1. CARL CASALE
EXECUTIVE VICE PRESIDENT,
NORTH AMERICA COMMERCIAL
BANK OF AMERICA
2007 BASICS/INDUSTRIALS CONFERENCE
May 9, 2007
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 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.
3

4. OVERVIEW
Monsanto’s Success Is Rooted in Seeds and Traits, Creating
Platform for Future Growth
FOCUS: SEEDS & GENOMICS GROSS PROFIT FOCUS: ONGOING EPS PERFORMANCE
The EPS performance of the overall business reflects
Higher margins in the seed-and-traits business focus
the growth trajectory of the seeds-and-traits
Monsanto’s opportunity on accelerating gross profit
business, Monsanto’s leadership in the industry, and
growth
the commercial potential of our proven R&D pipeline
$3,000
$1.80
SEEDS & GENOMICS 2007 EPS GUIDANCE:
ANNUAL GROSS PROFIT
$2,500
CAGR 2003-2006: 32% 22-26% GROWTH
$1.60
($ IN MILLIONS)
$2,000 $1.60-$1.65
$1.40
$1,500 $1.31
$1.20
$1,000 $1.00
AGRICULTURAL $1.04
PRODUCTIVITY
$0.80
CAGR 2003-2006:
$500
(3)% $0.80
$0.71
$0.60
$0
2003 2004 2005 2006 2007F
20031 2004 2005 2006 2007F
13% 30% 26% 22-26%
GROWTH GROWTH GROWTH GROWTH
4

5. OVERVIEW
Monsanto’s Seeds-and-Traits Growth Moves Independently of
Commodity Cycles
MONSANTO PERFORMANCE VS. COMMODITY CYCLES:
2001-2007F
2 $3,000
CAGR for
Monsanto’s
1.8
$2,500
INDEXED COMMODITY PRICE1
Seeds &
SEEDS & GENOMICS GROSS PROFIT
Genomics
1.6
$2,000 segment for 2001-
(IN MILLIONS)
2007F is 26%
1.4
$1,500
1.2
During the same
$1,000
1 time period,
actual commodity
$500
0.8 prices deviated
by as much as
0.6 $0 30% below the
2001 2002 2003 2004 2005 2006 2007F price trend lines
and 50%+ above
CORN SOYBEANS COTTON SEEDS & GENOMICS GP
the price trend
lines
1. Commodity price per unit, indexed – base year: 2001; Corn and soybeans: price per bushel; Cotton: price
per pound (Source: USDA)
2. 2007F: Reflects commodity prices as of March 2007; Reflects forecasted gross profit contribution
5

6. OVERVIEW
Six Building Blocks Extend Leadership and Elevate Gross
Margin Opportunity to 51 to 53 Percent through 2010
U.S. BUSINESS DRIVERS
MONSANTO’S OPPORTUNITY
By the end of the decade, Monsanto
U.S. Corn
projects a gross margin in the range of 51-
53%, reflecting growth opportunity in six
KEY PRIORITIES 2007 STATUS 2010 OUTLOOK
areas of seeds and traits
~50% of triple opportunity
FACTOR VALUE1 Promote trait 16M triple stacks
still ahead
penetration, expected, up 160%
HIGH Expanded corn acre base
U.S. corn especially triple Double-digit trait growth
creating potential for
for all three corn traits
stacks further trait expansion
MEDIUM
International corn
Continue share Expected 3+ share gain for Continued expectation of
growth for DEKALB, for 12 points in 6 1-2 share point growth
MEDIUM
Global biotech traits years through end of decade
Monsanto brands
LOW
Cotton platform
Cotton platform
MEDIUM KEY PRIORITIES 2007 STATUS 2010 OUTLOOK
Seminis
Continue second- Penetration rate doubled >50% of target acres
HIGH
R&D pipeline generation trait for Roundup Ready Flex remain as upgrade
and Bollgard II opportunity
upgrade
1. Projected increment to total gross profit in
the period 2006-2010; Some growth factors
R&D pipeline: Launch Roundup RReady2Yield Soybeans
will overlap.
KEY PRIORITIES 2007 STATUS 2010 OUTLOOK
HIGH >$250M
Roundup RReady2Yield
Launch Roundup On track for most
MEDIUM $100M - $250M soybeans moved to Phase
RReady2Yield significant commercial
4 – commercial
LOW launch by end of decade
soybeans
<$100M preparation
6

