1) Monsanto has opportunities to grow its market share and gross profit in key international corn markets like France, Italy, Hungary, Turkey, South Africa, Mexico, and India. 2) The value per acre varies by country, with France, Italy, Hungary, and Mexico representing medium-to-high value opportunities. 3) Monsanto aims to expand its hybrid corn market share in each of the largest corn-growing countries through molecular breeding applications and biotech traits.

1. ROBB FRALEY
CHIEF TECHNOLOGY OFFICER
CITIGROUP 17th ANNUAL CHEMICAL
CONFERENCE
December 5, 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. All other trademarks are the property of their respective owners.
Mavera™ is a trademark of Renessen.
© 2006 Monsanto Company
2

3. OVERVIEW
Six Building Blocks Extend Leadership and Elevate Gross
Margin Opportunity Through 2010
MONSANTO’S OPPORTUNITY
GROSS MARGIN OPPORTUNITY
Delta between 2006 current gross
GROSS PROFIT AS A PERCENT OF SALES
margin and a 51-53% trajectory
54%
reflects continued growth opportunity
for seeds and traits
FACTOR VALUE1
GROSS MARGIN ‘PULL’
52%
HIGH
U.S. corn
International
MEDIUM
50% corn
Global biotech
MEDIUM
traits
48%
LOW
CURRENT LEVEL Cotton platform
MEDIUM
Seminis
46%
HIGH
R&D pipeline
44%
2003 2004 2005 2006 2007F 2008F 2009F 2010F
1. Increment to total gross profit in the period 2006-2010; Some categories will overlap.
MEDIUM LOW
HIGH >$250M $100M - $250M <$100M
3

4. U.S. CORN GROWTH
Opportunity for Corn Gross Profit Increases in Next Four Years
With Increased Traits and Branded Seed Share
U.S PLANTED ACREAGE
90
TOTAL PLANTED CORN & SOYBEAN ACRES (2001-2010)1
U.S. Corn
CORN
SITUATION: 85
ACRES (IN MILLIONS)
SOYBEANS
• Monsanto assumes a U.S. corn
market of 80M acres annually 80
• Largest historical swing in U.S.
acreage has been less than 5 75
percent
OUTLOOK:
70
• Combination of increased
penetration of stacked traits
65
and expansion of Monsanto
branded share increases
60
relative value of a corn acre
versus a soy acre 2001 2002 2003 2004 2005 2008F 2009F 2010F
2006-2007F
• The gross profit differential
between an average soybean
GROSS PROFIT DIFFERENTIAL: CORN vs. SOY
acre and a corn acre in a
Monsanto national seed brand In 2006, the average gross-profit differential for seeds and
increases 2X in favor of corn traits in DEKALB and Asgrow brands favored corn at ~$0.80
from 2006 to 2007F an acre. For 2007, that differential is expected to be ~$3.00
an acre in favor of corn.
1. USDA data and projections 2. Comparative difference in seeds-and-traits gross profit between soybeans and corn, as
sold in Monsanto national seed brands
4

5. U.S. CORN GROWTH
Monsanto’s Global Breeding Engines Deliver Yield
Advantages Over Best-in-Class Competitors
2006 PRELIMINARY U.S.
COMPETITIVE CORN YIELD COMPARISON
200
DEKALB
U.S. Corn
195
SITUATION:
COMPETITORS
• Top 3 purchase drivers
BUSHELS/ACRE
for farmers buying 190
DEKALB corn seed all
relate to performance of
185
underlying germplasm
OUTLOOK:
• Preliminary yield data 180
from 2006 indicates
continued yield
175
advantage versus best-
in-class competitors
• Final data will be shared 170
RELATIVE MATURITIES (DAYS)
in January
115
95 100 105
110
YIELD ADVANTAGE
In 2006, across the 110-day maturity zone that covers one-third
of U.S. corn production, DEKALB outperformed the competition
by roughly 11 bushels per acre on average
5

