The document provides financial results and guidance for Monsanto for Q3 2007 and fiscal year 2007. Key points include: - Net sales increased 23% in Q3 2007 compared to Q3 2006 and 18% for the first nine months. - Diluted EPS increased 72% in Q3 2007 and 44% for the first nine months compared to the prior year. - Guidance for fiscal year 2007 ongoing EPS growth was increased to a range of 34-37% over fiscal year 2006. - All six growth drivers around traits, seeds and technologies are progressing well and position the company for continued growth through the end of the decade.

1. THIRD-QUARTER 2007
FINANCIAL RESULTS
June 28, 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. Mavera™ is a trademark of Renessen. All other trademarks are the property of their
respective owners.
© 2007 Monsanto Company
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3. Non-GAAP Financial Information
This presentation may use the non-GAAP financial measures of “free cash flow,” and earnings per share (EPS) on
an ongoing basis. 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.
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
Ongoing and As-Reported Earnings
Third Quarter Third Nine Months Nine Months
2007 Quarter 2006 2007 2006
Diluted Earnings
$1.03 $0.60 $2.17 $1.51
Per Share
Loss (Income) on
$(0.01) $(0.02) $0.01 $(0.01)
Discontinued
Operations
Diluted Earnings
$1.02 $0.58 $2.18 $1.50
Per Share from
Ongoing Basis
4

5. PERFORMANCE SUMMARY
Financial Summary
Third Third Nine Nine
Change Change
Quarter Quarter Months Months
2007 2006 2007 2006
NET SALES $2,842M $2,309M 23% $6,990 $5,904M 18%
GROSS
$1,503M $1,169M 29% $3,633 $3,039M 20%
PROFIT
NET INCOME $570M $334M 71% $1,203 $833M 44%
DILUTED
EPS ON AS-
$1.03 $0.60 72% $2.17 $1.51 44%
REPORTED
BASIS
FREE CASH
$(321)M $(224)M (43)%
FLOW
Note: EPS figures reflect the stock split effective July 28, 2006
5

6. PERFORMANCE SUMMARY
By Delivering Better Yielding Products, DEKALB on Track to
Gain 4 to 5 Share Points in 2007
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
6

7. PERFORMANCE SUMMARY
2007 Trait Demand Has Been Even Stronger Than
Anticipated, Accelerating Adoption Rates for All Corn Traits
140 20
18
120
16
U.S. TRIPLE-STACK ACRES
100
U.S. TRAIT ACRES
14
(IN MILLIONS)
12
(IN MILLIONS)
80
10
60
8
6
40
4
20
2
0 0
2005 2006 2007F
2007 FORECAST
U.S. CORN TRAIT ACRES1 2005 ACTUAL 2006 ACTUAL
UPDATED: 6/28
(IN MILLIONS)
U.S. YIELDGARD ROOTWORM
4.1 10 21-22
ACRES
U.S.YIELDGARD CORN BORER
32.1 32.3 41-42
ACRES
U.S. ROUNDUP READY CORN
24.8 32.7 55-56
ACRES
1.3 6.0 ~18
U.S. TRIPLE-STACK ACRES
1. 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.
Source: “Monsanto Biotechnology Trait Acreage – Preliminary Forecast,” available through: http://www.monsanto.com/monsanto/layout/investor/
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8. PERFORMANCE SUMMARY
Superior Seed and Trait Protection Create Incremental Yield
Benefit and More Value for Farmers
TOP PURCHASE DRIVER FOR FARMERS PLANTING NEW DEKALB ACRES IS BETTER YIELD1
65% of farmers planting a
2007 DEKALB
65%
higher percentage of their
CUSTOMER
2007 acres in DEKALB cited BASE
“good yield” as their primary
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
consideration
Other factors
Good yield
FARMERS BUY PERFORMANCE AND ARE NOT WILLING TO SWITCH AWAY FROM SUPERIOR YIELD
POTENTIAL1
More than 80% of farmers
2007 DEKALB
83%
surveyed indicated they would CUSTOMER
not switch away from DEKALB BASE
if another seed brand offered
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
the same set of biotech traits
Don’t know Would switch
Would not switch
2008 PRICING UPDATE
2007 2008F
RETAIL PRICE RETAIL PRICE
PER ACRE2 PER ACRE2
YieldGard VT Triple $25-$31 $29-$36
1. Market research: based on a sample of 500 corn growers completed in March 2007
2. Reflects range of per-acre prices in variable-based pricing system
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9. PERFORMANCE SUMMARY
Triple-Stack Ramp Up Continues for 2008, With Leading
Brands Targeting 50% in Portfolio Mix
2008 U.S. CORN TRIPLE-TRAIT FORECAST
PRODUCTION PLAN BY STRATEGIC CHANNEL
60%
2008 OUTLOOK
50%
TRIPLE STACK AS PERCENT OF
50%+
50%+ 50%+ • All three of
Monsanto’s
PORTFOLIO VOLUME
channels should
42%
40% have triple
penetration
35%+ above 35% in
34% seed portfolios
30%
for 2008
29%
• DEKALB, ASI
24% and leading
20%
licensees should
be above 50%
triple availability
10% in 2008
0%
2007 2008F 2007 2008F 2007 2008F 2007 2008F
DEKALB Brand ASI Brands Leading Licensees All Licensees
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10. PERFORMANCE SUMMARY
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
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11. FINANCIAL UPDATE
Increased Ongoing EPS Guidance Reflects Continued Strong
Growth in Corn Seeds and Traits and Roundup Business
EARNINGS PER SHARE GROWTH
PROGRESSION OF ONGOING EPS (2003-2007F)
FY2007
GUIDANCE
$2.00
2007 ONGOING EPS GUIDANCE:
$1.75 - $1.80
34 - 37% GROWTH
$1.80 Ongoing Earnings
Updated from $1.60-
Per Share1
$1.65 range
$1.60
$1.75-$1.80
Free Cash Flow ($250M) –($200M)
$1.40
Guidance
$1.20 $1.30 Cash Effect of
D&PL Acquisition
$1.2B
$1.00 and
$1.04
Stoneville/Nexgen
$0.80 Divestitures
$0.80
In the range of
$0.71 Capital
$0.60
$500M
Expenditures
2003 2004 2005 2006 2007F
13% GROWTH 30% GROWTH 26% GROWTH 34-37% GROWTH
1. EPS figures reflect the stock split effective July 28, 2006
11

