1

TERRY CREWSCHIEF FINANCIAL OFFICER

MONSANTO EUROPEAN INVESTOR DAYNov. 10, 2006

2

OVERVIEW12

-MO

NT

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ING

GR

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FIT

($

IN

MIL

LIO

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)

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

Q1 200

3Q2 2

003

Q3 200

3Q4 2

003

Q1 200

4Q2 2

004

Q3 200

4Q4 2

004

Q1 200

5Q2 2

005

Q3 200

5Q4 2

005

Q1 200

6Q2 2

006

Q3 200

6Q4 2

006

FOCUS: 12-MONTH ROLLING GROSS PROFIT BY BUSINESS SEGMENT

SEEDS & GENOMICS SEGMENT

AGRICULTURAL PRODUCTIVITY SEGMENT

KEY INFLECTION POINT:MID-2004, ROLLING GROSS PROFIT FOR SEEDS & GENOMICS BUSINESS SEGMENT SURPASSED AGRICULTURAL PRODUCTIVITY

Monsanto’s Strategic and Financial Opportunity Lies In Seeds and Traits

SEEDS & GENOMICS

CAGR: 36%

AGRICULTURAL PRODUCTIVITY

CAGR: (5)%

3

OVERVIEW

44%

46%

48%

50%

52%

54%

CURRENT LEVEL

GROSS MARGIN ‘PULL’

2003 2004 2005 2006 2007F 2008F 2009F 2010F

GROSS MARGIN OPPORTUNITYGROSS PROFIT AS A PERCENT OF SALES

HIGHR&D pipeline

MEDIUMSeminis

LOWCotton platform

MEDIUMGlobal biotech traits

MEDIUMInternational corn

HIGHU.S. corn

VALUE1FACTOR

Delta between 2006 current gross margin and a 51-53% trajectory reflects continued growth opportunity for seeds and traits

MONSANTO’S OPPORTUNITY

HIGH >$250M MEDIUM $100M - $250M LOW <$100M

Six Building Blocks Extend Leadership and Elevate Gross Margin Opportunity Through 2010

1. Increment to total gross profit in the period 2006-2010; Some categories will overlap.

4

Seed Market Share Gains Alone Yield Greater Profit Contributions

U.S. CORN GROWTH

• Gain of 1 market share point in U.S. adds approximately $10M to $15M to gross profit in seed alone for DEKALB/Asgrowbrands

OUTLOOK:

U.S. Corn

• In 2006, Monsanto’s DEKALB and Asgrow brands grew by 3 market share points

• Over five years, comparable market share gain was 9 points

SITUATION:

MEDIUM

40-45%40-45%COST FACTORS

$42$32PRICING FACTORS

78.5MMARKET FACTORS

$13M-$15M$10M-$11MAverage Gross Profit: Per Share Point

Average Gross Profit: Per Acre $16.80-$18.90$12.80-$14.40GROSS PROFIT VALUE

Assumed Industry-Standard Gross Margin

$32.8M$23.4MRetail Value: Per Share Point

Average Seed Retail Price Per Acre

780,000 acresAcre: Market Share Conversion

USDA Total Acres Planted (2006)

HIGH-END RANGE

NEW, HIGHER-VALUE HYBRIDS IN PORTFOLIO

LOW-END RANGEMATURE, LOWER-VALUE HYBRIDS IN PORTFOLIO

U.S. MARKET SHARE VALUESEED VALUE RANGE FOR ADDED ACRES IN DEKALB/ASGROW BRANDS

HIGH >$20 MEDIUM $10 - $20 LOW <$10

1. Average incremental value in gross profit opportunity for the seed value (excluding traits) of the addition of an acre in a Monsanto national brand:

5

Each New Trait Stacks Additive Gross Margin to Upgrade Financial and Commercial Platform

U.S. CORN GROWTH

• Addition of each stacked trait increases gross profit as a percent of sales for each bag of seed sold

OUTLOOK:

U.S. Corn

• Stacking corn traits on to our germplasm improves gross profit contribution

• In 2006, Monsanto national brands sold more stacked traits than single traits

• In 2007, in our national brands, Monsanto expects to sell more triple stacks than singles

SITUATION:

