1. HUGH GRANT
CHAIRMAN, PRESIDENT AND CEO
MONSANTO COMPANY
SANFORD C. BERNSTEIN
STRATEGIC DECISIONS CONFERENCE
June 2, 2006
1

2. Forward-Looking Statements
Certain statements contained in this presentation 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, 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.
All other trademarks are the property of their respective owners.
© 2006 Monsanto Company
3

4. OVERVIEW
Increased Grain Production Will Be Required to Meet the
World’s Changing Food Demands
EUROPE
UNITED STATES 2005 2010 ASIA
2005 2010 CORN 52M MT 55M MT 2005 2010
CORN 278M MT 297M MT SOY 1M MT 3M MT CORN 122M MT 132M MT
SOY 86M MT 81M MT SOY 22M MT 23M MT
WORLD AREA GRAIN
PRODUCTION
THE THREE LEADING
SOYBEAN EXPORTERS
– U.S., BRAZIL, AND
ARGENTINA ACCOUNT
FOR > 90% OF WORLD
CHINA: NET IMPORTS
TRADE
E.U. REMAINS 40
ARGENTINA
WORLD’S PRINCIPAL
METRIC TONS (M)
DESTINATION FOR 30
2005 2010
SOYBEAN MEAL 20
IN BRAZIL, DESPITE CORN 23M MT 27M MT 10
INCREASING
SOY 38M MT 40M MT
DOMESTIC FEED USE, 0
INCREASING AREA 2005 2010
-10
ALLOWS SHARE
GROWTH IN CORN AND CORN SOY
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
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
5

6. 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) ‘Below ground’ protection
Technology is used to protect and
maximize the yield potential of the seed
==
Weed control system
MAXIMUM YIELD The elegance of a seed and trait
POTENTIAL approach is that the seed is the
package and traits can be ‘stacked’ for
The basic equation represents the maximum effect
maximum yield potential multiplied by the
In 2005, Monsanto introduced the first
percent of that yield preserved by
technology triple-stack of biotech traits
6

7. OVERVIEW
Breeding and Biotech Provide Parallel R&D Paths to
Commercial Products That Enhance Yield
BREEDING and BIOTECHNOLOGY form two R&D pathways
Separate, but parallel, the BREEDING and BIOTECHNOLOGY pathways are linked
by shared tools.
DISCOVERY PHASE I PHASE II
R&D PHASE: PHASE III PHASE IV LAUNCH
BREEDING
COMMERCIAL
IT PLATFORM
GERMPLASM
G ANALYTICS
MARKERS
GENOMICS
SEED
ELITE
Germplasm SOLD TO
FARMERS
R
BIOTECHNOLOGY
7

8. OVERVIEW
Opportunity for Breeding and Biotechnology Is to Continue
to Deliver Yield for Farmers
FOCUS: YIELD
WHAT MATTERS TO FARMERS IS THE YIELD HE
SEES AT HARVEST, WHICH IS A FUNCTION OF
HOW MUCH POTENTIAL A SEED HAS AND HOW
GENETIC POTENTIAL (FUTURE)
IT’S PROTECTED:
GENETIC POTENTIAL
NET REALIZED YIELD WITH
PERCENT OF GENETIC GAIN FUTURE PROTECTION
X PRESERVED OPPORTUNITIES
PROTECTION AND
ENHANCEMENT
IMPROVED NITROGEN
ADVANCES
BREEDING
UTILIZATION
NET REALIZED YIELD
DROUGHT
TOLERANCE
SECOND-GENERATION
INSECT CONTROL
GENETIC POTENTIAL (CURRENT)
INSECT PRESSURE NET REALIZED YIELD
WITH CURRENT
WEED PRESSURE
PROTECTION
NATURAL YIELD
NUTRIENT DEFICIENCY
SUPPRESSION
BELOW-GROUND
CURRENT YIELD
WATER DEFICIENCY INSECT CONTROL
PROTECTION
GENETIC POTENTIAL
ABOVE-GROUND IS PRESERVED
INSECT CONTROL THROUGH BIOTECH
TRAITS AND
PRODUCTION
WEED-CONTROL
ADVANCES
TRAITS
SEED
NET REALIZED YIELD
MANUFACTURING
WITH NO PROTECTION
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
66% 76% 36% 54%
AMERICAN SEEDS, INC. (ASI)
HOLDEN’S/CORN STATES
44% 60% 27% 43%
LICENSEES
9

