EUROPEAN KEY INVESTOR TOUR
November 3-7, 2008

Forward-Looking Statements
Certain statements contained in this presentation are \"forward-looking statements,\" 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

STRATEGIC OUTLOOK
While Metrics and Projections Vary, Fundamentals of
Demand-Driven Environment for Grain Remain Strong
USDA LONG-TERM PROJECTIONS: STATE OF AGRICULTURE:
CORN AND SOYBEAN TOTAL TRADE – 2006-2017 Strong Demand Environment
FACTORS:
110 70
► INCREASING PROTEIN
Corn Total Trade Soybean Total Trade
Soybeans – million metric tons
DEMAND
60
105
Corn – million metric tons
Wealth drives meat
50
100 consumption – changing feed
40 demand
95
► ASCENSION OF CHINA
30
China’s growth is driving
90
20 huge changes in global
oilseeds and grain trade
85 10
► ESTABLISHMENT OF
BIOFUELS
80 0
Assuming only base-case
adoption of biofuels, more
corn and soy needed in next
decade
USDA Demand Outlook
• Global corn trade expected to grow 15 percent by 2017
• Imports by China and Mexico help spur demand
• USDA assumption on U.S. planted corn acres: ~90M
• Global soybean trade grows 40 percent by 2017
• 80 percent of growth is driven by China
• USDA assumption on U.S. planted soybean acres: ~70M
4
Source: USDA Agricultural Projections to 2017, available at: http://www.ers.usda.gov/Publications/OCE081/

STRATEGIC OUTLOOK
Global Corn Production Per Acre Is Sub-Optimized Today,
Creating an Opportunity for Innovation
GLOBAL CORN PRODUCTION1: YIELD
CORE PRODUCTIVITY MEASURES AND EVALUATION
Boosting yield-per-
acre can make a
meaningful
CANADA difference in
EU 27
3M ACRES
supply-demand
136 BU/AC
500M BUSHELS 27M ACRES
90% HYBRID environment
U.S. 99 BU/AC
CHINA
2B BUSHELS
• If India, Mexico
90M ACRES
151 BU/AC 67M ACRES
MEXICO
13B BUSHELS 83 BU/AC
and Brazil moved
6B BUSHELS
18M ACRES
25% HYBRID to 100 bushel per
INDIA
48 BU/AC
BRAZIL
900M BUSHELS
acre yields, they
20M ACRES
36M ACRES 45% HYBRID
75% HYBRID 32 BU/AC could produce
58 BU/AC 700M BUSHELS
2B BUSHELS
nearly 4 billion
additional
ARGENTINA
bushels of corn
10M ACRES
111 BU/AC
900M BUSHELS
annually – equal
to total world
Optimization of yield per acre
corn exports in
2007
Poor/Subsistence Sub-Optimized Optimized
5
1. Source is USDA FAS and internal estimates.

STRATEGIC OUTLOOK
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
6

STRATEGIC OUTLOOK
Monsanto’s Growth Opportunity Lies at the Intersection of
Demand, Innovation and Execution
Monsanto’s Simple Philosophy on Opportunity:
YIELD
More demand requires more
INNOVATION
More yield requires more
GROWTH
More innovation delivers more
7

FINANCIAL OUTLOOK
Yield and Innovation Create the Runway of Growth to 2012
for Seeds & Traits and for Monsanto as a Whole
2012 GROSS PROFIT TARGET
GROSS PROFIT COMMITMENT: RELATIVE TO 2007 BASELINE
2007-2012F $9.5 -
Total Gross Profit
$9.75B
$10,000
$9.5- BUSINESS DETAIL
$8.6-9.1B $9.75B Roundup and Other
$8,000
~$1.9B
Glyphosate-Based
$8-8.5B
>2X ~2.25X Herbicides
GP (in millions)
~2X 2007
2007
BASELINE
~$300M
All Other Ag
$6,000 BASELINE
2007
Productivity
BASELINE
$7.3-
Seeds & Genomics
$4,000
$7.5B
$4,230
2.6-2.7x
Corn Seed &
$2,000
Traits
~2x
Soybean Seed &
$0 Traits
ORIGINAL MID-YEAR CURRENT
BASELINE TARGET UPDATE GUIDANCE
~2x
Cotton Seed &
2007 2012F Traits
>2.5x
•INCREASED •BETTER Vegetable Seeds
ROUNDUP GROWTH IN
GP TARGET SEEDS &
TO $1.8B TRAITS
•2008
ACQUISITIONS
•ROUNDUP GP
TARGET OF
$1.9B
8

FINANCIAL OUTLOOK
Near Term, 2009 Again Projects Double-Digit Earnings
Growth and Strong Cash Generation
2008 2009F
EARNINGS
$4.20-$4.40
$3.64
ONGOING EARNINGS PER SHARE ~15-20% GROWTH
>80% GROWTH
FROM 2007 FROM 2008
Seeds & Genomics Gross Profit $3.9B $4.5-$4.6B
Corn Seed & Traits Gross Profit $2.2B ~$2.8B
Soybean Seed & Traits Gross Profit $725M ~$700M
Cotton Seed & Traits Gross Profit $313M ~$300M
Vegetable Seeds Gross Profit $394M ~$500M
All Other Seed & Traits Gross Profit $251M ~$200M
Roundup And All Other Glyphosate-based $2.0B $2.3-2.4B
Herbicides Gross Profit
All Other Ag Productivity Gross Profit $344M ~$400M
CASH MANAGEMENT AND SPENDING
FREE CASH FLOW $772M ~$1.8B
Operating Cash $2.8B >$3B
Capital Expenditures $918M ~$1B
SG&A as a Percent of Sales 20% 19% Range
R&D as a Percent of Sales 9% 9.5%-10% Range
9

USES OF CASH
Over 70% of the $2.8 Billion of Operating Cash Generated
Invested in Acquisitions, Technology and Capital in FY08
USES OF CASH
PERCENT OF $2.8B OPERATING CASH USED BY CATEGORY: FY2008
2%
Cash Generation
13%
$772M
FY2008 Free Cash Flow:
37%
FY2009 Free Cash
~$1.8B
Flow Forecast1:
15%
CASH PRIORITIES
• Bolster direct returns to
shareowners
• Support commercial growth
through capital spending
• Invest in future growth through
33%
technology collaborations
Acquisitions and
• Expand the core through strategic
Technology Collaborations
acquisitions
Capital Spending
Dividends
Share Repurchase
1. Estimate does not contemplate strategic acquisitions.
Other
10

