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SECOND-QUARTER 2007
FINANCIAL RESULTS




April 4, 2007

                      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 completion and operation of
recent and proposed acquisitions, including Delta and Pine Land Company; fluctuations in commodity
prices; compliance with regulations affecting our manufacturing; the accuracy of the company's estimates
related to distribution inventory levels; the company's ability to fund its short-term financing needs and to
obtain payment for the products that it sells; the effect of weather conditions, natural disasters and
accidents on the agriculture business or the company's facilities; and other risks and factors detailed in
the company's most recent periodic report to the SEC. Undue reliance should not be placed on these
forward-looking statements, which are current only as of the date of this presentation. The company
disclaims any current intention or obligation to update any forward-looking statements or any of the
factors that may affect actual results.

Trademarks
Trademarks owned by Monsanto Company and its wholly-owned subsidiaries are italicized in this
presentation. Mavera™ is a trademark of Renessen. All other trademarks are the property of their
respective owners.


© 2007 Monsanto Company


                                                                                                                2
Non-GAAP Financial Information

This presentation may use the non-GAAP financial measures of “free cash flow,” and earnings per share (EPS) on
an ongoing basis. We define free cash flow as the total of cash flows from operating activities and investing
activities. A non-GAAP EPS financial measure, which we refer to as on-going EPS, excludes certain after-tax items
that we do not consider part of ongoing operations, which are identified in the reconciliation. ROC means net
income (without the effect of certain items) exclusive of after-tax interest expenses, divided by the average of the
beginning year and ending year net capital employed, as defined in the reconciliation. Our presentation of non-
GAAP financial measures is intended to supplement investors’ understanding of our operating performance. These
non-GAAP financial measures are not intended to replace net income (loss), cash flows, financial position, or
comprehensive income (loss), as determined in accordance with accounting principles generally accepted in the
United States. Furthermore, these non-GAAP financial measures may not be comparable to similar measures used
by other companies. The non-GAAP financial measures used in this presentation are reconciled to the most
directly comparable financial measures calculated and presented in accordance with GAAP, which can be found at
the end of this presentation.



With respect to the time period prior to Sept. 1, 2000, references to Monsanto in this presentation also refer to the
agricultural business of Pharmacia.


FISCAL YEAR:
References to year, or to fiscal year, are on a fiscal year basis and refer to the 12-month period ending August 31.




                                                                                                                        3
PERFORMANCE SUMMARY


 Second-Quarter Financial Summary



                                Second                   Second              First
                                                                                      First Half
                                                                    Change                         Change
                                Quarter                  Quarter             Half
                                                                                        2006
                                 2007                     2006               2007

     NET SALES                  $2,616M                 $2,200M      19%     $4,155   $3,605M       15%

        GROSS
                                $1,450M                 $1,240M      17%     $2,130   $1,874M       14%
        PROFIT


    NET INCOME                   $543M                    $440M      23%     $633      $499M        27%
      DILUTED
     EPS ON AS-
                                   $0.98                   $0.80     23%     $1.14     $0.91        25%
     REPORTED
       BASIS

     FREE CASH
                                                                             $290M    $(135)M       NM
       FLOW


Note: EPS figures reflect the stock split effective July 28, 2006

                                                                                                            4
U.S. CORN GROWTH


U.S. Corn Seed Business Has Progressed Through Three
Distinct Phases, Expanding Its Customer Base

                              PROGRESSION OF DEKALB CUSTOMER STATUS:
                                                             1997-2007F
                              2000-2001                                                                 2007
          1998                                            2002                    2005
                              Establishment and                                                         DEKALB share
          Monsanto                                        First year of DEKALB    First triple-stack
                              ramp up of                                                                expected to increase
          completes                                       share gains             trait introduced
                              molecular breeding                                                        3 or more points;
          acquisition of
                              platform in corn                                                          Sixth consecutive
          DEKALB                                                                                        year of growth

