This document provides an overview and summary from Carl Casale, Executive Vice President of Monsanto, at the UBS Best of Americas Conference on September 20, 2007. It discusses trends in global agricultural production, Monsanto's opportunities to maximize growth, developments in U.S. corn and cotton markets, and the potential for expansion of biotech traits internationally. Key points include rapid adoption of biotech traits creating increased opportunities, a new 8-gene corn product in development, and significant room for growth in markets outside the U.S.

1. CARL CASALE
EXECUTIVE VICE PRESIDENT
UBS BEST OF AMERICAS CONFERENCE
September 20, 2007
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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, including proceedings related to Solutia Inc.;
developments related to foreign currencies and economies; successful completion and 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 periodic report to
the SEC. 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.
© 2007 Monsanto Company
2

3. OVERVIEW
Market Forces Are Changing Agricultural Production
Trends Globally
MACRO PRODUCTION TRENDS OVER THE NEXT DECADE:
CORN, SOYBEANS, COTTON, VEGETABLES
Biodiesel drives
oilseed demand in
Expanding ethanol and
Europe
export demands favor U.S. Growing wealth and
as low-cost corn producer; population in Asia
vegetable consumption creates new demand
continues to grow for imported grain and
vegetables
Biggest increases in
U.S. ramps up production of cotton acreage come in
corn; Soy crop becomes Asia, with U.S. focused on
increasingly focused on quality and consistency of
higher-value segments over supply
commodities
Brazil exploits land
Argentina leverages
availability advantage to
geographic proximity to
become commodity soy
supply corn to Latin
producer to meet demand
America
from China
3

4. OVERVIEW
Monsanto Uniquely Positioned to Maximize Growth in
Shifting Ag Market
GROSS MARGIN OPPORTUNITY
MONSANTO’S OPPORTUNITY
GROSS PROFIT AS A PERCENT OF SALES
54% Delta between 2006 gross margin and
a 52-54% trajectory reflects continued
GROSS MARGIN ‘PULL’
growth opportunity for seeds and
traits
52%
FACTOR
U.S. corn
50%
International corn
Global biotech traits
48%
CURRENT LEVEL
Cotton platform
46%
Seminis
R&D pipeline
44%
2003 2004 2005 2006 2007F 2008F 2009F 2010F
4

5. U.S. CORN
By Delivering Better Yielding Products, DEKALB Has More
than Doubled Share in Six Years
DEKALB U.S. CORN SHARE EVOLUTION: 2001-2007F
25%
2007 STATUS
23-24% • Share gain of 4-5
20% points expected for
2007 season
19% • Farmers continue
U.S. SHARE
15% to cite DEKALB’s
16% superior yield as
14% primary driver
13%
12%
10% • Continue to plan
10% for 1-2 point share
gains per year in
5% DEKALB through
end of decade
0%
2001 2002 2003 2004 2005 2006 2007F
YIELD CREATION CREATION + PRESERVATION
2001-2004 2005 FORWARD
Combining germplasm library and breeding Availability of stacked biotech traits
capability, focus was on boosting the inherent now preserves a greater percentage
genetic potential in the seed of genetic potential
• Molecular breeding becomes new standard for • DEKALB brand’s continued strong
Monsanto breeders yield performance is earning
increasing trial and adoption from
• Primary growth initially comes from existing
farmers who’ve historically
customers expanding acres planted to DEKALB
purchased other brands
seed
5

6. U.S. CORN
Rapid Trait Adoption Has Created Opportunity to Expand 2010
U.S. Trait Targets, Creating 35% Larger Opportunity
ORIGINAL UPDATED
MONSANTO END-OF-DECADE ACRE END-OF-DECADE ACRE
CURRENT PENETRATION
TRAIT CATEGORY TRAIT OPPORTUNITY OPPORTUNITY
VERSUS AVAILABLE
OFFERING CIRCA 2005 CIRCA 2007
OPPORTUNITY
(IN MILLIONS OF ACRES) (IN MILLIONS OF ACRES)
UP TO
60M 80M
GLYPHOSATE- Roundup
70%
TOLERANT CORN Ready Corn 2
UP TO
50-60M 60-70M
CORN-BORER YieldGard
60%
CONTROL Corn Borer
UP TO
25-30 45-55M
ROOTWORM YieldGard
CONTROL
40%
Rootworm
135-150M 185-205M BIOTECH ACRES FORECAST
2007
35+% INCREASE REMAINING AVAILABLE
ACRES
6

