Brett Begeman discussed Monsanto's strategy to more than double gross profit from corn by 2012 through organic growth of their existing business and pipeline. Key points include: - Growing U.S. and international corn market share through new hybrids and traits like SmartStax corn which could reset the industry standard after 2010. - Nearly tripling U.S. penetration of triple-stack traits from 17.7 million acres in 2007 to 45-55 million acres by 2010 through new products and programs. - Maintaining a strong yield advantage of DEKALB hybrids in the U.S., including 8.4 bushels/acre over competitors in 2007, to drive continued share gains. -

1. BRETT BEGEMANN
EXECUTIVE VICE PRESIDENT,
GLOBAL COMMERCIAL
CITI
2007 BASIC MATERIALS SYMPOSIUM
DECEMBER 4, 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. OVERVIEW
Given Growth Opportunities, Monsanto Has Potential to More
Than Double Gross Profit Over the Next Five Years
2012 GROWTH RANGE
MONSANTO GROSS PROFIT Gross profit targeted to
GROWTH TARGET 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
TRAIT PLATFORMS
$2,000
CORN: SmartStax
$1,000
SOYBEANS: Roundup
$0
RReady2Yield
2004 2007 2012
MILESTONES
COTTON: Bollgard II/
2010
2007 Roundup
Gross margin
Base Gross Profit: Ready Flex
target: 52-54%
$4,286M
ONGOING EPS GROWTH:
MID-TO-HIGH TEENS
3

4. U.S. AND INTERNATIONAL CORN
International Market Share Gains Create Footprint for
Expansion
GENETIC FOOTPRINT: GLOBAL CORN PRODUCTION
GEOGRAPHY: International
Average
OBJECTIVE: Grow footprint 2007 Value Of
DEKALB 2007
Hybrid Average Corn DEKALB
2008 STATUS Retail Share
Market Yield Per Seed Brand
Value Point
Size1 Acre1 Share2
Market
• Target of 1 to 2 share Per Acre Change
(Acres) (U.S. $B)
(U.S. $)
point gains in all regions
except Brazil, where plan
153 $44 $3.2B 23% 4
U.S. 92M
is to stabilize share
bu/ac
2012 OUTLOOK
99 $65 $1.9B 13% 1
EU27 27M
• Outside the U.S., 70M bu/ac3
acres of hybrids in
57
higher-value markets
$29 $0.7B 30% 4
Brazil 23M
• Targeted 1-2 share point bu/ac
gains annually in all key
120 $28 $0.2B 40% 5
Argentina 8M
countries through 2012
bu/ac
• Brazil targeted to grow
29
after share trait stabilizes
$20 $0.1B 39% 4
India 7M
in 2008 bu/ac
TOTAL 157M
1. Corn acreage and production; USDA FAS 2007/08 projections report and internal estimates
2. Reflects share performance for 2007 planting season; for Brazil and Argentina, reflects 2006-2007 planting season
3. Average yield; from 55 bu/acre in Romania to 150 bu/acre in France, Italy
4

5. U.S. CORN
DEKALB’s Performance Accelerated Share Gains Ahead of
Schedule; Fundamentals Remain Viable Through 2012
DEKALB U.S. CORN SHARE EVOLUTION: 2001-2012F
32%
30% 2012 TARGET RANGE
GEOGRAPHY: U.S.
28%
OBJECTIVE: Grow footprint
2008 STATUS 26%
• DEKALB earned 4 points 24%
in 2007 for total share of ORIGINAL 2010 TARGET RANGE
22%
23%, doubling its share
in 5 years 23%
20%
2012 OUTLOOK
18%
• Grow share through 2012 19%
16% DEKALB expected to
by up to 10 points
continue share gains,
cumulatively 16%
14% with cumulative target
14% of as much as 10
12% 13%
points in 5 years
10% 12%
10%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2007
2005
DEKALB ends 2007 with
Monsanto projects 1-2 point
23% share, achieving 2010
share gains for DEKALB from
target 3 years early
2005 through 2010
5

