1. BRETT BEGEMANN
EXECUTIVE VICE PRESIDENT
MONSANTO BIENNIAL
U.S. INVESTOR DAY
NOVEMBER 8, 2007
1

2. OVERVIEW
Upgrade to Roundup RReady2Yield in Soybeans Contributes
to Doubling Gross Profit Over Next Five Years
MONSANTO GROSS PROFIT 2012 GROWTH RANGE
GROWTH TARGET
Gross profit targeted to double
$9,000 from 2007 through 2012
STRATEGIC PLAYBOOK
$8,000
$7,000 Soybeans
GROSS PROFIT
(IN MILLIONS)
1. Launch of Roundup
$6,000
RReady2Yield soybeans
$5,000
2. Continued penetration of
Roundup Ready soybeans
$4,000
in Brazil to create platform
$3,000 for insect-protected
Roundup RReady2Yield
$2,000 soybeans
$1,000 3. Launch enhanced modified
oils platform
$0
4. Continue to develop and
2004 2007 2012
MILESTONES
launch pipeline traits with
2010
2007 more stacked offerings
Gross margin
Base Gross
target: 52-54%
Profit: $4,286M
ONGOING EPS GROWTH:
MID-TO-HIGH TEENS
2

3. SOYBEANS
Upgrade to Roundup RReady2Yield Drives U.S. Soybean
Seed and Traits Gross Profit Expansion Through 2012
U.S. SOYBEAN SEED AND TRAITS GROSS PROFIT BY CHANNEL
INDEX=2004
2004 2007 2012F
>2X
OVER 2004 INDEX
Trait licensing outside
Holden’s/Corn States
3

4. SOYBEANS
U.S. Soybean Seed Share to Continue to Grow Organically
U.S. SOYBEAN BRANDED AND LICENSED SEED SHARE
100%
U.S. SOYBEAN SEED MARKET SHARE
90% CORN STATES
ASI
ASGROW
LICENSEES
80%
70%
(PERCENTAGE)
60%
50%
40%
30%
20%
10%
0%
2004 2005 2006 2007 2012
TARGET
4

5. SOYBEANS
Same Peak Share Expected for Roundup RReady2Yield;
Alternative Traits Assumed in Marketplace
U.S. ROUNDUP RREADY2YIELD OPPORTUNITY: BEYOND 2010
75
2010 +
70
20M
60-70M
65
60 • In 2009/2010,
61M
55 Roundup
RReady2Yield
50
starts to access
40-50M
M ACRES
45 opportunity of
40 40- 50M U.S.
35 acres
30 • Roundup
25 RReady2Yield
20 becomes
platform for
15
stacking
10 pipeline traits,
5 such as
0 modified oils
2007 ROUNDUP TOTAL 2010 ASSUMED TOTAL 2010+ and high yield
READY ROUNDUP READY COMPETITIVE ROUNDUP
PENETRATION OPPORTUNITY ACRES ON RREADY2YIELD
ALTERNATIVE ACREAGE
PLATFORM
OPPORTUNITY
ROUNDUP RREADY2YIELD
ROUNDUP READY BASELINE OPPORTUNITY
5
Source: Company estimates

6. SOYBEANS
Preparations Under Way for Large Scale U.S. Launch of
Roundup RReady2Yield
ROUNDUP RREADY2YIELD SOYBEANS:
CROP: Soybeans
LAUNCH PLANS
Launch
OBJECTIVE: Roundup U.S. Full-Scale
RReady2Yield Launch Target:
P R O JE CT
5- 6M Acres
2008 STATUS
U.S. Controlled
• Consistent 7-11% yield Commercial
advantage with Roundup Release Target:
RReady2Yield 1- 2M Acres
• USDA, EPA and FDA
Grower level marketing, awareness and trial
approvals received;
awaiting key export
Licensee breeding
approvals
• Pre-launch activities Industry coordination and communications
under way • American Soybean Association and key agri-food
PRICING stakeholders
• Yield improvement shared Pursuit of export approvals in Japan, China,
with grower; average 5 Europe and Mexico
year soybean commodity
Branded and licensed seed production
price approximately $6.40
2007 2008 2009 2010
per bushel1
6
1. Source: NASS, USDA data 2003 to August 2007

7. SOYBEANS
Upgrade to Roundup RReady2Yield Expected More than
Compensate for Competitive Offerings
U.S. SOYBEAN SEED AND TRAITS GROSS PROFIT BY CHANNEL
INDEX=2004
2004 2007 2012F
>2X
OVER 2004 INDEX
Trait licensing outside
Holden’s/Corn States
7

