1. Momentum in the Field
Carl Casale
August 30, 2004
1

2. Forward-Looking Statements
Forward-Looking Statements
Forward-
Certain statements contained in this presentation, such as statements concerning the company's anticipated financial
statements
results, current and future product performance, regulatory approvals, currency impact, business and financial plans and
approvals,
other non-historical facts are quot;forward-looking statements.quot; These statements are based on current expectations and
non- quot;forward- expectations
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
those
company’
such forward-looking statements. Factors that could cause or contribute to such differences include, among others: the
forward- such
company’s exposure to various contingencies, including those related to Solutia, Inc., litigation, intellectual property,
company’
regulatory compliance (including seed quality), environmental contamination and antitrust; fluctuations in exchange rates
contamination
and other developments related to foreign currencies and economies; increased generic and branded competition for the
economies;
company's Roundup herbicide; the accuracy of the company’s estimates and projections, for example, those with respect
company’
to product returns and grower use of our products and related distribution inventory levels; the effect of weather
distribution
conditions and commodity markets on the agriculture business; the success of the company’s research and
the company’
development activities and the speed with which regulatory authorizations and product launches may be achieved;
rizations
autho
domestic and foreign social, legal and political developments, especially those relating to agricultural products
especially
developed through biotechnology; the company's ability to continue to manage its costs; the company’s ability to
continue company’
successfully market new and existing products in new and existing domestic and international markets; the company’s
existing company’
ability to obtain payment for the products that it sells; the company's ability to achieve and maintain protection for its
company's
intellectual property; the effects of the company's accounting policies and changes in generally accepted accounting
policies
principles; the company's ability to fund its short-term financing needs; general economic and business conditions;
short-
political and economic conditions due to threat of future terrorist activity and related military action; and other risks and
terrorist
factors detailed in the company's filings with the U.S. Securities and Exchange Commission. Undue reliance should not
Securities
be placed on these forward-looking statements, which are current only as of the date of this release. The company
forward- this
disclaims any current intention to revise or update any forward-looking statements or any of the factors that may affect
forward-
actual results, whether as a result of new information, future events or otherwise.
events
2

3. Round 1: First-Generation Traits
Biotechnology Is Most Rapidly Adopted Technology in
the History of Agriculture
Global Monsanto Planted Biotech Acres
Acres in millions
180
160 Canola
140 Cotton
Corn
120
Soybeans
100
80
60
40
20
0
96
97
98
99
00
01
02
03
y
ar
19
19
19
19
20
20
20
20
in
im
el
Pr
04
Source: Monsanto estimates
20
3

4. Round 1: First-Generation Traits
Biotechnology Provides Better Economical and
Environmental Solutions
Effect of Biotech Crops on U.S. Pesticide Use
in 2001 Million
Lbs
Soybeans (29)
Corn (8)
Cotton (8)
Canola (1)
Total Reduction in
(46)
Pesticide Use
Source: “Plant Biotechnology: Current and Potential Impact for Improving Pest Management in U.S.
Agriculture,” Leonard P. Gianessi, National Center for Food & Agriculture Policy.
Agriculture,” Gianessi,
4

5. Round 1: Seed Breeding
Early, Major Investment In Seeds Captured Value Shift
Brand Share
Licensed Share
Monsanto Genetic Market Share in U.S. Corn Seed
49%
60%
48%
45%
43%
50%
40%
30%
20%
10%
0%
2001 2002 2003 2004
Preliminary
Source: Monsanto
5

6. Round 1: First-Generation Traits
Early Biotech Portfolio Success Has Provided Unique
Industry Insights
Percentage of 2004 U.S. total planted acres
(Preliminary)
Monsanto products
100
Competitive products
80
60
40
20
0
n
ts
ts
rn
ts
rn
or
i
i
ai
co
co
tra
tra
Ic
tr
k
x
IM
n
n
n
n
e
to
or
ea
Li
ul
ld
ot
C
yb
c
rty
e
er
C
rfi
So
be
H
a
le
Li
C
Source: Monsanto
6

7. Round 1: First-Generation Traits
Roundup Ready Soybeans Deliver Superior Weed
Control at Competitive System Cost
U.S. Grower System Cost
Roundup Ready Soybeans
$ per acre Trait
Herbicide
Seed
Herbicide
Cost
$52
$48
$40
Trait
Cost
1995 2003
1999
Unmatched weed control in Roundup Ready Soybeans
Conventional Roundup Ready
Source: Monsanto and Doane Market Research
7

