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BRETT BEGEMANN
EXECUTIVE VICE PRESIDENT,
GLOBAL COMMERCIAL



CREDIT SUISSE CONFERENCE
MARCH 10, 2008




                            1
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 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.


© 2008 Monsanto Company
OVERVIEW

Market Forces Are Changing Supply-Demand Patterns
Globally, Creating a New Dynamic Across Agriculture

    EMERGENCE OF DEMAND-DRIVEN AGRICULTURE:                          STATE OF AGRICULTURE:
               NEW DEMAND AND PRODUCTION TRENDS                  The New Demand Environment
                                                                 FACTORS:
                                             Growing wealth
    Expanding ethanol                                            ► INCREASING PROTEIN
                                             and population in
            and export
                                                                   DEMAND
                                             Asia creates new
   demands favor U.S.
                                             demand for
      as low-cost corn                                             Wealth drives meat
                                             imported grain
             producer
                                                                   consumption – changing
                                                                   feed demand
                                                                 ► ASCENSION OF CHINA
                                                                   China’s growth is reaching
                                                                   limits of domestic
                                                                   production, driving huge
                                                                   changes in export
                                                                   environment
                         Brazil exploits land
        Argentina                                                ► ESTABLISHMENT OF
                         availability advantage
        leverages        to become                                 BIOFUELS
       geographic        commodity soy
      proximity to                                                 Assuming only base-case
                         producer to meet
    supply corn to       demand from China                         adoption of biofuels, more
    Latin America
                                                                   corn and soy needed in next
                                                                   decade


                                                                                             3
OVERVIEW

  Feed and Fuel Demand Is Increasing; Only Time-Effective
  Solution Is Increasing Productivity Per Acre

                                                                                                      STATE OF AGRICULTURE:
                                  STRETCHING SUPPLY – ENDING STOCKS:                                 Monsanto’s Advantages
                                       WORLD SUPPLY AND USE FOR TOTAL GRAINS1
                                                                                                  Demand Requires Yield
                            600                                                             30%              MARKET

                                                                                                            CUSTOMER
METRIC TONS (IN MILLIONS)




                                                                                            25%
                            500

                                                                                                     Farmers Buy Yield
                            400                                                             20%

                                                                                                  Monsanto is a technology
                                                                                            15%
                            300
                                                                                                  company in an industry
                                                                                                  historically starved for
                            200                                                             10%
                                                                                                  breakthrough innovation
                                                                                            5%
                            100
                                                                                                  Innovation:
                                                                                                  ► Creates new value through
                              0                                                             0%
                                                                                                     breakthrough products
                                  2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07

                                                                                                  ► Creates new markets that
                                                                  ENDING STOCKS AS A
                                     ENDING STOCKS
                                                                                                     didn’t exist before our
                                                                  PERCENT OF TOTAL USE
                                                                                                     products
                                                        Annual grain carryover is
                                                                                                  Monsanto grows because of
                                                   declining – even at a period of
                                                                                                  what we do, not what the
                                                        historic production levels
                                                                                                  commodity cycles do
      1. USDA World Agricultural Supply and Demand Estimates

                                                                                                                                4
OVERVIEW


On Track to Double Gross Profit by 2012, Growth Drivers Roll
Out In Balanced, Additive Progression

GROSS PROFIT DRIVERS:                                                                            • Yield & stress platform
                                                              R&D Pipeline            DRIVERS:
TIMELINE OF INCREMENTAL IMPACT                                                                   • Breakthrough platforms
Progression of significant new gross-                                                            • Protected culture
                                                               Seminis            DRIVERS:
                                                                                                 • Molecular markers
profit generation from each strategic
driver
                                                                                             • 2nd-gen trait acceleration
                                                              Cotton             DRIVERS:
                                                                                             • Breeding inroads
                                                                                       • Roundup Ready 2 Yield platform
                                          Soybean                          DRIVERS:
                                                                                       • Seed share growth
                                                                                • Seed share growth
                International Corn                                  DRIVERS:
                                                                                • Unlocking trait approvals in LA
                                                                             • Trait penetration and seed share growth
                U.S. Corn                                         DRIVERS:
                                                                             • SmartStax platform

                  2008                    2009                    2010                  2011                    2012
                                                                                                        2012+
                                                                                 2011-2012
                                   2009                    2010
                                                                                                        U.S. drought-
                                                                                 Delta and Pine
                                                           U.S. SmartStax
                                   Roundup Ready 2
 MILESTONES




                                                                                                        tolerant corn launch
                                                                                 Land U.S.
                                   Yield soybeans          corn launch
                                                                                 portfolio
                                   controlled
                                                                                                        2012+
                                                           Large-scale           converted to
                                   commercial release
                                                                                                        Stacked trait
                                                                                 second-
                                                           Roundup Ready 2
                                                                                                        soybean launches,
                                   First major selling     Yield soybean         generation stack
                                                                                                        including dedicated
                                   season for LA corn      launch
                                                                                                        product for Brazil
                                   traits

                             Projected branded corn share gains globally
              2008 to 2012
U.S. CORN

 DEKALB Expected to Gain Two-to-Three Share Points and
 ASI One-to-Two Share Points in U.S. Corn Seed in 2008

                                   DEKALB AND ASI U.S. CORN SHARE EVOLUTION:
                                                   2001-2008F

                                  35%

                                        DEKALB 2012 TARGET RANGE: 28% - 33%
                                  30%
              U.S.
GEOGRAPHY:

                                                                                        23% 25% - 26%
              Grow footprint      25%
OBJECTIVE:

                                                                                 20%
2008 STATUS
                                  20%
                                                                       16%
• DEKALB expected to gain
                                                               14%
                                                       13%
  2- 3 points in 2008 for total   15%          12%                                                10% -
  share of 25-to-26 percent in          10%                                                       11%
                                                                                           9%
  U.S. market                     10%
• ASI expected to gain 1-to-2                                                      5%
                                                                            4%
  share points organically in     5%
  2008 season
                                  0%
2012 OUTLOOK
                                        2001    2002    2003    2004    2005     2006   2007    2008F
• DEKALB to grow share
                                                                                            2007
  through 2012 by up to 10                                         2005                     DEKALB ends
  points cumulatively from                         Monsanto projects 1-2                    2007 with 23%
  2007 share of 23 percent                          point share gains for                   share,
                                               DEKALB from 2005 through
• Continued organic share                                                                   achieving
                                                                    2010                    2010 target 3
  growth in ASI
                                                                                            years early
U.S. CORN

With Added Trait Protection, Strong Growth Opportunity
Remains For U.S. Corn

                                            U.S. CORN TRAIT OPPORTUNITY: 2005-2010F
                   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
                                                                                                                                                                       CATALYSTS OF
                     0                                                                                                                  0
                                                                                                                              2010                                     TRIPLE STACK
                                                                        2007              2008F
                                 2005                2006               2007               2008                                2010F
                                                                                                                         Opportunity
                                                                                                                                                                         GROWTH
                                 Rootworm Control                                                                            45-55M
                                                                       20.8M              26-28M
                                                                                                                                                                       Channel Triple
                                Corn Borer Control                                                                                                                     Penetration
                                                                                                                             60-70M
                                                                       42.4M              40-42M
                           Glyphosate Tolerance                                                                                                                        DEKALB Supply
                                                                                                                                  80M
                                                                       57.9M              63-65M
                                                                                                                                                                       Guarantee
                                            Triple Stack               17.6M              25-27M                             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/

                                                                                                                                                                                         7
INTERNATIONAL CORN

 DEKALB Expected to Gain Corn Share in Argentina and Hold
 Share in Brazil; Retaining Leadership in Both Markets



                                                              ARGENTINA                 BRAZIL
             Argentina &
GEOGRAPHY:
             Brazil
                                                             2007      2008F     2007       2008F
             Expand
                                                              (06/07    (07/08    (06/07     (07/08
             international
OBJECTIVE:
                                                             SEASON)   SEASON)   SEASON)    SEASON)
             footprint
                                       HYBRID
2008 STATUS
                                       MARKET
                                                              8M1      10M1       23M        26M
• Expected to grow 5 share
                                       SIZE
  points in a market that is
  25 percent larger than in
  2007 in Argentina
                                       DEKALB                 40%       45%       40%        40%
• DEKALB and Agroeste
                                       SHARE
  combined are forecasted
  to be flat with 2007 in              AVG.
  Brazil, delivering on our            RETAIL
  goal to stabilize share
                                       PRICE FOR
2012 OUTLOOK                                                 $23/AC    $29/AC    $29/AC     $34/AC
                                       DEKALB
                                       HYBRID
• Target 1-to-2 share points
                                       CORN
  of growth annually
                                       SEED
  through 2012

                   1. Source: KLEFFMANN Marketing Services
INTERNATIONAL CORN


Approval of Stacked Corn in Argentina to Accelerate Roundup
Ready Adoption; 30-to-40 Percent Availability Planned for 2009
                                             TRAITED CORN ACRES PLANTED VS. OPPORTUNITY IN ARGENTINA

                                                         ROUNDUP READY CORN 2                 SMARTSTAX
                                          10             YIELDGARD CORN BORER                   9M
             Argentina
GEOGRAPHY:

                                                                                                          8M
             Set the table for               8
                                                                                                     7M
                                   M ACRES           DOUBLE AND TRIPLE OPPORTUNITY
             biotech trait
                                                                                6M
OBJECTIVE:
             ramp outside                    6
             the U.S.
2008 STATUS                                  4
• 86 percent of corn borer
  control opportunity
                                             2
                                                                          .8M
  penetrated in 2008 season;
  Roundup Ready Corn 2
                                             0
  relatively untapped
• Approximately 150K acres of
                                                                                                OPPORTUNITY
                                                       2007                  2008F
  double stack planted in first
  year of launch
• Seed production for 30-to-40                       ROUNDUP READY CORN 2 YIELDGARD CORN BORER - ARGENTINA
  percent double-stack traits in
                                      •      Growers forced to trade off between insect and weed control prior to approval
  2009
                                             of double stack; penetration expected to accelerate much faster than with
2012 OUTLOOK                                 single traits.
                                      •      100 percent of corn acres in Argentina infested with sugarcane corn borer and
• Continue penetration of
                                             corn earworm, making SmartStax an excellent fit for this market
  double-stack to create
  footprint for SmartStax
INTERNATIONAL CORN


  Approval Received in Brazil for YieldGard Corn Borer; Limited
  Launch Planned for 2009

                                                             TRAITED CORN OPPORTUNITY IN BRAZIL
             Brazil
GEOGRAPHY:


             Set the table for
             biotech trait                 20                                               15-20M
OBJECTIVE:
             ramp outside
                                                      SMARTSTAX
             the U.S.
                                           15
                                 M ACRES
2008 STATUS
                                                       ROUNDUP READY CORN 2
• Awaiting final hybrid
                                           10
  registrations after                                  YIELDGARD CORN BORER
  receiving approvals from
  both CTNbio and CNBS                     5
2012 OUTLOOK

                                           0
• First-generation corn
  traits launched to create
                                                                                        OPPORTUNITY
                                                             2008
  footprint for SmartStax

