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CANACCORD ADAMS AGRICULTURE
CONFERENCE

DR. ROBB FRALEY
CHIEF TECHNOLOGY OFFICER

December 9, 2008
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 reports on forms 10-Q and 10-K. 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
STRATEGIC OUTLOOK


Monsanto’s Growth Opportunity Lies at the Intersection of
Demand, Innovation and Execution


 Monsanto’s Simple Philosophy on Opportunity:


                                                   YIELD
         More demand requires more

                                                INNOVATION
         More yield requires more


                                                    GROWTH
         More innovation delivers more



                                                             3
STRATEGIC OUTLOOK

            Increasing Protein Demand, Coupled with Boost from
            Biofuels, Creates Sustained Long-Term Grain Demand

                                                                                                                                                                                                                                                                                                                                       STATE OF AGRICULTURE:
                                                                                        STRETCHING SUPPLY
                                                                                                                                                                                                                                                                                                                                        Yield Always Matters
                                                    WORLD CORN STOCKS-TO-USE RATIO1
                                                                                                                                                                                                                                                                                                                                   ► DEMAND PERSISTS
                                                                                                                                                                                                                                                                                                                                     OVER TIME
                120%                                                                                                                                                                                                                                                                                             900
                                                                                                                                                                                                                                                                                                                                   ► Global corn ending stocks-
                                                                                                                                                                                                                                                                                                                                      to-use ratio projected to be
STOCKS-TO-USE RATIO




                                                                                                                                                                                                                                                                                                                 800
                100%
                                                                                                                                                                                                                                                                                                                                      ~14 percent for 2008/09




                                                                                                                                                                                                                                                                                                                   M METRIC TONS
                                                                                                                                                                                                                                                                                                                 700
                      80%
                                                                                                                                                                                                                                                                                                                                   ► Stocks-to-use are below the
                                                                                                                                                                                                                                                                                                                 600
                                                                                                                                                                                                                                                                                                                                     nearly 50-year average of
                      60%
                                                                                                                                                                                                                                                                                                                 500
                                                                                                                                                                                                                                                                                                                                     24 percent and at ratio not
                      40%
                                                                                                                                                                                                                                                                                                                                     seen for almost 35 years
                                                                                                                                                                                                                                                                                                                 400

                      20%                                                                                                                                                                                                                                                                                        300
                                                                                                                                                                                                                                                                                                                                   ► Largest corn crops on
                                                                                                                                                                                                                                                                                                                                     record were produced in
                      0%                                                                                                                                                                                                                                                                                         200
                            1964/1965




                                                    1968/1969

                                                                1970/1971

                                                                            1972/1973

                                                                                        1974/1975

                                                                                                    1976/1977

                                                                                                                1978/1979

                                                                                                                            1980/1981

                                                                                                                                        1982/1983

                                                                                                                                                    1984/1985

                                                                                                                                                                1986/1987

                                                                                                                                                                            1988/1989

                                                                                                                                                                                        1990/1991

                                                                                                                                                                                                    1992/1993

                                                                                                                                                                                                                1994/1995

                                                                                                                                                                                                                            1996/1997

                                                                                                                                                                                                                                        1998/1999

                                                                                                                                                                                                                                                    2000/2001

                                                                                                                                                                                                                                                                2002/2003

                                                                                                                                                                                                                                                                            2004/2005

                                                                                                                                                                                                                                                                                        2005/2006

                                                                                                                                                                                                                                                                                                    2008/2009F
                                        1966-1967




                                                                                                                                                                                                                                                                                                                                     2007 and 2008

                                                                                                                                             1986/1987                                                                                                                      2008/2009
                      1964/1965                                                                                                                                                                                                                                                                                                    ► Production needs to be
                                                                                                                                                                                                                                                                                                                                     sustained at 2% above this
                                                                                GLOBAL CORN STOCKS-TO-USE1                                                                                                                                                                                                                           year’s crop, and demand
                                                                                                                                                                                                                                                                                                                                     unchanged, to build stocks-
                                                                                   GLOBAL CORN CONSUMPTION1                                                                                                                                                                                                                          to-use to 15 percent
            1.         USDA PSD View database query for global corn

                                                                                                                                                                                                                                                                                                                                                                     4
STRATEGIC OUTLOOK

            Monsanto’s Innovation Targeted at Doubling Yield by 2030,
            Extending Competitive Lead and Creating New Value

                           DOUBLING YIELD WITH TECHNOLOGY:                                 DOUBLING YIELD BY 2030
                                        U.S. CORN EXAMPLE                                 U.S. BASELINE

                                                                                               CROP         2000 BASELINE1
                    300
                                                                                                            137 bu/ac
                                                                                                   Corn:
                    280           HISTORIC YIELD GAIN
                                                                                                             37 bu/ac
                                                                                              Soybeans:
                                  AGRONOMIC PRACTICE IMPROVEMENTS
                    260                                                                                     632 lbs/ac
                                  BREEDING IMPROVEMENTS
                                                                                                 Cotton:
BUSHELS PER ACRE




                                  BIOTECH IMPROVEMENTS
                    240                                                                   STRATEGIC RATIONALE

                                                                                               Helping meet global
                    220
                                                                                               demand
                    200                                                                        Furthering competitive
                                                                                               lead
                    180
                                                                                               Creating new value for
                    160                                                                        farmers that creates
                                                                                               sustainable growth
                    140                                                                        opportunities
                    120
                          2000   2005      2010         2015      2020     2025    2030

