This document discusses Monsanto's commercial strategy for corn traits and seeds. It outlines three pathways for mid-term growth: 1) increasing penetration and expansion of existing traits like Roundup Ready Corn 2, 2) stacking more traits into seeds, and 3) developing second-generation traits. The strategy aims to supply corn products to three channels of the market through brands like DEKALB and Asgrow, the American Seeds Inc. regional channel, and licensees. Molecular breeding is accelerating the integration of traits into higher performing seeds.

1. CARL CASALE
EXECUTIVE VICE PRESIDENT,
NORTH AMERICA COMMERCIAL
JPMORGAN BASIC & INDUSTRIALS
CONFERENCE
JUNE 6, 2006
1

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.
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.
Trademarks
Roundup, Roundup Ready, Roundup RReady2Yield, Bollgard, Bollgard II, YieldGard, Monsanto Imagine and the
Vine Design, Asgrow, DEKALB, Monsanto Choice Genetics, Posilac, Processor Preferred, Vistive, Stoneville and
Seminis are trademarks owned by Monsanto Company and its wholly-owned subsidiaries and are italicized the first
time they appear in this presentation.
Mavera™ is a trademark of Renessen.
© 2006 Monsanto Company
3

4. OVERVIEW
Global Demand for Corn and Soybeans Is Growing and the
Americas Will Supply the World
WORLD AREA GRAIN
PRODUCTION
EUROPE
THE THREE LEADING UNITED STATES 2005 2010 ASIA
SOYBEAN EXPORTERS
– U.S., BRAZIL, AND 2005 2010 CORN 52M MT 55M MT 2005 2010
ARGENTINA -
CORN 278M MT 297M MT
ACCOUNT FOR > 90%
SOY 1M MT 3M MT CORN 122M MT 132M MT
OF WORLD GRAIN
SOY 86M MT 81M MT
TRADE SOY 22M MT 23M MT
E.U. REMAINS
WORLD’S PRINCIPAL
DESTINATION FOR
SOYBEAN MEAL
IN BRAZIL, PLANTED
ACRES INCREASE TO
SUPPLY GROWING
DOMESTIC FEED
BUSINESS AND CHINA
CHINA: NET IMPORTS
DEMAND
40
ARGENTINA
METRIC TONS (M)
30
2005 2010
20
CORN 23M MT 27M MT 10
SOY 38M MT 40M MT 0
2005 2010
-10
CORN SOY
BRAZIL
2005 2010
CORN 44M MT 53M MT
SOY 60M MT 81M MT
PRODUCTION = CONSUMPTION
NET EXPORTER NET IMPORTER
Source: U.S.D.A. Foreign Agricultural Service, ABIOVE, Independent Economists & Monsanto Estimates
4

5. OVERVIEW
Ethanol Production Will Drive Incremental Corn Demand
ESTIMATED MARKET
DISTRIBUTION FOR U.S. CORN
U.S. ETHANOL MARKET OUTLOOK
2006 2012
48% 51%
FEED
9 5
4.5
8
FUEL
20% 31%
ALCOHOL
4
BILLIONS OF GALLONS
BILLIONS OF BUSHELS
7
3.5
6
18% 9%
EXPORTS
3
5
2.5
ENDING
4
16% 6%
STOCK
2
3
1.5 OTHER
3% 3%
INCLUDING
2
1
FOOD
1 0.5
0 0
A NEAR DOUBLING IN THE
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
DEMAND FOR CORN USED
ETHANOL PRODUCED CORN USED FOR ETHANOL
IN ETHANOL IN THE
COMING YEARS WILL
SQUEEZE CURRENT CORN
SUPPLIES
Source: USDA, ProExporter and Monsanto Estimates
5

6. OVERVIEW
Corn and Soy Acreage Is Resistant to Change and
Monsanto Benefits from Either Crop
PLANTED CORN ACRES PLANTED SOYBEAN ACRES
3M ACRES
3.2M ACRES
LARGEST ONE-
85 LARGEST ONE- 78 YEAR CHANGE
YEAR CHANGE
83 IN FIVE-YEAR
IN FIVE-YEAR
76 PERIOD
PERIOD
81
ACRES (IN MILLIONS)
ACRES (IN MILLIONS)
74
79
77
72
75
70
73
71 68
69
66
67
65 64
2001 2002 2003 2004 2005 2001 2002 2003 2004 2005
2006 AVERAGE GROSS PROFIT
DIFFERENTIAL PER ACRE
Corn vs. Soy = $0.33
Source: USDA and Monsanto estimates
6