INCREASED MARGINS WITH STACKINGVALUE PROGRESSION OF STACKED CORN TRAITS

GR

OS

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RO

FIT P

ER

AC

RE

AS

A

PE

RC

EN

TA

GE

OF N

ET

SA

LES

61%

63%

65%67%

0

0.5

1

1.5

2

2.5

3

3.5

4

SEED ONLY 1 TRAIT 2 TRAITS 3 TRAITS 4 TRAITS50%

52%

54%

56%

58%

60%

62%

64%

66%

68%

“4 trait” value assumed to be an average of the retail value of the three other first-generation traits

For currently commercialized traits, the demand for triple-stack traits can double gross profit per acre over seed alone in DEKALB/Asgrow brands

GROSS PROFIT AS A PERCENT OF SALES

TR

AIT

GR

OS

S P

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FIT

VA

LUE

PE

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CR

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EX

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)

6

Gross Profit Value of Seed Internationally Varies, Yet Still Solid Contributor to Growth, Commercial Platform

INTERNATIONAL CORN GROWTH

• For the first time ever, DEKALB is co-leader of French market

• Monsanto is targeting to grow share in each of the most valuable corn-growing countries

OUTLOOK:

International Corn

• Primary value in international corn markets today is in the seed

• In France, DEKALB market share has grown 5 points over the last 3 years

SITUATION:

HIGH

40-45%COST FACTORS

$57PRICING FACTORS

7.5M(3.0M Ha)

MARKET FACTORS

Average Gross Profit: Per Acre1 $23-26GROSS PROFIT VALUE

Assumed Industry-Standard Gross Margin

Average Seed Retail Price Per Acre

7,500 acresAcre: Market Share Conversion

Total Acres Planted (2006)

FRANCE

GERMPLASM VALUE: FRANCE SEED VALUE RANGE FOR ADDED ACRES IN DEKALB/ASGROW BRANDS

HIGH >$20 MEDIUM $10 - $20 LOW <$10

1. Average incremental value in gross profit opportunity for the seed value (excluding traits) of the addition of an acre in a Monsanto-owned brand:

7

Significant Growth Opportunity Lies in Expansion of Existing Commercial Biotech Traits Globally

GLOBAL BIOTECH TRAIT GROWTH

• As is the case in the U.S., largest category of opportunity internationally is corn trait adoption

• Even where some traits – like cotton – are penetrated, there’s still an upgrade opportunity to second-generation traits

OUTLOOK:

Global Biotech Traits

• Historically, most rapid adoption has been in the U.S., also the most highly penetrated market

• Penetration is moving globally, trait by trait, country by country

SITUATION:

GLOBAL MARKET OPPORTUNITYMARKET OPPORTUNITY FOR BIOTECH TRAITS THROUGH 20101

26%42%29%57%39%86%2006 Penetration

25-30M50-60M60M6-8M10-15M70MUnited States

36-41M84-96M118-120M

28.5-35.8M

34.5-44.8M156.2MTotal Key

Markets

-4M6M10M11M0.2MAfrica

CORNCOTTONSOYBEANS

---0.5M-0.8M

0.5M-0.8M-Australia

5M8M24M--1MEurope

-3 – 5M3 – 5M10-15M10-15M-India

1M4M5M--35MArgentina

5M15M20M2M3M50MBrazil

YIELDGARDROOTWORM

YIELDGARDCORN BORER

ROUNDUP READY CORN 2

BOLLGARD AND

BOLLGARD II

ROUNDUP READY(FLEX)

ROUNDUP READY

1. Market Opportunity reflects total acres where technology is applicable, not necessarily acres projected for penetration by 2010.

8

$0.00

$0.02

$0.04

$0.06

$0.08

$0.10

$0.12

2007 2008F 2009F 2010

Emerging Markets Require Business Solutions to Balance Reward and Risk

GLOBAL BIOTECH TRAIT GROWTH

• Corn traits outside U.S. have significant opportunity for penetration

• Brazilian upside of 30M+ acres for Roundup Ready soybeans

• Cotton holds dual opportunity of initial penetration into markets and upgrading to second-generation traits

OUTLOOK:

Global Biotech Traits

• Genetic footprint in corn seed globally establishes platform for trait launches

• Largest soybean market outside U.S. is Brazil; Recent pricing action taken there to promote penetration of new seed

• Cotton traits among most advanced globally, with second-generation upgrades in 2007 in Australia and India

SITUATION:

CO

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)

ROUNDUP READY SOYBEANS IN BRAZILPROJECTED EPS CONTRIBUTIONS (2007 VS 2010)

