1. Robert T. Fraley, Ph.D.
Chief Technology Officer and Executive Vice President
Chemicals and Paper and Packaging Roundtable
Morgan Stanley
November 3, 2004
1

2. Forward-Looking Statements
Certain statements contained in this presentation, such as statements concerning the company's anticipated
statements
financial results, current and future product performance, regulatory approvals, currency impact, business and
regulatory
financial plans and other non-historical facts are quot;forward-looking statements.quot; These statements are based on
non- quot;forward-
current expectations and currently available information. However, since these statements are based on factors that
However,
involve risks and uncertainties, the company’s actual performance and results may differ materially from thosethose
company’
described or implied by such forward-looking statements. Factors that could cause or contribute to such differences
forward- such
include, among others: the company's exposure to various contingencies, including those related to Solutia Inc.,
contingencies,
litigation, intellectual property, regulatory compliance (including seed quality), environmental contamination and
(including
antitrust; 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
Roundup company’
estimates and projections, for example, those with respect to product returns and grower use of our products and
product
related distribution inventory levels; the effect of weather conditions and commodity markets on the agriculture
conditions
business; the success of the company’s research and development activities and the speed with which regulatory
regulatory
company’
authorizations and product launches may be achieved; domestic and foreign social, legal and political
and
developments, especially those relating to agricultural products developed through biotechnology; the company's
ability to continue to manage its costs; the company’s ability to successfully market new and existing products in
company’
new and existing domestic and international markets; the company’s ability to obtain payment for the products that
company’
it sells; the company's ability to achieve and maintain protection for its intellectual property; the effects of the
protection
company's accounting policies and changes in generally accepted accounting principles; the company's ability to
fund its short-term financing needs; general economic and business conditions; political and economic conditions
short-
due to threat of future terrorist activity and related military action; 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
Commission.
forward-looking statements, which are current only as of the date of this release. The company disclaims any
forward- this
current intention to revise or update any forward-looking statements or any of the factors that may affect actual
forward-
results, whether as a result of new information, future events or otherwise.
or
2

3. Additional Disclosures
This presentation uses the non-GAAP financial measure of earnings per share (“EPS”) excluding the effect of
non- (“ EPS”
certain items. A non-GAAP EPS financial measure (which we sometimes refer to as EPS on an ongoing basis) may
non- on
exclude the impact of restructuring charges, charges associated with the settlement of litigation, gains and losses
on the sale of assets, and certain other items. The specific items that are excluded from, and result in, our non-
items non-
GAAP EPS financial measure are clearly identified as such in this presentation. The presentation of EPS excluding
this
the effect of certain items is intended to supplement investors’ understanding of our operating performance. This
investors’
non-GAAP financial measure may not be comparable to similar measures used by other companies. Furthermore,
non-
this non-GAAP financial measure is not intended to replace net income (loss), cash flows, financial position, or
non- (loss),
comprehensive income (loss), as determined in accordance with accounting principles generally accepted in the
counting
ac
United States. The non-GAAP financial measure used in this presentation is reconciled to the most directly
non- to
comparable financial measure calculated and presented in accordance with GAAP and can be found at the end of
nce
accorda
this presentation.
Fiscal Year
In this presentation, unless otherwise specified:
References to years, or to fiscal years, 2001 through 2006 are on a fiscal year basis and refer to the 12-month period
on 12-
ending August 31.
Trademarks
Roundup, Roundup Ready, Bollgard, Bollgard II, YieldGard, Harness, Posilac , VISTIVE, Processor Preferred and the
Harness,
Monsanto, Imagine and vine logo are trademarks owned by Monsanto Company and its wholly owned subsidiaries. All
other trademarks are the property of their respective owners. © 2004. Monsanto Company. All Rights Reserved.
3

4. Overview
Biotechnology Is Most Rapidly Adopted Technology in
History of Agriculture
Global Monsanto Planted Biotech Acres
Acres in millions
180
Canola
160
Cotton
140
Corn
120
Soybeans
100
80
60
40
20
0
1996 1997 1998 1999 2000 2001 2002 2003 2004
Source: Monsanto estimates
4