STRATEGIC OUTLOOK
Seed Platforms Are Business Foundation, Establish Footprint
for Traits, and Create Diversified Crop Portfolio Globally
U.S. 2012
2008 SHARE TARGETS
EU27
25.5% 30-34% 2008 SHARE 2012 TARGETS
DEKALB
10.5% ~15% 12% 16-20%
ASI CORN
20% 24-28%
Asgrow
9% 10-12%
ASI
INDIA 2008 SHARE 2012 TARGETS
41% ~50%
Deltapine
36% 40-44%
CORN
5% 12%
COTTON
LA - NORTH 2008 SHARE 2012 TARGETS
62-66%
58%
CORN
BRAZIL 2008 SHARE 2012 TARGETS
40% 44-48%
CORN
ARGENTINA 2008 SHARE 2012 TARGETS
21% 31%
COTTON
46% 50-54%
CORN
Share for row crops provided reflects sales volume for Monsanto brands divided by total planted acres in respective geography.
Corn represents hybrid corn share in each respective market.
Source for Deltapine share in the U.S. is dmrkynetic 2008 new certified seed share estimates.
11

STRATEGIC OUTLOOK
Significant Growth Opportunity in Expansion of Existing and
Near Term Commercial Biotech Traits Globally
SOYBEANS COTTON CORN
INTERNATIONAL MARKET OPPORTUNITY
ROUNDUP ROUNDUP BOLLGARD ROUNDUP YIELDGARD
MARKET OPPORTUNITY FOR BIOTECH TRAITS THROUGH 20101
ROUNDUP YIELDGARD
READY READY AND READY CORN SMARTSTAX
READY ROOTWORM
BOLLGARD II CORN 2 BORER
2 YIELD (FLEX)
U.S. 65-75M 45-55M 10-12M 6-8M 80M 60-70M 45-55M 60-65M
2008 Penetration 97% 0% 63-75% 74-98% 86% 64-75% 55-67% 0%
45-50M2
Brazil 50-60M 3M 2M 15-20M 15-20M 5M 15-20M
Argentina 40M - - - 9M 7M 5M 5-7M
India - - 15-20M 18-20M 6M 6M - 5-6M
Europe (EU27) 1M - - - 24M 8M 5M 15-20M
South Africa 0.2M - .15M .15M 6M 4M - 4M
0.5M-
Australia - - 0.5M-0.8M - - - -
0.8M
OPPORTUNITY:
91-101M 45-50M 19-24M 21-23M 60-65M 40-45M 15M 44-57M
Total Intl. Markets
2008 Penetration
77-86%1
66-74% 0% 3-4% 3% 20-23% 0% 0%
of Intl. Markets
Note: Market Opportunity reflects total acres where technology is applicable, not necessarily acres projected for penetration by 2010.
1. Primarily Bollgard I penetration; opportunity to expand to second generation technology.
Roundup Ready 2 Yield is planned to be launched in Brazil as a stack with Insect-Protected soybeans.
2.
12

FINANCIAL OUTLOOK
Increased 2009 and 2012 Targets for Roundup Reflect
Sustainability Even As Supply-Demand Comes Into Balance
ROUNDUP AND OTHER GLYPHOSATE-BASED HERBICIDES:
Roundup and Other
BRANDED AND NON-BRANDED TRENDS – 2004-2008
Glyphosate-Based
Herbicides
300 Branded
2009 Forecast
Non-Branded
GROSS PROFIT TARGET: $2.3-$2.4B
250
Global Volume (in gallons)
Above
BRANDED PRICE BAND
(PER GALLON): $16-$18
200
2012 Forecast
GROSS PROFIT TARGET: $1.9B
150
BRANDED PRICE BAND
$16-$18
(PER GALLON):
100
50
0
2004 2005 2006 2007 2008
GLOBAL VOLUME
209M 215M 235M 252M 257M
(GALLONS):
BRANDED PRICE BAND
$11-$13 $11-$13 $11-$13 >$11-$13 ~$20
(PER GALLON):
TOTAL ROUNDUP AND
OTHER GLYPHOSATE-BASED $703M $637M $648M $854M $2.0B
HERBICIDES GROSS PROFIT:
13

R&D PIPELINE
R&D Engine Is Poised to Launch Average of One Game-
Changing Technology Every Other Year Through Mid-Decade
R&D PIPELINE: ADVANCED GAME-CHANGING TECHNOLOGIES
2008 2009 2010 2011 2012 TO MID-DECADE
Roundup Drought- Nitrogen-
SmartStax
Ready 2 Yield Tolerant Corn Utilization
Soybeans Family1 Corn Family1
• Second-gen soybean • All-in-one corn trait • Value likely in improved • Targets ways to use
trait platform platform yield under stress and nitrogen more efficiently
potential for water
• China import approval • On track for 2010 launch
replacement
received September – Submitted for
2008 regulatory review and
refuge reduction
• On track for 2009
release
SUPERIOR, NE - FIELD TRIALS – 2007 FARM PROGRESS SHOW – 2007
WITH GENE
CONTROL HYBRID
FARM PROGRESS SHOW – 2007 (94 BU/AC)
(76 BU/AC)
1. Part of the Monsanto-BASF Yield and Stress R&D Collaboration
14

