1. TERRY CREWS
CHIEF FINANCIAL OFFICER
GOLDMAN SACHS
Thirteenth Annual Agricultural
Biotech Forum
February 10, 2009
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; 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.
© 2009 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.
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. Yield and Innovation Create Runway of Growth to 2012
Driven By Seeds and Traits
GROSS PROFIT COMMITMENT: 2012 GROWTH RANGE
2007-2012F
Gross profit targeted to more
than double from 2007 through
$9.5 - 2012
SEEDS & GENOMICS GROSS PROFIT
$9.75B STRATEGIC PLAYBOOK
$10,000
AG PRODUCTIVITY GROSS PROFIT
All growth is organic, from
$7.3 - base business and pipeline
$7.5B
$8,000
GROSS PROFIT (in millions)
 U.S. Corn
 International Corn
$6.2B  Soybeans
~2.25X  Cotton
$6,000
2007
 Seminis
BASELINE
 R&D Pipeline
$4.2B
$4.40 - Earnings continue to translate
$4,000
$4.50 into operating cash, and value
created for shareowners
ON-GOING
EPS
through combination of
$2,000 acquisitions, share
repurchases and dividends
$0
2007 2008 2009F 2012F
BASELINE
4

5. Step Change in Roundup Reflects Historical Decisions on
Price, Volume, Cost, and Working Capital
ROUNDUP AND OTHER GLYPHOSATE-BASED HERBICIDES:
BRANDED AND NON-BRANDED TRENDS – 2007-2009F
350
Non-Branded Branded
300
250
Volume (M REGs)
200
150
100
50
0
2007 2008 2009F 2012F
GLOBAL VOLUME
252M 257M ~230M ~300M
(EQUIVALENT GALLONS):
BRANDED PRICE BAND
>$11-$13 ~$20 >$20 $16-$18
(PER EQUIVALENT GALLON):
TOTAL ROUNDUP AND OTHER
$854M $2.0B $2.4-$2.5B $1.9B
GLYPHOSATE - BASED
HERBICIDES GROSS PROFIT
5

6. Corn Gross Profit in FY2009 Targeted to Grow 25 Percent;
Margins Up 300 Basis Points
CORN SEED & TRAITS CORN SEED AND TRAITS SEGMENT
2009 UPDATES
GROSS PROFIT PROGRESSION ► Target to increase gross profit by more than 25%
► Target to increase gross margins by 300 basis
points
► On track to deliver 1 – 2 share points in DEKALB
$ in millions $4,500- $4,600
brand and 1 point gain in American Seeds in U.S.
$2,800
► Branded triple mix expected to increase to 70%
$2,174
$1,721
in U.S.
2012 MILESTONE TARGETS
► Advanced U.S. lead drought-tolerant corn project
2007 2008 2009F 2012F
to Phase 4
GLOBAL GROSS PROFIT SPLIT
► Advanced SmartStax to Phase 4 – Commercial
Launch expected in 2010
► Grow U.S. DEKALB corn share to 30-34 share
30%
points; grow American Seeds to ~15 share points
30%
U.S.
Intl.
70% 70%
2012F
2008
6

7. Triple-Stack Penetration Accelerates Setting Stage for
SmartStax Launch
U.S. CORN TRAIT OPPORTUNITY: 2007-2010F
MONSANTO TRIPLE-STACK ACRES
60
SMARTSTAX ACRE OPPORTUNITY
U.S.
GEOGRAPHY:
50
2009 PERFORMANCE UPDATE
(IN MILLIONS)
U.S. ACRES
• Expect approximately 70% of
40
U.S. branded corn seed orders
to be triple-stack orders,
30
reflecting farmers’ demand for
technology and yield
20
10
• Over the past two years,
DEKALB VT Triple
outperformed competition by 0
nearly 9.7 bushels per acre 1 2010
2007 2008 2009F
2007 2008 2009F 2010F
Opportunity
• This is value above and beyond Triple
17.6M 29.1M 34-35M 55-65M
the 15-20 bu/acre advantage of Stack/SmartStax
our triple-stack over Opportunity widens in 2010 with planned launch of SmartStax
conventional seed
1. Source: 2008 Monsanto and third party head-to-head comparisons of 5 leading DEKALB hybrids within
each RM zone to Pioneer® products containing similar crop protection traits within 2 RM days as of
November 23, 2008. Weighted average calculated to 15% moisture.
7