7. U.S. CORN GROWTH
While Rising Corn Acres Grab Attention, Performance in the
Expanding Market Generates Value and Creates Leadership
GROW WITH THE MARKET GROW FASTER THAN THE MARKET
ACCELERATING CORN MARKET:
Opportunity associated with adding Opportunity associated with adding
INCREASED ACRES vs. ACCELERATED
incremental million acres of corn incremental million acres of corn
PERFORMANCE
TARGET ACRES 1M 1 share point
TARGET ACRES (From estimated 85-
RELEVANT
SHARE
ACRES 90M acre base)
For DEKALB seed, gross
DEKALB ~22% ~220K RELEVANT ACRES
profit opportunity is
ASI Brands ~8% ~80K
approximately TOTAL ~850K-900K
DOUBLE to TRIPLE
Licensee Brands ~30% ~300K GROSS PROFIT DRIVERS
for an incremental share
TOTAL ~600K • Incremental Germplasm: Seed
point versus an sales generate roughly 40-45%
GROSS PROFIT DRIVERS
incremental million corn gross profit
acres
• Incremental Germplasm: Value of
• Incremental Traits: Trait sales
germplasm sales primarily for
generate roughly 80%+ gross profit
sub-set of acres using DEKALB
and ASI
• Incremental Traits: Proportional
trait sales across three channels;
Incremental trait value generated
in licensee channel shared
proportionately
7

8. U.S. CORN GROWTH
U.S. Corn Seed Business Has Progressed Through Three
Distinct Phases, Currently Expanding Its Customer Base
PROGRESSION OF DEKALB CUSTOMER STATUS:
1997-2007F
2000-2001 2007
1998 2002 2005
Establishment and DEKALB share
Acquisition of First year of DEKALB First triple-stack
ramp up of expected to increase
DEKALB share gains trait introduced
molecular breeding 3 or more points;
platform in corn Sixth consecutive
year of growth
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
CUSTOMER CUSTOMER CUSTOMER
RETENTION INTENSIFICATION EXPANSION
DEKALB brand’s
First hybrids developed using intra-
Completed acquisition of DEKALB and
continued strong
company crosses begin to enter
other international seed companies
yield
portfolio; Molecular breeding becomes
performance is
Initial priorities revolved around new standard for Monsanto breeders
earning
integrating breeding and commercial
Reflecting the improved yield potential increasing trial
programs to present a single face to the
from breeding, DEKALB seed begins and adoption
customer
gaining share from farmers
Significant investment in production who’ve
Primary growth initially comes from
assets to maximize quality and yield historically
existing farmers expanding acres
potential of genetic base purchased other
planted to DEKALB seed
brands
Organizational focus on customer
retention
8

9. U.S. CORN GROWTH
Reflecting Farmers’ Yield Orientation, Performance Loyalty
Is Replacing Historical Notions of Brand Loyalty
TOP PURCHASE DRIVER FOR FARMERS PLANTING NEW DEKALB ACRES IS BETTER YIELD1
65% of farmers planting a
higher percentage of their 2007 DEKALB
65%
CUSTOMER
2007 acres in DEKALB cited BASE
“good yield” as their primary
consideration 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
NEW DEKALB CUSTOMERS ARE COMING FROM OTHER NATIONAL BRANDS1
Almost 60% of increasing or
2007 DEKALB
59%
new DEKALB users reported
CUSTOMER
that their additional DEKALB BASE
acres replaced other national
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
brands
From other brands Not replacing other brands
From national brands
FARMERS BUY PERFORMANCE AND ARE NOT WILLING TO SWITCH AWAY FROM SUPERIOR
YIELD POTENTIAL1
More than 80% of farmers
2007 DEKALB
surveyed indicated they
83%
CUSTOMER
would not switch away from BASE
DEKALB if another seed
brand offered the same set 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
of biotech traits Don’t know Would switch
Would not switch
1. Market research: based on a sample of 500 corn growers completed in March 2007
9

