1. CARL CASALE
EXECUTIVE VICE PRESIDENT,
STRATEGY AND OPERATIONS
CREDIT SUISSE
CHEMICAL AND AG SCIENCE CONFERENCE
Sept. 18, 2008
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; developments related to foreign currencies and
economies; successful 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 reports on forms 10-Q and 10-K. 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.
© 2008 Monsanto Company
2

3. OVERVIEW
Monsanto’s Growth Opportunity Lies at the Intersection of
Demand, Innovation and Execution
Monsanto’s Simple Philosophy on Opportunity:
More demand requires more YIELD
More yield requires more INNOVATION
More innovation delivers more GROWTH
3

4. OVERVIEW
Monsanto’s Innovation Targeted at Doubling Yield by 2030;
Extending Competitive Lead and Creating New Value
DOUBLING YIELD WITH TECHNOLOGY: DOUBLING YIELD BY 2030
U.S. CORN EXAMPLE U.S. BASELINE
CROP 2000 BASELINE1
325
137 bu/ac
Corn:
300
37 bu/ac
Soybeans:
275
Historical Yield
632 lbs/ac
250 Cotton:
U.S. Yield Per Acre (bu/ac)
30-Year Trend
225 STRATEGIC RATIONALE
Molecular Breeding Advances
200 Biotech Advances Helping meet global
demand
175
150 Furthering competitive
lead
125
Creating new value for
100
farmers that creates
75
sustainable growth
50 opportunities
25
0
1970 1980 1990 2000 2010 2020 2030
2030 U.S. YIELD
U.S. YIELD
TARGET
~300 bu/ac
151 bu/ac 2030:
2007:
1. Average U.S. yield by crop, USDA NASS
4

5. OVERVIEW
Five-Year Plan to Double Gross Profit by 2012 Centered On
More than Doubling Seeds and Traits Platform
2012 GROSS PROFIT TARGET
RELATIVE TO 2007 BASELINE
GROSS PROFIT OUTLOOK BY SEGMENT >2x
Total Gross Profit
2007-2012F
BUSINESS DETAIL
Roundup and Other
$10,000
Glyphosate-Based ~$1.8B
Herbicides
$8,000
Roughly flat
All Other Ag Productivity
at $350M
$6,000
>2x
Seeds & Genomics
2.5x
$4,000
GROWTH Corn Seeds & Traits
COMES FROM
~2x
SEEDS & Soybean Seeds &
$2,000
TRAITS Traits
~2x
Cotton Seeds & Traits
$0
2007 2008F 2012F >2x
2007 2008F 2012F
Vegetable Seeds
All Other Agricultural Productivity
Roundup and Other Glyphosate-based Herbicides
Seeds & Genomics
5

6. OVERVIEW
Gross Profit Growth Comes From Two-Step Strategy:
Establish Seed Footprint, Then Layer on Biotech Traits
BREEDING
BIOTECH
TRAIT 3
R&D TRAIT 2
SEED ENGINE TRAIT 1
SEED
Establish Seed Footprint Add Biotech Traits
• Seed provides a core gross-profit • Higher margins than seed with
contribution minimal incremental cost of goods
STRATEGIC VALUE
• Seed footprint speeds penetration • Opportunity to stack multiple traits
rate of biotech traits per acre
• Access to global germplasm • Proven, commercial-driven R&D
pools combined with most program backed by industry’s
DIFFERENTIATORS
advanced breeding technology largest seed-and-trait R&D spend
creates seed that outperforms
• Collaborator of choice
competitors
• New trait introductions
MEASURES OF SUCCESS
• Seed share growth • Trait upgrade and trait platform
opportunity
Corn: U.S., Argentina, Brazil,
Europe, Central America Corn: U.S., Argentina, Brazil
KEY CROPS & GEOGRAPHIES
Soybeans: U.S. Soybeans: U.S., Brazil
Cotton: U.S., India Cotton: U.S., India, Australia
Vegetables: Global
6