$0.09-$0.11

$0.025-$0.05

2007F 2010F

90% PENETRATION

50MMARKET SIZE

$2.50-$3.00/acrePRICING

ASSUMPTIONS

45%PENETRATION

50MMARKET SIZE

$2.50-$3.00/acrePRICING

ASSUMPTIONS

9

Upgrade to Double-Double Stacks in Cotton Significantly Enhances Value Versus Seed Alone

COTTON GROWTH

• From the base of a single trait, move to second-generation stack – ‘double-double’ – can increase retail value by 50 percent

OUTLOOK:

Cotton Platform

• Cotton trait platform is first to move forward on complete replacement of first-generation traits with second-generation upgrades

• Roundup Ready Flex cotton launched in the U.S. in 2006; Will launch in Australia in 2007

SITUATION:

INCREASED U.S. COTTON TRAIT RETAIL VALUEEXAMPLE: VALUE PROGRESSION OF COTTON TRAITS

IN NORTH DELTA REGION OF U.S.

0

0.5

1

1.5

2

SEED ONLY FIRST-GEN SINGLE FIRST-GENSTACKED

DOUBLE-DOUBLE

Each trait in a stacked combination adds functionality and value for the farmer. Second-generation stacks further enhance that added performance

ADDITIVE VALUE IN STACKS

1.001.17

1.50T

RA

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AIL

VA

LUE

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CR

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EX

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)

10

SEMINIS VALUENET PRESENT VALUE OF GROSS PROFIT BY PRODUCT TIERS

The top 5 crops in Seminis portfolio represent ~50% of the expected gross profit contribution going forward

SEMINIS VALUE

FIRST TIER

SECOND TIER

THIRD TIER

FOURTH TIER

TomatoSweet PepperHot PepperOnionMelon

• Seminis gross profit as a percent of sales was in the 60% range and will continue to grow through price increases

OUTLOOK:

Seminis

• In 2006, narrowed commercial and research focus to 25 crops that generate the most profit

• Began application of breeding technology, with genome-wide marker platform for tomatoes and peppers; Melons, watermelons and the brassicafamily of cabbage, broccoli and cauliflower next

SITUATION:

Seminis To Leverage Portfolio, Pricing and Molecular Breeding To Create New Growth

SEMINIS GROWTH

~50%

PRODUCT RANKING WITHIN 25-CROP

PORTFOLIO:

11

Monsanto’s Pipeline Is Funded for Growth, but Focused on Return on Investment

PIPELINE

R&D Pipeline

In FY2006:• There was positive

movement –advancing phases or adding to the pipeline – in 50 percent of the pipeline projects

• Three projects were designated as “HIT” projects reflecting our confidence in their commercial track

SITUATION:

PIPELINE VALUE: TOP-TEN PROJECTSREFLECTING COMMERCIAL VALUE1

1. Top ten not presented in ranked order; Commercial value calculated by penetration and retail value during three-year span at peak.

2. Value and acres are for direct feed piece only and do not include value for Renessen’s corn processing system, which is to be determined

U.S.5M>$30Improved health3Omega 3 soybeansU.S.

Brazil Europe

41M$10 - $30Insect protection3YieldGard VT PRO2nd-GEN YIELDGARD CORN BORER

U.SBrazil

Europe20M$10 - $30Feed and fuel4

Renessen Corn Processing System and Mavera™ High-

Value Corn with Lysine2

U.S.Brazil

Argentina155M$10 - $30Yield

enhancement2Higher yielding soybeans

CORE MARKETS

ACRE BASE

VALUE PER ACRE

SOURCE OF VALUEPHASE

U.SBrazil

Europe164M$10 - $30

Nitrogen replacement and

yield1Nitrogen utilization corn

U.S.12-15M$10 - $30Improved health2Vistive III soybeans

U.SBrazil

Europe164M$10 - $30

Water replacement and

yield2Drought-tolerant corn

U.S.IndiaBrazil

Australia36M$10 - $30

Water replacement and

yield1Drought-tolerant cotton

Insect-protected soybeans WITH ROUNDUP RREADY2YIELD

Roundup RReady2Yieldsoybeans

BrazilArgentina95M<$10Yield2

U.S.Brazil

Argentina155M$10 - $30Yield

enhancement3HIT

HIT

HIT

12

44%

46%

48%

50%

52%

54%

CURRENT LEVEL

GROSS MARGIN ‘PULL’