R&D PIPELINE
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.
15

STRATEGIC OUTLOOK
While Metrics and Projections Vary, Fundamentals of
Demand-Driven Environment for Grain Remain Strong
USDA LONG-TERM PROJECTIONS: STATE OF AGRICULTURE:
CORN AND SOYBEAN TOTAL TRADE – 2006-2017 Strong Demand Environment
FACTORS:
110 70
► INCREASING PROTEIN
Corn Total Trade Soybean Total Trade
Soybeans – million metric tons
DEMAND
60
105
Corn – million metric tons
Wealth drives meat
50
100 consumption – changing feed
40 demand
95
► ASCENSION OF CHINA
30
China’s growth is driving
90
20 huge changes in global
oilseeds and grain trade
85 10
► ESTABLISHMENT OF
BIOFUELS
80 0
Assuming only base-case
adoption of biofuels, more
corn and soy needed in next
decade
USDA Demand Outlook
• Global corn trade expected to grow 15 percent by 2017
• Imports by China and Mexico help spur demand
• USDA assumption on U.S. planted corn acres: ~90M
• Global soybean trade grows 40 percent by 2017
• 80 percent of growth is driven by China
• USDA assumption on U.S. planted soybean acres: ~70M
17
Source: USDA Agricultural Projections to 2017, available at: http://www.ers.usda.gov/Publications/OCE081/

STRATEGIC OUTLOOK
Global Corn Production Per Acre Is Sub-Optimized Today,
Creating an Opportunity for Innovation
GLOBAL CORN PRODUCTION1: YIELD
CORE PRODUCTIVITY MEASURES AND EVALUATION
Boosting yield-per-
acre can make a
meaningful
CANADA difference in
EU 27
3M ACRES
supply-demand
136 BU/AC
500M BUSHELS 27M ACRES
90% HYBRID environment
U.S. 99 BU/AC
CHINA
2B BUSHELS
• If India, Mexico
90M ACRES
151 BU/AC 67M ACRES
MEXICO
13B BUSHELS 83 BU/AC
and Brazil moved
6B BUSHELS
18M ACRES
25% HYBRID to 100 bushel per
INDIA
48 BU/AC
BRAZIL
900M BUSHELS
acre yields, they
20M ACRES
36M ACRES 45% HYBRID
75% HYBRID 32 BU/AC could produce
58 BU/AC 700M BUSHELS
2B BUSHELS
nearly 4 billion
additional
ARGENTINA
bushels of corn
10M ACRES
111 BU/AC
900M BUSHELS
annually – equal
to total world
Optimization of yield per acre
corn exports in
2007
Poor/Subsistence Sub-Optimized Optimized
18
1. Source is USDA FAS and internal estimates.

STRATEGIC OUTLOOK
Monsanto’s Growth Opportunity Lies at the Intersection of
Demand, Innovation and Execution
Monsanto’s Simple Philosophy on Opportunity:
YIELD
More demand requires more
INNOVATION
More yield requires more
GROWTH
More innovation delivers more
19

STRATEGIC OUTLOOK
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
20

FINANCIAL OUTLOOK
Yield and Innovation Create the Runway of Growth to 2012
for Seeds & Traits and for Monsanto as a Whole
2012 GROSS PROFIT TARGET
GROSS PROFIT COMMITMENT: RELATIVE TO 2007 BASELINE
2007-2012F $9.5 -
Total Gross Profit
$9.75B
$10,000
$9.5- BUSINESS DETAIL
$8.6-9.1B $9.75B Roundup and Other
$8,000
~$1.9B
Glyphosate-Based
$8-8.5B
>2X ~2.25X Herbicides
GP (in millions)
~2X 2007
2007
BASELINE
~$300M
All Other Ag
$6,000 BASELINE
2007
Productivity
BASELINE
$7.3-
Seeds & Genomics
$4,000
$7.5B
$4,230
2.6-2.7x
Corn Seed &
$2,000
Traits
~2x
Soybean Seed &
$0 Traits
ORIGINAL MID-YEAR CURRENT
BASELINE TARGET UPDATE GUIDANCE
~2x
Cotton Seed &
2007 2012F Traits
>2.5x
•INCREASED •BETTER Vegetable Seeds
ROUNDUP GROWTH IN
GP TARGET SEEDS &
TO $1.8B TRAITS
•2008
ACQUISITIONS
•ROUNDUP GP
TARGET OF
$1.9B
21

FINANCIAL OUTLOOK
Near Term, 2009 Again Projects Double-Digit Earnings
Growth and Strong Cash Generation
2008 2009F
EARNINGS
$4.20-$4.40
$3.64
ONGOING EARNINGS PER SHARE ~15-20% GROWTH
>80% GROWTH
FROM 2007 FROM 2008
Seeds & Genomics Gross Profit $3.9B $4.5-$4.6B
Corn Seed & Traits Gross Profit $2.2B ~$2.8B
Soybean Seed & Traits Gross Profit $725M ~$700M
Cotton Seed & Traits Gross Profit $313M ~$300M
Vegetable Seeds Gross Profit $394M ~$500M
All Other Seed & Traits Gross Profit $251M ~$200M
Roundup And All Other Glyphosate-based $2.0B $2.3-2.4B
Herbicides Gross Profit
All Other Ag Productivity Gross Profit $344M ~$400M
CASH MANAGEMENT AND SPENDING
FREE CASH FLOW $772M ~$1.8B
Operating Cash $2.8B >$3B
Capital Expenditures $918M ~$1B
SG&A as a Percent of Sales 20% 19% Range
R&D as a Percent of Sales 9% 9.5%-10% Range
22

USES OF CASH
Over 70% of the $2.8 Billion of Operating Cash Generated
Invested in Acquisitions, Technology and Capital in FY08
USES OF CASH
PERCENT OF $2.8B OPERATING CASH USED BY CATEGORY: FY2008
2%
Cash Generation
13%
$772M
FY2008 Free Cash Flow:
37%
FY2009 Free Cash
~$1.8B
Flow Forecast1:
15%
CASH PRIORITIES
• Bolster direct returns to
shareowners
• Support commercial growth
through capital spending
• Invest in future growth through
33%
technology collaborations
Acquisitions and
• Expand the core through strategic
Technology Collaborations
acquisitions
Capital Spending
Dividends
Share Repurchase
1. Estimate does not contemplate strategic acquisitions.
Other
23

FINANCIAL OUTLOOK
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 >2.25X
Roundup and Other Glyphosate-based Herbicides
$8,000 2007 BASELINE
Seeds & Genomics
$6,000
$4,000
2008 SEEDS & GENOMICS
$2,000 GENERATES $3.9B OF
GROSS PROFIT
$0
2007 2008 2009F 2010F 2011F 2012F
U.S. Corn Int’l Corn Cotton Vegetables R&D Pipeline
Soybeans
• 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
• Drive trait • Drive int’l traits
penetration integration
Ready 2 Yield
penetration
SmartStax Accelerated trait Roundup Ready Globalized $1B Vegetable Game-Changing
Platform platform 2 Yield Platform Cotton Platform Platform Launches

