: NEW MODE OF UPGRADE: IMPROVED BENEFIT: CONTROL OF
ACTION FOR INSECT EFFICIENCY OF STACKING CORN ROOTWORM
CONTROL IN ELITE GERMPLASM
ROUNDUP READY
ROUNDUP
DICAMBA-TOLERANT
SOYBEANS
RREADY2YIELD
SOYBEANS
(1996)
SOYBEANS
UPGRADE: ADDITIONAL BENEFIT: NEW WEED
UPGRADE: GREATER
MODE OF ACTION CONTROL SYSTEM
FLEXIBILITY; YIELD
BENEFIT
BOLLGARD
BOLLGARD II
BOLLGARD III
COTTON
COTTON
COTTON
(1996)
(2003)
BENEFIT: BROADER
BENEFIT: IN-PLANT
BENEFIT: BROADER
INSECT CONTROL;
CONTROL OF THE
INSECT CONTROL;
BETTER IRM PROPERTIES
BOLLWORM
BETTER IRM PROPERTIES
ROUNDUP READY
ROUNDUP READY
DICAMBA-TOLERANT
COTTON
FLEX COTTON
COTTON
(1997)
(2006)
BENEFIT: ADDITIONAL BENEFIT: NEW WEED
BENEFIT: GREATER
MODE OF ACTION CONTROL SYSTEM
FLEXIBILITY; HERBICIDE
REPLACEMENT
10

11. LEADERSHIP
Roundup Ready Flex Launch To Be Most Significant in
10-Year History of Biotech Traits
KEY MARKET ACRES U.S. INDIA AUSTRALIA
Roundup Ready 10-15M
AVAILABLE MARKET 10-15M 0.5-0.8M
Flex Cotton
2006 STATUS
0%
0% 0%
PERCENT PENETRATED
Anticipated trait launch of 2-3 million acres in U.S. in 2006 through 10 cotton
ROUNDUP READY
FLEX COTTON
(2006) seed suppliers
• Pricing at a Roundup Ready Flex will be only stacked with Bollgard II at approximately
premium of $6-$11 70-80% of mix
an acre over the
Introductory acres planted in Australia; full launch set for 2007
first-generation of
Roundup Ready Trait in initial breeding phase with licensees in India in preparation for filing
cotton for regulatory field trials
The Roundup Ready
Flex cotton trait will
be coupled with our
Stoneville brand and
our Cotton States
licensing as a
showcase of
Monsanto’s cotton
business
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
11

12. LEADERSHIP
Within Discovery Platforms, Products Are Maturing into
Families
TECHNOLOGY UPGRADES IN THE PIPELINE
FIRST-
DISCOVERY PHASE I PHASE II PHASE III PHASE IV COMMERCIALIZED
GENERATION
SECOND-
Proof Of Concept Early Development Advanced Pre-launch
Gene/Trait
Development
TECHNOLOGY
Identification
GENERATION
ROUNDUP READY
DICAMBA- ROUNDUP
SOYBEANS
TOLERANT RREADY2YIELD 2 1
3 2 (1996)
SOYBEANS SOYBEANS
HERBICIDE ROUNDUP READY
DICAMBA- ROUNDUP READY
FLEX COTTON
TOLERANCE TOLERANT COTTON
3 2 1
2 (2006)
COTTON (1997)
ROUNDUP READY ROUNDUP READY
CORN 2 CORN
2 1
(2001) (1998)
2nd GEN DROUGHT-
2 1
DROUGHT- TOLERANT CORN
TOLERANT CORN
STRESS DROUGHT-
TOLERANT
1
TOLERANCE SOYBEANS
DROUGHT-
1 TOLERANT
COTTON
HIGHER-
1 YIELDING CORN
GRAIN YIELD NITROGEN-
UTILIZATION
1
CORN
HIGHER-YIELDING
1 SOYBEANS
VISTIVE III LOW
VISTIVE II LOW VISTIVE LOW LIN
LIN - MID OLEIC –
1
LIN - MID OLEIC SOYBEANS
2 2
3
LOW SAT
SOYBEANS
SOYBEANS
HEALTHIER
OMEGA-3
FOODS SOYBEANS
IMPROVED-PROTEIN
SOYBEANS
12