                                                              REGULATORY APPROVAL PROCESS IN BRAZIL

                                            •   First step consists of approval from CTNBio, Brazil’s biosafety
                                                commission, which is managed by the Ministry of Science and
                                                Technology to make science-based technical assessments
                                            •   CTNBio approval may be followed by a review from the National
                                                Biosafety Council (CNBS) to examine social and economic factors
                                            •   Hybrid registrations required before commercial launch
SOYBEANS


Asgrow Soybean Share Expected to Increase in Expanded
Market in 2008


                                          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
SOYBEANS


 Roundup Ready Soybeans in Brazil Mirroring U.S.
 Penetration Curve, Creating Future Footprint for Growth

             Soybeans
CROP:
                                        ROUNDUP READY SOYBEANS:
             Grow Roundup
                                  PENETRATION AS PERCENT OF OPPORTUNITY
             Ready
             penetration in
             Brazil to create   120%
OBJECTIVE:
             platform for
                                100%
             Roundup
             Ready 2 Yield
             soybeans           80%
2008 STATUS
                                60%                                           55% penetration in
                                                                             Brazil consistent with
• Brazil Roundup Ready                                                       U.S. trend in year five
                                40%
  soybean penetration
  expected to be 55 percent
                                20%
  of opportunity
                                 0%
2012 OUTLOOK

• Potential to penetrate 95
                                      6
                                             7
                                                    8
                                                           9
                                                                  0

                                                                         1
                                                                                2
                                                                                       3
                                                                                              4
                                                                                                     5
                                                                                                            6
                                                                                                                   7
                                                                                                                      8F
                                   '9
                                          '9
                                                 '9

                                                        '9
                                                               '0
                                                                      '0
                                                                             '0
                                                                                    '0
                                                                                           '0
                                                                                                  '0

                                                                                                         '0
                                                                                                                '0
                                                                                                                   '0
  percent of Brazilian acres                              U.S. Roundup Ready soybeans
                                                          U.S. Roundup Ready soybeans
  at peak, establishing
                                                          Brazil Roundup Ready soybeans
                                                          Brazil Roundup Ready soybeans
  footprint for transition to
  insect-protected Roundup
  Ready 2 Yield soybeans
COTTON


   U.S. Cotton in Transition in 2008; Plans in Place to Deliver
   Gross Profit Growth Toward the End of the Decade

                       Cotton
CROP:

                                                                                                             DELTA AND PINE LAND VALUE CREATION
                       Increase
                                                                                                        STAGED OPPORTUNITIES FOR INCREASING BUSINESS VALUE
                       penetration of
                       second
OBJECTIVE:
                       generation
                                                                                                                                                                    New
                       double stack                                                                                                                                 Traits
2008 STATUS
                                                                                                                                                           Molecular
• U.S. cotton acres
                                                                                                                                                           Breeding
                                                    VALUE CREATION OPPORTUNITY




  expected to decline to
  less than 9.5M1 acres                                                                                           Trait             Increased production of
                                                                                                                                    second-generation double stack
• Availability of second                                                                                          Acceleration
  generation traits in the
                                                                                             International        Opportunity to grow international cotton seed and
  U.S. established prior to                                                                                       trait business with complementary geographies
                                                                                             Markets
  acquisition, limiting 2008
  growth                                                                                     Initial
                                                                                                                  Expanded global seed market share
2012 OUTLOOK                                                                                 Germplasm Value

• Delta and Pine Land’s                                                                      Trait Royalty        D&PL traits previously split 70/30 to Monsanto;
  portfolio fully converted                                                                                       now accrue 100 percent to Monsanto
                                                                                             Conversion
  to second-generation
                                                                                                                                    FY2009                FY2010+
  traits in all U.S. segments                                                            FY2007                FY2008
                                                                                 JUNE 2007
                                                                                 D&PL acquisition

  1. U.S. acres planted estimated per the National Cotton Council
R & D PIPELINE

Entire Monsanto Pipeline Is Targeted Toward Meeting
Emerging Trends Over Next Decade
 BIOTECH TRAIT PIPELINE: JANUARY 2008 UPDATE
                                                                                                                                                     PHASE     PHASE   PHASE   PHASE
                                                   PHASE     PHASE      PHASE     PHASE
                                                                                                                                             D
                                           D                                                                                                           1         2      3       4
                                                     1         2          3         4
                                                                                                  AGRONOMIC TRAITS
YIELD AND STRESS PIPELINE

                                                                                                   ROUNDUP READY 2 YIELD SOYBEANS
DROUGHT-TOLERANT CORN
FAMILY
                                                                                                                    YIELDGARD VT PRO
                                                                                                           2ND-GEN YIELDGARD CORN BORER
          DROUGHT-TOLERANT CORN
                                                                                                                    SMARTSTAX CORN
  2ND-GEN DROUGHT-TOLERANT CORN
                                                                                                       DICAMBA-TOLERANT SOYBEANS
NITROGEN-UTILIZATION CORN
FAMILY                                                                                                 INSECT-PROTECTED + ROUNDUP
                                                                                                            READY 2 YIELD SOYBEANS
       NITROGEN-UTILIZATION CORN
                                                                                                                         BOLLGARD III
BROAD-ACRE HIGHER-YIELDING
CORN FAMILY                                                                                          SOYBEAN NEMATODE-RESISTANCE
             HIGHER-YIELDING CORN                                                                                   SOYBEAN DISEASE

BROAD-ACRE HIGHER-YIELDING                                                                                DICAMBA-TOLERANT COTTON
SOYBEAN FAMILY
                                                                                                             COTTON LYGUS CONTROL
        HIGHER-YIELDING SOYBEANS
                                                                                                             YIELDGARD ROOTWORM III
           2ND-GEN HIGHER-YIELDING
                        SOYBEANS