2003 2004 2005 2006 2007F 2008F 2009F 2010F

GROSS MARGIN OPPORTUNITYGROSS PROFIT AS A PERCENT OF SALES

HIGHR&D pipeline

MEDIUMSeminis

LOWCotton platform

MEDIUMGlobal biotech traits

MEDIUMInternational corn

HIGHU.S. corn

VALUE1FACTOR

Delta between 2006 current gross margin and a 51-53% trajectory reflects continued growth opportunity for seeds and traits

MONSANTO’S OPPORTUNITY

HIGH >$250M MEDIUM $100M - $250M LOW <$100M

FINANCIAL FOCUS

2007 Is First Step Toward Gross Profit Targets in 2010

1. Increment to total gross profit in the period 2006-2010; Some categories will overlap.

13

FINANCIAL FOCUS

Gross Profit Mix Shows Power of Seeds and Traits, Especially as Traits Expand

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

2003 2004 2005 2006 2007F

SEEDS & GENOMICS ROUNDUP AND OTHER GLYPHOSATE-BASED HERBICIDES

ALL OTHER AGRICULTURAL PRODUCTIVITY

$875M - $950M$1.50-$1.572007F

FREE CASH FLOW

ONGOING EPS

IN M

ILLI

ON

S

~$400MALL OTHER AG PRODUCTIVITY

2007F

~$600MROUNDUP AND

OTHER GLYPHOSATE-

BASED HERBICIDES

~$2.8BSEEDS & GENOMICS

OUTLOOK:

• From 2005 to 2006, gross profit grew 18%; Gross profit from Seeds & Genomics grew 24%

SITUATION:

Gross Profit by SegmentGROSS PROFIT PERFORMANCE BY SEGMENT

2003-2007F

14

$875M - $950M$1.50-$1.572007F

FREE CASH FLOW

ONGOING EPS

2007F

~10%R&D % SALES

21%-21.5%SG&A % SALES

OUTLOOK:

• Seeds and traits are high-service businesses, but that service is highly rewarded in the marketplace

• R&D as a percent of sales remains in 10 percent range

• R&D expense includes milestone payments and other expenses related to third-party agreements

• Renessen joint venture included in Other Expense, approximately $35M investment annually

SITUATION:

SG&A and R&D as Percent of Sales

SG&A AS A PERCENT OF SALES2004-2007F

FINANCIAL FOCUS

R&D and SG&A Spend Balances Growth with Focus

0

5

10

15

20

25

2004 2005 2006 2007F

LOW 20% RANGE

R&D AS A PERCENT OF SALES2004-2007F

0

4

8

12

2004 2005 2006 2007F

10% RANGE

15

$875M - $950M$1.50-$1.572007F

FREE CASH FLOW

ONGOING EPS

2007F

$875-$950MFREE CASH FLOW

OUTLOOK:

• In 2005, Monsanto used roughly $1.5 billion of cash for acquisitions, including Seminis, Emergent and ASI

• 2006 free cash also covered a one-time payment for a licensing agreement with University of California and a contingent payment related to Seminis acquisition

SITUATION:

Free Cash Flow

FINANCIAL FOCUS

Earnings Should Continue to Translate to Free Cash Flow

$0

$400

$800

$1,200

$1,600

2004 2005 2006 2007F

IN M

ILLI

ON

S $999

$70

$1,500

$1,049$875 - $950

FREE CASH FLOW PERFORMANCE2004-2007F

FREE CASH FLOW PERFORMANCE AND FORECAST

2005 FREE CASH USED FOR ACQUISITIONS

16

$875M - $950M$1.50-$1.572007F

FREE CASH FLOW

ONGOING EPS

2007F

$875-$950MFREE CASH FLOW

OUTLOOK:

• From 2004-2006, Monsanto generated $1.3B from working capital

• During the same period, $1.8B was spent on acquisitions

SITUATION:

Free Cash Flow

FINANCIAL FOCUS

Working Capital Improvements Have Helped Fund Key Acquisitions

SOURCES OF CASHCUMULATIVE: 2004-2006

USES OF CASHCUMULATIVE: 2004-2006

WORKING CAPITAL

NET INCOME

ACQUISITIONS

CAPITAL EXPENDITURES

TECHNOLOGY AND OTHER INVESTMENTS

Between 2004 and 2006, much of the cash generated from working capital improvements was used to fund key acquisitions

