1. KERRY PREETE VICE PRESIDENT, INTERNATIONAL COMMERCIALCREDIT SUISSE 14th Annual Global Ag Productivity ConferenceMARCH 10, 2009

2. Forward-Looking Statements Certain statements contained in this presentation are quot;forward-looking statements,quot; such as statements concerning the company's anticipated financial results, current and future product performance, regulatory approvals, business and financial plans and other non-historical facts. These statements are based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the company's actual performance and results may differ materially from those described or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, among others: continued competition in seeds, traits and agricultural chemicals; the company's exposure to various contingencies, including those related to intellectual property protection, regulatory compliance and the speed with which approvals are received, and public acceptance of biotechnology products; the success of the company's research and development activities; the outcomes of major lawsuits; developments related to foreign currencies and economies; successful operation of recent acquisitions; fluctuations in commodity prices; compliance with regulations affecting our manufacturing; the accuracy of the company's estimates related to distribution inventory levels; the company's ability to fund its short-term financing needs and to obtain payment for the products that it sells; the effect of weather conditions, natural disasters and accidents on the agriculture business or the company's facilities; and other risks and factors detailed in the company's most recent periodic report to the SEC. Undue reliance should not be placed on these forward-looking statements, which are current only as of the date of this presentation. The company disclaims any current intention or obligation to update any forward-looking statements or any of the factors that may affect actual results.Trademarks Trademarks owned by Monsanto Company and its wholly-owned subsidiaries are italicized in this presentation. All other trademarks are the property of their respective owners. 2009 Monsanto Company 2 3. Monsantos Growth Opportunity Lies at the Intersection of Demand, Innovation and ExecutionMonsantos Simple Philosophy on Opportunity: More demand requires more YIELDMore yield requires more INNOVATION More innovation delivers more GROWTH3 4. Increasing Protein Demand, Coupled with Boost from Biofuels, Creates Sustained Long-Term Grain DemandSTATE OF AGRICULTURE: STRETCHING SUPPLYYield Always Matters WORLD CORN STOCKS-TO-USE RATIO1 Global corn endingstocks-to-use ratio 120% 900projected to be 17-18 STOCKS-TO-USE RATIOpercent for 2008/09,800 100%following two years ofM METRIC TONS700record corn crops 80%600 60% Feb. 2008 USDA 10-year500projections forecast 2-3% 40%CAGR for corn and400soybean global trade 20%300 No appreciable change in 0% 200 1964/1965 1968/19691970/19711972/19731974/19751976/19771978/19791980/19811982/19831984/19851986/19871988/19891990/19911992/19931994/19951996/19971998/19992000/20012002/20032004/20052005/20062008/2009F 1966-1967acres planted over next 10years; yields must grow 1986/1987 2008/2009 1964/1965steadily each year to meetdemand GLOBAL CORN STOCKS-TO-USE1 Yield optimizes income ofGLOBAL CORN CONSUMPTION1grower irrespective ofcommodity price 1USDA PSD View database query for global corn 4 5. Global Corn Production Per Acre Is Sub-Optimized Today, Creating