6. U.S. CORN GROWTH
First Decision Farmers Make Is Seed Germplasm; More and
More Farmers Have Been Choosing Monsanto Seed
U.S. CORN MARKET SHARE EVOLUTION
MONSANTO BRANDS AND LICENSEES
U.S. Corn LICENSEES’ BRANDS
60% AMERICAN SEEDS, INC. BRANDS
SITUATION:
ASGROW AND DEKALB BRANDS
• In 2006, Monsanto’s DEKALB
50%
and Asgrow brands grew by 3
market share points
40% Continued
• Over 5 years, comparable
gains of 1-2
market share gain was 9 points
30% points for
OUTLOOK:
national
20%
• Gain of 1 market share point in
brands
U.S. adds approximately $10M
to $15M to corn seed gross 10%
profit in a Monsanto national
seed brand 0%
2001 2002 2003 2004 2005 2007F
2006
ACREAGE EXPANSION
In 2006, the addition of 1 market share point in a Monsanto
national brand translated into an average incremental value
of approximately $10M-$15M in gross profit opportunity for
Monsanto for the seed alone
6

7. U.S. CORN GROWTH
Each New Trait Stacks Additive Gross Margin to Upgrade
Financial and Commercial Platform
INCREASED MARGINS WITH STACKING
VALUE PROGRESSION OF STACKED CORN TRAITS
U.S. Corn
67%
SITUATION: 68%
4
TRAIT GROSS PROFIT VALUE PER ACRE
65%
• Stacking corn traits on to our 66%
3.5
GROSS PROFIT PER ACRE AS A
63%
PERCENTAGE OF NET SALES
germplasm improves gross
64%
profit contribution 3
61%
62%
• In 2006, Monsanto national
2.5
(INDEXED)
brands sold more stacked
60%
traits than single traits 2
58%
• In 2007, in our national brands,
1.5
Monsanto expects to sell more 56%
triple stacks than singles
1 54%
OUTLOOK:
0.5 52%
• Addition of each stacked trait
increases gross profit as a 0 50%
SEED ONLY 1 TRAIT 2 TRAITS 3 TRAITS 4 TRAITS
percent of sales for each bag
of seed sold
GROSS PROFIT AS A PERCENT OF SALES
For currently commercialized traits, the demand for triple-
stack traits can double gross profit per acre over seed
alone in DEKALB/Asgrow brands
“4 trait” value assumed to be an average of the retail value of the three other first-generation traits
7

8. U.S. CORN GROWTH
Projected Demand From Ethanol in U.S. Provides Positive Pull
for Monsanto Corn Technology
U.S. ETHANOL AND CORN TRAITS
U.S. Corn
CORRELATION OF ETHANOL SITES AND TRAIT PENETRATION
SITUATION:
• Assumption that by 2010,
Average trait
ethanol is MTBE replacement –
penetration was
representing 10% of U.S. fuel
2.5 X greater in
supply
NON- areas with a high
• Ethanol demand could require DRAW
concentration of
AREA
equivalent of up to 25M U.S. ETHANOL
ethanol facilities
DRAW AREA
acres by 2010
compared with
OUTLOOK:
areas without or
having low
• Ethanol demand creates pull
concentrations of
on corn that favors
ethanol facilities
technologies that enhance
yield, such as molecular
Higher trait
breeding and biotech
penetration per
• The average trait penetration is acre corresponds
2.5 X greater in areas of to increased
ethanol facilities gross profit per
ETHANOL PLANTS UNDER
ETHANOL PLANTS IN
CONSTRUCTION acre
PRODUCTION
8

9. U.S. CORN GROWTH
Best Combination of Germplasm and Traits Delivers
Best Yield
FOCUS: YIELD PER ACRE 2006 (PRELIMINARY)
U.S. Corn
194 YieldGard
200
SITUATION:
bu/ac Rootworm or
BUSHELS PER ACRE
182.4 YieldGard Plus
• In 2006, across four states and 190
bu/ac
267 locations, DEKALB seed
Herculex®
with YieldGard Rootworm or 180 Rootworm or
YieldGard Plus outperformed Herculex XTRA
170
competitive seed and trait
performance by roughly 10
160
bu/ac on average
• In 2006, across 81 locations, 150
DEKALB PIONEER®
statistically there was no
difference between the
performance of YieldGard
FOCUS: TRAIT PERFORMANCE - ROOT PROTECTION (PRELIMINARY)
Rootworm or YieldGard Plus
and competitive traits
0.25 YieldGard Rootworm
Difference between two traits
OUTLOOK:
NODE INJURY SCALE
or YieldGard Plus
statistically insignificant
0.20
• Farmers make their seed Herculex®
.20
Rootworm or
purchase decision on the total
.17
0.15 Herculex XTRA
system performance of the
seed-and-trait package versus
0.10
the trait or germplasm
individually
0.05
0.00
DEKALB PIONEER®
9

