1. Investor Meetings April and May 20051

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 companys 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 companys 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 companys 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 companys ability to successfully market new and existing products in new and existing domestic and international markets; the companys 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 Monsantos fiscal years refer to the 12-month period ending August 31. Trademarks Roundup, Roundup Ready, Bollgard, Bollgard II, YieldGard, Monsanto, Imagine, Vine Design, Asgrow, DEKALB, Monsanto Choice Genetics, Posilac, Processor Preferred, and Vistive 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 Monsanto Has Established Strategic Platforms inHigh-Value CropsSEED & TRAIT CROP PLATFORMSSMALL-ACRE CROPSLARGE-ACRE CROPSCORN SOYBEANS COTTONVEGETABLEBranded LicensedBranded Branded Licensed Branded Licensed ASIASIASGROW EMERGENT DEKALB SEMINISDEKALB ASGROWHOLDENS/ HOLDENS/COTTONCORNCORN STATES STATESSTATES AMERICANAMERICANSEEDS, INC. SEEDS, INC. BIOTECHNOLOGYR&D PLATFORMSMOLECULAR AND CONVENTIONAL BREEDING 4 5. FINANCIAL GROWTHSeed and Trait Gross Profit Growth Driven First by Strong Base Business, Then by AcquisitionsGROSS PROFIT20032004 2005F PRO FORMA*$2.9 BILLION$2.3 BILLION$2.6 BILLION 48% Gross Profit/Net Sales47% Gross Profit/Net Sales47% Gross Profit/Net Sales23%28%30%47%61%53% 16% 19% 23% ROUNDUP AND OTHER GLYPHOSATE-BASEDSEEDS AND TRAITS HERBICIDES ALL OTHER AG PRODUCTIVITY5* Includes Seminis and Emergent estimates 6. FINANCIAL GROWTHAcquisitions of Seminis and Emergent Add to EPS and Free Cash Flow Forecasts MONSANTO ONGOING EPSMONSANTO FREE CASH FLOW FORECASTFORECAST$3.50 $1,500 $3.00 $1,000 $2.50 $ MILLIONS $2.00$500 $1.50$0 $1.00 20032004 2005F 2006F 2007F $0.50($500) $0.00 2003 2004 2005F 2006F 2007F($1,000)Effect of Seminis andEmergent acquisitions6 7. MARKET LEADERSHIP Monsanto Raises Bar for Leadership in Global Seeds withAddition of Emergent and Seminis 2003 SEED AND TRAIT REVENUE$3,000 MONSANTO$2,500SEMINISEMERGENT$2,000 $ MILLIONS$1,500$1,000 $500 $0KWSSAKATAMONSANTO BAYERSYNGENTADELTA &PRO FORMA LIMAGRAIN PINE LANDDOW DUPONTTAKII Sources: Phillips McDougall, Monsanto reports, news releases Calendar year for all companies but Monsanto and Seminis Syngenta pro forma for acquisition of Advanta and Golden Harvest7 8. MARKET LEADERSHIP Market Potential for Biotech Traits Highlights ContinuedGrowth OpportunityTOTAL AVAILABLE MARKET IN ACRES SOYBEANSCOTTONCORN KEY RoundupRoundup Bollgard I Roundup YieldGard YieldGard MARKETSReadyReady and II ReadyCornRoot- Borer worm United70M 10-15M6-8M50M30M-40M 15-20M States 50M-- 20M15M 5M Brazil 30M--5M4M1M Argentina- - 10-15M -- - India0.5M- 0.5M- --- - Australia 0.8M0.8M71%66% 35%22%57%7%BIOTECHACRESPLANTED 2004 REMAININGAVAILABLEMARKET9 8 9. MARKET LEADERSHIPValue of Soybean Weed Control Has Shifted to Seeds and Roundup Ready Trait U.S. GROWER SOYBEAN SYSTEM COSTROUNDUP READY TRAITHERBICIDE HERBICIDESEED COST$47 $43 $40 $ PER ACRE TRAIT VALUE1999 19952004 CONVENTIONALROUNDUP