an Opportunity for Innovation GLOBAL CORN PRODUCTION1: YIELDCORE PRODUCTIVITY MEASURES AND EVALUATION Boosting yield-per- acre can make a meaningfulCANADA difference inEU 273M ACRES supply-demand136 BU/AC500M BUSHELS27M ACRES90% HYBRID environmentU.S.99 BU/AC CHINA2B BUSHELS If India, Mexico90M ACRES151 BU/AC 67M ACRESMEXICO13B BUSHELS 83 BU/AC and Brazil moved6B BUSHELS 18M ACRES25% HYBRID to 100 bushel perINDIA 48 BU/ACBRAZIL900M BUSHELS acre yields, they20M ACRES36M ACRES45% HYBRID75% HYBRID32 BU/AC could produce58 BU/AC 700M BUSHELS2B BUSHELS nearly 4 billion additionalARGENTINA bushels of corn10M ACRES111 BU/AC900M BUSHELS annually equal to total world Optimization of yield per acre corn exports in 2007 Poor/SubsistenceSub-Optimized Optimized51. Source is USDA FAS and internal estimates. 6. Five-Year Plan to More Than Double Gross Profit by 2012 Centered On Seeds and Traits Platform 2012 GROWTH RANGEGROSS PROFIT COMMITMENT: 2003-2012F Gross profit targeted to morethan double from 2007$9.5- baseline through 2012 $9.75B SEEDS & GENOMICS GROSS PROFIT STRATEGIC PLAYBOOK $10,000 AG PRODUCTIVITY GROSS PROFITAll growth is organic, from $7.3-base business and pipeline $7.5B$8,000 GROSS PROFIT (in millions)U.S. CornInternational CornSoybeans ~2.25X Cotton$6,000 2007 Vegetables BASELINER&D Pipeline$4.2BEarnings continue to$4,000translate into operating cash,and value created forshareowners throughcombination of acquisitions,$2,000share repurchases anddividends $0 2003 2004 2005 2006 2007 2008 2009F2012FBASELINE6 7. Even as Roundup Supply and Demand Comes into Balance,Seeds and Traits Is Fundamental Driver of Growth SEEDS & GENOMICS GROSS PROFITRoundup and Other ROUNDUP AND OTHER GLYPHOSATE-BASEDHERBICIDES GROSS PROFIT Glyphosate-Based $10,000Herbicides$7.3B- $9,000GROSS PROFIT (in millions)~18% CAGR FY2009 Forecast$7.5B $8,000 Gross Profit $2.4B-$2.5B $7,000 Target$4.5B- $6,000 Branded Price $4.6B (per equivalent> $20$5,000 gallon) $4,000 FY2012 Forecast $3,000~ -8% CAGR Gross Profit $1.9B $2,000$2.4B- Target$1.9B $2.5B $1,000 Branded Price (per equivalent $16-$18$0 gallon) 2009F2012F Seeds and Genomics gross profit is estimated to grow at aCAGR of ~18% through 2012, representing nearly 4x thegross profit contribution of the Roundup business 7 8. U.S. Seeds & Traits Gross Profit Expected to Double by 2012; Nearly 85% Growth in International Seeds & Traits Forecasted SEEDS AND GENOMICS 2012F 2008 GROSS PROFIT U.S. Corn Seed & Traits Soybean Seed & Traits Cotton Seed & Traits~2XVegetable Seed2008$2.4B BASELINEOther Seed & Traits$4.7-$4.8B SEEDS AND GENOMICS 2012F 2008GROSS PROFIT INTERNATIONALCorn Seed & Traits Soybean Seed & Traits ~1.8XCotton Seed & Traits 2008 BASELINEVegetable Seed $1.45B$2.6-$2.7BOther Seed & Traits 8 9. Launches of Roundup Ready 2 Yield and SmartStax Drive U.S. Gross Profit Growth and Re-Invigorate Portfolio UNITED STATES2012 MILESTONE TARGETSU.S. SmartStax launch in 2010; target market2008of 55-65M acres1 CORN SEED25.5%/10.5% Drought-Tolerant corn targeted toSHARE:launch in 2012+ HYBRID CORN 80-90MACRES: Grow DEKALB brand to 30-34 share SOYBEAN 20%/9%SEED SHARE:points and American Seeds to ~15 shareSOYBEAN 65-75M points by 2012ACRES COTTON41% Large-scale launch of Roundup Ready 2SEED SHARE:Yield soybeans on 5-6M acres in 2010;COTTON9-12M ACRES:target market of 45-55M acres1 Grow Asgrow brand share to 24-28 2009 MILESTONE TARGETSshare points by 2012 Targeting to gain 1-2 share points in Grow Deltapine cotton seed share to ~50DEKALB and 1 share point inshare points by 2012American seeds Launch new varieties of cotton with Targeting 34-35M acres of triple-stacksecond-generation traits in 2010corn; ~70% of our branded portfolio Targeting to gain 1 share point inAsgrow brand Controlled commercial release ofRoundup Ready 2 Yield on 1.5M acres9 1Target market defined as acres where technology is applicable, not necessarily a projection of acres penetrated by 2012. 