1. TERRY CREWS
CHIEF FINANCIAL OFFICER,
MONSANTO COMPANY
BANK OF AMERICA 36TH ANNUAL
INVESTMENT CONFERENCE
September 18, 2006
1

2. Forward-Looking Statements
Certain statements contained in this presentation are quot;forward-looking statements,quot; 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 presentation. 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
Trademarks owned by Monsanto Company and its wholly-owned subsidiaries are italicized in this
presentation.
Mavera™ is a trademark of Renessen.
© 2006 Monsanto Company
2

3. OVERVIEW
Monsanto Is an Agricultural Company; Our Strategy Is
Focused on Helping Farmers Be More Productive
We are an agricultural company. We apply
innovation and technology to make farmers
more productive and profitable by improving
the ways they can produce food, fiber and
feed.
2005 SALES BREAKDOWN
FOCUS: NET SALES
SEEDS &
GENOMICS
7 6.3
AGRICULTURAL
NET SALES ($ IN BILLIONS)
5.4
6 PRODUCTIVITY
4.9
5
4
3
NORTH AMERICA
2
LATIN AMERICA
1
EUROPE-AFRICA
0
ASIA PACIFIC
2003 2004 2005
3

4. OVERVIEW
Monsanto’s Strategic and Financial Opportunity Lies In
The Seed and Trait Business
FOCUS: 12-MONTH ROLLING GROSS
PROFIT BY BUSINESS SEGMENT
$3,000
SEEDS & GENOMICS SEGMENT
AGRICULTURAL PRODUCTIVITY SEGMENT
$2,500
12-MONTH ROLLING GROSS PROFIT
$2,000
($ IN MILLIONS)
$1,500
$1,000
KEY INFLECTION POINT:
MID-2004, THE ROLLING
$500 GROSS PROFIT FOR THE
SEEDS & GENOMICS
BUSINESS SEGMENT
SURPASSES AGRICULTURAL
PRODUCTIVITY
$0
03
3
03
3
04
4
04
4
05
05
05
5
06
06
06
0
00
0
00
00
20
20
20
20
20
20
20
20
20
20
20
20
2
2
2
1
2
3
4
1
2
3
4
1
2
3
4
1
2
3
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
4

5. OVERVIEW
Profit Growth Is Reflected Across All Four Seed and Trait
Platforms
CORN COTTON
• DEKALB/ASGROW • PROPOSED DELTA
SEED • ASI, INC. AND PINE LAND
SEED
CHANNELS ACQUISITION
CHANNELS
• HOLDEN’S/CORN
STATES • COTTON STATES
• YIELDGARD FAMILY • BOLLGARD FAMILY
KEY KEY
• ROUNDUP READY • ROUNDUP READY
TRAITS TRAITS
FAMILY FAMILY
BIOTECH
AND
BREEDING
R&D
PLATFORM
SOYBEANS VEGETABLES
• DEKALB/ASGROW • SEMINIS AND
SEED
SEED • ASI, INC. RELATED BRANDS
CHANNELS
CHANNELS • HOLDEN’S/CORN
STATES • TOMATOES,
KEY
MELONS, PEPPERS
• ROUNDUP READY CROPS
KEY FAMILY
TRAITS
• VISTIVE FAMILY
5

6. COMMERCIAL OPPORTUNITY
Six Factors Will Redefine the Game By End of the Decade
PERIOD : PERIOD : PERIOD :
SEED & TRAITS ESTABLISHED CORN IS ON THE LEADING EDGE THE GAME CHANGES
2003 2004 2005 2006 2007 2008 2009 2010
Commercial viability of seeds Seed and trait growth comes from: penetration, Gross profit opportunity expands
and traits established; stacking, multi-generation traits, and breeding with penetration, stacking, and
Supporting infrastructure in enhancement. Corn defines the future direction second-generation traits– even as
place competition advances
THESE SIX FACTORS SHOULD COLLECTIVELY
DRIVE GROSS PROFIT THROUGH 2010
1 Growth in the U.S. corn market is not over
2 Growth in international corn market share
3 Biotech traits are advancing internationally
Cotton platform creates new opportunities for
4
growth
5 Seminis to capture additional gross margin
Next-generation pipeline poised for enhanced
6
commercial delivery
6