7. OVERVIEW
Farmers ‘Buy Yield,’ Creating Opportunity for Seeds and
Traits Growth
FARMERS’ DECISION EQUATION MONSANTO’S POSITION: CORN
SEED Retail brands
(GENETIC GAIN)
The starting point of all agriculture; farmers Regional brands
need to maximize ‘genetics’ in seed for
yield
+TECHNOLOGY
Licensing
+
‘Above ground’ protection
(% OF GENETIC GAIN PRESERVED)
Technology is used to protect and maximize
‘Below ground’ protection
the yield potential of the seed
= MAXIMUM YIELD
Weed control system
=POTENTIAL The elegance of a seed and trait approach
is that the seed is the package and traits
can be ‘stacked’ for maximum effect
The basic equation represents the
In 2005, Monsanto introduced the first
maximum yield potential multiplied by the
triple-stack of biotech traits
percent of that yield preserved by
technology
7

8. COMMERCIAL
Corn Market Share Gains Still To Fully Reflect Power of
Molecular Breeding Application
MOLECULAR-BREEDING HYBRIDS
20% 6%
AS A PERCENT OF BRANDED
UNITS SOLD IN COMMERCIAL
CORN PORTFOLIO
2005 BRANDED U.S.
5%
MARKET SHARE: 16%
IN COMMERCIAL CORN PORTFOLIO
PERCENT OF BRANDED UNITS SOLD
15% DEKALB AND ASGROW
4%
U.S. MARKET SHARE
U.S. BRAND MARKET
SHARE
3%
10%
2%
5%
1%
0% 0%
2001 2002 2003 2004 2005 2006F 2007F 2008F
CYCLE 1: CYCLE 2: CYCLE 3:
PROGRESSION
INTEGRATION OF APPLICATION OF MOLECULAR SELECTION POWER OF
OF BREEDING GLOBAL GERMPLASM BREEDING TO SELECTION MOLECULAR BREEDING
TECHNOLOGY
IN THE • MOLECULAR BREEDING
• ASSEMBLED 36 MAJOR CORN • PREDICTIVE COMBINATIONS
COMMERCIAL IMPROVES GENETIC POTENTIAL
BREEDING PROGRAMS IN 12 ALLOW MORE EFFICIENT
PORTFOLIO BY 2X VERSUS CONVENTIONAL
COUNTRIES BREEDING
BREEDING
• FIRST INTRA-COMPANY • MOLECULAR BREEDING
• BY 2006, FIRST MOLECULAR
CROSSES; BY CYCLE 3, >50% ACCELERATES TRAIT
BREEDING HYBRIDS ENTER
OF HYBRIDS IN THE U.S. INTEGRATION BY
COMMERCIAL PORTFOLIO
PORTFOLIO MADE THROUGH SHORTENING ‘BACKCROSSING’
INTRA-COMPANY CROSSES CYCLES
8

9. COMMERCIAL
Breeding and Biotechnology Create Enough High-
Performing Products to Supply Three Channels
U.S. CORN MARKET SHARE
60%
2006
50% FRONTLINE
UPDATE:
ASGROW AND
40%
DEKALB AND
ASI BRANDS
30% ARE EXPECTED
TO GROW
MARKET
20%
SHARE IN 2006
10%
0%
2001 2002 2003 2004 2005 2006F
TRAIT PENETRATION STACKED PENETRATION
CHANNEL TO MARKET
2005 2006F 2005 2006F
DEKALB AND ASGROW
87% 90% 60% 69%
BRANDS
67% 75% 36% 53%
AMERICAN SEEDS, INC. (ASI)
HOLDEN’S/CORN STATES
44% 60% 27% 43%
LICENSEES
9

10. COMMERCIAL
American Seeds Inc. Strategy Enables Regional Channel to
Corn Belt
AMERICAN SEEDS, INC. FOCUS: CENTRAL CORN
BELT
2005 2006F
CORN MARKET
3% 5.2%
SHARE:
CORN TRAIT
67% 75%
PENETRATION:
CORN STACKED
36% 53%
PENETRATION:
BRANDS:
Crow’s Hybrid Corn Co., Midwest Genetics,
NC+ Hybrids, Fontanelle Hybrids, Stewart
Seeds, Trelay Seed Co., Gold Country Seed,
Stone Seed, Specialty Hybrids, Heritage Seeds
ASI COMPANY LOCATIONS
PRIMARY ASI COMPANIES’
DIRECT TO GROWER AREAS
10

