The document discusses Monsanto's strategy around seeds and traits for corn. It notes that Monsanto has invested over $5 billion in seeds-and-traits R&D over 10 years. It also discusses Monsanto's leadership in developing and commercializing biotech traits for corn and how the company is focused on delivering total performance to farmers through high-yielding seeds and trait packages. Finally, it provides examples of how drought-tolerant corn in development could create value by accessing new market acres in the U.S., Brazil, and Argentina.

1. CARL CASALE
EXECUTIVE VICE PRESIDENT,
NORTH AMERICA COMMERCIAL
MORGAN STANLEY,
BASIC MATERIALS CONFERENCE
FEBRUARY 20, 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.
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. OVERVIEW
Building From Established Platform, Monsanto Has a Window
of Opportunity to Extend Our Leadership
R&D LEADERSHIP STRATEGIC PERFORMANCE
SEEDS & TRAITS
COMMERCIAL PLATFORM
In the 10 years since the introduction of Integrated platform with commonality
the first biotech trait, Monsanto has of technology and commercial
invested >$5B in seeds-and-traits R&D approach among crop platforms
TRAITS
Monsanto developed and
CHANNELS TO MARKET
commercialized the first
Industry’s only company to
broad-acre biotech traits;
widely employ dual market
First to launch stacked
approach of branded and
traits and second-
licensed seed and trait sales
generation traits
SEEDS
Global germplasm library
COMMERCIAL COORDINATION
unmatched in scale – with
Roundup, world’s best-
36 integrated breeding
SEED & TRAIT selling herbicide brand,
programs from 12 PLATFORM
uniquely complements
countries for corn and soy
seed-and-trait platform
and the world’s leading
vegetable seed company
BREEDING
>100 breeding research FINANCIAL PERFORMANCE
High-margin technology
centers worldwide,
business that generates
underpinning companywide
sustainable free cash flow
focus around molecular
breeding
4

5. 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-trait 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 2007 EPS GUIDANCE:
$1.60
15-20% GROWTH
SEEDS & GENOMICS
ANNUAL GROSS PROFIT
$2,500
CAGR 2003-2006: 32% $1.50-$1.57
$1.40
($ IN MILLIONS)
$2,000
$1.31
$1.20
$1,500
$1.00 $1.04
$1,000
AGRICULTURAL
PRODUCTIVITY $0.80
CAGR 2003-2006:
$500 $0.80
(3)%
$0.72
$0.60
$0
2003 2004 2005 2006 2007F 2003 2004 2005 2006 2007F
11% GROWTH 30% GROWTH 26% GROWTH
5

6. OVERVIEW
“Rising Tide Lifts All Boats” Across Corn Industry, But
Performance Will Still Determine Long-Term Winners
GROWTH AVENUES IN A
FOCUS: HISTORICAL U.S. PLANTED ACRES
STRONG CORN MARKET
TOTAL PLANTED ACRES
OF CORN, WHEAT, SOY
90 240
Growth from additional acres
230
CORN
80 220
Additional acres provide a “rising tide” that benefits
210
ACRES (IN MILLIONS)
ACRES (IN MILLIONS)
SOY most ag companies
70 200
TOTAL PLANTED
Depending on source of incremental acre, there can
190
be a trade-off in profit opportunity. For example,
WHEAT
60 180
within Monsanto that trade-off is:
170
50 160 Favors corn, but a trade-off because of high
SOYBEANS
150 Roundup Ready penetration
40 140
Favors corn, but essentially indifferent as
130
COTTON cotton acres are highly penetrated with
30 120
higher-priced stacked traits
110
WHEAT OR
20 100
COTTON Additive
OTHER
90
10 80
Growth from performance
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
COTTON WHEAT SOY CORN TOTAL PLANTED ACRES Farmers want to maximize productivity in high-
return environment – creating opportunity for seed
companies who deliver total performance
Key Factors:
Average swing of corn acres over the last decade is
GERMPLASM Ultimate yield potential is reflected in
roughly 1 percent; Last significant acre swing
PERFORMANCE the core seed
occurred in mid-1980s
With yield focus, stacks – and triples
TRAIT
2007 could represent the largest acreage swing in especially – are the trait package of
AVAILABILITY
decades because of the new dynamic of ethanol on choice
top of the established export demand
6
Source: USDA, FAPRI and Monsanto estimates