7. PRODUCT CONCEPT
First-Ever Eight-Gene Stack Leapfrogs Competitive Products,
Boosting Performance, Creating New Value for Farmers
SmartStax SmartStax is in proof-of-
concept testing, establishing:
Anatomy of first-ever eight-way gene platform Feasibility of full trait
integration
TRAIT GENES FUNCTION STATUS
Viability of enhanced
performance for insect
YieldGard VT Triple PRO Pending Regulatory Review
and weed control
COMPONENTS
Below-Ground Insect Control
YieldGard VT Rootworm/RR2 1 Commercial
PRIMARY: ROOTWORM
2ND-GENERATION ROOTWORM CONTROL
Roundup Ready 2 Technology
Weed Control
VIA YIELDGARD VT ROOTWORM/RR2
1 Commercial
MODE: GLYPHOSATE
YieldGard VT PRO
PHASE IV
2ND-GENERATION YIELDGARD CORN Above-Ground Insect Control
2
BORER PRIMARY: CORN BORER Pending Regulatory Review
Herculex XTRA
SMARTSTAX CORN PLANTED
COMPONENTS IN WESTERN IOWA, SHOWING
FULL, HEALTHY EARS AND
STRONG, HEALTHY ROOTS
Above-Ground Insect
1
Herculex I Commercial
Control
PRIMARY: CORN BORER
Below-Ground Insect
2
Herculex RW Commercial
Control
PRIMARY: ROOTWORM
Weed Control
1
Liberty Link Commercial
MODE: GLUFOSINATE
• Application for EPA
Multiple modes of
SmartStax registration to be submitted
action for above- and
Industry-Standard Trait • On track for end-of-decade
below-ground insect
Platform1 commercialization in U.S.,
and weed control with global roll-out following
1. This product has not been registered by the U.S. Environmental Protection Agency. It is a violation of federal law to promote or sell an unregistered pesticide.
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8. INTERNATIONAL CORN
Expansion of Corn Market Share Sets Stage for Corn Traits
Internationally
INTERNATIONAL MARKET OPPORTUNITY: CORN1
SEED
ROUNDUP YIELDGARD YIELDGARD
Global Biotech OUTLOOK
MARKET
READY CORN 2 CORN BORER ROOTWORM
SHARE
Traits
• YGCB received initial
SITUATION: 30% 15-20M 5M
15-20M
Brazil
regulatory approval
• “Footprint” • YGCB/RR stacked product
40% 9M 5M
7M
established by Argentina approved; potential
FY2009 launch
Monsanto’s corn
market share growth • YGCB and RR received
39% 6M -
6M
India
approvals for field trials
globally establishes
• YGCB planting on small
the base to launch
13% 24M 5M
8M
Europe(EU27) acres in 7 countries in
traits as they earn 2007
regulatory approvals
• YGCB and RR are
OUTLOOK:
51% 6M 4M -
South Africa commercial on small acres,
moving to stacks
• Corn traits outside
Total
U.S. have significant 40-45M
60-65M 15M
International
opportunity for Markets
penetration
3% 0%
16-18%
YGCB=YieldGard Corn Borer
BIOTECH
YGRW=YieldGard Rootworm
ACRES
RR = Roundup Ready Corn 2
PLANTED
2007
REMAINING
AVAILABLE
ACRES
1. Market Opportunity reflects total acres where technology is applicable, not necessarily acres projected for penetration by 2010.
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9. GLOBAL BIOTECH TRAITS
Significant Growth Opportunity Lies in Expansion of Existing
Commercial Biotech Traits Globally
INTERNATIONAL MARKET OPPORTUNITY
MARKET OPPORTUNITY FOR BIOTECH TRAITS THROUGH 20101
Global Biotech Traits
SITUATION: SOYBEANS COTTON CORN
• Biotech traits now approved BOLLGARD
ROUNDUP ROUNDUP YIELDGARD
ROUNDUP AND YIELDGARD
READY READY CORN
for planting in all major READY BOLLGARD ROOTWORM
CORN 2 BORER
(FLEX) II
agricultural regions
Brazil 50-60M 3M 2M 15-20M 15-20M 5M
OUTLOOK:
• As is the case in the U.S., Argentina 35M - - 9M 7M 5M
largest category of
India - 15-20M 15-20M 6M 6M -
opportunity internationally is
corn trait adoption Europe (EU27) 1M - - 24M 8M 5M
• With just current traits, South Africa 0.2M .15M .15M 6M 4M -
opportunity still exists to
0.5M- 0.5M-
nearly triple acres from 2007 Australia - - - -
0.8M 0.8M
penetration of 95M acres
86.2- 18.7- 17.7- 60-
Total Key
40-45M 15M
Markets 96.2M 24M 23M 65M
2007
62-81%2
74-82% <1% 3% 16-18% 0%
Penetration
1. Market Opportunity reflects total acres where technology is applicable, not necessarily acres projected for penetration by 2010.
2. Primarily Bollgard I penetration; opportunity to expand to second generation technology.
9

