The document provides an overview of Monsanto's third-quarter 2006 financial results and strategic initiatives. Key points include: - Net sales for Q3 2006 were $2.348 billion, up 15% from Q3 2005, driven by growth in seeds and traits. - Net income for Q3 2006 was $334 million, up 611% from Q3 2005, due to acquisitions and increased penetration of key traits. - Monsanto is focusing on growth in traits like Roundup Ready 2 corn and developing product pipelines like drought-tolerant corn and Vistive III soybeans. - The company aims to expand seeds and traits globally and leverage acquisitions like Seminis to unlock additional value

1. THIRD-QUARTER 2006
FINANCIAL RESULTS
June 29, 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.
2003-2006F EPS figures do not reflect the stock split announced June 27, 2006
Trademarks
Trademarks owned by Monsanto Company and its wholly-owned subsidiaries are italicized in this presentation.
Mavera™ is a trademark of Renessen.
© 2006 Monsanto Company
3

4. PERFORMANCE SUMMARY
Third-Quarter and Nine-Month 2006 Financial Summary
Third Third Nine Nine
Change Change
Quarter Quarter Months Months
2006 2005 2006 2005
NET SALES $2,348M $2,040M 15% $5,953M $5,020M 19%
GROSS
$1,194M $1,005M 19% $3,068M $2,511M 22%
PROFIT
NET
$334M $47M 611% $833M $380M 119%
INCOME
DILUTED
EPS ON AS-
$1.21 $0.17 612% $3.02 $1.40 116%
REPORTED
BASIS
Note: 2003-2006F EPS figures do not reflect the stock split announced June 27, 2006
4

5. PERFORMANCE SUMMARY
Items Included in Reported Earnings
Third Quarter 2005:
$(0.91) per share in-process R&D write-off related to the Seminis
and Stoneville acquisitions
$0.02 per share income on discontinued operations
Nine Months 2005:
$(0.91) per share in-process R&D write-off related to the Seminis
and Stoneville acquisitions
$(0.66) per share for Solutia-related charge
$0.39 per share tax benefit from loss incurred on European wheat
and barley business
$(0.03) per share net restructuring charges
$0.03 per share income on discontinued operations
Note: 2003-2006F EPS figures do not reflect the stock split announced June 27, 2006
5

6. STRATEGIC REVIEW
Seeds and Traits Performance Underpinned By Growth
in Key Traits
GROWTH TARGETS FOR SELECTED TRAITS
CURRENT- CURRENT-
ACRES IN MILLIONS
PRELIMINARY END-OF-
PAST-YEAR YEAR YEAR EARLY-
CURRENT-YEAR DECADE
SALES PRESEASON SEASON
SALES STATUS OPPORTUNITY
PROJECTION UPDATE
(2005) (2006F) (2010F)
CORN
U.S. ROUNDUP READY CORN 2
24.3 30 34 33-34 60
ACRES
4.1 8 10 9-10 25-30
U.S. YIELDGARD ROOTWORM
1.3 -- 5 5-6 25-30
U.S. TRIPLE-STACK ACRES
COTTON
U.S. ROUNDUP READY FLEX
N/A 2-3 2-3 2-3 10-15
COTTON
SOYBEANS
BRAZILIAN ROUNDUP READY
12.3 20 20-25 ~19 50
SOYBEANS1
1. Brazilian Roundup Ready soybean acres include acres representing both new-seed sales and point-of-delivery value sharing.
6

7. STRATEGIC REVIEW
Factors in Transition Today Will Redefine the Game
By End of the Decade
PERIOD : PERIOD : PERIOD :
SEED & TRAITS ESTABLISHED CORN IS ON THE LEADING EDGE THE GAME CHANGES
2003 2004 2005 2006 2007 2008 2009 2010
Commercial viability of seeds With seeds-and-traits strategy
Seed and trait growth comes from: penetration,
and traits established; established, gross profit
stacking and multi-generation traits, and
Supporting infrastructure in opportunity expands in the United
breeding enhancement; Corn defines the future
place
States and internationally with
direction
penetration, stacking, second-
generation – even as competition
becomes more significant
PERIOD PERIOD
KEY MILESTONES IN TRANSITION
Advances in breeding technology combine Continued growth in the U.S. corn market, with
1
with biotech for market advantage in corn; additive gross-margin opportunity for the ASI
U.S. share gains of 1-2 points
businesses
Roundup Ready Corn 2 reaches 50M acres
Molecular breeding advances begin to benefit
2
Stacks become the trait package of choice international corn market share position
in corn
3 New opportunities for global trait expansion
Roundup Ready Flex cotton launches;
Transition to second-generation traits Seminis poised to capture additional gross
4
starts in United States and Australia margin through commercial initiatives and
technology infusion
Ex-U.S. seeds and traits market established
with cornerstones in India and Brazil Next-generation pipeline poised for enhanced
5
commercial delivery
7