10. Roundup Ready 2 Yield Soybeans First in Series of Yield-Enhancing Traits FINAL ROUNDUP READY 2 YIELD SOYBEANS VERSUS COMMERCIAL CHECKS COMPARISONS TO COMMERCIAL ROUNDUP READY SOYBEANS 2 YEAR SUMMARY60 VALUE PROPOSITIONCOMPETITORS PRODUCT WITH ROUNDUP READY 2 YIELDROUNDUP READY TRAIT YIELD IMPROVEMENT ON 55 AVERAGE YIELDS IN ~3.8 bu/ac55.5GROUPS 2 & 3:Bushels per Acre55.254.5 INCREMENTAL YIELD 5051.7VALUE TO FARMER 51.4~$38/ac (VERSUS ROUNDUP 49.9 READY): 45 PRICINGSEAMLESS PRICE FORFIRST-GENERATION$49-$5240 ROUNDUP READY SEED(PER ACRE)1:SEAMLESS PRICE FOR 35$69-$72 ROUNDUP READY 2 YIELDSEED (PER ACRE)1:23 Overall RELATIVE MATURITIES:COMPARISONS:>1,000>2,900>3,900 APPROXIMATE BUSHELS PER ACRE ADVANTAGE FOR 4.6 3.83.8 ROUNDUP READY 2 YIELD: PERCENT YIELD ADVANTAGE 9.1% 7.3%7.4%FOR ROUNDUP READY 2 YIELD1: Two year summary (2007-2008) of head-to-head comparisons between all Roundup Ready 2 Yield products available for sale in 2009 vs. national competitor Roundup Ready products. Final data as of December 9, 2008. 10 1Reflects seamless price to the farmer, including trait value, germplasm value and value provided by the seed treatment. 11. SmartStax Raises the Bar as Most Durable, Complete andEasy to Use On-Farm Package for Weed and Pest Control2007 & 2008 SmartStax EFFICACY TRIALS NEW:R&D Pipeline1.5SmartStax CornNode Injury Scale 0-3 ADVANCED STATUS: Phase 41.0PROJECT CONCEPT: CRW Root Damage Ratings0.5SmartStax combines the followingherbicide-tolerant and insect-protection0.0traits for the most complete control: YieldGard VT Rootworm with YieldGard VT Roundup Herculex SmartStaxRoundup Ready Corn 2 and RootwormReady Corn Rootworm6.0 Damaged Area (cm2)with RoundupYieldGard VT PROReady Corn 25.0 Herculex I and Herculex RW Liberty Link 4.03.0VALUE: Corn Earworm Damage2.0LAUNCH-COUNTRY55-65MACRES1:1.00.02020 VALUE2: >$500MRoundupHerculexSmartStax YieldGard VTWHOLE-FARM YIELD IMPROVEMENT Ready CornCorn Borer Triple PROESTIMATES:The second-generation YieldGard corn borer trait, a key IMPROVED CONSISTENCY FORSmartStax component, demonstrates incremental yield benefit1PRIMARY AND SECONDARYof 4 percent over first-generation corn borer traits in1. Acre opportunity reflects acres where technology fits at PESTS3Monsanto's current 2007 market share in respective cropspreliminary data from 2 years of comparisons2. 2 4 REDUCED REFUGE 2020 value reflects gross sales opportunity in launch Fewer damaged kernels from earworm drives yield country in year 2020 TOTAL: 5-10%advantage1Acre opportunity reflects acres where technology fits at Monsanto's current 2007 market share in respective crops22020 value reflects gross sales opportunity in launch country in year 2020 Herculex is a registered trademark of Dow Agrosciences LLC 113As compared to YieldGard VT Triple 4Subject to EPA approval Liberty Link is a registered trademark of Bayer CropScience AG 12. Increasing Biotech Penetration in Brazil and Argentina SetsStage for Significant Contributions to Gross Profit LATIN AMERICA NORTH LATIN AMERICAN