8. Round 1: First-Generation Traits
Yieldgard Rootworm Continues High Satisfaction
Pattern with Biotech Traits
Percent of customers very or somewhat satisfied1
100%
80%
60%
40%
20%
0%
Bollgard/ Yieldgard
Roundup Roundup
Roundup Yieldgard
Roundup Corn
Ready Ready
Ready Rootworm
Ready Borer*
Cotton* Corn*
Soybeans* Corn**
Cotton*
1Based on all growers using specified seed and treatment and able to answer very satisfied, somewhat
satisfied, neutral, or not satisfied.
*Source: Marketing Horizons Trait Satisfaction Studies 2002
**Source: Marketing Horizons Trait Satisfaction Studies 2004
8

9. Round 1: First-Generation Traits
Market Potential for Biotech Traits Highlights Continued
Growth Opportunity
Total Available Market in Acres
Soybeans Cotton Corn
Key Markets Roundup Roundup Bollgard I Roundup YieldGard YieldGard
Ready Ready and II Ready Corn Root-
Borer worm
United States 70M 10-15M 6-8M 20M-50M 30M-40M 15-20M
Brazil 50M - - 20M 15M 5M
Argentina 30M - - 5M 4M 1M
India - - 10-15M - - -
Australia - 0.5M-0.8M 0.5M-0.8M - - -
Biotech
Acres
Planted 2004
Preliminary
Remaining
64% 66% 26% 21% 61% 8%
64%
Available 66% 26% 21% 61% 8%
Market
9

10. Round 2: Stacked Traits
Stacking Biotech Traits Adds New Dimension to
Market Potential—Multiplying Margin Opportunities
Monsanto U.S. Biotech Intensity Index*
Average number of biotech traits per biotech acre
1.6 Cotton (2 Traits) 1.5
Corn (3 Traits)
1.5
Soybeans (1 Trait)
1.4
1.3
1.2
1.2
1.1
1.0
1
1996 1997 1998 1999 2000 2001 2002 2003 2004F 2005F 2006F
U.S. Biotech Margin Opportunities – 2004 Preliminary*
Corn Cotton
16 million
52 million 10 million
1.2
42 million 1.5
biotech
biotech X =
X = biotech
intensity
biotech intensity
margin
margin Acres
index
acres index
opportunities
opportunities
* Monsanto Traits Only
10

11. Round 2: Second-Generation Traits
Upgrades in Technology Raise the Bar on Competition--
Roundup Ready Flex Cotton
Product Status
• Roundup Ready Flex offers a • Phase 3 of
wider window of Roundup development
application with higher use rates
and enhanced crop safety
Value Considerations
Available Market
• Incremental pricing opportunity over
• 10-15 million acre upgrade in U.S
current Roundup Ready cotton
• 0.5-0.8 million acre upgrade in
• Stack with Bollgard II enhances margin
Australia
opportunity
Over-the-top window of application
Roundup Ready® Flex Cotton
Roundup Ready®
Cotton
(< 4 lf.)
Emergence Layby Preharvest Harvest
11

12. Round 3: Food Traits
First-Generation Output Trait Approaching—Low
Linolenic Soy
“Food manufacturers are
scrambling to eliminate trans fat
from their products” Harvard Health Watch
Product
Market Need
Linolenic
Trans fat labeling on foods 18:3 Linoleic Oleic Sats
mandated by FDA in 2006 Std Soybean
Features Low Lin Soy
Linolenic acid < 3%
Technical Status
A more stable soy oil
• 2005 prototype testing
requiring less
hydrogenation: • 2006 commercial launch
reduce/eliminate trans fats
Likely Uses
Better flavor profile
• Substitute for hydrogenated oil
Full agronomic and yield
and blends for low trans
performance
solutions
12

13. Round 3: Food, Feed and Yield Traits
Pipeline Products Reach New Markets and Expand
Base in Corn, Soybeans and Cotton
Food Healthier Oil Soy
Yield
(Low Linolenic
Feed Mid Oleic
Omega-3 Soy
Omega- Low Saturate)
Enhanced High
Drought Tolerant
Improved Protein Soy
Lysine Corn
Corn, Soy, Cotton
(Beta Conglycinin)
Low Linolenic Cold Tolerant
High Lysine Corn
Soy Corn
Improved Protein
Soy
Nitrogen
Utilization Corn
Commercialized Agronomic Traits
YieldGard
Roundup YieldGard
Corn Borer
Ready Corn, Rootworm
Bollgard I & II
Soy, Cotton Corn
Cotton
2nd Generation
Roundup Ready
YGCB II Corn YGRW II Corn
Agronomic Traits Flex Cotton
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