1. TERRY CREWS
CHIEF FINANCIAL OFFICER
BANK OF AMERICA
38th Annual Investment Conference
Sept. 16, 2008
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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
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3. OVERVIEW
Monsanto’s Growth Opportunity Lies at the Intersection of
Demand, Innovation and Execution
Monsanto’s Simple Philosophy on Opportunity:
 More demand requires more YIELD
 More yield requires more INNOVATION
 More innovation delivers more GROWTH
3

4. OVERVIEW
Wrap-Up to Exceptional 2008 Demonstrates Strength in Core
Business and Outlook on Continued Growth Through 2012
2012 GROSS PROFIT TARGET
RELATIVE TO 2007 BASELINE
GROSS PROFIT OUTLOOK BY SEGMENT >2x
Total Gross Profit
2007-2012F BUSINESS DETAIL
Roundup and Other
All Other Agricultural Productivity
$10,000
Glyphosate-Based ~$1.8B
Roundup and Other Glyphosate-based Herbicides
Herbicides
Seeds & Genomics
$8,000
All Other Ag Productivity Roughly flat
at $350M
$6,000
>2x
Seeds & Genomics
$4,000 2.5x
Corn Seeds & Traits
GROWTH
COMES FROM
~2x
Soybean Seeds &
SEEDS &
$2,000
TRAITS Traits
~2x
Cotton Seeds & Traits
$0
2007 2008F 2012F >2x
2007 2008F 2012F
Vegetable Seeds
2008 Seeds & Genomics to be ~$3.8B,
up from prior $3.7B guidance
4

5. OVERVIEW
Gross Profit Growth Comes From Two-Step Strategy:
Establish Seed Footprint, Then Layer on Biotech Traits
BREEDING
BIOTECH
TRAIT 3
R&D TRAIT 2
SEED ENGINE TRAIT 1
SEED
 Establish Seed Footprint  Add Biotech Traits
• Seed provides a core gross-profit • Higher margins than seed with
contribution minimal incremental cost of goods
 STRATEGIC VALUE 
• Seed footprint speeds penetration • Opportunity to stack multiple traits
rate of biotech traits per acre
• Access to global germplasm • Proven, commercial-driven R&D
pools combined with most program backed by industry’s
 DIFFERENTIATORS 
advanced breeding technology largest seed-and-trait R&D spend
creates seed that outperforms
• Collaborator of choice
competitors
• New trait introductions
 MEASURES OF SUCCESS 
• Seed share growth • Trait upgrade and trait platform
opportunity
Corn: U.S., Argentina, Brazil,
Europe, Central America Corn: U.S., Argentina, Brazil
Soybeans: U.S.  KEY CROPS & GEOGRAPHIES  Soybeans: U.S., Brazil
Cotton: U.S., India Cotton: U.S., India, Australia
Vegetables: Global
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6. CORN SEEDS & TRAITS
Corn Gross Profit to Expand 25-30% in 2009, Reflecting
Continuing Momentum in Seed Share and Trait Penetration
CORN SEEDS AND TRAITS:
KEY FINANCIAL METRICS AND DRIVERS – 2005-2008F
CORN
FINANCIAL OUTLOOK
$3,500 64%
Gross Profit as Percent of Sales
 For 2009, Corn Seeds &
>$3.5B
$3,000 62%
Traits gross profit is forecast
to be up 25-30%
$2,500 60%
 Absolute gross profit is
$1,000s
increased by growing seed
$2,000 58%
>$2.1B
share, increasing trait
$1,721
$1,500 56%
penetration and increasing
prices
$1,000 54%
$1,019
 Margin increases by
$825
$500 52% increasing mix toward traits
2009 DRIVERS
$0 50%
2005 2006 2007 2008F  Increasing triple-stack
penetration in U.S. combined
Net Sales Gross Profit Gross Profit as Percent of Sales
with stronger trait pricing
 Launch of new traits in
Argentina and Brazil
6

7. CORN SEEDS & TRAITS
U.S. DEKALB Share Consistently Ahead of Expectations;
Growth Trend Continues in 2009
DEKALB U.S. CORN SHARE EVOLUTION: CORN
2001-2009F FINANCIAL OUTLOOK
 Three years of growth since
28%
2005 have outpaced average
GROW
26%
target each year
2%+
>25%
24%  2009: Trend continues with
early commitment for
23%
22%
accelerated growth in
20% DEKALB and ASI
2009 DRIVERS
19% TARGET
18%
2+
U.S. DEKALB Share
16%  2005 PROJECTED
16%
+1
AVERAGE GROWTH U.S. ASI Share
14% TREND
14% TRAIT TARGETS
13%
12%
U.S. Triple-Stack
10% 12% 34-35M
Penetration
10%
2001 2002 2003 2004 2005 2006 2007 2008F 2009F
1.4 1.5 1.7 1.9 2.2 >2.4 ~2.5
DEKALB Trait Penetration Trend: 2003-2009F
Average Number of Traits Per Acre in DEKALB Seed1
1. Trait intensity reflects the average number of traits per acre with at least one trait
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8. CORN SEEDS & TRAITS
Larger Seed Footprints in South America Enable Larger
Launches and Faster Ramp Up Than Competition
LATIN AMERICAN CORN LATIN AMERICA NORTH
OUTLOOK: CURRENT 5-YEAR OUTLOOK
#1 position in all key
SEED & TRAIT TRENDS THROUGH 2012

