1. FIRST-QUARTER 2008
FINANCIAL RESULTS
Jan. 3, 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
2

3. Non-GAAP Financial Information
This presentation may use the non-GAAP financial measures of “free cash flow,” earnings per share (EPS) on an
ongoing basis and Return on Capital (ROC). 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 ongoing 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, not replace net income (loss), cash flows, financial position, or comprehensive income (loss), as
determined in accordance with GAAP. 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.
Monsanto is unable to provide a reconciliation of the 2008 ROC goal to projected net income and financial position
for 2008 without unreasonable effort. As shown in the ROC reconciliation for the previous year, the calculation of
ROC is complex, and Monsanto does not have sufficient information at this point in the fiscal year to reasonably
estimate its operating profit after-tax and average capital for 2008 due to market and other conditions that are
outside of Monsanto’s control.
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
First-Quarter Financial Summary
First First
Change
Quarter Quarter
2008 2007
$2,099M $1,539M 36%
NET SALES
$1,055M $682M 55%
GROSS PROFIT
$256M $90M 184%
NET INCOME
DILUTED EPS ON
$0.46 $0.16 188%
AS-REPORTED
BASIS
FREE CASH
$740M $533M 39%
FLOW
4

5. STRATEGIC REVIEW
Early-Season Orders Signal Strong Start to Achieve 2010
Trait Opportunity
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/
5

6. GUIDANCE UPDATE
2008 Again Projects Double-Digit Earnings Growth,
Strong Cash Generation and Improved Margins
2007 2008F
EARNINGS
$2.00 $2.50-$2.60
ONGOING EARNINGS PER SHARE 54% GROWTH 25-30% GROWTH
FROM 2006 FROM 2007
Further progress on
Gross Profit as a Percent of Sales 50% trajectory toward 52-54%
2010 target
Seeds & Traits Gross Profit $3.0B ~$3.5B
Roundup And All Other Glyphosate-based
$854M Greater than $1B
Herbicides Gross Profit
All Other Ag Productivity Gross Profit $418M ~$350M
CASH MANAGEMENT AND SPENDING
FREE CASH FLOW $(57)M $900M-$1B
Return on Capital 14.8% Consistent with 2007 levels
Capital Expenditures $509M Greater than $800M
SG&A as a Percent of Sales 22% 20-21% Range
R&D as a Percent of Sales 9% 10% Range
Receivables as a Percent of Sales 18% Consistent with 2007 levels
Inventories as a Percent of Sales 20% Consistent with 2007 levels
6

7. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow
Fiscal Year Three Months Three Months
2008 Fiscal Year Ended Ended
$ Millions Target Nov. 30, 2007
2007 Nov. 30, 2006
Net Cash Provided (Required) by Operations $1,950 - $2,050 $1,854 $996 $600
Net Cash Provided (Required) by Investing Activities (1,050) (1,911) (256) (67)
$533
Free Cash Flow $900 - $1,000 $(57) $740
(156)
Net Cash Provided (Required) by Financing Activities N/A (583) (47)
Effect of Exchange Rate Changes on Cash and Cash Equivalents N/A 46 58 5
$382
Net Increase (Decrease) in Cash and Cash Equivalents N/A $(594) $751
Reconciliation of Non-GAAP EPS Three Months
Ended
$ per share Nov. 30, 2007 Fiscal Year 2007
Diluted Earnings per Share $0.46 $1.79
Loss (Income) on Discontinued Operations -- $(0.13)
In-Process R&D Write-Off Related to the Delta & Pine Land (D&PL) -- $0.34
Acquisition
Tax Charge on Repatriated Earnings -- --
Cumulative Effect of Change in Accounting Principle -- --
Diluted Earnings (Loss) per Share from Ongoing Business $0.46 $2.00
7

8. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Return on Capital
$ Millions
12 Months
Total Monsanto Company and Subsidiaries: Ended
Aug. 31, 2007
Operating Profit After-tax (excluding certain items) $1,116
Average Capital $7,533
Return on Capital 14.8%
Operating Profit After-tax (excluding certain items):
Net Income $993
Adjustment for certain items, after-tax:
2007 In-Process R & D Related to the D&PL $186
Acquisition
Loss (Income) on Discontinued Operations ($71)
Interest Expense – Net of Taxes $8
Operating Profit After-tax (excluding certain items) $1,116
As of Aug. 31,
2007
Average Capital:
Short-Term and Long-Term Debt $1,420
Shareowners’ Equity $7,505
Cash and Cash Equivalents $(866)
Cash for Operations $150
Total Capital $8,209
Prior Period Capital $6,857
Average Capital $7,533
8

9. ANNUAL R&D PIPELINE REVIEW
ROBB FRALEY, PH.D.
CHIEF TECHNOLOGY OFFICER
FIRST-QUARTER 2008
Jan. 3, 2008
9

10. OVERVIEW
Monsanto’s Biotech Pipeline Is Accelerating, With Progress
in More Projects and on Highest-Value Platforms
MILESTONES:
Biotech pipeline progress is
accelerating
10 projects either advanced from one
phase to another or were added to the
pipeline – among the most in any annual
Q1 Q4 update
First time ever transitioned 4 projects from
Q2 Q3 Phase 2 to Phase 3
Accelerated progress is on the most
meaningful platforms and products
Advanced phases on 2 of 3 HIT projects
First simultaneous, multi-generational
advancement as 2 generations of corn
ANNUAL R&D CYCLE: SEEDS & TRAITS drought family advance
WHAT CHANGED 2007-2008? Vistive III supplants Vistive II – the first
ever trait to “leapfrog” another in
• 5 projects advanced phases
development
• 5 products added
• Vistive II removed in favor of Vistive III
SmartStax enters the pipeline as the
• “Water-use efficiency” soybeans reclassified as
platform for corn, complementing
“2nd-Gen Higher-Yielding soybeans”
Roundup RReady2Yield as the soybean
• Two former Renessen projects rolled into the Monsanto
platform
pipeline
10

11. OVERVIEW
Phase Advancements For Key Projects Reflect Progress and
Strength Throughout Monsanto’s Industry-Leading Pipeline
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 RREADY2YIELD 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
RREADY2YIELD 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
RREADY2YIELD 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 RReady2Yield 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
11

12. OVERVIEW
Phase Advancements For Key Projects Reflect Progress and
Strength Throughout Monsanto’s Industry-Leading Pipeline
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 RREADY2YIELD 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
RREADY2YIELD 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
RREADY2YIELD 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 RReady2Yield 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
12

13. R&D PIPELINE UPDATE
Roundup RReady2Yield Soybean Approaching Commercialization;
Will Serve As Platform for Soybean Trait Pipeline
FOUR YEARS OF DATA CONTINUE TO
NEW:
R&D Pipeline
VALIDATE 7-11% YIELD ADVANTAGE
Roundup RReady2Yield Soybeans
Near-Isoline Comparisons:
HIT Project Phase 4 Roundup RReady2Yield vs. Roundup Ready
% Yield Increase over Roundup Ready
12%
PROJECT CONCEPT:
Roundup RReady2Yield provides
11%
10%
enhanced yield, with a target of 7-
9%
11% yield increase compared with
Roundup Ready soybeans 9%
8%
VALUE:
7% 7%
LAUNCH-COUNTRY 6%
45M
ACRES1:
$300-$500M
2020 VALUE2:
4%
SOURCES OF VALUE:
2%
Improved yield
1 Targeting 7-11% yield increase
0%
4 YEAR
1. Acre opportunity reflects acres where technology fits at
2004 2005 2006 2007
Monsanto's current 2007 market share in respective
AVERAGE
crops
2. 2020 value reflects gross sales opportunity in launch
Roundup RReady2Yield soybeans yield 7 to 11 percent higher
country in year 2020
than Roundup Ready soybeans based on 73 Monsanto field
trials from 2004-2007
13