10. GLOBAL BIOTECH TRAITS
Brazil Land And Infrastructure Position It To Be Key Soy
Commodity Producer To Meet Global Demand
2006 SOYBEAN PRODUCTION
SOYBEANS
U.S. VS BRAZIL
TREND
TREND
There will be a bifurcation
of the global soybean
production into commodity 64M1 42.7 $100-
3.2B bu2 <$0.504
bu/ac2 190/ac3,4,5
and value-added streams (2007F)
NEED
U.S. AVERAGE
AVERAGE
Technology to support PLANTED TOTAL AVERAGE DOMESTIC
LAND RENT
ACRES PRODUCTION YIELD TRANSPORTATION
advantaged producer of BRAZIL COST
COST
commodity soybeans
SOLUTIONS
ROUNDUP 50M6 2.0B bu2 40 bu/ac6 $15-25/ac4 $0.80-$1.504
PHASE 4
RREADY2YIELD
SOYBEANS
INSECT-
PHASE 3
PROTECTED
SOYBEANS TREND
1. USDA
• Brazil has the capability to bring into production more land –
2. American Soybean Association, “Soy Stats 2007”
almost 250M acres – than the U.S. currently farms in total
3. Iowa State University, Center for Agricultural and
• Infrastructure is the primary hurdle today
Rural Development, 2007
4. Texas A&M University, Center for North American
• With commodity prices >$7/bu, Brazil is getting the
Studies
appropriate market signals to invest in infrastructure to
5. Agri Business Group, Inc., 2006 and ispfrmra.org
open production
6. Informa Economics
10

11. COTTON PLATFORM
Cotton Breeding Is Today Where Corn Was In Late 1990s;
Huge Opportunity to Bolster Yield Ahead
COTTON
TREND
Greece
U.S. (9)
Cotton must become more
profitable for farmers –
boosting yields is key
NEED India
Costa Rica
(3)
Boost yield returns per
acre Brazil Australia
SOLUTIONS
Breeding Programs
South
MOLECULAR Testing Programs
IN PROCESS Africa
BREEDING FOCUS
Winter Nurseries
COTTON BREEDING STATUS: 2007
RESOURCES CAPABILITIES OUTLOOK
• ‘Jumpstart’ of up to 3 years
World’s largest Zeroing in on drought,
over corn in 1990s because
private cotton fiber quality, lint yield
infrastructure is in place:
breeding program and disease resistance
• Labs, IT and markers are New, novel targets:
ready to go; “Plug-and-Play” Diverse germplasm
opportunity base can lead to genetic
• Largest marker collection in pairings that greatly
the world benefit farmers
11