7. CORN SEEDS & TRAITS
Yield-Enhancing Technology Creates Value – Returning
>$3.50 For Every Dollar Spent By Farmers in Corn
U.S. FARMER RETURN ON INVESTMENT: 1983-2008F
170
160
150
32
140
130
Bu/ac
120
bu/ac
$1: $3.50 Return
110
ON YIELD-CREATING TECHNOLOGY
100
@ $4.79/bu
90
80
PRE-BIOTECH: 1983-1996 POST-BIOTECH: 1996-2008F
AVERAGE YIELD DURING AVERAGE YIELD DURING
115.6 bu/ac 138.3 bu/ac
PERIOD: PERIOD:
1.7 bu/ac 2.6 bu/ac
ANNUAL YIELD GAIN: ANNUAL YIELD GAIN:
YIELD-RELATED
PRODUCTION
Seed/ Chem/ $27.07/ac $43.24/ac
Equip/ Labor
COSTS
SCARCITY-RELATED
$19.33/ac $52.02/ac
Land Rent
$6.23/ac $94.90/ac
Fertilizer
Source: USDA, Land Rent Averaged using Corn & Soybean, Doane Ag, dmrkynetec data, Yield is calculated using a 3 year rolling average, (32 Yield is 2.6 bu/ac/yr *12 years). Commodity Value ($4.79) is calculated using a 3 year rolling average
CBOT. 2008F Yield is April 08 Doane Ag. Return – Monsanto Estimate
7

8. CORN SEEDS & TRAITS
U.S. DEKALB Share Consistently Ahead of Expectations;
Growth Trend Continues in 2009
DEKALB U.S. CORN SHARE EVOLUTION: CORN
2001-2009F FINANCIAL OUTLOOK
Three years of growth since
28%
2005 have outpaced average
GROW
26%
target each year
2%+
>25%
24% 2009: Trend continues with
early commitment for
23%
22%
accelerated growth in
20% DEKALB and ASI
2009 DRIVERS TARGET
19%
18%
2+
U.S. DEKALB Share
2005 PROJECTED
16%
16% +1
AVERAGE GROWTH U.S. ASI Share
TREND
14%
14% TRAIT TARGETS
13%
12%
U.S. Triple-Stack
10% 12% 34-35M
Penetration
10%
2001 2002 2003 2004 2005 2006 2007 2008F 2009F
1.4 1.5 1.7 1.9 2.2 >2.4 ~2.5
DEKALB Trait Penetration Trend: 2003-2009F
Average Number of Traits Per Acre in DEKALB Seed1
1. Trait intensity reflects the average number of traits per acre with at least one trait
8

9. CORN SEEDS & TRAITS
Seed Purchases Independent of Commodity Cycle; Reflecting
Farmers’ Need to Maximize Productivity in Any Environment
PER-ACRE RETURNS:
Average Average
Central Illinois Corn Farmers Hybrids Hybrids
Estimated Returns1
SEED COST $70 $105 $70 $105
2
YIELD VALUE
$2.00/bu $5.00/bu
Commodity Price:
Yield Per Acre3: 200 bu1 212 bu2 200 bu1 212 bu2
Moisture4: 17% 15% 17% 15%
Gross Revenue Per Acre: $376 $424 $976 $1,060
Net Profit After Seed Costs: $306 $319 $906 $955
DEKALB Increased Profit Per Acre: $13 $49
NON-SEED VARIABLE PRODUCTION COSTS
Other Inputs, Storage, Insurance: $200 $200 $200 $200
Equipment, Fuel: $70 $70 $70 $70
Labor, Overhead: $45 $45 $45 $45
$(9) $4 $591 $640
TOTAL PROFIT PER ACRE:
1. Monsanto estimates for illustration. Some cost estimates based
on data provided in 2008 Crop Budgets, University of Illinois,
Department of Agricultural and Consumer Economics
At $5/bu corn, additional
At $2/bu corn, better seed is
2. Estimated seed cost per acre, including popular trait package
and based on 32,000 planting population
seed investment yields
the difference between red
3. Estimated yield advantage based on 2007 germplasm testing
demonstrating 12 bu/ac advantage for DEKALB germplasm
nearly $50 in returns
ink and profitability
versus competitive hybrids in 110-RM.
4. Average moisture at harvest, assuming 15% target and based
on estimated drying cost of $0.06/bu