6. U.S. CORN
Final Yield Trial Results Reinforce Yield Advantage of
DEKALB Seed in U.S.
2007 FINAL U.S. COMPETITIVE CORN YIELD
FINAL:
COMPARISON: DEKALB
DEKALB
GEOGRAPHY: 210
U.S.
(APPROXIMATE DIFFERENCES)
COMPETITORS
205
OBJECTIVE: Grow footprint
205
2007 PERFORMANCE UPDATE 200
BUSHELS/ACRE
• In > 14,000 comparisons, 195
197
195
Monsanto out-yields 190 193
191
competitive best by
190 189
185 188
8.4 bu/ac 186
180
• In 110-day RM,
179
Monsanto’s lead remains 175
a strong 12 bu/ac
170
advantage
165
Source: 2007 Monsanto
160
and third party trials
163
through November 15,
155
2007. Weighted
155
average, calculated to
150
15% moisture. DEKALB
products are compared
95 RM 100 RM 105 RM 110 RM 115 RM Overall
with national competitive RELATIVE MATURITIES (DAYS)►
products that contain
COMPARISONS:
similar crop protection
>480 >1,220 >1,820 >5,220 >5,270 >14,000
traits.
APPROXIMATE BU/AC
7.8 10.4 5.1 12.0 5.5 8.4
ADVANTAGE:
6

7. U.S. CORN
Like National Brands, New ASI Hybrids Have Substantial Yield
Advantage Over Competitive Offerings
2007 PRELIMINARY U.S. COMPETITIVE
CORN YIELD COMPARISON: ASI
210
(APPROXIMATE DIFFERENCES)
GEOGRAPHY: U.S. ASI
205
OBJECTIVE: Grow footprint
COMPETITORS
2007 PERFORMANCE UPDATE 203 203
200
BUSHELS/ACRE
• Overall, 2007 yield
195
197
comparisons showing
7.5 bu/ac advantage for 190 193
192
190
ASI over competitive best
185
184
Source: 2007 Monsanto
183
trials through October
180
24, 2007.
175
170
165 166 163
160
95RM 100 RM 105 RM 110 RM 115 RM
RELATIVE MATURITIES (DAYS)►
LOCATIONS: 54 128 87 147 158
APPROXIMATE BU/AC
3.5 1 6.5 11.5 10.5
ADVANTAGE:
7

8. U.S. CORN
Opportunity Exists to Nearly Triple Penetration of Triple-
Stack Traits in U.S. By End of Decade
U.S. CORN TRAIT OPPORTUNITY: 2007-2010F
220 60
U.S. TRIPLE-STACK ACRES
200
U.S. TRAIT ACRES
50
180
(IN MILLIONS)
(IN MILLIONS)
160
40
140
120
30
100
80
20
60
40 10
20
0 0 CATALYSTS OF
2010
2005 2006 2007 2010F TRIPLE STACK
2007 Opportunity GROWTH
Rootworm Control 45-55M
20.8M
Channel Triple
Corn Borer Control Penetration
60-70M
42.4M
Glyphosate Tolerance DEKALB Supply
80M
57.9M
Guarantee
Triple Stack 17.7M 45-55M
Yield Insurance
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.
Program
Source: “Monsanto Biotechnology Trait Acreage” available through: monsanto.com/investors/
8

9. U.S. CORN
SmartStax Becomes Corn Platform of Choice After 2010,
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
YieldGard VT Triple PRO Pending Regulatory Review
performance for insect
and weed control
COMPONENTS
Below-Ground Insect
YieldGard VT Rootworm/RR2
2ND-GENERATION ROOTWORM 1 Commercial
Control
CONTROL PRIMARY: ROOTWORM
Roundup Ready 2 Technology
Weed Control
VIA YIELDGARD VT ROOTWORM/RR2
1 Commercial
MODE: GLYPHOSATE
YieldGard VT PRO Above-Ground Insect PHASE IV
2ND-GENERATION YIELDGARD CORN
2
BORER Control Pending Regulatory Review
PRIMARY: CORN BORER
SMARTSTAX CORN PLANTED
Herculex® XTRA
IN WESTERN IOWA, SHOWING
FULL, HEALTHY EARS AND
COMPONENTS
STRONG, HEALTHY ROOTS
Above-Ground Insect
Herculex® I 1 Commercial
Control
PRIMARY: CORN BORER
Below-Ground Insect
Herculex® RW 2 Commercial
Control
PRIMARY: ROOTWORM
Weed Control
Liberty Link® 1 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
9
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.