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
25

STRATEGIC OUTLOOK
Significant Growth Opportunity in Expansion of Existing and
Near Term Commercial Biotech Traits Globally
SOYBEANS COTTON CORN
INTERNATIONAL MARKET OPPORTUNITY
ROUNDUP ROUNDUP BOLLGARD ROUNDUP YIELDGARD
MARKET OPPORTUNITY FOR BIOTECH TRAITS THROUGH 20101
ROUNDUP YIELDGARD
READY READY AND READY CORN SMARTSTAX
READY ROOTWORM
BOLLGARD II CORN 2 BORER
2 YIELD (FLEX)
U.S. 65-75M 45-55M 10-12M 6-8M 80M 60-70M 45-55M 60-65M
2008 Penetration 97% 0% 63-75% 74-98% 86% 64-75% 55-67% 0%
45-50M2
Brazil 50-60M 3M 2M 15-20M 15-20M 5M 15-20M
Argentina 40M - - - 9M 7M 5M 5-7M
India - - 15-20M 18-20M 6M 6M - 5-6M
Europe (EU27) 1M - - - 24M 8M 5M 15-20M
South Africa 0.2M - .15M .15M 6M 4M - 4M
0.5M-
Australia - - 0.5M-0.8M - - - -
0.8M
OPPORTUNITY:
91-101M 45-50M 19-24M 21-23M 60-65M 40-45M 15M 44-57M
Total Intl. Markets
2008 Penetration
77-86%1
66-74% 0% 3-4% 3% 20-23% 0% 0%
of Intl Markets
Note: Market Opportunity reflects total acres where technology is applicable, not necessarily acres projected for penetration by 2010.
1. Primarily Bollgard I penetration; opportunity to expand to second generation technology.
Roundup Ready 2 Yield is planned to be launched in Brazil as a stack with Insect-Protected soybeans.
2.
26

CORN SEED & TRAITS
Corn Gross Profit to Expand 25-30% in 2009, Reflecting
Continuing Momentum in Seed Share and Trait Penetration
CORN SEEDS AND TRAITS:
KEY FINANCIAL METRICS AND DRIVERS – 2005-2008F
CORN
FINANCIAL OUTLOOK
62%
$4,000
Gross Profit as Percent of Sales
For 2009, Corn Seeds &
$3,500 >$3.5B
Traits gross profit is forecast
60%
to be up 25-30%
$3,000
Absolute gross profit is
$2,500 58%
increased by growing seed
$M
>$2.1B
$2,000
share, increasing trait
penetration and increasing
56%
$1,721
$1,500
prices
$1,000
Margin increases by
$1,019 54%
$825
increasing mix toward traits
$500
2009 DRIVERS
$0 52%
2005 2006 2007 2008 Increasing triple-stack
penetration in U.S. combined
Net Sales Gross Profit Gross Profit as Percent of Sales
with stronger trait pricing
Launch of new traits in
Argentina and Brazil
28

FINANCIAL OUTLOOK
Yield-Enhancing Technology Creates Value – Returning
$1.50-$3 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
FARMER RETURN OF
bu/ac
1.5X – 3X
110
PER DOLLAR SPENT
100
ON YIELD-CREATING TECHNOLOGY
@ COMMODITY PRICE RANGE OF $2-$4/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). 2008F Yield is April 08 Doane Ag. Return – Monsanto Estimate
29

CORN SEED & 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
30% Three years of growth since
2005 have outpaced projected
28%
growth each year
GROW
26%
2%+ 2009: Trend continues with
25.5%
24% early commitment for
accelerated growth in
23%
22%
DEKALB and ASI
20%
2009 DRIVERS TARGET
19%
18%
2+
U.S. DEKALB Share
2005 PROJECTED
16%
+1
AVERAGE GROWTH
16% U.S. ASI Share
TREND
14%
TRAIT TARGETS
14%
13%
12%
U.S. Triple-Stack
10% 12% 34-35M
Penetration
10%
2001 2002 2003 2004 2005 2006 2007 2008 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
30

CORN SEED & TRAITS
Seed Platforms Are Business Foundation, Establish Footprint
for Traits, and Create Diversified Crop Portfolio Globally
EU27 2008 SHARE 2012 TARGETS
12% 16-20%
CORN
U.S. 2012
2008 SHARE TARGETS
25.5% 30-34%
DEKALB
10.5% ~15%
ASI
INDIA 2008 SHARE 2012 TARGETS
36% 40-44%
CORN
LA - NORTH 2008 SHARE 2012 TARGETS
62-66%
58%
CORN
BRAZIL 2008 SHARE 2012 TARGETS
40% 44-48%
CORN
ARGENTINA 2008 SHARE 2012 TARGETS
46% 50-54%
CORN
Share for row crops provided reflects sales volume for Monsanto brands divided by total planted acres in respective geography.
Corn represents hybrid corn share in each respective market.
31

CORN SEED & TRAITS
Triple Stack Penetration Accelerates, Creating Added Growth
and Setting Stage for SmartStax Launch
U.S. CORN TRAIT OPPORTUNITY: 2005-2010F
70
220
200
U.S. TRIPLE-STACK ACRES
60
180
U.S. TRAIT ACRES
(IN MILLIONS)
160 50
(IN MILLIONS)
140
40
120
100
30
80
20
60
40
10
20
0
0
2007 2008 2009F
2005 2006 2007 2008F 2009F 2010F
2010
•
Opportunity
Q3UPDATE
Rootworm Control NA 50-65M
20.8M 30.1M
Corn Borer Control NA 60-70M
42.4M 45M
Glyphosate Tolerance NA 80M
57.9M 68.8M
Triple Stack/SmartStax 17.6M 29.1M 34-35M 50-65M
Opportunity widens in 2010 with launch of SmartStax
Trait acres reflect the total acres planted with each individual trait. In the case of stacked traits, each absolute
acre will be reflected by two or more trait acres.
32