                                                                                                  VALUE-ADDED TRAITS
DROUGHT-TOLERANT COTTON
FAMILY
       DROUGHT-TOLERANT COTTON                                                                           EXTRAX™ CORN PROCESSING
                                                                                                      SYSTEM + MAVERA™ HIGH-VALUE
                                                                                                                 CORN WITH LYSINE2
BROAD-ACRE HIGHER-YIELDING
CANOLA FAMILY
                                                                                                                  HIGH-OIL SOYBEANS
       HIGHER-YIELDING + ROUNDUP
           READY 2 YIELD CANOLA1                                                                          2ND-GEN HIGH-OIL SOYBEANS

                                                                                                        OMEGA-3 ENRICHED SOYBEANS

                                                                                                                 VISTIVE III SOYBEANS
                  High Impact Technologies (HIT) project
                                                                                                            HIGH-STEARATE SOYBEANS
                   Jan. 3, 2008 Advancements/Additions                                                                 (VIA BIOTECH)
The colored bar associated with each project indicates which phase that project is in. It is                            HIGH-OIL CORN
not intended to represent the relative status of the project within a particular stage.


1. For higher-yielding + Roundup Ready 2 Yield canola, only the value of the higher-yielding trait is incorporated into the Yield and Stress collaboration with BASF
2. Value of licensing the EXTRAX™ technology is shared with Cargill as a part of Renessen joint venture
R & D PIPELINE


  Japan Export Approval for Roundup Ready 2 Yield Received;
  On Track for 2009 Controlled Commercial Release
                                               ROUNDUP READY 2 YIELD SOYBEANS:
              Soybeans
CROP:
                                                       LAUNCH PLANS
              Launch
OBJECTIVE:                                                                                       U.S. Full-Scale
              Roundup
                                                                                                 Launch Target:
              Ready 2 Yield
                                                                               P R O JE CT
                                                                                                  5- 6M Acres
2008 STATUS
                                                                               U.S. Controlled
• Consistent 7-to-11percent                                                     Commercial
  yield advantage with                                                         Release Target:
  Roundup Ready 2 Yield                                                         1- 2M Acres
• U.S., Canadian and
                              Grower level marketing, awareness and trial
  Japanese approvals
  received; awaiting key
                              Licensee breeding
  export approvals from
  China, Mexico and Europe    Industry coordination and communications
• Pre-launch activities       • American Soybean Association and key agri-food
  under way                     stakeholders
PRICING
                              Pursuit of export approvals in China, Europe and
• Yield improvement shared    Mexico – JAPAN RECEIVED
  with grower; average 5-
                              Branded and licensed seed production
  year soybean commodity
                                    2007                     2008                 2009              2010
  price approximately $6.40
  per bushel1

                              1. Source: NASS, USDA data 2003 to August 2007
R & D PIPELINE

With Roundup Ready 2 Yield Soybeans, Yield Also Becomes
Focus of Next Wave of Commercial Products

                                           ROUNDUP READY 2 YIELD SOYBEANS:                        STATE OF AGRICULTURE:
                                          SECOND-GENERATION WEED CONTROL FIELD RESULTS
                                                                                                 A New Soybean Platform
                                                      Near-Isoline Comparisons:
                                                Roundup Ready 2 Yield vs. Roundup Ready
    % Yield Increase over Roundup Ready




                                          12%
                                                                                                      HIGHER-YIELDING

                                                                                                       DICAMBA-TOLERANT
                                                 11%
                                          10%
                                                                                         9%               VISTIVE III

                                                                                                   ROUNDUP READY 2 YIELD
                                                                    9%
                                          8%

                                                           7%                7%
                                          6%                                                  ► Roundup Ready 2 Yield
                                                                                                becomes the platform for
                                          4%                                                    soybean traits
                                                                                              ► Three soybean pipeline
                                          2%
                                                                                                traits advanced to Phase 3
                                                                                                commercial development in
                                          0%
                                                                                                recent R&D update
                                                                                    4 YEAR
                                                 2004     2005     2006     2007   AVERAGE    ► Insect-protected Roundup
                                                                                                Ready 2 Yield soybeans first
   Roundup Ready 2 Yield soybeans yield 7 to 11 percent
                                                                                                platform developed solely
   higher than Roundup Ready soybeans based on 73
                                                                                                for an international market
   Monsanto field trials from 2004-2007


                                                                                                                           16
R & D PIPELINE

Like Roundup Ready 2 Yield Soybeans, SmartStax Corn
Resets Trait Platform for Corn

SmartStax Value: On-Farm                                                             Commercial Preparation: Field Data Generation
+ Increased Yield (per-acre and on-farm)                                                    YEAR 1         YEAR 2      YEAR 3 FORWARD
                                                                  YIELD
             YIELD COMPONENT                                                         2006                            2008+
                                                                 BENEFIT1
                                                                                     Focus:                          Focus: SmartStax
      PER-ACRE
                                                                                     Feasibility of full             bred into elite
           Improved consistency:                                     1-2%            trait integration               germplasm; yield
           Primary pests                                                                                             data generation
           Improved protection:                                      1-2%
           Secondary pests                                                           Field Testing: 2007
      ON-FARM                                                                                                   Testing focused on trait
                                                                                                                performance, such as
           Reduced refuge                                            3-6%
                                                                                                                consistency of control of
      Flexibility to move to one technology                                                                     targeted pests
+
      platform on-farm
                                                                                                                Initial 2007 Results
+ Durability
                                                                                                                • Indicates superior
      Flexibility to increase planting
                                                                                                                  rootworm consistency
+
      populations
                                                                                                                  versus triple-stack
+ Platform for future traits                                                                                      standard
                                                                                       TRIALS:        56
                                                                                                                • Good control of
+ Access to superior seed
                                                                                      STATES:         12          secondary pests
      Total SmartStax Value
=
1. Yield benefit reflects expected yield benefit above triple-stack standard, on a
   per-acre and whole-farm basis as noted. Ranges may overlap
                                                                                                                                            17
R & D PIPELINE

