1) Monsanto's corn seed brands DEKALB and ASI are expected to gain market share in the U.S. corn seed market in 2008, with DEKALB gaining 2-3 share points and ASI gaining 1-2 share points. 2) Monsanto has infused its corn seed brands with new traits and technologies, increasing their gross profit per acre. Both DEKALB and ASI are expected to have over half of their corn seed portfolios contain triple-stacked traits in 2008. 3) U.S. acres planted with triple-stacked corn traits are forecasted to grow 40-50% in 2008, providing opportunities for Monsanto's seed brands.

1. BRETT BEGEMANN
EXECUTIVE VICE PRESIDENT,
GLOBAL COMMERCIAL
GOLDMAN SACHS
AGRICULTURAL BIOTECH FORUM
February 12, 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.
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
Our Strategy Persists and Delivers; Ongoing Earnings Guidance
to $2.70-$2.80 EPS for 2008 and On Track to 2012 Targets
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
Ongoing EPS guidance of
$2,000
$2.70-$2.80 based on strong
$1,000 outlook for corn, soy and
Roundup globally
$0
Earnings continue to translate
2004 2007 2012
MILESTONES
into operating cash, and value
2010
2007 created for shareowners
Gross margin
Base Gross Profit: through combination of
target: 52-54%
$4,286M acquisitions, share
ONGOING EPS GROWTH: repurchases and dividends
MID-TO-HIGH TEENS
4

5. OVERVIEW
Seeds & Traits Strategy Prevails Through Peaks and Valleys
of Commodity Cycles
BOLLGARD (II) AND ROUNDUP READY (FLEX) COTTON
ROUNDUP READY SOYBEANS
ABSOLUTE TRAIT PENETRATION & COMMODITY PRICE
ABSOLUTE TRAIT PENETRATION & COMMODITY PRICE
$12.00 120%
PERCENTAGE OF PLANTED
120%
$0.70
PERCENTAGE OF PLANTED
DOLLARS PER BU
100%
$10.00
DOLLARS PER LB
$0.60 100%
$0.50
$8.00 80% 80%
ACRES
ACRES
$0.40
60%
$6.00 60%
$0.30
$4.00 40% 40%
$0.20
20%
$2.00
20%
$0.10
$0.00 0%
0%
$0.00
'97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07
'97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07
1
U.S. Soybean Commodity Price
U.S. Cotton Commodity Price1
% of U.S. Soybean Acres Penetrated
% of U. S. Cotton Acres Penetrated
YieldGard Corn Borer, YieldGard Rootworm, Roundup Ready
ABSOLUTE TRAIT PENETRATION & COMMODITY PRICE
SEEDS & TRAITS GROWTH
120%
$4.00
PERCENTAGE OF PLANTED
KEY DRIVERS
$3.50
100%
DOLLARS PER BU
1. Development and launch of biotech traits that
$3.00
bring breakthrough innovation to growers
80%
$2.50
through a seed solution
ACRES
60%
$2.00
2. Cutting-edge breeding technology that offers
$1.50 varieties and hybrids never before available
40%
with greater yield performance
$1.00
20% 3. Combination of best trait technologies in top-
$0.50
performing, elite seeds resulting from best-in-
0%
$0.00
class trait integration
'97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07
U.S. Corn Commodity Price 1
5
% of U.S. Corn Acres Penetrated 1. Source: USDA/NASS data; 2007 is Dec. price only

6. OVERVIEW
Innovation Delivered through Balanced Crop Portfolio
Consistently Delivers Growth Despite Acreage Shifts
1.2 2008F
For every 1 million acres that shifts
1.00
1
PLANTED ACRE (INDEXED)
AVERAGE GROSS PROFIT/
from soybeans to either corn or
0.94
cotton in the U.S., on average, an
estimated 1 cent of EPS is gained
0.8
0.6
0.47
0.4
0.2
0
CORN COTTON SOYBEANS
BRANDED SEED
U.S. Trait Intensity
1.6 1.3 .97
FY08 – All
Channels
CURRENT TRAITS
6