5. Overview
Biotechnology Provides Better Economical and
Environmental Solutions
Effect of Biotech Crops on U.S. Pesticide Use
in 2003 Million
Lbs.
Soybeans (20)
Corn (13)
Cotton (13)
Canola (0.2)
Total Reduction in
(46)
Pesticide Use
Source: “US Agriculture of Biotechnology Derived Crops Planted in 2003 – An Update of Eleven cases
of Eleven Case Studies,” National Center for Food & Agriculture Policy. October 20, 2004
Studies,” 2004
5

6. Overview
Early, Major Investment In Seeds Captured Value Shift
Monsanto Brand Share
Monsanto Licensed Share
Dupont-Pioneer Share
Monsanto Genetic Market Share in U.S. Corn Seed
60% 49%
48%
45%
43%
50%
40%
30%
20%
10%
0%
2001 2002 2003 2004
Source: Monsanto Estimates
6

7. Overview
Product Development, Regulatory and Commercial
Experience Generate Momentum
140
120
100
80
U.S. Trait Acres 60
40
2004 20
0
MON DD BAY DOW SYT BAS
30
25
20
USDA Biotech 15
10
Approvals 5
0
MON DD BAY DOW SYT BAS
6
5
4
Pipeline products 3
in USDA 2
1
review process 0
MON DD BAY DOW SYT BAS
7

8. Round 1: Seed and Single-Trait Positions Firmly
Established and Growing
• Seed Breeding Advancements
• First-Generation Traits
• Geographic Expansion
• Value Capture
Round 1
8

9. Round 1: Breeding
Now Commercializing First Inter-Company Corn
Hybrids from Industry’s Most Diverse Genetic Pool
6-to-8 year process
6-to-8 year
Late 1990s Early 2000s Today
Acquired 36 major corn Crossed genetic lines Launching new hybrids
breeding programs across acquired from inter-company
(12 countries x average of 3 companies crosses
companies per country)
Temperate
Temperate
Sub-Tropical
Sub-
Sub-Tropical
Monsanto
corn Tropical
Tropical
germplasm
flows
globally Sub-Tropical
Sub-
Sub-Tropical
Temperate
Temperate
9

10. Round 1: First-Generation Traits
Roundup Ready Soybeans Continue To Deliver Value
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
Available Market 70M 50M 30M
Available Market 70M 50M 30M
Genomics
Percent Penetrated (2004) 96% 15% 100%
Percent Penetrated (2004) 96% 15% 100%
1 U.S. Grower System Cost
Conventional
Breeding
Trait
Molecular
Herbicide
Breeding
Seed
Crop Analytics
Herbicide
$ per acre
Cost
$52
Biotechnology
$48
$40
Trait
Cost
1999
1995 2005F
Conventional Roundup Ready
Source: Monsanto and Doane Market Research
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
10

11. Round 1: Geographic Expansion and Value Capture
Roundup Ready Soybean Value Grows Through
Geographic Expansion
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
Available Market 70M 50M 30M
Available Market 70M 50M 30M
Genomics
Percent Penetrated (2004) 96% 15% 100%
Percent Penetrated (2004) 96% 15% 100%
2 Brazil Value Capture
Conventional
Breeding
Brazil
Molecular
Breeding
System Success
Crop Analytics
Grain-based system
implemented
Biotechnology
Sale of Roundup Over 95% of grain originators in
Ready soybean the territory under contract
varieties for this
Provisional measure in place for
area requires new
regulatory 2005 season
approvals
Varieties from
40 million planted soybean acres
Argentina are
adaptable to
this area
10 million planted soybean acres
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
11

