1. TERRY CREWS
Chief Financial Officer
BANC OF AMERICA SECURITIES
35TH ANNUAL INVESTMENT
CONFERENCE
Sept. 21, 2005
1

2. Forward-Looking Statements
Certain statements contained in this presentation, such as statements concerning the company's anticipated
financial results, current and future product performance, regulatory approvals, currency impact, business and
financial plans, the outcome of contingencies and other non-historical facts are quot;forward-looking statements.quot;
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: the company's exposure to various contingencies,
including those related to Solutia Inc., litigation, intellectual property, regulatory compliance (including seed
quality), environmental contamination and antitrust; successful completion and operation of recent and proposed
acquisitions; fluctuations in exchange rates and other developments related to foreign currencies and economies;
increased generic and branded competition for the company's Roundup herbicide; the accuracy of the company’s
estimates and projections, for example, those with respect to product returns and grower use of our products and
related distribution inventory levels; the effect of weather conditions and commodity markets on the agriculture
business; the success of the company’s research and development activities and the speed with which regulatory
authorizations and product launches may be achieved; domestic and foreign social, legal and political
developments, especially those relating to agricultural products developed through biotechnology; the company’s
ability to successfully market new and existing products in new and existing domestic and international markets;
the company’s ability to obtain payment for the products that it sells; the company's ability to achieve and maintain
protection for its intellectual property; the company's ability to fund its short-term financing needs; and other risks
and factors detailed in the company's filings with the U.S. Securities and Exchange Commission. 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 revise or update any forward-looking statements or
any of the factors that may affect actual results, whether as a result of new information, future events or otherwise.
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 RReady2Yield, Bollgard, Bollgard II, YieldGard, Monsanto Imagine, Vine
Design, Asgrow, DEKALB, Monsanto Choice Genetics, Posilac, Processor Preferred, Vistive and Seminis, Seminis
Vegetable Seeds, Royal Sluis, Petoseed, and Bruinsma are trademarks owned by Monsanto Company and its
wholly-owned subsidiaries and are italicized the first time they appear in this presentation.
3

4. OVERVIEW
Monsanto’s Seeds and Traits Strategy Is Driving Growth
SEED & TRAIT CROP PLATFORMS
SMALL-ACRE CROPS
LARGE-ACRE CROPS
CORN SOYBEANS COTTON VEGETABLE
Branded Licensed Branded
Branded Licensed Branded Licensed ASI
ASI
ASGROW EMERGENT
DEKALB SEMINIS
DEKALB
ASGROW
HOLDEN’S/ HOLDEN’S/ COTTON
CORN CORN STATES
STATES STATES
AMERICAN
AMERICAN
SEEDS, INC.
SEEDS, INC.
BIOTECHNOLOGY
R&D
PLATFORMS
MOLECULAR AND CONVENTIONAL BREEDING
4

5. OVERVIEW
Monsanto’s Success in Seeds and Traits Continues
To Drive Strong Earnings Performance
MONSANTO ONGOING EPS PERFORMANCE & FORECAST
$2.25
26% - 29%
$2.00
$2.00 -
GROWTH
12% $2.05
$1.75
GROWTH
$1.50 $1.59
$1.42
$1.25
$1.00
$0.75
$0.50
$0.25
$0.00
2003 2004 2005F
5

6. FINANCIAL RESULTS
Focus on Financial Discipline Established Seeds and Traits
as Foundation of Our Strategy
NET ONGOING FREE CASH
SALES EPS FLOW
2003-2004 2003 $4.9B $1.42 $646M
Accomplishments
FINANCIAL FOCUS
2004 $5.4B $1.59 $999M
Managed strategic business transition from
chemical operation to a seeds and traits
$2.25
$2.00
business
$1.75
$1.50
$1.25
Gross Profit from Seeds & Traits of $1.1 billion in
$1.00
$0.75
2003 exceeded Roundup GP of $700 million
$0.50
$0.25
$0.00
Established disciplined approach to cash
2003 2004 2005F
management
2003-2004 Reduced receivables as a percent of sales from
OBJECTIVES 47% in 2003 to 31% in 2004
• Guide transition to seeds
Free cash flow reached approximately $1 billion in
& traits from chemicals
2004
• Strengthen balance sheet
and increase Free Cash
Initiated a $500 million share repurchase in 2003
Flow
• Return value to
Took action to address uncertainties in
shareowners
commercial and non-commercial areas
• Manage U.S. Roundup
post-patent
6

