1. FOURTH-QUARTER AND
FISCAL-YEAR 2007
FINANCIAL RESULTS
October 10, 2007
1

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. Non-GAAP Financial Information
This presentation may use the non-GAAP financial measures of “free cash flow,” earnings per share (EPS) on an
ongoing basis and ROC. We define free cash flow as the total of cash flows from operating activities and investing
activities. A non-GAAP EPS financial measure, which we refer to as on-going EPS, excludes certain after-tax items
that we do not consider part of ongoing operations, which are identified in the reconciliation. ROC means net
income (without the effect of certain items) exclusive of after-tax interest expenses, divided by the average of the
beginning year and ending year net capital employed, as defined in the reconciliation. Our presentation of non-
GAAP financial measures is intended to supplement investors’ understanding of our operating performance. These
non-GAAP financial measures are not intended to replace net income (loss), cash flows, financial position, or
comprehensive income (loss), as determined in accordance with accounting principles generally accepted in the
United States. Furthermore, these non-GAAP financial measures may not be comparable to similar measures used
by other companies. The non-GAAP financial measures used in this presentation are reconciled to the most
directly comparable financial measures calculated and presented in accordance with GAAP, which can be found at
the end of this presentation. Monsanto is unable to provide a reconciliation of the 2008 ROC goal to projected net
income and financial position for 2008 with out unreasonable effort. As shown in the ROC reconciliation for the
previous year, the calculation of ROC is complex, and Monsanto does not have sufficient information at this point in
the fiscal year to reasonably estimate its operating profit after-tax and average capital for 2008 due to market and
other conditions that our outside of Monsanto’s control.
With respect to the time period prior to Sept. 1, 2000, references to Monsanto in this presentation also refer to the
agricultural business of Pharmacia.
FISCAL YEAR:
References to year, or to fiscal year, are on a fiscal year basis and refer to the 12-month period ending August 31.
3

4. PERFORMANCE SUMMARY
Financial Summary
Fourth Fourth Fiscal Fiscal
Change Change
Quarter Quarter Year Year
2007 2006 2007 2006
NET SALES $1,573M $1,390M 13% $8,563M $7,294M 17%
GROSS
$653M $480M 36% $4,286M $3,519M 22%
PROFIT
NET INCOME
$(210)M $(144)M (46)% $993M $689M 44%
(LOSS)
DILUTED
EPS ON AS-
$(0.39) $(0.27) (44)% $1.79 $1.25 43%
REPORTED
BASIS
FREE CASH
$(57)M $1,049M NM
FLOW
Note: EPS figures reflect the stock split effective July 28, 2006
4

5. PERFORMANCE SUMMARY
Ongoing and As-Reported Earnings
Fourth Fourth Fiscal Year Fiscal Year
Quarter 2007 Quarter 2006 2007 2006
Diluted Earnings
$(0.39) $(0.27) $1.79 $1.25
Per Share
Loss (Income) on
$(0.13) $0.01 $(0.13) --
Discontinued
Operations
In-Process R&D
Write-Off Related to
$0.34 $0.34 --
Delta & Pine Land
Acquisition
Tax Charge on
-- $0.04 -- $0.04
Repatriated Earnings
Cumulative Effect of
-- $0.01 -- $0.01
Change in
Accounting Principle
Diluted Earnings
$(0.18) $(0.21) $2.00 $1.30
Per Share from
Ongoing Basis
Note: EPS figures reflect the stock split effective July 28, 2006
5