7. OVERVIEW
Farmers Buy Yield; Our Business Strategy Is Oriented
Around Meeting That Customer Need
R&D APPROACH
PERCENT OF GENETIC
YIELD GENETIC POTENTIAL
FARM APPROACH
GAIN PRESERVED
= X
Farmer’s Purchase Inherent yield possible from the seed Amount of yield potential
Decision
BREEDING
GERMPLASM protected
=
SEED
• Starting point of all
agriculture; farmers
maximize genetics in
seed for yield
• 60% of farmers select • Germplasm library
• >2,000 genetic
seed first, then • Monsanto is only
assembled from markers used by
decide on biotech
company to develop
36 programs in 12
traits breeders for corn
and commercialize
countries
X
today
complete above-
• >100 breeding • 50% of breeding ground, below-ground
research centers population comes insect-control and
worldwide from intra-company,
TECHNOLOGY weed-control traits
inter-country
crosses
• Technology is used to
protect and maximize • Molecular breeding
yield potential of seed improves genetic
potential by 2X
versus conventional
breeding
7

8. U.S. CORN
First Decision Farmers Make Is Seed Germplasm; More and
More Farmers Have Been Choosing Monsanto Seed
U.S. CORN MARKET SHARE EVOLUTION
MONSANTO BRANDS AND LICENSEES
U.S. Corn LICENSEES’ BRANDS
60% AMERICAN SEEDS, INC. BRANDS
SITUATION:
ASGROW AND DEKALB BRANDS
• In 2006, Monsanto’s DEKALB
50% In 2007,
and Asgrow brands grew by 3
national
market share points
40%
brands
• Over 5 years, comparable
market share gain was 9 points expected to
30%
OUTLOOK: grow at
upper end of
20%
• In 2007, DEKALB and Asgrow
1 – 2 share
brands expected to gain at the
upper end of 1 - 2 share points 10% points
• ASI companies expected to
0%
gain up to 0.5 share points
2001 2002 2003 2004 2005 2007F
through organic growth
2006
ACREAGE EXPANSION
In 2006, the addition of 1 market share point in a Monsanto
national brand translated into an average incremental value
of approximately $10M-$15M in gross profit opportunity for
Monsanto for the seed alone
8

9. U.S. CORN
Breeding Strength Translates to Commercial Growth
Opportunity
2006 TESTING: YIELD DIFFERENCE VERSUS COMPETITIVE CHECKS BY CHANNEL1
U.S. Corn 12.00
SITUATION:
10.00
• In 2006, yield data across all
BUSHELS PER ACRE
three channels and essentially 8.00
across all maturity zones
indicates a yield advantage 6.00
over best-in-class
competitors1 4.00
OUTLOOK:
2.00
• Gains in the 110-day market
are most significant, both
0.00
from a breeding perspective
110
2
and a sales growth 95 100 105 110 115
perspective RELATIVE MATURITIES (DAYS)
2006-TO-2007 CHANGE IN ORDERS BY MATURITY ZONE IN EACH CHANNEL
LICENSED BRANDS
1. For purposes of this
testing, the competitive
REGIONAL BRANDS
checks excluded any
Monsanto or Monsanto
licensed germplasm
NATIONAL BRANDS
2. In the 100 day
maturity zone, ASI’s
bushels per acre are
statistically indifferent
when compared to best
Increased orders Flat orders Decreased orders
competitive checks
9