12. SEMINIS
Four Growth Drivers Enrich Seminis Gross Profit Contribution
Through 2012
SEMINIS GROWTH DRIVERS
Seminis
SITUATION:
Four growth drivers build on the strength of the existing business and begin
to leverage the capability Monsanto brings to Seminis to generate growth
• In 2006, narrowed commercial
through the end of the decade
and research focus to 25 crops
that generate the most profit
Increase price of existing portfolio and
• Began application of breeding
PRICE new products launched on basis of value
technology, with a target of
created and shared with the grower
1,000+ markers each for 9
crops by 2009
Increase share in higher value segments
OUTLOOK:
MARKET SHARE via shifts to protected culture and
• Through end of decade,
MIX disease resistance products post 2010
Seminis grows through current
offerings – via price and
improved market share mix – Develop and launch products into high
NEW PRODUCT
and pipeline opportunity – with value segments with a focus on disease
LAUNCHES
new product launches resistance, protected cultures and yield
Accelerate pipeline product launches
PIPELINE through the use of new molecular
ACCELERATION breeding tools
12

13. R&D PIPELINE
Pipeline Has Some Likely Blockbusters and Some
Hidden Gems
ANNUAL R&D CYCLE: SEEDS & TRAITS BIOTECH TRAIT PIPELINE
SOYBEANS ARE EMERGING FROM CORN’S
SHADOW
Roundup RReady2Yield creates platform for future
First product developed exclusively for an ex-US
market will be in soybeans
Soybeans could be a 3+ stack by middle of next
decade
COTTON POTENTIAL TO BE UNLOCKED
Q1 Q4
Second-generation stacked products to accelerate
globally
Q2 Q3 Cotton could be a 3+ stack by middle of next decade
YIELD AND STRESS POTENTIAL EXPLODING
Drought tolerance in corn expected to be first of a
rapid series of blockbuster traits
BREEDING PIPELINE
BREEDING ENGINE FIRING ON ALL CYLINDERS
At a greater pace than ever before, new breeding tools
are being applied across all platforms and resulting in
breakthrough products
13

14. R & D PIPELINE
Roundup RReady2Yield Soybeans Signal Emerging
Platform of New Stacked Soybean Products
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
ROUNDUP RREADY2YIELD AVAILABLE MARKET 70M 50-60M 35M
SOYBEANS PERCENT PENETRATED 0% 0% 0%
P R O JE CT
R&D Pipeline
HIT Project ROUNDUP RREADY2YIELD
SOYBEANS
SITUATION:
Phase IV
2007 STATUS:
• Roundup RReady2Yield soybeans have completed
regulatory process in the United States and Canada
• Three years of field comparisons show a yield
advantage of 7-to-11 percent compared with its first-
generation Roundup Ready counterpart
VALUE CONSIDERATIONS:
• Value is additive compared with Roundup Ready
soybeans
• Value created through yield gains will be shared with
farmer as has been Monsanto’s historical practice
• Roundup Ready2Yield will become preferred platform
for host of new soybean traits for yield, quality and
ease of farming
RETAIL VALUE/ACRE: >$10 - <$30/acre
14

15. R&D PIPELINE
Yield and Stress Biotech Collaboration with BASF Creates
Enhanced Opportunity in Key Growth Area for Next Decade
LICENSEE BRANDS
MONSANTO
DISOVERY
REGIONAL BRANDS
PROGRAM
INTENSIFIED
YIELD & STRESS BASF
PIPELINE DISCOVERY NATIONAL BRANDS
Collaboration creates PROGRAM DEVELOPMENT OF
a new joint pipeline
SUCCESSIVE UPGRADES
focused on stepping
TO CREATE A “FAMILY”
up the volume of
OF PRODUCTS
leads and certainty of
commercial success DISCOVERY DEVELOPMENT COMMERCIALIZATION
in the emerging
category of “yield” • Pairs two separate, but • Greater volume of leads • Broad-licensing approach
traits for corn, complementary discovery and cost sharing reduce allows for products to
soybeans, cotton and
engines risk of failure, increasing reach broadest market
canola
probability of possible, allowing farmers
• Increased rate of
commercial success to choose traits in the
discovery, unlocking more
KEY seed brands they prefer
sources of genes than • Successive upgrades
ADVANTAGES for the greatest
ever before emerge sooner, creating
performance
steady stream of traits in
• With combined effort,
a “product family” in
products should advance
each crop
at faster-than-average
development timelines,
esp. in early-phase
research
15