10. U.S. CORN GROWTH
Unprecedented Early Season Orders Signal Strong Start to
Achieve 2010 Trait Opportunity
160
2007 FRONTLINE
UPDATE:
140
Our national corn
brands could have
TRAIT ACRES IN MILLIONS
more than 35 120
percent of all seed
sales in the form of
100
a triple stack
For the first time, 80
we will sell more
acres of a triple-
60
stacked hybrid
than a corn hybrid
with just one trait 40
20
0
2005 2006 2007F 2010F
U.S. CORN TRAIT ACRES1 (IN MILLIONS) 2010 MARKET
2006 ACTUAL OPPORTUNITY
2005 ACTUAL 2007 FORECAST
U.S.YIELDGARD CORN BORER
32.1 32.3 >32 50-60
ACRES
U.S. YIELDGARD ROOTWORM
4.1 10 >15 25-30
ACRES
U.S. ROUNDUP READY CORN 2
24.8 32.7 >40 60
ACRES
1. Trait acres reflect the total acres planted with each individual trait. In the case of stacked traits, each absolute acre will be reflected by two or more trait acres.
10

11. INTERNATIONAL CORN GROWTH
Gross Profit Value of Seed Internationally Varies, Yet Still
Solid Contributor to Growth, Commercial Platform
TOTAL HYBRID GROSS
MONSANTO
CHANGE
MARKET MARKET PROFIT
BRAND OUTLOOK
(’04-’06)
SIZE SIZE VALUE PER
SHARE
(ACRES) (ACRES) ACRE1
International Corn
EUROPE-AFRICA
SITUATION:
HIGH
France 7.5M 7.5M 15% +5% • Second most
• Primary value in valuable market
HIGH
Italy 3.2M 3.2M 21% +7%
international corn markets behind U.S.
today is in the seed • Molecular
MEDIUM
Hungary 2.7M 2.7M 32% +6%
breeding
• Breeding gains that have HIGH application is ~ 2
Turkey 0.8M 0.7M 21% +4%
been made in the U.S. set years behind
LOW U.S.
South Africa 6.0M 6.0M 50% +12%
pace for market share
LATIN AMERICA
growth in other
international markets
MEDIUM • Argentina is
Mexico 17.3M 3.9M 61% +3%
OUTLOOK:
only country in
LOW
Brazil 30.8M 20.6M 34% -1% region with
• Monsanto is targeting to biotech traits
grow share in each of the • Next priority for
LOW
Argentina 7.3M 7.0M 35% FLAT
most valuable corn-growing molecular
breeding
countries
ASIA-PACIFIC
• India is primary
market of
LOW
India 15.6M 5.9M 35% +6% longer-term
value in region
1. Average incremental value in gross profit opportunity for the seed value (excluding traits)
of the addition of an acre in a Monsanto brand:
MEDIUM
HIGH LOW
>$20 $10 - $20 <$10
11

12. GLOBAL BIOTECH TRAIT GROWTH
Significant Growth Opportunity Lies in Expansion of Existing
Commercial Biotech Traits Globally
GLOBAL MARKET OPPORTUNITY
MARKET OPPORTUNITY FOR BIOTECH TRAITS THROUGH 20101
Global Biotech Traits
SITUATION: SOYBEANS COTTON CORN
• Historically, most rapid BOLLGARD
ROUNDUP ROUNDUP YIELDGARD
ROUNDUP AND YIELDGARD
adoption has been in the READY READY CORN
READY BOLLGARD ROOTWORM
CORN 2 BORER
(FLEX) II
U.S., also the most highly
penetrated market
United States 70M 10-15M 6-8M 60M 50-60M 25-30M
• Penetration is moving
globally, trait by trait,
Brazil 50M 3M 2M 20M 15M 5M
country by country
Argentina 35M - - 5M 4M 1M
OUTLOOK:
• As is the case in the U.S., India - 10-15M 10-15M 3 – 5M 3 – 5M -
largest category of
Europe 1M - - 24M 8M 5M
opportunity internationally
is corn trait adoption Africa 0.2M 11M 10M 6M 4M -
• Even where some traits – 0.5M- 0.5M-
Australia - - - -
like cotton – are 0.8M 0.8M
penetrated, there’s still an
34.5- 28.5- 118-
upgrade opportunity to Total Key
156.2M 84-96M 36-41M
second- generation traits Markets 44.8M 35.8M 120M
2006
86% 39% 57% 29% 42% 26%
Penetration2
1. Market Opportunity reflects total acres where technology is applicable, not necessarily acres projected for penetration by 2010.
2. 2006 Penetration is compared to the 2010 opportunity
12

13. COTTON GROWTH
Most Significant Near-Term Opportunity in Cotton Is
Upgrading to Second-Generation Traits
U.S. PENETRATION OF COTTON TRAITS: 2006
PENETRATION OF COTTON TRAITS IN 2006 AS
A PERCENT OF 2010 TOTAL MARKET OPPORTUNITY1
Cotton Platform
FIRST GENERATION
SITUATION:
• Cotton trait platform is the first
Bollgard
to move forward on complete
replacement of first-generation
Roundup
traits with second-generation
Ready
upgrades
• Roundup Ready Flex cotton SECOND GENERATION
launched in the U.S. in 2006;
Launched in Australia for Bollgard II
FY2007 planting
Roundup
OUTLOOK:
Ready
• Expansion of second-
Flex
generation trait offerings
creates opportunity to invest 0% 20% 40% 60% 80% 100%
in penetration of higher-margin
2006 SECOND-GENERATION TRAIT
traits in Delta and Pine Land
PENETRATION2
offerings
<10%
DELTA AND PINE LAND
>40%
STONEVILLE
1. Percent of total market opportunity reflects the ratio of number of actual acres planted to total trait-acre opportunity
identified for each particular trait
2. Second-generation trait penetration reflects percent of commercial portfolio containing either Roundup Ready Flex,
Bollgard II or both traits.
13

14. SEMINIS GROWTH
Seminis To Leverage Portfolio, Pricing and Molecular
Breeding To Create New Growth
SEMINIS VALUE
NET PRESENT VALUE OF GROSS PROFIT BY PRODUCT TIERS
Seminis
PRODUCT RANKING
SITUATION:
WITHIN 25-CROP
• In 2006, narrowed commercial
PORTFOLIO:
and research focus to 25 crops
that generate the most profit
FIRST TIER
• Began application of breeding
technology, with genome-wide Tomato
marker platform for tomatoes Sweet Pepper
and peppers; Melons, Hot Pepper
watermelons and the brassica Onion
~50%
family of cabbage, broccoli Melon
and cauliflower next
SECOND TIER
OUTLOOK:
THIRD TIER
• Seminis gross profit as a
percent of sales was in the
FOURTH TIER
60% range and will continue to
grow through price increases
SEMINIS VALUE
The top 5 crops in Seminis portfolio represent ~50%
of the expected gross profit contribution going
forward
14

15. SEMINIS GROWTH
Genetic Mapping Timetable Supports Commercial
Launches of Molecular Breeding Hybrids by End of Decade
MARKER PLATFORMS
MARKER APPLICATION FOR KEY CROPS (2006-2009)
Seminis
SITUATION:
5,000 SWEET CORN
• Began application of
NUMBER OF MARKERS DEVELOPED
breeding technology, with
genome-wide marker
platform for tomatoes and
peppers
• Melons, watermelons and TARGET:
1,000
brassica family of 1,000 markers
cabbage, broccoli and
cauliflower next
OUTLOOK:
BRASSICA
500
• By 2009, Seminis should TOMATO
have > 10,000 markers for
MELON
9 crops WATERMELON
PEPPER
ONION,
CUCUMBER,
LETTUCE
2009F
2007F 2008F
Current
Status
15

16. PIPELINE
Monsanto’s Pipeline Is Funded for Growth, but Focused on
Return on Investment
PIPELINE VALUE: TOP-TEN PROJECTS
REFLECTING COMMERCIAL VALUE1
SOURCE OF VALUE PER ACRE CORE
PHASE
R&D Pipeline VALUE ACRE BASE MARKETS
Renessen Corn Processing
SITUATION: U.S
4 $10 - $30 10M Brazil
System and Mavera™ High- Feed and fuel
Europe
Value Corn with Lysine2
In FY2006:
U.S.
• There was positive
HIT
Roundup RReady2Yield 3 Yield
$10 - $30 155M Brazil
movement – enhancement
soybeans Argentina
advancing phases or
3 Improved U.S.
Omega 3 soybeans >$30 5M
adding to the pipeline nutrition
– in 50 percent of the U.S.
3
YieldGard VT PRO $10 - $30 41M Brazil
Insect protection
pipeline projects 2 -GEN YIELDGARD CORN BORER
nd
Europe
• Three projects were U.S
Water
2
HIT HIT
designated as “HIT” Drought-tolerant corn $10 - $30 164M Brazil
replacement and
Europe
yield
projects reflecting
2 Improved
our confidence in Vistive III soybeans $10 - $30 12-15M U.S.
nutrition
their commercial
U.S.
track 2 Yield
Higher yielding soybeans $10 - $30 155M Brazil
enhancement Argentina
1. Top ten not presented in
ranked order; Commercial
2 Brazil
Insect-protected soybeans <$10 95M
Yield
value calculated by
WITH ROUNDUP RREADY2YIELD Argentina
penetration and retail
value during three-year U.S.
Water
span at peak.
1 India
Drought-tolerant cotton $10 - $30 36M
replacement and Brazil
2. Value and acres are for
yield Australia
direct feed piece only and
do not include value for
U.S
Nitrogen
Renessen’s corn
1 Brazil
Nitrogen utilization corn $10 - $30 164M
replacement and
processing system, which
Europe
is to be determined yield
16

17. PIPELINE
Roundup RReady2Yield Soybeans Offer Yield Improvement
Over First-Generation Roundup Ready Soybeans
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Roundup RReady2Yield AVAILABLE MARKET 70M 50M 35M
Soybeans PERCENT PENETRATED 0% 0% 0%
P R O JE CT
ROUNDUP RREADY2YIELD IN THE FIELD
FIELD TRIAL PHOTOS FROM 2006
R&D Pipeline
HIT Roundup LOCATION:
Project Ready2Yield soybeans Stonington, Illinois
ACTIVITY:
SITUATION:
Monsanto
On Track
2006 STATUS: researchers check
performance
• Yield data from 45 trials will be indicators in the
shared in January fields such as plant
height, and pod size
VALUE CONSIDERATIONS: and number
• Value is additive, with target of OBSERVATIONS:
up to 5 bushel-per-acre yield 25 locations across
improvement over comparable the U.S. tested
Roundup Ready soybeans 11,000 lines tested
in 45 trials
RETAIL
$10 - $30/acre
VALUE/ACRE:
TOTAL ACRE
155M acres
OPPORTUNITY:
17

18. PIPELINE
Tests of Drought-Tolerant Corn Continue to Validate
Concept
KEY MARKET ACRES U.S. BRAZIL EUROPE
Drought-tolerant AVAILABLE MARKET 80M 30M 24M
corn PERCENT PENETRATED 0% 0% 0%
P R O JE CT
DROUGHT TOLERANT CORN IN THE FIELD
R&D Pipeline FIELD TRIAL PHOTOS FROM 2006
HIT Project Drought-tolerant corn
SITUATION:
On Track
2006 STATUS:
LOCATION:
Vacaville, California
• Continued expansion of testing in lead
ACTIVITY:
genes and events in moisture-stressed
Monsanto
and broad acre environments
researcher checks
• Currently testing hundreds of genes performance
indicators in the
across several generations of drought
field such as
traits
chlorophyl content,
• Results will be shared in January ear size, and plant
height
VALUE CONSIDERATIONS:
OBSERVATIONS:
• Value of trait reflects better yields
Confirming third
under moisture-stressed conditions year of field trial
• Value will be specific to variable costs data in U.S.
of water use by farmers, rather than
fixed costs of irrigation
RETAIL
$10 - $30/acre
VALUE/ACRE:
TOTAL ACRE
164M acres
OPPORTUNITY:
18

19. SUMMARY
Six Building Blocks Extend Leadership and Elevate Gross
Margin Opportunity Through 2010
MONSANTO’S OPPORTUNITY
GROSS MARGIN OPPORTUNITY
Delta between 2006 current gross
GROSS PROFIT AS A PERCENT OF SALES
margin and a 51-53% trajectory
54%
reflects continued growth opportunity
for seeds and traits
FACTOR VALUE1
GROSS MARGIN ‘PULL’
52%
HIGH
U.S. corn
International
MEDIUM
50% corn
Global biotech
MEDIUM
traits
48%
LOW
CURRENT LEVEL Cotton platform
MEDIUM
Seminis
46%
HIGH
R&D pipeline
44%
2003 2004 2005 2006 2007F 2008F 2009F 2010F
1. Increment to total gross profit in the period 2006-2010; Some categories will overlap.
MEDIUM LOW
HIGH >$250M $100M - $250M <$100M
19