11. COMMERCIAL
Existing Biotech Traits Set Up Three Pathways for
Mid-Term Growth
EXAMPLE: ROUNDUP READY CORN 2 IN THE UNITED STATES
Monsanto projects a market
OPPORTUNITY: opportunity of 60M acres in
PENETRATION AND the United States by 2010
EXPANSION
In 2006, we expect farmers
CURRENT
will plant 34M acres – up
STATUS:
from 24M in 2005
EXAMPLE: STACKED U.S. CORN TRAITS
Of the 80M acres of U.S.
OPPORTUNITY: corn, in 2005, approximately
STACKING 14M included stacked traits
Stacked traits overtaking
CURRENT
the number of single-trait
STATUS:
acres in our brands
EXAMPLE: SECOND-GENERATION U.S. CORN TRAITS
In 2005, more than 32M
acres were planted with
MULTI- OPPORTUNITY: insect-protection traits that
have pipeline upgrades in
GENERATION development
TRAITS
In 2006, 2nd-Gen YieldGard
Rootworm earned
CURRENT
regulatory approval; 2nd-Gen
STATUS:
YieldGard Corn Borer is in
Phase 3 in pipeline
11

12. COMMERCIAL
Increasing Demand for Stacked Traits Leads Overall Acreage
Gains for Each Individual Corn Trait
1.80
60
1.70
50
2006 FRONTLINE
1.60
TRAIT INTENISTY PER ACRE
ACRES IN MILLIONS
UPDATE:
“TRAIT 40
INTENSITY,” 1.50
WHICH SERVES AS
A PROXY FOR
30 1.40
MARGIN
OPPORTUNITY,
1.30
WILL STEP UP
20
CONSIDERABLY
AS THE MARKET 1.20
MOVES
INCREASINGLY 10
1.10
TOWARD TRIPLE-
STACKED TRAITS
0 1.00
2001 2002 2003 2004 2005 2006F
U.S. CORN ACRES 1
(IN MILLIONS)
17.7 23.8 27.3 33.6 30.6 ~24
U.S. SINGLE TRAIT ACRES
1.2 2.2 5.1 8.7 13.0 ~20
U.S. DOUBLE TRAIT ACRES
0 0 0 0 1.3 ~5
U.S. TRIPLE TRAIT ACRES
1.06 1.08 1.16 1.21 1.35 1.61
TRAIT INTENSITY2
1 U.S. Corn Acres represent the total number of acres with at least one Monsanto brand trait – representing “absolute” acres
2 “Trait Intensity” represents the average number of traits per acre, calculated by comparing the “trait” acres with the number of absolute acres
12

13. COMMERCIAL
Variable-Based Pricing Strengthens Roundup Ready Corn 2
Base and Expands Market for Stacked Traits
TRAIT MIX IN ASGROW AND DEKALB BRANDS
SINGLE TRAIT
STACKED - DOUBLE TRAIT
2
1
STACKED - TRIPLE TRAIT
TRAIT BAGS OF SEED
Indexed 2005 = 1
1.5 22%
9%
1
47%
40%
0.5
51% 31%
0
2005 2006F
STATES WITH WEED CONTROL NEEDS,
SPORADIC CORN BORER AND
ROOTWORM 2006 FRONTLINE UPDATE:
STATES WITH CONSISTENT NEED FOR ACROSS OUR ASGROW AND DEKALB BRANDS,
WEED CONTROL, CORN-BORER VARIABLE-BASED PRICING HAS TRANSLATED
CONTROL AND ROOTWORM CONTROL TO SIGNIFICANT INCREMENTAL DEMAND FOR
STACKED COMBINATIONS OF ROUNDUP
STATES WITH CONSISTENT NEED
READY CORN 2 AND THE YIELDGARD TRAITS
FOR WEED CONTROL, ROOTWORM
CONTROL AND SPORADIC CORN-
BORER CONTROL
1 Seed includes one or more traits
13

