1. KERRY PREETE
VICE PRESIDENT, INTERNATIONAL COMMERCIAL
CREDIT SUISSE
14th Annual Global Ag Productivity
Conference
MARCH 10, 2009

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 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.
© 2009 Monsanto Company
2

3. 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. Increasing Protein Demand, Coupled with Boost from
Biofuels, Creates Sustained Long-Term Grain Demand
STATE OF AGRICULTURE:
STRETCHING SUPPLY
Yield Always Matters
WORLD CORN STOCKS-TO-USE RATIO1
► Global corn ending
stocks-to-use ratio
120% 900
projected to be 17-18
STOCKS-TO-USE RATIO
percent for 2008/09,
800
100%
following two years of
M METRIC TONS
700
record corn crops
80%
600
60%
► Feb. 2008 USDA 10-year
500
projections forecast 2-3%
40%
CAGR for corn and
400
soybean global trade
20% 300
► No appreciable change in
0% 200
1964/1965
1968/1969
1970/1971
1972/1973
1974/1975
1976/1977
1978/1979
1980/1981
1982/1983
1984/1985
1986/1987
1988/1989
1990/1991
1992/1993
1994/1995
1996/1997
1998/1999
2000/2001
2002/2003
2004/2005
2005/2006
2008/2009F
1966-1967
acres planted over next 10
years; yields must grow
1986/1987 2008/2009
1964/1965 steadily each year to meet
demand
GLOBAL CORN STOCKS-TO-USE1
► Yield optimizes income of
GLOBAL CORN CONSUMPTION1 grower irrespective of
commodity price
1USDA PSD View database query for global corn
4

5. Global Corn Production Per Acre Is Sub-Optimized Today,
Creating an Opportunity for Innovation
GLOBAL CORN PRODUCTION1: YIELD
CORE PRODUCTIVITY MEASURES AND EVALUATION
Boosting yield-per-
acre can make a
meaningful
CANADA difference in
EU 27
3M ACRES
supply-demand
136 BU/AC
500M BUSHELS 27M ACRES
90% HYBRID environment
U.S. 99 BU/AC
CHINA
2B BUSHELS
• If India, Mexico
90M ACRES
151 BU/AC 67M ACRES
MEXICO
13B BUSHELS 83 BU/AC
and Brazil moved
6B BUSHELS
18M ACRES
25% HYBRID to 100 bushel per
INDIA
48 BU/AC
BRAZIL
900M BUSHELS
acre yields, they
20M ACRES
36M ACRES 45% HYBRID
75% HYBRID 32 BU/AC could produce
58 BU/AC 700M BUSHELS
2B BUSHELS
nearly 4 billion
additional
ARGENTINA
bushels of corn
10M ACRES
111 BU/AC
900M BUSHELS
annually – equal
to total world
Optimization of yield per acre
corn exports in
2007
Poor/Subsistence Sub-Optimized Optimized
5
1. Source is USDA FAS and internal estimates.

6. Five-Year Plan to More Than Double Gross Profit by 2012
Centered On Seeds and Traits Platform
2012 GROWTH RANGE
GROSS PROFIT COMMITMENT:
2003-2012F Gross profit targeted to more
than double from 2007
$9.5- baseline through 2012
$9.75B
SEEDS & GENOMICS GROSS PROFIT STRATEGIC PLAYBOOK
$10,000
AG PRODUCTIVITY GROSS PROFIT
All growth is organic, from
$7.3- base business and pipeline
$7.5B
$8,000
GROSS PROFIT (in millions)
U.S. Corn
International Corn
Soybeans
~2.25X Cotton
$6,000
2007 Vegetables
BASELINE
R&D Pipeline
$4.2B
Earnings continue to
$4,000
translate into operating cash,
and value created for
shareowners through
combination of acquisitions,
$2,000
share repurchases and
dividends
$0
2003 2004 2005 2006 2007 2008 2009F 2012F
BASELINE
6