8. SOYBEANS
Roundup Ready Soybeans Well Established in U.S.;
Brazil Mirroring U.S. Penetration Curve
CROP: Soybeans
ROUNDUP READY SOYBEANS:
Grow
PENETRATION AS PERCENT OF OPPORTUNITY
Roundup
OBJECTIVE: Ready
penetration 120%
in Brazil
2008 STATUS 100%
• Brazil Roundup Ready 80%
soybean penetration
currently at 50% of 60%
opportunity
40% 50% penetration in
2012 OUTLOOK
Brazil consistent
with U.S. trend in
20%
• Potential to penetrate
year four
95% of the acres in
0%
Brazil at peak,
establishing footprint '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07
for transition to insect- U.S. Roundup Ready soybeans
U.S. Roundup Ready soybeans
protected Roundup Brazil Roundup Ready soybeans
Brazil Roundup Ready soybeans
RReady2Yield soybeans
8

9. SOYBEANS
Insect-Protected Soybeans in Development for Heavily Infested
Latin America Market
KEY MARKET ACRES BRAZIL
AVAILABLE MARKET 50-60M
Insect-Protected Soybeans PERCENT PENETRATED 0%
LEPIDOPTERAN
CROP: Soybeans
INSECT
Launch insect- INFESTATION
OBJECTIVE: protected
soybeans
BRAZIL LOW HIGH
2008 STATUS
• Insect-protected soybeans
in Phase III of development INA
• Roundup RReady2Yield BENEFITS ACREAGE
OPPORTUNITY
NT
testing in tropical
INSECT-
germplasm
GE
• 4%+ yield increase vs. 50-60M acres
PROTECTED insecticide-treated infested with
2012 OUTLOOK
AR
SOYBEANS soybeans lepidopteran
insects in
• Growers currently
• Plan to launch as stack in
Brazil
spray twice per season,
Brazil
at cost of $5.70/acre for
insecticide and one
application1
ROUNDUP • 7-11% yield increase in 50-60M acres
RREADY2YIELD U.S. germplasm; in Brazil
tropical germplasm
testing in progress
9
1. Source: Kleffmann AMIS for insecticide cost and FNP Agrianual 2007 for spraying cost

10. SOYBEANS
Vistive III Builds Off of Vistive Low-Lin Base with
Improved Oil Profile
SATS
OLEIC
LINOLEIC
LINOLENIC
18:0 / 16:0
CROP: 18:1
18:2
18:3
Soybeans
Standard Soybean
Launch
OBJECTIVE:
Vistive III Target: Vistive III
2008 STATUS
• Vistive III in Phase II; lead
event continues to meet
product composition
RETAIL
targets
OIL 2007 ACREAGE VALUE/
PROFILE BENEFITS STATUS OPPORTUNITY ACRE
P R O JE CT
• Strong food company
demand Vistive Low • < 3% 1.5M •4-5M <$10
• Vistive low-lin planted on linolenic linolenic, planted •U.S. only
zero trans-fat acres in
1.5M acres in 2007
label U.S.
2012 OUTLOOK
Vistive III •Low •Composition Phase II •5-30M >$10 -
• Vistive III being prepared linolenic target of olive <$30
•U.S. only
for launch in channel oil; 55-75%
•Increased
oleic, <7%
created by Vistive low-lin oleic
saturates
•Low
• Bifurcation of soybean
•60% reduction
saturates
market: U.S. serves high- in saturated
value oil market; South fat and
America, greater transfat
commodity needs
10

11. SOYBEANS
Soybean Value Upgraded with Roundup RReady2Yield,
Modified Oil Traits and Insect Protection
SOYBEAN UPGRADE UNDER WAY;
CROP: Soybeans
MARKET SEGMENTATION BY MID NEXT DECADE
Growth via
OBJECTIVE:
new traits MODIFIED OIL U.S. SOYBEAN VALUE
MARKET
TRAITS
2008 STATUS
COMPETITIVE • Roundup • $13+/acre for
• Roundup Ready
PLATFORM RReady2Yield Roundup
soybeans at 95% in market for tolerance
ROUNDUP
penetration in U.S., 2+ years plus 7-11%
RREADY2YIELD
50% in Brazil yield
• Vistive III and
other modified • Oil premium
• Roundup
oil traits being
RReady2Yield
U.S. SOYBEANS: launched
approved by USDA,
60-70M ACRE MARKET ROUNDUP
EPA and FDA; key
RREADY2YIELD AND
export approvals INSECT PROTECTED
pending BRAZIL SOYBEAN VALUE
MARKET
2012 OUTLOOK
• Insect-protected •$2.50-$3.00+
• Five trait stacks in
ROUNDUP READY
Roundup per acre for
soybeans feasible,
RReady2Yield Roundup
with Roundup being launched tolerance plus
RReady2Yield as base 7-11% yield
BRAZIL SOYBEANS:
trait for all •Insecticide
50-60M ACRE MARKET
replacement
11