1997    1998       1999     2000        2001       2002       2003       2004    2005       2006       2007

            CUSTOMER                                            CUSTOMER                               CUSTOMER
            RETENTION                                        INTENSIFICATION                           EXPANSION
                                                                                                       DEKALB’s
                                                    First hybrids developed using intra-
 Monsanto completed acquisition of
                                                                                                       continued strong
                                                    company crosses begin to enter
 DEKALB and other international seed
                                                                                                       yield
                                                    portfolio; Molecular breeding becomes
 companies
                                                                                                       performance is
                                                    new standard for Monsanto breeders
                                                                                                       earning
 Initial priorities revolved around
                                                    Reflecting the improved yield potential            increasing trial
 integrating breeding and commercial
                                                    from breeding, DEKALB seed begins                  and adoption
 programs to present a single face to the
                                                    gaining share                                      from farmers
 customer
                                                                                                       who’ve
                                                    Primary growth initially comes from
 Significant investment in production                                                                  historically
                                                    existing farmers expanding acres
 assets to maximize quality and yield                                                                  purchased other
                                                    planted to DEKALB seed
 potential of genetic base                                                                             brands
 Organizational focus on customer
 retention


                                                                                                                               5
U.S. CORN GROWTH


By 2006-2007, DEKALB Has Achieved a Tipping Point,
Entering a Period of Attracting New Customers

1997       1998   1999    2000     2001       2002      2003          2004      2005        2006         2007

              CUSTOMER                                    CUSTOMER                                       CUSTOMER
              RETENTION                                INTENSIFICATION                                   EXPANSION


                                          DEKALB USE PATTERNS
2007 MARKET RESEARCH:                     More than 43% of DEKALB users have been customers for 4 years or
DEKALB USE PATTERNS                       less, and the average first-time customer is planning on planting 29%
                                          of acres to DEKALB seed
BASED ON A SAMPLE OF 500 CORN
                                                          Customers for 4 years or less
GROWERS COMPLETED IN MARCH 2007

 Key conclusions:                   2007 DEKALB
                                                                             43%
                                      CUSTOMER
                                           BASE
       DEKALB is in a period of
       attracting new customers                   0%   10%     20%     30%    40%    50%    60%    70%    80%    90%   100%


       DEKALB’s intensification
                                          DEKALB USE PATTERNS
       per farm is expanding
                                          Only 6% of farmers surveyed indicated they would switch away from
       Farmers buy performance            DEKALB if another seed brand offered the same set of biotech traits
       and are not willing to                             Interested in Non-DEKALB seed brands if comparable trait
       switch away from superior                          package was available
       yield potential
                                    2007 DEKALB
                                                     6%
                                      CUSTOMER
                                           BASE

                                                  0%   1 0%    2 0%    30 %   40 %   50 %   60 %   70%     80%   90%   100%



                                                                                                                              6
U.S. CORN GROWTH


By Delivering Better Yielding Products, DEKALB on Track to
Gain More Than 12 Share Points in Six Years

                                                     DEKALB SHARE EVOLUTION: 2001-2007F

                     25%                                                 2005-2007
                                                                     TOTAL
                                                                              6+ PTS
                                                                 SHARE GAIN
                                                                                                22+%
                     20%                                          DURATION
                                        2001-2005                             2 YEARS
                                                                                        19%
                                   TOTAL
                                                6 PTS
                               SHARE GAIN
        U.S. SHARE




                     15%            DURATION    4 YEARS                         16%
                                                                   14%
                                                          13%
                                               12%
                     10%
                              10%


                     5%



                     0%
                              2001             2002       2003    2004         2005     2006   2007F
    TOTAL U.S. PLANTED
   TRIPLE-STACK ACRES          --               --         --       --           1.3     6.0    16.0
        (ACRES IN MILLIONS)

   TRIPLE-STACK TRAIT
       PENETRATION IN          --               --         --       --           8%     20%     40%
    DEKALB PORTFOLIO


