1. Round 1: Global Expansion & Value Capture
Royalty Collection System Involves Many Parties
Payment to
Monsanto
GROWER GRAIN DELIVERY: PARTICIPANT GRAIN TRANSFER:
• Roundup Ready presence determination • No testing nor deduction (Roundup
• If Roundup Ready, royalty deduction Ready grain under fee paid status)
Grain Handler
GROWER GRAIN DELIVERY: Payment to
Grower • Roundup Ready presence determination
Monsanto
• If Roundup Ready, royalty deduction
Roundup
Ready
Exporter/
Processor
Cooperative
COOPERATIVE GRAIN DELIVERY:
GROWER GRAIN DELIVERY:
• No Roundup Ready presence determination
• If delivering to a Roundup Ready designated
• Designated elevator assumed Roundup Ready
elevator, load assumed as Roundup Ready
• Roundup Ready royalty deduction
• Roundup Ready royalty deduction
18

2. Round 2: Monsanto Is Uniquely Positioned to
Bring Next Generation of Traits to Market
• Continued Growth from Round 1
• Second-Generation Traits
• Greater Intensity of Stacked Traits
Round 1 Round 2
19

3. Round 2: Second-Generation Traits
Roundup Ready Flex Cotton Brings a Step-Change in
Performance
Product Status
• Roundup Ready Flex offers a • Phase 3 of
wider window of Roundup development
application with higher use rates
and enhanced crop safety
Value Considerations
Available Market
• Incremental pricing opportunity over
• 10-15 million acre upgrade in U.S
current Roundup Ready cotton
• 0.5-0.8 million acre upgrade in
• Stack with Bollgard II enhances margin
Australia
opportunity
Over-the-top window of application
Roundup Ready® Flex Cotton
Roundup Ready®
Cotton
(< 4 lf.)
Emergence Layby Preharvest Harvest
20

4. Round 2: Stacked Traits
Stacking Biotech Traits Adds New Dimension to
Market Potential—Multiplying Margin Opportunities
Monsanto U.S. Biotech Intensity Index*
Average number of biotech traits per biotech acre
1.6 Cotton (2 Traits) 1.5
Corn (3 Traits)
1.5
Soybeans (1 Trait)
1.4
1.3
1.2
1.2
1.1
1.0
1
1996 1997 1998 1999 2000 2001 2002 2003 2004F 2005F 2006F
U.S. Biotech Margin Opportunities – 2004 Preliminary*
Corn Cotton
16 million
52 million 10 million
1.2
42 million 1.5
biotech
biotech X =
biotech
X =
intensity
biotech intensity
margin
margin Acres
index
acres index
opportunities
opportunities
21 * Monsanto Traits Only

5. Round 2: Stacked Traits
Corn and Cotton Stacking Strategy Unlocks Value
U.S. Cotton Trait Acres
Acres planted with Monsanto cotton technology (millions)
15
Roundup Ready cotton Bollgard I & II cotton Stacked cotton
Value proposition most
12
apparent in stacked traits
9
Rapid penetration of
technology demonstrates
6
value, cost and yield
3
advantages for growers
0
Double- and triple-stacked
1998 1999 2000 2001 2002 2003 2004F
corn and cotton provide solid
U.S. Corn Trait Acres defense against “me too”
competitive entries
Acres planted with Monsanto corn technology (millions)
45 Stacked corn
40
Stacked trait acres in corn
YieldGard corn borer and rootworm
35 Roundup Ready corn
increased by more than 80%
30
in 2004
25
20
15
10
5
0
1998 1999 2000 2001 2002 2003 2004F
Source: Monsanto estimates
22

6. Round 2: Stacked Traits
YieldGard Plus Protects Roots and Stalks All Season
Product Concept APPROVED
Stacks corn rootworm and corn
borer control into one product
First double-insect trait in corn
Benefits
All-season protection against the
two leading insect pests in corn
Seed inventory management
through fewer SKU’s
Available Market
14-19 million acres in U.S.
Status
Food and feed approvals in U.S.,
Canada and Japan Corn Root
Corn Stalk
plus
Protection
Commercial launch 2005 Protection
23