12. SOYBEANS
Relative Contribution of U.S. and Ex-U.S. Should Be
Consistent in Growing Soybean Seed and Trait Business
GLOBAL SOYBEAN SEED AND TRAITS GROSS PROFIT BY GEOGRAPHY
INDEX=2004
2004 2007 2012F
>2X
OVER 2004 INDEX
BRAZIL
BRAZIL ROUNDUP ROUNDUP
ROUNDUP READY
READY SOYBEAN RREADY2YIELD
SOYBEAN AT 50%
LAUNCHED IN PLANTED 2009/2010 IN
PENETRATION IN
2004 U.S.; BRAZIL
2007 ROUNDUP READY
U.S. SOYBEAN FULLY
PENETRATED
INTERNATIONAL
12

13. COTTON
Cotton Contributes to Doubling of Gross Profit via Breeding
Investment and Conversion to Second-Generation Traits
2012 GROWTH RANGE
MONSANTO GROSS PROFIT
GROWTH TARGETS Gross profit targeted to double
from 2007 through 2012
$9,000
STRATEGIC PLAYBOOK
$8,000
Cotton Platform
$7,000
1. Apply breeding technology
$6,000 to diverse Delta and Pine
GROSS PROFIT
(IN MILLIONS)
Land germplasm to restore
$5,000
cotton seed share
$4,000 2. Drive conversion to second-
generation cotton
$3,000 technology in the U.S.
$2,000 3. Drive conversion to second-
generation technology in
$1,000 India
$0
2004 2007 2012
MILESTONES
2010
2007
Gross margin
Base Gross Profit:
target: 52-54%
$4,286M
ONGOING EPS GROWTH:
MID-TO-HIGH TEENS
13

14. COTTON
Delta and Pine Land Share Loss in 2007 Reinforces Need
for Reinvigorated Cotton Breeding Program
DELTA AND PINE LAND U.S. COTTON SEED SHARE1
CROP: Cotton
Restore
100%
branded
OBJECTIVE:
cotton 90%
(PLANTED ACRE BASIS)
seed share
80%
2008 STATUS
MARKET SHARE
70%
• Delta and Pine Land 60%
lost 9 share points in
50%
2007
40%
• Delta and Pine Land’s
30%
portfolio only 17%
second-generation 20%
traits compared with
10%
industry average of
0%
41% in 20072
2012 OUTLOOK
2003 2004 2005 2006 2007
• Cotton seed share
restored to 2006 levels
1. Source: dmrkynetec – cotton seed study – planted acre basis for new certified seed
2. Second-generation trait penetration reflects percent of commercial portfolio containing either Roundup
Ready Flex, Bollgard II or both traits.
14

15. COTTON
Delta and Pine Land’s Global Breeding Strategy Focused on
Yield and Fiber Improvement
Breeding Programs
Testing Programs
Greece
U.S. (9) Winter Nurseries
India
Costa Rica
(3)
Brazil Australia
South
Africa
GLOBAL COTTON BREEDING STRATEGY
RESOURCES CAPABILITIES OUTLOOK
• ‘Jumpstart’ of up to 3 years over
• World’s largest private cotton • Focus on drought, fiber
corn in 1990s with established
breeding program quality, lint yield and disease
infrastructure resistance
• Strategically located in
• Labs, IT and markers are ready • Novel targets: Diverse
pivotal cotton areas
to go; “plug-and-play” germplasm base can lead to
• All lines feed into global
opportunity new genetic pairings that
testing and introgression
• Largest marker collection in the greatly benefit farmers
program
world
15

16. COTTON
U.S. Cotton Trait Acres Shift with Total Planted Cotton
Acres; Opportunity to Upgrade to Second-Generation
U.S. COTTON TRAIT ACRES
(PERCENT OF TOTAL PLANTED ACRES)
CROP: Cotton 25 100%
Second-
ABSOLUTE2 TRAIT ACRES
OBJECTIVE: generation
20
technology 75%
2008 STATUS M ACRES
15
• Nearly 80% of the U.S.
50%
planted cotton acres
contained at least one 10
Monsanto trait in 2007
25%
• Delta and Pine Land’s
5
portfolio was only 17%
second-generation1 traits
0
compared with industry 0%
average of 41%
2003 2004 2005 2006 2007
2012 OUTLOOK
ROUNDUP READY BOLLGARD
• Delta and Pine Land’s
portfolio fully converted
ROUNDUP READY FLEX BOLLGARD II
to second-generation
traits in all U.S. 1. Second-generation trait penetration reflects percent of commercial portfolio containing either Roundup
Ready Flex, Bollgard II or both traits.
segments 2. Absolute trait acres represents the total number of acres with at least one trait; two traits on one acre one
absolute acre
16