10. 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
10

11. COMMERCIAL
Successful Application of Technology in Corn Opens
Opportunities to Replicate Strategy in Other Crops
EUROPE-AFRICA
2005
Market Share 19%
Market Position 1
ASIA-PACIFIC
NORTH AMERICA
2005
SEMINIS
2005
Market Share 7%
OPPORTUNITY
Market Share 34%
Market Position 3
Market Position 1
Seminis addition to Monsanto
opens new business and
research opportunities
Seminis has the largest
global vegetable germplasm
library
Molecular breeding tools
honed in row crops will be
applied to vegetables
SOUTH AMERICA
2005
Market Share 37%
Market Position 1
11

12. COMMERCIAL
Existing Biotech Traits Set Up Three Pathways for
Mid-Term Growth
EXAMPLE: ROUNDUP READY SOYBEANS IN BRAZIL
There are 50M acres of
OPPORTUNITY:
PENETRATION AND soybeans in Brazil
EXPANSION
In 2006, approximately 20-
CURRENT
25M acres will be planted to
STATUS:
Roundup Ready soybeans
EXAMPLE: CORN TRAITS IN THE UNITED STATES
Of the 80M acres of U.S.
OPPORTUNITY: corn, in 2005, approximately
STACKING 14M included stacked traits
Stacked traits will soon
CURRENT
overtake the number of
STATUS:
single-trait acres
EXAMPLE: SECOND-GENERATION U.S. COTTON TRAITS
In 2005, approximately 11M
U.S. acres were planted with
OPPORTUNITY:
MULTI- cotton traits, most in first-
generation traits
GENERATION
In 2006, Roundup Ready
Flex cotton was introduced,
CURRENT
allowing for the first
STATUS:
second-generation stack
with Bollgard II.
12

13. COMMERCIAL
Penetration: Market Potential for Biotech Traits by 2010
Highlights Continued Growth Opportunity
SOYBEANS COTTON CORN
ROUNDUP BOLLGARD ROUNDUP
KEY MARKETS YIELDGARD YIELDGARD
READY
ROUNDUP READY AND READY
CORN BORER ROOTWORM
BOLLGARD II CORN 2
FLEX
UNITED
70M 10-15M 6-8M 60M 50-60M 25-30M
STATES
BRAZIL 50M 3M 2M 20M 15M 5M
ARGENTINA 35M - - 5M 4M 1M
INDIA - 10-15M 10-15M 3 – 5M 3 – 5M -
EUROPE 1M - - 24M 8M 5M
AFRICA 0.2M 11M 10M 6M 4M -
AUSTRALIA - 0.5M-0.8M 0.5M-0.8M - - -
34.5-
TOTAL ACRES IN
156.2M 28.5-35.8M 118-120M 84-96M 36-41M
44.8M
KEY MARKETS
76% 0% 35% 19% 40% 10%
BIOTECH
ACRES
PLANTED 2005
REMAINING
AVAILABLE
ACRES
13

14. COMMERCIAL
Stacking: Increasing Demand for Stacked Traits Leads
Overall Acreage Gains for Each Individual Corn Trait
60 1.80
1.70
50
2006 FRONTLINE
1.60
TRAIT INTENISTY PER ACRE
ACRES IN MILLIONS
UPDATE:
“TRAIT 40
INTENSITY” – A 1.50
MEASURE OF
MARGIN
30 1.40
OPPORTUNITY
PER ACRE – WILL
1.30
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 ACRES1 (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
14

15. COMMERCIAL
Multi-Generation: Roundup Ready Flex Launch Brings First
Double-Stacked Second-Generation Traits to Market
KEY MARKET ACRES U.S. INDIA AUSTRALIA
Roundup Ready 10-15M
AVAILABLE MARKET 10-15M 0.5-0.8M
Flex Cotton
CREATING VALUE
0%
0% 0%
PERCENT PENETRATED
ROUNDUP READY
Launch of 2+ million acres in U.S. this season through 10 cotton
FLEX COTTON
seed companies
• U.S. pricing at a
Roundup Ready Flex will only be stacked with Bollgard II at
premium of $6-$11
approximately 70 – 80% of mix
an acre over the
first-generation of
Introductory acres planted in Australia; full launch set for 2007
Roundup Ready
cotton Trait in initial breeding phase in India in preparation for filing for
regulatory field trials
The Roundup Ready
Flex cotton trait will
be coupled with our
Stoneville brand and
our Cotton States
licensee brands as a
showcase of
Monsanto’s cotton
technologies
DISCOVERY PHASE I PHASE III
PHASE II PHASE IV LAUNCH
Proof of Concept Adv. Development
Early Development Pre-Launch
15