Projects Like Nitrogen-Utilization Corn Are Positioned to Drive
Yield and Meet Demand In New Environment
            PER-ACRE NITROGEN COST                                                                                   STATE OF AGRICULTURE:
   FOR CORN PRODUCTION, IN ILLINOIS: 1990-20071                                                         Breakthroughs in Nitrogen-Use Research
                                                                                Under normal nitrogen conditions, lead Nitrogen-
 $80

                                                                                Utilization trait has demonstrated yield advantages
 $75

                                                                                in multiple backgrounds over multiple years
 $70

                                                                                                  12
                                                                                                         *



                                                                         Yield Increase (bu/Ac)
 $65

                                                                                                                                         **              ***
                                                                                                                                  *
                                                                                                  10
 $60                                                                                                8
                                                                                                    6
 $55
                                                                                                    4
                                                                                                    2
 $50

                                                                                                    0
 $45
                                                                                                   -2                                            TRIALS IN
                                                                                                                              TRIALS IN
         1990   1992   1994   1996    1998   2000   2002   2004   2006
                                                                                                                                                 MULTIPLE
                                                                                                                              MULTIPLE
                                                                                                                                                  HYBRID
                                                                                                                               HYBRID
Nitrogen accounts for approximately one-fifth of                                                                                               BACKGROUNDS
                                                                                                                            BACKGROUNDS
the operating costs for a corn producer2                                                                                                          (15 LOC)
                                                                                                                               (16 LOC)
Nitrogen-Utilization corn offers the potential to
bring the value of nitrogen into the seed:                                                              2005               2006                       2007
     •    Reducing farmers’ exposure to nitrogen
                                                                                            *
          price volatility                                                                          Statistically significant @ p≤0.10
     •    Boosting yield                                                                      Bar color correlates with the specific hybrid background tested.
     •    Improving ease of use, flexibility                                                  Same bar color in different tests and different years indicates same
                                                                                              hybrid was used.
                                                                                              All trials conducted under sufficient nitrogen application levels.



1. Illinois Farm Business Farm Management
2. USDA

                                                                                                                                                                     18
SUMMARY


     Given Growth Opportunities, Monsanto Has Potential to
     Double Gross Profit Over the Next Five Years

                                                                                          2012 GROWTH RANGE
                                       MONSANTO GROSS PROFIT
                                          GROWTH TARGET                               Gross profit targeted to 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)




                                                                                         U.S. Corn
                 $6,000
                                                                                         International Corn
                 $5,000                                                                  Soybeans
                                                                                         Cotton
                 $4,000
                                                                                         Seminis
                                                                                         R&D Pipeline
                 $3,000

                                                                                      Acquisitions to be pursued,
                 $2,000
                                                                                      but are not included in this
                 $1,000                                                               growth projection
                    $0                                                                Earnings continue to translate
                                                                                      into operating cash, and value
                                        2004                  2007           2012
                          MILESTONES




                                                                                      created for shareowners
                                                                     2010
                                                    2007                              through combination of
                                                                     Gross margin
                                         Base Gross Profit:                           acquisitions, share
                                                                     target: 52-54%
                                                  $4,286M                             repurchases and dividends
                                                              ONGOING EPS GROWTH:
                                                              MID-TO-HIGH TEENS