8. SmartStax Offers Farmers Most Complete Package of Insect
and Weed Control; Expands Market Opportunity
2007 & 2008 SmartStax EFFICACY TRIALS
NEW:
R&D Pipeline
Node Injury Scale 0-3
1.5
SmartStax Corn
ADVANCED
STATUS:
Phase 4 1.0
CRW Root Damage Ratings
PROJECT CONCEPT:
0.5
SmartStax combines the following
herbicide-tolerant and insect-protection
0.0
traits for the most complete control:
YieldGard VT
Roundup SmartStax
Herculex®
• YieldGard VT Rootworm with Ready Corn Rootworm
Rootworm
with Roundup
Roundup Ready Corn 2 and YieldGard
6.0 Ready Corn 2
VT PRO
Damaged Area (cm2)
5.0
• Herculex I and Herculex RW
• Liberty Link 4.0
VALUE: 3.0
Corn Earworm Damage
2.0
LAUNCH-COUNTRY
55-65M
ACRES1:
1.0
2020 VALUE2: 0.0
>$500M Roundup Herculex® SmartStax
YieldGard VT
Ready Corn Corn Borer Triple PRO
WHOLE-FARM YIELD IMPROVEMENT
 Second-generation YieldGard corn borer trait, a key SmartStax
ESTIMATES:
component, demonstrates incremental yield benefit of 4
IMPROVED CONSISTENCY FOR
percent over first-generation corn borer traits in preliminary
1 PRIMARY AND SECONDARY
data from 2 years of comparisons
PESTS 3
 Fewer damaged kernels from earworm drives yield advantage
2 REDUCED REFUGE 4
TOTAL: 5-10% 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
3. As compared to YieldGard VT Triple 4. Subject to EPA approval
Herculex® is a registered trademark of Dow Agrosciences LLC
8
Liberty Link® is a registered trademark of Bayer CropScience AG

9. Increasing Biotech Penetration in Brazil and Argentina Sets
Stage for Significant Contributions to Gross Profit
LATIN AMERICA: TRAIT OPPORTUNITY
ARGENTINA BRAZIL
APPROVED TRAITS • YieldGard Corn Borer • YieldGard Corn Borer
• Roundup Ready Corn 2 • Roundup Ready Corn 2
• YieldGard Corn Borer + Roundup
Ready Corn 2 Stack
RECENT • Granted approval for stack in • YieldGard Corn Borer approved in
DEVELOPMENTS August 2007 February 2007
• Roundup Ready Corn 2 approved
January 2008
2010 OUTLOOK • Increase penetration of YieldGard • Increase penetration of YieldGard
Corn Borer + Roundup Ready Corn 2 Corn Borer
• Target gaining 1-2 share points • Launch Roundup Ready Corn 2
• Continue process to approve
double-stack product
• Target gaining 1-2 share points
2009 TRAIT RETAIL • YieldGard Corn Borer: $12-$13 • YieldGard Corn Borer: $14-$15
PRICING • YieldGard Corn Borer + Roundup
Ready Corn 2 Stack: $15-$16
OPPORTUNITIES
7M 15-20M
CORN BORER CONTROL
2010 TRAIT
ACRES
GLYPHOSATE
9M 15-20M
TOLERANCE
5M 5M
ROOTWORM CONTROL
9

10. Roundup Ready 2 Yield Soybeans Drive Long-Term Growth
of Leading Soybean Platform
SOY SEED AND TRAITS SEGMENT
SOYBEAN SEED & TRAITS
2009 UPDATES
GROSS PROFIT PROGRESSION ► On track to gain 1 share point in Asgrow brand
► Controlled commercial release of Roundup
$ in millions
Ready 2 Yield soybeans on 1.5M acres
~$1,200
► Roundup Ready soybean in Brazil appears to
$725 ~$700
$588
be on track to approach 60% penetration mark
2012 MILESTONE TARGETS
► 2009 U.S. controlled commercial release of
2007 2008 2009F 2012F
Roundup Ready 2 Yield on 1.5M acres
GLOBAL GROSS PROFIT SPLIT ► Large-scale launch of Roundup Ready 2 Yield
in 2010; target market of 45-55M acres 1
► Grow Asgrow brand to 25 share points in the
15% U.S. by 2012
20%
► Increase Brazil Roundup Ready soybean
U.S.
penetration to 80 percent by 2012 in
Intl.
anticipation of launch of insect-protected
80% 85%
Roundup Ready 2 Yield soybeans
2012F
2008
1. Target market defined as acres where technology is applicable, not necessarily a projection of acres penetrated by 2012.
10

