1. KERRY PREETE
Vice President, U.S. Crop Production
Banc of America Field of Dreams Tour
Monmouth, IL
July 12-13, 2005
1

2. Forward-Looking Statements
Certain statements contained in this presentation, such as statements concerning the company's anticipated
financial results, current and future product performance, regulatory approvals, currency impact, business and
financial plans, the outcome of contingencies and other non-historical facts are quot;forward-looking statements.quot;
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: the company's exposure to various contingencies,
including those related to Solutia Inc., litigation, intellectual property, regulatory compliance (including seed
quality), environmental contamination and antitrust; successful completion and operation of recent and proposed
acquisitions; 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
estimates and projections, for example, those with respect to product returns and grower use of our products and
related distribution inventory levels; the effect of weather conditions and commodity markets on the agriculture
business; the success of the company’s research and development activities and the speed with which regulatory
authorizations and product launches may be achieved; domestic and foreign social, legal and political
developments, especially those relating to agricultural products developed through biotechnology; the company’s
ability to successfully market new and existing products in new and existing domestic and international markets;
the company’s ability to obtain payment for the products that it sells; the company's ability to achieve and maintain
protection for its intellectual property; the company's ability to fund its short-term financing needs; 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 forward-looking statements, which are current only as of the date of this release.
The company disclaims any current intention or obligation to revise or update any forward-looking statements or
any of the factors that may affect actual results, whether as a result of new information, future events or otherwise.
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.
Fiscal Year
In this presentation, unless otherwise specified, references to Monsanto’s fiscal years refer to the 12-month period
ending August 31.
Trademarks
Roundup, Roundup Ready, Bollgard, Bollgard II, YieldGard, Monsanto, Monsanto Imagine, Vine Design, Asgrow,
DEKALB, Monsanto Choice Genetics, Posilac, Processor Preferred, Vistive, Channel Bio, Channel Bio Design, NC+,
NC+ Design, Seminis and Seminis Design are trademarks owned by Monsanto Company and its wholly-owned
subsidiaries and are italicized the first time they appear in this presentation.
3

4. OVERVIEW
Biotechnology Adoption Reflects Trait Value, Independent
of Commodity Prices
MONSANTO U.S. BIOTECH ACRES VS. AVERAGE MARKET PRICE
$8.00
45 $3.00 80 $0.60
11.5
40 $7.00
70
$2.50 $0.50
11
35
$6.00
60
30 $2.00 $0.40
10.5
$5.00
50
25
$4.00
$1.50 40 $0.30
10
20
$3.00
30
15 $1.00 $0.20
9.5
$2.00
20
10
$0.50 $0.10
9
$1.00
10
5
$0.00
0 $0.00 0 $0.00
8.5
2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004
CORN BIOTECH SOYBEAN COTTON
CORN PRICES SOYBEAN COTTON
ACRES BIOTECH ACRES BIOTECH ACRES
PRICES PRICES
LEFT AXIS: ACRES (MILLIONS) RIGHT AXIS: $ PER ACRE
Source: USDA and Monsanto estimates
4

5. MARKET LEADERSHIP
Biotech Acreage Grows 11 Percent Globally, 4 Percent in
United States in 2005
GLOBAL MONSANTO PLANTED BIOTECH ACRES
200
CANOLA
180
COTTON
160
SOYBEANS
ACRES IN MILLIONS
140
120
CORN
100
80
60
40
20
0
F
96
97
98
99
00
01
02
03
04
05
19
19
19
19
20
20
20
20
20
20
5

6. MARKET LEADERSHIP
Growth Remains for Biotech Traits in United States,
Particularly in Corn
KEY MARKET: UNITED STATES
SOYBEANS COTTON CORN
Roundup Roundup Bollgard Roundup YieldGard YieldGard
Ready Ready I and II Ready Corn Root-
Borer worm
AVAILABLE
70M 10-15M 6-8M 50M 30M-40M 15-20M
MARKET
TRAIT
96% 70% 93% 46% 87% 25%
PENETRATION
BIOTECH
ACRES
PLANTED 2005F
REMAINING
AVAILABLE
MARKET
6

7. MARKET LEADERSHIP
Monsanto Now Services Corn Seed Market Through
Three Channels
CORN
American Seeds
Licensed
Branded
Inc.
INDEPENDENT
SEED CO.
7