17. COTTON
Planned Upgrade to Second-Generation Cotton Technology
in U.S. Focused on Southern Markets
46% ROUNDUP READY
CROP: Cotton
FLEX
Second- 15% BOLLGARD II /
OBJECTIVE: generation ROUNDUP READY FLEX
technology
48% BOLLGARD II /
2008 STATUS
ROUNDUP READY FLEX
• Southern Delta region
lags at 15% average
penetration for second-
generation traits
2012 OUTLOOK
FOCUS ON SHIFTING SOUTHERN
• Aggressive breeding
DELTA TRAITED ACRES FROM 15%
strategy to fully convert
SECOND-GENERATION TO 100% BY
to Bollgard II by start of
2012
2010 growing season;
fully converted to U.S. COTTON SEED BRAND SHARE - 20071
Roundup Ready Flex
TOTAL
by 2012
46% 17% 45% 86%
DELTA AND PINE
LAND
17
1. Source: dmrkynetec – cotton seed study – planted acre basis for new certified seed

18. COTTON
Bollgard Cotton Penetration in India Nearly Doubles in 2007;
Creates Platform for Second-Generation Traits
CROP: Cotton
BOLLGARD & BOLLGARD II COTTON IN INDIA
Second- M ACRES
OBJECTIVE: generation
technology
2008 STATUS 25
• Hybrid market now
15-20M
20
estimated to be 15-20 BOLLGARD II BOLLGARD
million acres in India
2012 OUTLOOK 15
M ACRES
• Expect market in India
to be fully converted to
10
Bollgard II by 2012
5
2007 RETAIL PRICE/ACRE
0
SEED & TRAIT
2004 2005 2007
2006 2012
BOLLGARD BOLLGARD II
OPPORTUNITY
$ 18 $22
18

19. COTTON
Launch of Roundup Ready Flex in India Would Further
Improve Grower Profitability
ROUNDUP READY FLEX OPPORTUNITY IN INDIA
CROP: Cotton
ROUNDUP READY
25
BOLLGARD FLEX/BOLLGARD II
Launch
Roundup
OBJECTIVE:
20 BOLLGARD II
Ready Flex
15-20M
in India
M ACRES
2008 STATUS 15
• Roundup Ready Flex
10
currently launched in
the U.S. and Australia
5
• Approval pending in
India; will only be
offered as stack with
0
Bollgard II
2007 AT LAUNCH
2012 OUTLOOK
OPPORTUNITY
• Roundup Ready Flex
ROUNDUP READY FLEX TECHNOLOGY
has fit on all 15-20M
ACRE
hybrid cotton acres in 15-20M acres
OPPORTUNITY
India; allows India to
leapfrog to second- • Reduces labor costs associated with hand weeding
EXPECTED
generation technology • Reduces fuel associated with mechanical harrowing
BENEFITS • Replacement cost for herbicides used by some growers:
~$10/acre
19

20. COTTON
Second-Generation Trait Conversion Accelerates Globally to
Expand Gross Profit Contribution of Cotton
GLOBAL COTTON SEED AND TRAITS GROSS PROFIT
INDEX=2007
2012F
2007
1.8X
OVER 2007 INDEX
• In five years, Delta and Pine Land fully contributing with
U.S. market share and second-generation trait growth
• India becomes a larger player with conversion to second
INTERNATIONAL generation traits
• Australia and Brazil are small acre, but important markets
20

21. OVERVIEW
Given Growth Opportunities, Monsanto Has Potential to More
Than Double Gross Profit Over the Next Five Years
2012 GROWTH RANGE
MONSANTO GROSS PROFIT
GROWTH TARGET Gross profit targeted to double
from 2007 through 2012
$9,000
STRATEGIC PLAYBOOK
$8,000
All growth is organic, from
$7,000 base business and pipeline
GROSS PROFIT
(IN MILLIONS)
$6,000 U.S. Corn
International Corn
$5,000 Soybeans
Cotton
$4,000
Seminis
$3,000 R&D Pipeline
Acquisitions to be pursued,
$2,000
but are not included in this
$1,000 growth projection
$0 Earnings continue to translate
into operating cash, and value
2004 2007 2012
MILESTONES
created for shareowners
2010
2007 through combination of
Gross margin
Base Gross Profit: acquisitions, share
target: 52-54%
$4,286M repurchases and dividends
ONGOING EPS GROWTH:
MID-TO-HIGH TEENS
21