2. Agriculture is a Changing Industry Driven by Monsanto  Strong and growing Roundup business  Growing biotechnology business with great upside  Leadership position in genomics/seeds  Broadest and deepest pipeline in industry Monsanto is Transforming Agriculture

3. Overview of Monsanto  Leading provider of agricultural products for growers  $5.5BN in sales and $1.1BN EBITDA in 2001  14,600 employees worldwide  Successfully completed IPO in October 2000  Spin-off from Pharmacia to be completed August 13, 2002 2001 Sales Breakdown by Segment 2001 Geographic Sales Breakdown Biotech/seed 31% Europe/Africa 11% Canada 3% Asia Pacific 7%

4. Leading Global Brands HerbicidesSeeds BiotechnologyIndustrial, Turf, & Ornamental

5. Leadership in Key Markets Ag ChemBiotech / Total Seed Syngenta$5.4$0.9$6.3 Bayer/Aventis 6.1 0.2 6.3 Monsanto 3.5 1.7 5.2 DuPont/Pioneer 1.9 1.9 3.8 BASF 3.1 0.0 3.1 Dow AG/Rohm & Haas 2.6 0.2 2.8 Sumitomo 0.7 0.0 0.7 FMC 0.7 0.0 0.7 2001 Sales Revenues $BN Source: Phillips McDougall

6. Agricultural Productivity Segment  Crop protection products – Leading Roundup business – Stable selective chemistry businesses  Animal agriculture products – Leading Posilac business  Recent developments – New line extensions 69% of total sales Historical EBITDA¹ $MM Historical Revenue $MM Note: LTM numbers as of June 30, 2002 ¹EBITDA numbers include special items

7. Roundup: World’s Largest Selling Crop Protection Brand 2000 Sales $BN Source: Phillips McDougall and company

8. Roundup Strategy  Creates incremental value for grower and retailer  Brand premium focus  Build unique portfolio  Supply agreements  Differentiated products – new and unique formulations  Low cost position  Superior logistical capabilities  Capture price elasticity gains  Grow con-till acres  Roundup Ready crop expansion Integrated Solutions With Seed and Biotech Build Customer/Distribution Relationships Maintain Molecule and Brand Leadership Grow Capacity While Reducing Cost Build Large Market And Grow Volume

9. Indexed (1994 = 100) Note: Cost and price are expected to trend at historical rates, while volume growth rate will decline, thus causing gross profit to trend lower Roundup: Historical Results Volume CostGross Profit Price CAGR = 21% CAGR = (9%) CAGR = (6%) CAGR = 8%

10. Moving from Chemicals to Biotech  Maximized output with chemical usage  High cost structure  Deteriorating soil conditions PastFuture  Increased use of biotech  Rapid addition of favorable input traits  Improved crop protection  Future for genetically conveying quality and output traits  Soil preservation through Con-Till

11. Multiple Waves of Agricultural Technology Fueled by Advancements in Genomics and Biotech Bio-materials Plants as sustainable Production facilities Quality Traits Producing better Food and fiber Agronomic Traits Enhancing crop production First WaveSecond WaveThird Wave

12. First Mover Advantage In Traits And Technology Monsanto Aventis DuPont Pioneer Syngenta Dow More than 90% global share of biotech traits 28% of all agricultural biotech/genomics patents filed USDA Approvals 52% of all USDA product approvals received

13. Invested in Growth Segment of Industry $BN $1.8BN Gross Profit Gain $1.6BN Gross Profit Loss Biotech/SeedAg Chem Biotech & Seeds 83% Ag Chem 17% Biotech & Seeds 29% Ag Chem 71% Monsanto 2001 R&D Rest of Industry Average 2001 R&D Source: Phillips McDougall and Monsanto estimates

14. Seeds and Genomics Segment  Global seeds and related traits business  Genetic technology platforms  2001 key performance factor – Change to royalty-based marketing strategy  New line extensions Historical Revenue 31% of total sales $MM Historical EBITDA¹ $MM Note: LTM numbers as of June 30, 2002 ¹EBITDA numbers include special items

15.  Biotech share of crop acreage:  Monsanto’s trait share 90+%  Monsanto 2001 acreage grew 19% overall in 13 countries  Monsanto U.S. acreage growth in 2002 estimated at 5%  Traits have operating margins of 60– 80% Global Biotech Crop Acreage Continues to Grow Acres in Millions 4 22 68 95 110 129

16. Seeds and Genomics Strategy  Expand core trait business  Successfully launch new products – Roundup Ready corn – Corn Rootworm – Bollgard II  Accelerate mid-term growth – Yield – Roundup Ready Wheat – Advance Genomic Leads  Enhance long-term pipeline growth – Yield traits – Quality traits – Input traits 2nd generation  Drive downstream alliances for food, feed and other “Best in Class” R&D Platforms Integrated global seed assets Differentiated genomics, breeding, and biotech programs Continue to focus on best opportunities Launch industry shaping new products

17. Historical Financial Summary ($MM) Total sales $5,248 $5,493 $5,462$4,946 EBITDA 1,053 1,064 1,082663 EBIT 506518532153 Net interest expense2431847358 Total debt4,3671,7551,7102,102¹ Total book capitalization9,0129,0969,1937,815¹ 199920002001 EBITDA margin 20.1%19.4%19.8%13.4% EBIT margin9.6%9.4%9.7%3.1% Total Debt / EBITDA 4.1x1.6x 1.6x3.2x EBITDA / Interest expense4.3x5.8x14.8x11.4x Total debt / Total capitalization48.5%19.3%18.6%26.9% LTM Note: EBITDA and EBIT numbers include special items; LTM numbers as of June 30, 2002 ¹As of June 30, 2002

18. Current and Pro Forma Capital Structure Cash and cash equivalents$277$277 Short-term debt1,221971 CP classified as long-term debt5000 Other long-term debt3811,131 Total debt2,1022,102 Shareholder’s equity5,7135,713 Total book capitalization7,8157,815 ($MM) June 30, 2002Pro-forma¹ ¹Assumes $750mm bond offering

19. CFO Business Support Support Strategy StrategyTreasuryAuditController Investor InvestorRelations Tax Europe/ Africa Africa Asia/Pac Latin LatinAmerica Monsanto Finance Organization

20.  Increase Organizational Effectiveness – People Development, Placement & Goals – Training – Recruiting – Employee Satisfaction  Improve Operations & Systems – Approval Process – Budget & Forecasting Process – System Optimization and Closing Process Improvement – Internal & External Reporting  Achieve Financial Objectives – Balance Sheet Management – Working Capital Management – Long Term Financial Plan Key Initiatives

21. What Influences Career Progression? WorkExperiencesAndPerformance Competency Development Personal & ProfessionalGoals

22. Willing to relocate Desire to learn more about the business An Example of an Early Career Path WorkExperiences Competency Development Goals Business Internship Communication Skills Accounting Skills Want to live in St. Louis Interested in Treasury Job #1 CreditAnalyst Credit Analyst Mfg Accounting Job #2 Mfg Analyst Iowa Job #3 StaffAuditor ImproveTeamSkills Improve Problem Solving Skills Interest in global experience

23. Potential Entry Organizations Credit Business Analysis Manufacturing Analysis R&D Analysis General Accounting Global Consolidations & Analysis Travel Accounting Disbursement Controls Analysis Management Reporting External Reporting Budgets/Forecast/Planning Strategy & Long Range Planning