1. SANFORD BERNSTEIN
STRATEGIC DECISIONS CONFERENCE
HUGH GRANT
CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER
MAY 28, 2008

2. Forward-Looking Statements
Certain statements contained in this presentation are quot;forward-looking statements,quot; such as statements
concerning the company's anticipated financial results, current and future product performance,
regulatory approvals, business and financial plans and other non-historical facts. These statements are
based on current expectations and currently available information. However, since these statements are
based on factors that involve risks and uncertainties, the company's actual performance and results may
differ materially from those described or implied by such forward-looking statements. Factors that could
cause or contribute to such differences include, among others: continued competition in seeds, traits and
agricultural chemicals; the company's exposure to various contingencies, including those related to
intellectual property protection, regulatory compliance and the speed with which approvals are received,
and public acceptance of biotechnology products; the success of the company's research and
development activities; the outcomes of major lawsuits; developments related to foreign currencies and
economies; successful operation of recent acquisitions; fluctuations in commodity prices; compliance
with regulations affecting our manufacturing; the accuracy of the company's estimates related to
distribution inventory levels; the company's ability to fund its short-term financing needs and to obtain
payment for the products that it sells; the effect of weather conditions, natural disasters and accidents on
the agriculture business or the company's facilities; and other risks and factors detailed in the company's
most recent reports on Forms 10-Q and 10-K. Undue reliance should not be placed on these forward-
looking statements, which are current only as of the date of this presentation. The company disclaims any
current intention or obligation to update any forward-looking statements or any of the factors that may
affect actual results.
Trademarks
Trademarks owned by Monsanto Company and its wholly-owned subsidiaries are italicized in this
presentation. All other trademarks are the property of their respective owners.
© 2008 Monsanto Company

3. OVERVIEW
Market Forces Are Changing Supply-Demand Patterns
Globally, Creating a New Dynamic Across Agriculture
STATE OF AGRICULTURE:
STRETCHING SUPPLY The New Demand Environment
WORLD CORN AND SOYBEAN ENDING STOCKS1 FACTORS:
► INCREASING PROTEIN
METRIC TONS (IN MILLIONS)
DEMAND
140
Wealth drives meat
120 consumption – changing
feed demand
100
► ASCENSION OF CHINA
80
China’s growth is reaching
60
limits of domestic
40 production, driving huge
changes in export
20
environment
0
► ESTABLISHMENT OF
2003-04 2004-05 2005-06 2006-07 2007- 2008-
BIOFUELS
08E 09P
SOYBEAN ENDING STOCKS Assuming only base-case
adoption of biofuels, more
CORN ENDING STOCKS corn and soy needed in next
decade
U.S. corn ending stocks projected down 45%; lowest
level since 1995-96 and a mere 6% stocks-to-use ratio
3
1. USDA World Agricultural Supply and Demand Estimates for corn and Informa Economics for soybeans

4. OVERVIEW
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 69M 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
4
1. Source is USDA FAS and internal estimates.

5. OVERVIEW
Monsanto Is the Leading Technology Play in Ag, Creating
Value By Using Innovation to Boost Yield and Reduce Risk
MONSANTO’S TECHNOLOGY PROPOSITION:
CREATING VALUE THROUGH ‘YIELD’
2.00
BIOTECH
PROTECTING YIELD
U.S. Corn Yield Per Acre
U.S. Yield Per Acre (Indexed: 1980)
Making sure potential
1.75 yield translates to
realized yield
1.50
REDUCING RISK
1.25
By reducing
volatility caused
by insects and
environment,
1.00
biotech reduces
production risk
0.75
1980 1985 1990 1995 2000 2005
BREEDING VALUE
INCREASING YIELD
Average U.S. yields for
CREATING YIELD corn have increased >25% Food, Feed and
Boosting the inherent yield in last 20 years Fuel
possible from the seed
5
1. Source is USDA

6. OVERVIEW
Our Growth Drivers Roll Out In Balanced, Additive Progression
With Milestones Signaling Leadership Extension
2009 2012
2011
2008 2010
2008 2011 - 2012+
2010
R&D Pipeline YieldGard VT Corn drought I, insect-protected soybeans,
SmartStax approval
Pro approval Vistive III approval targeted
targeted
targeted
2009
2008
2,500 markers in
Vegetables Acquire De
tomato, pepper;
Ruiter Seeds *
1,500 in 11 crops
GROWTH DRIVERS
2011-2012
U.S. cotton portfolio converted to second-
Cotton generation stack
2012+
2009 2010
Stacked trait
Roundup Ready 2 Roundup Ready 2
Soybean soybean launches,
Yield soybean on 1- Yield soybean launch
including for Brazil
2M acres on 5-6M acres
2009
New corn traits
Intl. Corn launched in Brazil
and Argentina
2008 to 2012 Projected 1 to 2 branded corn share gains globally
2009 2012+
2010
U.S. Corn Continued triple- U.S. drought-tolerant
U.S. SmartStax
stack penetration corn launch
corn launch
PROJECTED MILESTONES
6
* Pending Transaction