7. COMMERCIAL OPPORTUNITY
Performance Acceleration Across U.S. Commercial
Channels Is Reflected in Market Share Growth
GROSS PROFIT
DRIVERS
U.S. CORN MARKET SHARE
Growth in the U.S. corn
1 60%
market is not over
Growth in international corn
2
50%
market share
Biotech traits are advancing
3
internationally
40%
Cotton platform creates new
4
opportunities for growth
30%
Seminis to capture
5
additional gross margin
20%
Next-generation pipeline
6 poised for enhanced
commercial delivery
10%
GROSS PROFIT
0%
OBJECTIVES
2001 2002 2003 2004 2005 2006F
Grow U.S. national branded
seed market share by 1-2
1
HOLDENS/CORN STATES AMERICAN SEEDS, INC.
points annually through
2010
LICENSEES BRANDS
2 Grow trait penetration
DEKALB AND ASGROW
Migrate more of the portfolio
BRANDS
3 to multiple-trait, high-margin
sales
7

8. COMMERCIAL OPPORTUNITY
With the Corn Trait Technology in Hand Today, There’s
Opportunity to Double Penetration By End of Decade
GROSS PROFIT U.S. CORN TRAIT OPPORTUNITY
DRIVERS
ROUNDUP
YIELDGARD YIELDGARD
Growth in the U.S. corn
1 READY
CORN BORER ROOTWORM
market is not over CORN 2
Growth in international corn
2 2010
market share
60M 50-60M 25-30M
OPPORTUNITY
Biotech traits are advancing
3
internationally
2006F 33-34M 31-32M 9-10M
Cotton platform creates new
4
55% 52% 30%
BIOTECH
opportunities for growth
ACRES
PLANTED 2006F
Seminis to capture
5
additional gross margin
REMAINING
Next-generation pipeline
AVAILABLE
6 poised for enhanced
ACRES
commercial delivery
GROSS PROFIT FOCUS:
OPPORTUNITY
OBJECTIVES
U.S. TRAIT ACRE
OPPORTUNITY:
Grow U.S. national branded
CURRENT COMMERCIAL
seed market share by 1-2
1 By the end of 2006, Monsanto should
CORN TRAITS
points annually through
penetrate roughly half of the market
2010
opportunity with existing biotech traits.
2 This means we have the opportunity to
2006F:
Grow trait penetration
penetrate another 50% by the end of the
Under 50%
decade with our current commercial
Migrate more of the portfolio penetrated
3 portfolio.
to multiple-trait, high-margin
to date
sales
8

9. COMMERCIAL OPPORTUNITY
Stacking Multiplies the Value Opportunity Per Acre
GROSS PROFIT
DRIVERS AVERAGE U.S. RETAIL VALUE ADDED WITH STACKED TRAITS
Growth in the U.S. corn
1 TRAIT RETAIL VALUE ADDED
market is not over
PER ACRE
3.42
3.5
TRAIT RETAIL VALUE PER
Growth in international corn
2
market share
3
Biotech traits are advancing
3
(INDEXED)
internationally
2.5
ACRE
Cotton platform creates new
4
opportunities for growth
2
1.59
Seminis to capture
5
1.5
additional gross margin
Next-generation pipeline
6 1
poised for enhanced
DOUBLE TRIPLE
commercial delivery
STACK STACK
GROSS PROFIT 1 = INDEXED VALUE OF SINGLE TRAIT
OBJECTIVES
Grow U.S. national branded
ABSOLUTE U.S. CORN ACRES1 (IN MILLIONS)
seed market share by 1-2
1
points annually through
2001 2002 2003 2004 2005 2006F
2010
U.S. SINGLE TRAIT
17.7 23.8 27.3 33.6 30.6 23-24
2 ACRES
Grow trait penetration
U.S. DOUBLE TRAIT
1.2 2.2 5.1 8.7 13.0 20-21
Migrate more of the portfolio ACRES
3 to multiple-trait, high-margin
U.S. TRIPLE TRAIT
sales
0 0 0 0 1.3 5-6
ACRES
1. Absolute acres represent the total number of acres with at least one trait.
9