10. U.S. AND INTERNATIONAL CORN
Trait Expansion Opportunity Still Early Globally; SmartStax
Resets the Deck in 2010 and Beyond
COMMERCIAL PLATFORM: 2007-20101 TRAIT PLATFORM: 2010+
GLOBAL MARKET
OPPORTUNITY: • SmartStax resets trait
• Reflects technology fit; actual
opportunities
penetration determined by
CORN TRAITS regulatory approvals and • Competition, penetration
2010 VS 2012 competitive share and technology fit being
• Competitors continue to license evaluated further for
Monsanto traits in key markets each geography
2007
HYBRID
SmartStax
MARKET
SIZE2
(ACRES)
U.S. 92M 80M 60-70M 45-55M 60-65M
Europe (EU27) 27M 24M 8M 5M 15-20M
Brazil 23M 15-20M 15-20M 5M 15-20M
Argentina 8M 9M 7M 5M 5-7M
India 7M 6M 6M -- 5-6M
Total Markets 157M 134-139M 96-111M 60-70M 100-118M
43-45% 46-53% 30-35%
2007 Penetration
1. Market Opportunity reflects total acres where technology is applicable, not necessarily acres
Targets marked in green representing countries currently planting projected for penetration by 2010.
80M or with primary regulatory approval secured for respective trait
2. Corn acreage and production; USDA FAS 2007/08 projections report and internal estimates
10

11. U.S. AND INTERNATIONAL CORN
By 2012, 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
• By 2012, total gross profit expected to U.S. Corn Seeds & Traits Gross Profit
expand significantly with continued
penetration of traits globally, conversion International Corn Seeds &
to SmartStax and greater seed brand Traits Gross Profit
share worldwide
11

12. SOYBEANS
U.S. Soybean Seed Share to Continue to Grow Organically
U.S. SOYBEAN BRANDED AND LICENSED SEED SHARE
100%
U.S. SOYBEAN SEED MARKET SHARE
90% CORN STATES
ASI
ASGROW
LICENSEES
80%
70%
(PERCENTAGE)
60%
50%
40%
30%
20%
10%
0%
2004 2005 2006 2007 2012
TARGET
12

13. SOYBEANS
Coming Off 2007 Share Gain, Initial Soybean Yield
Performance Continues to Reinforce Breeding Leadership
2007 PRELIMINARY U.S. COMPETITIVE
SOYBEAN YIELD COMPARISON: ASGROW
(APPROXIMATE DIFFERENCES)
60
GEOGRAPHY:
ASGROW
U.S.
58
COMPETITORS
OBJECTIVE: Grow footprint 58
57
56
BUSHELS/ACRE
2007 PERFORMANCE UPDATE 56
54 55
• Yield data from 2007
indicates continued yield 52
52
advantage for national 51
50 51
brands versus best-in-
49
class competitors 48 49
46 47
44
44
43
42
40
O 1 2 3 4 5
RELATIVE MATURITIES►
Source: 2007 Monsanto and
COMPARISONS:
third party trials through >300 >400 >3,500 >3,400 >1,000 >30
October 30, 2007. Asgrow
APPROXIMATE BU/AC
products are compared to
1 1.5 1 1.5 2 (1)
competitive products. ADVANTAGE:
13

14. SOYBEANS
Preparations Under Way for Large Scale U.S. Launch of
Roundup RReady2Yield
ROUNDUP RREADY2YIELD SOYBEANS:
CROP: Soybeans
LAUNCH PLANS
Launch
OBJECTIVE: Roundup U.S. Full-Scale
RReady2Yield Launch Target:
P R O JE CT
5- 6M Acres
2008 STATUS
U.S. Controlled
• Consistent 7-11% yield Commercial
advantage with Roundup Release Target:
RReady2Yield 1- 2M Acres
• USDA, EPA and FDA
Grower level marketing, awareness and trial
approvals received;
awaiting key export
Licensee breeding
approvals
• Pre-launch activities Industry coordination and communications
under way • American Soybean Association and key agri-food
PRICING stakeholders
• Yield improvement shared Pursuit of export approvals in Japan, China,
with grower; average Europe and Mexico
5-year soybean
Branded and licensed seed production
commodity price
2007 2008 2009 2010
approximately $6.40 per
bushel1
14
1. Source: NASS, USDA data 2003 to August 2007