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monsanto 03-10-08

  • 1. BRETT BEGEMANN EXECUTIVE VICE PRESIDENT, GLOBAL COMMERCIAL CREDIT SUISSE CONFERENCE MARCH 10, 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, including proceedings related to Solutia Inc.; 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 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. © 2008 Monsanto Company
  • 3. OVERVIEW Market Forces Are Changing Supply-Demand Patterns Globally, Creating a New Dynamic Across Agriculture EMERGENCE OF DEMAND-DRIVEN AGRICULTURE: STATE OF AGRICULTURE: NEW DEMAND AND PRODUCTION TRENDS The New Demand Environment FACTORS: Growing wealth Expanding ethanol ► INCREASING PROTEIN and population in and export DEMAND Asia creates new demands favor U.S. demand for as low-cost corn Wealth drives meat imported grain producer consumption – changing feed demand ► ASCENSION OF CHINA China’s growth is reaching limits of domestic production, driving huge changes in export environment Brazil exploits land Argentina ► ESTABLISHMENT OF availability advantage leverages to become BIOFUELS geographic commodity soy proximity to Assuming only base-case producer to meet supply corn to demand from China adoption of biofuels, more Latin America corn and soy needed in next decade 3
  • 4. OVERVIEW Feed and Fuel Demand Is Increasing; Only Time-Effective Solution Is Increasing Productivity Per Acre STATE OF AGRICULTURE: STRETCHING SUPPLY – ENDING STOCKS: Monsanto’s Advantages WORLD SUPPLY AND USE FOR TOTAL GRAINS1 Demand Requires Yield 600 30% MARKET CUSTOMER METRIC TONS (IN MILLIONS) 25% 500 Farmers Buy Yield 400 20% Monsanto is a technology 15% 300 company in an industry historically starved for 200 10% breakthrough innovation 5% 100 Innovation: ► Creates new value through 0 0% breakthrough products 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 ► Creates new markets that ENDING STOCKS AS A ENDING STOCKS didn’t exist before our PERCENT OF TOTAL USE products Annual grain carryover is Monsanto grows because of declining – even at a period of what we do, not what the historic production levels commodity cycles do 1. USDA World Agricultural Supply and Demand Estimates 4
  • 5. OVERVIEW On Track to Double Gross Profit by 2012, Growth Drivers Roll Out In Balanced, Additive Progression GROSS PROFIT DRIVERS: • Yield & stress platform R&D Pipeline DRIVERS: TIMELINE OF INCREMENTAL IMPACT • Breakthrough platforms Progression of significant new gross- • Protected culture Seminis DRIVERS: • Molecular markers profit generation from each strategic driver • 2nd-gen trait acceleration Cotton DRIVERS: • Breeding inroads • Roundup Ready 2 Yield platform Soybean DRIVERS: • Seed share growth • Seed share growth International Corn DRIVERS: • Unlocking trait approvals in LA • Trait penetration and seed share growth U.S. Corn DRIVERS: • SmartStax platform 2008 2009 2010 2011 2012 2012+ 2011-2012 2009 2010 U.S. drought- Delta and Pine U.S. SmartStax Roundup Ready 2 MILESTONES tolerant corn launch Land U.S. Yield soybeans corn launch portfolio controlled 2012+ Large-scale converted to commercial release Stacked trait second- Roundup Ready 2 soybean launches, First major selling Yield soybean generation stack including dedicated season for LA corn launch product for Brazil traits Projected branded corn share gains globally 2008 to 2012
  • 6. U.S. CORN DEKALB Expected to Gain Two-to-Three Share Points and ASI One-to-Two Share Points in U.S. Corn Seed in 2008 DEKALB AND ASI U.S. CORN SHARE EVOLUTION: 2001-2008F 35% DEKALB 2012 TARGET RANGE: 28% - 33% 30% U.S. GEOGRAPHY: 23% 25% - 26% Grow footprint 25% OBJECTIVE: 20% 2008 STATUS 20% 16% • DEKALB expected to gain 14% 13% 2- 3 points in 2008 for total 15% 12% 10% - share of 25-to-26 percent in 10% 11% 9% U.S. market 10% • ASI expected to gain 1-to-2 5% 4% share points organically in 5% 2008 season 0% 2012 OUTLOOK 2001 2002 2003 2004 2005 2006 2007 2008F • DEKALB to grow share 2007 through 2012 by up to 10 2005 DEKALB ends points cumulatively from Monsanto projects 1-2 2007 with 23% 2007 share of 23 percent point share gains for share, DEKALB from 2005 through • Continued organic share achieving 2010 2010 target 3 growth in ASI years early
  • 7. U.S. CORN With Added Trait Protection, Strong Growth Opportunity Remains For U.S. Corn U.S. CORN TRAIT OPPORTUNITY: 2005-2010F 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 CATALYSTS OF 0 0 2010 TRIPLE STACK 2007 2008F 2005 2006 2007 2008 2010F Opportunity GROWTH Rootworm Control 45-55M 20.8M 26-28M Channel Triple Corn Borer Control Penetration 60-70M 42.4M 40-42M Glyphosate Tolerance DEKALB Supply 80M 57.9M 63-65M Guarantee Triple Stack 17.6M 25-27M 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/ 7
  • 8. INTERNATIONAL CORN DEKALB Expected to Gain Corn Share in Argentina and Hold Share in Brazil; Retaining Leadership in Both Markets ARGENTINA BRAZIL Argentina & GEOGRAPHY: Brazil 2007 2008F 2007 2008F Expand (06/07 (07/08 (06/07 (07/08 international OBJECTIVE: SEASON) SEASON) SEASON) SEASON) footprint HYBRID 2008 STATUS MARKET 8M1 10M1 23M 26M • Expected to grow 5 share SIZE points in a market that is 25 percent larger than in 2007 in Argentina DEKALB 40% 45% 40% 40% • DEKALB and Agroeste SHARE combined are forecasted to be flat with 2007 in AVG. Brazil, delivering on our RETAIL goal to stabilize share PRICE FOR 2012 OUTLOOK $23/AC $29/AC $29/AC $34/AC DEKALB HYBRID • Target 1-to-2 share points CORN of growth annually SEED through 2012 1. Source: KLEFFMANN Marketing Services