12. Round 1: Geographic Expansion and Value Capture
Roundup Ready Soybean Value Grows Through
Geographic Expansion
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
Available Market 70M 50M 30M
Available Market 70M 50M 30M
Genomics
Percent Penetrated (2004) 96% 15% 100%
Percent Penetrated (2004) 96% 15% 100%
3 Argentina, Uruguay, Paraquay Value Capture
Conventional
Breeding
Molecular
Argentina, Uruguay, Paraguay
Breeding
Crop Analytics
System Development
Grain-based system being discussed
Biotechnology
2005 and 2006 guidance excludes earnings
effect of this system
30 million planted soybean acres
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
12

13. Round 1: Geographic Expansion
Available Market for Roundup Ready Corn Is Growing
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
20M
Available Market 50M 5M
20M
Available Market 50M 5M
Genomics
Percent Penetrated (2004) 33% 0% 0%
Percent Penetrated (2004) 33% 0% 0%
1 Regulatory Processes
Conventional
Breeding
European Union
Molecular
22 products in regulatory queue
Breeding
under Directive 2001/18; 11 from
Monsanto
Crop Analytics
Roundup Ready corn (NK603)
Biotechnology
approved for importation and whole
corn feed in July 2004; approved for
Novel Food in October 2004
Applications for stacks in queue
Argentina
NK603 approved for planting in
Argentina in July 2004
Application for stacks in queue
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
13

14. Round 1: Geographic Expansion
Available Market for Roundup Ready Corn Is Growing
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
20M
Available Market 50M 5M
20M
Available Market 50M 5M
Genomics
Percent Penetrated (2004) 33% 0% 0%
Percent Penetrated (2004) 33% 0% 0%
2 Grain Channeling in the U.S.
Conventional
Breeding
Business Approach
Molecular
Breeding
Website indicates to farmers
which elevators in their area
Crop Analytics
accept biotech grain not yet
approved for import into the
European Union
Biotechnology
Communication and
education program under way
Percent of growers citing
grain marketing concerns has
dropped from roughly 60% to
nearly 30% in past year*
*Based on Roundup Ready corn surveys taken in fall of 2003 and
spring of 2004 in Eastern Iowa/Northern Illinois region
www.866sellcorn.com
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
14

15. Round 1: First-Generation Traits
YieldGard Rootworm Continues High Satisfaction
Pattern with Biotech Traits
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
5M
Available Market 15M-20M
15M- 1M
5M
Available Market 15M-20M 1M
Genomics
Percent Penetrated (2004) 9% 0% 0%
Percent Penetrated (2004) 9% 0% 0%
1 Grower Satisfaction
Conventional
Breeding
Percent of customers very or somewhat satisfied1
Molecular
Breeding 100%
80%
Crop Analytics
60%
Biotechnology
40%
20%
0%
Roundup Roundup Bollgard/ Roundup YieldGard YieldGard
Ready Roundup Rootworm
Corn
Ready
Ready
Ready Corn**
Borer*
Cotton* Corn*
Soybeans*
Cotton*
1Based on all growers using specified seed and treatment and able to answer very satisfied, somewhat satisfied, neutral, or not satisfied.
satisfied.
*Source: Marketing Horizons Trait Satisfaction Studies 2002
**Source: Marketing Horizons Trait Satisfaction Studies 2004
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
15

16. Round 1: First-Generation Traits
YieldGard Rootworm Continues High Satisfaction
Pattern with Biotech Traits
2 Split planter 32-inch rows – Rock County, MN – August , 2004
1. DEKALB DKC46-22 – YieldGard Rootworm
DKC46-
2. Mycogen 2K541 Cruiser
3. DEKALB DKC42-88 – YieldGard Rootworm
DKC42-
4. DEKALB DKC52-40 – YieldGard Rootworm
DKC52-
5. Wensman W6212RR untreated
6. DEKALB DKC42-88 – YieldGard Rootworm
DKC42-
7. Pioneer 38H66 Cruiser
8. DEKALB DKC51-39 – YieldGard Rootworm
DKC51-
9. DEKALB DKC47-10 P250
DKC47-
10. DEKALB DKC46-28 P250
DKC46-
11. DEKALB DKC42-88 – YieldGard Rootworm
DKC42-
12. DEKALB DKC46-22 – YieldGard Rootworm
DKC46-
13. AgVenture 4882RR Cruiser CRW
14. Channel 6965RR Cruiser CRW
15. DEKALB DKC42-88 – YieldGard Rootworm
DKC42-
1 16. Kruger 93P92 untreated
1
15
15
3
3
4 6 8 11 12
4 6 8 11 12
16