16. R & D PIPELINE
Family of Drought-Tolerant Corn Products to Create
Differentiated Value Across Multiple Market Segments
KEY MARKET ACRES U.S. BRAZIL ARGENTINA EUROPE
Drought-tolerant AVAILABLE MARKET 90M 20-25M 10M 24M
corn PERCENT PENETRATED 0% 0% 0% 0%
P R O JE CT
R&D Pipeline
HIT Project Drought-tolerant corn
SITUATION:
Phase II
2006 STATUS:
• Lead events consistently delivered yield
improvements compared with controls in water
stressed conditions, with yield advantage of up to 12
bushels per acre in Chilean locations
• Currently in fifth season of U.S. field testing;
significant expansion in number of locations, test
environments and germplasm backgrounds
VALUE CONSIDERATIONS:
• Value of trait reflects better yields under moisture-
stressed conditions; varies by region
• Value will be specific to variable costs of water use by
farmers, not fixed costs of irrigation IRRIGATED DRYLAND STABILITY
• Corn needs 18-to-20 inches of moisture during the
Irrigated Non-Irrigated Non-Irrigated
growing season
Value is in Value is in Value is in
RETAIL VALUE/ACRE: $10 - $30/acre
replacing improved yields improved yields
TOTAL ACRE irrigation, reducing annually, by when moisture is
144M-149M acres
OPPORTUNITY: variable costs of improving water- less than optimal
irrigation use efficiency
16

17. SUMMARY
Fueled By Seeds-and-Traits Business Performance, Monsanto
Has Created an Unparalleled Platform for Continued Growth
$3,000 FOCUS: ANNUAL GROSS PROFIT BY
BUSINESS SEGMENT
SEEDS & GENOMICS SEGMENT
$2,500 AGRICULTURAL PRODUCTIVITY SEGMENT
$2,000
ANNUAL GROSS PROFIT
SEEDS &
($ IN MILLIONS)
GENOMICS
CAGR 2002-2006: 34%
$1,500
$1,000
AGRICULTURAL
PRODUCTIVITY
KEY INFLECTION POINT: IN
CAGR 2002-2006: (8)%
2003-2004, GROSS PROFIT FOR
SEEDS & GENOMICS BUSINESS
$500 SEGMENT SURPASSED
AGRICULTURAL PRODUCTIVITY
$0
2002 2003 2004 2005 2006
17

18. SUMMARY
Monsanto Is Unique as a Technology Company That
Generates Significant Free Cash Flow
Free Cash Flow
SOURCES OF CASH USES OF CASH
SITUATION:
CUMULATIVE: 2004-2006 CUMULATIVE: 2004-2006
• From 2004-2006, Monsanto ACQUISITIONS
WORKING CAPITAL
generated $1.3B from
CAPITAL EXPENDITURES
working capital NET INCOME
TECHNOLOGY AND OTHER INVESTMENTS
• During the same period,
$1.8B was spent on
acquisitions
$860M
$1.8B
$1.3B
$1.2B
$270M
CASH GENERATION AND USES
Between 2004 and 2006, much of the cash generated from
working capital improvements was used to fund key acquisitions
18

19. OVERVIEW
All Six Growth Drivers Delivered in 2007, Setting Stage for
Continued Growth Through End of Decade
MONSANTO’S OPPORTUNITY
GROSS MARGIN OPPORTUNITY
Delta between 2006 gross margin
GROSS PROFIT AS A PERCENT OF SALES
and a 52-54% trajectory reflects
54%
continued growth opportunity for
seeds and traits
GROSS MARGIN ‘PULL’
FACTOR
52%
U.S. corn
50%
International corn
48%
Global biotech traits
46%
Cotton platform
44%
2007F
2003 2004 2005 2006 2008F 2009F 2010F Seminis vegetable seeds
R&D pipeline
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