16. PIPELINE
Efficient Discovery Program Is in Full Gear, Fueling
Pipeline Expansion and Performance
PHASE II PHASE III
DISCOVERY PHASE I PHASE IV
Early Development Advanced
Proof Of Concept Pre-launch
Gene/Trait Development
Identification
AVERAGE
24 to 48 MONTHS 12 to 24 MONTHS 12 to 24 MONTHS 12 to 24 MONTHS 12 to 36 MONTHS
DURATION1
AVERAGE
5 PERCENT 25 PERCENT 50 PERCENT 75 PERCENT 90 PERCENT
PROBABILITY
OF SUCCESS2
ION
AT
GR
E
INT
IT
RA
T G
STIN
D TE
FIEL
MONSANTO
DISCOVERY + REGULATORY DATA GENERATION
COLLABORATIVE REG
U LATO
PARTNERS RY S
UBM
IS SION
KEY INFLECTION POINT: SE
ED
BU
AFTER PHASE II COMMERCIAL LK
UP
SUCCESS GOES TO >50%
WITH LEADS ON COMMERCIAL
TRACK
TENS OF THOUSANDS THOUSANDS 10s <5 1
GENES IN
TESTING
•HIGH-THROUGHPUT •GENE OPTIMIZATION •TRAIT •TRAIT INTEGRATION •REGULATORY
KEY ACTIVITY
SCREENING DEVELOPMENT SUBMISSION
•CROP •FIELD TESTING
•MODEL CROP TRANSFORMATION •PRE-REGULATORY •SEED BULK-UP
•REGULATORY DATA
TESTING DATA GENERATION •PRE-MARKETING
•LARGE-SCALE
TRANSFORMATION
1. Time estimates are based on our experience; they can overlap. Total development time for any particular product may be shorter or longer than the time estimated here.
2. This is the estimated average probability that the traits will ultimately become commercial products, based on our experience. These probabilities may change over time.
16

17. DISCOVERY PHASE I PHASE II PHASE III PHASE IV
PIPELINE
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
Mavera™ I High-value soybeans1
PROCESSOR
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
17
1. These product candidates are in the Renessen pipeline. Renessen is a Monsanto/Cargill joint venture

18. PIPELINE
Farmer Benefits: 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 of
EFFICIENCY DROUGHT
DROUGHT
testing STRESS
STRESS AND
IRRIGATION
REQUIREMENTS
DISCOVERY PHASE I PHASE II PHASE IV LAUNCH
PHASE III
Proof of Concept Early Development Pre-Launch
Adv. Development
18

19. PIPELINE
Farmer Benefits: Roundup RReady2Yield Soybeans
Advances 10 Years of Yield Gains With One Trait
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Roundup RReady2Yield 70M 50M 35M
AVAILABLE MARKET
Soybeans 0% 0% 0%
PERCENT PENETRATED
HISTORICAL SOY YIELD GAINS OF HALF BUSHEL PER YEAR
•With roughly 5 bushel per
acre yield improvement,
BUSHELS/ACRE
45
Roundup RReady2Yield y = 0.4246x - 811.11
40
advances 10 years of
conventional breeding 35
gains 30
•Research under way on 25
potential for additional 20
insurance for Asian
1970 1980 1990 2000
soybean rust
•Provides platform for future
soy technologies, including
third-generation of weed
control in soybeans
•Product currently in
RESULTS
Phase III of pipeline
Indications are Roundup RReady2Yield soybeans
demonstrate roughly a 10 percent yield gain both in the U.S.
and Brazil.
19