17. Round 1: First-Generation Traits
YieldGard Rootworm Continues High Satisfaction
Pattern with Biotech Traits
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
5M
Available Market 15M-20M
15M- 1M
5M
Available Market 15M-20M 1M
Genomics
Percent Penetrated (2004) 9% 0% 0%
Percent Penetrated (2004) 9% 0% 0%
3 YieldGard Rootworm Protection
Conventional
Breeding
Molecular
Breeding
Crop Analytics
Biotechnology
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
17

18. 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
18

19. Round 2: Second-Generation Traits
Upgrades in Technology Raise the Bar -- Roundup
Ready Flex Cotton
Key Market Acres U.S. Australia
Key Market Acres U.S. Australia
Contributing Platforms
0.5M – 0.8M
Available Market 10M-15M
10M- 0.5M – 0.8M
Available Market 10M-15M
Genomics
0%
Percent Penetrated 0% 0%
Percent Penetrated 0%
1 Expanded Window of Application
Conventional
Breeding
Molecular
Expanded window of over-the-top application
Breeding
- Increased margin of crop safety
Crop Analytics
- More “flexible” weed control
Increased grower convenience
Biotechnology
Reduced need for specialized spray equipment
Over-the-top window of application
Roundup Ready® Flex Cotton
Roundup Ready®
Cotton
(< 4 lf.)
Emergence Layby Preharvest Harvest
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
19

20. Round 2: Second-Generation Traits
Upgrades in Technology Raise the Bar -- Roundup
Ready Flex Cotton
Key Market Acres U.S. Australia
Key Market Acres U.S. Australia
Contributing Platforms
0.5M – 0.8M
Available Market 10M-15M
10M- 0.5M – 0.8M
Available Market 10M-15M
Genomics
0%
Percent Penetrated 0% 0%
Percent Penetrated 0%
2 Field Trial Update
Conventional
Breeding
Molecular
Over 200 field trials conducted in 2004
Breeding
Crop Analytics
8 cotton seed companies participating in trial
program
Biotechnology
Cotton States launching exclusively on a
second-generation trait platform
Results from the Field
Results from the Field
Coming in January 2005
Coming in January 2005
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
20

21. Round 2: Second-Generation Traits
Broad Licensing Supports Roundup Ready Flex
Introduction
Key Market Acres U.S. Australia
Key Market Acres U.S.
Key Market Acres U.S. Australia
Contributing Platforms
0.5M – 0.8M
Available Market 10M-15M
10M- 0.5M – 0.8M
Available Market 10M-15M
Genomics
0%
Percent Penetrated 0% 0%
Percent Penetrated 0%
3 Broad Licensing
Conventional
Breeding
Broad licensing mitigates risk of seed market share
Molecular
changes
Breeding
U.S. cotton seed market shares
DPL
100%
Crop Analytics
Stoneville
FiberMax
Phytogen
Biotechnology
75%
Others
50%
25%
0%
1999 2000 2001 2002 2003 2004
Source: USDA
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
21

22. 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
Corn Cotton
16 million
52 million 10 million
1.2
42 million 1.5
biotech
biotech X =
X = biotech
intensity
biotech intensity
margin
margin Acres
index
acres index
opportunities
opportunities
* Monsanto traits only
22

23. 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
23

24. 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 Omega-3 Soy
Omega- Mid Oleic
(Stearidonic acid) 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 II Corn YGRW II Corn
Agronomic Traits Flex Cotton
24