                                                                                                       7
U.S. CORN GROWTH

 2007 Trait Demand Has Been Even Stronger Than
 Anticipated, Accelerating Adoption Rates for All Corn Traits
                                                              160

 2007 FRONTLINE                                               140
        UPDATE:

                                                              120
                                    TRAIT ACRES IN MILLIONS
 With triple-stacks
in strong demand,                                             100
    trait sales have
   exceeded early-                                             80
 season estimates
                                                               60


                                                               40


                                                               20


                                                                0
                                                                      2005               2006                          2007F                         2010F

                                                                                                                   2007 FORECAST                    END-OF-DECADE
           U.S. CORN TRAIT ACRES1                                   2005 ACTUAL    2006 ACTUAL                                                         MARKET
                                                                                                                INITIAL
                                  (IN MILLIONS)                                                                                  Q2 UPDATE           OPPORTUNITY
                                                                                                               ESTIMATE

              U.S. YIELDGARD
                                                                        4.1                10                     >15               ~19                    25-30
              ROOTWORM ACRES
              U.S.YIELDGARD CORN
                                                                       32.1               32.3                    >32               ~40                    50-60
              BORER ACRES
              U.S. ROUNDUP READY
                                                                       24.8               32.7                    >40               ~50                       60
              CORN ACRES

                                                                        1.3                6.0                    >10               ~16                    25-30
             U.S. TRIPLE-STACK ACRES

1. Trait acres reflect the total acres planted with each individual trait. In the case of stacked traits, each absolute acre will be reflected by two or more trait acres.
                                                                                                                                                                             8
FINANCIAL UPDATE


  Increased EPS Guidance Reflects Strong Start to U.S.
  Season, Solid Performance Across Seed-and-Trait Business


                  EARNINGS PER SHARE GROWTH
                 PROGRESSION OF ONGOING EPS (2003-2007F)


$1.80
                                         2007 EPS GUIDANCE:
                                                                                                             FY2007
                                           22-26% GROWTH                                                    GUIDANCE
$1.60


                                                                                                           $1.60 - $1.65
                                                                           $1.60-$1.65
$1.40
                                                                                           Earnings Per
                                                                                                            Updated from
                                                                                                 Share1
                                                                                                          $1.50-$1.57 range
                                                                 $1.31
$1.20

                                                                                                          $875M-$950M
                                                                                         Free Cash Flow
$1.00
                                                 $1.04
                                                                                                            $450-$500M
                                                                                                Capital
                                                                                                            Updated from
$0.80
                                                                                           Expenditures
                                                                                                          $350-$400M range
                                $0.80
               $0.71
$0.60

                2003             2004            2005            2006        2007F
                     13% GROWTH       30% GROWTH       26% GROWTH    22-26% GROWTH




1. EPS figures reflect the stock split effective July 28, 2006

                                                                                                                              9
Reconciliation of Non-GAAP Financial Measures
    Reconciliation of Free Cash Flow
                                                                               Fiscal Year       Six Months      Six Months
                                                                                  2007             Ended         Ended Feb.
 $ Millions                                                                      Target         Feb. 28, 2007     28, 2006
 Net Cash Provided (Required) by Operations                                   $1,425 - $1,500       $520           $331

 Net Cash Provided (Required) by Investing Activities                             (550)             (230)          (466)
                                                                                                                   $(135)
       Free Cash Flow                                                          $875 - $950          $290
                                                                                                                    191
 Net Cash Provided (Required) by Financing Activities                               N/A             (200)
 Effect of Exchange Rate Changes on Cash and Cash Equivalents                       N/A              15              --
                                                                                                                    $56
 Net Increase (Decrease) in Cash and Cash Equivalents                               N/A             $105