14. R&D PIPELINE UPDATE
Insect-Protected Soybeans Are First-Ever Monsanto Trait
Developed Exclusively for Non-U.S. Opportunity
FIELD PERFORMANCE OF BT SOYBEANS
NEW:
R&D Pipeline
Insect-Protected Soybeans with 2007 Insect Efficacy Trials - 4 Locations
Roundup RReady2Yield 50
(season cumulative) ± standard error
ADVANCED: 45
STATUS:
Phase 3
Mean Larvae Per Meter Row
40
PROJECT CONCEPT:
35
Insect-protected soybeans use Bt 30
technology widely adopted in corn 25
and cotton to control insect pests,
20
especially economically important
15
pests for Brazilian farmers. The Bt
trait is combined with Roundup 10
RReady2Yield
5
VALUE: 0
UNSPRAYED SPRAYED UNSPRAYED SPRAYED
LAUNCH-COUNTRY: Brazil
Bt Non-Bt
LAUNCH-COUNTRY non-Bt
50M
ACRE OPPORTUNITY1:
Maturity Group V
2020 COMMERCIAL
$150-$300M
VALUE2: Tifton, GA Loxley, AL St. Gabriel, LA Alexandria, LA
SOURCES OF VALUE: Insect-protected soybeans with Roundup RReady2Yield
technology provides effective protection against key
Insecticide substitution
lepidopteran pests, better than chemical insecticides
1 Based on 2 current sprays
costing almost $6/acre total
• Also exhibits the glyphosate tolerance of Roundup
Improved yield RReady2Yield soybean varieties
Early indications of 4+%
2 1. Acre opportunity reflects acres where trait could have technological fit. Opportunity does not reflect acres that may be
increase over chemical planted to a competitive trait or acres required for insect-resistance management (IRM) set-aside refuges
insecticides 2. 2020 value reflects gross sales opportunity in launch country in year 2020
14

15. R&D PIPELINE UPDATE
Insect-Protected Soybeans Are First-Ever Monsanto Trait
Developed Exclusively for Non-U.S. Opportunity
2007 FIELD TESTING SHOWS VISUAL
R&D Pipeline NEW:
PROOF OF CONTROL
Insect-Protected Soybeans with
TIPTON, GA – FIELD EFFICACY TRIAL – 2007
Roundup RReady2Yield
ADVANCED:
STATUS:
Phase 3
PROJECT CONCEPT:
Insect-protected soybeans use Bt
technology widely adopted in corn
and cotton to control insect pests,
especially economically important
pests for Brazilian farmers. The Bt
trait is combined with Roundup
RReady2Yield
VALUE:
LAUNCH-COUNTRY: Brazil
LAUNCH-COUNTRY
50M
ACRE OPPORTUNITY1:
CONTROL WITH GENE
2020 COMMERCIAL
$150-$300M
VALUE2:
(NO INSECTICIDE) (NO INSECTICIDE)
SOURCES OF VALUE:
Insecticide substitution Insect-protected soybeans with RoundupRReady2Yield
1 Based on 2 current sprays technology demonstrated significant protection from key
costing almost $6/acre total
lepidopteran pests, including soybean looper, in 2007 tests
Improved yield
2 4+% increase over chemical 1. Acre opportunity reflects acres where trait could have technological fit. Opportunity does not reflect acres that may be
planted to a competitive trait or acres required for insect-resistance management (IRM) set-aside refuges
insecticides
2. 2020 value reflects gross sales opportunity in launch country in year 2020
15