20. PIPELINE
Consumer Benefits: Vistive Family of Improved Oils
Meets Multiple Needs in Food Industry
TARGET: LOW LINOLENIC TARGET: LOW LINOLENIC
TARGET: LOW SAT
VISTIVE SOYBEANS VISTIVE RAPESEED +INCREASED OLEIC
+ LOW LINOLENIC
2005 LAUNCH 2005 LAUNCH
500K ACRES IN US 40K ACRES IN EUROPE
VISTIVE III LOW LIN –
MID OLEIC – LOW SAT
TARGET: INCREASED OLEIC
SOYBEANS
+ LOW LINOLENIC
VISTIVE PHASE II
FAMILY VISTIVE II LOW LIN –
MID OLEIC SOYBEANS CONSUMER
PHASE III MARKET
OIL FOR
FRYING AND
IMPROVED SOYBEAN
SPRAYING
QUALITY FOR LIQUID OILS Crackers
Snack chips
OIL PROFILES ALONG THE THREE-STEP CHANGE IMPROVEMENT
LINOLENIC LINOLEIC OLEIC SATS
18:3 18:2 18:1 18:0 / 16:0
STANDARD SOYBEAN
LOW LIN
MID OLEIC + LOW LIN
ZERO SAT + MID OLEIC + LOW LIN
20

21. PIPELINE
Processor Benefits: 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
21

22. PIPELINE
Most Significant Cost Leverage in Production of
Ethanol Is Corn
OPPORTUNITY:
OPPORTUNITY:
COST COMPOSITION: ONE GALLON OF ETHANOL INCREASE THE
REDUCE THE
VALUE OF THE
INPUT COST OF
AVERAGE COST: $1.09/GALLON AT 40M GALLON FACILITY CO-PRODUCT
CORN
Increasing the
A 5% increase in
0.70 nutrient value of
yield reduces
the co-product –
ethanol production
0.50 or ‘waste stream’
costs by ~4 cents
– of ethanol
$ / GALLON
per gallon
0.30 production
KEY TOOLS:
opens new
revenue streams
0.10
Molecular breeding
that defray cost
increases the rate
of production
of yield gain 2X
-0.10
annually and KEY TOOLS:
OTHER*
DEPRECIATION
&
UTILITIES
LABOR
SUPPLIES
OVERHEAD
CORN
DENATURANT
biotech traits
-0.30 Renessen corn
protect that yield
PRODUCT
processing
potential
VALUE
technology
CO-
builds on high-
lysine product to
create new feed
*OTHER INCLUDES ENZYMES - AMYLASE opportunity from
co-product
22

23. SUMMARY
Seeds and Traits Strategy Comes Together to Drive
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:
CORE SEEDS- 2003-2004: 2004-2005:
20%+ ONGOING EPS GROWTH
AND-TRAITS 12% ONGOING EPS GROWTH 31% ONGOING EPS GROWTH
MILESTONES
• EU APPROVALS UNLOCK
• IN 2003, GROSS PROFIT • EXPECTED ONGOING EPS IN 3Q:
AND
U.S. CORN GROWTH
FROM SEEDS AND TRAITS $1.15-$1.20
STRATEGIC
SURPASSES ROUNDUP AND
DRIVERS • VALUE-CAPTURE • U.S. CORN MARKET SHARE
OTHER GLYPHOSATE-BASED SYSTEM ESTABLISHED GAINS FOR 5TH STRAIGHT YEAR
HERBICIDES IN BRAZIL FOR
• INCREASED PENETRATION OF
ROUNDUP READY
• BEGINNING OF THE
STACKED CORN TRAITS
SOYBEANS
TRANSITION FROM SINGLE
TRAITS TO STACKED TRAITS • LAUNCH OF ROUNDUP READY
• LAUNCH OF VISTIVE –
FLEX COTTON
THE FIRST CONSUMER-
ORIENTED TRAIT
23

24. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP EPS
12 Months
Third 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 $1.15-$1.20 $2.50-$2.55 $0.94 $0.99 $0.26
Cumulative Effect of Change in Accounting Principle -- -- -- -- $0.05
Diluted Earnings (Loss) per Share Before Effect of $1.15-$1.20 $2.50-$2.55 $0.94 $0.99 $0.31
Accounting Change
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
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 per Share from Ongoing Business $1.15-$1.20 $2. 50-$2.55 $2.08 $1.59 $1.42
24