10. U.S. CORN
With Higher Demand for Stacks, the “Average” DEKALB Acre
Now Contains More Than Two Traits
TRAIT PENETRATION TRENDS
U.S. Corn
ACROSS KEY COMMERCIAL CHANNELS
SITUATION:
• With increased stacking, DEKALB/ASGROW
2.5 2007F TRAIT
there is a positive mix
(AVERAGE NUMBER OF TRAITS PER
INTENSITY: > 2.0
TRAIT INTESITY INDEX
effect across the
2
portfolio
OUTLOOK:
TRAIT ACRE)
2007F TOTAL
1.5
MARKET TRAIT
• In 2007, the trait intensity
INTENSITY LESS
for DEKALB and Asgrow BRANDED: 1.7
1
will surpass 2.0 for the
first time – reflecting that 0.5
the average corn acre
now contains more than
0
2 biotech traits
2003 2004 2005 2006 2007F
• With an infusion of
TRIPLE STACKED
technology, ASI’s trait TRAIT PENETRATION STACKED PENETRATION
PENETRATION
penetration levels are
closing in on DEKALB 2006 2007F 2006 2007F 2006 2007F
and Asgrow
LICENSED BRANDS
• In our DEKALB and 55% 60 - 65% 43% 55 - 60% 7% 10 - 15%
Asgrow brands, our
triple-stacks are sold out REGIONAL BRANDS
75% 80 - 85% 55% 65 - 70% 15% >30%
NATIONAL BRANDS
90% 90 - 95% 69% 70 - 75% 20% >35%
10

11. U.S. CORN
Multi-Generational Drought-Tolerant Corn Creates Value
Across Multiple Market Segments
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
AVAILABLE MARKET 80M 30M 6M
Drought-Tolerant Corn PERCENT PENETRATED 0% 0% 0%
P R O JE CT
SEGMENTED VALUE OPPORTUNITY
ACROSS MARKETS: U.S. EXAMPLE
R&D Pipeline
Drought-Tolerant Corn
High annual
PROJECT CONCEPT:
precipitation
First-generation drought tolerance is
targeted to minimize uncertainty in farming
by buffering against the effects of water
limitation, primarily in areas of annual
water stress
2006 PERFORMANCE UPDATE: Low annual
precipitation
Phase 2
2006 STATUS:
Source: Spatial Climate Analysis
VALUE CONSIDERATIONS: Service, Oregon State University
• Farmers value water-use in “acre-inches WESTERN
IRRIGATED STABILITY
DRYLAND
of water” needed to support yield
potential – farmers need 18-20 inches of
8-12M acres 10-12M acres 50-60M acres
moisture from natural or irrigated
sources during growing season 14-18” typical 14-18” typical 17-19” typical
precipitation in growing precipitation in growing precipitation in growing
• Value of trait is in better yields under
season season season
moisture stressed conditions: Varies by
Irrigated Non-irrigated Non-irrigated
region
Value is in replacing Value is in improved Value is in improved
VALUE CATEGORIES:
irrigation, reducing the yields annually, by yields when moisture is
RETAIL variable costs of improving water-use less than optimal
$10 - $30/acre
VALUE/ACRE: irrigation efficiency
11