  • 9. INTERNATIONAL CORN Approval of Stacked Corn in Argentina to Accelerate Roundup Ready Adoption; 30-to-40 Percent Availability Planned for 2009 TRAITED CORN ACRES PLANTED VS. OPPORTUNITY IN ARGENTINA ROUNDUP READY CORN 2 SMARTSTAX 10 YIELDGARD CORN BORER 9M Argentina GEOGRAPHY: 8M Set the table for 8 7M M ACRES DOUBLE AND TRIPLE OPPORTUNITY biotech trait 6M OBJECTIVE: ramp outside 6 the U.S. 2008 STATUS 4 • 86 percent of corn borer control opportunity 2 .8M penetrated in 2008 season; Roundup Ready Corn 2 0 relatively untapped • Approximately 150K acres of OPPORTUNITY 2007 2008F double stack planted in first year of launch • Seed production for 30-to-40 ROUNDUP READY CORN 2 YIELDGARD CORN BORER - ARGENTINA percent double-stack traits in • Growers forced to trade off between insect and weed control prior to approval 2009 of double stack; penetration expected to accelerate much faster than with 2012 OUTLOOK single traits. • 100 percent of corn acres in Argentina infested with sugarcane corn borer and • Continue penetration of corn earworm, making SmartStax an excellent fit for this market double-stack to create footprint for SmartStax
  • 10. INTERNATIONAL CORN Approval Received in Brazil for YieldGard Corn Borer; Limited Launch Planned for 2009 TRAITED CORN OPPORTUNITY IN BRAZIL Brazil GEOGRAPHY: Set the table for biotech trait 20 15-20M OBJECTIVE: ramp outside SMARTSTAX the U.S. 15 M ACRES 2008 STATUS ROUNDUP READY CORN 2 • Awaiting final hybrid 10 registrations after YIELDGARD CORN BORER receiving approvals from both CTNbio and CNBS 5 2012 OUTLOOK 0 • First-generation corn traits launched to create OPPORTUNITY 2008 footprint for SmartStax REGULATORY APPROVAL PROCESS IN BRAZIL • First step consists of approval from CTNBio, Brazil’s biosafety commission, which is managed by the Ministry of Science and Technology to make science-based technical assessments • CTNBio approval may be followed by a review from the National Biosafety Council (CNBS) to examine social and economic factors • Hybrid registrations required before commercial launch
  • 11. SOYBEANS Asgrow Soybean Share Expected to Increase in Expanded Market in 2008 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. SOYBEANS Roundup Ready Soybeans in Brazil Mirroring U.S. Penetration Curve, Creating Future Footprint for Growth Soybeans CROP: ROUNDUP READY SOYBEANS: Grow Roundup PENETRATION AS PERCENT OF OPPORTUNITY Ready penetration in Brazil to create 120% OBJECTIVE: platform for 100% Roundup Ready 2 Yield soybeans 80% 2008 STATUS 60% 55% penetration in Brazil consistent with • Brazil Roundup Ready U.S. trend in year five 40% soybean penetration expected to be 55 percent 20% of opportunity 0% 2012 OUTLOOK • Potential to penetrate 95 6 7 8 9 0 1 2 3 4 5 6 7 8F '9 '9 '9 '9 '0 '0 '0 '0 '0 '0 '0 '0 '0 percent of Brazilian acres U.S. Roundup Ready soybeans U.S. Roundup Ready soybeans at peak, establishing Brazil Roundup Ready soybeans Brazil Roundup Ready soybeans footprint for transition to insect-protected Roundup Ready 2 Yield soybeans
  • 13. COTTON U.S. Cotton in Transition in 2008; Plans in Place to Deliver Gross Profit Growth Toward the End of the Decade Cotton CROP: DELTA AND PINE LAND VALUE CREATION Increase STAGED OPPORTUNITIES FOR INCREASING BUSINESS VALUE penetration of second OBJECTIVE: generation New double stack Traits 2008 STATUS Molecular • U.S. cotton acres Breeding VALUE CREATION OPPORTUNITY expected to decline to less than 9.5M1 acres Trait Increased production of second-generation double stack • Availability of second Acceleration generation traits in the International Opportunity to grow international cotton seed and U.S. established prior to trait business with complementary geographies Markets acquisition, limiting 2008 growth Initial Expanded global seed market share 2012 OUTLOOK Germplasm Value • Delta and Pine Land’s Trait Royalty D&PL traits previously split 70/30 to Monsanto; portfolio fully converted now accrue 100 percent to Monsanto Conversion to second-generation FY2009 FY2010+ traits in all U.S. segments FY2007 FY2008 JUNE 2007 D&PL acquisition 1. U.S. acres planted estimated per the National Cotton Council
  • 14. R & D PIPELINE Entire Monsanto Pipeline Is Targeted Toward Meeting Emerging Trends Over Next Decade BIOTECH TRAIT PIPELINE: JANUARY 2008 UPDATE PHASE PHASE PHASE PHASE PHASE PHASE PHASE PHASE D D 1 2 3 4 1 2 3 4 AGRONOMIC TRAITS YIELD AND STRESS PIPELINE ROUNDUP READY 2 YIELD SOYBEANS DROUGHT-TOLERANT CORN FAMILY YIELDGARD VT PRO 2ND-GEN YIELDGARD CORN BORER DROUGHT-TOLERANT CORN SMARTSTAX CORN 2ND-GEN DROUGHT-TOLERANT CORN DICAMBA-TOLERANT SOYBEANS NITROGEN-UTILIZATION CORN FAMILY INSECT-PROTECTED + ROUNDUP READY 2 YIELD SOYBEANS NITROGEN-UTILIZATION CORN BOLLGARD III BROAD-ACRE HIGHER-YIELDING CORN FAMILY SOYBEAN NEMATODE-RESISTANCE HIGHER-YIELDING CORN SOYBEAN DISEASE BROAD-ACRE HIGHER-YIELDING DICAMBA-TOLERANT COTTON SOYBEAN FAMILY COTTON LYGUS CONTROL HIGHER-YIELDING SOYBEANS YIELDGARD ROOTWORM III 2ND-GEN HIGHER-YIELDING SOYBEANS VALUE-ADDED TRAITS DROUGHT-TOLERANT COTTON FAMILY DROUGHT-TOLERANT COTTON EXTRAX™ CORN PROCESSING SYSTEM + MAVERA™ HIGH-VALUE CORN WITH LYSINE2 BROAD-ACRE HIGHER-YIELDING CANOLA FAMILY HIGH-OIL SOYBEANS HIGHER-YIELDING + ROUNDUP READY 2 YIELD CANOLA1 2ND-GEN HIGH-OIL SOYBEANS OMEGA-3 ENRICHED SOYBEANS VISTIVE III SOYBEANS High Impact Technologies (HIT) project HIGH-STEARATE SOYBEANS Jan. 3, 2008 Advancements/Additions (VIA BIOTECH) The colored bar associated with each project indicates which phase that project is in. It is HIGH-OIL CORN not intended to represent the relative status of the project within a particular stage. 1. For higher-yielding + Roundup Ready 2 Yield canola, only the value of the higher-yielding trait is incorporated into the Yield and Stress collaboration with BASF 2. Value of licensing the EXTRAX™ technology is shared with Cargill as a part of Renessen joint venture