7. U.S. CORN
DEKALB and ASI Gain Share as Investment in Breeding
Delivers Yield Advantage
U.S. CORN DEKALB AND ASI U.S. CORN SHARE EVOLUTION:
2001-2008F
STATUS
30%
• In June 2007, announced 3- DEKALB Brand Share – U.S.
year, $610M plan to expand
25 - 26%
ASI Share – U.S.
and build seed facilities in 25%
the U.S.
• In 2008, plan has been 23%
20%
accelerated to reflect
20%
growth in DEKALB and ASI
15%
combined with continued
16%
10 - 11%
growth expectations
14%
9%
13%
through 2012 10% 12%
• Outlook to 2012: 10% 5%
• DEKALB to grow share
4%
5%
through 2012 by up to 10
points cumulatively from
2007 share of 23 percent
0%
• Continued organic share
2001 2002 2003 2004 2005 2006 2007 2008F
growth in ASI
2008F
Projecting 2-3% share gains for DEKALB
and 1-2% share gains for ASI
7

8. U.S. CORN
Yield Gap for DEKALB Seed in U.S. Expected to Widen as
New Hybrids Emerge from Molecular Breeding
2007 FINAL U.S. COMPETITIVE CORN YIELD
FINAL:
COMPARISON: DEKALB
DEKALB
GEOGRAPHY: 210
U.S.
(APPROXIMATE DIFFERENCES)
COMPETITORS
205
OBJECTIVE: Grow footprint
205
2007 PERFORMANCE 200
BUSHELS/ACRE
• In > 14,000 comparisons, 195
197
195
Monsanto out-yields 190 193
191
competitive best by
190 189
185 188
8.4 bu/ac 186
180
• In 110-day RM,
179
Monsanto’s lead remains 175
a strong 12 bu/ac
170
advantage
165
Source: 2007 Monsanto
160
and third party trials
163
through November 15,
155
2007. Weighted
155
average, calculated to
150
15% moisture. DEKALB
products are compared
95 RM 100 RM 105 RM 110 RM 115 RM Overall
with national competitive RELATIVE MATURITIES (DAYS)►
products that contain
COMPARISONS:
similar crop protection
>480 >1,220 >1,820 >5,220 >5,270 >14,000
traits.
APPROXIMATE BU/AC
7.8 10.4 5.1 12.0 5.5 8.4
ADVANTAGE:
8

9. U.S. CORN
Triple Stack Penetration Accelerates, Creating Added Growth
and Setting Stage for SmartStax Launch
U.S. CORN TRAIT OPPORTUNITY: 2005-2010F
60
220
200
U.S. TRIPLE-STACK ACRES
50
180
U.S. TRAIT ACRES
(IN MILLIONS)
160
(IN MILLIONS)
40
140
120
30
100
80
20
60
40 10
20
0
0
2008F
2007
2005 2006 2007 2008 2010F
2010
ORIGINAL Q2 Opportunity
OUTLOOK UPDATE
Rootworm Control 45-55M
20.8M 26-28M 27-29M
Corn Borer Control 60-70M
42.4M 40-42M 40-42M
Glyphosate Tolerance 80M
57.9M 63-65M 65-67M
Triple Stack 17.6M 25-27M 26-28M 45-55M
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.
9

10. INTERNATIONAL CORN
With Recent Trait Approvals, Door Opens for Technology
Infusion in Latin America
2008 STATUS ARGENTINA BRAZIL
20
• Roundup Ready Corn
15-20M
2 with YieldGard
Corn Borer stack
YIELDGARD CORN
ROUNDUP READY CORN 2
15
received regulatory
BORER
WITH YIELDGARD CORN
approval in Argentina M ACRES
BORER STACK
end of August 2007
• YieldGard Corn 10
Borer received final
7M
approvals in Brazil in
early 2008
5
• Trait pricing to be on
1-2M
par with the U.S.
1-1.5M
0
FY09F
FY09F OPPORTUNITY OPPORTUNITY
HYBRID ACRES – FY08E 10M1 27M
MONSANTO SHARE
45% 40%
FY08E
AVG. RETAIL PRICE FOR
DEKALB HYBRID CORN $29/ACRE $34/ACRE
SEED – FY08
10
1. Source: KLEFFMANN Marketing Services

