1. TERRY CREWS
EXECUTIVE VICE PRESIDENT,
CHIEF FINANCIAL OFFICER
MONSANTO BIENNIAL
U.S. INVESTOR DAY
NOVEMBER 8, 2007
1

2. OVERVIEW
Given Growth Opportunities, Monsanto Has Potential to More
Than Double Gross Profit Over Next Five Years
2012 GROWTH RANGE
MONSANTO GROSS PROFIT
GROWTH TARGET Gross profit targeted to double
from 2007 through 2012
$9,000
STRATEGIC PLAYBOOK
$8,000
All growth is organic, from
$7,000
base business and pipeline
GROSS PROFIT
(IN MILLIONS)
$6,000 U.S. Corn
International Corn
$5,000
Soybeans
Cotton
$4,000
Seminis
$3,000 R&D Pipeline
Acquisitions to be pursued,
$2,000
but are not included in this
$1,000 growth projection
$0 Earnings continue to translate
MILESTONES
into operating cash, and value
2004 2007 2012
created for shareowners
2010
2007
through combination of
Gross margin
Base Gross Profit:
acquisitions, share
target: 52-54%
$4,286M
repurchases and dividends
ONGOING EPS GROWTH:
MID-TO-HIGH TEENS
2

3. FINANCIAL FOCUS
Monsanto’s Strategic and Financial Opportunity Lies in
Seeds and Traits
GROSS PROFIT PERFORMANCE BY SEGMENT
2007-2012F
Gross Profit
2008 STATUS
$10,000
• FY2008 targets $3.5B gross
profit for Seeds and Genomics;
$8,000
$1.3B for Ag Productivity
2012 OUTLOOK IN MILLIONS
$6,000
2012F
SEEDS &
$6.5-7.0B $4,000
GENOMICS
ROUNDUP AND
OTHER $2,000
$1.2B
GLYPHOSATE-
BASED
$0
HERBICIDES
2007 2008F 2012F
ALL OTHER AG
$350M ROUNDUP AND OTHER GLYPHOSATE-
SEEDS & GENOMICS
PRODUCTIVITY BASED HERBICIDES
ALL OTHER AGRICULTURAL
PRODUCTIVITY
3

4. U.S. AND INTERNATIONAL CORN
Corn Market Share Gains Lift Gross Profit, Particularly with
Better Mix of High Yielding Seed
MARKET SHARE VALUE IN DEKALB BRANDS
Corn
2008 STATUS U.S. EU27
23% Market Share 13% Market Share
• FY 2007 DEKALB
MARKET FACTORS
branded market 90M 25M
Projected Acres Planted
share shifts:
900,000 acres 250,000 acres
Acres Per Market Share Point
U.S. 4 points
PRICING FACTORS
EU27 3 points $44 $65
Average Seed Retail Price Per Acre
Argentina 5 points COST FACTORS
40-45% 40-45%
India 10 points Assumed Industry-Standard Gross Margin
SEED GROSS PROFIT VALUE
Brazil -5 points
$17.60-$19.80 $26.00-$29.25
Seed Gross Profit Range Per Acre
2012 OUTLOOK
$15.8M-$17.8M $6.5M-$7.3M
Seed Gross Profit Range Per Share Point
• Targeted 1-2 share
point gains annually ADDED TRAIT GROSS PROFIT VALUE
$32.50
in all key countries Average Retail Price for Triple-Stack
through 2012
80%
Assumed Gross Margin
• Brazil targeted to
$26.00
grow after share Average Gross Profit Per Acre
trait stabilizes in $23.4M
Average Gross Profit Per Share Point
2008
TOTAL GROSS PROFIT VALUE
$39.2M - $41.2M
PER SHARE POINT
4

5. U.S. CORN
Monsanto’s Gross Profit Growth through 2012 More Than
Compensates for National Licensee Royalties
U.S. CORN SEED & TRAITS GROSS PROFIT BY CHANNEL
INDEX=2004
2004 2007 2012F
>8X
OVER 2004 INDEX
Trait licensing outside
Holden’s/Corn States
5

6. U.S. AND INTERNATIONAL CORN
Sustained Momentum in U.S. Corn Combined With
International Growth Expands Corn Gross Profit Contribution
GLOBAL CORN SEED AND TRAITS GROSS PROFIT
INDEX=2004
2004 2012F
2007
>6X
OVER 2004 INDEX
• In 2007, International markets generated more than
25% of gross profit
U.S. Corn Seeds & Traits Gross Profit
• By 2012, the total gross profit is expected to
expand significantly with continued penetration of
traits, conversion to SmartStax and increasing International Corn Seeds & Traits Gross Profit
brand share worldwide
6