8. STRATEGIC REVIEW
American Seeds, Inc. Companies Deliver High-Margin
Opportunity, Offer Alternatives to Growers
KEY MARKET ACRES U.S.
AVAILABLE MARKET 80M
CREATING VALUE PERCENT PENETRATED 5.2%
BUSINESS OVERVIEW
American Seeds, Inc. (ASI)
FOCUS: CENTRAL
OVERVIEW
CORN BELT
• ASI is a strategic and geographic complement to Asgrow and
DEKALB national brands
• The acquisitions in June 2006 add approximately 1.4% of corn
market share to the 2006 base of 5.2%, for a total of 6.6%
2005 2006F
(as of May 2006)
CORN MARKET
3% 5.2%
SHARE:
CORN TRAIT
67% 77%
PENETRATION:
CORN STACKED
36% 54%
PENETRATION:
ASI COMPANY
Channel Bio Corp. (inc: Crow’s Hybrid Corn Co., LOCATIONS
FY2005
Midwest Seed Genetics, Inc., Wilson Seeds); NC+
ACQUISITIONS: JUNE 2006 ASI ACQUISTION
Hybrids COMPANY LOCATIONS
Core Group (inc: Fontanelle Hybrids, Stewart Seeds, PRIMARY ASI COMPANIES’
DIRECT TO GROWER AREAS
Trelay Seeds, Stone Seeds); Specialty Hybrids;
FY2006
Gold Country Seed, Inc; Heritage Seed; Kruger Seed
ACQUISITIONS:
Co.; Campbell Seed; Trisler Seed; Diener Seeds;
Sieben Seeds
8

9. STRATEGIC REVIEW
Monsanto’s Global Germplasm Reach Is Paving the
Way for Market Share Growth Internationally
SCORECARD 2006 UPDATE
GLOBAL BRANDED MARKET SHARE1
Strengths:
CHANGE
FY2004 FY2005 FY2006F (’04-’06)
In Europe-Africa region,
NORTH AMERICAN REGION 14% 16% 19% +5% growth was strongest across
UNITED STATES2 14% 16% 18% +4% largest markets
In Asia-Pacific and Latin
EUROPE-AFRICA REGION 13% 15% 15% +2%
America regions, market
FRANCE 10% 14% 15% +5% leadership was maintained
and profitability grew
ITALY 14% 17% 21% +7%
HUNGARY 26% 30% 32% +6% Challenges:
TURKEY 17% 23% 23% +6% In Brazil, prudent credit
policies and pricing reduced
SOUTH AFRICA 38% 44% 49% +11%
sales and limited share
ASIA-PACIFIC REGION 35% 37% 35% FLAT growth opportunities
INDIA 29% 34% 35% +6%
LATIN AMERICA REGION 37% 38% 38% +1%
MEXICO 58% 57% 60% +2%
BRAZIL 35% 35% 34% -1%
ARGENTINA 35% 37% 35% FLAT
1. Market share is for hybrid corn seed market only
2. U.S. market share is for Asgrow and DEKALB brands only; not inclusive of ASI companies
9

10. STRATEGIC REVIEW
Seminis To Leverage Portfolio, Pricing and Molecular
Breeding To Create New Growth
FOCUS: SEMINIS
VALUE ENHANCEMENT TIMELINE
OVER THE MID-TERM, SEMINIS WILL UNDERGO THREE PHASES OF EXECUTION EN ROUTE TO
UNLOCKING ADDITIONAL VALUE
+ +
OPERATIONAL EXCELLENCE NEW VALUE CREATION PIPELINE ADVANCEMENT
BY END OF FY 2007 BY END OF FY 2008 BY END OF FY 2010
Prioritize product portfolio by Identify and implement Commercialize first
focusing on 20 – 25 key opportunities to price products hybrids developed by
crops that drive profitability to value molecular breeding
Assemble genetic maps for Build business models to create Launch succession of
key crops and capture downstream value consumer benefit
opportunities products
Enhance R&D capability and
deploy molecular markers for Enhance product quality and
agronomic and consumer reduce costs through
benefits manufacturing and logistical
improvements
Integrate and streamline
back-office operations Aggressively make hybrid
conversions in strategic crops
10

