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  • 1. 2008 PRELIMINARY CORN YIELD DATA November 18, 2008
  • 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. CORN SEED Preliminary Yield Trial Results Reinforce Yield Advantage of DEKALB Seed in the U.S. 2008 PRELIMINARY U.S. COMPETITIVE CORN YIELD COMPARISON: DEKALB 215 210 DEKALB GEOGRAPHY: U.S. (APPROXIMATE DIFFERENCES) 205 207 COMPETITORS Grow 2 Share 2009 200 OBJECTIVE: Points 199 195 198 2008 PERFORMANCE UPDATE BUSHELS/ACRE 196 190 193 • In > 12,800 comparisons, 191 190 189 189 185 DEKALB out-yields 184 competitive best by 180 182 9.8 bu/acre on average 175 • On 60 percent of the 170 171 acres planted, DEKALB 165 has 8-12 bu/acre 160 advantage 155 Source: Preliminary 2008 150 Monsanto and third party 100 RM 105 RM 110 RM 115 RM 90/95 RM head-to-head comparisons Overall RELATIVE MATURITIES (DAYS)► of 5 leading DEKALB hybrids within each RM zone COMPARISONS: >840 >2,550 >670 >4,370 >4,350 >12,800 to national competitor products containing similar APPROXIMATE BU/AC crop protection traits within 2 12.4 11.4 1.0 11.0 8.4 9.8 ADVANTAGE: RM days as of November 14, 2008. Weighted average calculated to 15% moisture. 3
  • 4. CORN SEED DEKALB Preliminary Yield Trial Results Deliver a Strong Yield Advantage Compared With Pioneer® 2008 PRELIMINARY U.S. COMPETITIVE CORN YIELD COMPARISON: DEKALB 215 210 DEKALB GEOGRAPHY: U.S. (APPROXIMATE DIFFERENCES) 205 208 PIONEER® Grow 2 Share 2009 200 OBJECTIVE: Points 200 199 195 198 2008 PERFORMANCE UPDATE 197 BUSHELS/ACRE 190 • In > 9,800 comparisons, 191 191 189 189 185 DEKALB out-yields 186 184 Pioneer ® leading 180 hybrids by 8.8 bu/acre on 175 average 170 • On 60 percent of the 170 165 acres planted, DEKALB 160 has 7-14 bu/acre advantage 155 Source: Preliminary 2008 150 Monsanto and third party 100 RM 105 RM 110 RM 115 RM 90/95 RM Overall head-to-head comparisons RELATIVE MATURITIES (DAYS)► of 5 leading DEKALB hybrids within each RM COMPARISONS: >800 >1,700 >550 >3,360 >3,425 >9,800 zone to Pioneer® products containing similar crop APPROXIMATE BU/AC protection traits within 2 RM 14.3 11.0 0.1 9.6 7.2 8.8 ADVANTAGE: days as of November 14, 2008. Weighted average, calculated to 15% moisture. 4
  • 5. CORN SEED ASI Shows Greatest Gains in Maturity Zones That Cover Over Half of All Planted Acres PRELIMINARY 2008 U.S. COMPETITIVE CORN YIELD COMPARISON: ASI ASI 230 GEOGRAPHY: U.S. (APPROXIMATE DIFFERENCES) 225 2009 COMPETITORS Gain 1 share pt. OBJECTIVE: 225 220 2008 PERFORMANCE UPDATE 215 216 BUSHELS/ACRE 210 • Overall, 2008 yield 213 209 205 comparisons showing 207 207 206 200 7.2 bu/ac advantage for 200 195 ASI over competitive best 190 • Greatest yield advantage 193 192 185 186 in RM 110 and 115, which 186 180 is in the heart of the 175 cornbelt 170 165 Source: Preliminary 160 2008 Monsanto internal trials which compare the 155 5 leading ASI hybrids within each RM zone to 150 Pioneer and NK brand 95 RM 100 RM 105 RM 110 RM 115 RM Overall products containing RELATIVE MATURITIES (DAYS)► similar crop protection LOCATIONS: traits within 3 RM days 73 79 74 96 96 418 as of November 13, 2008. Weighted APPROXIMATE BU/AC 5.7 6.1 2.2 11.3 10.0 7.2 average, calculated to ADVANTAGE: 15% moisture. 5
  • 6. CORN SEED Value to Farmer Combines Yield and Harvest Moisture Advantages $70 MOISTURE YIELD $64 $60 Grower Income Advantage -$/Acre $55 $53 GEOGRAPHY: U.S. $50 2008 PERFORMANCE UPDATE $39 $40 • On 60 percent of the acres planted, DEKALB has an 8-12 bu/acre $30 $25 advantage • With 0.6% - 2.0% harvest $20 moisture advantage on all acres, total value $10 advantage for DEKALB is $25-$65/acre $0 100 RM 105 RM 110 RM 115 RM 90/95 RM RELATIVE MATURITIES (DAYS)► COMPARISONS: >840 >2,550 >670 >4,370 >4,350 APPROXIMATE BU/AC 12.4 11.4 1.0 11.0 8.4 ADVANTAGE: HARVEST MOISTURE .7% 2.0% 1.9% 1.1% .6% ADVANTAGE: 1. Source – Yield data are preliminary 2008 Monsanto and third party head-to-head comparisons of 5 leading DEKALB brands within each RM Zone to national competitor products 6 containing similar crop protection traits within 2 RM as of November 14, 2008. Drying cost based on $0.06/bu per point of moisture and corn price calculated at $4.00/ bu.