10. CORN SEEDS & TRAITS
Recognized Value of DEKALB Translates to Recognized
Brand Leadership
MARKET RESEARCH:
BRAND IMAGE ASSOCIATIONS AMONG U.S. CORN SEED BRANDS
Based on an independent survey of U.S. farmers commissioned
NEXT-LEADING
by Monsanto, March-June, 2008
BRAND CITED
65% 58%
A brand you can trust
71% 65%
A leader in technology and Innovation
70% 55%
Offers better yield
65% 56%
Performs consistently, year after year
63% 51%
Would recommend to another grower
80% 63%
Have heard a lot of good things about
As the recognized performance leader in the
industry, DEKALB is a strong brand,
growing stronger
Farmers consistently cite “better yield” as
the primary purchase driver for DEKALB

11. CORN SEEDS & TRAITS
Monsanto’s Leadership Continues With Next Game-
Changer in Corn; SmartStax Resets Trait Platform in 2010
LIKELIHOOD OF SWITCHING BRANDS FOR SmartStax
If your current seed brand did not offer this new Monsanto Insect Protection Technology,
SMARTSTAX how likely would you be to switch seed brands to obtain this new technology? Would
you say:
“Very likely” or “Somewhat likely”
COMMERCIAL OPPORTUNITY
YIELDGARD CORN
74%
BORER USERS WHO
LAUNCH TARGET: 2010 TREAT FOR
ROOTWORM
TARGET ACRE
60-65M
OPPORTUNITY: 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
VALUE PROPOSITION PERCENT OF FARMERS
2008 trials evaluating SmartStax in elite HERCULEX® I CORN
65%
BORER USERS WHO
germplasm, quantifying sources of TREAT FOR
ROOTWORM
potential on-farm yield advantages:
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Improved
1-2%
consistency:
SmartStax STATUS
Primary pests
Improved
• Precedent established with U.S. EPA on
consistency: 1-2%
dual-mode-of-action traits:
Secondary pests REFUGE
REDUCTION • YieldGard VT PRO received reduced
Reduced refuge 3-6% STRATEGY: refuge in Southern geographies
• Bollgard II natural refuge in cotton
5-10%
• On track for 2010
COMMERCIAL • All components have U.S. approvals
TRACK: • Final regulatory package with 5% refuge
request submitted in June
11

12. CORN SEEDS & TRAITS
Corn Seeds & Traits Accelerate Through 2012 As Triple-
Stack Acres are Converted to SmartStax
U.S. TRAIT INTENSITY:
NUMBER OF TRAITS PER TRAITED-ACRE – 2005-2012F
4.0
>4
DEKALB and ASI brand trait intensity
Rest-of-Industry average trait intensity
>3
3.0
Trait Intensity1
TRAIT
~2.5
>2.4 INTENSITY
>2.3
2.2
2.0 >2.0 PROJECTED
1.9 TO RAMP UP
1.7 1.7 Driven by
1.4 expanded triple-
1.2
1.0 stack penetration
and SmartStax
0.0
2005 2006 2007 2008F 2009F 2010F 2011F 2012F
TRIPLE-STACK
1.3M 5.8M 17.6M 28M 34-35M
ACRES
SMARTSTAX LAUNCH AND RAMP
1. Trait intensity reflects the average number of traits per acre with at least one trait
12

13. CORN SEEDS & TRAITS
Larger Seed Footprints in South America Enable Larger
Launches and Faster Ramp Up Than Competition
LATIN AMERICAN CORN LATIN AMERICA NORTH
OUTLOOK: CURRENT 5-YEAR OUTLOOK
SEED & TRAIT TRENDS THROUGH 2012 #1 position in all key
SEED SHARE:
countries
7-8M
MEXICO HYBRID ACRES:
In approval stage
BIOTECH STATUS:
HONDURAS
GUATEMALA
• Integration of Cristiani; Expand seed footprint for
FY2009 PRIORITIES:
EL SALVADOR
pending trait introductions
COLOMBIA
BRAZIL
CURRENT 5-YEAR OUTLOOK
40% (#1 position)
SEED SHARE:
BRAZIL
PERU
27M
HYBRID ACRES:
1st commercial trait in
BIOTECH
FY2009
STATUS:
• Targeted share gain: 1-2 points
FY2009
PRIORITIES: • 1-2M acre launch of YieldGard Corn Borer
ARGENTINA
ARGENTINA
CURRENT 5-YEAR OUTLOOK
45% (#1 position)
SEED SHARE:
10M
HYBRID ACRES:
Commercial planting
BIOTECH STATUS:
• Targeted share gain: 1-2 points
FY2009 PRIORITIES: • 1-2M acre launch of YieldGard Corn Borer with
Roundup Ready Corn 2 stack
13