12. FINANCIAL UPDATE
All Six Growth Drivers Are Well On Track in 2007, Setting
Stage for Continued Growth Through End of Decade
MONSANTO’S OPPORTUNITY
FY2007 STATUS
FACTOR
FOCUS: GROSS PROFIT AS A PERCENT OF SALES
• Trait penetration up across the board;
triple stack penetration up 200%
54%
GROSS MARGIN ‘PULL’ U.S. corn • U.S. share up an estimated 4-5 points in
DEKALB and 1 point of organic growth
TARGET 52-54% BY 2010
in ASI
52%
• Share expected up 1-2 points in key
International
European countries; up approximately 4
corn to 5 share points in India and Argentina
50% • Roundup Ready soybeans in Brazil up
Global biotech to 45% penetration
• Bollgard penetration increases by
traits
approximately two-thirds in India
48%
• Delta and Pine Land acquisition
CURRENT LEVEL completed
Cotton
• Roundup Ready Flex expected to be
platform
46% over 25% of U.S. planted acres with
Bollgard II expected in 20-25% range
• Top line growth improved with price
44% increases
2003 2004 2005 2006 2007F 2008F 2009F 2010F
Seminis • Inventory adjustments in current fiscal
year; 2008 margin in 60% range
expected
R&D pipeline • 2007 field trials under way
12

13. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow
Fiscal Year Nine Months Nine Months
2007 Ended Ended
$ Millions Target May 31, 2007 May 31, 2006
Net Cash Provided (Required) by Operations $1,710- $1,760 $89 $184
Net Cash Provided (Required) by Investing Activities (1,960) (410) (408)
$(224)
Free Cash Flow ($250) – ($200) $(321)
294
Net Cash Provided (Required) by Financing Activities N/A (204)
Effect of Exchange Rate Changes on Cash and Cash Equivalents N/A 59 --
$70
Net Increase (Decrease) in Cash and Cash Equivalents N/A $(466)
Reconciliation of Non-GAAP EPS
Three
Fiscal Year Months End Three Months Nine Months Nine Months
2007 May 31, End May 31, End May 31, End May 31,
$ per share Target 2007 2006 2007 2006
Diluted Earnings per Share $1.36-$1.54 $1.03 $0.60 $2.17 $1.51
Loss (Income) on Discontinued Operations $0.01 $(0.01) $(0.02) $0.01 $(0.01)
In-Process R&D Write-Off Related to the Delta & Pine $0.25 - $0.38 -- -- -- --
Land Acquisition
Diluted Earnings (Loss) per Share from Ongoing $1.75 - $1.80 $1.02 $0.58 $2.18 1.50
Business
13

14. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP EPS
Fiscal Year Fiscal Year Fiscal Year Fiscal Year
$ per share 2006 2005 2004 2003
Net Income (Loss) per Share $1.25 $0.47 $0.50 $0.13
Cumulative Effect of Change in Accounting Principle $0.01 -- -- $0.02
Diluted Earnings (Loss) per Share Before Effect of $1.26 $0.47 $0.50 $0.15
Accounting Change
Tax Charge on Repatriated Earnings $0.04 -- -- --
(1)
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 $0.05
(1)
Loss on Discontinued Operations -- $0.05 -- $0.03
Impairment of Goodwill -- -- $0.12 --
PCB Litigation Settlement Expense – Net -- -- -- $0.48
Diluted Earnings (Loss) per Share from Ongoing Business $1.30 $1.04 $0.80 $0.71
(1) The operating results of Stoneville and NexGen have been conformed to discontinued operations presentation for all relevant years
presented.
14