7. Even as Roundup Supply and Demand Comes into Balance,
Seeds and Traits Is Fundamental Driver of Growth
SEEDS & GENOMICS GROSS PROFIT
Roundup and Other ROUNDUP AND OTHER GLYPHOSATE-BASED
HERBICIDES GROSS PROFIT
Glyphosate-Based $10,000
Herbicides
$7.3B-
$9,000
GROSS PROFIT (in millions)
~18% CAGR
FY2009 Forecast
$7.5B
$8,000
Gross Profit
$2.4B-$2.5B $7,000
Target $4.5B-
$6,000
Branded Price $4.6B
(per equivalent > $20 $5,000
gallon)
$4,000
FY2012 Forecast
$3,000 ~ -8% CAGR
Gross Profit
$1.9B $2,000 $2.4B-
Target
$1.9B
$2.5B
$1,000
Branded Price
(per equivalent $16-$18 $0
gallon)
2009F 2012F
Seeds and Genomics gross profit is estimated to grow at a
CAGR of ~18% through 2012, representing nearly 4x the
gross profit contribution of the Roundup business
7

8. U.S. Seeds & Traits Gross Profit Expected to Double by 2012;
Nearly 85% Growth in International Seeds & Traits Forecasted
SEEDS AND GENOMICS
2012F
2008 GROSS PROFIT – U.S.
Corn Seed & Traits
Soybean Seed & Traits
Cotton Seed & Traits
~2X
Vegetable Seed
2008
$2.4B BASELINE
Other Seed & Traits
$4.7-$4.8B
SEEDS AND GENOMICS
2012F
2008 GROSS PROFIT – INTERNATIONAL
Corn Seed & Traits
Soybean Seed & Traits
~1.8X
Cotton Seed & Traits
2008
BASELINE
Vegetable Seed
$1.45B
$2.6-$2.7B
Other Seed & Traits
8

9. Launches of Roundup Ready 2 Yield and SmartStax Drive
U.S. Gross Profit Growth and Re-Invigorate Portfolio
UNITED STATES 2012 MILESTONE TARGETS
U.S. ► SmartStax launch in 2010; target market
2008 of 55-65M acres1
CORN SEED 25.5%/10.5% ► Drought-Tolerant corn targeted to
SHARE:
launch in 2012+
HYBRID CORN
80-90M
ACRES:
► Grow DEKALB brand to 30-34 share
►SOYBEAN 20%/9%
SEED SHARE:
points and American Seeds to ~15 share
SOYBEAN
65-75M points by 2012
ACRES
► COTTON
41% ► Large-scale launch of Roundup Ready 2
SEED SHARE:
Yield soybeans on 5-6M acres in 2010;
COTTON
9-12M
ACRES:
target market of 45-55M acres1
► Grow Asgrow brand share to 24-28
2009 MILESTONE TARGETS
share points by 2012
► Targeting to gain 1-2 share points in
► Grow Deltapine cotton seed share to ~50
DEKALB and 1 share point in
share points by 2012
American seeds
► Launch new varieties of cotton with
► Targeting 34-35M acres of triple-stack
second-generation traits in 2010
corn; ~70% of our branded portfolio
► Targeting to gain 1 share point in
Asgrow brand
► Controlled commercial release of
Roundup Ready 2 Yield on 1.5M acres
9
1Target market defined as acres where technology is applicable, not necessarily a projection of acres penetrated by 2012.