11. Roundup Ready 2 Yield Step Change in Yield to
Revolutionize Soybean Farming
FINAL ROUNDUP READY 2 YIELD SOYBEANS VERSUS COMMERCIAL CHECKS
NEW:
COMPARISONS TO COMMERCIAL ROUNDUP READY SOYBEANS – 2 YEAR SUMMARY
60
VALUE PROPOSITION COMPETITORS’ PRODUCT WITH
ROUNDUP READY 2 YIELD
ROUNDUP READY TRAIT
YIELD IMPROVEMENT ON
55
AVERAGE YIELDS IN ~3.8 bu/ac
55.5
GROUPS 2 & 3:
Bushels per Acre
55.2
54.5
INCREMENTAL YIELD
50
51.7
VALUE TO FARMER
51.4
~$38/ac
(VERSUS ROUNDUP
49.9
READY):
45
PRICING
SEAMLESS PRICE FOR
$49-$52
FIRST-GENERATION
40
ROUNDUP READY SEED
(PER ACRE)1:
$69-$72
SEAMLESS PRICE FOR
35
ROUNDUP READY 2 YIELD
SEED (PER ACRE)1:
2 3 Overall
RELATIVE MATURITIES:
COMPARISONS: >1,000 >2,900 >3,900
APPROXIMATE BU/AC
ADVANTAGE FOR ROUNDUP 4.6 3.8 3.8
READY 2 YIELD:
PERCENT YIELD ADVANTAGE
9.1% 7.3% 7.4%
FOR ROUNDUP READY 2 YIELD1:
Two year summary (2007-2008) of head-to-head comparisons between all Roundup Ready 2 Yield products available for sale in
2009 vs. national competitor Roundup Ready products. Final data as of December 9, 2008.
11
1. Reflects seamless price to the farmer, including trait value, germplasm value and value provided by the seed treatment.

12. Cotton Gross Profit to Show U.S. Turnaround in 2010,
As India Penetration Expands
COTTON SEED & TRAITS 2008 PERFORMANCE UPDATE 
► In > 530 trials, new class of Deltapine
GROSS PROFIT PROGRESSION Bollgard II/Roundup Ready Flex varieties
outperforms the competition and existing
Deltapine varieties, from a value
$ in millions
~$500
perspective, by nearly 5%-12% across
U.S. cotton-growing regions
$313 ~$300
$267
2012 MILESTONE TARGETS 
► Expand second-generation trait
penetration in U.S. Deltapine brand
2007 2008 2009F 2012F
GLOBAL GROSS PROFIT SPLIT ► Expand Bollgard II acres in India; currently
25 percent penetrated in 18-20M acre
opportunity
► Grow U.S. Deltapine brand share from
30% current share of 41 percent to ~50 percent
45%
U.S.
by 2012
55%
Intl.
► Grow Brazil branded cotton share by 10
70%
points to 31 percent; grow India to 12
percent share
2012F
2008
12

13. Vegetable Platform Becomes Third Largest Crop by 2012
with Margin Goal of 65 Percent
2012 MILESTONE TARGETS
VEGETABLE SEEDS
► Integrate De Ruiter protected culture
GROSS MARGIN PROGRESSION seeds
► Continue margin expansion toward
goal of 65 percent by 2012
65%
 Price existing products to value
~55%
53%
44%
 Launch new products with increased
value
 Expand high-margin protected-
2007 2008 2009F 2012F
culture segment
GLOBAL GROSS PROFIT SPLIT
► Accelerate new product launches via
use of molecular markers
10%
Open
40%
Field
Protected 60%
90% Culture
2012F
2008
13

14. Strong Pipeline Reflects Growing Innovation and Value of
Emerging Yield and Stress Traits
DISCOVERY PHASE 1 PHASE 2 PHASE 3 PHASE 4
Drought-Tolerant Family
HIGH
FAMILY TRAITS►
CORN:
COLLABORATION
YIELD & STRESS
Nitrogen-
BROAD-ACRE HIGH Utilization
FAMILY TRAITS►
YIELD Family
Broad-Acre,
MEGA Higher-Yielding
FAMILY TRAITS►
Family
SOYBEANS: Broad-Acre,
BROAD-ACRE HIGH Higher-Yielding
FAMILY TRAITS►
YIELD Family
2020 VALUE RANGES: Bollgard III Omega-3
cotton soybeans
Higher -
MEGA HIGH SmartStax
Yielding
corn
$300M-$500M
Insect-protected
Roundup
>$1BM Roundup Ready
Ready 2
2 Yield soybeans
Yield canola
Dicamba-
Dicamba
MID LOW tolerant
and
soybeans
<$150M
glufosinate-
$150M-$300M tolerant Vistive III
cotton
High-oil
Corn Soybeans Cotton Canola soybeans
Note: 2020 value ranges reflect expected annual gross sales in launch country in 2020. 14

