CARL CASALE
EXECUTIVE VICE PRESIDENT,
STRATEGY AND OPERATIONS


CREDIT SUISSE
CHEMICAL AND AG SCIENCE CONFERENCE


Sept. 1...
Forward-Looking Statements

Certain statements contained in this presentation are quot;forward-looking statements,quot; su...
OVERVIEW

Monsanto’s Growth Opportunity Lies at the Intersection of
Demand, Innovation and Execution


 Monsanto’s Simple ...
OVERVIEW

             Monsanto’s Innovation Targeted at Doubling Yield by 2030;
             Extending Competitive Lead a...
OVERVIEW


Five-Year Plan to Double Gross Profit by 2012 Centered On
More than Doubling Seeds and Traits Platform

       ...
OVERVIEW


Gross Profit Growth Comes From Two-Step Strategy:
Establish Seed Footprint, Then Layer on Biotech Traits




  ...
CORN SEEDS & TRAITS

  Yield-Enhancing Technology Creates Value – Returning
  >$3.50 For Every Dollar Spent By Farmers in ...
CORN SEEDS & TRAITS


U.S. DEKALB Share Consistently Ahead of Expectations;
Growth Trend Continues in 2009

         DEKAL...
CORN SEEDS & TRAITS
 Seed Purchases Independent of Commodity Cycle; Reflecting
 Farmers’ Need to Maximize Productivity in ...
CORN SEEDS & TRAITS

Recognized Value of DEKALB Translates to Recognized
Brand Leadership

                               ...
CORN SEEDS & TRAITS

Monsanto’s Leadership Continues With Next Game-
Changer in Corn; SmartStax Resets Trait Platform in 2...
CORN SEEDS & TRAITS

Corn Seeds & Traits Accelerate Through 2012 As Triple-
Stack Acres are Converted to SmartStax

      ...
CORN SEEDS & TRAITS

Larger Seed Footprints in South America Enable Larger
Launches and Faster Ramp Up Than Competition
  ...
R&D PLATFORMS

Monsanto’s Yield Leadership Widens With Each New Game-
Changing Technology Launched

                      ...
SOYBEAN SEEDS & TRAITS

Roundup Ready 2 Yield Soybeans Is One Of the Most-
Anticipated Launches Because of Step-Change In ...
COTTON SEEDS & TRAITS

Cotton Platform Segregating Into Value- and Volume-Focused
Opportunities To Reflect Changing Global...
COTTON SEEDS & TRAITS

Regardless of Where Cotton Is Grown Geographically, Trait
Intensity Is Key Opportunity for Monsanto...
VEGETABLE SEEDS

   Vegetable Core Platforms Are Established, Focusing on
   Execution and Growth To Become $1B Business b...
VEGETABLE SEEDS

  De Ruiter Seeds Is Perfect Complement to Seminis, Setting
  Pace for Growth Through 2012



           ...
SUMMARY

On Track in 2008, Growth Drivers Continue to Set Stage for
Growth Through 2012
                           GROSS P...
SUMMARY

Monsanto’s Growth Opportunity Lies at the Intersection of
Demand, Innovation and Execution


 Monsanto’s Simple P...
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monsanto 09-18-08