  Reconciliation of Non-GAAP EPS
                                                                Fiscal Year    Fiscal Year         Fiscal Year             Fiscal Year
  $ per share                                                      2006           2005                2004                    2003
  Net Income (Loss) per Share                                     $1.25           $0.47               $0.50                  $0.13
      Cumulative Effect of Change in Accounting Principle         $0.01             --                    --                 $0.02
  Diluted Earnings (Loss) per Share Before Effect of              $1.26           $0.47               $0.50                  $0.15
        Accounting Change
      Tax Charge on Repatriated Earnings                          $0.04             --                    --                   --
      Seminis and Stoneville In-Process R&D                         --            $0.45                   --                   --
      Solutia-Related Charge                                        --            $0.32                   --                   --
      Tax Benefit on Loss from European Wheat and                   --           $(0.19)                  --                   --
        Barley Business
      Restructuring Charges -- Net                                  --            $0.01               $0.18                  $0.05
      Loss (Income) on Discontinued Operations                    $0.01          $(0.02)                  --                 $0.03
      Impairment of Goodwill                                        --              --                $0.12                    --
      PCB Litigation Settlement Expense – Net                       --              --                    --                 $0.48
  Diluted Earnings (Loss) per Share from Ongoing Business         $1.31           $1.04               $0.80                  $0.71