11. R & D PIPELINE - CORN
SmartStax Expected to Reset Trait Platform, Change
Competitive Standard and Increase Acreage Opportunity
U.S. ACREAGE OPPORTUNITY: SWITCH FROM TRIPLES TO SMARTSTAX IN 2010
65
50-65M
60
+10-15M Total
55 Opportunity
Expansion
(10-15M)
17-29M 45-55M Opportunity
50 • All acres
+7-8M
45 are in play
(IN MILLIONS)
37-53M with
40
SmartStax
ACRES
35 advantages
Monsanto
30 Baseline
• 4-10% yield
25 26-28M advantage
20 expected
with
15
improved
10 insect
5 control and
expected
0
refuge
Acres from Potential
2008F Remaining Total 2010 Total
Competitors Upside from
Monsanto Upside; Triple-Stack reduction
SmartStax
Not Using Refuge
Triple-Stack Shared with Opportunity Opportunity
SmartStax Reduction
Penetration Competitors
TRIPLE-STACK BASELINE SMARTSTAX OPPORTUNITY
11

12. R & D PIPELINE - CORN
Drought Focuses First On Consistent Water Shortage Acres,
Then Expands to Broad-Acre Applicability
DROUGHT-TOLERANT CORN CREATES SEGMENTED
VALUE OPPORTUNITY ACROSS MARKETS
R&D Pipeline
Drought-Tolerant Corn Family:
Drought I = Phase 3
STATUS:
Drought II = Phase 2
PROJECT CONCEPT:
Drought-tolerance family aimed at
providing consistent yield and
buffering against effects of water
limitations
VALUE:
LAUNCH-COUNTRY
55M
ACRES1:
2020 VALUE2: $300-$500M
SOURCES OF VALUE: 2008 STATUS
Low annual High annual
precipitation precipitation
Improved yield First generation targeted for
Targeting 8-10% yield dryland region
WESTERN DRYLAND
1 improvement in water-stress
10-12M Acres
environments Second generation demonstrates
performance over broad range of
Water substitution
stress conditions in both low-
IRRIGATED 8-12M Acres
2 Variable costs in pumped
and high-yielding environments
irrigation of >$100/ acre
130 drought-tolerant I corn trials
1. Acre opportunity reflects acres where technology fits at
STABILITY 60-70M Acres planned for summer 2008
Monsanto's current 2007 market share in respective crops
2. 2020 value reflects gross sales opportunity in launch country
in year 2020
12
Source: Spatial Climate Analysis Service, Oregon State University

13. CORN VALUE
Monsanto’s Pricing Model Aimed at Total Value Created;
Shared with Farmer
YieldGard VT Triple Improved Yield
PRICING TO VALUE EXAMPLE: 2008
Yield-advantage value at 3-5 year average
1
Improved Yield commodity price
IMPROVED YIELD
• Value shared with farmers
15-20
(BU/AC):
3-5 YEAR COMMODITY PRICE:
$2.35 Indirect Benefits
Quantified benefits, such as convenience and
$35-$47
peace of mind
Indirect Benefits2
• Value shared with farmers
INDIRECT BENEFITS:
$5
Replacement Value
Incremental Value Created
$40-$52
(+) Factors costs farmers would have incurred for
substitute insect and weed control
• 100% of replacement value is captured
PRICING APPROACH
PRICING APPROACH
Per-Acre Trait Cost3: $28-$36
Percentage of incremental value shared
Replacement Value4 ($17) ultimately determined by market research,
pricing simulations and focus groups to assess:
Incremental Farmer Cost: $11-$19
• Market Share Implications
Incremental Value Shared: 60-70% • Trait Penetration Effect
• Competitive Reaction
1. Monsanto estimates, based on better insect and weed control over conventional options
2. Monsanto estimates, based on farmer surveys quantifying benefits such as convenience and
peace of mind
3. Retail price range for YieldGard VT Triple in 2008, at normal seeding rates
4. Subtracts costs farmers would have spent had they not used a trait package
13

14. SOYBEANS
Roundup Ready 2 Yield Soybeans Have Potential to Deliver
Up to 10 Years of Breeding Gains Through One Trait
ROUNDUP READY 2 YIELD SOYBEANS:
SECOND-GENERATION WEED CONTROL OPPORTUNITY
U.S. SOYBEANS
Near-Isoline Comparisons:
Roundup Ready 2 Yield vs. Roundup Ready 2007 U.S. AVERAGE
41.6 bu
YIELD PER ACRE:
% Yield Increase over Roundup Ready
12%
AVERAGE ANNUAL
GAIN OVER 30 0.5 bu/ac
YEARS:
11%
10%
9% ROUNDUP READY 2 YIELD
TARGETED YIELD
9% 7-11%
8% IMPROVEMENT:
7% 7%
6%
4%
YIELD
2%
Roundup Ready 2 Yield has
potential to deliver up to 10 years
0% of breeding gains with a single
4 YEAR
trait – making it the first-ever true
2004 2005 2006 2007 AVERAGE
yield trait for soybeans
Roundup Ready 2 Yield soybeans yield 7 to 11 percent
higher than Roundup Ready soybeans based on 73
Monsanto field trials from 2004-2007
14