10. Roundup Ready 2 Yield Soybeans First in Series of
Yield-Enhancing Traits
FINAL ROUNDUP READY 2 YIELD SOYBEANS VERSUS COMMERCIAL CHECKS
COMPARISONS TO COMMERCIAL ROUNDUP READY SOYBEANS – 2 YEAR SUMMARY
60
VALUE PROPOSITION COMPETITORS’ PRODUCT WITH
ROUNDUP READY 2 YIELD
ROUNDUP READY TRAIT
YIELD IMPROVEMENT ON
55
AVERAGE YIELDS IN ~3.8 bu/ac
55.5
GROUPS 2 & 3:
Bushels per Acre
55.2
54.5
INCREMENTAL YIELD
50
51.7
VALUE TO FARMER
51.4
~$38/ac
(VERSUS ROUNDUP
49.9
READY):
45
PRICING
SEAMLESS PRICE FOR
FIRST-GENERATION
$49-$52 40
ROUNDUP READY SEED
(PER ACRE)1:
SEAMLESS PRICE FOR
35
$69-$72
ROUNDUP READY 2 YIELD
SEED (PER ACRE)1:
2 3 Overall
RELATIVE MATURITIES:
COMPARISONS: >1,000 >2,900 >3,900
APPROXIMATE BUSHELS PER
ACRE ADVANTAGE FOR 4.6 3.8 3.8
ROUNDUP READY 2 YIELD:
PERCENT YIELD ADVANTAGE
9.1% 7.3% 7.4%
FOR ROUNDUP READY 2 YIELD1:
Two year summary (2007-2008) of head-to-head comparisons between all Roundup Ready 2 Yield products available for sale in
2009 vs. national competitor Roundup Ready products. Final data as of December 9, 2008.
10
1Reflects seamless price to the farmer, including trait value, germplasm value and value provided by the seed treatment.

11. SmartStax Raises the Bar as Most Durable, Complete and
Easy to Use On-Farm Package for Weed and Pest Control
2007 & 2008 SmartStax EFFICACY TRIALS
NEW:
R&D Pipeline
1.5
SmartStax Corn
Node Injury Scale 0-3
ADVANCED
STATUS:
Phase 4 1.0
PROJECT CONCEPT: CRW Root Damage Ratings
0.5
SmartStax combines the following
herbicide-tolerant and insect-protection
0.0
traits for the most complete control:
• YieldGard VT Rootworm with YieldGard VT
Roundup Herculex® SmartStax
Roundup Ready Corn 2 and Rootworm
Ready Corn Rootworm
6.0
Damaged Area (cm2)
with Roundup
YieldGard VT PRO
Ready Corn 2
5.0
• Herculex® I and Herculex® RW
• Liberty Link® 4.0
3.0
VALUE:
Corn Earworm Damage
2.0
LAUNCH-COUNTRY
55-65M
ACRES1:
1.0
0.0
2020 VALUE2: >$500M
Roundup Herculex® SmartStax
YieldGard VT
WHOLE-FARM YIELD IMPROVEMENT Ready Corn Corn Borer Triple PRO
ESTIMATES:
The second-generation YieldGard corn borer trait, a key
IMPROVED CONSISTENCY FOR
SmartStax component, demonstrates incremental yield benefit
1 PRIMARY AND SECONDARY
of 4 percent over first-generation corn borer traits in
1. Acre opportunity reflects acres where technology fits at
PESTS3
Monsanto's current 2007 market share in respective crops preliminary data from 2 years of comparisons
2. 2
4
REDUCED REFUGE
2020 value reflects gross sales opportunity in launch
Fewer damaged kernels from earworm drives yield
country in year 2020
TOTAL: 5-10% advantage
1Acre opportunity reflects acres where technology fits at Monsanto's current 2007 market share in respective crops
22020 value reflects gross sales opportunity in launch country in year 2020
Herculex® is a registered trademark of Dow Agrosciences LLC
11
3As compared to YieldGard VT Triple 4Subject to EPA approval
Liberty Link® is a registered trademark of Bayer CropScience AG