10. 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
YIELD CREATION CREATION + PRESERVATION
Combining germplasm library and breeding capability, Availability of stacked biotech
focus is on boosting the inherent genetic potential in traits now preserves a greater
the seed percentage genetic potential
25%
20% 22+%
19%
U.S. SHARE
15%
16%
14%
13%
10% 12%
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)
DEKALB TRIPLE-STACK
-- -- -- -- 8% 20% 40%
TRAIT PENETRATION
10

11. U.S. CORN GROWTH
Farmer Demand for Maximum Yield Performance Has Driven
Accelerated Adoption of Biotech Traits in Corn
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.
11

12. U.S. CORN GROWTH
Price-for-Penetration Strategy Gives More Farmers Access to
New Technology in Early Years of Introduction
U.S. PENETRATION OF YIELDGARD ROOTWORM TRAIT
PERCENT OF TOTAL MARKET OPPORTUNITY1 PENETRATED BY YEARS FOLLOWING COMMERCIAL INTRODUCTION
80%
PERCENT OF TRAIT-ACRE OPPORTUNITY1
60%
40%
20%
0%
2003 2004 2005 2006 2007F
TRAIT ACRES (IN
0.4 1.8 4.1 10.0 ~19
MILLIONS)
EARLY ADOPTION DROUGHT VALUE VARIABLE PRICING
• Primary users were “early adopters” – • Severe drought in • Variable-based pricing creates opportunity
farmers with annual rootworm pressure, Midwest spotlights for “insurance” acres where pest pressure is
using trait as an alternative to chemical YieldGard less consistent
treatment Rootworm drought
value,
underscoring value
in key Corn Belt
states
1. Percent of total market opportunity reflects the ratio of number of actual acres planted to total trait-acre opportunity identified for a particular trait
12

13. U.S. CORN GROWTH
Variable Pricing for Corn Traits Helps Expand Existing Trait
Regions Faster and Open New Regions for Growth
CENTRAL TRAIT-
AREA 1: LOW TRAIT
AREA 2:
ACRE BASE
INTENSITY ACRES
CORN ACRES 70-75M CORN ACRES 15-20M
Strong: Reflects early
Minimal: Significantly
HISTORIC
adopters for traits
HISTORIC TRAIT below historical
TRAIT because of consistent PENETRATION national average
PENETRATION corn borer and
rootworm pressure Pricing is designed to
STRATEGY access new acre
Continue to promote
opportunities
penetration, creating
STRATEGY VARIABLE-PRICING OPPORTUNITY
incentive for upgrade
from trait acres to
• Creates a new margin opportunity
stacked-trait acres
• Most acres in this area were not
VARIABLE-PRICING OPPORTUNITY
likely to use insect- or weed-control
VARIABLE-BASED PRICING:
• Allows Monsanto to capture the traits, so variable pricing helps
U.S. CORN TRAITS
margin on stacked trait acres create a new opportunity
sooner than would have likely been
STRATEGY
possible under historical pricing By creating a number of retail-price zones
model correlating to relative insect-pressure, Monsanto
creates incentive for adoption of stacked traits
PRICING RANGE
+15%
(15%) MEDIAN
PRICE Areas of
Areas of sporadic
consistent
rootworm and
rootworm and
corn borer
corn borer
infestation
infestation
13

14. U.S. COTTON
Profitability in Cotton Favors Farmers Who Adopt Best
Technologies
GROWER PROFITABILITY
ESTIMATE BASED ON 2006 YIELDS AND INPUT COSTS AND 2007
$600 COMMODITY PRICES
Cotton growers’ cost
reflects
$500
approximately >90%
of gross-profit
$400
DOLLARS / ACRE
opportunity per acre,
compared with <75%
$300 for corn growers
Monsanto’s second
$200 generation traits
including Bollgard II
$100 and Roundup Ready
Flex should help
cotton farmers
$0
improve profitability
COTTON CORN SOY WHEAT
RETAIL VALUE COST
Source: University Studies, USDA and Monsanto estimates
14