                                                          2030 U.S. YIELD TARGET

                                                                  >2x 2000 BASELINE
                                                          2030:
                                                                  OF 137 BU/AC


                                                                                                                             5
FINANCIAL OUTLOOK

Yield and Innovation Create the Runway of Growth to 2012
for Seeds & Traits and for Monsanto as a Whole
                               GROSS PROFIT COMMITMENT:                          MILESTONES TO
                                          2003-2012F
                                                                                  2012 TARGET
                                                                     $9.5- ►Grow branded corn seed
                                                                    $9.75B share 1-2 points in key
             $10,000
                                  SEEDS & GENOMICS GROSS PROFIT
                                                                                 countries annually
                                  AG PRODUCTIVITY GROSS PROFIT
                                                          $7.2-                 ►2009 U.S. release of
                   $8,000
                                                          $7.4B
GP (in millions)




                                                                                 Roundup Ready 2 Yield

                                                                                ►2010 U.S. launch of
                                                                    ~2.25X
                   $6,000
                                                                                 SmartStax
                                                                       2007
                                                                     BASELINE

                                               $4.2B                            ►Upgrade to second-
                                                          $4.20-
                   $4,000                                                        generation technologies
                                                          $4.40                  in cotton in the U.S. and
                                                          ONGOING
                                                                                 India
                                                            EPS
                   $2,000
                                                                                ►Vegetable seed business
                                                                                 to deliver 65% margins
                                                                                 through pricing to value,
                      $0
                                                                                 mix and operational
                            2003 2004 2005 2006 2007 2008 2009F      2012F
                                                                                 excellence
                                               BASELINE

                                                                                                             6
SEED & TRAITS

Breeding and Biotech Combine to Provide the Most Robust
Seed Package for Growers and Drive Growth to 2012



                  DISCOVERY         PHASE I              PHASE II
     R&D PHASE:                                                           PHASE III     PHASE IV       LAUNCH




                                               BREEDING


G
                                                                                          COMMERCIAL
                                                            IT PLATFORM
                                             GERMPLASM




                                                                            ANALYTICS
                        GENOMICS


                                   MARKERS

                                                                                                       SEED
                                                ELITE
Germplasm                                                                                              SOLD TO

          R                                                                                            FARMERS




                                     BIOTECHNOLOGY



                                                                                                                 7
SEED & TRAITS

Seed Platforms Are Business Foundation, Establish Footprint
for Traits, and Create Diversified Crop Portfolio Globally

          U.S.                                          2012
                                  2008 SHARE          TARGETS


                                                                                                             EU27
                                  25.5%            30-34%                                                                          2008 SHARE   2012 TARGETS
         DEKALB
                                  10.5%              ~15%                                                                           12%         16-20%
         ASI                                                                                                 CORN
                                   20%             24-28%
         Asgrow
                                    9%             10-12%
         ASI
                                                                                                                                 INDIA             2008 SHARE   2012 TARGETS

                                   41%               ~50%
         Deltapine
                                                                                                                                                    36%         40-44%
                                                                                                                                 CORN

                                                                                                                                                     5%           12%
                                                                                                                                 COTTON



   LA - NORTH                    2008 SHARE       2012 TARGETS


                                                  62-66%
                                   58%
          CORN
                                                                               BRAZIL                    2008 SHARE      2012 TARGETS


                                                                                                          40%            44-48%
                                                                                 CORN
ARGENTINA                     2008 SHARE       2012 TARGETS

                                                                                                          21%               31%
                                                                                 COTTON
                                46%            50-54%
      CORN




Share for row crops provided reflects sales volume for Monsanto brands divided by total planted acres in respective geography.
Corn represents hybrid corn share in each respective market.
Source for Deltapine share in the U.S. is dmrkynetic 2008 new certified seed share estimates.


                                                                                                                                                                               8
CORN SEED & TRAITS

 2008 Yield Trial Results Reinforce Consistent Yield Advantage
 of DEKALB Seed in the U.S.
                                                                     2008 FINAL U.S. COMPETITIVE CORN YIELD
                                                                              COMPARISON: DEKALB
                                                                12
                                                                              DEKALB ANNUAL YIELD ADVANTAGE
GEOGRAPHY:   U.S.


                                    (APPROXIMATE DIFFERENCES)
                                                                              DEKALB THREE -YEAR ROLLING
                                                                10
             Grow 2 Share
2009
                                                                              YIELD ADVANTAGE
OBJECTIVE:
             Points
                                                                                                                                             9.6
2008 PERFORMANCE UPDATE
                                          BUSHELS/ACRE
                                                                                                                                                      8.8
                                                                 8
                                                                                        8.4                      8.4        8.3
                                                                        8.2
• In 2008 in > 15,300                                                                            7.8
                                                                                7.1
  comparisons, DEKALB                                            6
  out-yields competitive
  best by 9.6 bu/acre on
                                                                 4
  average
• Farmers have been able
                                                                 2
  to count on DEKALB to
  consistently deliver a
  yield advantage of seven                                       0
  or more bushels per acre
                                                                         2005            2006                       2007                        2008


                    Source: Annual yield advantage calculated each year by comparing leading DEKALB volume products within each RM zone to national
                    competitor products within 2 RM days. 2008 data as of November 23, 2008. Weighted average calculated to 15% moisture. >230,000
                    comparisons represented in the four years of rolling averages.