7. FINANCIAL RESULTS
2005 Performance Sets Up Seeds and Traits for Further
Acceleration in 2006-2007 NET ONGOING FREE CASH
SALES EPS FLOW
BREAK-
2005 2005F Estimate Not
$2 - $2.05 EVEN
Provided
Accomplishments
FINANCIAL FOCUS
Made strategic acquisitions in corn, cotton
and vegetable seeds
$2.25
$2.00
$1.75
Increased global penetration of biotech
$1.50
$1.25
$1.00
traits by 13 percent from 2004
$0.75
$0.50
$0.25
Fourth consecutive year of U.S. corn
$0.00
2003 2004 2005F
market share growth
Continued growth of stacked traits in corn
2005
OBJECTIVES
Strong progress in R&D pipeline
• Build on Seeds & Traits
momentum through core
advancement
growth globally and
targeted acquisitions
Continued strong cash management
• Drive growth in corn
through market share gains,
trait launches and stacking
Completed $500 million share repurchase
• Accelerate pipeline potential
program
• Continue disciplined cash
management
7

8. FINANCIAL OUTLOOK
2005 Performance Sets Up Seeds and Traits for Further
Acceleration in 2006-2007
2006-2007
Objectives
FINANCIAL FOCUS
Launch Roundup Ready Flex cotton with
$2.25
largest-acre biotech introduction ever
$2.00
$1.75
$1.50
2006-2007 Continue acceleration toward 50 million
$1.25
$1.00
$0.75
acre target of Roundup Ready corn
$0.50
$0.25
$0.00
Continue global biotech trait penetration
2003 2004 2005F
with growth opportunities in India and
Brazil
2006-2007
OBJECTIVES
Unlock growth opportunities in Seminis
• Continue to drive
significant gross profit
growth in Seeds & Traits
Continue our focus on innovation, driving
• Continue progress and
progress in our R&D pipeline and new
commercial delivery of
R&D pipeline
product launches
• Explore options to return
value to shareowners
Continue strong free cash generation
8

9. FINANCIAL OUTLOOK
Market Potential for Biotech Traits Highlights Continued
Growth Opportunity
TOTAL AVAILABLE MARKET IN ACRES
SOYBEANS COTTON CORN
KEY Roundup Roundup Bollgard I Roundup YieldGard YieldGard
MARKETS Ready Ready and II Ready Corn Root-
Borer worm
United
70M 10-15M 6-8M 50M 30M-40M 15-20M
States
50M - - 20M 15M 5M
Brazil
30M - - 5M 4M 1M
Argentina
- - 10-15M - - -
India
0.5M- 0.5M-
- - - -
Australia
0.8M 0.8M
80% 67% 45% 32% 69% 19%
BIOTECH
ACRES
PLANTED 2005
REMAINING
AVAILABLE
MARKET
9

10. FINANCIAL OUTLOOK
Roundup Ready Corn Acreage Expected to
Grow 35-to-40 Percent in 2005
KEY MARKET AREAS U.S. ARGENTINA
Roundup Ready TARGET MARKET 50M 5M
Corn
CREATING VALUE
PERCENT PENETRATED 48% <1%
Current forecast of 23-24M acres of Roundup Ready corn in
VALUE TO 50M
2005 U.S. season
ACRES
• 2005 U.S. trait 30M acres targeted in U.S. for 2006
fee of $8-$10 per
With European import approval for single trait, U.S. market
acre in Monsanto
branded seed for potential is now 50M acres
single trait
U.S. ROUNDUP READY CORN ACREAGE GROWTH
• Total retail value
of incremental 35
20M acres: 30
approx. $160M-
MILLIONS OF ACRES
Inflection
$200M 25
Points: There
• Monsanto shares are new 20
a portion of trajectories 15
retail value with for growth in
channel Roundup 10
Ready Corn
• Value boosted by 5
incremental
Roundup use 0
1998 1999 2000 2001 2002 2003 2004 2005F 2006F
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
10

11. FINANCIAL OUTLOOK
Seminis Addition to Monsanto Opens New Business and
Research Opportunities SIGNIFICANT CROPS MARKET MARKET
SHARE POSITION
Seminis Vegetable
BEANS 31% 1
CUCUMBER
Seeds
38% 1
CREATING VALUE HOT PEPPER 34% 1
SWEET PEPPER 29% 1
Seminis has the largest TOMATO 23% 1
• Vegetable seed ONIONS 25% 2
global vegetable germplasm
industry CAGR at library
4.8%
There are more breeding “targets” for vegetable breeders than in
• Fruit & vegetable
traditional commodity crops
seeds only
represent approx. VEGETABLE FRESHNESS INDEX INNOVATION THROUGH BREEDING
3.6% of farmgate
value (corn:
25%
13.2%; soybeans:
11.4%)
20%
• Significant
growth 15%
opportunities in
hybrid creation 10%
5%
0%
2002 2003 2004 2005F
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Early Development Adv. Development
Proof of Concept Pre-Launch
11