10. COMMERCIAL OPPORTUNITY
Monsanto’s U.S. Market Share Gains Poised to Be
Replicated in Key International Corn Growing Areas
GROSS PROFIT
DRIVERS SCORECARD
GLOBAL BRANDED MARKET SHARE
Growth in the U.S. corn
1
market is not over CHANGE
FY2004 FY2005 FY2006F (’04-’06)
Growth in international corn
2 NORTH AMERICAN REGION 14% 16% 19% +5%
market share
UNITED STATES 14% 16% 18% +4%
Biotech traits are advancing
3
internationally
EUROPE-AFRICA REGION 13% 15% 15% +2%
Cotton platform creates new
4
FRANCE 10% 14% 15% +5%
opportunities for growth
ITALY 14% 17% 21% +7%
Seminis to capture
5
additional gross margin
HUNGARY 26% 30% 32% +6%
Next-generation pipeline
6 TURKEY 17% 23% 23% +6%
poised for enhanced
commercial delivery
SOUTH AFRICA 38% 44% 49% +11%
GROSS PROFIT ASIA-PACIFIC REGION 35% 37% 35% FLAT
OBJECTIVES INDIA 29% 34% 35% +6%
Grow branded seed market
LATIN AMERICA REGION 37% 38% 38% +1%
share overall internationally
1
by 1-2 points annually MEXICO 58% 57% 60% +2%
through 2010
BRAZIL 35% 35% 34% -1%
Build strategic alliances and
ARGENTINA 35% 37% 35% FLAT
establish hybrid licensing to
2
increase genetic footprint
for future trait penetration
10

11. COMMERCIAL OPPORTUNITY
Biotech Traits Set Up Three Pathways for Mid-Term Growth
Internationally
GROSS PROFIT
DRIVERS EXAMPLE: BIOTECH TRAITS IN EUROPE
Growth in the U.S. corn
1 24M acre opportunity for
market is not over Roundup Ready Corn 2 and 8M
OPPORTUNITY:
PENETRATION acres for Yieldgard Corn Borer
Growth in international corn
2 AND at the turn of the decade
market share
EXPANSION
CURRENT In 2006, biotech traits were
Biotech traits are advancing
3 STATUS: planted in six countries
internationally
EXAMPLE: BIOTECH TRAITS IN BRAZIL
Cotton platform creates new
4
opportunities for growth
20M acre potential for stack of
Seminis to capture
5 Insect Resistant Soybeans with
additional gross margin Roundup RReady2Yield and
OPPORTUNITY:
STACKING 15M acre potential for stack of
Next-generation pipeline
6 Roundup Ready Corn 2 and
poised for enhanced
Yieldgard Corn Borer
commercial delivery
CURRENT Biotech traits in regulatory
STATUS: queue
GROSS PROFIT
EXAMPLE: COTTON TRAITS IN AUSTRALIA
OBJECTIVES
Roundup Ready Flex with
Rapidly penetrate and OPPORTUNITY: Bollgard II stack launches in FY
1 MULTI-
expand planting of biotech 2007
GENERATION
traits in key countries
In 2005-2006 season, over half
CURRENT
Migrate the portfolio to of all acres with at least one
STATUS:
multiple-trait, and/or second trait were stacked
2
generation trait, high-margin
sales
11

12. COMMERCIAL
Market Potential for International Biotech Traits by 2010
Highlights Continued Growth Opportunity
GROSS PROFIT
DRIVERS 2010 INTERNATIONAL TRAIT OPPORTUNITY
Growth in the U.S. corn
1
market is not over
SOYBEANS COTTON CORN
Growth in international corn
2 KEY
ROUNDUP ROUNDUP YIELDGARD
market share MARKETS BOLLGARD &
ROUNDUP YIELDGARD
READY READY CORN
BOLLGARD II
READY ROOTWORM
CORN 2 BORER
FLEX
Biotech traits are advancing
3
internationally BRAZIL 50M 3M 2M 20M 15M 5M
Cotton platform creates new ARGENTINA 37M - - 5M 4M 1M
4
opportunities for growth
INDIA - 10-15M 10-15M 3 – 5M 3 – 5M -
Seminis to capture
5 EUROPE 1M - - 24M 8M 5M
additional gross margin
AFRICA 0.2M 11M 10M 6M 4M -
Next-generation pipeline
6 0.5M- 0.5M-
poised for enhanced AUSTRALIA - - - -
0.8M 0.8M
commercial delivery
TOTAL KEY 24.5– 22.5-
88.2M 58-60M 34-36M 11M
MARKETS 29.8M 27.8M
GROSS PROFIT
63% 0% 31% 1% 11% 0%
OBJECTIVES BIOTECH
ACRES
PLANTED 2006F
Rapidly penetrate and
1 REMAINING
expand planting of biotech
AVAILABLE
traits in key countries
ACRES
Migrate the portfolio to
multiple-trait, and / or
2
second generation trait,
high-margin sales
12