14. R&D PLATFORMS
Monsanto’s Yield Leadership Widens With Each New Game-
Changing Technology Launched
DuPont Syngenta
2009 Option to License
2011
2nd‐Gen Roundup Ready 2
Roundup
Soybean Trait Optimum®GAT®³ Yield⁶
Ready 2 Yield¹
2012
All‐in‐One
2010 No Specified
Corn Trait Optimum Platform⁷
SmartStax
Platform AcreMax™ Plus⁴
Biotech
Drought
2012+² 2014+⁵ Post‐2014⁸
Tolerance
Corn
6. Press Release: “Monsanto and Syngenta
1. Controlled commercial release of 1‐2M 3. Optimum® and GAT® are registered
Reach Royalty‐Bearing Licensing
acres; Large‐scale launch of 5‐6M in 2010 trademarks of Pioneer Hi‐Bred; Date as
Agreement on Roundup Ready 2 Yield
stated in DuPont press release 07‐17‐08
2. First trait in the Drought‐tolerant corn Soybean Technology,” 05‐23‐08
family, currently Phase III 4. AcreMax™ is a trademark of Pioneer Hi‐
7. No specified platform indicated via Corn
Bred; Date as stated by William S. Niebur,
Technology Pipeline, Syngenta Half Year
Ph.D., Merrill Lynch Agricultural Chemicals
Results Presentation, 07‐24‐08, Slide 22.
Conference, 06‐05‐08, Slide 14
Relevant component traits: VIP/Broad lep:
5. Ibid, Slide 23 2009 and RW dual mode of action: 2012
8. Ibid.
14

15. SOYBEAN SEEDS & TRAITS
Roundup Ready 2 Yield Soybeans Is One Of the Most-
Anticipated Launches Because of Step-Change In Yield
ROUNDUP READY 2 YIELD SOYBEANS:
SECOND-GENERATION WEED CONTROL OPPORTUNITY
U.S. SOYBEANS
Near-Isoline Comparisons:
Roundup Ready 2 Yield vs. Roundup Ready 2007 U.S. AVERAGE
41.6 bu
YIELD PER ACRE:
% Yield Increase over Roundup Ready
12%
ROUNDUP READY 2 YIELD
TARGETED YIELD
11% 7-11%
10% IMPROVEMENT:
9%
9%
8%
VALUE PROPOSITION
7% 7%
6% YIELD
IMPROVEMENT ON 3-5 bu/ac
AVERAGE YIELDS:
4% INCREMENTAL
YIELD VALUE TO
$35-$65/acre
FARMER (VERSUS
ROUNDUP READY):
2%
PRICING
SEAMLESS PRICE
0%
$69-$72
FOR ROUNDUP
4 YEAR READY 2 YIELD
2004 2005 2006 2007 SEED (PER ACRE)1:
AVERAGE
SEAMLESS PRICE
FOR FIRST-
Roundup Ready 2 Yield soybeans yield 7 to 11 percent GENERATION
$49-$52
ROUNDUP READY
higher than Roundup Ready soybeans based on 73 SEED (PER ACRE)1:
Monsanto field trials from 2004-2007
1. Reflects seamless pricing to farmer, including trait value, germplasm value and value provided by seed treatment
15

16. COTTON SEEDS & TRAITS
Cotton Platform Segregating Into Value- and Volume-Focused
Opportunities To Reflect Changing Global Production
CHANGING GLOBAL COTTON LANDSCAPE
2003 2004 2005 2006 2007 2008F 2003 2004 2005 2006 2007 2008F
16 16
Monsanto insect-protected
Monsanto insect-protected trait acres
~16
trait acres
14.6
12 12
Acres (M)
Acres (M)
8 8
8.7 8.6
7.8 7.8
6.6
5.7 5-6
4 4
1.3 3.1
0.2
0 0
13.5M 13.7M 14.2M 15.2M 10.8M 9.2M
INDIA PLANTED
PLANTED ACRES
3X
UNITED STATES MORE BOLLGARD
THAN U.S. IN 2008
VOLUME
VALUE
Expanding cotton market with
U.S. acres likely to continue to be small, but
growing demand for technology,
among highest value
but assumes local pricing risk
• Technology adoption still needed to improve • Second-generation
farmer profitability conversion continues to
move ahead
• Deltapine brand continues to provide access
to world’s largest cotton germplasm pool
16