                                                                                                                                         10

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.monsanto 04-04-07

  • 2. Forward-Looking Statements Certain statements contained in this presentation are quot;forward-looking statements,quot; such as statements concerning the company's anticipated financial results, current and future product performance, regulatory approvals, business and financial plans and other non-historical facts. These statements are based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the company's actual performance and results may differ materially from those described or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, among others: continued competition in seeds, traits and agricultural chemicals; the company's exposure to various contingencies, including those related to intellectual property protection, regulatory compliance and the speed with which approvals are received, and public acceptance of biotechnology products; the success of the company's research and development activities; the outcomes of major lawsuits, including proceedings related to Solutia Inc.; developments related to foreign currencies and economies; successful completion and operation of recent and proposed acquisitions, including Delta and Pine Land Company; fluctuations in commodity prices; compliance with regulations affecting our manufacturing; the accuracy of the company's estimates related to distribution inventory levels; the company's ability to fund its short-term financing needs and to obtain payment for the products that it sells; the effect of weather conditions, natural disasters and accidents on the agriculture business or the company's facilities; and other risks and factors detailed in the company's most recent periodic report to the SEC. Undue reliance should not be placed on these forward-looking statements, which are current only as of the date of this presentation. The company disclaims any current intention or obligation to update any forward-looking statements or any of the factors that may affect actual results. Trademarks Trademarks owned by Monsanto Company and its wholly-owned subsidiaries are italicized in this presentation. Mavera™ is a trademark of Renessen. All other trademarks are the property of their respective owners. © 2007 Monsanto Company 2
  • 3. Non-GAAP Financial Information This presentation may use the non-GAAP financial measures of “free cash flow,” and earnings per share (EPS) on an ongoing basis. We define free cash flow as the total of cash flows from operating activities and investing activities. A non-GAAP EPS financial measure, which we refer to as on-going EPS, excludes certain after-tax items that we do not consider part of ongoing operations, which are identified in the reconciliation. ROC means net income (without the effect of certain items) exclusive of after-tax interest expenses, divided by the average of the beginning year and ending year net capital employed, as defined in the reconciliation. Our presentation of non- GAAP financial measures is intended to supplement investors’ understanding of our operating performance. These non-GAAP financial measures are not intended to replace net income (loss), cash flows, financial position, or comprehensive income (loss), as determined in accordance with accounting principles generally accepted in the United States. Furthermore, these non-GAAP financial measures may not be comparable to similar measures used by other companies. The non-GAAP financial measures used in this presentation are reconciled to the most directly comparable financial measures calculated and presented in accordance with GAAP, which can be found at the end of this presentation. With respect to the time period prior to Sept. 1, 2000, references to Monsanto in this presentation also refer to the agricultural business of Pharmacia. FISCAL YEAR: References to year, or to fiscal year, are on a fiscal year basis and refer to the 12-month period ending August 31. 3
  • 4. PERFORMANCE SUMMARY Second-Quarter Financial Summary Second Second First First Half Change Change Quarter Quarter Half 2006 2007 2006 2007 NET SALES $2,616M $2,200M 19% $4,155 $3,605M 15% GROSS $1,450M $1,240M 17% $2,130 $1,874M 14% PROFIT NET INCOME $543M $440M 23% $633 $499M 27% DILUTED EPS ON AS- $0.98 $0.80 23% $1.14 $0.91 25% REPORTED BASIS FREE CASH $290M $(135)M NM FLOW Note: EPS figures reflect the stock split effective July 28, 2006 4