8. MARKET LEADERSHIP
Monsanto’s Germplasm Reach Has Grown Significantly
Through Branded and Licensed Seeds
U.S. CORN MARKET SHARE – BRANDS AND LICENSEES
HOLDENS/CORN STATES
LICENSEES
AMERICAN SEEDS BRANDS
60%
DEKALB AND ASGROW BRANDS 51%
49%
46%
50% 44%
43%
40%
30%
20%
5+ Branded
10% Share Point
Growth in
4 Years
0%
2001 2002 2003 2004 2005
* Syngenta pro forma for acquisition of Advanta and Golden Harvest
8

9. MARKET LEADERSHIP
Roundup Ready Corn Acreage Expected to
Grow 35-40 Percent in 2005
KEY MARKET AREAS U.S. ARGENTINA
Roundup Ready TARGET MARKET 50M 5M
Corn
CREATING VALUE
PERCENT PENETRATED 48% <1%
Current forecast of 23-24M acres of Roundup Ready corn in
• 2005 U.S. trait 2005 U.S. season
fee of $8-$10 per
30M acres targeted in U.S. for 2006
acre in
Monsanto
With European import approval for single trait, U.S. market
branded seed for
potential is now 50M acres
single trait
U.S. ROUNDUP READY CORN ACREAGE GROWTH
• Grower profits
average of $12
35
per acre on yield
gains alone; 30
additional cost
MILLIONS OF ACRES
savings on labor, 25
fuel and 20
equipment
15
• Provides grower
greater 10
flexibility in 5
weed control
0
1998 1999 2000 2001 2002 2003 2004 2005F 2006F
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
9

10. MARKET LEADERSHIP
Stacked Trait Growth Is Driving Corn Acceleration
U.S. CORN TRAIT ACRES WITH ROUNDUP READY
25
Roundup Ready / YieldGard Plus
Roundup Ready / YieldGard Corn Rootworm
20
Roundup Ready / YieldGard Corn Borer
ACRES IN MILLIONS
Roundup Ready
15
10
5
0
1998 1999 2000 2001 2002 2003 2004 2005
10

11. MARKET LEADERSHIP
Triple-Stacked Corn Traits Fill a “Sweet Spot”
in U.S. Corn Market Needs
YIELDGARD
ROOTWORM
YIELDGARD
CORN
BORER
ROUNDUP
READY
CORE ACRES
INSURANCE ACRES INSURANCE ACRES
INSURANCE VALUE WITH PRICE VALUE REFLECTS BROAD INSURANCE VALUE WITH PRICE
ELASTICITY TECHNOLOGY FIT ELASTICITY
11

12. INNOVATION
Current Commercial Success Will Continue Through
Valuable Pipeline Offerings
PRICING VALUE MATRIX
4
3
2
HIGH PER-ACRE ($11-$100+)
OMEGA-3 SOYBEANS
BOLLGARD II COTTON (AUSTRALIA)
IMPROVED-PROTEIN SOYBEANS FOR FOOD
PROCESSOR PREFERRED
ELITE GERMPLASM
BOLLGARD II COTTON
BOLLGARD II COTTON (INDIA) ROUNDUP
ROUNDUP READY + FLEX COTTON
YIELDGARD READY
ROUNDUP READY 2ND GENERATION
ROOTWORM SOYBEANS
+ FLEX COTTON HIGH-LYSINE CORN
(AUSTRALIA) 2ND GENERATION ROUNDUP
IMPROVED-ENERGY CORN III
READY SOYBEANS
HIGHER-YIELDING CORN
SMALL-ACRE (0-10 MILLION)1 LARGE-ACRE (11-100 MILLION+)1
DROUGHT ROUNDUP READY CORN
TOLERANT
COTTON
LOW PER-ACRE ($0-$10)2
VISTIVE ZERO SATURATED FAT + MID-
IMPROVED-PROTEIN OLEIC + LOW-LINOLENIC SOYBEANS HIGHER-
SOYBEANS FOR FEED
YIELDING
YIELDGARD CORN BORER
VISTIVE MID-OLEIC + LOW-
SOYBEANS
LINOLENIC SOYBEANS
VISTIVE LOW-LINOLENIC SOYBEANS DROUGHT
TOLERANT
IMPROVED-OIL
CORN
SOYBEANS FOR
PROCESSING
HIGH-LYSINE CORN
DROUGHT TOLERANT
1 2
SOYBEANS
Pipeline projects denoted in white text and represent global value; Commercial products denoted in gold and are U.S.-only, unless otherwise indicated.
1. “Acre Potential” represents the maximum acre penetration by the trait individually and as a stacked trait in the three-year span during its peak.
2. “Per-Acre” premium represents the per-acre average value in the three-year span during the trait penetration peak.
12