15. New Game-Changing Traits Enter Mid-Term
Launch Horizon
2012 TO END OF DECADE
   
Drought 2nd
Nitrogen- Higher
Tolerant Corn Utilization Yielding Generation
Family 1 Soybeans 1 Drought 1
Corn Family1
• Advanced to Phase IV • Phase I Project • Advanced to Phase III • Phase II project
• First dry-land drought • Consistent yield benefit • Built upon yield platform • 9% yield advantage in
product submitted for after two years of testing of Roundup Ready 2 2008 in water-stressed
FDA approval Yield environments
• 8% yield benefit at lower
• 5 years of testing nitrogen levels • Lead events 1 & 2 • Currently selecting
exceeded 6%-10% yield experienced average commercial event for
improvement target yields of 7.4% and 6.7%, broad acre application
respectively
SUPERIOR, NE - FIELD TRIALS – 2007 FARM PROGRESS SHOW – 2007
Dayton, Iowa -- 2008
Transgenic
Control
WITH GENE
CONTROL HYBRID
(94 BU/AC)
(76 BU/AC)
15
1. Part of the Monsanto-BASF Yield and Stress R&D Collaboration

16. Strong Cash Position Gives Monsanto the Resources to
Extend Its Competitive Lead
MONSANTO’S FINANCIAL INDICATORS: Cash Generation
OPERATING CASH AND ONGOING EPS – 2003 TO 2009F
Strong cash generation
$3,500 $5.00
allows Monsanto to invest to
extend its competitive lead:
Operating Cash $4.50
Ongoing EPS
$3,000 Bolster direct returns to
$4.00
 shareowners
Cash from Operations
(in $ thousands)
$3.50
Ongoing EPS
Support commercial growth
$2,500
 through capital spending
$3.00
$2.50 Invest in future growth
 through R&D
$2,000
$2.00
Expand core businesses
$1.50
 through strategic
$1,500
acquisitions
$1.00
$0.50
$1,000
2003 2004 2005 2006 2007 2008 2009F
2003-2006 2009F
>$1B in working capital Monsanto operating cash
reductions used to fund key guidance exceeds $3B, as
acquisitions like Seminis net income grows with
and American Seeds EPS of $4.40-$4.50
16

17. Over Last Four Years, Use of Cash Focused on Areas That
Contribute to Growth and Return Value to Shareowners
USES OF CASH
CUMULATIVE: 2005-2008 Fiscal Years
SHARE REPURCHASES 10% OF CASH USED
• Completed 4-year $800M share-repurchase program and
began previously announced 3-year $800M authorization in
December 2008
DIVIDENDS 12% OF CASH USED
$906
• From 2002-2008, Monsanto’s Board of Directors raised
the dividend seven times for a total increase of 300 percent
$1,058
TECHNOLOGY SPENDING 4% OF CASH USED
$4,485
$307
• Over $300M spent to expand technology partnership network
ACQUISITIONS 51% OF CASH USED
$2,078
• American Seeds LLC • Delta & Pine Land (2007)
(2004-2007) • Agroeste (2007)
• Seminis (2005) • De Ruiter (2008)
• Cristiani (2008)
$ in thousands
CAPITAL SPENDING 24% OF CASH USED
• Spent $918M in 2008, 60% for new or expanding seed
facilities
17

18. Earnings Growth Reflected in Dividend Payout, While Newly
Authorized Program Extends Share Repurchase Initiative
MONSANTO ANNUAL SHARE REPURCHASE: MONSANTO QUARTERLY DIVIDENDS:
2004-2008 2001-2009
$500
2004-2005 $0.30
2007-2008
$450 3-year $500M repurchase program
– completed early Two increases in a 12-month period
$400
2009
$0.25
1
$350 Increased quarterly dividend 10% for
Per-Share Amounts
$ in millions
shareholders of record on April 3rd
$0.20
$300
$250
$0.15
$200
$150
$0.10
$100
$0.05
$50
$0
$0.00
2004 2005 2006 2007 2008
Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09
Dividends
Share Repurchases
STATUS
STATUS
• Since becoming an independent company in
• Completed 4-year $800M repurchase
August of 2002, Monsanto has increased
program ahead of schedule
dividends 8 times – an increase of more than
• Focus areas in 2009:
340 percent
• Began previously announced
3-year, $800M program in 1. Amounts for record dates from Jan. 1, 2001 – July 7, 2006 adjusted to allow
December 2008 comparison following Monsanto’s stock split
18

