The document provides an overview and update of Monsanto's research and development pipeline. Key points include: - 5 projects advanced phases in the biotech trait pipeline and 5 new products were added. - DEKALB corn maintained a 8.4 bushel per acre yield advantage on average compared to competitors. When protected with YieldGard VT Triple, the advantage widened to 14.6 bushels. - Roundup Ready2Yield soybeans and molecular breeding are expected to significantly increase soybean yields above historic trends. - The drought tolerant corn family and nitrogen utilization corn family projects were advanced in the pipeline.

1. R&D PIPELINE REVIEW
TERRY CREWS
CFO
STEVE PADGETTE, PH.D.
VICE PRESIDENT, BIOTECHNOLOGY
January 8-9, 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. FINANCIAL REVIEW
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
4

5. OVERVIEW
Given Growth Opportunities, Monsanto Has Potential to More
Than Double Gross Profit Over 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
Earnings continue to translate
$0
into operating cash, and value
MILESTONES
2004 2007 2012
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
5

6. OVERVIEW
Our Biotech and Breeding Pipeline Is Accelerating, With
Progress in Projects and Widening Yield Advantages
MILESTONES:
Biotech pipeline is accelerating
10 projects either advanced phases or
were added to the pipeline – among the
most in any annual update
Q1 Q4 First time transitioned 4 projects from
Phase 2 to Phase 3
Q2 Q3 First multi-generational advancement as 2
generations of corn drought family
advance
SmartStax enters the pipeline as the
platform for corn, complementing
Roundup RReady2Yield as the soybean
platform
ANNUAL R&D CYCLE: SEEDS & TRAITS
Breeding programs yields impressive
WHAT CHANGED 2007-2008?
DEKALB germplasm maintains impressive
• 5 projects advanced phases 8.4 bu/ac advantage; gap widens to 14.6
• 5 products added bu/ac when protected with YieldGard VT
• Vistive II removed in favor of Vistive III Triple stack
• “Water-use efficiency” soybeans reclassified as
Asgrow germplasm yield advantage
“2nd-Gen Higher-Yielding soybeans”
improves to average 1.27 bu/ac; Roundup
• Two former Renessen projects rolled into the Monsanto
RReady2Yield to provide 7-11% boost
pipeline
6

7. OVERVIEW
Pipeline Leverages Power of Breeding and Biotech for Current
Commercial Growth and New Platforms in Next Decade
MONSANTO’S R&D PIPELINE
DISCOVERY PHASE I PHASE II
R&D PHASE: PHASE III PHASE IV LAUNCH
BREEDING
G
COMMERCIAL
IT PLATFORM
GERMPLASM
INTEGRATION
ANALYTICS
COMMERCIAL
MARKERS
GENOMICS SEED
ELITE
Germplasm
TRAIT
SOLD TO
R FARMERS
BIOTECHNOLOGY
Pipeline Priorities Through 2012
Pipeline Priorities Through 2012
BIOTECHNOLOGY
BREEDING
Deliver the Value in Monsanto’s Established
Continue to Drive Breeding Gains Across Crop
Trait Pipeline
Platforms
Unlock the Opportunity in Yield and Stress
► Ensure momentum in corn breeding continues
Through the BASF Collaboration
► Accelerate ramp up of soybean breeding
► Continue application of proven tools to cotton and ► Deliver the industry’s first traits in the emerging yield-
vegetables and-stress arena
► Change the trait-value opportunity with “product
families”
7