                                                                                                                                                            9
CORN SEED & TRAITS


     Value to Farmer Over Competitive Offering Combines Yield and
     Harvest Moisture Advantages

                                                                                                                        MOISTURE                        YIELD




                                                     2008 Grower Income Advantage -$/Acre
                                                                                            $60
                                                                                                               $54                          $55
                                                                                                    $50
                                                                                            $50
GEOGRAPHY:         U.S.
                                                                                                                                                                $41
2008 PERFORMANCE UPDATE
                                                                                            $40
• DEKALB Harvest                                                                                                         $33
  moisture and yield
                                                                                            $30
  advantage creates total
  value advantage over the
  competition of $33-
                                                                                            $20
  $55/acre

                                                                                            $10

                                                                                            $0
                                                                                                             100 RM   105 RM         110 RM             115 RM
                                                                                                  90/95 RM
                                 RELATIVE MATURITIES (DAYS)►

                                              COMPARISONS:                                        >1,040     >2,550    >790          >4,700              >4,550
                                      APPROXIMATE BU/AC
                                                                                                   11.0       11.3     1.9             10.8                 8.3
                                            ADVANTAGE:

                                       HARVEST MOISTURE
                                                                                                   0.9%       1.2%     2.3%            1.2%                0.9%
                                             ADVANTAGE:




1.   Source – 2008 Monsanto and third party head-to-head comparisons of 5 leading DEKALB brands within each RM Zone to national competitor products containing similar crop
                                                                                                                                                                              10
     protection traits within 2 RM as of November 23, 2008. Drying cost based on $0.06/bu per point of moisture and corn price calculated at $4.00/ bu.
CORN SEED & TRAITS

  Triple-Stack Penetration Accelerates, Creating Added Growth
  and Setting Stage for SmartStax Launch

                                                                         U.S. CORN TRAIT OPPORTUNITY: 2007-2010F

                                                                    70            MONSANTO TRIPLE-STACK ACRES
                                                                    60             SMARTSTAX ACRE OPPORTUNITY
GEOGRAPHY:     U.S.
2008 PERFORMANCE UPDATE
                                                                    50




                                                    (IN MILLIONS)
                                                     U.S. ACRES
• The majority of U.S. branded corn
  seed orders to date are triple-stack                              40
  orders, reflecting farmers’ demand
                                                                    30
  for technology and yield

                                                                    20
• Over the past two years, DEKALB
  VT Triple outperformed Pioneer®
                                                                    10
  triples by nearly 9.7 bushels1 in
  >12,000 head-to-head comparisons
                                                                    0
  across the U.S.                                                               2007                 2008             2009F
                                                                              2007                2008                2009F              2010F
                                                                                                                                         2010
                                                                                                                                      Opportunity
• Those two years were remarkably                     Triple
                                                                               17.6M                29.1M            34-35M            60-65M
  different in insect and moisture           Stack/SmartStax
  stress, yet DEKALB VT Triple             Opportunity widens in 2010 with planned launch of SmartStax
  consistently delivered a yield
  advantage
                                         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,
• This is value above and beyond the     2008. Weighted average calculated to 15% moisture.
  15-20 bu/acre advantage of our
  triple-stack over conventional seed
                                                                                                                                                      11
CORN SEED & TRAITS

 Leadership Continues With Next Game-Changer in Corn;
 SmartStax On Track to Reset Trait Platform in 2010

                        SMARTSTAX
                   COMMERCIAL OPPORTUNITY

            LAUNCH TARGET:               2010
                TARGET ACRE
                                        60-65M
               OPPORTUNITY:

     VALUE PROPOSITION

     2008 trials evaluating SmartStax in elite
       germplasm, quantifying sources of
       potential on-farm yield advantages:
            Improved
                                           1-2%
            consistency:
                                                  SmartStax STATUS
            Primary pests
            Improved
                                                                     • Precedent established with U.S. EPA on
            consistency:                   1-2%
                                                                       dual-mode-of-action traits:
            Secondary pests                               REFUGE
                                                                        • YieldGard VT PRO received reduced
                                                       REDUCTION
            Reduced refuge1                3-6%        STRATEGY:          refuge in Southern geographies
                                                                        • Bollgard II natural refuge in cotton
                                          5-10%
                                                                     •   On track for 2010
                                                                     •
                                                      COMMERCIAL         All components have U.S. approvals
                                                          TRACK:     •   Final regulatory package with 5% refuge
                                                                         request submitted in June 2008


                                                                                                                   12
1. Subject to the approval of the EPA
SOYBEAN SEED & TRAITS

   Initial Soybean Yield Performance Continues to Reinforce
   Breeding Leadership

                                                              2008 PRELIMINARY U.S. COMPETITIVE
                                                              SOYBEAN YIELD COMPARISON: ASGROW

                                                                                             ASGROW 3-YEAR ROLLING
                                                          2     ASGROW ANNUAL YIELD


                              (APPROXIMATE DIFFERENCES)
                                                                                             AVERAGE YIELD ADVANTAGE
                                                                ADVANTAGE
GEOGRAPHY:   U.S.
OBJECTIVE:   Grow footprint
                                                    1.5
2008 PERFORMANCE UPDATE
                                    BUSHELS/ACRE


                                                                            1.5
• Yield data from 2008                                                                         1.4
  indicates continued yield
                                                                                  1.2
                                                          1
  advantage for national
                                                               1.1
                                                                                                                             1.0
  brands versus best-in-
  class competitors
                                                                                                               0.7
                                                    0.5
• The game-changing event
  in soybean yield will be
  the introduction of
                                                          0
  Roundup Ready 2 Yield in
  2009                                                               2006               2007                         2008


                              Source: Preliminary- all Asgrow commodity Products; Commercial Data (Market development and side x side)
                              as of 11/21/08; head-to-head comparisons within +/-0.4 RM vs. Pioneer & Syngenta
                              >77,000 comparisons represented in the three years of rolling averages.


