THIRD-QUARTER 2008

FINANCIAL RESULTS

June 25, 2008

Forward-Looking Statements

2

Certain statements contained in this presentation are "forward-looking statements," 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.

TrademarksTrademarks 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

Non-GAAP Financial Information

This presentation may use the non-GAAP financial measures of “free cash flow,” and earnings per share (EPS) on

an ongoing basis. We define free cash flow as the total of cash flows from operating activities and investing

activities. A non-GAAP EPS financial measure, which we refer to as on-going EPS, excludes certain after-tax items

that we do not consider part of ongoing operations, which are identified in the reconciliation. ROC means net

income (without the effect of certain items) exclusive of after-tax interest expenses, divided by the average of the

beginning year and ending year net capital employed, as defined in the reconciliation. Our presentation of non-

GAAP financial measures is intended to supplement investors’ understanding of our operating performance. These

non-GAAP financial measures are not intended to replace net income (loss), cash flows, financial position, or

comprehensive income (loss), as determined in accordance with accounting principles generally accepted in the

United States. Furthermore, these non-GAAP financial measures may not be comparable to similar measures used

by other companies. The non-GAAP financial measures used in this presentation are reconciled to the most

directly comparable financial measures calculated and presented in accordance with GAAP, which can be found at

the end of this presentation.

3

Ongoing and As-Reported Earnings

PERFORMANCE SUMMARY

Third Quarter

2008

Third

Quarter 2007

Nine Months

2008

Nine Months

2007

Diluted Earnings

Per Share$1.45 $1.03 $3.93 $2.17

Solutia Claim

Settlement- - ($0.23) -

Loss (Income) From

Discontinued

Operations- $(0.01) - $0.01

Diluted Earnings

Per Share on an

Ongoing Basis$1.45 $1.02 $3.70 $2.18

4

Third

Quarter

2008

Third

Quarter

2007

Change

Nine

Months

2008

Nine

Months

2007

Change

NET SALES $3,588M $2,842M 26% $9,466M $6,990M 35%

GROSS

PROFIT$1,969M $1,503M 31% $5,253M $3,633M 45%

NET INCOME $811M $570M 42% $2,196M $1,203M 83%

DILUTED

EPS ON AS-

REPORTED

BASIS

$1.45 $1.03 41% $3.93 $2.17 81%

FREE CASH

FLOW$675M $(321)M NM

PERFORMANCE SUMMARY

Third-Quarter Financial Summary

5

$1.30

$0.80

$1.04

$2.00

~$3.40

$0.50

$0.75

$1.00

$1.25

$1.50

$1.75

$2.00

$2.25

$2.50

$2.75

$3.00

$3.25

$3.50

2004 2005 2006 2007 2008F

FINANCIAL REVIEW

EARNINGS PER SHARE GROWTH

PROGRESSION OF ONGOING EPS (2004-2008F)

30% 25% 54% ~70%

Note: EPS figures reflect the stock split effective July 28, 2006

2008F ONGOING EPS GUIDANCE:

~70% GROWTH

CASH FLOW PROJECTIONS

2007-2008F

Guidance previously

set as $3.15 to $3.25

per share

Earnings Growth of Approximately 70 Percent and Increased

Cash from Operations Reflect Strong Growth Drivers

($1,402)

($509)

$2,600

$1,854

($1,100)($950)

($2,000)

($1,500)

($1,000)

($500)

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

6

2007 2008F

Cash Flows from Operations

Capital Expenditures

Cash Used in Investing,

Excluding Capital Expenditures

(in $

mill

ions)

7

Plan to Continue to Target 1-2 Share Point Gains in Key Countries in 2009; U.S. Targets 2+ Share Gain

U.S. AND INTERNATIONAL CORN

U.S.