8. CORN BREEDING
Final Yield Trial Results Reinforce Yield Advantage of
DEKALB Seed in U.S.
2007 FINAL U.S. COMPETITIVE CORN YIELD
FINAL:
COMPARISON: DEKALB
DEKALB
U.S.
GEOGRAPHY: 210
(APPROXIMATE DIFFERENCES)
COMPETITORS
Grow footprint 205
OBJECTIVE:
205
2007 PERFORMANCE UPDATE 200
BUSHELS/ACRE
• In > 14,000 comparisons, 195
197
Monsanto out-yields 195
190 193
competitive best by 191
190 189
185 188
8.4 bu/ac 186
180
• In 110-day RM,
Monsanto’s lead remains 179
175
a strong 12 bu/ac
170
advantage
165
Source: 2007 Monsanto
160
and third party trials
163
through November 15,
155
2007. Weighted
155
average, calculated to
150
15% moisture. DEKALB
products are compared
95 RM 100 RM 105 RM 110 RM 115 RM Overall
with national competitive RELATIVE MATURITIES (DAYS)►
products that contain
>480 >1,220 >1,820 >5,220 >5,270 >14,000
COMPARISONS:
similar crop protection
traits.
APPROXIMATE BU/AC
7.8 10.4 5.1 12.0 5.5 8.4
ADVANTAGE:
8

9. CORN BREEDING
Again in 2007, Best in Class Germplasm and Trait Integration
Delivers Best Yield
TOTAL DEKALB SEED & TRAIT YIELD PERFORMANCE IN 2007
FINAL
Seed & Trait: Head-to-Head
AVE. BUSHELS PER ACRE
210
14.6
211.6
206
BU/AC
202 ADVANTAGE
198
197.0
194
190
MONSANTO Pioneer ®
Competitive Hybrids
DEKALB Hybrids
Performance in Key Corn Belt States
with Herculex®
with YieldGard VT
XTRA and Roundup
Triple
NE IA IL
Ready Corn 2
>70 >400 800
Nearly 1,700 comparisons in 17 states: DEKALB Comparisons:
seed, protected by YieldGard VT Triple,
210 214 219
Monsanto
outperformed the best competitive seed-and- Brands: bu/ac bu/ac bu/ac
trait package by >14.6 bu/ac on average
193 200 202
Competitive
Brand: bu/ac bu/ac bu/ac
9

10. SOYBEAN BREEDING
Roundup RReady2Yield and Molecular Breeding Rewrite
Historic Soybean Yield Trends
SOYBEAN YIELD PROGRESSION: 2000-2012
52 MAB gains set new
USDA AVERAGE YIELD/AC1
trajectory on top of
TREND LINE OF USDA YIELD
50 Roundup RReady2Yield
step change
SOYBEAN YIELD AT HISTORIC
48 RATE GAIN Roundup
AVERAGE YIELD
RReady2Yield creates
EXPECTED TREND WITH APPLIED
step change of 7-11%
(BU/ACRE)
46 MOLECULAR BREEDING (MAB)
across portfolio
44
42
All breeding going
40 forward is built on
Roundup RReady2Yield
MAB-ROUNDUP
HISTORIC GAIN: 0.50 BU/AC
38 foundation and uses
RREADY2YIELD
applied MAB
PLATFORM
technology
36
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2007 2009-2010
Asgrow germplasm shows yield Roundup RReady2Yield
advantage in all zones based on controlled commercial
greater than 16,000 comparisons, release + commercial
with an average advantage of 1.27 launch
bu/acre for groups 1 thru 5
10
1. USDA NASS: http://www.nass.usda.gov/QuickStats/

11. BIOTECH PIPELINE
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. BIOTECH PIPELINE
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
12

13. BIOTECH PIPELINE
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
13

14. BIOTECH PIPELINE
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:
14
STATUS:
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
14

15. BIOTECH PIPELINE
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
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
15