                                                                                                                                    13
SOYBEAN SEED & TRAITS

Roundup Ready 2 Yield Soybeans Is One Of the Most-
Anticipated Launches Because of Step-Change In Yield


                                                                                         ROUNDUP READY 2 YIELD
                                                                                                              LAUNCH PLANS
                                                                                             ► U.S. controlled commercial release on
                                                                                               1-2M acres in maturity groups 2 and 3
                                                                                              ► >50% of the U.S. soybean acres
                                                                                                 planted are in groups 2 and 3
                                                                                              ► Multiple varieties available for 2009
                                                                              2009
                                                                                                 release
   VALUE PROPOSITION

                                                                                             ► EU import approval recently obtained,
                YIELD
     IMPROVEMENT ON
                                    3-5 bu/ac
      AVERAGE YIELDS
                                                                                               demonstrating continued global
      IN GROUPS 2 & 3:
                                                                                               acceptance
        INCREMENTAL
      YIELD VALUE TO
                                  $27-$45/ac                                                 ► Launch on 5-6M acres in the U.S. with
     FARMER (VERSUS
    ROUNDUP READY):
                                                                              2010             up to 30 new varieties with expanded
   PRICING
                                                                                               maturity groups
      SEAMLESS PRICE
            FOR FIRST-
                                    $49-$52                                                  ► Expand majority of Asgrow varieties to
         GENERATION
      ROUNDUP READY
                                                                              2011
     SEED (PER ACRE)1:
                                                                                               Roundup Ready 2 Yield
      SEAMLESS PRICE
                                    $69-$72
        FOR ROUNDUP
        READY 2 YIELD
     SEED (PER ACRE)1:



                                                                                                                                        14
1. Reflects seamless price to the farmer, including trait value, germplasm value and value provided by the seed treatment.
SOYBEAN SEED & TRAITS

Roundup Ready 2 Yield Will Be the First Biotech Yield Trait
Offered in Soybeans
                NEW: ROUNDUP READY 2 YIELD SOYBEANS: COMMERCIAL CHECKS
                        PRELIMINARY 2008 COMPARISONS TO COMMERCIAL ROUNDUP READY SOYBEANS

                                                                                                           COMPETITORS’ PRODUCT WITH
                                             59   ROUNDUP READY 2 YIELD                                    ROUNDUP READY TRAIT
                                             57
                                                                                                             57
                                             55
                                                     56
                          Bushels per Acre



                                             53
                                                                                                                                          53
                                             51
                                                                              52
                                             49
                                             47
                                             45
                                             43
                                             41
                                             39
                                             37
                                             35
                                                                   2                                                       3                   SOURCE:
            RELATIVE MATURITIES►
                                                                                                                                               Preliminary 2008
                                                                                                                                               head-to-head
                 COMPARISONS:                                   >100                                                    >800                   comparisons of all
                                                                                                                                               Roundup Ready 2
      APPROXIMATE BU/AC                                                                                                                        Yield products
 ADVANTAGE FOR ROUNDUP                                           4.1                                                     3.7                   available for sale in
          READY 2 YIELD:                                                                                                                       2009 vs. national
                                                                                                                                               competitors
         PERCENT YIELD                                                                                                                         Roundup Ready as
 ADVANTAGE FOR ROUNDUP                                          7.9%                                                    7.0%                   of Nov. 19, 2008
          READY 2 YIELD:


 ► Power in the Pod: Roundup Ready 2 Yield soybean varieties produce more 3-bean
   pods per plant1
 SOURCE: 19 Monsanto field trials with seed counted from over 4,728 plants from 340 plots. p value <0.001 Data as of November 24, 2008.
                                                                                                                                                                  15
SOYBEAN SEED & TRAITS


Roundup Ready 2 Yield Soybeans to Serve as Platform for
Robust Soybean Pipeline

          STATE OF AGRICULTURE:
                                        SOYBEAN RENAISSANCE
      A New Soybean Platform
                                      ► Roundup Ready 2 Yield becomes the
                                        platform for soybean traits
          U.S. SOYBEAN ACRE TRAIT
            STACKING POTENTIAL
                                      ► Four traits in soybean pipeline in
                                        Phase 3 focused on U.S. market:
                                          Vistive III soybeans
               HIGHER-YIELDING
                                          Dicamba-Tolerant soybeans
               DICAMBA-TOLERANT
                                          Omega-3 soybeans
                  OIL TRAITS
                                          Higher-Oil soybeans
            ROUNDUP READY 2 YIELD