14. TECHNOLOGY DISCOVERY PHASE I PHASE II PHASE III PHASE IV
Proof Of Concept Early Advanced Pre-launch
Gene/Trait
2006 Pipeline Development Development
Identification
AS OF JANUARY 1, 2006
Roundup Ready Flex cotton
Roundup RReady2Yield soybeans
Roundup RReady2Yield canola
Dicamba-tolerant soybeans
Dicamba-tolerant cotton
2nd-Gen YieldGard Rootworm
2nd-Gen YieldGard Corn Borer
Insect-protected soybeans
YieldGard Rootworm II
FARMER
Soybean nematode-resistance
Bollgard III
Drought-tolerant corn
2nd-Gen Drought-tolerant corn
Higher-yielding canola
Drought-tolerant soybeans
Drought-tolerant cotton
Higher-yielding corn
Nitrogen utilization corn
Higher-yielding soybeans
Mavera™ High-value corn with lysine1
PROCESSOR
Mavera™ I High-value soybeans1
Mavera™ II High-value soybeans1
2nd-Gen High-value corn with lysine1
Feed Corn with balanced proteins1
High oil soybeans for processing1
CONSUMER
Improved-protein soybeans
Vistive II Low Lin – Mid Oleic soybeans
Vistive III Low Lin – Mid Oleic – Low Sat soybeans
Omega-3 soybeans
14
1. These product candidates are in the Renessen pipeline. Renessen is a Monsanto/Cargill joint venture

15. TECHNOLOGY
Second-Generation YieldGard Corn Borer Expands
Insect Spectrum and Acreage Potential
KEY MARKET ACRES U.S. BRAZIL ARG
Second-Generation 15M 4M
AVAILABLE MARKET 50 - 60M
YieldGard Corn Borer
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
NEW BENEFIT TO CORN FARMERS
2nd GENERATION
YIELDGARD
CORN BORER
Second-generation YieldGard Corn Borer combines better
• Excellent control of
insect control and resistance management
targeted pests –
raises the bar for
corn earworm and
FALL ARMYWORM
fall armyworm
control
• Outstanding yields,
including stacks
for rootworm
control
• Insect resistance
management
benefit unique to
market
2ND GEN YGCB
CONVENTIONAL
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
15

16. TECHNOLOGY
Multi-Generational Drought-Tolerant Corn Is Advancing
Closer to Commercial Reality
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
80M 30M 6M
AVAILABLE MARKET
0% 0% 0%
PERCENT PENETRATED
SEGMENTED VALUE OPPORTUNITY
WITH TRAIT WITHOUT TRAIT WITH TRAIT WITHOUT TRAIT
RESULTS
o
C 32 34 40
BROAD ACRE STATES WITH
STATES WITH
Drought tolerance established through plant
WATER USE INCONSISTENT
CONSISTENT
physiology (performance) over three years
EFFICIENCY DROUGHT
DROUGHT
STRESS
STRESS AND
IRRIGATION
REQUIREMENTS
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
16

17. TECHNOLOGY
High-Lysine Is First Biotechnology Quality Trait for
Animal Feed Industry
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
MaveraTM High-Value Corn 5M 2M 1M
AVAILABLE MARKET
with Lysine
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
PROJECT OVERVIEW
Monsanto’s joint
MaveraTM High-Value Corn with Lysine
venture with Cargill,
Renessen, is
CONCEPT
researching new
products with
• High-Value Corn with Lysine enhances level of limiting
enhanced components
essential amino acids and corn oil content in feed and
for animal feed and
lowers cost of animal feed ration
processing grain.
Today, Renessen
MILESTONES
is using both
biotechnology and
• Final U.S. regulatory clearance received in February
breeding to produce
• Initially, high-lysine trait will be offered in stacked corn and soybeans
combination with YieldGard Corn Borer, with the with higher levels of
oil, protein, and amino
opportunity to move to additional combinations with
acids.
YieldGard Rootworm and Roundup Ready Corn 2
• Final commercial evaluation under an experimental
field program in 2006, with limited commercial acreage
in 2007
17