CORN SEED & 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
• YieldGard VT PRO received reduced
REDUCTION
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 2008
33

CORN SEED & 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
#1 position in all key
SEED & TRAIT TRENDS THROUGH 2012
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
25-27M
HYBRID ACRES:
1st commercial trait in
BIOTECH
FY2009
STATUS:
• Targeted share gain: 1-2 points
FY2009
• 1-2M acre launch of YieldGard Corn Borer; sold-
PRIORITIES:
out in Q1
ARGENTINA
ARGENTINA
CURRENT 5-YEAR OUTLOOK
46% (#1 position)
SEED SHARE:
8-10M
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; sold-out in Q1
34

CORN SEED & TRAITS
Monsanto’s Pricing Model Aimed at Total Value Created;
Shared with Farmer
YieldGard VT Triple Improved Yield
PRICING TO VALUE EXAMPLE: 2009
UPDATE: Yield-advantage value at 3 year
Improved Yield1 average commodity price
IMPROVED YIELD • One year back, current year and forward year
15-20
(BU/AC):
• Value shared with farmers
UPDATE: 3 YEAR COMMODITY PRICE:
$4.00
Indirect Benefits
$60-$80
Quantified benefits, such as convenience and
Indirect Benefits2
peace of mind
INDIRECT BENEFITS:
$5
• Value shared with farmers
Incremental Value Created
$65-$85
(+) Replacement Value
Factors costs farmers would have incurred for
substitute insect and weed control
• 100% of replacement value is captured
PRICING APPROACH
UPDATE: Per-Acre Trait Cost3: $29-$54
UPDATE: Replacement PRICING APPROACH
($11-$19)
Value4
Percentage of incremental value shared
Incremental Farmer Cost: $18-$35 ultimately determined by market research,
pricing simulations and focus groups to assess:
Incremental Value Shared: 60-70%
• Market Share Implications
1. Monsanto estimates, based on better insect and weed control over conventional options
• Trait Penetration Effect
2. Monsanto estimates, based on farmer surveys quantifying benefits such as convenience and
peace of mind • Competitive Reaction
3. Retail price range for YieldGard VT Triple in 2009, at seeding rate of 2.7 acres per unit
4. Subtracts costs farmers would have spent had they not used a trait package
35

SOYBEAN SEED & TRAITS
Soybean Seeds and Traits Poised for Renaissance Driven By
Roundup Ready 2 Yield Opportunity
SOYBEAN SEEDS AND TRAITS:
KEY FINANCIAL METRICS AND DRIVERS – 2005-2008F
SOYBEANS
FINANCIAL OUTLOOK
$1,400 70%
Gross Profit as Percent of Sales
>$1.1B
For 2009, Soybean Seeds &
$1,200 60%
Traits gross profit is forecast
to be flat with 2008
$1,000 50%
Performance more subject to
$800 40% planted acres because of
$M
significant trait penetration
$725M
$667
$600 30%
$613
In 2009, lower acres and
$588
higher production cost for
$400 20%
seed still prominent
$200 10%
Beyond 2009, Roundup Ready
2 Yield creates new margin
$0 0%
opportunity as acres expand
2005 2006 2007 2008
2009 DRIVERS
Net Sales Gross Profit Gross Profit as Percent of Sales
Focus on 1-2M acre controlled
commercial release of
Roundup Ready 2 Yield
37

SOYBEAN SEED & 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:
2007 U.S. AVERAGE
Roundup Ready 2 Yield vs. Roundup Ready 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
$27-$45/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
38

COTTON SEED & TRAITS
Seed Platforms Are Business Foundation, Establish Footprint
for Traits, and Create Diversified Crop Portfolio Globally
U.S. 2012
2008 SHARE TARGETS
41% ~50%
Deltapine
INDIA 2008 SHARE 2012 TARGETS
5% 12%
COTTON
BRAZIL 2008 SHARE 2012 TARGETS
21% 31%
COTTON
Share for row crops provided reflects sales volume for
Monsanto brands divided by total planted acres in
respective geography.
Source for Deltapine share in the U.S. is dmrkynetic
2008 new certified seed share estimates.
40

COTTON SEED & TRAITS
Cotton Platform Segregating Into Value- and Volume-Focused
Opportunities To Reflect Changing Global Production
CHANGING GLOBAL COTTON LANDSCAPE
2003 2004 2005 2006 2007 2008 2003 2004 2005 2006 2007 2008
16 16
Monsanto insect-protected 17.2
Monsanto insect-protected trait acres
trait acres
14.6
12 12
Acres (M)
Acres (M)
8 8
8.7 8.6
7.8 7.8
6.6 5.9
5.7
4 4
1.3 3.1
0.2
0 0
13.5M 13.7M 14.2M 15.2M 10.8M 9.4M
INDIA PLANTED
3X
PLANTED ACRES
UNITED STATES MORE BOLLGARD
AND BOLLGARD II
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
41

COTTON SEED & 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
42

VEGETABLE SEEDS
Vegetable Core Platforms Are Established, Focusing on
Execution and Growth To Become $1B Business by 2012
VEGETABLES
$1,400
$1.2B
$1,200
FINANCIAL OUTLOOK
>$1B
$1,000
$M
$800
By 2012, Vegetable business
$725M
roughly equates to today’s
$600 >$650M
soybean business – currently
$400
Monsanto’s second-largest
seed-and-trait segment
$200
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
2008 protected-culture business
RANK ORDER GROSS PROFIT
GENERATORS: 2012F 2009 DRIVERS
Corn Seeds & Traits
Focus on operation and
execution of 3-channel
Soybean Seeds & Traits
approach: Seminis open-field,
Vegetable Seeds DeRuiter protected-culture,
and ISG regional brands
Cotton Seeds & Traits
All Other Seeds & Traits
44

VEGETABLE SEEDS
De Ruiter Seeds Is Perfect Complement to Seminis, Setting
Pace for Growth Through 2012
FY07 Annual net Sales = $145M
FY08 Annual Net Sales = $744M
Portfolio Composition: Percent of Sales1
Portfolio Composition: Percent of Sales1
10%
13%
Open-Field
Protected-Culture
87%
90%
Pairing Seminis with De Ruiter Seeds
brings together the leading positions in
open-field and protected-culture
segments
• Both divisions benefit from the coordinated
1. Size of pies not to scale with revenue molecular breeding infrastructure
generated by Seminis or De Ruiter Seeds
45