13. LEADERSHIP
Weed Control Family Is Progressing Fastest on Multi-
Generational, Multi-Crop Offerings
TECHNOLOGY UPGRADES IN THE PIPELINE
FIRST-
DISCOVERY PHASE I PHASE II PHASE III PHASE IV COMMERCIALIZED
GENERATION
SECOND-
Proof Of Concept Early Development Advanced Pre-launch
Gene/Trait
Development
TECHNOLOGY
Identification
GENERATION
ROUNDUP READY
DICAMBA- ROUNDUP
SOYBEANS
TOLERANT RREADY2YIELD 2 1
3 2 (1996)
SOYBEANS SOYBEANS
HERBICIDE ROUNDUP READY
DICAMBA- ROUNDUP READY
FLEX COTTON
TOLERANCE TOLERANT COTTON
3 2 1
2 (2006)
COTTON (1997)
ROUNDUP READY ROUNDUP READY
CORN 2 CORN
2 1
(2001) (1998)
Herbicide Tolerance Family
• First-mover advantage has enabled
development of family of products
and extension into multiple crops
• Expansion possible because of
strength of internal discovery
program and licensing relationships
• Pricing on next-generation traits
reflects flexibility in weed control,
yield gains and other benefits that
accrue to the farmer
13

14. PIPELINE UPDATE
Second-Generation Platform Expands Soybean Weed
Control Window, Benefits for Growers
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Roundup RReady2Yield 70M 50M 35M
AVAILABLE MARKET
soybeans
CREATING VALUE 0% 0% 0%
PERCENT PENETRATED
PROJECT UPDATE
Roundup RReady2Yield soybeans
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
2005 PERFORMANCE
• Lead event confirmed in April of 2005
RESULTS
• 2005 U.S. field trials confirmed target yield and wider
window of application benefits
• Trait integration efforts started
• Implementation of marker-assisted selection
2006 FOCUS
• Continued field testing to build data for regulatory
submissions
• Continued field testing to confirm glyphosate activity in
2005 U.S. field tests confirmed yield targets;
suppressing Asian rust in soybeans
The use of marker-assisted selection helped
teams working on trait selection
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
14

15. PIPELINE UPDATE
Third-Generation of Soy Weed Control Encouraging in
2005 Field Trials
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Dicamba-tolerant 70M 50M 35M
AVAILABLE MARKET
soybeans
CREATING VALUE 0% 0% 0%
PERCENT PENETRATED
PROJECT UPDATE
WITH TRAIT
Dicamba-tolerant soybeans
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
2005 PERFORMANCE
• Third-generation project enters pipeline in Phase II as a
result of University of Nebraska collaboration
RESULTS
announced in 2005
• Predicted value added in the range of $2.50-$12/acre,
depending on the weed spectrum
WITHOUT
2006 FOCUS TRAIT
• Continue to screen events in field conditions,
screening for leads with commercial potential Tolerance demonstrated at both pre-emergence
and post-emergence application timing, with no
visual crop injury at rates of 1.5lb/acre, which is
three times the labeled use rate (above)
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
15

16. LEADERSHIP
Stress Family Has Already Entered Second-Generation
Discovery, Expanded Into New Crops
TECHNOLOGY UPGRADES IN THE PIPELINE
FIRST-
DISCOVERY PHASE I PHASE II PHASE III PHASE IV COMMERCIALIZED
GENERATION
SECOND-
Proof Of Concept Early Development Advanced Pre-launch
Gene/Trait
Development
TECHNOLOGY
Identification
GENERATION
2nd GEN DROUGHT-
2 1
DROUGHT- TOLERANT CORN
TOLERANT CORN
STRESS DROUGHT-
TOLERANT
1
TOLERANCE SOYBEANS
DROUGHT-
1 TOLERANT
COTTON
Stress Tolerance Family
• Initial discovery focus on drought
tolerance
• Rapid pace of discovery has led to
second-generation corn trait
entering Phase I as first-generation
advances to Phase II
• Expansion already made into
multiple crops
16