12. U.S. CORN
Nitrogen Utilization Corn Change the Dynamics of Corn
Production for Farmers
KEY MARKET ACRES U.S. BRAZIL EUROPE
AVAILABLE MARKET 80M 30M 24M
Nitrogen Utilization PERCENT PENETRATED 0% 0% 0%
Corn
2006 TESTING: 2006 FIELD RESULTS CONFIRM CONTINUED
R&D Pipeline PERFORMANCE OF LEADS IDENTIFIED IN 2005
Nitrogen Utilization Corn LEAD NITROGEN UTILIZATION GENE
(ACROSS 3 LOCATIONS: ILLINOIS AND IOWA)
PROJECT CONCEPT:
175
Targets ways that corn plants can use
nitrogen more efficiently, exploring the 170
potential to boost yield under normal
165 EVENT 1
nitrogen conditions or stabilize yield in YIELD PER ACRE
EVENT 2
low nitrogen environments 160
KEY RESULTS
CONTROL
2006 PERFORMANCE UPDATE: 155
Phase 1
2006 STATUS: 150 Reduction in
Applied Nitrogen
• Second year proof-of-concept 145
testing confirmed 2005 lead genes 140
across multiple locations and 0 40 80 180
nitrogen rates and added new
NITROGEN INPUT: LBS/ACRE
gene candidates for further testing
VALUE CATEGORIES:
Reading right to left, what scientists will look for to
RETAIL
$10 - $30/acre
VALUE/ACRE: establish proof of concept is when nitrogen application
is decreased, the total yield per acre remains stable. In
2006 data, the 2 events show no yield drop off as the
nitrogen application levels decrease from 180 lbs/ac to
40 lbs/ac
12

13. U.S. CORN
Renessen Corn Processing System May Rebalance Ethanol
Energy Equation
R&D Pipeline
RENESSEN OPPORTUNITY
Renessen Corn Processing
As more plants come on line following the ramp-up phase, ethanol plant
Technology
profitability will revolve around efficiency and value streams created. Renessen’s
PLATFORM CONCEPT: process provides a bolt-on addition that makes ethanol plants more efficient and
more profitable.
Renessen’s technology
seeks to utilize the
components of corn more #2 YELLOW
ELEVATOR HAMMER MILL FERMENTATION DISTILLATION ETHANOL
CORN
effectively to generate
higher value products
2007 UPDATE:
RENESSEN
FRACTIONATION
• Pilot plant construction HIGHLY
AND FERMENTABLE DRYING
complete FRACTIONATION
FRACTION
EXTRACTION
• Integrated fractionation PROCESS
and extraction testing to
begin by the end of HIGH OIL HIGH-PROTEIN,
Bolts on to FRACTION LOW-OIL DDG
February existing
ethanol plants
• High value feed trials to CORN OIL FOR
FOOD OR
Creates 4
begin with swine in BIODIESEL
additional OIL
March; testing to value streams EXTRACTION
VALUE STREAMS
continue throughout year HIGH-VALUE
SWINE AND
RENESSEN PROCESS STEPS
POULTRY FEED
• High value DDG trials for
CONVENTIONAL ETHANOL PROCESS
cattle to take place
during year
13

14. U.S. SOYBEANS
Growth in Demand for Feed, Food and Fuel Will Create
New Specialty Opportunities for Soybeans in U.S.
U.S. VERSUS SOUTH AMERICAN SOYBEAN
PLANTED ACREAGE
U.S. Soybeans
120
SITUATION:
• U.S. soybean acreage is
SOUTH AMERICAN
trending flat to down
100 PLANTED ACRES
because of favorable corn
economics
80
• South American soybean
acreage is expected to grow U.S. PLANTED ACRES
to support increasing global
60
demand for protein
especially from China
40
OUTLOOK:
• Domestic demand for feed,
food and fuel products will
20
remain strong creating
opportunity for specialty
0
markets in the U.S
• With acres trending lower,
2004 2005 2006 2007F 2008F 2009F 2010F
productivity is key and will
be highly dependent on
technology and germplasm U.S. PLANTED SOUTH AMERICAN
ACRES PLANTED ACRES
Source: USDA, FAPRI and Monsanto estimates
14

15. U.S. SOYBEANS
Molecular Breeding Increasing Performance Benefit in
Soybeans Versus Competitors
Soybean Breeding
SOYBEAN BREEDING: 2006 U.S. COMPETITIVE SOYBEAN YIELD
R&D Pipeline ASGROW / DEKALB
Soybean Breeding COMPETITORS
60
PLATFORM CONCEPT:
58
Monsanto is using the most
56
advanced tools of genomics,
BUSHELS/ACRE
molecular markers and IT resources
54
to more efficiently select for the
best base germplasm for soybeans 52
2006 PERFORMANCE UPDATE:
50
• Yield data from 2006 indicates
48
continued yield advantage for
national brands versus best-in-
46
class competitors
44
42
40
RELATIVE MATURITIES
4 5
0 1 2 3
15