11. STRATEGIC REVIEW
“HIT” Projects Streamline Internal Work and Bolster
Commercial Readiness
High-Impact Technology: A designated sub-set of the R&D pipeline placed on a
HIT
graduated track to streamline development work and improve commercial readiness,
reflecting enhanced confidence and certainty in our ability to launch a commercially
meaningful product; Designed to pull forward the Net Present Value (NPV) through
larger-acre launches in forward-bred germplasm with a greater financial benefit.
HIT Project Roundup RReady2Yield soybeans
PHASE III
• Parallel work from breeding and
biotechnology organizations
• Simultaneous regulatory work,
submissions moving forward along
with project testing for key launch
countries
HIT Project Drought-tolerant corn
PHASE II
• Parallel work from breeding and
biotechnology organizations
• Early-stage R&D and commercial
integration
HIT Project Vistive III soybeans
PHASE II
• Progress will allow Vistive III to “leap-
frog,” shortening the gap in
commercialization between Vistive I and
Vistive III
11

12. STRATEGIC REVIEW
Vistive III Soybeans Poised To Leap-Frog Ahead on
Commercial Development Track
KEY MARKET ACRES U.S.
AVAILABLE MARKET 12-15M
Vistive III Soybeans
CREATING VALUE PERCENT PENETRATED 0%
IMPROVING THE NUTRITIONAL
PRODUCT CONCEPT PROFILE OF SOYBEAN OIL
HIT Project LINOLENIC LINOLEIC OLEIC SATS
Vistive III soybeans
18:3 18:2 18:1 18:0 / 16:0
DISCOVERY PHASE I PHASE II PHASE III PHASE IV STANDARD
SOYBEAN
TARGET:
VISTIVE III
• Combining both breeding and biotechnology, Vistive III is LOW-LIN –
MID OLEIC –
designed to lower linolenic and saturate content while LOW SAT
boosting oleic content SOYBEANS
VALUE CONSIDERATIONS
Major market segments for U.S. soybean oil
• Approximately 40M acres of U.S. soybean crop is crushed NON- HYDROGENATED- HYDROGENATED-
HYDROGENATED FRYING BAKING
for oil; Vistive III is optimal for Non-hydrogenated and
Hydrogenated-Frying segments (see table at right) For salad oils, For various For various
• Vistive III has replacement value; To be priced at a household use frying baking
premium to conventional soybean oil applications applications
• Market opportunity assumes competition from other Uses 50% of Uses 25% of Uses 25% of
sources for different needs of different food applications total crushing total crushing total crushing
(~20M acres) (~10M acres) (~10M acres)
• Vistive III to be in a Roundup RReady2Yield background,
which will help establish penetration
Source: Soyatech, USDA
RETAIL
Medium (>$10/acre to <$30/acre)
VALUE/ACRE:
TOTAL ACRE
Medium (>5M acres to <20M acres)
OPPORTUNITY:
12

13. STRATEGIC REVIEW
Roundup RReady2Yield Soybeans Offers Yield Improvement
Over First-Generation Roundup Ready Soybeans
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Roundup RReady2Yield AVAILABLE MARKET 70M 50M 35M
Soybeans
CREATING VALUE PERCENT PENETRATED 0% 0% 0%
PRODUCT CONCEPT
HIT Project HISTORICAL U.S. SOY YIELD GAINS
Roundup RReady2Yield soybeans
OF HALF BUSHEL PER YEAR
DISCOVERY PHASE I PHASE II PHASE III PHASE IV
45
BUSHELS/ACRE
40
• Roundup RReady2Yield is the second-generation of
Monsanto’s popular herbicide-tolerant platform in 35
soybeans 30
VALUE CONSIDERATIONS
25
• Value is additive, with target of up to 5 bushel-per-acre 20
yield improvement over comparable Roundup Ready 1970 1980 1990 2000
soybeans
2005 AVERAGE SOYBEAN YIELDS
• Value created through yield gains will be shared with
farmer and value chain as has been Monsanto’s practice
U.S. ~43 bu/ac
• Market opportunity for Roundup RReady2Yield soybeans
Brazil ~40 bu/ac
recognizes competition from other traits
RETAIL Source: USDA, ABIOVE
Medium (>$10/acre to <$30/acre)
VALUE/ACRE:
TOTAL ACRE
High (>20M acres)
OPPORTUNITY:
13