17. COTTON SEEDS & TRAITS
Regardless of Where Cotton Is Grown Geographically, Trait
Intensity Is Key Opportunity for Monsanto
GLOBAL COTTON SEED AND TRAITS GROSS PROFIT COTTON
INDEX=2007
FINANCIAL OUTLOOK
2012F
2007 With Delta & Pine Land
acquisition, lower-margin
seed is greater portion of
product mix – softening
margins
Corn and soybeans have
displaced cotton in Deltapine
brand’s core U.S. geographies
~2X 2009 DRIVERS
Re-establish U.S. share
OVER 2007 INDEX
growth, promote second-gen
U.S Cotton Seeds & Traits
Gross Profit penetration in U.S. and India
International Cotton Seeds
& Traits Gross Profit
17

18. VEGETABLE SEEDS
Vegetable Core Platforms Are Established, Focusing on
Execution and Growth To Become $1B Business by 2012
VEGETABLES
$1,200
>$1B
$1,000
FINANCIAL OUTLOOK
>$1B
$1,000s
$800
By 2012, Vegetable business
$600 >$650M >$650M
roughly equates to today’s
soybean business – currently
$400
Monsanto’s second-largest
$200
seed-and-trait segment
Sales growth continues in
$0
NET GROSS NET GROSS
mid-single digits; Margin
SALES PROFIT SALES PROFIT
grows through pricing, new
Vegetable Platform:
Soybean Platform:
products and increase of
2012F
2008F protected-culture business
RANK ORDER GROSS PROFIT
GENERATORS: 2012F 2009 DRIVERS
When acquired in 2005,
Corn Seeds & Traits
Focus on operation and
Seminis’ annual gross-profit
execution of 3-channel
contribution was among lowest Soybean Seeds & Traits
approach: Seminis open-field,
in Seeds & Genomics; Vegetable Seeds DeRuiter protected-culture,
By 2012, Vegetable Seeds will
and ISG regional brands
be third-largest seed-and-trait Cotton Seeds & Traits
platform
All Other Seeds & Traits
18

19. VEGETABLE SEEDS
De Ruiter Seeds Is Perfect Complement to Seminis, Setting
Pace for Growth Through 2012
FY07 Annual net Sales = $145M
FY07 Annual Net Sales = $612M
Portfolio Composition: Percent of Sales1
Portfolio Composition: Percent of Sales1
10%
12%
Open-Field
Protected-Culture
88% 90%
Pairing Seminis with De Ruiter Seeds
brings together the leading positions in
open-field and protected-culture
segments
• Both segments benefit from the coordinated
1. Size of pies not to scale with revenue molecular breeding infrastructure
generated by Seminis or De Ruiter Seeds
19

20. SUMMARY
On Track in 2008, Growth Drivers Continue to Set Stage for
Growth Through 2012
GROSS PROFIT OUTLOOK BY SEGMENT
2007-2012F
$10,000 TOTAL GROSS
All Other Agricultural Productivity
PROFIT GROWS
TO >2X
Roundup and Other Glyphosate-based Herbicides
$8,000 2007 BASELINE
Seeds & Genomics
$6,000
$4,000
GROWTH COMES
FROM SEEDS &
$2,000
TRAITS
$0
2007 2008F 2009F 2010F 2011F 2012F
U.S. Corn Int’l Corn Soybeans Cotton Vegetables R&D Pipeline
• Expand seed • Establish and • Prepare for • Accelerate U.S. • Reinvigorate • Largest-ever
footprint expand seed commercial traits and margins R&D field
footprint launch of breeding effort
• Drive trait • DeRuiter
Roundup
penetration • Drive trait • Drive int’l traits integration
Ready 2 Yield
penetration
SmartStax Accelerated trait Roundup Ready Globalized $1B Vegetable Game-Changing
Platform platform 2 Yield Platform Cotton Platform Platform Launches

21. SUMMARY
Monsanto’s Growth Opportunity Lies at the Intersection of
Demand, Innovation and Execution
Monsanto’s Simple Philosophy on Opportunity:
More demand requires more YIELD
More yield requires more INNOVATION
More innovation delivers more GROWTH
21