ROUNDUP
Increased 2009 and 2012 Targets for Roundup Reflect
Sustainability Even As Supply-Demand Comes Into Balance
ROUNDUP AND OTHER GLYPHOSATE-BASED HERBICIDES:
Roundup and Other
BRANDED AND NON-BRANDED TRENDS – 2004-2008
Glyphosate-Based
Herbicides
300 Branded
2009 Forecast
Non-Branded
GROSS PROFIT TARGET: $2.3-$2.4B
250
Global Volume (in gallons)
Above
BRANDED PRICE BAND
(PER GALLON): $16-$18
200
2012 Forecast
GROSS PROFIT TARGET: $1.9B
150
BRANDED PRICE BAND
$16-$18
(PER GALLON):
100
50
0
2004 2005 2006 2007 2008
GLOBAL VOLUME
209M 215M 235M 252M 257M
(GALLONS):
BRANDED PRICE BAND
$11-$13 $11-$13 $11-$13 >$11-$13 ~$20
(PER GALLON):
TOTAL ROUNDUP AND
OTHER GLYPHOSATE-BASED $703M $637M $648M $854M $2.0B
HERBICIDES GROSS PROFIT:
47

R&D PIPELINE
Phase Advancements For Key Projects Reflect Progress and
Strength Throughout Monsanto’s Industry-Leading Pipeline
BIOTECH TRAIT PIPELINE: JANUARY 2008 UPDATE
PHASE PHASE PHASE PHASE
D 1 3
2 4
PHASE PHASE PHASE PHASE
D 1 3
2 4
AGRONOMIC TRAITS
YIELD AND STRESS PIPELINE
ROUNDUP READY 2 YIELD
SOYBEANS
DROUGHT-TOLERANT CORN
FAMILY
YIELDGARD VT PRO
2ND-GEN YIELDGARD CORN BORER
DROUGHT-TOLERANT CORN
SMARTSTAX CORN
2ND-GEN DROUGHT-TOLERANT CORN
DICAMBA-TOLERANT SOYBEANS
NITROGEN-UTILIZATION CORN
FAMILY
INSECT-PROTECTED + ROUNDUP
READY 2 YIELD SOYBEANS
NITROGEN-UTILIZATION CORN
BOLLGARD III
BROAD-ACRE HIGHER-YIELDING
CORN FAMILY SOYBEAN NEMATODE-
RESISTANCE
HIGHER-YIELDING CORN
SOYBEAN DISEASE
BROAD-ACRE HIGHER-YIELDING
SOYBEAN FAMILY DICAMBA-TOLERANT COTTON
HIGHER-YIELDING SOYBEANS
COTTON LYGUS CONTROL
2ND-GEN HIGHER-YIELDING SOYBEANS
YIELDGARD ROOTWORM III
DROUGHT-TOLERANT COTTON
VALUE-ADDED TRAITS
FAMILY
DROUGHT-TOLERANT COTTON
EXTRAX™ CORN PROCESSING
SYSTEM + MAVERA HIGH-VALUE
BROAD-ACRE HIGHER-YIELDING CORN WITH LYSINE2
CANOLA FAMILY
HIGH-OIL SOYBEANS
HIGHER-YIELDING + ROUNDUP READY 2
YIELD CANOLA1
2ND-GEN HIGH-OIL SOYBEANS
High Impact Technologies (HIT) project
OMEGA-3 ENRICHED SOYBEANS
Jan. 3, 2008 Advancements/Additions
VISTIVE III SOYBEANS
The colored bar associated with each project indicates which phase that project is in. It is
not intended to represent the relative status of the project within a particular stage. HIGH-STEARATE SOYBEANS
(VIA BIOTECH)
1. For higher-yielding + Roundup Ready 2 Yield canola, only the value of the higher-yielding
trait is incorporated into the Yield and Stress collaboration with BASF HIGH-OIL CORN
2. Value of licensing the EXTRAX™ technology is shared with Cargill as a part of Renessen
49
joint venture

R&D PIPELINE
R&D Engine Is Poised to Launch Average of One Game-
Changing Technology Every Other Year Through Mid-Decade
R&D PIPELINE: ADVANCED GAME-CHANGING TECHNOLOGIES
2008 2009 2010 2011 2012 TO MID-DECADE
Roundup Drought- Nitrogen-
SmartStax
Ready 2 Yield Tolerant Corn Utilization
Soybeans Family1 Corn Family1
• Second-gen soybean • All-in-one corn trait • Value likely in improved • Targets ways to use
trait platform platform yield under stress and nitrogen more efficiently
potential for water
• China import approval • On track for 2010 launch
replacement
received in September – Submitted for
2008 regulatory review and
refuge reduction
• On track for 2009
release
SUPERIOR, NE - FIELD TRIALS – 2007 FARM PROGRESS SHOW – 2007
WITH GENE
CONTROL HYBRID
FARM PROGRESS SHOW – 2007 (94 BU/AC)
(76 BU/AC)
1. Part of the Monsanto-BASF Yield and Stress R&D Collaboration
50

OVERVIEW
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.
51

R&D PIPELINE
Insect-Protected Soybeans Are First-Ever Monsanto Trait
Developed Exclusively for Non-U.S. Opportunity
2007 FIELD TESTING SHOWS VISUAL
R&D Pipeline
PROOF OF CONTROL
Insect-Protected Soybeans with
Roundup Ready 2 Yield
TIPTON, GA - FIELD EFFICACY TRIAL – 2007
Phase 3
STATUS:
PROJECT CONCEPT:
Insect-protected soybeans use Bt
technology widely adopted in corn
and cotton to control insect pests,
especially economically important
pests for Brazilian farmers. The Bt
trait is combined with Roundup
Ready 2 Yield
VALUE:
LAUNCH-COUNTRY: Brazil
LAUNCH-COUNTRY
50M
ACRE OPPORTUNITY1:
2020 COMMERCIAL
$150-$300M CONTROL WITH GENE
VALUE2:
(NO INSECTICIDE) (NO INSECTICIDE)
SOURCES OF VALUE:
Insecticide substitution
Insect-protected soybeans with Roundup Ready 2 Yield
1 Based on 2 current sprays
technology demonstrated significant protection from key
costing almost $6/acre total
lepidopteran pests, including soybean looper, in 2007 tests
Improved yield
2 4+% increase over chemical
1. Acre opportunity reflects acres where trait could have technological fit. Opportunity does not reflect acres that may be
insecticides planted to a competitive trait or acres required for insect-resistance management (IRM) set-aside refuges
2. 2020 value reflects gross sales opportunity in launch country in year 2020
52