16. BIOTECH PIPELINE
YieldGard VT PRO Will Provide Dual Mode of Action for
Increased Product Durability and Broader Spectrum Control
YIELDGARD VT PRO IN FINAL
NEW:
R&D Pipeline
REGULATORY PHASE
YieldGard VT PRO
2007 YieldGard VT PRO Field Trials
12 YieldGard VT PRO
Phase 4
# of Damaged Kernels per Ear
STATUS:
Corn Earworm Damage Ratings contains two
10
PROJECT CONCEPT: proteins for effective
8 control of target
2007; N=9
YieldGard VT PRO is the second-
insect pests:
6
generation of YieldGard Corn Borer
European
and broadens the spectrum of 4
cornborer and
insect control and increases the
southwestern
2
durability of the trait with the use of
cornborer
two proteins for dual modes of 0
Corn earworm
action for resistance management Roundup YieldGard Herculex® YieldGard VT
and fall
with
Ready Corn Borer Pro with
VALUE: Corn 2 with Roundup Roundup armyworm
Roundup
Ready Corn 2 Ready Ready Corn 2
LAUNCH-COUNTRY Provides broader
60-65M Corn 2
ACRES:
spectrum and
greater consistency
2007 & 2006 YieldGard VT Pro Field Trials
SMARTSTAX
0-9 Damage Rating Scale
2020 VALUE: 10
COMPONENT Awaiting final
Fall Armyworm Damage Ratings
9
regulatory import
8
SOURCES OF VALUE:
approvals in key
2006; N=3
7
countries, EPA
Higher per-acre yield from 6
2007; N=5 registration and
improved spectrum and
1 5
USDA deregulation
consistency of control 4
3
Higher on-farm yield from 2
potential for reduced
2 1
refuge acre requirements 0
Control Herculex® YieldGard VT
PRO
16

17. BIOTECH PIPELINE
Third-Generation Corn Rootworm Technology Shows Early
Promise and Highlights Innovation in the Pipeline
RNAi AND NOVEL PROTEIN APPROACHES
R&D Pipeline
DEMONSTRATE EXCELLENT PROTECTION
NEW:
AGAINST CORN ROOTWORM FEEDING
YieldGard Rootworm III
Phase 1
STATUS:
1.40
2007 Field Efficacy Tests
Root Damage (0-3) Scale
PROJECT CONCEPT:
1.20 5 locations
YieldGard Rootworm delivers
effective and consistent in-plant 1.00
protection against western,
northern and Mexican corn 0.80
rootworm. Third generation
technology, namely RNAi 0.60
technology, is targeted to provide
an additional mode of action for 0.40
improved spectrum and durability.
0.20
0.00
High Pressure Greenhouse Test YieldGard RNAi 1 RNAi 2 New Insect Negative
Control
VT Rootworm/
RNAi Negative
Protein
Technology Check
Roundup Ready 2
YieldGard
Rootworm x
RNAi technology is an innovative approach that uses targeted
YieldGard
RNAi
Rootworm
Technology
regulation of gene expression for rootworm control
(Baum JA, et al. Nature Biotechnology; 2007,25, 1322-1325)
► Early yield trials demonstrate yield equivalency for both RNAi
and novel protein constructs
17

18. BIOTECH PIPELINE
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
18

19. BIOTECH PIPELINE
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
19

20. BIOTECH PIPELINE
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 Roundup RReady2Yield
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
20

21. BIOTECH PIPELINE
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: ▼ DMO Enzyme
Structure
Increased Flexibility Agronomic trials in 28 locations
1 showed comparable yields
Improved weed control options
with two modes of action between dicamba treated plots
and untreated controls, even at
1. Acre opportunity reflects acres where technology
application 3X approved rates –
fits at Monsanto's current 2007 market share in
respective crops
indicating commercial tolerance
2. 2020 value reflects gross sales opportunity in
and yield performance
launch country in year 2020
21

22. BIOTECH PIPELINE
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 (%)
HIT Project Vistive III Low Lin – Mid
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
22