  1. 1. CARL CASALE EXECUTIVE VICE PRESIDENT, STRATEGY AND OPERATIONS CREDIT SUISSE CHEMICAL AND AG SCIENCE CONFERENCE Sept. 18, 2008 1
  2. 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; developments related to foreign currencies and economies; successful operation of recent 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 most recent reports on forms 10-Q and 10-K. Undue reliance should not be placed on these forward- looking statements, which are current only as of the date of this presentation. The company disclaims any current intention or obligation to update any forward-looking statements or any of the factors that may affect actual results. Trademarks Trademarks owned by Monsanto Company and its wholly-owned subsidiaries are italicized in this presentation. All other trademarks are the property of their respective owners. © 2008 Monsanto Company 2
  3. 3. OVERVIEW Monsanto’s Growth Opportunity Lies at the Intersection of Demand, Innovation and Execution Monsanto’s Simple Philosophy on Opportunity: More demand requires more YIELD More yield requires more INNOVATION More innovation delivers more GROWTH 3
  4. 4. OVERVIEW Monsanto’s Innovation Targeted at Doubling Yield by 2030; Extending Competitive Lead and Creating New Value DOUBLING YIELD WITH TECHNOLOGY: DOUBLING YIELD BY 2030 U.S. CORN EXAMPLE U.S. BASELINE CROP 2000 BASELINE1 325 137 bu/ac Corn: 300 37 bu/ac Soybeans: 275 Historical Yield 632 lbs/ac 250 Cotton: U.S. Yield Per Acre (bu/ac) 30-Year Trend 225 STRATEGIC RATIONALE Molecular Breeding Advances 200 Biotech Advances Helping meet global demand 175 150 Furthering competitive lead 125 Creating new value for 100 farmers that creates 75 sustainable growth 50 opportunities 25 0 1970 1980 1990 2000 2010 2020 2030 2030 U.S. YIELD U.S. YIELD TARGET ~300 bu/ac 151 bu/ac 2030: 2007: 1. Average U.S. yield by crop, USDA NASS 4
  5. 5. OVERVIEW Five-Year Plan to Double Gross Profit by 2012 Centered On More than Doubling Seeds and Traits Platform 2012 GROSS PROFIT TARGET RELATIVE TO 2007 BASELINE GROSS PROFIT OUTLOOK BY SEGMENT >2x Total Gross Profit 2007-2012F BUSINESS DETAIL Roundup and Other $10,000 Glyphosate-Based ~$1.8B Herbicides $8,000 Roughly flat All Other Ag Productivity at $350M $6,000 >2x Seeds & Genomics 2.5x $4,000 GROWTH Corn Seeds & Traits COMES FROM ~2x SEEDS & Soybean Seeds & $2,000 TRAITS Traits ~2x Cotton Seeds & Traits $0 2007 2008F 2012F >2x 2007 2008F 2012F Vegetable Seeds All Other Agricultural Productivity Roundup and Other Glyphosate-based Herbicides Seeds & Genomics 5
  6. 6. OVERVIEW Gross Profit Growth Comes From Two-Step Strategy: Establish Seed Footprint, Then Layer on Biotech Traits BREEDING BIOTECH TRAIT 3 R&D TRAIT 2 SEED ENGINE TRAIT 1 SEED Establish Seed Footprint Add Biotech Traits • Seed provides a core gross-profit • Higher margins than seed with contribution minimal incremental cost of goods STRATEGIC VALUE • Seed footprint speeds penetration • Opportunity to stack multiple traits rate of biotech traits per acre • Access to global germplasm • Proven, commercial-driven R&D pools combined with most program backed by industry’s DIFFERENTIATORS advanced breeding technology largest seed-and-trait R&D spend creates seed that outperforms • Collaborator of choice competitors • New trait introductions MEASURES OF SUCCESS • Seed share growth • Trait upgrade and trait platform opportunity Corn: U.S., Argentina, Brazil, Europe, Central America Corn: U.S., Argentina, Brazil KEY CROPS & GEOGRAPHIES Soybeans: U.S. Soybeans: U.S., Brazil Cotton: U.S., India Cotton: U.S., India, Australia Vegetables: Global 6