  • 15. R & D PIPELINE Japan Export Approval for Roundup Ready 2 Yield Received; On Track for 2009 Controlled Commercial Release ROUNDUP READY 2 YIELD SOYBEANS: Soybeans CROP: LAUNCH PLANS Launch OBJECTIVE: U.S. Full-Scale Roundup Launch Target: Ready 2 Yield P R O JE CT 5- 6M Acres 2008 STATUS U.S. Controlled • Consistent 7-to-11percent Commercial yield advantage with Release Target: Roundup Ready 2 Yield 1- 2M Acres • U.S., Canadian and Grower level marketing, awareness and trial Japanese approvals received; awaiting key Licensee breeding export approvals from China, Mexico and Europe Industry coordination and communications • Pre-launch activities • American Soybean Association and key agri-food under way stakeholders PRICING Pursuit of export approvals in China, Europe and • Yield improvement shared Mexico – JAPAN RECEIVED with grower; average 5- Branded and licensed seed production year soybean commodity 2007 2008 2009 2010 price approximately $6.40 per bushel1 1. Source: NASS, USDA data 2003 to August 2007
  • 16. R & D PIPELINE With Roundup Ready 2 Yield Soybeans, Yield Also Becomes Focus of Next Wave of Commercial Products ROUNDUP READY 2 YIELD SOYBEANS: STATE OF AGRICULTURE: SECOND-GENERATION WEED CONTROL FIELD RESULTS A New Soybean Platform Near-Isoline Comparisons: Roundup Ready 2 Yield vs. Roundup Ready % Yield Increase over Roundup Ready 12% HIGHER-YIELDING DICAMBA-TOLERANT 11% 10% 9% VISTIVE III ROUNDUP READY 2 YIELD 9% 8% 7% 7% 6% ► Roundup Ready 2 Yield becomes the platform for 4% soybean traits ► Three soybean pipeline 2% traits advanced to Phase 3 commercial development in 0% recent R&D update 4 YEAR 2004 2005 2006 2007 AVERAGE ► Insect-protected Roundup Ready 2 Yield soybeans first Roundup Ready 2 Yield soybeans yield 7 to 11 percent platform developed solely higher than Roundup Ready soybeans based on 73 for an international market Monsanto field trials from 2004-2007 16
  • 17. R & D PIPELINE Like Roundup Ready 2 Yield Soybeans, SmartStax Corn Resets Trait Platform for Corn SmartStax Value: On-Farm Commercial Preparation: Field Data Generation + Increased Yield (per-acre and on-farm) YEAR 1 YEAR 2 YEAR 3 FORWARD YIELD YIELD COMPONENT 2006 2008+ BENEFIT1 Focus: Focus: SmartStax PER-ACRE Feasibility of full bred into elite Improved consistency: 1-2% trait integration germplasm; yield Primary pests data generation Improved protection: 1-2% Secondary pests Field Testing: 2007 ON-FARM Testing focused on trait performance, such as Reduced refuge 3-6% consistency of control of Flexibility to move to one technology targeted pests + platform on-farm Initial 2007 Results + Durability • Indicates superior Flexibility to increase planting rootworm consistency + populations versus triple-stack + Platform for future traits standard TRIALS: 56 • Good control of + Access to superior seed STATES: 12 secondary pests Total SmartStax Value = 1. Yield benefit reflects expected yield benefit above triple-stack standard, on a per-acre and whole-farm basis as noted. Ranges may overlap 17
  • 18. R & D PIPELINE Projects Like Nitrogen-Utilization Corn Are Positioned to Drive Yield and Meet Demand In New Environment PER-ACRE NITROGEN COST STATE OF AGRICULTURE: FOR CORN PRODUCTION, IN ILLINOIS: 1990-20071 Breakthroughs in Nitrogen-Use Research Under normal nitrogen conditions, lead Nitrogen- $80 Utilization trait has demonstrated yield advantages $75 in multiple backgrounds over multiple years $70 12 * Yield Increase (bu/Ac) $65 ** *** * 10 $60 8 6 $55 4 2 $50 0 $45 -2 TRIALS IN TRIALS IN 1990 1992 1994 1996 1998 2000 2002 2004 2006 MULTIPLE MULTIPLE HYBRID HYBRID Nitrogen accounts for approximately one-fifth of BACKGROUNDS BACKGROUNDS the operating costs for a corn producer2 (15 LOC) (16 LOC) Nitrogen-Utilization corn offers the potential to bring the value of nitrogen into the seed: 2005 2006 2007 • Reducing farmers’ exposure to nitrogen * price volatility Statistically significant @ p≤0.10 • Boosting yield Bar color correlates with the specific hybrid background tested. • Improving ease of use, flexibility Same bar color in different tests and different years indicates same hybrid was used. All trials conducted under sufficient nitrogen application levels. 1. Illinois Farm Business Farm Management 2. USDA 18
  • 19. SUMMARY Given Growth Opportunities, Monsanto Has Potential to Double Gross Profit Over the Next Five Years 2012 GROWTH RANGE MONSANTO GROSS PROFIT GROWTH TARGET Gross profit targeted to 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) U.S. Corn $6,000 International Corn $5,000 Soybeans Cotton $4,000 Seminis R&D Pipeline $3,000 Acquisitions to be pursued, $2,000 but are not included in this $1,000 growth projection $0 Earnings continue to translate into operating cash, and value 2004 2007 2012 MILESTONES created for shareowners 2010 2007 through combination of Gross margin Base Gross Profit: acquisitions, share target: 52-54% $4,286M repurchases and dividends ONGOING EPS GROWTH: MID-TO-HIGH TEENS