12. Increasing Biotech Penetration in Brazil and Argentina Sets
Stage for Significant Contributions to Gross Profit
LATIN AMERICA NORTH
LATIN AMERICAN OUTLOOK:
CURRENT 2012 OUTLOOK
SEED & TRAIT TRENDS THROUGH 2012
#1 position in all key countries
CORN SEED SHARE:
7-8M
HYBRID CORN ACRES:
MEXICO
#1 CORN Approved YieldGard Corn Borer with Roundup Ready Corn 2
POSITION in Colombia and Honduras
BIOTECH STATUS:
December 2008 approval gained for experimental trials in El
Salvador
• Integration of Cristiani; Expand seed footprint for pending
FY2009 OUTLOOK
trait introductions
BRAZIL
CURRENT 2012 OUTLOOK
40%
CORN SEED SHARE: 44-48%
BRAZIL
#1 CORN
25-27M
HYBRID CORN ACRES:
POSITION
• Targeted share gain: 1-2 points
• 1.5-2M acre launch of YieldGard Corn Borer; 15-20M target
FY2009 CORN
OUTLOOK: market1
• Roundup Ready Corn 2 approved; 15-20M acre target market1
SOYBEAN ACRES 50-55M
ARGENTINA
• Roundup Ready soybeans targeted to 60% penetration;
FY2009 SOYBEAN
#1 CORN
OUTLOOK targeting 80% penetration by 2012
POSITION
ARGENTINA
CURRENT 2012 OUTLOOK
46%
CORN SEED SHARE: 50-54%
8-10M
HYBRID CORN ACRES:
• Targeted share gain: 1-2 points
FY2009 CORN
• 2M-plus acre launch of YieldGard Corn Borer with Roundup
OUTLOOK:
Ready Corn 2; 7M acre target market1
1Targetmarket defined as acres where technology is applicable,
not necessarily a projection of acres penetrated by 2012.
12

13. Upgrade of Cotton Traits and Growth in Corn Seed Share In
India Expected to Deliver Growth in Asia-Pacific Through 2012
ASIA -PACIFIC 2012 MILESTONE TARGETS
INDIA
► Regulatory agencies in key countries in
2008
Asia-Pacific continue to approve biotech
36%
CORN SEED
products for import from the U.S. and
SHARE:
Latin America to facilitate timely
HYBRID CORN
5-7M
ACRES:
launches of new traits
► COTTON
5%
SEED SHARE: ► Grow DEKALB brand to 40-44 share
HYBRID COTTON
18-20M
ASIA-PACIFIC points in India by 2012
ACRES:
► Complete conversion of India to
AUSTRALIA
Bollgard II cotton; 18-20M acre target
2008
market1
► COTTON
N/A
SEED SHARE:
► Roundup Ready Flex/Bollgard II cotton
HYBRID COTTON
500-800K launched in India; 15-20M acre target
ACRES:
market1
2009 MILESTONE TARGETS ► Australia cotton trait business returns
with adequate rainfall
► Targeted to gain 1-2 share points in
DEKALB corn in India
► Bollgard cotton estimated to be on
~10M acres and Bollgard II targeted
to grow to ~6M in India
1Target market defined as acres where technology is applicable, not necessarily a projection of acres penetrated by 2012.
13

14. Vegetables and Corn Share Growth are Cornerstones of
Europe’s Gross Profit Growth in Seeds & Traits
EUROPE 2012 MILESTONE TARGETS
► Regulatory approvals to import biotech
crops from the U.S. and Latin America
continue to occur timely to facilitate
planned launches of new traits
EUROPE
► Grow DEKALB brand to 16-20 share
points by 2012
► De Ruiter seed fully integrated and
EU 27
protected culture business contributes
2008
~35 percent of the annual gross profit to
12%
CORN SEED
SHARE:
vegetable seeds by 2012
HYBRID CORN
~30M
ACRES:
2009 MILESTONE TARGETS
► Targeted to gain 1-2 share points in
DEKALB corn
► First full year of De Ruiter protected
culture vegetable seed business;
Europe targeted to be
approximately 65% of Monsanto’s
protected culture net sales
14

15. Technology Investment Has Fueled Gross Profit Progression
for Seeds and Traits
Research And $4,500
Development
SEEDS & GENOMICS GROSS PROFIT
$4,000
GEOGRAPHY Global
TOTAL COMPANY RESEARCH & DEVELOPMENT1
$3,500
Maximize return
OBJECTIVE:
on investment
$3,000
IN MILLIONS
2009 STATUS 2001 – 2008
24% CAGR
$2,500
• Monsanto spends more
on seed and biotech $2,000
R&D than any other
2001 – 2008
$1,500
company
9% CAGR
• >90% of R&D spend is $1,000
for seeds-and-traits,
split roughly 50/50 $500
between breeding and
$0
biotechnology
2001 2002 2003 2004 2005 2006 2007 2008
1Total R&D does not include IP R&D from acquisitions
15