  7. 7. CORN SEEDS & TRAITS Yield-Enhancing Technology Creates Value – Returning >$3.50 For Every Dollar Spent By Farmers in Corn U.S. FARMER RETURN ON INVESTMENT: 1983-2008F 170 160 150 32 140 130 Bu/ac 120 bu/ac $1: $3.50 Return 110 ON YIELD-CREATING TECHNOLOGY 100 @ $4.79/bu 90 80 PRE-BIOTECH: 1983-1996 POST-BIOTECH: 1996-2008F AVERAGE YIELD DURING AVERAGE YIELD DURING 115.6 bu/ac 138.3 bu/ac PERIOD: PERIOD: 1.7 bu/ac 2.6 bu/ac ANNUAL YIELD GAIN: ANNUAL YIELD GAIN: YIELD-RELATED PRODUCTION Seed/ Chem/ $27.07/ac $43.24/ac Equip/ Labor COSTS SCARCITY-RELATED $19.33/ac $52.02/ac Land Rent $6.23/ac $94.90/ac Fertilizer Source: USDA, Land Rent Averaged using Corn & Soybean, Doane Ag, dmrkynetec data, Yield is calculated using a 3 year rolling average, (32 Yield is 2.6 bu/ac/yr *12 years). Commodity Value ($4.79) is calculated using a 3 year rolling average CBOT. 2008F Yield is April 08 Doane Ag. Return – Monsanto Estimate 7
  8. 8. CORN SEEDS & TRAITS U.S. DEKALB Share Consistently Ahead of Expectations; Growth Trend Continues in 2009 DEKALB U.S. CORN SHARE EVOLUTION: CORN 2001-2009F FINANCIAL OUTLOOK Three years of growth since 28% 2005 have outpaced average GROW 26% target each year 2%+ >25% 24% 2009: Trend continues with early commitment for 23% 22% accelerated growth in 20% DEKALB and ASI 2009 DRIVERS TARGET 19% 18% 2+ U.S. DEKALB Share 2005 PROJECTED 16% 16% +1 AVERAGE GROWTH U.S. ASI Share TREND 14% 14% TRAIT TARGETS 13% 12% U.S. Triple-Stack 10% 12% 34-35M Penetration 10% 2001 2002 2003 2004 2005 2006 2007 2008F 2009F 1.4 1.5 1.7 1.9 2.2 >2.4 ~2.5 DEKALB Trait Penetration Trend: 2003-2009F Average Number of Traits Per Acre in DEKALB Seed1 1. Trait intensity reflects the average number of traits per acre with at least one trait 8
  9. 9. CORN SEEDS & TRAITS Seed Purchases Independent of Commodity Cycle; Reflecting Farmers’ Need to Maximize Productivity in Any Environment PER-ACRE RETURNS: Average Average Central Illinois Corn Farmers Hybrids Hybrids Estimated Returns1 SEED COST $70 $105 $70 $105 2 YIELD VALUE $2.00/bu $5.00/bu Commodity Price: Yield Per Acre3: 200 bu1 212 bu2 200 bu1 212 bu2 Moisture4: 17% 15% 17% 15% Gross Revenue Per Acre: $376 $424 $976 $1,060 Net Profit After Seed Costs: $306 $319 $906 $955 DEKALB Increased Profit Per Acre: $13 $49 NON-SEED VARIABLE PRODUCTION COSTS Other Inputs, Storage, Insurance: $200 $200 $200 $200 Equipment, Fuel: $70 $70 $70 $70 Labor, Overhead: $45 $45 $45 $45 $(9) $4 $591 $640 TOTAL PROFIT PER ACRE: 1. Monsanto estimates for illustration. Some cost estimates based on data provided in 2008 Crop Budgets, University of Illinois, Department of Agricultural and Consumer Economics At $5/bu corn, additional At $2/bu corn, better seed is 2. Estimated seed cost per acre, including popular trait package and based on 32,000 planting population seed investment yields the difference between red 3. Estimated yield advantage based on 2007 germplasm testing demonstrating 12 bu/ac advantage for DEKALB germplasm nearly $50 in returns ink and profitability versus competitive hybrids in 110-RM. 4. Average moisture at harvest, assuming 15% target and based on estimated drying cost of $0.06/bu