16. R&D PIPELINE UPDATE
Dicamba-Tolerant Soybeans Advance to Phase 3 With
Excellent Tolerance and Yield Data From 2007 Field Trials
FIELD PERFORMANCE DEMONSTRATES
NEW:
R&D Pipeline
EXCELLENT DICAMBA TOLERANCE
Dicamba-Tolerant Soybeans
2007 Efficacy Yield
ADVANCED:
80
STATUS:
Phase 3
PROJECT CONCEPT:
60
Provide new, unique mode of
Yield (bu/ac)
action, designed to provide
Untreated
soybean growers with most
40
effective weed management system
1x1 lb/ac, 2x
available when stacked with
2x2 lb/ac, 4x
Roundup RReady2Yield
1x1x1 lb/ac, 3x
20
VALUE:
LAUNCH-COUNTRY
45M
ACRE OPPORTUNITY1:
0
2020 COMMERCIAL
<$150M
VALUE2: EVENT 1 EVENT 2 EVENT 3
SOURCES OF VALUE:
Increased Flexibility
Agronomic trials in 28 locations showed comparable yields
1 Improved weed control options
between dicamba treated plots and untreated controls, even at
with two modes of action
application 3X approved rates – indicating commercial
1. Acre opportunity reflects acres where technology
tolerance and yield performance
fits at Monsanto's current 2007 market share in
respective crops
2. 2020 value reflects gross sales opportunity in
launch country in year 2020
16

17. R&D PIPELINE UPDATE
Vistive III Advanced to Phase 3 After Meeting Compositional
and Yield Targets
VISTIVE III COMPOSITION TARGETS
NEW:
R&D Pipeline
Vistive III Soybeans 77% Mid Oleic – Low Sat Trait
84%
Alone
77%
ADVANCED:
Fatty Acid (%)
Vistive III Low Lin – Mid
STATUS:
Phase 3 70% Oleic – Low Sat
63% Vistive Low Lin Alone
PROJECT CONCEPT:
56%
Vistive III trait is designed, by 49%
combining breeding and 42%
biotechnology, to lower linolenic 35%
14%
and saturate content while boosting
28%
6%
oleic content to produce an oil with
3%
21%
the same preferable mono-
14%
unsaturated fat content as olive oil
7%
and the low saturated fat content
found in canola oil 18:0 + 16:0 18:1 18:2 18:3
CATEGORY►
VALUE: SATURATES OLEIC LINOLEIC LINOLENIC
COMMODITY
15% 20% 56% 8%
LAUNCH-COUNTRY SOYBEANS
15 - 20M
ACRES1:
VISTIVE III
<7% 55-80% 12-25% ≤ 3%
TARGETS
<$150M
2020 VALUE2:
SOURCES OF VALUE:
When breeding (green bar) and biotech (yellow bar) are
combined, Vistive III (red bar) meets all product concept
Oil replacement value
compositional targets
For frying applications and oil
1 blends for baking, roughly 15 -
• Additionally, 3 years of biotech trait field data in the U.S. and
20M acres planted for oil used
Argentina indicate that yield is not statistically different from
for food
control
1. Acre opportunity reflects acres where technology fits at Monsanto's current 2007 market share in respective crops
2. 2020 value reflects gross sales opportunity in launch country in year 2020
17

18. R&D PIPELINE UPDATE
Higher-Yielding Soybeans Continue to Demonstrate Improved
Yield Over Conventional Controls
2007 HIGHER-YIELDING SOYBEAN
NEW:
R&D Pipeline AGRONOMIC TESTING VERSUS CONTROLS
Higher-Yielding Soybeans Family:
Percent yield difference vs. control
Lead Project 6.0
(Bu/ac Increase Over Control)
7.1%
Phase 2 6.2% 6.2%
6.2% 6.1%
LEAD STATUS:
Average Yield Advantage
5.0
PROJECT CONCEPT: PRODUCT
CONCEPT
4.0
Higher-yielding soybeans aimed at TARGET
RANGE
boosting intrinsic yield potential of
3.0
soybeans through insertion of key
genes
2.0
VALUE:
LAUNCH-COUNTRY 1.0
45M
ACRES1:
0.0
$300-$500M
2020 VALUE2:
EVENT 1 EVENT 2 EVENT 3 EVENT 4 EVENT 5
SOURCES OF VALUE:
18 Locations
Improved yield
More than 60 events were tested at 18 locations, with lead
1 Targeting additive yield to U.S.
events showing strong yield advantages over conventional
average of 42 bu/ac
controls
• Higher-yielding trait will be stacked on top of Roundup
RReady2Yield and other soybean-pipeline traits with an
1. Acre opportunity reflects acres where technology
additive yield boost
fits at Monsanto's current 2007 market share in
respective crops
2. 2020 value reflects gross sales opportunity in
launch country in year 2020
18