13. COMMERCIAL OPPORTUNITY
In Cotton, Expanded Trait Offerings Create Most Significant
Opportunity for Increased Profitability
GROSS PROFIT U.S. COTTON MARKET SHARE
DRIVERS 100%
DELTA AND
Growth in the U.S. corn
1 PINE LAND
80%
market is not over
STONEVILLE
Growth in international corn
2
60%
market share
FIBERMAX
Biotech traits are advancing
3
40% OTHERS
internationally
Cotton platform creates new
4
20%
opportunities for growth
Seminis to capture
5
0%
additional gross margin
Next-generation pipeline
1999 2000 2001 2002 2003 2004 2005
6 poised for enhanced
commercial delivery
GROSS PROFIT
2006 SECOND-GENERATION TRAIT
OBJECTIVES PENETRATION 1
Expand second-generation,
1 7%
DELTA AND PINE LAND
higher-margin trait offerings
2010 U.S. MARKET OPPORTUNITY
Apply molecular breeding to
2
cotton
10-15M
ROUNDUP READY FLEX
6-8M
BOLLGARD II
1. Second-generation trait penetration reflects percent of commercial portfolio containing
either Roundup Ready Flex, Bollgard II or both traits.
13

14. COMMERCIAL OPPORTUNITY
Seminis to Leverage Portfolio, Pricing and Molecular
Breeding to Create New Growth
GROSS PROFIT VALUE ENHANCEMENT TIMELINE
DRIVERS
OVER THE MID-TERM, SEMINIS WILL UNDERGO THREE PHASES OF
Growth in the U.S. corn
1 EXECUTION EN ROUTE TO UNLOCKING ADDITIONAL VALUE
+
market is not over
+
Growth in international corn
2
OPERATIONAL NEW VALUE PIPELINE
market share
EXCELLENCE CREATION ADVANCEMENT
Biotech traits are advancing
3
BY END OF FY 2007 BY END OF FY 2008 BY END OF FY 2010
internationally
Cotton platform creates new
4
opportunities for growth
Prioritize product Identify and Commercialize
Seminis to capture
5
portfolio by focusing implement first hybrids
additional gross margin
on 20 – 25 key crops opportunities to developed by
Next-generation pipeline that drive profitability price products to molecular
6 poised for enhanced value breeding
commercial delivery
Assemble genetic
maps for key crops Build business Launch
GROSS PROFIT models to create and succession of
capture downstream consumer
OBJECTIVES Enhance R&D
value opportunities benefit
capability and deploy
products
1 molecular markers for
Prioritize product portfolio
agronomic and Enhance product
consumer benefits quality and reduce
Intensify value creation by
costs through
commercializing new
2 manufacturing and
Integrate and
products derived from
logistical
streamline back–
molecular breeding
improvements
office operations
14

15. PIPELINE OPPORTUNITY
“HIT” Projects Designed to Pull Forward the Net Present
Value of Select Pipeline Traits Through Larger-Acre Launches
GROSS PROFIT High-Impact Technology: A designated sub-set of the R&D
DRIVERS pipeline placed on a graduated track to streamline development
P R O JE CT
work and improve commercial readiness. Designed to pull
Growth in the U.S. corn
1 forward the Net Present Value (NPV) through larger-acre
market is not over
launches in elite germplasm with a greater financial benefit.
Growth in international corn
2
market share
Roundup RReady2Yield soybeans
Biotech traits are advancing
3 P R O JE CT
internationally
PHASE III
Cotton platform creates new
4
opportunities for growth • Parallel work in breeding and biotechnology
Seminis to capture • Simultaneous regulatory work, submissions moving
5
additional gross margin forward along with project testing for key launch
countries
Next-generation pipeline
6 poised for enhanced
Drought-tolerant corn
commercial delivery
P R O JE CT
PHASE II
GROSS PROFIT • Parallel work in breeding and biotechnology
OBJECTIVES • Early-stage R&D and commercial integration
Streamline development
work and advance
Vistive III soybeans
1 regulatory submissions P R O JE CT
PHASE II
simultaneously with project
testing
• Progress will allow Vistive III to “leap-frog,”
shortening the gap in commercialization between
Bring “HIT” traits to market
2 Vistive I and Vistive III
with larger-acre launches in
the best seed
15