7. Round 3: Pipeline Potential Builds on Established
Platform
• Continued Growth from Rounds 1 & 2
• Improved Food and Feed Biotech Traits
• Biotech Yield Traits
Round 1 Round 2 Round 3
24

8. Round 3: Food, Feed and Yield Traits
Pipeline Products Reach New Markets and Expand
Base in Corn, Soybeans and Cotton
Food Healthier Oil Soy
Yield
(Low Linolenic
Feed Mid Oleic
Omega-3 Soy
Omega- Low Saturate)
Enhanced High
Drought Tolerant
Improved Protein Soy
Lysine Corn
Corn, Soy, Cotton
(Beta Conglycinin)
Low Linolenic Cold Tolerant
High Lysine Corn
Soy Corn
Improved Protein
Soy
Nitrogen
Utilization Corn
Commercialized Agronomic Traits
YieldGard
Roundup YieldGard
Corn Borer
Ready Corn, Rootworm
Bollgard I & II
Soy, Cotton Corn
Cotton
2nd Generation
Roundup Ready YGCB Borer II
YGRW II Corn
Agronomic Traits Flex Cotton Corn
25

9. Round 3: Food
Omega-3 Biofortification a Food Industry Breakthrough
Omega-3 Deficiency Implicated in CVD
Omega-3 fatty acids are essential Japan Recommendations
Ratio dietary omega-6:3
4:1 are for a ratio of 4:1
in human diet: omega-6 to omega-3
Canada
American Heart Assn & American Dietetic
UK
Assn and 1,600+ research studies support
health benefits
US Diet
80:1
Product Concept
50 CV deaths/100,000 200
Vegetable oils enriched with bio-
available omega-3
% general population stating they
39.1%
consider their diet deficient in…
Benefit
32.0%
New consumer product options for
30.9%
29.4%
omega-rich foods
24.9%
23.1%
Qualified health claims
Folic Acid 18.7%
Whole Grains
Environmental sustainability
Omega-3
Soy Protein
Vitamin C
Vitamin E
Economical supply
Fiber
26 Source: NMI, Health & Wellness Trends Report, 2003; FF&N, 2003

10. Round 3: Yield Traits
Drought Stress Tolerance Is One of Potential New
Agronomic Traits in Pipeline
Product
• Drought tolerance offers yield and
environmental benefits on all acres by
improving water use
• Also offers cost savings on irrigated
acres
Status: Phase 1 of development
Available Market – 3 possible markets
• Yield insurance on all acres to protect
against water deficits
• Yield enhancement on all acres
through improved water use
• Cost savings on irrigated acres
Value Considerations
• Pricing depends on choice of market
• Stack with weed and insect control
traits enhances margin opportunity
27

11. Mid-Term Earnings Growth Rate Is Achievable
from Higher 2004 Base
Seeds and traits projected to grow significantly
Breeding advancements continue to improve seed
–
performance
Second-generation and stacked traits offer unmatched
–
benefits to growers
Roundup shifts focus toward improving return
on capital
Roundup remains major source of free cash flow
–
R&D advancements accelerate longer term
growth
10% EPS CAGR in 2005 and 2006 from Ongoing Business
with Strong Free Cash Flow
28

12. Fiscal Year 2004 Guidance Has Increased Gradually
Reflecting Stronger Performance in Seeds and Traits
Fiscal Year 2004 Targets
Earnings Per Share – Ongoing $1.55 - $1.60 Quarterly Guidance
Business
$1.62 per share first
Earnings Per Share – GAAP Basis $0.79 - $0.84
nine months actual
$(0.02) to $(0.07) in
Free Cash Flow $500M range
the fourth quarter
SG&A as a % of Sales 22% range
R&D as a % of Sales 10% range
Capital Expenditures $250M
29