16. As SmartStax and Roundup Ready 2 Yield Launch, Four New
Game-Changing Products Poised to Extend Lead Post 2012
2012 TO END OF DECADE
Drought 2nd Gen.
Higher Nitrogen
Tolerant Yielding Drought Utilization
Corn1 Soybeans1 Tolerant Corn1 Corn1
• Advanced to Phase IV • Advanced to Phase III • Phase II project • Phase I Project
• First dry-land drought • Built upon yield platform • 9% yield advantage in • Consistent yield
product submitted to of Roundup Ready 2 2008 in water-stressed benefit after two years
USDA and FDA Yield environments of testing
• 5 years of testing • Lead events 1 & 2 • Currently selecting • 8% yield benefit at
exceeded 6%-10% yield experienced average commercial event for lower nitrogen levels
improvement target yields of 7.4% and 6.7%, broad-acre application
respectively
SUPERIOR, NE - FIELD TRIALS – 2007 FARM PROGRESS SHOW – 2007
Dayton, Iowa -- 2008
Transgenic
Control
WITH GENE
CONTROL HYBRID
(94 BU/AC)
(76 BU/AC)
16
1Part of the Monsanto-BASF Yield and Stress R&D Collaboration

17. USDA Submission Made for Lead Drought-Tolerant Corn Project;
2008 Dry Land Field Tests Mark Fifth Season of Increased Yield
FIFTH YEAR OF CONSISTENT YIELD
R&D Pipeline NEW: IMPROVEMENT UNDER DROUGHT STRESS
Drought-Tolerant Corn Family:
Lead Project
Average Yield Improvement of Lead Event
ADVANCED:
HIT Project Phase 4 Percentage yield difference vs. control
16
Yield Difference (bu/acre)
VALUE: 10.5% 11.3% 7.7%
13.4% 6.7%
14
LAUNCH-COUNTRY
55M 12
ACRES-FAMILY1:
2020 VALUE- 10
$300-$500M
FAMILY2:
8
SOURCES OF VALUE:
6
Improved yield
4
Targeting 6-10% yield improvement
in water-stress environments;
2
historically the dry land farms of the
Western Great Plains
0
2004 2005 2006 2007 2008
5 TOTAL
9 TOTAL 11 TOTAL
8 TOTAL 15 TOTAL
LOCATIONS LOCATIONS LOCATIONS LOCATIONS
LOCATIONS
▲ 2008 Western Great Plains Testing: Lead event continued to
demonstrate a yield advantage in a drought stress environment
Evaluation of best germplasm and trait combinations underway
Regulatory submissions in progress, with FDA submission made
1Acre opportunity reflects acres where technology fits at
December 19, 2008 and USDA submission on February 20, 2009
Monsanto's current 2008 market share in respective
crops
22020 value reflects gross sales opportunity in launch
17
country in year 2020 PART OF THE MONSANTO BASF YIELD AND STRESS R&D COLLABORATION

18. Strong Cash Position Creates Opportunity to Bolster Strategic
Position and Drive Differentiation Through Innovation
USES OF CASH
CUMULATIVE: 2005-2008 Fiscal Years
SHARE REPURCHASES 10% OF CASH USED
• Completed 4-year $800M share-repurchase program and
began previously announced 3-year $800M authorization in
December 2008
DIVIDENDS 12% OF CASH USED
$906
• From 2002-2008, Monsanto’s Board of Directors has raised
the dividend seven times for a total increase of 300 percent. $1,058
TECHNOLOGY SPENDING 4% OF CASH USED $307
• Over $300M spent to expand technology partnership network
$4,485
ACQUISITIONS 51% OF CASH USED
$2,078
• American Seeds • Delta & Pine Land (2007)
(2004-2007) • Agroeste (2007)
• Seminis (2005) • De Ruiter and Cristiani (2008)
$ in millions
CAPITAL SPENDING 24% OF CASH USED
• Spent $918M in 2008, 60% for new or expanding seed
facilities
18

19. 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
19