                                      ► Phase 3 Insect-Protected + Roundup
                                        Ready 2 soybean targeted for Brazil;
                                        farmers currently spend ~$6.00/acre for
                                        insecticides and application
          BRAZIL SOYBEAN ACRE TRAIT
             STACKING POTENTIAL
                                      ► Higher-yielding soybeans, with 10
                                        percent yield increase target above
                                        Roundup Ready 2 Yield, have potential
             INSECT-PROTECTED BY
                                        to reset soybean yield bar in middle of
             ROUNDUP READY 2

                                        next decade

                                                                                  16
R&D PIPELINE

Investment in Traits Yields Significant Returns for Both
Monsanto and Growers

                                                                 ROUNDUP READY SOYBEAN TRAIT
                                                                      LIFE-TO-DATE NET SALES = ~$4.0B



                                                                    GROWERS RECEIVED
                                                                          ~$11B1
                                                                     OF FARM INCOME
                                                                         BENEFIT

                                                                                                                                           ~40X
                                                                                                                                           INITIAL
                                                                                                                                         INVESTMENT


       ~$100M
     INITIAL R&D
    INVESTMENT
                                                    1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008




 1. SOURCE: Graham Brookes & Peter Barfoot PG Economics Ltd, UK June 2008 “GM crops: global socio-economic and environmental impacts 1996-2006” Amounts
 in nominal terms and represent global farm income benefit from 1996-2006. Argentina benefit excluded from Roundup Ready soybean grower farm income benefit.




                                                                                                                                                               17
R&D PIPELINE

 R&D Engine Is Poised to Launch Average of One Game-
 Changing Technology Every Other Year Through Mid-Decade
  R&D PIPELINE: ADVANCED GAME-CHANGING TECHNOLOGIES
      2008                 2009                   2010            2011    2012 TO MID-DECADE




                 Roundup                                                                    Drought-                           Nitrogen-
                                                              SmartStax
                 Ready 2 Yield                                                              Tolerant Corn                      Utilization
                 Soybeans                                                                   Family1                            Corn Family1
  • Second-gen soybean                       • All-in-one corn trait      • Value likely in improved               • Targets ways to use
    trait platform                             platform                     yield under stress and                   nitrogen more efficiently
                                                                            potential for water
  • China import approval                    • On track for 2010 launch
                                                                            replacement
    received September                         – Submitted for
    2008                                       regulatory review and
                                               refuge reduction
  • On track for 2009
    release
                                                                             SUPERIOR, NE - FIELD TRIALS – 2007        FARM PROGRESS SHOW – 2007




                                                                                                      WITH GENE
                                                                           CONTROL HYBRID
      FARM PROGRESS SHOW – 2007                                                                       (94 BU/AC)
                                                                              (76 BU/AC)




1. Part of the Monsanto-BASF Yield and Stress R&D Collaboration

                                                                                                                                                   18
R&D PIPELINE

Monsanto’s Biotech Pipeline Is Accelerating, With Analysis
Under Way for January 2009 Update on Progress

                                 R & D PIPELINE UPDATE
                              First Quarter Earnings Call to
                             Highlight Annual R & D Pipeline
                                    Review and Update
                              Currently completing statistical
                              analysis on 100’s of 2008 field
                              trials; nearly 175 trial locations for
                    Q4
               Q1
                              yield & stress projects alone
                              Multiple projects expected to
                    Q3
               Q2
                              advance in January 2009




                                                                       19
SUMMARY


Monsanto’s Growth Opportunity Lies at the Intersection of
Demand, Innovation and Execution


 Monsanto’s Simple Philosophy on Opportunity:


                                                   YIELD
          More demand requires more

                                                INNOVATION
          More yield requires more


                                                    GROWTH
          More innovation delivers more



                                                             20

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monsanto 12-09-08

  • 1. CANACCORD ADAMS AGRICULTURE CONFERENCE DR. ROBB FRALEY CHIEF TECHNOLOGY OFFICER December 9, 2008
  • 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 reports on forms 10-Q and 10-K. 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. STRATEGIC OUTLOOK Monsanto’s Growth Opportunity Lies at the Intersection of Demand, Innovation and Execution Monsanto’s Simple Philosophy on Opportunity: YIELD More demand requires more INNOVATION More yield requires more GROWTH More innovation delivers more 3
  • 4. STRATEGIC OUTLOOK Increasing Protein Demand, Coupled with Boost from Biofuels, Creates Sustained Long-Term Grain Demand STATE OF AGRICULTURE: STRETCHING SUPPLY Yield Always Matters WORLD CORN STOCKS-TO-USE RATIO1 ► DEMAND PERSISTS OVER TIME 120% 900 ► Global corn ending stocks- to-use ratio projected to be STOCKS-TO-USE RATIO 800 100% ~14 percent for 2008/09 M METRIC TONS 700 80% ► Stocks-to-use are below the 600 nearly 50-year average of 60% 500 24 percent and at ratio not 40% seen for almost 35 years 400 20% 300 ► Largest corn crops on record were produced in 0% 200 1964/1965 1968/1969 1970/1971 1972/1973 1974/1975 1976/1977 1978/1979 1980/1981 1982/1983 1984/1985 1986/1987 1988/1989 1990/1991 1992/1993 1994/1995 1996/1997 1998/1999 2000/2001 2002/2003 2004/2005 2005/2006 2008/2009F 1966-1967 2007 and 2008 1986/1987 2008/2009 1964/1965 ► Production needs to be sustained at 2% above this GLOBAL CORN STOCKS-TO-USE1 year’s crop, and demand unchanged, to build stocks- GLOBAL CORN CONSUMPTION1 to-use to 15 percent 1. USDA PSD View database query for global corn 4
  • 5. STRATEGIC OUTLOOK Monsanto’s Innovation Targeted at Doubling Yield by 2030, Extending Competitive Lead and Creating New Value DOUBLING YIELD WITH TECHNOLOGY: DOUBLING YIELD BY 2030 U.S. CORN EXAMPLE U.S. BASELINE CROP 2000 BASELINE1 300 137 bu/ac Corn: 280 HISTORIC YIELD GAIN 37 bu/ac Soybeans: AGRONOMIC PRACTICE IMPROVEMENTS 260 632 lbs/ac BREEDING IMPROVEMENTS Cotton: BUSHELS PER ACRE BIOTECH IMPROVEMENTS 240 STRATEGIC RATIONALE Helping meet global 220 demand 200 Furthering competitive lead 180 Creating new value for 160 farmers that creates sustainable growth 140 opportunities 120 2000 2005 2010 2015 2020 2025 2030 2030 U.S. YIELD TARGET >2x 2000 BASELINE 2030: OF 137 BU/AC 5
  • 6. FINANCIAL OUTLOOK Yield and Innovation Create the Runway of Growth to 2012 for Seeds & Traits and for Monsanto as a Whole GROSS PROFIT COMMITMENT: MILESTONES TO 2003-2012F 2012 TARGET $9.5- ►Grow branded corn seed $9.75B share 1-2 points in key $10,000 SEEDS & GENOMICS GROSS PROFIT countries annually AG PRODUCTIVITY GROSS PROFIT $7.2- ►2009 U.S. release of $8,000 $7.4B GP (in millions) Roundup Ready 2 Yield ►2010 U.S. launch of ~2.25X $6,000 SmartStax 2007 BASELINE $4.2B ►Upgrade to second- $4.20- $4,000 generation technologies $4.40 in cotton in the U.S. and ONGOING India EPS $2,000 ►Vegetable seed business to deliver 65% margins through pricing to value, $0 mix and operational 2003 2004 2005 2006 2007 2008 2009F 2012F excellence BASELINE 6
  • 7. SEED & TRAITS Breeding and Biotech Combine to Provide the Most Robust Seed Package for Growers and Drive Growth to 2012 DISCOVERY PHASE I PHASE II R&D PHASE: PHASE III PHASE IV LAUNCH BREEDING G COMMERCIAL IT PLATFORM GERMPLASM ANALYTICS GENOMICS MARKERS SEED ELITE Germplasm SOLD TO R FARMERS BIOTECHNOLOGY 7
  • 8. SEED & TRAITS Seed Platforms Are Business Foundation, Establish Footprint for Traits, and Create Diversified Crop Portfolio Globally U.S. 2012 2008 SHARE TARGETS EU27 25.5% 30-34% 2008 SHARE 2012 TARGETS DEKALB 10.5% ~15% 12% 16-20% ASI CORN 20% 24-28% Asgrow 9% 10-12% ASI INDIA 2008 SHARE 2012 TARGETS 41% ~50% Deltapine 36% 40-44% CORN 5% 12% COTTON LA - NORTH 2008 SHARE 2012 TARGETS 62-66% 58% CORN BRAZIL 2008 SHARE 2012 TARGETS 40% 44-48% CORN ARGENTINA 2008 SHARE 2012 TARGETS 21% 31% COTTON 46% 50-54% CORN Share for row crops provided reflects sales volume for Monsanto brands divided by total planted acres in respective geography. Corn represents hybrid corn share in each respective market. Source for Deltapine share in the U.S. is dmrkynetic 2008 new certified seed share estimates. 8