7. OVERVIEW
At Mid-Year, Corn and Soybean Performance Globally Builds
Platform for Delivering Five-Year Growth Plan
STRATEGIC PLAYBOOK
2012 GROWTH RANGE
U.S. Corn
Gross profit targeted to double
from 2007 through 2012 KEY PRIORITIES
STRATEGIC PLAYBOOK 1. Grow U.S. seed footprint
2. Expand trait penetration and bridge to SmartStax 2010 launch
All growth is organic, from
base business and pipeline
International Corn
U.S. Corn
International Corn KEY PRIORITIES
Soybeans
1. Expand international seed footprint
Cotton
Seminis 2. Set the table for biotech trait ramp up outside of the U.S.
R&D Pipeline
Acquisitions to be pursued, Soybeans
but are not included in this
KEY PRIORITIES
growth projection
1. Launch of Roundup Ready 2 Yield soybeans
Earnings continue to translate
2. Continue penetration of Roundup Ready soybeans in Brazil to
into operating cash, and value
create platform for insect-protected Roundup Ready 2 Yield
created for shareowners soybeans
through combination of
3. Launch enhanced modified oil traits
acquisitions, share
repurchases and dividends 4. Continue to develop and launch pipeline traits with more stacked
offerings
7

8. U.S. CORN
Orders and Shipments to Date Indicate DEKALB Could Gain
Two-to-Three Share Points in U.S. Corn Seed
DEKALB U.S. CORN SHARE EVOLUTION: 2001-2012F
32%
30% 2012 TARGET RANGE
GEOGRAPHY: U.S.
28%
OBJECTIVE: Grow footprint
2008 STATUS 25% - 26%
26%
• DEKALB expected to 24%
gain 2- 3 points in 2008 ORIGINAL 2010 TARGET RANGE
22%
for total share of 25-to-26
percent in U.S. market 23%
20%
2012 OUTLOOK
18%
• Grow share through 2012 19% DEKALB expected
16%
by up to 10 points to continue share
cumulatively from 2007 gains, with
16%
14% cumulative target
share of 23 percent
14% of as much as 10
12% 13% points from 2007
10% 12%
to 2012
10%
2001 2002 2003 2004 2005 2006 2007 2008F 2009F 2010F 2011F 2012F
2007
2005
DEKALB ends 2007 with
Monsanto projects 1-2 point
23% share, achieving 2010
share gains for DEKALB from
target 3 years early
2005 through 2010
8

9. U.S. CORN
With Platform Established, ASI Expected to Gain Share
Organically for Second Consecutive Season
ASI U.S. CORN SHARE EVOLUTION: 2005-2008E
GEOGRAPHY:
12%
U.S.
10-11%
OBJECTIVE: Grow footprint
10% 9.1%
2008 STATUS
• ASI expected to gain 1-to- 8%
2 share points
organically in 2008
6% 5.2%
season
2012 OUTLOOK 3.5%
4%
• Continued organic share
2%
growth
0%
2005 2006 2007 2008F
2007
ASI gained 1 share point of organic
growth in 2007, ending the year with
9 share points just three years after
ASI strategy was initiated
9

10. U.S. CORN
ASI Provides Differentiated Approach to Market While
Delivering Gross Profit Per Acre Comparable to DEKALB
ASI GROSS PROFIT PER ACRE
GEOGRAPHY: U.S.
GP/acre increases
2
OBJECTIVE: Grow footprint
AVERAGE GROSS PROFIT/ACRE
85% after ASI
2008 STATUS Average
1.8 acquisition GP/acre in
1.85
• ASI includes 26 brands, 1.6 same band
with differentiated as DEKALB
1.4
(INDEXED)
customer experience
from DEKALB 1.2
• Organic growth of
1
1 share point in 2007
1
0.8
brought ASI to 9 points
total
0.6
2012 OUTLOOK
0.4
• Continued organic share 0.2
growth
0
POST-
PRE- DEKALB
ACQUISITION
ACQUISITION
• With technology infusion, gross profit per acre lifts when
seed company brought under ASI umbrella
10

11. U.S. CORN
Monsanto Infused Technology and Capital into ASI
Companies, Resulting in Upgraded Margin from Trait Stacks
PERCENTAGE OF BRANDED PORTFOLIO
CONTAINING TRIPLE STACK
70% ASI % of Portfolio in Triple Stack
60% 55-60%
DEKALB % of Portfolio in Triple Stack
GEOGRAPHY: U.S.
50%
Expand trait 42%
penetration and 40% 35%
OBJECTIVE: bridge to
SmartStax 2010 30%
launch 21%
20%
2008 STATUS 14%
8%
10%
• DEKALB and ASI
1%
portfolios expected to be
0%
55-60 percent triple stack
2005 2006 2007 2008F
2012 OUTLOOK
ASI
• Continued high triple trait
26 26
4 16
Brands
penetration in both
DEKALB and ASI brands,
creating platform for
conversion to SmartStax
11