17. PIPELINE UPDATE
Drought-Tolerant Corn Advances to Phase II Based on
Second-Year Field Test Results
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Drought-tolerant corn 80M 30M 6M
AVAILABLE MARKET
CREATING VALUE 0% 0% 0%
PERCENT PENETRATED
PROJECT UPDATE 8
DURING DROUGHT STRESS
Drought
Drought-tolerant corn tolerance
% IMPROVED GROWTH
6 established
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
RESULTS
through plant
physiology
4
(performance)
2005 PERFORMANCE
over three
2
• Moved into Phase II years
2003 2004 2005
• In second year, lead genes tested in drought conditions
in 7 locations, broad-acre application in 10 locations
• Physiological drought tolerance repeated over past 3 40 In multiple
years locations of
% YIELD ADVANTAGE
drought-
20
2006 FOCUS condition field
RESULTS
trials, best-
• Continue to screen lead events for performance
0 performing
• Continue commercial transformations for second events show
60 80 100 120
generation of drought tolerance; Second set of genes significant yield
-20
are being evaluated in Discovery and Phase I advantage over
conventional
• Select optimal germplasm for drought genes
checks
-40
LOCATIONS WITH INCREASING DROUGHT SEVERITY
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
17

18. PIPELINE UPDATE
Drought-Tolerant Cotton Performance Encouraging in
Early Field Evaluation KEY MARKET ACRES U.S. AUSTRALIA
Drought-Tolerant Cotton
AVAILABLE MARKET 7M 0.5M
CREATING VALUE
0% 0%
PERCENT PENETRATED
PROJECT UPDATE
FROM
Drought-tolerant cotton
GREENHOUSE
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
TESTING TO….
…FIRST
DROUGHT- YEAR FIELD
2005 PERFORMANCE CONTROL
TOLERANT
TRIALS
• Drought leads are working across crops
• First leads into cotton are showing promise
2006 FOCUS
• Continue to evaluate to assess drought performance
DROUGHT-
CONTROL
TOLERANT
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
18

19. LEADERSHIP
Yield Family Expanding in Corn and Soy with Multiple
Approaches to Enhancing Intrinsic Yield
TECHNOLOGY UPGRADES IN THE PIPELINE
FIRST-
DISCOVERY PHASE I PHASE II PHASE III PHASE IV COMMERCIALIZED
GENERATION
SECOND-
Proof Of Concept Early Development Advanced Pre-launch
Gene/Trait
Development
TECHNOLOGY
Identification
GENERATION
HIGHER-
1 YIELDING CORN
GRAIN YIELD NITROGEN-
UTILIZATION
1
CORN
HIGHER-YIELDING
1 SOYBEANS
Grain Yield Family
• Objective is to maximize intrinsic
yield of germplasm
• Nitrogen utilization in corn is lead
product in the family
19

20. PIPELINE UPDATE
Nitrogen Utilization Corn Emerged from Discovery
Engine to First-Year Field Testing
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Nitrogen utilization corn 80M 30M 6M
AVAILABLE MARKET
CREATING VALUE 0% 0% 0%
PERCENT PENETRATED
PROJECT UPDATE
G
en
Nitrogen utilization corn es
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
RESULTS
HIGH N
MED N
LOW N
2005 PERFORMANCE
Broad screens of hundreds of traits in low,
• Emerged from Discovery to Phase I field testing
medium and high nitrogen situations allow us to
• Lead events show roughly 10 percent increase in yield
identify candidates for more intensive field testing
in multi-location field trials
190 At standard
2006 FOCUS
YIELD (BU/ACRE)
nitrogen rates
170
• Enhanced nitrogen utilization is a challenging trait, so (120 lbs/ac) there
EVENT 1 is yield
industrial scale genomics is continuing to identify more
RESULTS
150
EVENT 2 advantage over
leads
CONTROL conventional
• Continue to refine the gene constructs for optimal 130
check
performance
110
0 50 100 150 200
POUNDS OF N APPLIED/ACRE
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
20