  10. 10. CORN SEEDS & TRAITS Recognized Value of DEKALB Translates to Recognized Brand Leadership MARKET RESEARCH: BRAND IMAGE ASSOCIATIONS AMONG U.S. CORN SEED BRANDS Based on an independent survey of U.S. farmers commissioned NEXT-LEADING by Monsanto, March-June, 2008 BRAND CITED 65% 58% A brand you can trust 71% 65% A leader in technology and Innovation 70% 55% Offers better yield 65% 56% Performs consistently, year after year 63% 51% Would recommend to another grower 80% 63% Have heard a lot of good things about As the recognized performance leader in the industry, DEKALB is a strong brand, growing stronger Farmers consistently cite “better yield” as the primary purchase driver for DEKALB
  11. 11. CORN SEEDS & TRAITS Monsanto’s Leadership Continues With Next Game- Changer in Corn; SmartStax Resets Trait Platform in 2010 LIKELIHOOD OF SWITCHING BRANDS FOR SmartStax If your current seed brand did not offer this new Monsanto Insect Protection Technology, SMARTSTAX how likely would you be to switch seed brands to obtain this new technology? Would you say: “Very likely” or “Somewhat likely” COMMERCIAL OPPORTUNITY YIELDGARD CORN 74% BORER USERS WHO LAUNCH TARGET: 2010 TREAT FOR ROOTWORM TARGET ACRE 60-65M OPPORTUNITY: 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% VALUE PROPOSITION PERCENT OF FARMERS 2008 trials evaluating SmartStax in elite HERCULEX® I CORN 65% BORER USERS WHO germplasm, quantifying sources of TREAT FOR ROOTWORM potential on-farm yield advantages: 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Improved 1-2% consistency: SmartStax STATUS Primary pests Improved • Precedent established with U.S. EPA on consistency: 1-2% dual-mode-of-action traits: Secondary pests REFUGE REDUCTION • YieldGard VT PRO received reduced Reduced refuge 3-6% STRATEGY: refuge in Southern geographies • Bollgard II natural refuge in cotton 5-10% • On track for 2010 COMMERCIAL • All components have U.S. approvals TRACK: • Final regulatory package with 5% refuge request submitted in June 11
  12. 12. CORN SEEDS & TRAITS Corn Seeds & Traits Accelerate Through 2012 As Triple- Stack Acres are Converted to SmartStax U.S. TRAIT INTENSITY: NUMBER OF TRAITS PER TRAITED-ACRE – 2005-2012F 4.0 >4 DEKALB and ASI brand trait intensity Rest-of-Industry average trait intensity >3 3.0 Trait Intensity1 TRAIT ~2.5 >2.4 INTENSITY >2.3 2.2 2.0 >2.0 PROJECTED 1.9 TO RAMP UP 1.7 1.7 Driven by 1.4 expanded triple- 1.2 1.0 stack penetration and SmartStax 0.0 2005 2006 2007 2008F 2009F 2010F 2011F 2012F TRIPLE-STACK 1.3M 5.8M 17.6M 28M 34-35M ACRES SMARTSTAX LAUNCH AND RAMP 1. Trait intensity reflects the average number of traits per acre with at least one trait 12
  13. 13. CORN SEEDS & TRAITS Larger Seed Footprints in South America Enable Larger Launches and Faster Ramp Up Than Competition LATIN AMERICAN CORN LATIN AMERICA NORTH OUTLOOK: CURRENT 5-YEAR OUTLOOK SEED & TRAIT TRENDS THROUGH 2012 #1 position in all key SEED SHARE: countries 7-8M MEXICO HYBRID ACRES: In approval stage BIOTECH STATUS: HONDURAS GUATEMALA • Integration of Cristiani; Expand seed footprint for FY2009 PRIORITIES: EL SALVADOR pending trait introductions COLOMBIA BRAZIL CURRENT 5-YEAR OUTLOOK 40% (#1 position) SEED SHARE: BRAZIL PERU 27M HYBRID ACRES: 1st commercial trait in BIOTECH FY2009 STATUS: • Targeted share gain: 1-2 points FY2009 PRIORITIES: • 1-2M acre launch of YieldGard Corn Borer ARGENTINA ARGENTINA CURRENT 5-YEAR OUTLOOK 45% (#1 position) SEED SHARE: 10M HYBRID ACRES: Commercial planting BIOTECH STATUS: • Targeted share gain: 1-2 points FY2009 PRIORITIES: • 1-2M acre launch of YieldGard Corn Borer with Roundup Ready Corn 2 stack 13