  • 5. U.S. CORN GROWTH U.S. Corn Seed Business Has Progressed Through Three Distinct Phases, Expanding Its Customer Base PROGRESSION OF DEKALB CUSTOMER STATUS: 1997-2007F 2000-2001 2007 1998 2002 2005 Establishment and DEKALB share Monsanto First year of DEKALB First triple-stack ramp up of expected to increase completes share gains trait introduced molecular breeding 3 or more points; acquisition of platform in corn Sixth consecutive DEKALB year of growth 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 CUSTOMER CUSTOMER CUSTOMER RETENTION INTENSIFICATION EXPANSION DEKALB’s First hybrids developed using intra- Monsanto completed acquisition of continued strong company crosses begin to enter DEKALB and other international seed yield portfolio; Molecular breeding becomes companies performance is new standard for Monsanto breeders earning Initial priorities revolved around Reflecting the improved yield potential increasing trial integrating breeding and commercial from breeding, DEKALB seed begins and adoption programs to present a single face to the gaining share from farmers customer who’ve Primary growth initially comes from Significant investment in production historically existing farmers expanding acres assets to maximize quality and yield purchased other planted to DEKALB seed potential of genetic base brands Organizational focus on customer retention 5
  • 6. U.S. CORN GROWTH By 2006-2007, DEKALB Has Achieved a Tipping Point, Entering a Period of Attracting New Customers 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 CUSTOMER CUSTOMER CUSTOMER RETENTION INTENSIFICATION EXPANSION DEKALB USE PATTERNS 2007 MARKET RESEARCH: More than 43% of DEKALB users have been customers for 4 years or DEKALB USE PATTERNS less, and the average first-time customer is planning on planting 29% of acres to DEKALB seed BASED ON A SAMPLE OF 500 CORN Customers for 4 years or less GROWERS COMPLETED IN MARCH 2007 Key conclusions: 2007 DEKALB 43% CUSTOMER BASE DEKALB is in a period of attracting new customers 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% DEKALB’s intensification DEKALB USE PATTERNS per farm is expanding Only 6% of farmers surveyed indicated they would switch away from Farmers buy performance DEKALB if another seed brand offered the same set of biotech traits and are not willing to Interested in Non-DEKALB seed brands if comparable trait switch away from superior package was available yield potential 2007 DEKALB 6% CUSTOMER BASE 0% 1 0% 2 0% 30 % 40 % 50 % 60 % 70% 80% 90% 100% 6
  • 7. U.S. CORN GROWTH By Delivering Better Yielding Products, DEKALB on Track to Gain More Than 12 Share Points in Six Years DEKALB SHARE EVOLUTION: 2001-2007F 25% 2005-2007 TOTAL 6+ PTS SHARE GAIN 22+% 20% DURATION 2001-2005 2 YEARS 19% TOTAL 6 PTS SHARE GAIN U.S. SHARE 15% DURATION 4 YEARS 16% 14% 13% 12% 10% 10% 5% 0% 2001 2002 2003 2004 2005 2006 2007F TOTAL U.S. PLANTED TRIPLE-STACK ACRES -- -- -- -- 1.3 6.0 16.0 (ACRES IN MILLIONS) TRIPLE-STACK TRAIT PENETRATION IN -- -- -- -- 8% 20% 40% DEKALB PORTFOLIO 7
  • 8. U.S. CORN GROWTH 2007 Trait Demand Has Been Even Stronger Than Anticipated, Accelerating Adoption Rates for All Corn Traits 160 2007 FRONTLINE 140 UPDATE: 120 TRAIT ACRES IN MILLIONS With triple-stacks in strong demand, 100 trait sales have exceeded early- 80 season estimates 60 40 20 0 2005 2006 2007F 2010F 2007 FORECAST END-OF-DECADE U.S. CORN TRAIT ACRES1 2005 ACTUAL 2006 ACTUAL MARKET INITIAL (IN MILLIONS) Q2 UPDATE OPPORTUNITY ESTIMATE U.S. YIELDGARD 4.1 10 >15 ~19 25-30 ROOTWORM ACRES U.S.YIELDGARD CORN 32.1 32.3 >32 ~40 50-60 BORER ACRES U.S. ROUNDUP READY 24.8 32.7 >40 ~50 60 CORN ACRES 1.3 6.0 >10 ~16 25-30 U.S. TRIPLE-STACK ACRES 1. Trait acres reflect the total acres planted with each individual trait. In the case of stacked traits, each absolute acre will be reflected by two or more trait acres. 8
  • 9. FINANCIAL UPDATE Increased EPS Guidance Reflects Strong Start to U.S. Season, Solid Performance Across Seed-and-Trait Business EARNINGS PER SHARE GROWTH PROGRESSION OF ONGOING EPS (2003-2007F) $1.80 2007 EPS GUIDANCE: FY2007 22-26% GROWTH GUIDANCE $1.60 $1.60 - $1.65 $1.60-$1.65 $1.40 Earnings Per Updated from Share1 $1.50-$1.57 range $1.31 $1.20 $875M-$950M Free Cash Flow $1.00 $1.04 $450-$500M Capital Updated from $0.80 Expenditures $350-$400M range $0.80 $0.71 $0.60 2003 2004 2005 2006 2007F 13% GROWTH 30% GROWTH 26% GROWTH 22-26% GROWTH 1. EPS figures reflect the stock split effective July 28, 2006 9
  • 10. Reconciliation of Non-GAAP Financial Measures Reconciliation of Free Cash Flow Fiscal Year Six Months Six Months 2007 Ended Ended Feb. $ Millions Target Feb. 28, 2007 28, 2006 Net Cash Provided (Required) by Operations $1,425 - $1,500 $520 $331 Net Cash Provided (Required) by Investing Activities (550) (230) (466) $(135) Free Cash Flow $875 - $950 $290 191 Net Cash Provided (Required) by Financing Activities N/A (200) Effect of Exchange Rate Changes on Cash and Cash Equivalents N/A 15 -- $56 Net Increase (Decrease) in Cash and Cash Equivalents N/A $105 Reconciliation of Non-GAAP EPS Fiscal Year Fiscal Year Fiscal Year Fiscal Year $ per share 2006 2005 2004 2003 Net Income (Loss) per Share $1.25 $0.47 $0.50 $0.13 Cumulative Effect of Change in Accounting Principle $0.01 -- -- $0.02 Diluted Earnings (Loss) per Share Before Effect of $1.26 $0.47 $0.50 $0.15 Accounting Change Tax Charge on Repatriated Earnings $0.04 -- -- -- Seminis and Stoneville In-Process R&D -- $0.45 -- -- Solutia-Related Charge -- $0.32 -- -- Tax Benefit on Loss from European Wheat and -- $(0.19) -- -- Barley Business Restructuring Charges -- Net -- $0.01 $0.18 $0.05 Loss (Income) on Discontinued Operations $0.01 $(0.02) -- $0.03 Impairment of Goodwill -- -- $0.12 -- PCB Litigation Settlement Expense – Net -- -- -- $0.48 Diluted Earnings (Loss) per Share from Ongoing Business $1.31 $1.04 $0.80 $0.71 10