19. R&D PIPELINE UPDATE
Lead Drought-Tolerant Corn Project Advances to Phase 3
With Fourth Year of Strong Field Results
FOURTH SEASON OF YIELD
R&D Pipeline NEW:
IMPROVEMENT UNDER DROUGHT STRESS
Drought-Tolerant Corn Family:
Average Yield Improvement of Lead Event
Lead Project
ADVANCED:
HIT Project 16
Phase 3 Percentage yield difference vs. control
13.4% 6.7% 10.6% 11.3%
14
PROJECT CONCEPT:
Yield Difference (bu/acre)
12
Drought-tolerance family aimed at
providing consistent yield and
10
buffering against effects of water PRODUCT
limitations CONCEPT
8 TARGET
VALUE: RANGE
6
LAUNCH-COUNTRY
55M
ACRES1:
4
$300-$500M
2020 VALUE2:
2
SOURCES OF VALUE:
0
Improved yield a b b b
2004 2005 2006 2007
Targeting 8-10% yield 8 TOTAL 15 TOTAL 9 TOTAL 11 TOTAL
1 improvement in water-stress LOCATIONS LOCATIONS LOCATIONS LOCATIONS
environments
a: data from two hybrids
1. Acre opportunity reflects acres where technology fits at b: data from three hybrids
Monsanto's current 2007 market share in respective crops
2. 2020 value reflects gross sales opportunity in launch country
Drought-tolerant corn lead consistently delivering yield
in year 2020
improvements under drought conditions in U.S. for
fourth year in a row
19

20. R&D PIPELINE UPDATE
In Dryland-Specific Testing, Lead Drought Gene Showed
Significant Yield Improvement Over Conventional Checks
2007 DRYLAND TESTING OF LEAD EVENT
NEW:
R&D Pipeline
Drought-Tolerant Corn Family: Yield Improvement of Lead Event in Dryland Conditions
Lead Project
100
ADVANCED:
HIT Project Phase 3 Percentage yield difference vs. control
13.0% 15.1% 14.2%
Yield (bu/acre)
PROJECT CONCEPT:
90
Drought-tolerance family aimed at
providing consistent yield and
buffering against effects of water 80
limitations
VALUE:
70
LAUNCH-COUNTRY
55M
ACRES1:
$300-$500M
2020 VALUE2:
60
SOURCES OF VALUE:
HYBRID 1 HYBRID 2 HYBRID 3
Improved yield
6-11 locations tested
Hybrids with lead drought gene
Targeting 8-10% yield
1 improvement in water-stress
Conventional checks
environments
1. Acre opportunity reflects acres where technology fits at
In tests in natural dryland environments from South Dakota
Monsanto's current 2007 market share in respective crops
to northern Texas, the lead drought-tolerant event
2. 2020 value reflects gross sales opportunity in launch country
in year 2020
outperformed conventional checks in 3 different hybrid
backgrounds
20