  14. 14. R&D PLATFORMS Monsanto’s Yield Leadership Widens With Each New Game- Changing Technology Launched DuPont Syngenta 2009 Option to License  2011 2nd‐Gen  Roundup Ready 2  Roundup  Soybean Trait Optimum®GAT®³ Yield⁶ Ready 2 Yield¹ 2012 All‐in‐One  2010 No Specified  Corn Trait  Optimum  Platform⁷ SmartStax Platform  AcreMax™ Plus⁴ Biotech  Drought  2012+² 2014+⁵ Post‐2014⁸ Tolerance  Corn 6. Press Release: “Monsanto and Syngenta  1. Controlled commercial release of 1‐2M  3. Optimum® and GAT® are registered  Reach Royalty‐Bearing Licensing  acres; Large‐scale launch of 5‐6M in 2010 trademarks of Pioneer Hi‐Bred; Date as  Agreement on Roundup Ready 2 Yield stated in DuPont press release 07‐17‐08 2. First trait in the Drought‐tolerant corn  Soybean Technology,” 05‐23‐08 family, currently Phase III 4. AcreMax™ is a trademark of Pioneer Hi‐ 7. No specified platform indicated via Corn  Bred; Date as stated by William S. Niebur,  Technology Pipeline, Syngenta Half Year  Ph.D., Merrill Lynch Agricultural Chemicals  Results Presentation, 07‐24‐08, Slide 22.   Conference, 06‐05‐08, Slide 14 Relevant component traits: VIP/Broad lep:  5. Ibid, Slide 23 2009 and RW dual mode of action: 2012 8. Ibid. 14
  15. 15. SOYBEAN SEEDS & TRAITS Roundup Ready 2 Yield Soybeans Is One Of the Most- Anticipated Launches Because of Step-Change In Yield ROUNDUP READY 2 YIELD SOYBEANS: SECOND-GENERATION WEED CONTROL OPPORTUNITY U.S. SOYBEANS Near-Isoline Comparisons: Roundup Ready 2 Yield vs. Roundup Ready 2007 U.S. AVERAGE 41.6 bu YIELD PER ACRE: % Yield Increase over Roundup Ready 12% ROUNDUP READY 2 YIELD TARGETED YIELD 11% 7-11% 10% IMPROVEMENT: 9% 9% 8% VALUE PROPOSITION 7% 7% 6% YIELD IMPROVEMENT ON 3-5 bu/ac AVERAGE YIELDS: 4% INCREMENTAL YIELD VALUE TO $35-$65/acre FARMER (VERSUS ROUNDUP READY): 2% PRICING SEAMLESS PRICE 0% $69-$72 FOR ROUNDUP 4 YEAR READY 2 YIELD 2004 2005 2006 2007 SEED (PER ACRE)1: AVERAGE SEAMLESS PRICE FOR FIRST- Roundup Ready 2 Yield soybeans yield 7 to 11 percent GENERATION $49-$52 ROUNDUP READY higher than Roundup Ready soybeans based on 73 SEED (PER ACRE)1: Monsanto field trials from 2004-2007 1. Reflects seamless pricing to farmer, including trait value, germplasm value and value provided by seed treatment 15
  16. 16. COTTON SEEDS & TRAITS Cotton Platform Segregating Into Value- and Volume-Focused Opportunities To Reflect Changing Global Production CHANGING GLOBAL COTTON LANDSCAPE 2003 2004 2005 2006 2007 2008F 2003 2004 2005 2006 2007 2008F 16 16 Monsanto insect-protected Monsanto insect-protected trait acres ~16 trait acres 14.6 12 12 Acres (M) Acres (M) 8 8 8.7 8.6 7.8 7.8 6.6 5.7 5-6 4 4 1.3 3.1 0.2 0 0 13.5M 13.7M 14.2M 15.2M 10.8M 9.2M INDIA PLANTED PLANTED ACRES 3X UNITED STATES MORE BOLLGARD THAN U.S. IN 2008 VOLUME VALUE Expanding cotton market with U.S. acres likely to continue to be small, but growing demand for technology, among highest value but assumes local pricing risk • Technology adoption still needed to improve • Second-generation farmer profitability conversion continues to move ahead • Deltapine brand continues to provide access to world’s largest cotton germplasm pool 16