 SEED SHARE:
countries
7-8M
MEXICO 
HYBRID ACRES:
In approval stage 
BIOTECH STATUS:
HONDURAS
GUATEMALA
• Integration of Cristiani; Expand seed footprint for
FY2009 PRIORITIES:
EL SALVADOR
pending trait introductions
COLOMBIA
BRAZIL
CURRENT 5-YEAR OUTLOOK
40% (#1 position) 
 SEED SHARE:
BRAZIL
PERU
27M 
HYBRID ACRES:
1st commercial trait in
BIOTECH

FY2009
STATUS:
• Targeted share gain: 1-2 points
FY2009
PRIORITIES: • 1-2M acre launch of YieldGard Corn Borer
ARGENTINA
ARGENTINA
CURRENT 5-YEAR OUTLOOK
45% (#1 position) 
 SEED SHARE:
10M 
HYBRID ACRES:
Commercial planting 
BIOTECH STATUS:
• Targeted share gain: 1-2 points
FY2009 PRIORITIES: • 1-2M acre launch of YieldGard Corn Borer with
Roundup Ready Corn 2 stack
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9. SOYBEAN SEEDS & TRAITS
Soybean Seeds and Traits Poised for Renaissance Driven By
Roundup Ready 2 Yield Opportunity
SOYBEAN SEEDS AND TRAITS:
KEY FINANCIAL METRICS AND DRIVERS – 2005-2008F
SOYBEANS
FINANCIAL OUTLOOK
$1,200 70%
Gross Profit as Percent of Sales
>$1.1B
 For 2009, Soybean Seeds &
60%
Traits gross profit is forecast
$1,000
to be up ~5%
50%
$800
 Performance more subject to
$1,000s
40% planted acres because of
>$700M
$667
$600
significant trait penetration
$613
$588
30%
 In 2009, lower acres and
$400
higher production cost for
20%
seed still prominent
$200 10%
 Beyond 2009, Roundup Ready
2 Yield creates new margin
$0 0%
opportunity as acres expand
2005 2006 2007 2008F
2009 DRIVERS
Net Sales Gross Profit Gross Profit as Percent of Sales
 Focus on 1-2M acre controlled
commercial release of
Roundup Ready 2 Yield
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10. SOYBEAN SEEDS & TRAITS
Roundup Ready 2 Yield Soybeans Is One Of the Most-
Anticipated Launches Because of Step-Change In Yield
ROUNDUP READY 2 YIELD SOYBEANS:
SECOND-GENERATION WEED CONTROL OPPORTUNITY
U.S. SOYBEANS
Near-Isoline Comparisons:
Roundup Ready 2 Yield vs. Roundup Ready 2007 U.S. AVERAGE
41.6 bu
YIELD PER ACRE:
% Yield Increase over Roundup Ready
12%
ROUNDUP READY 2 YIELD
TARGETED YIELD
7-11%
11%
10% IMPROVEMENT:
9%
9%
8%
VALUE PROPOSITION
7% 7%
6% YIELD
3-5 bu/ac
IMPROVEMENT ON
AVERAGE YIELDS:
4% INCREMENTAL
YIELD VALUE TO
$35-$65/acre
FARMER (VERSUS
ROUNDUP READY):
2%
PRICING
SEAMLESS PRICE
0%
$69-$72
FOR ROUNDUP
4 YEAR READY 2 YIELD
2004 2005 2006 2007 SEED (PER ACRE)1:
AVERAGE
SEAMLESS PRICE
FOR FIRST-
 Roundup Ready 2 Yield soybeans yield 7 to 11 percent GENERATION
$49-$52
higher than Roundup Ready soybeans based on 73 ROUNDUP READY
SEED (PER ACRE)1:
Monsanto field trials from 2004-2007
1. Reflects seamless pricing to farmer, including trait value, germplasm value and value provided by seed treatment
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11. COTTON SEEDS & TRAITS
Continued Application of New Technology Critical to
Increasingly Global Opportunity in Cotton
GLOBAL COTTON SEED AND TRAITS GROSS PROFIT COTTON
INDEX=2007
FINANCIAL OUTLOOK
2012F
2007  With Delta & Pine Land
acquisition, lower-margin
seed is greater portion of
product mix – softening
margins
 Corn and soybeans have
displaced cotton in Deltapine
brand’s core U.S. geographies
~2X 2009 DRIVERS
 Re-establish U.S. share
OVER 2007 INDEX
growth, promote second-gen
U.S Cotton Seeds & Traits
Gross Profit penetration in U.S. and India
International Cotton Seeds
& Traits Gross Profit
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12. VEGETABLE SEEDS
Vegetable Core Platforms Are Established, Focusing on
Execution and Growth To Become $1B Business by 2012
$1,200
VEGETABLES
>$1B
$1,000
FINANCIAL OUTLOOK
>$1B
$1,000s
$800
 By 2012, Vegetable business
$600 >$650M >$650M
roughly equates to today’s
soybean business – currently
$400
Monsanto’s second-largest
$200
seed-and-trait segment
 Sales growth continues in
$0
NET GROSS NET GROSS
mid-single digits; Margin
SALES PROFIT SALES PROFIT
grows through pricing, new
Vegetable Platform: Soybean Platform:
products and increase of
2012F 2008F protected-culture business
RANK ORDER GROSS PROFIT
When acquired in 2005,
GENERATORS: 2012F 2009 DRIVERS
Seminis’ annual gross-
 Corn Seeds & Traits
 Focus on operation and
profit contribution was
execution of 3-channel
 Soybean Seeds & Traits among lowest in Seeds &
approach: Seminis open-field,
Genomics;
 Vegetable Seeds DeRuiter protected-culture,
By 2012, Vegetable Seeds and ISG regional brands
 Cotton Seeds & Traits will be third-largest seed-
and-trait platform
 All Other Seeds & Traits
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13. R&D PLATFORM
R&D Engine Is Poised to Launch Average of One Game-
Changing Technology Every Other Year Through Mid-Decade
R&D PIPELINE: ADVANCED GAME-CHANGING TECHNOLOGIES
2008 2009 2010 2011 2012 TO MID-DECADE 
   