13. Restructuring Actions Nearly Complete, Setting Up
Focused Operations at Reduced Cost
Estimated Costs and Savings Associated with Implementing
Strategic Actions
Fiscal Estimated Estimated Estimated Estimated SG&A as R&D as
Year Cost to Cash Effect Non-Cash Savings Percent Percent
Implement Effect* of Sales of Sales
$135M $20M - $26M
$205M after- $70M after-
after-tax or after-tax or
2004 tax or $0.76 tax or $0.26 22% 10%
$0.50 per $0.07 - $0.10
per share per share
share per share
$80M - $95M
after-tax or
2005 None None None 20% 10%
$0.30 - $0.35
per share
$90M -
$105M after-
High
2006 None None None 10%
tax or $0.33 -
teens
$0.39 per
share
63% complete through 9
63% complete through 9
months ended May 31, 2004
months ended May 31, 2004
* Includes $69M effect from goodwill adjustment related to global wheat business
global
30

14. Free Cash Flow Guidance for Fiscal Year 2004
Approximately $500M
Free Cash Flow Year-to-Date
Nine Months Ended May 31, 2003
Nine Months Ended May 31, 2004
$ Millions
Net income and
noncash items
$1,200
$1,000
$800
Capital
$600
Free cash flow
spending and
Working capital
$400 other investing
and other balance
$200 359
activities
sheet changes*
172
$0
-$200
-$400
-$600
-$800
-$1,000
-$1,200 *Includes $(400M) for PCB litigation settlement in 2004, and
pension contributions of $(150M) in 2004 and $(35M) in 2003
31

15. ROC Improves With Earnings Growth and Significant
Balance Sheet Improvements
Earnings Accelerate Capture savings
seed and trait from
growth restructuring
Reduce inventories
Reduce receivables
25% in 2003
47% in 2003
22% in 2006
43% in 2006
Invested
Capital Manage capital
expenditures
below
ROC Targets
depreciation
Coming
October 6, 2004
32

16. A Clear Focus To Deliver On Commitments
Forecasted 10 percent EPS CAGR from ongoing business
in 2005+
Seeds and traits growth is eminently achievable
–
As necessary, cost actions are implemented
–
Free cash flow generation is solid
Cash being returned to shareowners in dividends, share
–
repurchases
Monsanto is unique among technology companies with this
level of leadership
Funding own growth with substantial returns to shareowners
–
Significant first mover advantage commercially
–
Proven, highly productive new product pipeline
–
Management team is dedicated to delivering on commitments
and is building track record
33

17. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow
Fiscal Year 2004 9 Months Ended
$ Millions
Target May 31, 2004
Net Cash Provided (Required) by Operations $750 $112
Net Cash Provided (Required) by Investing Activities $(250) $60
Free Cash Flow $500 $172
Net Cash Provided (Required) by Financing Activities N/A $(126)
$46
Net Increase (Decrease) in Cash and Cash Equivalents N/A
*Approximate figures only
Reconciliation of Non-GAAP EPS
3 Months Ending
$ Millions August 31, 2004
Fiscal Year 2004 9 Months Ended
Target
Target May 31, 2004
$(0.31)-$(0.36)
Net Income (Loss) $0.79-$0.84 $1.15
--
Cumulative Effect of Change in Accounting Principle -- --
$(0.31)-$(0.36)
Income (Loss) Before Cumulative Effect of Accounting Change $0.79-$0.84 $1.15
$0.25
2004 Restructuring Charges – Net $0.46 $0.21
$0.04
Estimated 2004 Discontinued Operations and Related $0.04 --
Restructurings – Net
--
2000 and 2002 Restructuring Charges – Net --
--
--
Goodwill Impairment Charge for Global Wheat Business $0.26 $0.26
$(0.02)-$(0.07)
Net Income (Loss) from Ongoing Business $1.55-$1.60 $1.62
34