19. FY2009 Guidance Supports 20 Percent Plus
EPS Growth Rate
2009F
EARNINGS
$4.40-$4.50
ONGOING EARNINGS PER SHARE ~20-24% GROWTH
FROM 2008
Seeds & Genomics Gross Profit $4.5-$4.6B
Corn Seed & Traits Gross Profit ~$2.8B
Soybean Seed & Traits Gross Profit ~$700M
Cotton Seed & Traits Gross Profit ~$300M
Vegetable Seeds Gross Profit ~$500M
All Other Seed & Traits Gross Profit ~$200M
Roundup and All Other Glyphosate-based Herbicides Gross Profit $2.4-2.5B
All Other Ag Productivity Gross Profit ~$400M
CASH MANAGEMENT AND SPENDING
FREE CASH FLOW >$1.8B
Operating Cash >$3B
Capital Expenditures ~$1B
SG&A as a Percent of Sales 19% Range
R&D as a Percent of Sales (excluding acquired IPR&D) 9.5%-10% Range
19

20. Yield and Innovation Runway of Growth to 2012
Driven By Seeds and Traits
GROSS PROFIT COMMITMENT: 2012F
2007-2012F TARGETS
$9.5 -
Total Gross
$9.5 - $9.75B
Profit
SEEDS & GENOMICS GROSS PROFIT
$9.75B
$10,000
AG PRODUCTIVITY GROSS PROFIT Roundup and
All Other
$7.3 -
Glyphosate-
$1.9B
Based
$7.5B
$8,000
GROSS PROFIT (in millions)
Herbicides
Gross Profit
$6.2B All Other Ag
$300M
~2.25X Productivity
$6,000
Gross Profit
2007
BASELINE
Seeds & Traits
$7.3 - $7.5B
$4.2B Gross Profit
$4.40 -
$4,000
$4.50
ON-GOING
EPS
$2,000
$0
2007 2008 2009F 2012F
BASELINE
20

21. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow
Fiscal Year Fiscal Year Fiscal Year First First
$ Millions 2009 Forecast 2008 2007 Quarter 2009 Quarter 2008
Net Cash Provided (Required) by Operations $3,000 $2,799 $1,854 $114 $996
Net Cash Provided (Required) by Investing Activities (1,200) (2,027) (1,911) $10 (256)
Free Cash Flow $1,800 $772 $(57) $124 $740
Net Cash Provided (Required) by Financing Activities N/A (102) (583) (258) (47)
Effect of Exchange Rate Changes on Cash and Cash Equivalents N/A 77 46 (137) 58
Net Increase (Decrease) in Cash and Cash Equivalents N/A $747 $(594) $(271) $751
Reconciliation of Non-GAAP EPS
First First
Fiscal Year Fiscal Year Fiscal Year
$ per share 2009 Forecast 2008 2007 Quarter 2009 Quarter 2008
Diluted Earnings (Loss) per Share TBD1 $3.62 $1.79 $1.00 $0.46
Solutia Claim Settlement -- ($0.23) -- -- --
Loss (Income) on Discontinued Operations ($0.02) ($0.04) ($0.15) ($0.02) ($0.01)
In-Process R & D Write-Off Related to the De Ruiter Acquisition -- $0.29 -- -- --
In-Process R & D Write-Off Related to the Delta & Pine Land -- -- $0.34 -- --
(D&PL) Acquisition
In-Process R & D Write-Off Related to the Aly Participacoes TBD1 -- -- -- --
Ltda. Acquisition
Diluted Earnings (Loss) per Share from Ongoing Business $4.40-$4.50 $3.64 $1.98 $0.98 $0.45
1. The company is not able to provide a reconciliation to reported EPS guidance for fiscal year 2009 at this time, as it is still evaluating purchase accounting adjustments related
to its recent acquisition of the Brazilian sugar cane business Aly Participacoes Ltda. Such adjustments are dependent upon the completion of valuations of certain intangible
21
assets, including in-process R&D which requires immediate expense recognition and it is expected to be significant.