12. U.S. CORN
U.S. Triple-Stacked Corn Forecasted to Grow 40 to 50+
Percent in 2008
U.S. CORN TRAIT OPPORTUNITY: 2005-2010F
220 60
U.S. TRIPLE-STACK ACRES
200
U.S. TRAIT ACRES
50
180
(IN MILLIONS)
(IN MILLIONS)
160
40
140
120
30
100
80
20
60
40 10
20
0 0 CATALYSTS OF
2010
2005 2006 2007 2008 2010F TRIPLE STACK
2007 2008F Opportunity
GROWTH
Rootworm Control 45-55M
20.8M 26-28M
Channel Triple
Corn Borer Control Penetration
60-70M
42.4M 40-42M
Glyphosate Tolerance 80M DEKALB Supply
57.9M 63-65M
Guarantee
Triple Stack 17.6M 25-27M 45-55M
Yield Insurance
Trait acres reflect the total acres planted with each individual trait. In the case of stacked traits, each absolute
acre will be reflected by two or more trait acres.
Program
Source: “Monsanto Biotechnology Trait Acreage” available through: monsanto.com/investors/
12

13. INTERNATIONAL CORN
DEKALB Expected to Gain Corn Share and Maintain
Leadership in Expanded Market in Argentina
2007 2008F
INA
(06/07 SEASON) (07/08 SEASON)
GEOGRAPHY: Argentina
HYBRID
NT
Expand
MARKET
OBJECTIVE: international
GE
8M1 10M1
SIZE
footprint
AR
2008 STATUS
• Expected to grow 5 share
points in a market that is
DEKALB
25 percent larger than in 40% 45%
SHARE
2007
2012 OUTLOOK
AVG.
• Target 1-to-2 share points
RETAIL
of growth annually
$23/ACRE $29/ACRE
PRICE FOR
through 2012
DEKALB
HYBRID
CORN SEED
13
1. Source: KLEFFMANN Marketing Services

14. INTERNATIONAL CORN
Approval of Stacked Corn in Argentina to Accelerate Roundup
Ready Adoption; 30-to-40 Percent Availability Planned for 2009
TRAITED CORN ACRES PLANTED VS. OPPORTUNITY IN ARGENTINA
ROUNDUP READY CORN 2 SmartStax
10 YIELDGARD CORN BORER 9M
GEOGRAPHY: Argentina
8M
8
Set the table for
7M
M ACRES DOUBLE AND TRIPLE OPPORTUNITY
biotech trait
6M
OBJECTIVE:
ramp outside 6
the U.S.
2008 STATUS 4
• 86 percent of corn borer
control opportunity
2
.8M
penetrated in 2008 season;
Roundup Ready Corn 2
0
relatively untapped
• Approximately 150K acres of
OPPORTUNITY
2007 2008F
double stack planted in first
year of launch
ROUNDUP READY CORN 2 YIELDGARD CORN BORER - ARGENTINA
• Seed production for 30-to-40
percent double-stack traits in
• Growers forced to trade off between insect and weed control prior to approval
2009
of double stack; penetration expected to accelerate much faster than with
2012 OUTLOOK single traits.
• 100 percent of corn acres in Argentina infested with sugarcane corn borer and
• Continue penetration of
corn earworm, making SmartStax an excellent fit for this market
double-stack to create
footprint for SmartStax
14

15. INTERNATIONAL CORN
Brazil Expected to Turn the Corner and Hold Hybrid Corn
Seed Share in 2008
BRAZIL
2007 2008F
GEOGRAPHY: Brazil
Hold brand
OBJECTIVE:
HYBRID
share in 2008
23M 26M
MARKET
2008 STATUS
SIZE
• DEKALB and Agroeste
MONSANTO
combined are forecasted
40% 40%
SAFRA SHARE
to be flat with 2007,
delivering on our goal to
SAFRINHA
AVG. RETAIL
stabilize share in 2008
PRICE FOR
2012 OUTLOOK
DEKALB $29/ACRE $34/ACRE
• After 2008, target 1-2
HYBRID
share point gains per
CORN SEED
year
BRAZILIAN HYBRID CORN MARKET
SAFRA (SUMMER) – Produced during wet summer months (Oct. – Feb.); expected
to account for 60 percent of total corn planted for 2007-2008 season.
SAFRINHA (WINTER) – Produced during winter months (Jan. – Sept.); expected to
account for 40 percent of total corn planted in 2008 season. Market experiencing
the most growth and represents our strongest share.
15