6. STRATEGIC REVIEW
Monsanto Extended Seeds and Traits Leadership in 2007
2007: LEADERSHIP INITIATIVES
U.S. Corn Cotton Platform
DEKALB grew 4 share points to 23 percent, ASI grew 1 point Completed acquisition of Delta and Pine Land
organically to 9 percent
Triple penetration was >40% for DEKALB; Should be >50%
Started Delta and Pine Land integration, with emphasis
for DEKALB, ASI and leading licensees in 2008
on breeding and accelerated trait penetration after Delta
Expanded trait penetration, increased end-of-decade targets and Pine Land lost share in 2007
by >35%
Signed SmartStax collaboration with Dow for first-ever 8- Bollgard and Bollgard II total penetration grew from 8M
way gene stack expected to be available in 2010 to 14M acres in India
International Corn Seminis
EU27 grew 1 share point to 14 percent Total revenues grew 8% to >$600M
South Africa grew 2 share points totaling 12 in 3 years Portfolio-wide price increases of 3-4%
Argentina grew 5 points Completed trimming product portfolio
Brazil lost 4 share points Strong progress on marker development, with >1,000
markers in development for 9 crops
Recently acquired Agroeste in Brazil, adding 10 share points
and new germplasm library for breeding
Global Biotech Traits R&D Pipeline
Roundup Ready soybean penetration in Brazil was 50%, Signed yield-and-stress R&D collaboration with BASF to
against target of 45% increase volume and speed of research
Argentina approved YieldGard Corn Borer with Roundup Advanced 70% of pipeline projects in 2 years
Ready Corn 2 stack
CTN BIO in Brazil completed first major approval for Roundup RReady2Yield first second-generation soybean
YieldGard Corn Borer trait to earn U.S. and Canadian regulatory approval,
placing it on track for commercial introduction
Eight countries in Europe planted more than 200,000 acres
of YieldGard Corn Borer
6

7. STRATEGIC REVIEW
Consistent Share Gains in Global Corn Markets Contributes
Solid Growth
Corn
2007 PERFORMANCE1 MARKET FUNDAMENTALS
SITUATION
• In U.S., DEKALB earned 4 2007 HYBRID 3-YEAR TREND:
2007 MARKET SIZE SHARE POINT
SHARE POINT CHANGE
points in 2007 for total (ACRES) CHANGE (’04-’07)
share of 23%, doubling its BRAND SHARE
share in 5 years NORTH AMERICA
• Early focus on high-value
+4
temperate hybrids has led U.S. 91M 23% +9
to consistent share gains
EUROPE-AFRICA
in key countries
OUTLOOK +1
Europe (EU 27) 27M 13% +3
• Continued targeting of 1 +2
South Africa 6M 51% +13
to 2 share point gains in
LATIN AMERICA
all regions except Brazil,
where plan is to stabilize
-4 30%2
Brazil 23M -5
share
• Increased emphasis on +5
Argentina 8M 40% +5
breeding in tropical
ASIA-PACIFIC
hybrids planned to stop
share loss in Brazil
+4
India 7M 39% +10
1. Reflects expectations for share performance for 2007 planting season; For Brazil and Argentina reflects the 2006-2007 planting
season
2. With the acquisition of Agroeste in Brazil in September 2007, this share increases another 10 points
7

8. STRATEGIC REVIEW
With Increased Ramp Up of Triple Stacks, Trait Opportunity in
U.S. Has Expanded
ORIGINAL UPDATED AVERAGE
Global Biotech Traits 2010 ACRE 2010 ACRE REMAINING
TRAIT CATEGORY OPPORTUNITY OPPORTUNITY OPPORTUNITY
SITUATION CIRCA 2005 CIRCA 2007 (BASED ON 2007
PENETRATION)
(IN MILLIONS OF ACRES) (IN MILLIONS OF ACRES)
• Trait acre opportunities
GLYPHOSATE-
60M 80M 27%
increased, reflecting the
TOLERANT CORN
expansion of acres,
CORN-BORER
50-60M 60-70M 35%
greater demand for triple
CONTROL
stacks and prevalence of
ROOTWORM
insect pressure
25-30 45-55M 58%
CONTROL
OUTLOOK
135-150M 185-205M 38%
• With current traits,
there’s headroom for
35+% INCREASE
growth of more than
35% through 2010
TRIPLE-STACK PENETRATION
DEKALB Brand ASI Brands Leading Licensees All Licensees
2007 2008F 2007 2008F 2007 2008F 2007 2008F
42% 50%+ 34% 50%+ 29% 50%+ 24% 35%+
8