15. SOYBEANS
Soybean Value Upgraded with Roundup RReady2Yield,
Modified Oil Traits and Insect Protection
SOYBEAN UPGRADE UNDER WAY;
CROP: Soybeans
MARKET SEGMENTATION BY MID NEXT DECADE
Growth via
OBJECTIVE:
new traits MODIFIED OIL U.S. SOYBEAN VALUE
MARKET
TRAITS
2008 STATUS
• Roundup • $13+/acre for
COMPETITIVE
• Roundup Ready
PLATFORM RReady2Yield Roundup
soybeans at 95% in market for tolerance
ROUNDUP
penetration in U.S., 2+ years plus 7-11%
RREADY2YIELD
50% in Brazil yield
• Vistive III and
• Roundup • Oil premium
other modified
oil traits being
RReady2Yield
U.S. SOYBEANS: launched
approved by USDA,
60-70M ACRE MARKET ROUNDUP
EPA and FDA; key
RREADY2YIELD AND
export approvals INSECT PROTECTED
pending BRAZIL SOYBEAN VALUE
MARKET
2012 OUTLOOK
• Insect-protected •$2.50-$3.00+
• Five trait stacks in
ROUNDUP READY
Roundup per acre for
soybeans feasible,
RReady2Yield Roundup
with Roundup being launched tolerance plus
RReady2Yield as base 7-11% yield
BRAZIL SOYBEANS:
trait for all •Insecticide
50-60M ACRE MARKET
replacement
15

16. SOYBEANS
Relative Contribution of U.S. and Ex-U.S. Should Be
Consistent in Growing Soybean Seed and Trait Business
GLOBAL SOYBEAN SEED AND TRAITS GROSS PROFIT BY GEOGRAPHY
INDEX=2004
2004 2007 2012F
>2X
OVER 2004 INDEX
BRAZIL
BRAZIL ROUNDUP ROUNDUP
ROUNDUP READY
READY SOYBEAN RREADY2YIELD
SOYBEAN AT 50%
LAUNCHED IN PLANTED 2009/2010 IN
PENETRATION IN
2004 U.S.; BRAZIL
2007 ROUNDUP READY
U.S. SOYBEAN FULLY
PENETRATED
INTERNATIONAL
16

17. COTTON
Delta and Pine Land’s Global Breeding Strategy Focused on
Yield and Fiber Improvement
Breeding Programs
Testing Programs
Greece
U.S. (9) Winter Nurseries
India
Costa Rica
(3)
Brazil Australia
South
Africa
GLOBAL COTTON BREEDING STRATEGY
RESOURCES CAPABILITIES OUTLOOK
• ‘Jumpstart’ of up to 3 years over
• World’s largest private cotton • Focus on drought, fiber
corn in 1990s with established
breeding program quality, lint yield and disease
infrastructure resistance
• Strategically located in
• Labs, IT and markers are ready • Novel targets: Diverse
pivotal cotton areas
to go; “plug-and-play” germplasm base can lead to
• All lines feed into global
opportunity new genetic pairings that
testing and introgression
• Largest marker collection in the greatly benefit farmers
program
world
17

18. COTTON
Planned Upgrade to Second-Generation Cotton Technology
in U.S. Focused on Southern Markets
46% ROUNDUP READY
CROP: Cotton
FLEX
Second- 15% BOLLGARD II /
OBJECTIVE: generation ROUNDUP READY FLEX
technology
48% BOLLGARD II /
2008 STATUS
ROUNDUP READY FLEX
• Southern Delta region
lags at 15% average
penetration for second-
generation traits
2012 OUTLOOK
FOCUS ON SHIFTING SOUTHERN
• Aggressive breeding
DELTA TRAITED ACRES FROM 15%
strategy to fully convert
SECOND-GENERATION TO 100% BY
to Bollgard II by start of
2012
2010 growing season;
fully converted to U.S. COTTON SEED BRAND SHARE - 20071
Roundup Ready Flex
TOTAL
by 2012
46% 17% 45% 86%
DELTA AND PINE
LAND
18
1. Source: dmrkynetec – cotton seed study – planted acre basis for new certified seed