16. U.S. SOYBEANS
Roundup RReady2Yield Soybeans Advance to Phase 4,
Beginning Pre-Launch Activities
KEY MARKET ACRES U.S. BRAZIL ARGENTINA
Roundup RReady2Yield AVAILABLE MARKET 70M 60M 35M
Soybeans PERCENT PENETRATED 0% 0% 0%
P R O JE CT
R&D Pipeline 2006 TESTING: RELATIVE PERFORMANCE OF ROUNDUP READY AND
ROUNDUP RREADY2YIELD EXPERIMENTAL LINES
Roundup RReady2Yield Soybeans
PROJECT CONCEPT:
Second-generation of Monsanto’s
PERCENT OF POPULATION
50 ROUNDUP READY
popular herbicide-tolerant ROUNDUP
EXPERIMENTAL
platform in soybeans that will RREADY2YIELD
LINES
40 EXPERIMENTAL LINES
provide farmers with soybeans
that have enhanced yield, with a 30
target of up to 5 bushel-per-acre
KEY RESULTS
yield increase over comparable 20
Roundup Ready soybeans
10
2006 PERFORMANCE UPDATE:
Phase 4
2006 STATUS:
-10 -5 0 5 10 15
VALUE CONSIDERATIONS:
YIELD DIFFERENCE (BU/AC)
• Value is additive with target of up
2006 breeding trials compared Roundup RReady2Yield
to 5 bushel-per-acre yield
experimental lines with Roundup Ready experimental lines that
improvement over comparable
were in the same stage of development. The Roundup
Roundup Ready soybeans
RReady2Yield lines averaged 3 to 5 bushels per acre higher than
VALUE CATEGORIES: Roundup Ready experimental lines – shifting the entire yield
curve positively and providing further validation for the product
RETAIL
$10 - $30/acre
VALUE/ACRE: concept target of up to a 5 bushel-per-acre yield increase
16

17. U.S. SOYBEANS
Vistive III Soybeans Continue To Meet or Exceed
Commercial Targets
KEY MARKET ACRES U.S.
AVAILABLE MARKET 12-15M
Vistive III Soybeans PERCENT PENETRATED 0%
P R O JE CT
IMPROVING THE NUTRITIONAL PROFILE OF
R&D Pipeline
SOYBEAN OIL
Vistive III Soybeans
LINOLENIC LINOLEIC OLEIC SATS
PROJECT CONCEPT: 18:3 18:2 18:1 18:0 / 16:0
Combining both breeding and biotechnology, Vistive
III is designed to lower linolenic and saturate content
while boosting oleic content for a profile similar to
olive oil
2006 PERFORMANCE UPDATE:
Phase 2
2006 STATUS:
Major market segments for U.S. soybean oil
VALUE CONSIDERATIONS: NON- HYDROGENATED- HYDROGENATED-
HYDROGENATED FRYING BAKING
• Approximately 40M acres of U.S. soybean crop
For salad oils, For various frying For various baking
is crushed for oil; Vistive III is optimal for Non-
household use applications applications
hydrogenated and Hydrogenated-Frying
segments (see table at right) Uses 50% of total Uses 25% of total Uses 25% of total
crushing (~20M crushing (~10M crushing (~10M
• Vistive III has replacement value; To be priced
acres) acres) acres)
at a premium to conventional soybean oil
• Market opportunity assumes competition from
other sources for different needs of different Source: Soyatech, USDA
food applications
VALUE CATEGORIES:
RETAIL VALUE/ACRE: $10 - $30/acre
17