21. PIPELINE UPDATE
Higher-Yielding Soybeans Showing Good Results in
Second-Year Field Tests
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Higher-yielding soybeans 80M 50M 35M
AVAILABLE MARKET
CREATING VALUE 0% 0% 0%
PERCENT PENETRATED
PROJECT UPDATE WITH
TRAIT
Higher-yielding soybeans
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
RESULTS
CONTROL
2005 PERFORMANCE
Higher yield potential is being validated in field
• Advanced to Phase II
environment versus conventional checks, with
• Tested hundreds of events in both first- and second-
visible plant height differences
year field testing over approximately 20 locations
• Volume of current events in testing as a result of
2004
10 Yield
partnership with Mendel
2005 advantage
8
YIELD ADVANTAGE
(% OF CONTROL)
2006 FOCUS over
conventional
RESULTS
6
• Initiate commercial transformations and optimization to checks
improve trait performance 4 improved in
leads in
2
second-year
testing
0
Event 1 Event 2 Event 3
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
21

22. LEADERSHIP
Pipeline and Commercial Prospects Are Strong, Diverse
Across Food-Trait Platforms
TECHNOLOGY UPGRADES IN THE PIPELINE
FIRST-
DISCOVERY PHASE I PHASE II PHASE III PHASE IV COMMERCIALIZED
GENERATION
SECOND-
Proof Of Concept Early Development Advanced Pre-launch
Gene/Trait
Development
TECHNOLOGY
Identification
GENERATION
VISTIVE III LOW
VISTIVE II LOW VISTIVE LOW LIN
LIN - MID OLEIC –
1
LIN - MID OLEIC SOYBEANS
2 2
3
LOW SAT
SOYBEANS
SOYBEANS
HEALTHIER
OMEGA-3
FOODS SOYBEANS
IMPROVED-PROTEIN
SOYBEANS
Healthier Foods Family
• Vistive low-linolenic soybeans to
expand to 500,000 acres in 2006
• Agreement signed with Solae
Company to use improved-protein
soybeans in a new product line
• Positive progress made across the
family, including Omega-3 soybeans
advancing phases
22

23. PIPELINE UPDATE
2005 Marked Successful Completion of Initial Taste,
Smell and Oil Stability Testing for Omega-3 Soybeans
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Omega-3 soybeans TBD TBD TBD
AVAILABLE MARKET
CREATING VALUE 0% 0% 0%
PERCENT PENETRATED
PROJECT UPDATE 400
Stabilized 20% SDA
Omega-3 soybeans 350
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
20% SDA w/ CA
300
PEROXIDE VALUE, MEQ/KG
Stabilized Fish Oil
250
2005 PERFORMANCE
200
• Moved into Phase III
• Field trials continue to confirm expression of
RESULTS
150
stearidonic acid (SDA) levels at concept targets
100
• Initial sensory data superior to fish oil
50
2006 FOCUS
0
• Continue to screen to select the lead event for
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
regulatory submission DAYS AT 55°C
In testing for oil stability, SDA oil produced
from Omega-3 soybean plants showed less
oxidation – an indicator of stability – than fish oil
where both oils were stabilized with commercial
products
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
23

24. DISCOVERY PHASE I PHASE II PHASE III PHASE IV
OVERVIEW
Proof Of Concept Early Advanced Pre-launch
Gene/Trait
2006 Pipeline Development Development
Identification
AS OF JANUARY 1, 2006
Roundup Ready Flex cotton
Roundup RReady2Yield soybeans
Roundup RReady2Yield canola
Dicamba-tolerant soybeans
Dicamba-tolerant cotton
2nd-Gen YieldGard Rootworm
2nd-Gen YieldGard Corn Borer
Insect-protected soybeans
YieldGard Rootworm II
FARMER
Soybean nematode-resistance
Bollgard III
Drought-tolerant corn
2nd-Gen Drought-tolerant corn
Higher-yielding canola
Drought-tolerant soybeans
Drought-tolerant cotton
Higher-yielding corn
Nitrogen utilization corn
Higher-yielding soybeans
Mavera™ High-value corn with lysine
PROCESSOR
Mavera™ I High-value soybeans
Mavera™ II High-value soybeans
2nd-Gen High-value corn with lysine
Feed Corn with balanced proteins
High oil soybeans for processing
CONSUMER
Improved-protein soybeans
Vistive II Low Lin – Mid Oleic soybeans
Vistive III Low Lin – Mid Oleic – Low Sat soybeans
Omega-3 soybeans
24