CASH GENERATION AND USES

$1.3B $1.8B$1.2B

$270M

$860M

17

$875M - $950M$1.50-$1.572007F

FREE CASH FLOW

ONGOING EPS

• Inventories as percent of sales have increased because of acquisitions but should drop modestly going forward

OUTLOOK:

• Receivables as percent of sales have declined from 47 percent in 2003 to just under 20 percent in 2006, even with addition of acquisitions

• Credit policies in Brazil and Argentina remain disciplined, preference for receivables that are securitized

• As a result, receivables as percent of sales dropped in both Brazil and Argentina in 2006

SITUATION:

Receivables & Inventories as Percent of Sales

FINANCIAL FOCUS

Working Capital Discipline Sustained Even as Business Expands

0%

10%

20%

30%

2004 2005 2006 2007F

0%

10%

20%

30%

40%

2004 2005 2006 2007F

RECEIVABLES AS A PERCENT OF SALES2004-2007F

INVENTORIES AS A PERCENT OF SALES2004-2007F

18

$875M - $950M$1.50-$1.572007F

FREE CASH FLOW

ONGOING EPS

• Capital expenditures of approximately $400M in 2007, with primary investments in new or expanded seed production

• Technology investments expected to continue in $100M range

OUTLOOK:

• Investing cash primarily used for bolt-on acquisitions to bolster seed positions in all crops globally

SITUATION:

Investing Cash

FINANCIAL FOCUS

Investing Cash Targeted for Bolt-On Acquisitions, Technology Investments, Seed Production

CAPITAL AND TECHNOLOGY EXPENDITURES 2004-2007F

$0

$50

$100

$150

$200

$250

$300

$350

$400

2004 2005 2006 2007F

IN M

ILLI

ON

S

TECHNOLOGY CAPITAL

19

$875M - $950M$1.50-$1.572007F

FREE CASH FLOW

ONGOING EPS

• Monsanto will continue to explore options for returning value to shareowners, including:

• Continued strategic seed acquisitions

• Continued technology investments• Share repurchase programs• Dividends

OUTLOOK:

• From 2004-2006, Monsanto has generated a cumulative total of approximately $4.6B in cash

• $800 million, four-year share repurchase program announced end of October 2005

$120 million of shares repurchased through end of FY 2006

• Dividend payments Dividend yield as of 8/31/06: 0.84% FY 2006 GAAP pay-out ratio: 30.5%

SITUATION:

Uses of Cash

FINANCIAL FOCUS

Consistent Commitment to Return Additional Value through Dividends, Share Repurchases

USES OF CASH CUMULATIVE: 2004-20061

1. Net of approximately $400M in pension contributions

ACQUISITIONS

CAPITAL EXPENDITURES

SHARE REPURCHASE & DIVIDENDS

DEBT REPAYMENT

CASH ACCUMULATION

Between 2004 and 2006, 75% of the cash generated was either returned to shareowners or re-invested in the growth of the business

USES OF CASH

20

From 2003 to 2007, ROC has the potential to double

ROC IMPROVEMENT

$875M - $950M$1.50-$1.572007F

FREE CASH FLOW

ONGOING EPS

• Exclusive of acquisition effect, target of another 100-basis-point improvement

OUTLOOK:

• ROC in 2006 of 11.2 percent surpassed original projections of an ROC target in 2007 of 10.5 percent

• ROC in 2007 will be dependent on timing of closing of potential Delta and Pine Land acquisition

SITUATION:

Return on Capital

FINANCIAL FOCUS

Return on Capital Has Leapfrogged Original Targets, Still Can Significantly Improve

RETURN ON CAPITAL 2003-2006

0%

2%

4%

6%

8%

10%

12%

2003 2004 2005 2006

21

Focus, Discipline and Leadership Translate to Continued Growth

SUMMARY

1. EPS figures reflect the stock split effective July 28, 2006

$0.71$0.79

$1.04

$1.31

$1.50-$1.57

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

2003 2004 2005 2006 2007F

EARNINGS PER SHARE GROWTHPROGRESSION OF ONGOING EPS (2003-2007F)