  • 9. CORN SEED & TRAITS 2008 Yield Trial Results Reinforce Consistent Yield Advantage of DEKALB Seed in the U.S. 2008 FINAL U.S. COMPETITIVE CORN YIELD COMPARISON: DEKALB 12 DEKALB ANNUAL YIELD ADVANTAGE GEOGRAPHY: U.S. (APPROXIMATE DIFFERENCES) DEKALB THREE -YEAR ROLLING 10 Grow 2 Share 2009 YIELD ADVANTAGE OBJECTIVE: Points 9.6 2008 PERFORMANCE UPDATE BUSHELS/ACRE 8.8 8 8.4 8.4 8.3 8.2 • In 2008 in > 15,300 7.8 7.1 comparisons, DEKALB 6 out-yields competitive best by 9.6 bu/acre on 4 average • Farmers have been able 2 to count on DEKALB to consistently deliver a yield advantage of seven 0 or more bushels per acre 2005 2006 2007 2008 Source: Annual yield advantage calculated each year by comparing leading DEKALB volume products within each RM zone to national competitor products within 2 RM days. 2008 data as of November 23, 2008. Weighted average calculated to 15% moisture. >230,000 comparisons represented in the four years of rolling averages. 9
  • 10. CORN SEED & TRAITS Value to Farmer Over Competitive Offering Combines Yield and Harvest Moisture Advantages MOISTURE YIELD 2008 Grower Income Advantage -$/Acre $60 $54 $55 $50 $50 GEOGRAPHY: U.S. $41 2008 PERFORMANCE UPDATE $40 • DEKALB Harvest $33 moisture and yield $30 advantage creates total value advantage over the competition of $33- $20 $55/acre $10 $0 100 RM 105 RM 110 RM 115 RM 90/95 RM RELATIVE MATURITIES (DAYS)► COMPARISONS: >1,040 >2,550 >790 >4,700 >4,550 APPROXIMATE BU/AC 11.0 11.3 1.9 10.8 8.3 ADVANTAGE: HARVEST MOISTURE 0.9% 1.2% 2.3% 1.2% 0.9% ADVANTAGE: 1. Source – 2008 Monsanto and third party head-to-head comparisons of 5 leading DEKALB brands within each RM Zone to national competitor products containing similar crop 10 protection traits within 2 RM as of November 23, 2008. Drying cost based on $0.06/bu per point of moisture and corn price calculated at $4.00/ bu.
  • 11. CORN SEED & TRAITS Triple-Stack Penetration Accelerates, Creating Added Growth and Setting Stage for SmartStax Launch U.S. CORN TRAIT OPPORTUNITY: 2007-2010F 70 MONSANTO TRIPLE-STACK ACRES 60 SMARTSTAX ACRE OPPORTUNITY GEOGRAPHY: U.S. 2008 PERFORMANCE UPDATE 50 (IN MILLIONS) U.S. ACRES • The majority of U.S. branded corn seed orders to date are triple-stack 40 orders, reflecting farmers’ demand 30 for technology and yield 20 • Over the past two years, DEKALB VT Triple outperformed Pioneer® 10 triples by nearly 9.7 bushels1 in >12,000 head-to-head comparisons 0 across the U.S. 2007 2008 2009F 2007 2008 2009F 2010F 2010 Opportunity • Those two years were remarkably Triple 17.6M 29.1M 34-35M 60-65M different in insect and moisture Stack/SmartStax stress, yet DEKALB VT Triple Opportunity widens in 2010 with planned launch of SmartStax consistently delivered a yield advantage 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, • This is value above and beyond the 2008. Weighted average calculated to 15% moisture. 15-20 bu/acre advantage of our triple-stack over conventional seed 11
  • 12. CORN SEED & TRAITS Leadership Continues With Next Game-Changer in Corn; SmartStax On Track to Reset Trait Platform in 2010 SMARTSTAX COMMERCIAL OPPORTUNITY LAUNCH TARGET: 2010 TARGET ACRE 60-65M OPPORTUNITY: VALUE PROPOSITION 2008 trials evaluating SmartStax in elite germplasm, quantifying sources of potential on-farm yield advantages: Improved 1-2% consistency: SmartStax STATUS Primary pests Improved • Precedent established with U.S. EPA on consistency: 1-2% dual-mode-of-action traits: Secondary pests REFUGE • YieldGard VT PRO received reduced REDUCTION Reduced refuge1 3-6% STRATEGY: refuge in Southern geographies • Bollgard II natural refuge in cotton 5-10% • On track for 2010 • COMMERCIAL All components have U.S. approvals TRACK: • Final regulatory package with 5% refuge request submitted in June 2008 12 1. Subject to the approval of the EPA
  • 13. SOYBEAN SEED & TRAITS Initial Soybean Yield Performance Continues to Reinforce Breeding Leadership 2008 PRELIMINARY U.S. COMPETITIVE SOYBEAN YIELD COMPARISON: ASGROW ASGROW 3-YEAR ROLLING 2 ASGROW ANNUAL YIELD (APPROXIMATE DIFFERENCES) AVERAGE YIELD ADVANTAGE ADVANTAGE GEOGRAPHY: U.S. OBJECTIVE: Grow footprint 1.5 2008 PERFORMANCE UPDATE BUSHELS/ACRE 1.5 • Yield data from 2008 1.4 indicates continued yield 1.2 1 advantage for national 1.1 1.0 brands versus best-in- class competitors 0.7 0.5 • The game-changing event in soybean yield will be the introduction of 0 Roundup Ready 2 Yield in 2009 2006 2007 2008 Source: Preliminary- all Asgrow commodity Products; Commercial Data (Market development and side x side) as of 11/21/08; head-to-head comparisons within +/-0.4 RM vs. Pioneer & Syngenta >77,000 comparisons represented in the three years of rolling averages. 13