14. STRATEGIC REVIEW
Multi-Generational Drought-Tolerant Corn Is Advancing
Closer to Commercial Reality
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
AVAILABLE MARKET 80M 30M 6M
Drought-tolerant corn
CREATING VALUE PERCENT PENETRATED 0% 0% 0%
SEGMENTED VALUE OPPORTUNITY
PRODUCT CONCEPT
ACROSS MARKETS: U.S. EXAMPLE
HIT Project Drought-tolerant corn
DISCOVERY PHASE I PHASE II PHASE III PHASE IV High annual
precipitation
• Drought-tolerance is a family of products, aimed at
providing consistent yield and buffering against the
effects of water limitations
VALUE CONSIDERATIONS
Low annual
• Farmers value water-use in “acre-inches of water” needed precipitation
to support yield potential – farmers need 18-20 inches of Source: Spatial Climate Analysis Service, Oregon State University
moisture from natural or irrigated sources during growing
WESTERN
IRRIGATED STABILITY
season DRYLAND
• Value of the trait is in better yields under moisture-
8-12M acres 10-12M acres 50-60M acres
stressed conditions; Varies by region (see table at right)
• The value will be specific to the variable costs of water use 14-18” typical 14-18” typical 17-19” typical
precipitation in precipitation in precipitation in
by farmers, not fixed costs of irrigation
growing season growing season growing season
• First value models are based in U.S.; International markets
Irrigated Non-irrigated Non-irrigated
follow similar value proposition
RETAIL Value is in Value is in
Value is in
Medium (>$10/acre to <$30/acre)
VALUE/ACRE: improved yields improved yields
replacing
annually, by when moisture is
irrigation, reducing
TOTAL ACRE improving water- less than optimal
the variable costs
High (>20M acres)
OPPORTUNITY: use efficiency
of irrigation
14

15. FINANCIAL SUMMARY
Seeds and Traits Strategy Drives Ongoing
EPS Performance
$3.00
$2.50 - $2.55
$2.50
ONGOING EPS ($/SHARE)
$2.08
$2.00
$1.59
$1.42
$1.50
$1.00
$0.50
$0.00
2003 2004 2005 2006F
2005-2006:
MILESTONES 2003-2004: 2004-2005:
20%+ ONGOING EPS GROWTH
AND 12% ONGOING EPS GROWTH 31% ONGOING EPS GROWTH
STRATEGIC
• EU APPROVALS UNLOCK
• IN 2003, GROSS PROFIT • U.S. CORN MARKET SHARE
DRIVERS
U.S. CORN GROWTH
FROM SEEDS AND TRAITS GAINS FOR 5TH STRAIGHT YEAR
SURPASSES ROUNDUP AND • VALUE-CAPTURE
• INCREASED PENETRATION OF
OTHER GLYPHOSATE-BASED SYSTEM ESTABLISHED
STACKED CORN TRAITS
IN BRAZIL FOR
HERBICIDES
ROUNDUP READY • LAUNCH OF ROUNDUP READY
• BEGINNING OF THE SOYBEANS FLEX COTTON
TRANSITION FROM SINGLE
• LAUNCH OF VISTIVE –
TRAITS TO STACKED TRAITS
THE FIRST CONSUMER-
ORIENTED PRODUCT
Note: 2003-2006F EPS figures do not reflect the stock split announced June 27, 2006
15