OUTLOOK:CURRENT2012 OUTLOOKSEED & TRAIT TRENDS THROUGH 2012 #1 position in all key countriesCORN SEED SHARE:7-8MHYBRID CORN ACRES: MEXICO#1 CORNApproved YieldGard Corn Borer with Roundup Ready Corn 2POSITION in Colombia and Honduras BIOTECH STATUS: December 2008 approval gained for experimental trials in El Salvador Integration of Cristiani; Expand seed footprint for pending FY2009 OUTLOOK trait introductionsBRAZILCURRENT2012 OUTLOOK 40%CORN SEED SHARE:44-48%BRAZIL #1 CORN25-27MHYBRID CORN ACRES: POSITION Targeted share gain: 1-2 points 1.5-2M acre launch of YieldGard Corn Borer; 15-20M targetFY2009 CORN OUTLOOK:market1 Roundup Ready Corn 2 approved; 15-20M acre target market1SOYBEAN ACRES 50-55M ARGENTINA Roundup Ready soybeans targeted to 60% penetration; FY2009 SOYBEAN#1 CORNOUTLOOKtargeting 80% penetration by 2012POSITION ARGENTINACURRENT2012 OUTLOOK 46% CORN SEED SHARE: 50-54%8-10MHYBRID CORN ACRES: Targeted share gain: 1-2 pointsFY2009 CORN 2M-plus acre launch of YieldGard Corn Borer with Roundup OUTLOOK: Ready Corn 2; 7M acre target market1 1Targetmarket defined as acres where technology is applicable, not necessarily a projection of acres penetrated by 2012.12 13. Upgrade of Cotton Traits and Growth in Corn Seed Share InIndia Expected to Deliver Growth in Asia-Pacific Through 2012ASIA -PACIFIC 2012 MILESTONE TARGETS INDIA Regulatory agencies in key countries in2008Asia-Pacific continue to approve biotech36% CORN SEEDproducts for import from the U.S. andSHARE:Latin America to facilitate timely HYBRID CORN 5-7MACRES:launches of new traits COTTON 5%SEED SHARE: Grow DEKALB brand to 40-44 shareHYBRID COTTON 18-20M ASIA-PACIFIC points in India by 2012ACRES: Complete conversion of India to AUSTRALIABollgard II cotton; 18-20M acre target 2008market1 COTTONN/ASEED SHARE: Roundup Ready Flex/Bollgard II cottonHYBRID COTTON 500-800K launched in India; 15-20M acre targetACRES: market1 2009 MILESTONE TARGETS Australia cotton trait business returnswith adequate rainfall Targeted to gain 1-2 share points inDEKALB corn in India Bollgard cotton estimated to be on~10M acres and Bollgard II targetedto grow to ~6M in India 1Target market defined as acres where technology is applicable, not necessarily a projection of acres penetrated by 2012.13 14. Vegetables and Corn Share Growth are Cornerstones of Europes Gross Profit Growth in Seeds & TraitsEUROPE 2012 MILESTONE TARGETS Regulatory approvals to import biotechcrops from the U.S. and Latin Americacontinue to occur timely to facilitateplanned launches of new traitsEUROPE Grow DEKALB brand to 16-20 sharepoints by 2012 De Ruiter seed fully integrated andEU 27protected culture business contributes2008~35 percent of the annual gross profit to12%CORN SEED SHARE:vegetable seeds by 2012HYBRID CORN ~30M ACRES: 2009 MILESTONE TARGETS Targeted to gain 1-2 share points in DEKALB corn First full year of De Ruiter protected culture vegetable seed business; Europe targeted to be approximately 65% of Monsantos protected culture net sales14 15. Technology Investment Has Fueled Gross Profit Progressionfor Seeds and Traits Research And$4,500 Development SEEDS & GENOMICS GROSS PROFIT $4,000 GEOGRAPHYGlobal TOTAL COMPANY RESEARCH & DEVELOPMENT1 $3,500Maximize return OBJECTIVE:on investment $3,000 IN MILLIONS2009 STATUS2001 200824% CAGR $2,500 Monsanto spends more on seed and biotech $2,000 R&D than any other2001 2008 $1,500 company 9% CAGR >90% of R&D spend is$1,000 for seeds-and-traits, split roughly 50/50$500 between