  • 14. SOYBEAN SEED & TRAITS Roundup Ready 2 Yield Soybeans Is One Of the Most- Anticipated Launches Because of Step-Change In Yield ROUNDUP READY 2 YIELD LAUNCH PLANS ► U.S. controlled commercial release on 1-2M acres in maturity groups 2 and 3 ► >50% of the U.S. soybean acres planted are in groups 2 and 3 ► Multiple varieties available for 2009 2009 release VALUE PROPOSITION ► EU import approval recently obtained, YIELD IMPROVEMENT ON 3-5 bu/ac AVERAGE YIELDS demonstrating continued global IN GROUPS 2 & 3: acceptance INCREMENTAL YIELD VALUE TO $27-$45/ac ► Launch on 5-6M acres in the U.S. with FARMER (VERSUS ROUNDUP READY): 2010 up to 30 new varieties with expanded PRICING maturity groups SEAMLESS PRICE FOR FIRST- $49-$52 ► Expand majority of Asgrow varieties to GENERATION ROUNDUP READY 2011 SEED (PER ACRE)1: Roundup Ready 2 Yield SEAMLESS PRICE $69-$72 FOR ROUNDUP READY 2 YIELD SEED (PER ACRE)1: 14 1. Reflects seamless price to the farmer, including trait value, germplasm value and value provided by the seed treatment.
  • 15. SOYBEAN SEED & TRAITS Roundup Ready 2 Yield Will Be the First Biotech Yield Trait Offered in Soybeans NEW: ROUNDUP READY 2 YIELD SOYBEANS: COMMERCIAL CHECKS PRELIMINARY 2008 COMPARISONS TO COMMERCIAL ROUNDUP READY SOYBEANS COMPETITORS’ PRODUCT WITH 59 ROUNDUP READY 2 YIELD ROUNDUP READY TRAIT 57 57 55 56 Bushels per Acre 53 53 51 52 49 47 45 43 41 39 37 35 2 3 SOURCE: RELATIVE MATURITIES► Preliminary 2008 head-to-head COMPARISONS: >100 >800 comparisons of all Roundup Ready 2 APPROXIMATE BU/AC Yield products ADVANTAGE FOR ROUNDUP 4.1 3.7 available for sale in READY 2 YIELD: 2009 vs. national competitors PERCENT YIELD Roundup Ready as ADVANTAGE FOR ROUNDUP 7.9% 7.0% of Nov. 19, 2008 READY 2 YIELD: ► Power in the Pod: Roundup Ready 2 Yield soybean varieties produce more 3-bean pods per plant1 SOURCE: 19 Monsanto field trials with seed counted from over 4,728 plants from 340 plots. p value <0.001 Data as of November 24, 2008. 15
  • 16. SOYBEAN SEED & TRAITS Roundup Ready 2 Yield Soybeans to Serve as Platform for Robust Soybean Pipeline STATE OF AGRICULTURE: SOYBEAN RENAISSANCE A New Soybean Platform ► Roundup Ready 2 Yield becomes the platform for soybean traits U.S. SOYBEAN ACRE TRAIT STACKING POTENTIAL ► Four traits in soybean pipeline in Phase 3 focused on U.S. market: Vistive III soybeans HIGHER-YIELDING Dicamba-Tolerant soybeans DICAMBA-TOLERANT Omega-3 soybeans OIL TRAITS Higher-Oil soybeans ROUNDUP READY 2 YIELD ► Phase 3 Insect-Protected + Roundup Ready 2 soybean targeted for Brazil; farmers currently spend ~$6.00/acre for insecticides and application BRAZIL SOYBEAN ACRE TRAIT STACKING POTENTIAL ► Higher-yielding soybeans, with 10 percent yield increase target above Roundup Ready 2 Yield, have potential INSECT-PROTECTED BY to reset soybean yield bar in middle of ROUNDUP READY 2 next decade 16
  • 17. R&D PIPELINE Investment in Traits Yields Significant Returns for Both Monsanto and Growers ROUNDUP READY SOYBEAN TRAIT LIFE-TO-DATE NET SALES = ~$4.0B GROWERS RECEIVED ~$11B1 OF FARM INCOME BENEFIT ~40X INITIAL INVESTMENT ~$100M INITIAL R&D INVESTMENT 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1. SOURCE: Graham Brookes & Peter Barfoot PG Economics Ltd, UK June 2008 “GM crops: global socio-economic and environmental impacts 1996-2006” Amounts in nominal terms and represent global farm income benefit from 1996-2006. Argentina benefit excluded from Roundup Ready soybean grower farm income benefit. 17
  • 18. R&D PIPELINE R&D Engine Is Poised to Launch Average of One Game- Changing Technology Every Other Year Through Mid-Decade R&D PIPELINE: ADVANCED GAME-CHANGING TECHNOLOGIES 2008 2009 2010 2011 2012 TO MID-DECADE Roundup Drought- Nitrogen- SmartStax Ready 2 Yield Tolerant Corn Utilization Soybeans Family1 Corn Family1 • Second-gen soybean • All-in-one corn trait • Value likely in improved • Targets ways to use trait platform platform yield under stress and nitrogen more efficiently potential for water • China import approval • On track for 2010 launch replacement received September – Submitted for 2008 regulatory review and refuge reduction • On track for 2009 release SUPERIOR, NE - FIELD TRIALS – 2007 FARM PROGRESS SHOW – 2007 WITH GENE CONTROL HYBRID FARM PROGRESS SHOW – 2007 (94 BU/AC) (76 BU/AC) 1. Part of the Monsanto-BASF Yield and Stress R&D Collaboration 18
  • 19. R&D PIPELINE Monsanto’s Biotech Pipeline Is Accelerating, With Analysis Under Way for January 2009 Update on Progress R & D PIPELINE UPDATE First Quarter Earnings Call to Highlight Annual R & D Pipeline Review and Update Currently completing statistical analysis on 100’s of 2008 field trials; nearly 175 trial locations for Q4 Q1 yield & stress projects alone Multiple projects expected to Q3 Q2 advance in January 2009 19
  • 20. SUMMARY Monsanto’s Growth Opportunity Lies at the Intersection of Demand, Innovation and Execution Monsanto’s Simple Philosophy on Opportunity: YIELD More demand requires more INNOVATION More yield requires more GROWTH More innovation delivers more 20