R&D PIPELINE
Higher-Yielding Soybeans Continue to Demonstrate Improved
Yield Over Conventional Controls
2007/08 HIGHER-YIELDING SOYBEAN
NEW:
AGRONOMIC TESTING VERSUS CONTROLS
R&D Pipeline
Higher-Yielding Soybeans Family: Percentage yield difference vs. control:
Lead Project 8.0 6.2% 10.2%
7.1% 6.0% 4.6% 10.5% 2.2% 10.3%
5.4% 8.8%
Phase 2
STATUS:
(bu/a increase over control)
Average Yield Advantage
PROJECT CONCEPT: 6.0
PRODUCT
Higher-yielding soybeans aimed at
CONCEPT
boosting intrinsic yield potential of TARGET
4.0 RANGE
soybeans through insertion of key
genes
VALUE: 2.0
LAUNCH-COUNTRY
45M
ACRES1:
0.0
2020 VALUE2: $300-$500M Event 1 Event 2 Event 3 Event 4 Event 5
SOURCES OF VALUE: Season 1: 2007 U.S. Field Trials (18 locations)
Season 2: 2007/08 LA Field Trials (12 locations)
Improved yield
16 top-performing events advanced to Latin America trials.
1 Targeting yield improvement of
6-10%
Lead events showing strong yield advantages over
conventional controls in both trials.
Higher-yielding trait will be stacked on top of Roundup
Ready 2 Yield and other soybean-pipeline traits.
1. Acre opportunity reflects acres where technology
fits at Monsanto's 2007 market share in respective
crops
2. 2020 value reflects gross sales opportunity in
launch country in year 2020
53
PART OF THE MONSANTO BASF YIELD AND STRESS R&D COLLABORATION

R&D PIPELINE
2007 Dryland Field Tests of Lead Drought Event Offers Visual
Evidence of Increased Yield In Stressed Conditions
2007 FIELD TESTING SHOWS VISUAL
R&D Pipeline
PROOF OF YIELD IMPROVEMENT
Drought-Tolerant Corn Family:
SUPERIOR, NE - FIELD TRIALS – 2007
Lead Project
HIT Project Phase 3
PROJECT CONCEPT:
Drought-tolerance family aimed at
providing consistent yield and
buffering against effects of water
limitations
VALUE:
LAUNCH-COUNTRY
55M
ACRES1:
2020 VALUE2: $300-$500M
SOURCES OF VALUE:
Improved yield
Targeting 6-10% yield
1
CONTROL HYBRID WITH GENE
improvement in water-stress
environments (76 BU/AC) (94 BU/AC)
1. Acre opportunity reflects acres where technology fits at
Water stress exposure during different stages of development
Monsanto's 2007 market share in respective crops
can have significant effect on corn yield; Monsanto’s lead
2. 2020 value reflects gross sales opportunity in launch country
drought-tolerance trait shows a significant yield advantage
in year 2020
compared with controls under drought stress
54
PART OF THE MONSANTO BASF YIELD AND STRESS R&D COLLABORATION

R&D PIPELINE
Second-Generation Drought-Tolerant Corn Targeted
to Expand Reach
Drought Efficacy for Second-Gen Events
16
R&D Pipeline
Yield Difference Over Controls (%)
14
Drought-Tolerant Corn Family:
12
Second-Generation Project
10 PRODUCT
CONCEPT
Phase 2 8
STATUS:
KEY RESULTS
TARGET
RANGE
6
PROJECT CONCEPT:
4
Drought-tolerance family aimed at
2
providing consistent yield and
0 EVENT 1EVENT 2 EVENT 3 EVENT 1EVENT 2 EVENT 3
buffering against effects of water
HIGHER-YIELDING ENVIRONMENT
LOWER-YIELDING ENVIRONMENT
limitations AVERAGE YIELD: 166 BU/AC
AVERAGE YIELD: 53 BU/AC
VALUE:
2007
2006
LAUNCH-COUNTRY
55M (All three events significant @ p≤0.10); Statistical significance determined by ANOVA (2006) or nonparametric test (2007)
ACRES1:
2020 VALUE2: $300-$500M
SOURCES OF VALUE: SEGMENTED VALUE OPPORTUNITY ACROSS MARKETS
Improved yield Second generation
KEY OPPORTUINITY
IRRIGATED
Targeting 6-10% yield demonstrates
1 8-12M Acres
improvement in water-stress performance over
environments WESTERN broad range of stress
DRYLAND
conditions in both low
Water substitution
10-12M Acres and high-yielding
2 Variable costs in pumped
environments
irrigation of >$100/ acre STABILITY
Potential for a broad
60-70M Acres
Low annual High annual
1. Acre opportunity reflects acres where technology fits at
acreage fit across all
precipitation
Monsanto's 2007 market share in respective crops precipitation
acres planted
2. 2020 value reflects gross sales opportunity in launch country Source: Spatial Climate Analysis Service, Oregon State University
in year 2020
55
PART OF THE MONSANTO BASF YIELD AND STRESS R&D COLLABORATION

