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BRETT BEGEMANNEXECUTIVE VICE PRESIDENT, INTERNATIONAL COMMERCIAL

LUNCH PRESENTATION:THE SEMINIS COMMERCIAL OPPORTUNITY

MONSANTO BIENNIAL U.S. INVESTOR DAYNov. 10, 2005

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OVERVIEW

Seminis Provides Ready-Made, Leading Position in Untapped Seed Segment for Monsanto

SEMINIS SALES GROWTHSeminis outperformed original financial expectations in 2005, expected to be accretive in 2006 and 2007

Richness of germplasm and breeding capabilities confirmed, ready to be accelerated

Opportunities to enhance market share and pricing being further refined

Kerry Preete and Marlin Edwards to join Seminis to complement commercial, breeding strategies

420

440

460

480

500

520

540

560

580

2003 2004 2005

Note: 2003 Seminis fiscal year

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OVERVIEW

Seminis’ Commercial Portfolio Adds Diversity Globally and Opens the Door to Small-Acre Crops

2005 SEED SALES BY REGION 2005 SEED SALES BY PRODUCT FAMILY

BRASSICAS

CUCURBITS SOLANUM

LEAFY & OTHERS

LARGE SEED

ROOT & BULB

EUROPE-AFRICA

NORTH AMERICA

SOUTH AMERICA

ASIA

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Seminis Is a Leader In Every Major World Market, Yet Still Has Opportunity to Grow

OVERVIEW

1Market Position

NORTH AMERICA

2005

34%Market Share

1Market Position

SOUTH AMERICA

2005

37%Market Share

1Market Position

EUROPE-AFRICA

2005

19%Market Share

3Market Position

ASIA

2005

7%Market Share

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GROW AND LEAD

Seminis Builds Current Pipeline First, Creates Space for Future Breeding Advancements

20102009200820072006

GROW

LEAD

TARGET: SEMINIS

Grow Seminis by advancing and refreshing current product pipeline, while building new base for cutting-edge breeding technologies

Seminis is a substantial part of the company’s margin expansion, led by growth from new generation of breeding improvements in the product portfolio, and by expanded go-to-market approaches

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Like Our Large-Acre Businesses, Seminis’ Targets Are in Farmer, Processor, Consumer Markets

GROW

CUSTOMER BASE

SHARED PREMIUM WITH END-PRODUCT FOOD COMPANIES

SHARED PREMIUM WITH PROCESSORS

SEED SALES TO FARMERSVALUE CREATION

PRODUCT VALUE

• NUTRITION• CONVENIENCE• FLAVOR• COLOR

• UNIFORMITY• SHELF-LIFE• PACK-OUT

• YIELD• DISEASE RESISTANCE• PRODUCTIVITY

FARMER BENEFITS

PROCESSOR BENEFITS

CONSUMER BENEFITS

Through 2007, strongest financial contribution will come from optimizing existing business, which largely focuses on seed sales to farmers

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GROW

Foundation for Long-Term Growth Starts with World’s Leading Germplasm Library, Intellectual Property

NORTH AMERICA

SOUTH AMERICA

EUROPE-AFRICA

ASIA-PACIFIC

717 issued or pending

PVP Certificates

148 owned or co-ownedPatents

52 research or screening stations in 17 countries

Research Stations

100(Across public and private organizations)

Technology Alliances

GERMPLASM RESOUCES

1.5 MillionBreeding Lines

As in our large-acre crops, Seminis’ germplasm resources create global foundation for

application of new breeding technologies

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Cucurbits and Solanaceous Families Are Largest Investments in Seminis Active Breeding Programs

LEAD

FOCUS CROPS TARGETED FOR GENETIC MAPPING, POTENTIAL FOR ACCELERATED BREEDING

100%TOMATO

SWEET PEPPER

ONION

LEEK

LETTUCE

FENNEL

SWEET CORN

PEA

WATERMELON

SQUASH

RADISH

CAULIFLOWER

HOT PEPPER29%

EGGPLANT

CARROT

SPINACH

ENDIVE-ESCAROLE

CORIANDER-CILANTRO

OKRA

MELON

GOURD

CABBAGE

BRUSSELS SPROUTS

SOLANACEOUS

11%BEET

ROOT & BULB

10%

CELERY

LEAFY

LARGE SEED

CUCURBITS

BRASSICA

FAMILIES

11%BEAN

26%CUCUMBER

13%BROCCOLI

PERCENT OF R&D PROGRAM SPENDPRIMARY CROP TARGETS

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Significant Value Is Created in Hybrid ConversionGROW

20 Times95%

First hybridized in 1955 in U.S.; first

seedless watermelons

developed in 1962

WATERMELON

4 times85%

First hybridized in 1950 in U.S.;

developed with resistance to downey

mildew

SPINACH

3 Times50%Male sterility lines

discovered in 1925 in U.S.

ONIONS

MELON

PEPPERS

TOMATOES

CROP

40 Times95%First hybridized in 1955 in U.S.

50 Times87%First male sterility lines discovered in

1958 in U.S.

80 Times88%First hybridized in 1939 in England

MULTIPLIER VALUEPrice premium over open

pollination exclusive of volume effect

PERCENT HYBRID –INDUSTRYWIDE

HISTORY OF HYBRIDIZATION

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Fresh Cut Melons

GROW

Fresh Cut Melons Important Entrée Into Creating Additional Processor Value

CREATING VALUE

FRENCH KISS

3108

As expected Better than expected

Not as well as expected

• 55% useable cut-fruit yield versus industry average of 35%• Higher marketable yield and profitability• Better shelf life and excellent flavor • Growers, processors recognizing role of genetics in fresh

cut fruit

Melon product with better shelf life and sugar levels for fresh-cut retail products

MULTI-STAGE: PHASE II THROUGH LAUNCH

OBSERVATIONS

New Hybrids (PS03913108 and French Kiss)

Horticultural Performance

Quality

2005 FIELD REPORT

DISCOVERY PHASE IProof of Concept

PHASE IIEarly Development

PHASE IIIAdv. Development

PHASE IVPre-Launch

LAUNCH

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Freshness of Portfolio Mix Critical to Success; Target in Low 20% Range Going Forward

GROW

SEMINIS FRESHNESS INDEX

PE

RC

EN

T O

F N

EW

PR

OD

UC

TS

IN

C

OM

ME

RC

IAL

PO

RT

FOLI

O

0%

5%

10%

15%

20%

25%

2002 2003 2004 2005

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Seminis Begins to be Accretive in Fiscal Year 2006, With Acceleration in 2007

GROW

MONSANTO ONGOING EPS

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

2004 2005 2006F 2007F

Seminis modestly accretive in 2006; adds 20-25 cents per share in 2007

Seminis contributes $75M-$100M free cash 2006-2007