25. Round 3: Feed Traits
High Lysine Enhances Essential Amino Acids in Feed
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
TBD
Available Market TBD TBD
TBD
Available Market TBD TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
1 High Lysine Corn
Conventional
Breeding
Enhance level of limiting
essential amino acids in feed
Molecular
Breeding
Crop Analytics
Lower cost of animal feed ration
Biotechnology
Improved amino acid balance
High Lysine Corn – Total Lysine
Increased total 150 Target
energy
Indexed 100
U.S. regulatory 50
packages
submitted 0
Neg. Pos. Neg. Pos.
Event 1 Event 2
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
25

26. Round 3: Feed Traits
High Lysine Enhances Essential Amino Acids in Feed
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
TBD
Available Market TBD TBD
TBD
Available Market TBD TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
2 Field and Feeding Trial Update
Conventional
Breeding
Field trials conducted in U.S. and
Molecular
Breeding
Argentina this year
Evaluating over 12 hybrid genotypes in
Crop Analytics
this year’s program
Excellent performance demonstrated in
Biotechnology
feeding trials to date
Results from the Field
Results from the Field
Coming in January 2005
Coming in January 2005
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
26

27. Round 3: Food Traits
Preparing for 2005 Launch of First-Generation Output
Trait Pre-Launch — VISTIVE Soybeans
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
TBD
Available Market 5M TBD
TBD
Available Market 5M TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
1 VISTIVE Low Linolenic Soy
Conventional
Breeding
A more stable soy oil
Molecular
requiring less
Breeding
hydrogenation:
reduce/eliminate trans
Crop Analytics
fats
Biotechnology
Yield parity and
stacked with Roundup
Ready trait
Linolenic acid < 3%
Linolenic
18:3 Linoleic Oleic Sats
Std Soybean
VISTIVE
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
27

28. Round 3: Food Traits
Preparing for 2005 Launch of First-Generation Output
Trait Pre-Launch — VISTIVE Soybeans
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
TBD
Available Market 5M TBD
TBD
Available Market 5M TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
2 Field Trial Update
Conventional
Breeding
Molecular
Advanced field testing
Breeding
Shipping several tons of oil to food companies
Crop Analytics
for food formulation testing
Biotechnology
Finalizing processor programs; Ag
Processing, Inc. (AGP) and Cargill
participating
Launch in 2005
Results from the Field
Results from the Field
Coming in January 2005
Coming in January 2005
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
28

29. Round 3: Food Traits
Omega-3 Biofortification Is a Food Industry
Breakthrough
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
TBD
Available Market TBD TBD
TBD
Available Market TBD TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
1 Oilseed Produced Omega-3
Conventional
Breeding
Omega-3 Deficiency Implicated in
American Heart Assn.,
Molecular
CVD Recommendations are
American Dietetic 4:1 Japan
Ratio dietary omega-6:3
Breeding
for a ratio of 4:1
Assn., and 1,600+ omega-6 to omega-3
Canada
Crop Analytics
research studies UK
support health benefits US Diet
80:1
Biotechnology
% general population 50 200
CV deaths/100,000
39.1%
stating they consider their
PIC? diet deficient
32.0%
Vegetable oils
30.9%
Whole Grains 29.4%
in…
enriched with bio-
24.9%
Vitamin E 23.1%
available Omega-3
Folic Acid 18.7%
Omega-3
Soy Protein
Omega-3 promotes
Vitamin C
heart health
Fiber
Enhanced stability
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
29

30. Round 3: Food Traits
Omega-3 Biofortification Is a Food Industry
Breakthrough
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
TBD
Available Market TBD TBD
TBD
Available Market TBD TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
2 Field Trial Update
Conventional
Breeding
2004 field trials in U.S. Midwest
Molecular
Breeding
Analyzing Omega-3 oil assay in Davis, California and
Crop Analytics
St. Louis labs
Testing for taste, odor and for agronomic performance
Biotechnology
PIC?
Results from the Field
Results from the Field
Coming in January 2005
Coming in January 2005
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
30