16. PIPELINE OPPORTUNITY
Reflecting HIT Status, Roundup RReady2Yield Soybeans Is
Targeted for Most Significant Commercial Trait Launch
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Roundup RReady2Yield AVAILABLE MARKET 70M 50M 35M
Soybeans
CREATING VALUE PERCENT PENETRATED 0% 0% 0%
LAUNCH ACRES OF U.S. TRAITS
PRODUCT CONCEPT 3
HISTORICAL COMMERCIALIZED TRAITS (1996-2006)
2.5
HIT Project
ACRES (IN MILLIONS)
Roundup RReady2Yield soybeans
AVERAGE
2
DISCOVERY PHASE I PHASE II PHASE III PHASE IV HISTORIC TRAIT
LAUNCH:
1.5 1.2M ACRES
1
• Roundup RReady2Yield is the second-generation of
Monsanto’s popular herbicide-tolerant platform in 0.5
soybeans
0
VALUE CONSIDERATIONS SOYBEAN
COTTON
CORN TRAITS TRAITS
TRAITS
• Value is additive, with target of up to 5 bushel-per-
Target acreage for Roundup RReady2Yield
acre yield improvement over comparable Roundup
commercial launch is expected to be a
Ready soybeans
multiple above historical acreages in launch
• Value created through yield gains will be shared with
years
farmer and value chain as has been Monsanto’s
practice
ROUNDUP RREADY2YIELD: COMMERCIAL MILESTONES
• Market opportunity for Roundup RReady2Yield STARTING POINT
U.S. REGULATORY
soybeans recognizes competition from other traits APPROVAL
RETAIL SEASON 1 LAUNCH YEAR
Medium (>$10/acre to <$30/acre)
VALUE/ACRE:
GLOBAL REGULATORY CLEARANCES
TOTAL ACRE
High (>20M acres)
OPPORTUNITY: PRE-COMMERCIAL USER- COMMERCIAL LAUNCH
RELIABILITY TRIALS
16

17. PIPELINE OPPORTUNITY
Multi-Generational Drought-Tolerant Corn to Create
Value Across Multiple Market Segments
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
AVAILABLE MARKET 80M 30M 6M
Drought-tolerant corn PERCENT PENETRATED 0% 0% 0%
P R O JE CT
SEGMENTED VALUE OPPORTUNITY
PRODUCT CONCEPT
ACROSS MARKETS: U.S. EXAMPLE
HIT Project Drought-tolerant corn
DISCOVERY PHASE I PHASE II PHASE III PHASE IV High annual
precipitation
• Drought-tolerance is a family of products, aimed at
providing consistent yield and buffering against the
effects of water limitations
VALUE CONSIDERATIONS
Low annual
• Farmers value water-use in “acre-inches of water” needed precipitation
to support yield potential – farmers need 18-20 inches of Source: Spatial Climate Analysis Service, Oregon State University
moisture from natural or irrigated sources during growing
WESTERN
IRRIGATED STABILITY
season DRYLAND
• Value of the trait is in better yields under moisture-
8-12M acres 10-12M acres 50-60M acres
stressed conditions; Varies by region (see table at right)
• The value will be specific to the variable costs of water use 14-18” typical 14-18” typical 17-19” typical
precipitation in precipitation in precipitation in
by farmers, not fixed costs of irrigation
growing season growing season growing season
• First value models are based in U.S.; International markets
Irrigated Non-irrigated Non-irrigated
follow similar value proposition
RETAIL Value is in Value is in Value is in
Medium (>$10/acre to <$30/acre)
VALUE/ACRE: replacing improved yields improved yields
irrigation, reducing annually, by when moisture is
TOTAL ACRE the variable costs improving water- less than optimal
High (>20M acres)
OPPORTUNITY: of irrigation use efficiency
17

18. FINANCIAL OUTLOOK
Six Drivers Set Up Seeds and Traits for Further Acceleration
into the Next Decade
FOCUS: BUSINESS OPPORTUNITY FOCUS: FINANCIAL TARGET
Six drivers are expected to provide a
positive pull on gross profit with higher-
Monsanto sees a path to cross the 50% gross margin
margin, higher-growth opportunity. That
mark in the next few years and moving toward a 51% to
pull disproportionately benefits Seeds &
53% gross margin by the end of 2010
Genomics segment, but also has a
positive effect on the gross-profit-to-net-
GROSS PROFIT AS A PERCENT OF SALES
sales ratio for the company.
54%
GROSS PROFIT DRIVERS
52%
TARGET OF UP TO
Growth in the U.S. corn market is not
1 51% - 53% GROSS
over 50% MARGIN BY 2010
Growth in international corn market
2 48%
share
Biotech traits are advancing
3 46%
internationally
44%
Cotton platform creates new
4
opportunities for growth
42%
Seminis to capture additional gross
5 2003 2004 2005 2010F
margin
Next-generation pipeline poised for
6 enhanced commercial delivery
18