9. STRATEGIC REVIEW
Significant Growth Opportunity Lies in Expansion of Existing
Commercial Biotech Traits Globally
GLOBAL MARKET OPPORTUNITY
Global Biotech Traits MARKET OPPORTUNITY FOR BIOTECH TRAITS THROUGH 20101
SITUATION
SOYBEANS COTTON CORN
• Biotech traits are now
BOLLGARD
ROUNDUP ROUNDUP YIELDGARD
approved for planting in ROUNDUP AND YIELDGARD
READY READY CORN
READY BOLLGARD ROOTWORM
CORN 2 BORER
all major agricultural (FLEX) II
regions
U.S. 70M 10-15M 6-8M 80M 60-70M 45-55M
OUTLOOK
Brazil 50-60M 3M 2M 15-20M 15-20M 5M
• As is the case in the
Argentina 39M - - 9M 7M 5M
U.S., largest category of
opportunity
India - 15-20M 15-20M 6M 6M -
internationally is corn
Europe(EU27) 1M - - 24M 8M 5M
trait adoption
• With current traits, South Africa 0.2M 0.15M 0.15M 6M 4M -
international opportunity
0.5M- 0.5M-
still exists to nearly Australia - - - -
0.8M 0.8M
triple to approximately
270M acres from 2007 160.2- 28.7- 23.7- 140- 100-
60-70M
Total Markets
penetration of
170.2M 39M 31M 145M 115M
approximately 100M
acres 2007
23-33%2 69-91%3
79-84% 41-43% 43-49% 30-35%
Penetration
80M Targets marked in yellow represent FY2007 updates
1. Market Opportunity reflects total acres where technology is applicable, not necessarily acres projected for penetration by 2010.
2. U.S. penetration is split between Roundup Ready and Roundup Ready Flex in 2007.
3. Primarily Bollgard penetration; opportunity to expand to second generation technology.
9

10. STRATEGIC REVIEW
Pipeline Has Some Likely Blockbusters and Some
Hidden Gems
BIOTECH TRAIT PIPELINE
ANNUAL R&D CYCLE: SEEDS & TRAITS
Yield and stress potential exploding
Drought tolerance in corn expected to be first of a
rapid series of blockbuster traits coming from new
collaboration with BASF
Soybeans are emerging from corn’s shadow
Roundup RReady2Yield is first second-generation
soybean trait to earn U.S. approval, and will become
new platform for stacked offerings in soy
First product developed exclusively for an ex-US
Q1 Q4 market will be in soybeans
Soybeans could be a 3+ stack by middle of next
decade
Q2 Q3
Cotton potential to be unlocked
Second-generation stacked products to accelerate
globally
Cotton could be a 3+ stack by middle of next decade
with drought tolerance and lygus control
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
10

11. FINANCIAL REVIEW
2007 Performance Reflects Extraordinary Performance
in Extraordinary Year for Agriculture
2007
EARNINGS
$2.00
ONGOING EARNINGS PER SHARE 54% GROWTH
FROM 2006
Gross Profit as a Percent of Sales 50%
Seeds & Traits Gross Profit $3.0B
Roundup And All Other Glyphosate-based
$854M
Herbicides Gross Profit
All Other Ag Productivity Gross Profit $418M
CASH MANAGEMENT AND SPENDING
FREE CASH FLOW $(57)M
Return on Capital 14.8%
Capital Expenditures $509M
SG&A as a Percent of Sales 22%
R&D as a Percent of Sales 9%
Receivables as a Percent of Sales 18%
Inventories as a Percent of Sales 20%
Note: EPS figures reflect the stock split effective July 28, 2006
11

12. FINANCIAL REVIEW
2008 Again Projects Double-Digit Earnings Growth,
Strong Cash Generation and Improved Margins
2007 2008F
EARNINGS
$2.20-$2.401
$2.00
ONGOING EARNINGS PER SHARE 54% GROWTH 10-20% GROWTH
FROM 2006 FROM 2007
Further progress on
Gross Profit as a Percent of Sales 50% trajectory toward 52-54%
2010 target
Seeds & Traits Gross Profit $3.0B ~$3.5B
Roundup And All Other Glyphosate-based
$854M ~$950M
Herbicides Gross Profit
All Other Ag Productivity Gross Profit $418M ~$350M
CASH MANAGEMENT AND SPENDING
FREE CASH FLOW $(57)M $800-$900M
Return on Capital 14.8% Consistent with 2007 levels
Capital Expenditures $509M Range of $700M
SG&A as a Percent of Sales 22% 20-21% Range
R&D as a Percent of Sales 9% 10% Range
Receivables as a Percent of Sales 18% Consistent with 2007 levels
Inventories as a Percent of Sales 20% Consistent with 2007 levels
Note: EPS figures reflect the stock split effective July 28, 2006
1. As-reported and ongoing EPS currently expected to be the same for FY2008
12