12. FINANCIAL OUTLOOK
Pipeline Is Valued Across Market Opportunities
PRICING VALUE MATRIX
4
3
2
HIGH PER-ACRE ($11-$100+)
OMEGA-3 SOYBEANS
BOLLGARD II COTTON (AUSTRALIA)
IMPROVED-PROTEIN SOYBEANS FOR FOOD
PROCESSOR PREFERRED
ELITE GERMPLASM
BOLLGARD II COTTON
BOLLGARD II COTTON (INDIA) ROUNDUP
ROUNDUP READY + FLEX COTTON
YIELDGARD READY
ROUNDUP READY 2ND GENERATION
ROOTWORM SOYBEANS
+ FLEX COTTON HIGH-LYSINE CORN
(AUSTRALIA) 2ND GENERATION ROUNDUP
IMPROVED-ENERGY CORN III
READY SOYBEANS
HIGHER-YIELDING CORN
SMALL-ACRE (0-10 MILION)1 LARGE-ACRE (11-100 MILLION+)1
DROUGHT ROUNDUP READY CORN
TOLERANT
COTTON
LOW PER-ACRE ($0-$10)2
VISTIVE ZERO SATURATED FAT + MID-
IMPROVED-PROTEIN OLEIC + LOW-LINOLENIC SOYBEANS HIGHER-
SOYBEANS FOR FEED
YIELDING
YIELDGARD CORN BORER
VISTIVE MID-OLEIC + LOW-
SOYBEANS
LINOLENIC SOYBEANS
VISTIVE SOYBEANS DROUGHT
TOLERANT
IMPROVED-OIL
CORN
SOYBEANS FOR
PROCESSING
HIGH-LYSINE CORN
DROUGHT TOLERANT
1 2
SOYBEANS
Pipeline projects denoted in white text and represent global value; Commercial products denoted in gold and are U.S.-only, unless otherwise indicated.
1. “Acre Potential” represents the maximum acre penetration by the trait individually and as a stacked trait in the three-year span during its peak.
2. “Per-Acre” premium represents the per-acre average value in the three-year span during the trait penetration peak.
12

13. FINANCIAL OUTLOOK
Drought Stress Tolerance To Be Family of High-Value
Traits in Multiple Crops U.S. AFFECTED
MARKET SEGMENTS
ACREAGE
Drought-Tolerant
CONSITENT DROUGHT
20M
STRESS (WESTERN U.S.)
Corn
CREATING VALUE REDUCED IRRIGATION 20M
COSTS
40M
DROUGHT “INSURANCE”
Yield protection on all acres against
• Pricing will water deficits
reflect yield
Yield enhancement through improved water use on drought-prone acres and
gains in all three
cost savings on irrigated acres
markets; value
of higher yields Two gene leads obtained positive results with more than one transformed
shared with event
farmer
• Stacking with o
40 34 32 C
weed and insect
control
enhances the
margin
opportunity
• Irrigation
currently costs
$50 to $100 per
acre CONTROL WITH GENE
CONTROL WITH GENE
REDUCED LEAF REDUCED LEAF
ROLLING TEMPERATURE
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
13

14. FINANCIAL OUTLOOK
Returning Value to Shareowners Continues to be a Priority
for Monsanto’s Strategic Plan
Monsanto will continue to
$2,000 explore options for
FREE CASH FLOW PERFORMANCE (2004-05)
AND FORECAST (2005)
returning value to
2005 FREE CASH USED FOR
$1,600 shareowners, including:
ACQUISITIONS
IN MILLIONS
$1,200 Continued small,
strategic seed
$800 acquisitions
$400 Continued
technology
$0
investments
2003 2004 2005F
Share-repurchase
Updated guidance is for breakeven Free Cash Flow
programs
in FY2005
In 2005, Monsanto used approx. $1.5 billion of cash
Dividend payments
for acquisitions, including Seminis, Emergent and
ASI additions
14

15. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow
12 Months Ended
12 Months Ended
Fiscal Year 2005
$ Millions Aug. 31, 2003
Aug. 31, 2004
Target
Net Cash Provided (Required) by Operations $1,700 $1,261 $1,128
Net Cash Provided (Required) by Investing Activities $(482)
$(1,700) $(262)
Free Cash Flow -- $999 $646
Net Cash Provided (Required) by Financing Activities N/A $(243) $(502)
Net Increase (Decrease) in Cash and Cash Equivalents N/A $756 $144
Reconciliation of Non-GAAP EPS
Fiscal Year 2005 12 Months Ended 12 Months Ended
$ per share
Target Aug. 31, 2004 Aug. 31, 2003
Net Income (Loss) $0.82-$0.87 $0.99 $0.26
Cumulative Effect of Change in Accounting Principle -- -- $0.05
Income (Loss) Before Cumulative Effect of Accounting Change $0.82-$0.87 $0.99 $0.31
$0.91 -- --
In-Process R&D Write-off Related to the Seminis and
Emergent Acquisitions
Solutia-Related Charge $0.66 -- --
Tax Benefit on Loss from European Wheat and $(0.39) -- --
Barley Business
Restructuring Charges -- Net $0.03 $0.36 $0.09
(Income) Loss on Discontinued Operations and $(0.03) -- $0.06
Related Restructuring
Impairment of Goodwill -- $0.24 --
PCB Litigation Settlement Expense -- Net -- -- $0.96
Net Income (Loss) from Ongoing Business $2.00-$2.05 $1.59 $1.42
15