R&D PIPELINE
In Continued Field Testing, Nitrogen-Utilization Lead Shows
Yield Improvement Under Normal Nitrogen
LEAD PERFORMANCE UNDER NORMAL
R&D Pipeline
NITROGEN CONDITIONS
Nitrogen-Utilization Corn Family:
Lead Project
Yield Increase (bu/Ac)
12
* **
Phase 1 10
***
STATUS:
*
8
PROJECT CONCEPT:
6
4
Targets ways to use nitrogen more
2
efficiently, exploring potential to
0
boost yield under normal nitrogen
-2
conditions or stabilize it in low
TRIALS IN MULTIPLE
TRIALS IN MULTIPLE
nitrogen environments
HYBRID BACKGROUNDS HYBRID BACKGROUNDS
VALUE: (15 LOC)
(16 LOC)
LAUNCH-COUNTRY 2005
55M 2006 YIELD TRIALS:
ACRES1: 2007 YIELD TRIALS:
YIELD
SUFFICIENT N LEVELS SUFFICIENT N LEVELS
TRIALS:
2020 VALUE2: (37 LOC TOTAL)
$300-$500M (20 LOC TOTAL)
(23 LOC
TOTAL)
SOURCES OF VALUE:
2005 2006 2007
Improved yield
* Statistically significant @ p≤0.10
Yield improvement in normal
1
nitrogen environments Bar color correlates with the specific hybrid background tested. Same bar color in
different tests and different years indicates same hybrid was used.
Nitrogen reduction
All trials conducted under sufficient nitrogen application levels.
2 Improving yield in low nitrogen
environments
Under normal nitrogen conditions, Nitrogen-Utilization lead has
1. Acre opportunity reflects acres where technology fits at
demonstrated yield advantages in multiple backgrounds over
Monsanto's 2007 market share in respective crops
multiple years
2. 2020 value reflects gross sales opportunity in launch country
in year 2020
56
PART OF THE MONSANTO BASF YIELD AND STRESS R&D COLLABORATION

R&D PIPELINE
Strong Pipeline Reflects Growing Innovation and Value of
Emerging Yield and Stress Traits
DISCOVERY PHASE 1 PHASE 2 PHASE 3 PHASE 4
Drought-
HIGH Tolerant
FAMILY TRAITS►
Family
CORN:
COLLABORATION
YIELD & STRESS
Nitrogen-
BROAD-ACRE HIGH Utilization
FAMILY TRAITS►
YIELD Family
Broad-Acre,
MEGA Higher-Yielding
FAMILY TRAITS►
Family
SOYBEANS: Broad-Acre,
BROAD-ACRE HIGH Higher-Yielding
FAMILY TRAITS►
YIELD Family
2020 VALUE RANGES: Omega-3 Roundup
Bollgard III
soybeans Ready 2 Yield
soybeans
MEGA HIGH Roundup
Insect-protected
$300M-$500M
>$1BM Ready 2
Roundup Ready 2
Yield canola YieldGard
Yield soybeans
VT PRO
Dicamba- corn
MID LOW tolerant
soybeans
<$150M
$150M-$300M Vistive III Improved-
protein
High-oil
Corn Soybeans Cotton Canola soybeans
soybeans
Note: 2020 value ranges reflects expected annual gross sales in launch country in 2020. 57

CREDIT
With Different Core Structure, Credit Access For Farmers
Remains Solid As Purchase-Season Approaches
U.S. FARM BUSINESS DEBT: U.S. Farm Credit
SHARE BY CATEGORY, 2000-2006 LENDING SYSTEM
45 • One-third of farmers get
financing from the Farm
42.4%
40
Credit System –
Percentage of Market
government-backed lending
35
earmarked for agriculture
32.6%
30
• Around 40 percent of
farmers tap into regional
25
and community banks
17.2%
20 • Rely on core deposits for
funding
15
• Continue to hold interest rates
steady and lines of credit open
10
5.3% • 15-20 percent use credit
5 lines provided by
2.6% agricultural suppliers
0
2000 2001 2002 2003 2004 2005 2006
Commercial Banks Farm Credit System
Individuals & Others Life Insurance Companies
USDA FSA
Source: USDA Economic Research Service
Year-end 2006 preliminary estimates shown
59

CREDIT
With the Season Well Under Way, Credit Access For Farmers
in Brazil and Argentina Is Holding
ARGENTINA FARM BUSINESS DEBT: Argentina and Brazil Farm
SHARE BY CATEGORY, 2000-2006 Credit
MONSANTO SALES
100
• In fiscal year 2008,
90
approximately 55% of our
80 sales in Brazil were for cash
Percentage of Market
65% or grain, or for terms
70
securitized with grain and
60
land.
50 • In Argentina in fiscal year
2008, approximately 75% of
40
our sales were for cash or
27%
30 were collateralized with
grain contracts.
20
8%
10
0
2000 2001 2002 2003 2004 2005 2006
Commercial Banks AgChem & Seed Suppliers
Individuals & Others
Note: Decline in credit from banks and Agchem and Seed dealers in 2002 in Argentina was due to significant currency de-valuation.
60

Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow
Fiscal Year
2009 Fiscal Year Fiscal Year
$ Millions Forecast 2008 2007
Net Cash Provided (Required) by Operations $3,000 $2,799 $1,854
Net Cash Provided (Required) by Investing Activities (1,200) (2,027) (1,911)
Free Cash Flow $1,800 $772 ($57)
Net Cash Provided (Required) by Financing Activities N/A (102) (583)
Effect of Exchange Rate Changes on Cash and Cash Equivalents N/A 77 46
Net Increase (Decrease) in Cash and Cash Equivalents N/A $747 ($594)
Reconciliation of Non-GAAP EPS
Fiscal Year
Fourth Fourth
2009 Fiscal Year Fiscal Year
$ per share Forecast 2008 2007 Quarter 2008 Quarter 2007
$4.20-$4.40 $3.62 $1.79 ($0.31) ($0.39)
Diluted Earnings (Loss) per Share
Solutia Claim Settlement -- ($0.23) -- -- --
Loss (Income) on Discontinued Operations -- ($0.04) ($0.15) ($0.01) ($0.13)
In-Process R & D Write-Off Related to the De Ruiter -- $0.29 -- $0.29 --
Acquisition
In-Process R & D Write-Off Related to the Delta & Pine Land -- -- $0.34 -- $0.34
(D&PL) Acquisition
Diluted Earnings (Loss) per Share from Ongoing Business $4.20-$4.40 $3.64 $1.98 ($0.03) ($0.18)
62