13. FINANCIAL REVIEW
Earnings Growth and Margin Expansion Reflect Strong
Growth Opportunities Through End of Decade
EARNINGS PER SHARE GROWTH GROSS MARGIN OPPORTUNITY
PROGRESSION OF ONGOING EPS (2004-2008F) GROSS PROFIT AS A PERCENT OF SALES (2004-2010F)
2008F ONGOING EPS GUIDANCE:
$2.40
2010F OPPORTUNITY:
10-20% GROWTH 54%
52-54% GROSS MARGIN
$2.20
53%
$2.20-$2.40
$2.00 52%
$2.00 51%
$1.80
50%
$1.60
49%
$1.40
48%
$1.20 47%
$1.30
46%
$1.00
$1.04 45%
$0.80
$0.80 44%
$0.60 2004 2005 2006 2007 2008F 2009F 2010F
2004 2005 2006 2007 2008F
30% 25% 54% 10-20% 2 points of margin
growth achieved in
2007
Note: EPS figures reflect the stock split effective July 28, 2006
13

14. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow
Fiscal Year
2008 Fiscal Year Fiscal Year
$ Millions Target 2007 2006
$1,854 $1,674
Net Cash Provided (Required) by Operations $1,750 - $1,850
(625)
Net Cash Provided (Required) by Investing Activities ($950) (1,911)
$1,049
Free Cash Flow $800-$900 $(57)
(583) (117)
Net Cash Provided (Required) by Financing Activities N/A
Effect of Exchange Rate Changes on Cash and Cash Equivalents N/A 46 3
Net Increase (Decrease) in Cash and Cash Equivalents N/A $(594) $935
Reconciliation of Non-GAAP EPS
Three
Months End Three Months
Fiscal Year Aug. 31, End Aug. 31,
$ per share 2007 2007 2006
Diluted Earnings per Share $1.79 $(0.39) $(0.27)
Loss (Income) on Discontinued Operations $(0.13) $(0.13) $0.01
In-Process R&D Write-Off Related to the Delta & Pine $0.34 $0.34
Land (D&PL) Acquisition
Tax Charge on Repatriated Earnings -- -- $0.04
Cumulative Effect of Change in Accounting Principle -- -- $0.01
Diluted Earnings (Loss) per Share from Ongoing $2.00 $(0.18) $(0.21)
Business
14

15. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP EPS
Fiscal Year Fiscal Year Fiscal Year
$ per share 2006 2005 2004
Net Income (Loss) per Share $1.25 $0.47 $0.50
Cumulative Effect of Change in Accounting Principle $0.01 -- --
Diluted Earnings (Loss) per Share Before Effect of $1.26 $0.47 $0.50
Accounting Change
Tax Charge on Repatriated Earnings $0.04 -- --
Seminis In-Process R&D -- $0.38 --
Solutia-Related Charge -- $0.32 --
Tax Benefit on Loss from European Wheat and -- $(0.19) --
Barley Business
Restructuring Charges -- Net -- $0.01 $0.18
(1)
Loss on Discontinued Operations -- $0.05 --
Impairment of Goodwill -- -- $0.12
PCB Litigation Settlement Expense – Net -- -- --
Diluted Earnings (Loss) per Share from Ongoing Business $1.30 $1.04 $0.80
(1) The operating results of Stoneville and NexGen have been conformed to discontinued operations presentation for all
relevant years presented.
15

16. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Return on Capital
$ Millions
12 Months
Total Monsanto Company and Subsidiaries: Ended
Aug. 31, 2007
Operating Profit After-tax (excluding certain items) $1,116
Average Capital $7,533
Return on Capital 14.8%
Operating Profit After-tax (excluding certain items):
Net Income $993
Adjustment for certain items, after-tax:
2007 In-Process R & D Related to the D&PL $186
Acquisition
Loss (Income) on Discontinued Operations ($71)
Interest Expense – Net of Taxes $8
Operating Profit After-tax (excluding certain items) $1,116
As of Aug. 31,
2007
Average Capital:
Short-Term and Long-Term Debt $1,420
Shareowners’ Equity $7,505
Cash and Cash Equivalents $(866)
Cash for Operations $150
Total Capital $8,209
Prior Period Capital $6,857
Average Capital $7,533
16