18. TECHNOLOGY
The Greatest Leverage in the Production of Ethanol is Corn
Yield
OPPORTUNITY:
OPPORTUNITY:
COST COMPOSITION: ONE GALLON OF ETHANOL INCREASE THE
IMPROVE THE
VALUE OF THE
NET REALIZED
AVERAGE COST: $1.09/GAL AT 40M GAL FACILITY CO-PRODUCT
YIELD ON THE
FARM INCREASING THE
NUTRIENT
0.70
KEY TOOLS:
VALUE OF THE
MOLECULAR CO-PRODUCT –
BREEDING 0.50 OR ‘WASTE
INCREASES THE STREAM’ – OF
$ / GAL
RATE OF YIELD ETHANOL
0.30
GAIN 2X ANNUALLY PRODUCTION
AND BIOTECH OPENS NEW
TRAITS PROTECT REVENUE
0.10
THAT YIELD STREAMS THAT
POTENTIAL DEFRAY COST OF
LABOR
OTHER*
CORN PRODUCTION
-0.10 SUPPLIES
& OVH
DENATURANT KEY TOOLS:
DEPR.
UTILITIES
CO-
-0.30
RENESSEN CORN
PRODUCT
FRACTIONATION
VALUE
PROCESS BUILDS
*OTHER INCLUDES ENZYMES - AMYLASE ON HIGH-LYSINE
PRODUCT TO
CREATE NEW
FEED
OPPORTUNITIES
18

19. LEADERSHIP
Right to Lead in Seeds and Traits Is Earned by Companies
That Deliver Best Options to Farmers
EXPANDED
The seeds & traits industry is
FOOD AND FEED
dynamic. As it matures, different TRAITS
qualities will differentiate leaders ACCELERATED /
CONSUMER
DIFFERENTIATED
and followers. The qualities that TRAITS
GLOBAL TRAITS
set a company like Monsanto
apart today will be the table
stakes for participation by the
FOOD AND FEED FOOD AND FEED
GLOBAL TRAITS GLOBAL TRAITS
end of the decade TRAITS TRAITS
SECOND-GEN TRIPLE-STACK SECOND-GEN TRIPLE-STACK
TRAITS TRAITS TRAITS TRAITS
REGIONAL SEED VARIABLE-BASED REGIONAL SEED VARIABLE-BASED
LEAD
MODEL PRICING MODEL PRICING
TECHNOLOGY TECHNOLOGY TECHNOLOGY
MOLECULAR MOLECULAR MOLECULAR
LICENSING LICENSING LICENSING
BREEDING BREEDING BREEDING
AGREEMENTS AGREEMENTS AGREEMENTS
GLOBAL GLOBAL GLOBAL
STRONG BRAND STRONG BRAND STRONG BRAND
REGULATORY REGULATORY REGULATORY
PORTFOLIO PORTFOLIO PORTFOLIO
EXPERTISE EXPERTISE EXPERTISE
BROAD BROAD
STACKED TRAIT STACKED TRAIT STACKED TRAIT BROAD LICENSING
LICENSING LICENSING
OFFERING OFFERING OFFERING STRATEGY
STRATEGY STRATEGY
PARTICIPATE
HOLDEN’S HOLDEN’S HOLDEN’S
IP IP IP
GERMPLASM GERMPLASM GERMPLASM
ESTATE ESTATE ESTATE
LICENSING LICENSING LICENSING
BRANDED SKU BRANDED SKU BRANDED SKU
GERMPLASM MANAGEMENT GERMPLASM MANAGEMENT GERMPLASM MANAGEMENT
BRANDED TRAIT SEED BRANDED TRAIT SEED BRANDED TRAIT SEED
OFFERING MANUFACTURING OFFERING MANUFACTURING OFFERING MANUFACTURING
EARLY DECADE MID-DECADE END OF DECADE
2000 - 2004 2005 - 2008 2009 - 2012
19

20. SUMMARY
Monsanto’s Seeds And Traits Strategy Is Played Out
Across Four Core Crop Franchises
CORN
COTTON
• DEKALB/ASGROW
• STONEVILLE
SEED • ASI, INC. SEED
CHANNELS • COTTON STATES
CHANNELS
• HOLDEN’S/CORN
STATES
• BOLLGARD FAMILY
KEY
• YIELDGARD FAMILY • ROUNDUP READY
KEY TRAITS
• ROUNDUP READY FAMILY
TRAITS
FAMILY
BIOTECH
AND
BREEDING
R&D
PLATFORM
SOYBEANS VEGETABLES
• DEKALB/ASGROW • SEMINIS AND
SEED
SEED • ASI, INC. RELATED BRANDS
CHANNELS
CHANNELS • HOLDEN’S/CORN
STATES • TOMATOES,
KEY
MELONS, PEPPERS
• ROUNDUP READY CROPS
KEY FAMILY
TRAITS
• VISTIVE FAMILY
20