15. SOYBEANS
Soybean Value Upgraded as Stacks of Roundup Ready 2
Yield, Modified Oil Traits and Insect Protection Emerge
MULTIPLE STACKS IN SOYBEANS BY 2012
CROP: Soybeans
MODIFIED OIL
Growth via
OBJECTIVE: COMPETITIVE U.S. SOYBEAN VALUE
TRAITS
new traits MARKET
PLATFORM
2008 STATUS • Roundup Ready • $17-19/acre
• Roundup Ready 2 Yield in for Roundup
ROUNDUP market for 2+ tolerance
soybeans at 95%
READY 2 YIELD years plus 7-11%
penetration in U.S., yield
• Vistive III and
55% in Brazil • Oil premium
other modified
• Roundup Ready 2 Yield U.S. SOYBEANS: oil traits being
launched
approved in U.S., 60-70M ACRES
Canada and Japan; key
ROUNDUP READY 2
export approvals
YIELD AND INSECT BRAZIL SOYBEAN VALUE
pending from China,
MARKET
PROTECTED
Mexico and Europe
• Insect-protected •$2.50-$3.00+
2012 OUTLOOK
Roundup Ready per acre for
• Five trait stacks in 2 Yield being Roundup
ROUNDUP READY prepared for tolerance plus
soybeans feasible, with
launch 7-11% yield
Roundup Ready 2 Yield
•Insecticide
as base trait for all
replacement
BRAZIL SOYBEANS:
50-60M ACRES
15

16. USES OF CASH
Leadership and Innovation Underscored by Strong Cash
Generation for Investment in Next Wave of Growth
USES OF CASH FY08F ESTIMATED USES OF CASH
CUMULATIVE: 2005-2007 ESTIMATED $2.5B CASH GENERATED BY
OPERATIONS
American Seeds,
Inc. (2004-2007)
FY2007
Seminis (2005)
Dividend
FY2008
$3,000
increased Delta & Pine Land $313M of
$2,450
40% to 70 (2007) $2,500 dividends &
cents/share
share
$545 Agroeste (2007)
$2,000 repurchases
($200)
through Q2
$1,500
$639
$1,000 ($950)
$3,161
$266
$500
($830)
$0
($500)
$1,160
($1,000) FY2008
Estimated $2.5B
($1,500) FY2008
of Operating
FY2008
Cash Flows CAPEX:
generated
Acquisitions Year two of ACQUISITIONS:
$610M corn Entered
FY2007 seed
Capital Spending agreement to
Capital spending expansion purchase De
focused on corn project; year
Technology Investments Ruiter Seeds
seed production one of for €546M -
expansion $196M
Dividends ~$830M if
glyphosate closes in FY08
Share Repurchases expansion
FY2008
Technology
Operating Cash Flows Investments
16

17. VEGETABLES
De Ruiter Seeds Accelerates Monsanto Vegetable Seed
Capability and Reach, Bolstering Five-Year Growth Prospects
FY07 Annual net Sales = $145M
FY07 Annual Net Sales = $612M
Portfolio Composition: Percent of Sales1
Portfolio Composition: Percent of Sales1
10%
12%
Open-Field
Protected-Culture
88% 90%
Pairing Seminis with De Ruiter Seeds
brings together the leading positions in
open-field and protected-culture
segments
Both segments benefit from the coordinated
molecular breeding infrastructure
1. Size of pies not to scale with revenue generated by Seminis or De Ruiter Seeds; De Ruiter seeds is a pending transaction
17

18. SUMMARY
Monsanto’s Strategy to Extend Competitive Lead Through
Innovation, Driving 2012 Growth
2012 GROWTH RANGE
GROSS PROFIT OUTLOOK BY SEGMENT
Gross profit targeted to more
2007-2012F
than double from 2007 through
>2X
2012 including recent lift in
Roundup to $1.8B gross profit
$10,000
2007 BASELINE STRATEGIC PLAYBOOK
$8,000 All growth is organic, from base
IN MILLIONS
business and pipeline
U.S. Corn
$6,000
International Corn
Soybeans
$4,000 Cotton
Vegetables
R&D Pipeline
$2,000
Acquisitions to be pursued, but
are not included in this growth
$0 projection
Earnings continue to translate
2007 2008F 2012F
into operating cash, and value
created for shareowners
All Other Agricultural Productivity
through combination of
Roundup And Other Glyphosate-based
acquisitions, technology
Herbicides
investments, share repurchases
Seeds & Genomics
and dividends
18