21. R&D PIPELINE UPDATE
2007 Dryland Field Tests of Lead Drought Event Offers Visual
Evidence of Increased Yield In Stressed Conditions
2007 FIELD TESTING SHOWS VISUAL
R&D Pipeline NEW:
PROOF OF YIELD IMPROVEMENT
Drought-Tolerant Corn Family:
SUPERIOR, NE – FIELD TRIALS – 2007
Lead Project
ADVANCED:
HIT Project Phase 3
PROJECT CONCEPT:
Drought-tolerance family aimed at
providing consistent yield and
buffering against effects of water
limitations
VALUE:
LAUNCH-COUNTRY
55M
ACRES1:
$300-$500M
2020 VALUE2:
SOURCES OF VALUE:
Improved yield
Targeting 8-10% yield CONTROL HYBRID WITH GENE
1 improvement in water-stress
(76 BU/AC) (94 BU/AC)
environments
1. Acre opportunity reflects acres where technology fits at
Water stress exposure during different stages of
Monsanto's current 2007 market share in respective crops
development can have significant effect on corn yield;
2. 2020 value reflects gross sales opportunity in launch country
Monsanto’s lead drought-tolerance trait shows a significant
in year 2020
yield advantage compared with controls under drought
stress
21

22. R&D PIPELINE UPDATE
Second-Generation Drought-Tolerant Corn Advances to
Phase 2 With Multi-Year Performance in Field Testing
SECOND-GEN DROUGHT CORN EVENTS
NEW:
R&D Pipeline
PROVIDE CONSISTENT YIELD ADVANTAGE
Drought-Tolerant Corn Family:
Drought Efficacy for Second-Gen Events
Yield Difference Over Controls (%)
Second-Generation Project
16
ADVANCED:
HIT Project 14
Phase 2
12
PROJECT CONCEPT:
10
Drought-tolerance family aimed at
PRODUCT
providing consistent yield and CONCEPT
8
buffering against effects of water TARGET
RANGE
limitations 6
VALUE:
4
LAUNCH-COUNTRY
55M 2
ACRES1:
0
$300-$500M
2020 VALUE2:
EVENT 1 EVENT 2 EVENT 3 EVENT 1 EVENT 2 EVENT 3
LOWER-YIELDING HIGHER-YIELDING
SOURCES OF VALUE:
ENVIRONMENT ENVIRONMENT
AVERAGE YIELD: 53 BU/AC AVERAGE YIELD: 166 BU/AC
Improved yield
2007
2006
Targeting 8-10% yield
1 improvement in water-stress
(All three events significant @ p≤0.10); Statistical significance determined by ANOVA (2006) or nonparametric test (2007)
environments
Consistent drought yield performance of top 3 events over 2
Water substitution
years (5 locations/year)
2 Variable costs in pumped
irrigation of >$100/ acre
• Performance demonstrated in 2 different test hybrids and over
1. Acre opportunity reflects acres where technology fits at
a broad range of drought-stress conditions in both lower-
Monsanto's current 2007 market share in respective crops
yielding and higher-yielding environments (52-188 bu/ac)
2. 2020 value reflects gross sales opportunity in launch country
in year 2020
22

23. R&D PIPELINE UPDATE
In Continued Field Testing, Nitrogen Utilization Leads Show
Yield Improvement Under Normal Nitrogen
LEAD PERFORMANCE UNDER NORMAL
NEW:
R&D Pipeline
NITROGEN CONDITIONS
Nitrogen-Utilization Corn Family:
Yield Increase (bu/ac)
Lead Project
12
* **
Phase 1 10
LEAD STATUS:
***
*
8
PROJECT CONCEPT:
6
4
Targets ways to use nitrogen more
2
efficiently, exploring potential to
0
boost yield under normal nitrogen
-2
conditions or stabilize it in low
TRIALS IN MULTIPLE
TRIALS IN MULTIPLE
nitrogen environments
HYBRID BACKGROUNDS HYBRID BACKGROUNDS
VALUE: (15 LOC)
(16 LOC)
LAUNCH-COUNTRY 2005
55M 2006 YIELD TRIALS:
ACRES1: 2007 YIELD TRIALS:
YIELD
SUFFICIENT N LEVELS SUFFICIENT N LEVELS
TRIALS:
$300-$500M
2020 VALUE2: (37 LOC TOTAL) (20 LOC TOTAL)
(23 LOC
TOTAL)
SOURCES OF VALUE:
2005 2006 2007
Improved yield
*
Yield improvement in normal
1 Statistically significant @ p≤0.10
nitrogen environments Bar color correlates with the specific hybrid background tested. Same bar color
in different tests and different years indicates same hybrid was used.
Nitrogen reduction
2 All trials conducted under sufficient nitrogen application levels.
Improving yield in low nitrogen
environments
Under normal nitrogen conditions, lead Nitrogen-Utilization
1. Acre opportunity reflects acres where technology fits at
trait has demonstrated yield advantages in multiple
Monsanto's current 2007 market share in respective crops
backgrounds over multiple years
2. 2020 value reflects gross sales opportunity in launch country
in year 2020
23