16. INTERNATIONAL CORN
Final Approvals Pending in Brazil for YieldGard Corn Borer;
Potential for Launch in 2009
TRAITED CORN OPPORTUNITY IN BRAZIL
GEOGRAPHY: Brazil
Set the table for
20
biotech trait 15-20M
OBJECTIVE:
ramp outside
SmartStax
the U.S.
15
M ACRES
2008 STATUS
ROUNDUP READY CORN 2
• Awaiting vote from
10 YIELDGARD CORN BORER
CNBS, the next step in
the regulatory approval
5
process for YieldGard
Corn Borer
2012 OUTLOOK
0
• First-generation corn
OPPORTUNITY
2008
traits launched to create
footprint for SmartStax
REGULATORY APPROVAL PROCESS IN BRAZIL
• First step consists of approval from CTNBio, Brazil’s biosafety
commission, which is managed by the Ministry of Science and
Technology to make science-based technical assessments
• CTNBio approval may be followed by a review from the National
Biosafety Council (CNBS) to examine social and economic factors
• Hybrid variety registrations required before commercial launch
16

17. SOYBEANS
Asgrow Soybean Share Expected to Increase in Expanded
Market in 2008
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
17

18. SOYBEANS
Japan Export Approval for Roundup Ready 2 Yield Received;
On Track for 2009 Controlled Commercial Release
ROUNDUP READY 2 YIELD SOYBEANS:
CROP: Soybeans
LAUNCH PLANS
Launch
OBJECTIVE: Roundup U.S. Full-Scale
Ready 2 Yield Launch Target:
P R O JE CT
5- 6M Acres
2008 STATUS
U.S. Controlled
• Consistent 7-to-11percent Commercial
yield advantage with Release Target:
Roundup Ready 2 Yield 1- 2M Acres
• U.S., Canadian and
Grower level marketing, awareness and trial
Japanese approvals
received; awaiting key
Licensee breeding
export approvals from
China, Mexico and Europe Industry coordination and communications
• Pre-launch activities • American Soybean Association and key agri-food
under way stakeholders
PRICING
Pursuit of export approvals in China, Europe and
• Yield improvement shared Mexico – JAPAN RECEIVED
with grower; average 5-
Branded and licensed seed production
year soybean commodity
2007 2008 2009 2010
price approximately $6.40
per bushel1
18
1. Source: NASS, USDA data 2003 to August 2007

19. SOYBEANS
Roundup Ready Soybeans in Brazil Mirroring U.S.
Penetration Curve, Creating Future Footprint for Growth
CROP: Soybeans
ROUNDUP READY SOYBEANS:
Grow Roundup
PENETRATION AS PERCENT OF OPPORTUNITY
Ready
penetration in
Brazil to create 120%
OBJECTIVE:
platform for
Roundup 100%
Ready 2 Yield
soybeans 80%
2008 STATUS
55% penetration in
60%
Brazil consistent with
• Brazil Roundup Ready U.S. trend in year five
40%
soybean penetration
expected to be 55 percent
20%
of opportunity
0%
2012 OUTLOOK
5
6
7
8
9
0
1
2
3
4
6
7
• Potential to penetrate 95
8F
'0
'9
'9
'9
'9
'0
'0
'0
'0
'0
'0
'0
'0
percent of Brazilian acres U.S. Roundup Ready soybeans
U.S. Roundup Ready soybeans
at peak, establishing
Brazil Roundup Ready soybeans
Brazil Roundup Ready soybeans
footprint for transition to
insect-protected Roundup
Ready 2 Yield soybeans
19