31. Round 3: Yield
Drought Stress Tolerance Is One of Potential New
Agronomic Traits in Pipeline
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
TBD
Available Market TBD TBD
TBD
Available Market TBD TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
1 Drought Tolerance
Conventional
Breeding
Pricing depends on choice
Yield protection
Molecular
of market
on all acres to
Breeding
protect against
Stack with weed and insect
water deficits
Crop Analytics
control traits enhances
margin opportunity
Yield enhancement
Biotechnology
on all acres
through improved
water use
Cost savings
on irrigated acres
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
31

32. Round 3: Yield
Drought Stress Tolerance Is One of Potential New
Agronomic Traits in Pipeline
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
TBD
Available Market TBD TBD
TBD
Available Market TBD TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
2 Field Trial Update
Conventional
Breeding
Molecular
Breeding
Crop Analytics
Biotechnology
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
32

33. Round 3: Yield
Drought Stress Tolerance Is One of Potential New
Agronomic Traits in Pipeline
Key Market Acres U.S. Brazil Argentina
Key Market Acres U.S. Brazil Argentina
Contributing Platforms
TBD
Available Market TBD TBD
TBD
Available Market TBD TBD
Genomics
Percent Penetrated 0% 0% 0%
Percent Penetrated 0% 0% 0%
3 Field Trial Update
Conventional
Breeding
Molecular
Breeding
Crop Analytics
Biotechnology
With
Control
Trait
Results from the Field
Results from the Field
Coming in January 2005
Coming in January 2005
Discovery Phase 1 Phase 3 Phase 4
Phase 2 Launch
Proof of Concept Adv. Development Pre-Launch
Pre-
Early Development
33

34. Summary
Momentum and Acceleration Are Reflected in
2005 and 2006 Earnings Guidance
Earnings per Share
$1.95
to
Diluted Earnings per Share on an Ongoing Basis
$2.09
$1.77
to
$2.00
$1.90
$1.80
$1.61 10%
growth
$1.60
$1.42 10% - 18%
growth
$1.40
13%
growth
$1.20
$1.00
†
2006F †
2003 2004 2005F
†2006F is GAAP basis (i.e. ongoing basis is expected to equal GAAP basis)
GAAP
34

35. Summary
Value Shift to Seed Continues…
Industry value shift from crop chemicals to
seeds and traits is well under way
1996 2003 2008F
$7.5 Billion $8.4 Billion $9.2 Billion
$3.6 $2.6
$4.5
$0.1 $3.8
$1.3
$3.5
$3.0 $2.7
Crop Chemicals Germplasm Biotech Traits
Source: U.S. 1996-2003 Doane AgroTrak & Seed Studies; 2008 Monsanto Estimate
1996-
35

36. Summary
Value Shift to Food, Feed and Yield
Water and
Soil Value Shift
Value Shift
Nutrients
Human
Value Shift
Value Shift
Health
Animal
Value Shift
Value Shift
Nutrition
Crop
Value Shift
Value Shift
Chemicals
Seed
36

37. Questions?
37

38. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP EPS
$ per share Fiscal Year 2005 12 Months Ended 12 Months Ended
Aug.31, 2004 Aug. 31, 2003
Target
Net Income (Loss) $0.99 $0.26
$2.16 - $2.29
Cumulative Effect of Change in Accounting Principle -- $0.05
--
Income (Loss) Before Cumulative Effect of Accounting Change $0.99 $0.31
$2.16 - $2.29
Restructuring Charges – Net $0.10
$0.36
-
Estimated 2004 Discontinued Operations and Related Restructurings – Net $0.02 $0.05
-
Solutia PCB Litigation Settlement Expense – Net -- $0.96
--
Goodwill Impairment Charge for Global Wheat Business $0.24 --
-
Tax Benefit Related to Loss on Wheat and Barley Business -- --
$(0.39)
Net Income (Loss) from Ongoing Business $1.61 $1.42
$1.77 - $1.90
38