FY2007 GUIDANCE

~$400MAll Other Ag Productivity Gross Profit

~$2.8B

~$600M

$350-$400M

~10%

21%-21.5%

$875M-$950M

$1.50-$1.5715%-20% GROWTH

FROM 2006 YEAR-END PERFORMANCE

Seeds & Traits Gross Profit

Roundup and All Other Glyphosate-Based Herbicides

Gross Profit

Capital Expenditures

R&D as a % Of Sales

SG&A as a % Of Sales

Free Cash Flow

Earnings Per Share1

12% GROWTH 31% GROWTH 26% GROWTH

2007 EPS GUIDANCE: 15-20% GROWTH

22

Reconciliation of Non-GAAP Financial Measures

$0.48------PCB Litigation Settlement Expense – Net

--$0.12----Impairment of Goodwill

$1.04

$(0.02)

$0.01

$(0.19)

$0.32

$0.45

--

$0.47

--

$0.47

Fiscal Year 2005

$0.80

--

$0.18

--

--

--

--

$0.50

--

$0.50

Fiscal Year 2004

$0.72

$0.04

$0.05

--

--

--

--

$0.15

$0.02

$0.13

Fiscal Year 2003

$0.04Tax Charge on Repatriated Earnings

$0.01Cumulative Effect of Change in Accounting Principle

$1.25Net Income (Loss) per Share

$0.01Loss (Income) on Discontinued Operations

--Tax Benefit on Loss from European Wheat andBarley Business

--Solutia-Related Charge

--Seminis and Stoneville In-Process R&D

$1.31Diluted Earnings (Loss) per Share from Ongoing Business

--Restructuring Charges -- Net

$1.26Diluted Earnings (Loss) per Share Before Effect of Accounting Change

Fiscal Year 2006$ per share

Reconciliation of Non-GAAP EPS

Reconciliation of Free Cash Flow

$(243)$(582)$(117)N/ANet Cash Provided (Required) by Financing Activities

$756

--

$999

$(262)

$1,261

Fiscal Year 2004

N/A

--

$875-$950

$(500)

$1,375-$1,450

Fiscal Year 2007

Forecast

$(512)$935Net Increase (Decrease) in Cash and Cash Equivalents

--$3Effect of Exchange Rate Changes on Cash and Cash Equivalents

$70$1,049Free Cash Flow

$(1,667)$(625)Net Cash Provided (Required) by Investing Activities

$1,737$1,674Net Cash Provided (Required) by Operating Activities

Fiscal Year 2005

Fiscal Year 2006$ Millions

Note: EPS figures reflect the stock split effective July 28, 2006

23

Reconciliation of Non-GAAP Financial Measures

Reconciliation of Return on Capital

--64----Impairment of Goodwill

24986(1)Restructuring Charges (Reversals) – Net

----(106)--Tax Benefit on Loss from European Wheat and Barley Business

----175--Solutia-Related Charge

----248--In-Process R&D Write-Off Related to the Seminis and Stoneville Acquisitions

$767

(30)

79

3

--

6

21

$689

11.2%

6,827

$767

12 Months Ended

Aug. 31, 2006

$612

(29)

75

(12)

--

--

--

$255

9.8%

6,256

$612

12 Months Ended

Aug. 31, 2005

$464

(21)

57

(1)

--

--

--

$267

7.6%

6,068

$464

12 Months Ended

Aug. 31, 2004

252PCB Litigation Settlement Expense – Net

--Tax Charge on Repatriated Earnings

$413Operating Profit After-tax (excluding certain items)

(24)Tax on Interest Expense – Net

63Interest Expense – Net

18(Income) Loss on Discontinued Operations

12Cumulative Effect of Accounting Change

Adjustment for certain items, after-tax:

$68Net Income

Operating Profit After-tax (excluding certain items):

6.1%Return on Capital

6,774Average Capital

$413Operating Profit After-tax (excluding certain items)

12 Months Ended

Aug. 31, 2003Total Monsanto Company and Subsidiaries:$ Millions

$6,7747,1256,422125

(281)5,156

$1,422

2003As of Aug. 31,

$6,8276,7976,857125

(1,460)6,525

$1,667

2006As of Aug. 31,

$6,2565,7146,797125

(525)5,613

$1,584

2005As of Aug. 31,

$6,0686,4225,714125

(1,037)5,258

$1,368

2004As of Aug. 31,

Average CapitalPrior Period CapitalTotal CapitalCash for OperationsCash and Cash EquivalentsShareowners’ EquityShort-Term and Long-Term DebtAverage Capital: