The document provides financial results for Monsanto's first quarter of 2006 compared to the first quarter of 2005. Some key points: - Net sales increased 31% to $1.405 billion compared to $1.072 billion. Gross profit increased 29% to $634 million from $491 million. - Net income was $59 million compared to a net loss of $40 million in the prior year. Diluted earnings per share was $0.22 compared to a loss of $0.15 in 2005. - Guidance for full fiscal year 2006 reflects continued momentum in seeds and traits business with EPS targeted between $2.35-$2.50 and free cash flow between $825-$900 million

1. FIRST-QUARTER 2006
FINANCIAL RESULTS
Jan. 4, 2006
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2. Forward-Looking Statements
Certain statements contained in this release 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 release. The company disclaims any current intention or obligation to update any forward-looking
statements or any of the factors that may affect actual results.
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3. Non-GAAP Financial Information
This presentation uses the non-GAAP financial measures of “free cash flow,” and ongoing earnings per share
(EPS). We define free cash flow as the total of cash flows from operating activities and cash flows from investing
activities. A non-GAAP EPS financial measure, which we refer to as EPS on an ongoing basis, may 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-GAAP EPS
financial measure are clearly identified as such in this presentation. The presentation of free cash flow and ongoing
EPS is intended to supplement investors’ understanding of our operating performance. These non-GAAP financial
measures may not be comparable to similar measures used by other companies. Furthermore, 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. 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 year, or to fiscal year, are on a fiscal year basis and refer to the 12-month period ending August 31.
References to the first quarters of 2005 and 2006 refer to three-month periods ending November 30.
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4. FINANCIAL RESULTS
First-Quarter Financial Summary
FIRST FIRST
QUARTER QUARTER CHANGE
2006 2005
NET SALES $1,405M $1,072M 31%
GROSS PROFIT $634M $491M 29%
NET INCOME (LOSS) $59M $(40)M NM
DILUTED EARNINGS
$0.22 $(0.15) NM
(LOSS) PER SHARE
NM: Not Meaningful
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5. FINANCIAL RESULTS
Items Included in Reported Earnings
First Quarter 2005:
$0.40 per share tax benefit as a result of the loss
incurred on the global wheat and barley business
$(0.68) per share charge associated with certain
liabilities in connection with the Solutia bankruptcy
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6. FINANCIAL RESULTS
Fiscal Year 2006 Guidance Reflects Continued
Momentum in Seeds and Traits
FY2006 TARGETS
GUIDANCE
$2.35-$2.50
EARNINGS PER SHARE
TOWARD THE UPPER END OF
(ONGOING)
THE RANGE
Q2 and Q3 will be the
primary drivers for full-
FREE CASH FLOW $825M - $900M year EPS performance
Q4 will be a loss but not
SG&A AS A % OF SALES ~22% RANGE
as large as in the prior
year
R&D AS A % OF SALES ~10% RANGE
CAPITAL EXPENDITURES ~$350M
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7. FINANCIAL RESULTS
Brazil Can Accelerate Growth Potential for Roundup Ready
Soybeans
MARKET UPDATE: ROUNDUP READY SOYBEANS IN BRAZIL
CURRENT MARKET CONDITIONS
Planted soybean acres down roughly 5
percent for 2006 season
VALUE CAPTURE
NORTH: PRIMARY New seed sales at mid to upper
AREA FOR SALE OF end of 4 – 5M acre range
40 NEW SEED
NEW ROUNDUP READY MILLION
SALES Value: ~$9/acre retail value
SOYBEAN SEED PLANTED shared significantly with
VARIETIES BUT SAVED SOYBEAN partners
SEED VARIETIES EXIST ACRES
Saved seed estimated at ~15M
acres
SAVED SEED Value: ~$4.50/acre retail value
SOUTH: PRIMARY AREA shared significantly with
FOR SAVED ROUNDUP partners
READY SEED VARIETIES
EARNINGS
BUT NEW ROUNDUP READY
SEED SALES EXIST
10 MILLION Expected 5-10 cents per share contribution for
PLANTED FY2006
SOYBEAN
ACRES Revenue recognized primarily in Q3 and Q4
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8. FINANCIAL RESULTS
Success in Variable-Based Pricing in Cotton Is Bellwether for
Zone-Based Royalties in Corn
STEP 1
Driving Trait Penetration in Marginal to Modest
COTTON EXAMPLE Insect-Infestation Zones
Differential pricing allowed
51%
U.S. BOLLGARD TRAIT ACRES
Monsanto to earn an acre that
3 .5
penetrated
MARGINAL – TO – MODEST INFESTATION ZONES
ACRES (MILLIONS)
otherwise would not have used
3
Bollgard technology, driving
2 .5
trait penetration on marginally-
2
to modestly-infested acres
11%
1 .5
STEP 2
penetrated
1
Experience shows the farmer
0 .5
recognizes the value and
0
convenience of the trait
1998 2005
package and embraces more
value-added technology, largely
Increasing Monsanto’s Value per acre in Marginal
COTTON EXAMPLE through stacked traits
to Modest Insect-Infestation Zones
STEP 3
5.6 X GP
RETAIL PRICE (INDEXED 1998 = 1)
WEIGHTED AVERAGE PER ACRE
FROM 1998
6 2 .0 0
1 .7 5 Because of the increased
5
(INDEXED 1998 = 1)
1 .5 0 penetration and movement
GROSS PROFIT
4
1 .2 5 toward stacked-traits, the total
3 1 .0 0 value per acre captured by
0 .7 5 Monsanto increases
2
0 .5 0
With more trait acres and more
1
0 .2 5
value generated per acre,
0 0 .0 0
overall gross profit increases
1998 2005
AVERAGE PER ACRE RETAIL PRICE
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9. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow
Fiscal Year Three Months Three Months
2006 Ended Ended
$ Millions Target Nov. 30, 2005 Nov. 30, 2004
Net Cash Provided by Operations $1,300 - $1,375 $773 $769
Net Cash Provided (Required) by Investing Activities $(475) $(135) $1
$770
Free Cash Flow $825 - $900 $638
$(254)
Net Cash Provided (Required) by Financing Activities N/A $(157)
$516
Net Increase in Cash and Cash Equivalents N/A $481
Reconciliation of Non-GAAP EPS
Fiscal Year Three Months Three Months
2006 Ended Ended
$ per share Target Nov. 30, 2005 Nov. 30, 2004
Diluted Earnings (Loss) per Share $2.35 - $2.50 $0.22 $(0.15)
Solutia-Related Charge — $0.68
—
Tax Benefit on Loss from European Wheat and Barley Business $(0.40)
— —
$2.35 - $2.50 $ 0.22 $ 0.13
Diluted Earnings per Share from Ongoing Business
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