  17. 17. COTTON SEEDS & TRAITS Regardless of Where Cotton Is Grown Geographically, Trait Intensity Is Key Opportunity for Monsanto GLOBAL COTTON SEED AND TRAITS GROSS PROFIT COTTON INDEX=2007 FINANCIAL OUTLOOK 2012F 2007 With Delta & Pine Land acquisition, lower-margin seed is greater portion of product mix – softening margins Corn and soybeans have displaced cotton in Deltapine brand’s core U.S. geographies ~2X 2009 DRIVERS Re-establish U.S. share OVER 2007 INDEX growth, promote second-gen U.S Cotton Seeds & Traits Gross Profit penetration in U.S. and India International Cotton Seeds & Traits Gross Profit 17
  18. 18. VEGETABLE SEEDS Vegetable Core Platforms Are Established, Focusing on Execution and Growth To Become $1B Business by 2012 VEGETABLES $1,200 >$1B $1,000 FINANCIAL OUTLOOK >$1B $1,000s $800 By 2012, Vegetable business $600 >$650M >$650M roughly equates to today’s soybean business – currently $400 Monsanto’s second-largest $200 seed-and-trait segment Sales growth continues in $0 NET GROSS NET GROSS mid-single digits; Margin SALES PROFIT SALES PROFIT grows through pricing, new Vegetable Platform: Soybean Platform: products and increase of 2012F 2008F protected-culture business RANK ORDER GROSS PROFIT GENERATORS: 2012F 2009 DRIVERS When acquired in 2005, Corn Seeds & Traits Focus on operation and Seminis’ annual gross-profit execution of 3-channel contribution was among lowest Soybean Seeds & Traits approach: Seminis open-field, in Seeds & Genomics; Vegetable Seeds DeRuiter protected-culture, By 2012, Vegetable Seeds will and ISG regional brands be third-largest seed-and-trait Cotton Seeds & Traits platform All Other Seeds & Traits 18
  19. 19. VEGETABLE SEEDS De Ruiter Seeds Is Perfect Complement to Seminis, Setting Pace for Growth Through 2012 FY07 Annual net Sales = $145M FY07 Annual Net Sales = $612M Portfolio Composition: Percent of Sales1 Portfolio Composition: Percent of Sales1 10% 12% Open-Field Protected-Culture 88% 90% Pairing Seminis with De Ruiter Seeds brings together the leading positions in open-field and protected-culture segments • Both segments benefit from the coordinated 1. Size of pies not to scale with revenue molecular breeding infrastructure generated by Seminis or De Ruiter Seeds 19
  20. 20. SUMMARY On Track in 2008, Growth Drivers Continue to Set Stage for Growth Through 2012 GROSS PROFIT OUTLOOK BY SEGMENT 2007-2012F $10,000 TOTAL GROSS All Other Agricultural Productivity PROFIT GROWS TO >2X Roundup and Other Glyphosate-based Herbicides $8,000 2007 BASELINE Seeds & Genomics $6,000 $4,000 GROWTH COMES FROM SEEDS & $2,000 TRAITS $0 2007 2008F 2009F 2010F 2011F 2012F U.S. Corn Int’l Corn Soybeans Cotton Vegetables R&D Pipeline • Expand seed • Establish and • Prepare for • Accelerate U.S. • Reinvigorate • Largest-ever footprint expand seed commercial traits and margins R&D field footprint launch of breeding effort • Drive trait • DeRuiter Roundup penetration • Drive trait • Drive int’l traits integration Ready 2 Yield penetration SmartStax Accelerated trait Roundup Ready Globalized $1B Vegetable Game-Changing Platform platform 2 Yield Platform Cotton Platform Platform Launches
  21. 21. SUMMARY Monsanto’s Growth Opportunity Lies at the Intersection of Demand, Innovation and Execution Monsanto’s Simple Philosophy on Opportunity: More demand requires more YIELD More yield requires more INNOVATION More innovation delivers more GROWTH 21

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