15. COTTON GROWTH
Upgrade to Second-Generation Cotton Traits Flourishes,
Highlighted by 2007 Roundup Ready Flex Growth
PENETRATION RATE OF SECOND-GENERATION TRAITS
PENETRATION TREND OF COTTON TRAITS AS
A PERCENT OF ANNUAL PLANTED ACRES1
Even on potentially
2006 RESULTS
lower total planted
17% acres, Roundup
Bollgard II
Ready Flex
14%
Roundup penetration rate
Ready Flex should double in
2007 FORECAST 2007 to >25% of total
cotton crop
25-30%
Bollgard II
Cotton trait platform
25-30%
Roundup is the first to move
Ready Flex forward on complete
replacement of first-
generation traits
0% 5% 10% 15% 20% 25% 30%
with second-
generation upgrades
1. Percent of annual planted acres reflects the ratio of number of actual trait acres planted to total planted acres in the
identified year
15

16. COTTON GROWTH
Upgrade to Double-Double Stacks in Cotton Significantly
Enhances Value Versus Seed Alone
INCREASED U.S. COTTON TRAIT RETAIL VALUE
EXAMPLE: VALUE PROGRESSION OF COTTON TRAITS
IN NORTH DELTA REGION OF U.S.
Each trait in a
stacked combination
2
adds functionality
and value for the
TRAIT RETAIL VALUE PER ACRE
1.50 farmer. Second-
1.5
1.17 generation stacks
1.00 further enhance that
(INDEXED)
1 added performance
From the base of a
0.5
single trait, move to
second-generation
0
stack – ‘double-
SEED ONLY FIRST-GEN SINGLE FIRST-GEN DOUBLE-DOUBLE
double’ – can
STACKED
increase retail value
by 50 percent
16

17. R&D PIPELINE: SOYBEANS
Roundup RReady2Yield Soybeans On Target for Yield
Upgrade, Expanded Benefits for Farmers
AVAILABLE ACRES U.S. BRAZIL ARGENTINA
Roundup RReady2Yield AVAILABLE MARKET 70M 60M 35M
Soybeans PERCENT PENETRATED 0% 0% 0%
P R O JE CT
GROWER PERSPECTIVE: ROUNDUP RREADY2YIELD UPGRADE
WEED Satisfaction levels of 95% for Roundup Ready,
++
++
CONTROL noting “unsurpassed” weed control
Yield target for Roundup RReady2Yield
YIELD
++ soybeans is up to 5 bushel-per-acre
+
BENEFIT improvement over comparable Roundup Ready
soybeans
With no residual issues, Roundup weed control
+
FLEXIBILITY + system allows for flexibility in annual corn-
soybean rotation
Third-party patents have been filed and
DISEASE Monsanto has obtained a license; Testing is
-- RESEARCHING
CONTROL continuing to evaluate potential for control of
Asian soybean rust
+: Additive Performance to a Farmer’s Operation
17

18. SUMMARY
Six Building Blocks Extend Leadership and Elevate Gross
Margin Opportunity Through 2010
MONSANTO’S OPPORTUNITY
GROSS MARGIN OPPORTUNITY
Delta between 2006 gross margin and
GROSS PROFIT AS A PERCENT OF SALES
a 51-53% trajectory reflects continued
54%
growth opportunity for seeds and
traits
FACTOR VALUE1
GROSS MARGIN ‘PULL’
52%
HIGH
U.S. corn
International
MEDIUM
50% corn
Global biotech
MEDIUM
traits
48%
LOW
CURRENT LEVEL Cotton platform
MEDIUM
Seminis
46%
HIGH
R&D pipeline
44%
2003 2004 2005 2006 2007F 2008F 2009F 2010F
1. Increment to total gross profit in the period 2006-2010; Some growth factors will overlap.
MEDIUM LOW
HIGH >$250M $100M - $250M <$100M
18

19. Reconciliation of Non-GAAP Financial Measures
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
$0.47
Diluted Earnings (Loss) per Share Before Effect of $1.26 $0.50 $0.15
Accounting Change
Tax Charge on Repatriated Earnings $0.04 -- -- --
$0.45
Seminis and Stoneville In-Process R&D -- -- --
$0.32
Solutia-Related Charge -- -- --
$(0.19)
Tax Benefit on Loss from European Wheat and -- -- --
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
19