19. COTTON
U.S. Cotton Trait Acres Shift with Total Planted Cotton
Acres; Opportunity to Upgrade to Second-Generation
U.S. COTTON TRAIT ACRES
(PERCENT OF TOTAL PLANTED ACRES)
CROP: Cotton 25 100%
Second-
ABSOLUTE2 TRAIT ACRES
OBJECTIVE: generation
20
technology 75%
2008 STATUS M ACRES
15
• Nearly 80% of the U.S.
50%
planted cotton acres
contained at least one 10
Monsanto trait in 2007
• Delta and Pine Land’s 25%
5
portfolio was only 17%
second-generation1 traits
0
compared with industry 0%
average of 41%
2003 2004 2005 2006 2007
2012 OUTLOOK
ROUNDUP READY BOLLGARD
• Delta and Pine Land’s
portfolio fully converted
ROUNDUP READY FLEX BOLLGARD II
to second-generation
traits in all U.S. 1. Second-generation trait penetration reflects percent of commercial portfolio containing either Roundup
Ready Flex, Bollgard II or both traits.
segments 2. Absolute trait acres represents the total number of acres with at least one trait; two traits on one acre one
absolute acre
19

20. COTTON
Bollgard Cotton Penetration in India Nearly Doubles in 2007;
Creates Platform for Second-Generation Traits
BOLLGARD & BOLLGARD II COTTON IN INDIA
CROP: Cotton
ROUNDUP READY FLEX OPPORTUNITY
Second-
OBJECTIVE: generation
technology M ACRES
2008 STATUS
25
• Hybrid market now
15-20M
estimated to be 15-20
20 BOLLGARD II BOLLGARD
million acres in India
BOLLGARD II WITH ROUNDUP READY FLEX
2012 OUTLOOK
15
M ACRES
• Expect market in India
to be fully converted to
10
Bollgard II by 2012
• Potential to launch
Bollgard II stacked with
5
Roundup Ready Flex
prior to 2012
0
2007 RETAIL PRICE/ACRE
2004 2005 2007
2006 2012
SEED & TRAIT
OPPORTUNITY
BOLLGARD BOLLGARD II
$ 18 $22
20

21. COTTON
Second-Generation Trait Conversion Accelerates Globally to
Expand Gross Profit Contribution of Cotton
GLOBAL COTTON SEED AND TRAITS GROSS PROFIT
INDEX=2007
2012F
2007
1.8X
OVER 2007 INDEX
• In five years, Delta and Pine Land fully contributing with
U.S. market share and second-generation trait growth
• India becomes a larger player with conversion to second
INTERNATIONAL generation traits
• Australia and Brazil are small acre, but important markets
21

22. R&D PIPELINE
Strong Pipeline Value Reflects Commercial Opportunity in
Latter-Stage Projects and Emerging Value in Yield and Stress
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
Roundup RReady2Yield
RReady2Yield soybeans soybeans
MEGA HIGH
soybeans
Bollgard III
$300M-$500M
>$1BM High-oil
Dicamba- YieldGard
soybeans
tolerant VT PRO
soybeans
MID LOW corn
Vistive III
<$150M
$150M-$300M Roundup Improved-
RReady2Yield protein
Corn Soybeans Cotton Canola canola soybeans
22

23. SUMMARY
Given Growth Opportunities, Monsanto Has Potential to More
Than Double Gross Profit Over the Next Five Years
2012 GROWTH RANGE
MONSANTO GROSS PROFIT Gross profit targeted to
GROWTH TARGET 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
TRAIT PLATFORMS
$2,000
CORN: SmartStax
$1,000
SOYBEANS: Roundup
$0
RReady2Yield
2004 2007 2012
MILESTONES
COTTON: Bollgard II/
2010
2007 Roundup
Gross margin
Base Gross Profit: Ready Flex
target: 52-54%
$4,286M
ONGOING EPS GROWTH:
MID-TO-HIGH TEENS
23