7. SOYBEANS
Conversion to Roundup RReady2Yield Resets Bar for
Soybean Financial Performance
GLOBAL SOYBEAN SEED & TRAITS GROSS PROFIT
INDEX=2004
2004 2007 2012F
>2X
OVER 2004 INDEX
ROUNDUP
BRAZIL ROUNDUP
BRAZIL ROUNDUP
RREADY2YIELD PLANTED
READY SOYBEAN
READY SOYBEAN
SINCE 2009 IN THE U.S.;
REACHED 50%
LAUNCHED IN 2004
BRAZIL ROUNDUP READY
PENETRATION IN 2007
SOYBEAN FULLY
U.S. PENETRATED
International
7

8. COTTON
Cotton Stacked Traits Accelerate in U.S., While India Drives
International Business
GLOBAL COTTON TRAIT GROSS PROFIT
INDEX=2007
2012F
2007
1.8X
OVER 2007 INDEX
• By 2012, Delta and Pine Land is fully contributing with
U.S. market share and stacked trait growth
• India becomes a larger player with conversion to second
International generation traits
• Australia and Brazil are small acre, but important markets
8

9. SEMINIS GROWTH
Focus on Operational Excellence Will Lift Margins at Seminis
and Create Base for Greater Value Creation
CROP:
SEMINIS GROSS PROFIT
Vegetables
Operational
OBJECTIVE:
Excellence
2008 STATUS 70%
• Inventory write-downs in
PERCENT OF NET SALES
60%
FY 2007 resulted in 44%
50%
margin
• Inventories and
40%
receivables at 80% of net
65%
sales in FY 2007 30%
2012 OUTLOOK
44%
20%
• Streamlined portfolio,
10%
improved demand
forecasting and focus on
0%
working capital lead to
2007 2012F
20+ point improvement in
gross margin and 5-15
point reduction in
receivables and
inventories as percent of
net sales
9

10. R&D PIPELINE
Pipeline Is Entering Its Greatest Period of Potential
Value Creation
DISCOVERY PHASE 1 PHASE 2 PHASE 3 PHASE 4
Drought-
HIGH Tolerant
FAMILY TRAITS►
Family
COLLABORATION
CORN:
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
Insect-
2020 VALUE RANGES: protected Roundup
Omega-3
RR2Y RReady2Yield
soybeans
soybeans soybeans
MEGA HIGH Bollgard III
$300M-$500M
>$1BM High-oil YieldGard
Dicamba-
soybeans
tolerant VT PRO
soybeans
MID LOW
corn
Vistive III
<$150M
$150M-$300M Roundup Improved-
RReady2Yield protein
Corn Soybeans Cotton Canola canola soybeans
10

11. FINANCIAL FOCUS
Monsanto’s Strategic and Financial Opportunity Lies in
Seeds and Traits
GROSS PROFIT PERFORMANCE BY SEGMENT
2007-2012F
Gross Profit
2008 STATUS
$10,000
• FY2008 targets $3.5B gross
profit for Seeds and Genomics;
$8,000
$1.3B for Ag Productivity
2012 OUTLOOK IN MILLIONS
$6,000
2012F
SEEDS &
$6.5-7.0B $4,000
GENOMICS
ROUNDUP AND
OTHER $2,000
$1.2B
GLYPHOSATE-
BASED
$0
HERBICIDES
2007 2008F 2012F
ALL OTHER AG
$350M ROUNDUP AND OTHER GLYPHOSATE-
SEEDS & GENOMICS
PRODUCTIVITY BASED HERBICIDES
ALL OTHER AGRICULTURAL
PRODUCTIVITY
11

12. FINANCIAL FOCUS
R&D and SG&A Maintains Focus and Discipline While
Accommodating Growth
SG&A AND R&D AS A PERCENT OF SALES
Expenses
2007-2012F
2008 STATUS
• Seeds and traits are high- 25
service businesses, but will
benefit from consolidating 20
PERCENT OF SALES
acquisitions
• R&D expense includes 15
milestone payments and
other expenses related to
10
third-party agreements
2012 OUTLOOK
5
2012F
SG&A % SALES 20% 0
2007 2008F 2012F
R&D % SALES 10%
R&D
SG&A
12

13. FINANCIAL FOCUS
Earnings Should Continue to Translate to Operating Cash
OPERATING CASH
Free Cash Flow
2007-2012F
2008 STATUS
$2,800
• In 2007, Monsanto used
$1.7 billion of net cash for
$2,400
acquisitions including ASI,
and Delta and Pine Land $2,000
IN MILLIONS
• Free cash in 2008 forecast
$1,600
at $800-$900M
2012 OUTLOOK
$1,200
2012F
$800
OPERATING
$2.6-$2.8B
CASH $400
$0
2007 2008F 2012F
13