16. FINANCIAL SUMMARY
Earnings Should Continue To Translate to Free Cash Flow
$1,200
$825M - $900M
$999M
$1,000
FREE CASH FLOW
$800
($ IN MILLIONS)
$646M
$600
$400
$70M
$200
$0
2003 2004 2005 2006F
2005-2006:
MILESTONES 2003-2004: 2004-2005:
AND
• ESTABLISHED DISCIPLINED
STRATEGIC • IN 2005, MONSANTO • ANNOUNCED $800 MILLION,
APPROACH TO CASH
DRIVERS USED ROUGHLY $1.5 FOUR-YEAR SHARE
MANAGEMENT BILLION OF CASH REPURCHASE PROGRAM IN
FOR ACQUISITIONS, OCTOBER 2005
• REDUCED RECEIVABLES AS A
INCLUDING SEMINIS,
PERCENT OF SALES FROM 46% • CUMULATIVE INCREASE OF 42
STONEVILLE AND
IN 2003 TO 31% IN 2004 PERCENT IN ANNUAL DIVIDEND
ASI
SINCE 2002 SPIN-OFF
• FREE CASH FLOW REACHED
• COMPLETED $500
APPROXIMATELY $1 BILLION
MILLION SHARE
IN 2004
REPURCHASE
• INITIATED A $500 MILLION PROGRAM
SHARE REPURCHASE IN 2003
16

17. FINANCIAL SUMMARY
Transitional Opportunities Improve the Core Profitability
of Monsanto’s Business
PERIOD : PERIOD : PERIOD :
SEED & TRAITS ESTABLISHED CORN IS ON THE LEADING EDGE THE GAME CHANGES
2003 2004 2005 2006 2007 2008 2009 2010
Commercial viability of seeds With seeds-and-traits strategy
Seed and trait growth comes from: penetration,
and traits established; established, gross profit
stacking and multi-generation traits, and
Supporting infrastructure in opportunity expands in the United
breeding enhancement; Corn defines the future
place
States and internationally with
direction
penetration, stacking, second-
generation – even as competition
becomes more significant
PERIOD
IN TRANSITION Factors “in transition”
provide a positive pull on
Continued growth in the U.S. corn market, with
1 additive gross-margin opportunity for the ASI gross profit with higher-
businesses margin, higher-growth
opportunity. With those
Molecular breeding advances begin to benefit
2
international corn market share position transitional items pulling
3 forward our seeds and traits
New opportunities for global trait expansion
growth, we believe strongly
Seminis poised to capture additional gross that we can improve the core
4 margin through commercial initiatives and
profitability of our overall
technology infusion
business.
Next-generation pipeline poised for enhanced
5
commercial delivery
17

18. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow 12 Months Ended
12 Months Ended 12 Months Ended
Aug. 31, 2006 12 Months Ended
Aug. 31, 2004 Aug. 31, 2003
$ Millions Forecast Aug. 31, 2005
Net Cash Provided (Required) by Operating Activities $1,375-$1,450 $1,737 $1,261 $1,128
Net Cash Provided (Required) by Investing Activities $(550) $(1,667) $(262) $(482)
Free Cash Flow $825 - $900 $70 $999 $646
Net Cash Provided (Required) by Financing Activities N/A $(582) $(243) $(502)
Net Increase (Decrease) in Cash and Cash Equivalents N/A $(512) $756 $144
Reconciliation of Non-GAAP EPS 12 Months
Fourth Quarter Ended Aug. 31, 12 Months 12 Months 12 Months
Fiscal Year 2006 Ended Aug. 31, Ended Aug. 31, Ended Aug. 31,
$ per share 2006 Forecast Forecast 2005 2004 2003
Net Income per Share $(0.56)-$(0.59) $2.41-$2.48 $0.94 $0.99 $0.26
Cumulative Effect of Change in Accounting Principle -- -- -- -- $0.05
Diluted Earnings (Loss) per Share Before Effect of $(0.56)-$(0.59) $2.41-$2.48 $0.94 $0.99 $0.31
Accounting Change
Tax Charge on Repatriated Earnings $0.07-$0.09 $0.07-$0.09 -- -- --
In-Process R&D Write-off Related to the Seminis and -- -- $0.91 -- --
Stoneville Acquisitions
Solutia-Related Charge and Tax Benefit -- -- $0.64 -- --
Tax Benefit on Loss from European Wheat and -- -- $(0.39) -- --
Barley Business
Restructuring Charges -- Net -- -- $0.02 $0.36 $0.09
Loss (Income) on Discontinued Operations and -- -- $(0.04) -- $0.06
Related Restructuring
Impairment of Goodwill -- -- -- $0.24 --
PCB Litigation Settlement Expense – Net -- -- -- -- $0.96
Diluted Earnings (Loss) per Share from Ongoing Business $(0.47)-$(0.52) $2.50-$2.55 $2.08 $1.59 $1.42
Note: 2003-2006F EPS figures do not reflect the stock split announced June 27, 2006
18