24. R&D PIPELINE UPDATE
Strong Pipeline Reflects Growing Innovation, Opportunity in
Latter-Stage Projects and Emerging Value in Yield and Stress
2020 COUNTRY ADDITIONAL
PHASE COMMERCIAL OF GEOGRAPHIC SOURCES OF VALUE
VALUE LAUNCH OPPORTUNITY
• Improved yield
BRAZIL
HIGH
3 LEAD
Drought-Tolerant Corn Family U.S. ARGENTINA
YEILD & STRESS
• Water replacement
EU 27
• Improved yield
BRAZIL
HIGH
1 LEAD
Nitrogen-Utilization Corn Family U.S. ARGENTINA
• Nitrogen replacement
EU 27
BRAZIL
MEGA
2 LEAD
Broad-Acre, Higher-Yielding Corn Family U.S. • Improved yield
ARGENTINA
EU 27
Broad-Acre, Higher-Yielding Soybean HIGH BRAZIL
2 LEAD U.S. • Improved yield
ARGENTINA
Family
HIGH BRAZIL
4
Roundup RReady2Yield Soybeans U.S. • Improved yield
ARGENTINA
• Improved yield
BRAZIL
HIGH
4 U.S. ARGENTINA
YieldGard VT PRO
• Improved insect protection
EU 27
LOW
4
Improved-Protein Soybeans U.S. • Food industry functionality
N/A
LOW BRAZIL
3
High-Oil Soybeans U.S. • Food industry functionality
ARGENTINA
HIGH
3
Omega-3 Soybeans U.S. • Food industry functionality
N/A
• Improved yield
Insect Protected + Roundup
MID
3 Brazil ARGENTINA
RReady2Yield Soybeans • Improved insect protection
LOW BRAZIL
3
Dicamba-Tolerant Soybeans U.S. • Durable weed control
ARGENTINA
LOW
3
Vistive III Soybeans U.S. • Food industry functionality
N/A
INDIA
MID
2
Bollgard III Cotton U.S. • Improved insect protection
AUSTRALIA
BRAZIL
LOW U.S.
2
Roundup RReady2Yield Canola Canada • Improved yield
EU 27
COMMERCIAL VALUE RANGES AT 2020:
LOW <$150M MID $150-$300M HIGH $300-$500M MEGA >$1B
24

25. SUMMARY
Monsanto’s Biotech Pipeline Is Accelerating, With Progress
in More Projects and on Highest-Value Platforms
R&D PIPELINE STATUS:
R&D pipeline is humming – both breeding and
biotech
Achieved more “firsts” in biotech additions and
advancements in 2008 update than ever before
Q1 Q4 Momentum in breeding continues, as Monsanto
outperforms competitors in germplasm and trait
performance
Q2 Q3
Technology platforms are poised to be reset
with Roundup RReady2Yield and SmartStax
Roundup RReady2Yield moves into commercial
arena in 2009, with 2010 launch; will be platform
for rejuvenated soybean portfolio
SmartStax is industry’s only planned 8-gene
stack, best platform for yield-and-stress traits
R&D is reduced to practice and commercially
driven
Pipeline potential farm-gate value >$5B by 2020
Includes 6 blockbusters and 1 mega-blockbuster
Conservatively excludes value for breeding,
Seminis and multi-country opportunities
25