14. FINANCIAL FOCUS
Working Capital Discipline Sustained Even as Business
Expands, Corn Seed Inventories Rebuild
RECEIVABLES AND INVENTORIES
Receivables & Inventories
as Percent of Sales AS A PERCENT OF SALES
2007-2012F
2008 STATUS
• Receivables declined to
30%
high teens as percent of
sales in FY2007;
inventories, 20 percent
20%
• Credit policies in Brazil and
Argentina remain
disciplined
2012 OUTLOOK 10%
• Receivables as percent of
sales targeted in high teens;
inventories in low 20s 0%
2007 2008F 2012F
• Inventories as a percent of
sales to decline for
INVENTORIES
RECEIVABLES
vegetables, but grow for
row crops to replenish
lower-than-ideal seed
supplies
14

15. FINANCIAL FOCUS
Investing Cash Targeted for Seed Acquisitions, Technology
Investments, Seed Production
CAPITAL AND TECHNOLOGY EXPENDITURES
Investing Cash
2007-2012F
2008 STATUS
• First full year of a major $800
$610 million capital plan
$700
to expand seed
production for projected $600
IN MILLIONS
market share growth
$500
2012 OUTLOOK
$400
• Cap ex peaks at $750
$300
million in 2009; returns to
normalized rate of $500 $200
million in 2012
$100
• In 2012, capital and
$0
technology spend
consistent with 2007 2008F 2009F 2010F 2011F 2012F
CAPITAL
depreciation and TECHNOLOGY
amortization
15

16. FINANCIAL FOCUS
Continued Commitment to Return Additional Value through
Accretive Acquisitions, Dividends, Share Repurchases
USES OF CASH
Uses of Cash
CUMULATIVE: 2005-2007
2008 STATUS
• From 2005-2007, generated a cumulative
total of roughly $5.3B in operating cash
ACQUISITIONS
• $800 million, four-year share repurchase
program announced end of October 2005
SHARE REPURCHASE & DIVIDENDS
• $311 million of shares repurchased
DEBT REPAYMENT
through end of FY 2007
• Dividend payments CAPITAL EXPENDITURES
• Dividend yield as of 8/31/07: 0.68%
PENSION CONTRIBUTIONS
• FY 2007 GAAP pay-out ratio: 26.5%
2012 OUTLOOK
• Continue to explore options for returning
value to shareowners:
• Continued acquisitions to support
USES OF CASH
seed-and-trait platform
Between 2005 and 2007, 89% of operating cash
• Continued technology investments
generated was either returned to shareowners or
• Share repurchase programs re-invested in growth
• Dividends
16

17. FINANCIAL FOCUS
Free Cash Flow Generation Will Remain Substantial and
Provide Flexibility for Investments, Dividends and Repurchases
FREE CASH FLOW PERFORMANCE
Free Cash Flow
2007-2012F
2008 STATUS
$2,200
• In 2007, Monsanto used
$1.7 billion of net cash for
$1,800
acquisitions including ASI,
and Delta and Pine Land
IN MILLIONS
$1,400
• Free cash in 2008 forecast
at $800-$900M
2012 OUTLOOK $1,000
2012F
$600
FREE CASH
$2.0-$2.2B
FLOW
$200
-$200 2007 2008F 2012F
FREE CASH FLOW PERFORMANCE FREE CASH USED
AND FORECAST FOR ACQUISITIONS
17

18. FINANCIAL FOCUS
Return on Capital Has Leapfrogged Original Targets;
Still Can Improve Annually, Post FY 2008
RETURN ON CAPITAL
2003-2007
16%
Return on Capital
2008 STATUS 14%
• ROC in 2007 of 14.8
12%
percent surpassed
original projections of 10%
10.5 percent
8%
2012 OUTLOOK
6%
• ROC to be flat in FY 2008
given Delta and Pine
4%
Land acquisition,
subsequent target of
2%
another 100-basis-point
improvement annually
0%
2003 2004 2005 2006 2007
ROC IMPROVEMENT
From 2003 to 2007, ROC more than doubled
18

19. OVERVIEW
Focus, Discipline and Leadership Translate to
Continued Growth
MONSANTO GROSS PROFIT
2012F
GROWTH TARGET TARGETS
$9,000
$8.0 - $8.5B
Total Gross
Profit
$8,000
POTENTIAL RANGE $2.0 - $2.2B
Free Cash
$7,000
Flow
$6,000
~20%
SG&A as a %
GROSS PROFIT
(IN MILLIONS)
Of Sales
$5,000
~10%
R&D as a % Of
Sales
$4,000
$500M
Capital
$3,000 Expenditures
Roundup and
$2,000
All Other
$1.2B
Glyphosate-
$1,000
Based
Herbicides
$0
Gross Profit
MILESTONES
2004 2007 2012
2010
2007 All Other Ag
$350M
Productivity
Gross margin
Base Gross Profit:
Gross Profit
target: 52-54%
$4,282M
ONGOING EPS GROWTH: $6.5 - $7.0B
Seeds & Traits
Gross Profit
MID-TO-HIGH TEENS
19