READYSource: Monsanto and Doane Market Research 9 10. MARKET LEADERSHIPBrazil Can Accelerate Growth Potential for Roundup Ready SoybeansBRAZIL VALUE CAPTUREFISCAL YEAR 2005 40 MILLION SOUTHERN STATES HAVE GRAIN-BASEDPLANTED VALUE-CAPTURE SYSTEM IN PLACESOYBEAN DROUGHT EXPECTED TO REDUCE ACRESHARVEST TO 3M-3.5M METRIC TONS ROUNDUP READY SOYBEAN FEE FORSALE OF NEW CURRENT HARVEST WILL BE 1 PERCENT ROUNDUP READYOF GRAIN VALUE IN SOUTHERN REGIONSOYBEANVARIETIES NEEDED FISCAL YEAR 2006 TO PENETRATE THISAREA PASSAGE OF BILL IN 2005 PERMITS SALEOF NEW VARIETIES AND EXPANDSVARIETIESMARKET OVER THREE-TO-FOUR YEARSFROM ARGENTINA ADAPTED TO AVAILABLE SEED FOR SALE AND PRICETHIS AREA FOR NEXT SEASON STILL TO BE10 MILLIONDETERMINED PLANTEDSOYBEAN ACRES10 11. MARKET LEADERSHIPVistive First of a Trio of Improved Oils for Food Uses KEY MARKET ACRES U.S. BRAZIL ARGENTINAVistive5MTBDTBD AVAILABLE MARKETLow Linolenic Soy CREATING VALUE0%0%0% PERCENT PENETRATED First of a three-product step-change in oil profiles; launch in 2005 Contract grown, value shared. Most oil already under contract with food companies Monsanto sells Oil to be in on-the-shelf consumer products in late 2005 to growers, processors pay grower premiumOIL PROFILES ALONG THE THREE-STEP CHANGE IMPROVEMENT and royalty to Monsanto afterLINOLENIC LINOLEICOLEIC SATS harvest and18:3 18:2 18:1 18:0 / 16:0 STANDARD crushing SOYBEAN To be stacked with Mid-Oleic LOW LIN before full market penetration isMID OLEIC +LOW LIN achieved 1 acre =ZERO SAT + approximately MID OLEIC + 500 lbs. of oilLOW LIN DISCOVERYPHASE IPHASE III PHASE II PHASE IV LAUNCHProof of Concept Adv. Development Early DevelopmentPre-Launch11 12. MARKET LEADERSHIPMonsanto Now Reaches Corn Market Through Three Channels 2004 U.S. CORN MARKET SHARE DEKALB AND ASGROW BRANDS 49% 50%AMERICAN SEEDSHOLDENS/CORN STATESLICENSEES 40%33% 30%20%14%10% 4% Branded 4%Growth in 3 Years0%SYNGENTA *MONSANTO ANDPIONEER MYCOGEN LICENSEES * Syngenta pro forma for acquisition of Advanta and Golden Harvest 12 13. MARKET LEADERSHIP Diversity of Corn Seed Breeding Is Driving Market ShareGrowth; Poised To Expand U.S. KEY MARKET ACRES BRAZIL ARGENTINA BRAND LICENSED ASI 80MCorn 30M6M AVAILABLE MARKET CREATING VALUEBreeding 14%32% 3% 35%49% PERCENT PENETRATEDLate 1990s: Acquired 36 major corn breeding programs Value measured in market share(12 countries X average of 3 companies per country) gains; U.S.Today: Over 60% of corn hybrids represent new products branded seed share projectedintroduced over three-year period for 4th year of 1+ point gain2004 U.S. CORN YIELD GAINS Elite, high- Monsanto BrandedCompetitors yielding germplasm220 BUSHELS PER ACRE refreshes210 product portfolio200 at high end of pricing190 Highest priced 180branded170 conventional160 hybrid averages $100/unit or 15095100105110 115 $36/acreRELATIVE MATURITY (DAYS) DISCOVERY PHASE I PHASE IIIPHASE IIPHASE IV LAUNCHProof of ConceptAdv. DevelopmentEarly Development Pre-Launch13 14. MARKET LEADERSHIP Market Potential for Roundup Ready Corn Poised To Accelerate KEY MARKET AREAS U.S. ARGENTINARoundup Ready TARGET MARKET50M5MCorn CREATING VALUE PERCENT PENETRATED 32%