25. LEADERSHIP
Monsanto’s Pipeline Is Balanced Across Multiple
Market Opportunities
OMEGA 3
SOYBEANS VISTIVE III
>$30/ ACRE
SOYBEANS
HIGH:
DICAMBA-
TOLERANT
SOYBEANS
DICAMBA- ROUNDUP
YIELDGARD
TOLERANT RREADY2YIELD
BOLLGARD III
ROOTWORM II
COTTON SOYBEANS
2ND GEN HIGH-VALUE
VISTIVE II
CORN WITH LYSINE
RETAIL VALUE PER ACRE2
SOYBEANS
<$30/ ACRE
ROUNDUP READY
MEDIUM:
HIGHER- ROUNDUP 2ND GEN
FLEX COTTON
YIELDING RREADY2YIELD YIELDGARD
FEED CORN WITH
CANOLA CANOLA NITROGEN-
ROOTWORM
BALANCED PROTEINS UTILIZATION CORN
2ND GEN
MAVERATM II HIGH- DROUGHT-TOLERANT
YIELDGARD
IMPROVED- VALUE SOYBEANS DROUGHT- CORN
CORN BORER
PROTEIN TOLERANT HIGHER-YIELDING
SOYBEANS COTTON SOYBEANS
MAVERATM HIGH-VALUE INSECT- SOYBEAN DROUGHT-
CORN WITH LYSINE PROTECTED NEMATODE TOLERANT
SOYBEANS RESISTANCE SOYBEANS
<$10/ ACRE
SMALL:
HIGH OIL
SOYBEANS FOR
MAVERATM HIGH-
PROCESSING
VALUE SOYBEANS
SMALL: <5M ACRES MEDIUM: <20M ACRES HIGH: >20M ACRES
TOTAL ACRE OPPORTUNITY1
1. “Total Acre Opportunity” represents the maximum acre penetration by the trait individually and as a stacked trait during the three-year span of its peak; Second- and third-generation traits may cannibalize acre
opportunities of preceding product offerings
2. “Retail Value Per Acre” represents the per-acre average value for the individual trait in the three-year span during the trait penetration peak
25

26. OVERVIEW
Drivers of Growth in Mid-Term and Long-Term Horizons
Are On Track
FY2006 AND FY2007 TARGETS FY2008 - FY2010
2006 2007
2006
LEADERSHIP
COMMITMENT FORECAST COMMITMENT
$2.35-$2.50 $2.82-$3.00
$2.35-$2.50 Accelerate Current
EARNINGS UP TO 20% 20% GROWTH
TOWARD UPPER Commercial Platform
PER SHARE GROWTH FROM FROM 2006
END OF RANGE
2005 PROJECTION Expanded long–term opportunity
for corn traits, reflecting
FREE CASH opportunity in licensing,
$825M - $900M $825M - $900M $875-$950M
FLOW stacking and price-to-value
strategies
KEY COMMERCIAL COMMITMENTS
Expand in New Markets
US CORN
1 – 2 pts 1 – 2pts
SHARE Penetration of new markets in
Asia, Europe and South America
US RR CORN 30M ACRES 34M ACRES with existing traits
New opportunity in the high-
US YGRW 8M ACRES 10M ACRES margin Seminis business
Discover New Opportunities
US COTTON
1 – 2 POINTS 1 – 2 POINTS
Through Research
SHARE
Refreshing of first-generation
US RR FLEX 2 – 3M ACRES 2 – 3M ACRES
trait portfolio
AUSTRALIA Breeding programs expand our
80-85%
90% penetration
COTTON genetic footprint
penetration
TRAITS
Translate Growth to Value
BRAZIL RR 5 – 10 cents per 5 – 10 cents per
Gross profit mix reflects higher-
EPS share share margin seeds and traits
26

27. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow
Fiscal Year Fiscal Year
2006 2007
$ Millions Target Target
Net Cash Provided by Operations $1,300 - $1,375 $1,375 - $1,450
Net Cash Provided (Required) by Investing Activities $(475) $(500)
Free Cash Flow $825 - $900 $875-$950
Net Cash Provided (Required) by Financing Activities N/A N/A
Net Increase in Cash and Cash Equivalents N/A N/A
27