Roundup Drought- Nitrogen-
SmartStax
Ready 2 Yield Tolerant Corn Utilization
Soybeans Family1 Corn Family1
• Second-gen soybean • All-in-one corn trait • Value likely in improved • Targets ways to use
trait platform platform yield under stress and nitrogen more efficiently
potential for water
• Just received China • On track for 2010 launch
replacement
import approval – on – Submitted for
track for 2009 release regulatory review and
refuge reduction
SUPERIOR, NE - FIELD TRIALS – 2007 FARM PROGRESS SHOW – 2007
WITH GENE
CONTROL HYBRID
FARM PROGRESS SHOW – 2007 (94 BU/AC)
(76 BU/AC)
1. Part of the Monsanto-BASF Yield and Stress R&D Collaboration
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14. FINANCIAL PERFORMANCE
On Track in 2008, Growth Drivers Continue to Set Stage for
Growth Through 2012
GROSS PROFIT OUTLOOK BY SEGMENT
2007-2012F
$10,000 TOTAL GROSS
All Other Agricultural Productivity
PROFIT GROWS
Roundup and Other Glyphosate-based Herbicides TO >2X
$8,000 2007 BASELINE
Seeds & Genomics
$6,000
$4,000
2008 SEEDS & GENOMICS
$2,000 EXPECTED TO GENERATE
$3.8B
$0
2007 2008F 2009F 2010F 2011F 2012F
 U.S. Corn  Int’l Corn  Cotton  Vegetables  R&D Pipeline
 Soybeans
• Expand seed • Establish and • Prepare for • Accelerate U.S. • Reinvigorate • Largest-ever
footprint expand seed commercial traits and margins R&D field
footprint launch of breeding effort
• Drive trait • DeRuiter
Roundup
penetration • Drive trait • Drive int’l traits integration
Ready 2 Yield
penetration
SmartStax Accelerated trait Roundup Ready Globalized $1B Vegetable Game-Changing
Platform platform 2 Yield Platform Cotton Platform Platform Launches

15. FINANCIAL PERFORMANCE
Strong Cash Position Allows Monsanto To Return Value To
Shareowners and Extend Its Competitive Lead
USES OF CASH
PERCENT OF CASH USED BY CATEGORY: 2008F
Cash Generation
13% Strong business performance and
cash generation allows Monsanto to
40% invest to extend its competitive lead
15% CASH PRIORITIES
 Bolster direct returns to
shareowners
 Support commercial growth
through capital spending
 Invest in future growth through
R&D
32%
 Expand the core through
strategic acquisitions
Acquisitions and
Technology Collaborations
Capital Spending
Dividends
Share Repurchase
15

16. SUMMARY
Monsanto’s Growth Opportunity Lies at the Intersection of
Demand, Innovation and Execution
Monsanto’s Simple Philosophy on Opportunity:
 More demand requires more YIELD
 More yield requires more INNOVATION
 More innovation delivers more GROWTH
16