20. SOYBEANS
Insect-Protected Soybeans Advanced to Phase III to Create
Product Unique to Brazilian Market
INSECT CONTROL OPPORTUNITY: BRAZIL
GEOGRAPHY: Brazil
TIPTON, GA – FIELD EFFICACY TRIAL – 2007
Continue to
develop and
launch
pipeline
OBJECTIVE:
traits with
more
stacked
offerings
2008 STATUS
• Insect-protected
soybeans advanced to
Phase III
CONTROL WITH GENE
• Roundup Ready 2 Yield (NO INSECTICIDE) (NO INSECTICIDE)
being tested in tropical
BENEFITS ACREAGE OPPORTUNITY
germplasm
INSECT-PROTECTED • 4+ percent yield increase vs. insecticide- 50-60M acres infested with
SOYBEANS treated soybeans lepidopteran insects in
Brazil
• Growers currently spray twice per season, at
cost of $5.70/acre for insecticide and one
application1
ROUNDUP READY 2 • 7-to-11 percent yield increase in U.S. 50-60M acres in Brazil
YIELD germplasm; tropical germplasm testing in
progress
20
1. Source: Kleffmann AMIS for insecticide cost and FNP Agrianual 2007 for spraying cost

21. SOYBEANS
Three Soybean Traits Uniquely Advanced to Phase III,
Bringing Soy Stacked Offerings Step Closer to Grower
SOYBEAN UPGRADE UNDER WAY;
CROP: Soybeans
MARKET SEGMENTATION BY MID NEXT DECADE
Continue to
DICAMBA
launch and U.S. SOYBEAN VALUE
MODIFIED OIL
TOLERANCE
develop MARKET
TRAITS
pipeline
OBJECTIVE:
COMPETITIVE • Roundup Ready • $13+/acre for
traits for
PLATFORM 2 Yield in glyphosate
new market for 2+ tolerance
stacked ROUNDUP years plus 7-to-11
offerings READY 2 YIELD percent yield
• Vistive III and
2008 STATUS advantage
other modified
oil traits being • Oil premium
• Roundup Ready 2 Yield
U.S. SOYBEANS: launched
approved for U.S. and
60-70M ACRE MARKET ROUNDUP READY 2
Canadian planting and
YIELD AND INSECT
Japanese import; other
PROTECTED
export approvals pending BRAZIL SOYBEAN VALUE
MARKET
2012 OUTLOOK
• Insect-protected •$2.50-$3.00+
• Five trait stacks in
Roundup Ready per acre for
ROUNDUP READY
soybeans feasible, with
2 Yield being glyphosate
Roundup Ready 2 Yield as
launched tolerance plus
base trait for all
7-to-11
percent yield
BRAZIL SOYBEANS:
advantage
50-60M ACRE MARKET
•Insecticide
replacement
21

22. ROUNDUP
Demand-Driven Ag Economy, Expanding Roundup Ready
Acres and Conservation Tillage Fueling Roundup Growth
$4,000 SEEDS & GENOMICS GROSS PROFIT ~$3.5B
$3,500 ROUNDUP & OTHER GLYPHOSATE-
GROSS PROFIT
BASED HERBICIDES GROSS PROFIT
GEOGRAPHY: Global $3,000
Maximize 16%
OBJECTIVE: $2,500
return 27% CAGR ’01 to ‘08F
2008 STATUS $2,000
$1.3B to $1.4B
• Roundup and other $1,500
glyphosate-based
$1,000
herbicides expected to
deliver $1.3 to $1.4 billion
$500
of gross profit on 58%
1% CAGR ’01 to ‘08F
increased volumes and
$0
branded price above $13
2001 2002 2003 2004 2005 2006 2007 2008F
per equivalent gallon
ROUNDUP GROSS PROFIT DRIVERS
DEMAND DRIVEN VOLUME:
• Increasing Roundup Ready acres for over-the-top application
• Increasing fuel costs drive increased adoption of conservation tillage practices
COMPETITIVE PRICING:
• Conversion of other key glyphosate suppliers to western accounting practices
• Rising glyphosate COGS for Chinese suppliers driven by more stringent environmental
controls and increased raw material costs
22

23. SUMMARY
Given Growth Opportunities, Monsanto Has Potential to
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
23

24. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow
Fiscal Year
2008
Target
$ Millions
Net Cash Provided (Required) by Operations $1,950 - $2,050
Net Cash Provided (Required) by Investing Activities (1,050)
Free Cash Flow $900 - $1,000
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
24