23. BIOTECH PIPELINE
Food Prototypes Containing SDA Soybean Oil from Omega-3
SDA Enhanced Soybeans Meets Consumer Acceptability
SDA SOYBEAN OIL METS FOOD
NEW:
R&D Pipeline
APPLICATION TARGETS
Omega-3 SDA Enhanced Soybeans
9= Like Extremely
Phase 3
STATUS:
Consumer Acceptability – Overall Liking
PROJECT CONCEPT: 9
8 7.14a 7.14a
Omega-3 SDA enhanced soybeans
6.6a 6.47 a
6.59 a 6.53 a
represent a land-based source of
Liking Rating
7
essential Omega-3 fatty acids.
6
Targeting 20 percent stearidonic
5
acid (SDA) with taste, shelf life and
oil stability of soybean oil.
1= Dislike extremely
4
VALUE: 3
LAUNCH-COUNTRY 2
<1M
ACRES1:
1
$300-$500M
2020 VALUE2:
Margarine Yogurt Drink Granola Bar
SOURCES OF VALUE:
Control (Soy Oil ) SDA Soy Oil
High Value Oil
a Not Statistically Different
Product similar to soybean oil
1 in taste, shelf-life and oil
Recent results show comparable consumer acceptability
stability, but with the superior
between SDA soy oil and conventional soy oil in margarine
nutritional profile of fish oil
spreads, yogurt, yogurt drinks and granola bars
► No significant yield differences between Omega-3 SDA
1. Acre opportunity reflects acres where technology fits at
enhanced lead event and the control over 5 growing seasons
Monsanto's current 2007 market share in respective
crops
and 65 locations
2. 2020 value reflects gross sales opportunity in launch
country in year 2020
23

24. BIOTECH PIPELINE
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%
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
24

25. BIOTECH PIPELINE
U.S. Field Testing Identifies Drought-Tolerance Leads in
Cotton
EARLY RESULTS ON DROUGHT-TOLERANT COTTON
NEW:
R&D Pipeline TESTING IN THE U.S.
Drought-Tolerant Cotton Mid-Season Late Season
Halfway, TX – September 2007 Halfway, TX – October 2007
Phase 1
STATUS:
PROJECT CONCEPT:
Drought-tolerant cotton is
designed to minimize risk in
cotton farming by providing
yield stability in environments
experiencing sporadic or CONTROL
WITH GENE CONTROL
WITH GENE
consistent water stress and by
reducing water needs on
irrigated acres.
YIELD DIFFERENCE PERCENT
Percent yield difference vs. control – Across multiple locations
PROJECT UPDATE: 4.0% 19% 6.7% 8.5% 10.1% 4.7% 4.6% 4.9%
20
(lbs seed cotton/ACRE)
• Building a portfolio of genes 18
that confer drought tolerance Event 1
16
in cotton
14 Event 2
• Initial field results show 12
positive phenotypes for 2006 – 4 locations
10
multiple genes in water- 2007 – 7-9 locations
8
stressed conditions
6
4
2
0
2006 2007 2006 2007
Water Stressed Non-Stressed
25

26. BIOTECH PIPELINE
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
26

27. SUMMARY
Our Biotech and Breeding Pipeline Is Accelerating, With
Progress in Projects and Widening Yield Advantages
MILESTONES:
Biotech pipeline is accelerating
10 projects either advanced phases or
were added to the pipeline – among the
most in any annual update
Q1 Q4 First time transitioned 4 projects from
Phase 2 to Phase 3
Q2 Q3 First multi-generational advancement as 2
generations of corn drought family
advance
SmartStax enters the pipeline as the
platform for corn, complementing
Roundup RReady2Yield as the soybean
platform
ANNUAL R&D CYCLE: SEEDS & TRAITS
Breeding programs yields impressive
WHAT CHANGED 2007-2008?
DEKALB germplasm maintains impressive
• 5 projects advanced phases 8.4 bu/ac advantage; gap widens to 14.6
• 5 products were added bu/ac when protected with YieldGard VT
• Vistive II was removed in favor of Vistive III Triple stack
• “Water-use efficiency” soybeans reclassified as
Asgrow germplasm yield advantage
“2nd-Gen Higher-yielding soybeans”
improves to average 1.27 bu/ac; Roundup
• Two former Renessen projects were rolled into the
RReady2Yield to provide 7-11% boost
Monsanto pipeline
27