18. U.S. COTTON
Profitability in Cotton Favors Farmers Who Adopt Best
Technologies
GROWER PROFITABILITY
ESTIMATE BASED ON 2006 YIELDS AND INPUT COSTS AND 2007
U.S. Cotton
600 COMMODITY PRICES
SITUATION:
• Growers will grow the
500
most profitable crops
OUTLOOK:
400
DOLLARS / ACRE
• Monsanto’s second
generation traits
including Bollgard II and
300
Roundup Ready Flex
should help cotton
200
farmers improve
profitability
100
0
COTTON CORN SOY WHEAT
RETAIL VALUE COST
Source: University Studies, USDA and Monsanto estimates
18

19. U.S. COTTON
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
U.S. Cotton
2006 RESULTS
SITUATION:
• Cotton trait platform is the first
17%
Bollgard II
to move forward on complete
replacement of first-generation
14%
Roundup
traits with second-generation
Ready Flex
upgrades
• Roundup Ready Flex cotton 2007 FORECAST
launched in the U.S. in 2006;
25-30%
Launched in Australia for Bollgard II
FY2007 planting
25-30%
Roundup
OUTLOOK:
Ready Flex
• Transition to second-
generation traits continues in
2007
0% 5% 10% 15% 20% 25% 30%
• Roundup Ready Flex was
planted on ~14% of planted
ROUNDUP READY FLEX
acres in 2005 – that should
double in 2007 Even on potentially lower total planted acres, Roundup
Ready Flex penetration rate should double in 2007 to
>25% of total cotton crop
1. Percent of annual planted acres reflects the ratio of number of actual trait acres planted to total planted acres in the
identified year for the specified geography
19

20. U.S. COTTON
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.
U.S. Cotton
2
SITUATION:
• Cotton trait platform is first to
TRAIT RETAIL VALUE PER ACRE
1.50
move forward on complete
1.5
replacement of first-generation
1.17
traits with second-generation
1.00
upgrades
(INDEXED)
1
• Roundup Ready Flex cotton
launched in the U.S. in 2006;
Launched in Australia for
0.5
FY2007 planting
OUTLOOK:
• From the base of a single trait, 0
move to second-generation SEED ONLY FIRST-GEN SINGLE FIRST-GEN DOUBLE-DOUBLE
stack – ‘double-double’ – can STACKED
increase retail value by 50
ADDITIVE VALUE IN STACKS
percent
Each trait in a stacked combination adds functionality
and value for the farmer. Second-generation stacks
further enhance that added performance
20

21. SUMMARY
All Six Growth Drivers Are On Track in 2007, Setting Stage
for Continued Growth Through End of Decade
MONSANTO’S OPPORTUNITY
FY2007 PRIORITIES
FACTOR
FOCUS: GROSS PROFIT AS A PERCENT OF SALES
• Drive trait penetration, especially
triple-stacks
54%
U.S. corn
• Seed market share growth in U.S.
national and ASI brands
GROSS MARGIN ‘PULL’
52% International • Grow market share in key
international market
corn
• Achieve 2.5-5 cents EPS for
50% Global biotech
Roundup Ready soybeans in
traits Brazil
• Complete Delta & Pine Land
48%
acquisition
Cotton
CURRENT LEVEL platform • Continue penetration of second-
generation stacked traits in U.S.
46%
• Achieve 10-12.5 cents EPS
Seminis
contribution
44%
2003 2004 2005 2006 2007F 2008F 2009F 2010F
• Emphasis on “HIT” projects
R&D pipeline
21

22. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow
Fiscal Year
2007
$ Millions Target
Net Cash Provided (Required) by Operations $1,375 - $1,450
Net Cash Provided (Required) by Investing Activities (500)
Free Cash Flow $875 - $950
Net Cash Provided (Required) by Financing Activities N/A
Effect of Exchange Rate Changes on Cash and Cash Equivalents N/A
Net Increase (Decrease) in Cash and Cash Equivalents N/A
22