breeding and$0 biotechnology2001 2002 2003 2004 2005 2006 200720081Total R&D does not include IP R&D from acquisitions15 16. As SmartStax and Roundup Ready 2 Yield Launch, Four New Game-Changing Products Poised to Extend Lead Post 2012 2012 TO END OF DECADEDrought 2nd Gen. Higher NitrogenTolerant Yielding Drought UtilizationCorn1Soybeans1Tolerant Corn1Corn1 Advanced to Phase IV Advanced to Phase III Phase II project Phase I Project First dry-land drought Built upon yield platform 9% yield advantage in Consistent yield product submitted toof Roundup Ready 2 2008 in water-stressed benefit after two years USDA and FDAYieldenvironments of testing 5 years of testing Lead events 1 & 2 Currently selecting 8% yield benefit at exceeded 6%-10% yield experienced averagecommercial event for lower nitrogen levels improvement targetyields of 7.4% and 6.7%, broad-acre application respectively SUPERIOR, NE - FIELD TRIALS 2007 FARM PROGRESS SHOW 2007Dayton, Iowa -- 2008 Transgenic ControlWITH GENE CONTROL HYBRID(94 BU/AC)(76 BU/AC)16 1Part of the Monsanto-BASF Yield and Stress R&D Collaboration 17. USDA Submission Made for Lead Drought-Tolerant Corn Project; 2008 Dry Land Field Tests Mark Fifth Season of Increased Yield FIFTH YEAR OF CONSISTENT YIELD R&D PipelineNEW:IMPROVEMENT UNDER DROUGHT STRESSDrought-Tolerant Corn Family:Lead Project Average Yield Improvement of Lead EventADVANCED: HIT ProjectPhase 4Percentage yield difference vs. control16 Yield Difference (bu/acre)VALUE: 10.5% 11.3% 7.7%13.4% 6.7%14 LAUNCH-COUNTRY55M 12 ACRES-FAMILY1:2020 VALUE- 10 $300-$500M FAMILY2: 8SOURCES OF VALUE: 6Improved yield 4Targeting 6-10% yield improvementin water-stress environments; 2historically the dry land farms of theWestern Great Plains 0200420052006200720085 TOTAL9 TOTAL 11 TOTAL8 TOTAL 15 TOTAL LOCATIONS LOCATIONS LOCATIONS LOCATIONS LOCATIONS 2008 Western Great Plains Testing: Lead event continued todemonstrate a yield advantage in a drought stress environmentEvaluation of best germplasm and trait combinations underwayRegulatory submissions in progress, with FDA submission made 1Acre opportunity reflects acres where technology fits atDecember 19, 2008 and USDA submission on February 20, 2009 Monsanto's current 2008 market share in respective crops 22020 value reflects gross sales opportunity in launch 17 country in year 2020PART OF THE MONSANTO BASF YIELD AND STRESS R&D COLLABORATION 18. Strong Cash Position Creates Opportunity to Bolster Strategic Position and Drive Differentiation Through InnovationUSES OF CASH CUMULATIVE: 2005-2008 Fiscal YearsSHARE REPURCHASES 10% OF CASH USED Completed 4-year $800M share-repurchase program and began previously announced 3-year $800M authorization in December 2008DIVIDENDS 12% OF CASH USED$906 From 2002-2008, Monsantos Board of Directors has raised the dividend seven times for a total increase of 300 percent.$1,058TECHNOLOGY SPENDING 4% OF CASH USED$307 Over $300M spent to expand technology partnership network$4,485 ACQUISITIONS51% OF CASH USED $2,078 American Seeds Delta & Pine Land (2007) (2004-2007) Agroeste (2007) Seminis (2005) De Ruiter and Cristiani (2008) $ in millionsCAPITAL SPENDING 24% OF CASH USED Spent $918M in 2008, 60% for new or expanding seed facilities 18 19. Monsantos Growth Opportunity Lies at the Intersection of Demand, Innovation and ExecutionMonsantos Simple Philosophy on Opportunity: More demand requires more YIELDMore yield requires more INNOVATION More innovation delivers more GROWTH19