13. INNOVATION
Roundup Ready Flex Launch To Be Largest in 10-Year
History of Biotech Traits
KEY MARKET ACRES U.S. AUSTRALIA
Roundup Ready AVAILABLE MARKET 10-15M 0.5-0.8M
Flex Cotton
CREATING VALUE
0% 0%
PERCENT PENETRATED
Anticipated largest trait launch of 2-3 million acres,
• Value reflects pending final approvals
greater
convenience and 80-90% of Roundup Ready Flex to be stacked with
enhanced weed Bollgard II
control; lifts the
8 cotton seed companies currently breeding trait into
value of the
Roundup Ready varieties
trait
• Roundup Ready
Flex Cotton will
be available
predominately
stacked with
Bollgard II,
which also
should boost
Bollgard II
adoption
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
13

14. INNOVATION
Vistive Is First of Family of Improved Oils for
Food Uses KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Vistive 5M TBD TBD
AVAILABLE MARKET
Low Linolenic Soy
CREATING VALUE
2% 0% 0%
PERCENT PENETRATED
First of a three-product step-change in oil profiles
• Contract grown,
value shared. 2005 launch sold-out with 100K acres planted
Monsanto sells
Oil to be in on-the-shelf consumer products in late 2005
to growers,
processors pay
grower premium
OIL PROFILES ALONG THE THREE-STEP CHANGE IMPROVEMENT
and royalty to
Monsanto after LINOLENIC LINOLEIC OLEIC SATS
harvest and 18:3 18:2 18:1 18:0 / 16:0
STANDARD
crushing SOYBEAN
• To be stacked
with Mid-Oleic
LOW LIN
before full
market
penetration is MID OLEIC +
LOW LIN
achieved
• 1 acre = ZERO SAT +
approximately MID OLEIC +
500 lbs. of oil LOW LIN
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
14

15. INNOVATION
Testing of Second-Generation Roundup Ready Soybeans
Indicates Extended Control
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Second-Generation 70M 50M 30M
AVAILABLE MARKET
Roundup Ready Soybeans
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
Identified lead event during agronomic and tolerance trials
• Expanded
during the 2004 U.S. field season.
window of
application Second-generation testing indicates improved tolerance under
provides greater
extended spray conditions
grower flexibility
2005 field trials planted in the U.S. and preparation of
• Yield
regulatory submission under way
improvement of
5+ bushels per
acre in 2004 FIELD TRIAL YIELD
field trials
65
60
BU/ACRE
ROUNDUP READY
SOYBEANS
55
2ND GENERATION
ROUNDUP READY
SOYBEANS
50
CONTROL SPRAY SPRAY SPRAY
NO ROUNDUP TIME 1 TIME 2 TIME 1&2
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
15

16. INNOVATION
Drought Stress Tolerance To Be Family of High-Value
Traits in Multiple Crops
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Drought-Tolerant TBD TBD TBD
AVAILABLE MARKET
Corn
CREATING VALUE
0% 0% 0%
PERCENT PENETRATED
Yield protection on all acres against water deficits
• Pricing will
Yield enhancement through improved water use on drought-
reflect yield
prone acres and cost savings on irrigated acres
gains in all three
markets; value
Two gene leads obtained positive results with more than one
of higher yields
transformed event
shared with
farmer
YIELD INCREASE IN TWO GENE TRIALS
• Stacking with
weed and insect 3 EVENTS: GENE 1 3 EVENTS: GENE 2
18
control 30 16
enhances the 14
25
margin
YIELD INCREASE
12
opportunity 20
10
• Irrigation 15 8
currently costs 6
(BU/AC)
10
$50 to $100 per 4
acre 5
2
0 0
EVENT 3
EVENT 1 EVENT 2 EVENT 3
EVENT 1 EVENT 2
GERMPLASM 1 GERMPLASM 2
DISCOVERY PHASE III
PHASE I PHASE II PHASE IV LAUNCH
Adv. Development
Proof of Concept Early Development Pre-Launch
16