2007 NATIONAL

BRAND SHARE:23%

PRE-SEASON

SHARE

ESTIMATE:

1-2 share

CURRENT

SHARE

ESTIMATE:

2-3 share

FY09 TARGET: 2+ share

ARGENTINA

2007 TOTAL

BRAND SHARE:40%

PRE-SEASON

SHARE

ESTIMATE:

1-2 share

CURRENT

SHARE

ESTIMATE:

5 share

FY09 TARGET: 1-2 share

BRAZIL

2007 TOTAL

BRAND SHARE:40%

PRE-SEASON

SHARE

ESTIMATE:

Flat

CURRENT

SHARE

ESTIMATE:

Held Share

FY09 TARGET: 1-2 share

EU27

2007 BRAND

SHARE:13%

PRE-SEASON

SHARE

ESTIMATE:

1-2 share

CURRENT

SHARE

ESTIMATE:

0.5 share

FY09 TARGET: 1-2 share

INDIA

2007 BRAND

SHARE:39%

PRE-SEASON

SHARE

ESTIMATE:

1-2 share

CURRENT

SHARE

ESTIMATE:

Flat

FY09 TARGET: 1-2 share

INTERNATIONAL CORN BRAND PERFORMANCE:

LEADING MARKET INDICATORS OF MONSANTO BRAND SHARE PERFORMANCE – 2008

2009 OUTLOOK

• All three of Monsanto’s channels should have triple penetration above 50% in seed portfolios for 2009

• DEKALB and ASI should be in the range of 65%triple availability in 2009

• Monsanto targeting to capture 100% of its share of 45-55M acre triple-stack opportunity in 2009

2008 2009F 2008 2009F 2008 2009F

DEKALB Brand ASI Brands All Licensees

Triple-Stack Ramp Up Continues for 2009, With Leading

Brands Targeting 65% in Portfolio Mix

U.S. CORN

0%

10%

20%

30%

40%

50%

60%

70%

62%

65%

57%

65%+

50%+

TR

IP

LE

S

TA

CK

A

S P

ER

CE

NT

O

F

PO

RT

FO

LIO

V

OL

UM

E

2009 U.S. CORN TRIPLE-TRAIT FORECAST

PRODUCTION PLAN BY STRATEGIC CHANNEL

43%

8

SOYBEANS

Soybean Value Upgraded as Stacks of Roundup Ready 2 Yield, Modified Oil Traits and Insect Protection Emerge

MULTIPLE STACKS IN SOYBEANS BY 2012

BRAZIL SOYBEAN

MARKET

VALUE

• Insect-protected

Roundup Ready

2 Yield being

prepared for

launch

•$2.50-$3.00+

per acre for

Roundup

tolerance plus

7-11% yield

•Insecticide

replacement

CROP: Soybeans

OBJECTIVE:Growth via new traits

2008 STATUS

• Roundup Ready

soybeans at 96%

penetration in U.S.,

55% in Brazil

• Roundup Ready 2 Yield

approved in U.S.,

Canada and Japan; key

export approvals

pending from China,

Mexico and Europe

2012 OUTLOOK

• Five trait stacks in

soybeans feasible, with

Roundup Ready 2 Yield

as base trait for all

MODIFIED OIL

TRAITS

U.S. SOYBEANS:

60-70M ACRES

BRAZIL SOYBEANS: 50-

60M ACRES

ROUNDUP READY 2

YIELD AND INSECT

PROTECTED

ROUNDUP READY

U.S. SOYBEAN

MARKET

VALUE

• Roundup Ready

2 Yield in

market for 2+

years

• Vistive III and

other modified

oil traits being

launched

• $17-19/acre

for Roundup

tolerance

plus 7-11%

yield

• Oil premium

9

ROUNDUP

READY 2 YIELD

COMPETITIVE

PLATFORM

10

USES OF CASH

Leadership and Innovation Underscored by Strong Cash Generation for Investment in Next Wave of Growth

American Seeds, Inc. (FY2005-FY2007)

Seminis (FY2005)

Delta & Pine Land (net of Stoneville and

Nexgen divestitures) (FY2007)

USES OF CASH

CUMULATIVE: FY2005-FY2007

FY2007

Capital spending focused on corn seed production expansion

FY2007

Dividend increased 38% to 55

cents/share

($100)

($950)

$2,600

($1,500)

($1,000)

($500)

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

($1000)

FY08F ESTIMATED USES OF CASH

ESTIMATED $2.6B CASH GENERATED BY

OPERATIONS

FY2008F

Estimated $2.6B of Operating Cash Flows generated

FY2008F

CAPEX:

Year two of $610M corn seed expansion project; year one of $196M glyphosate expansion

FY2008F

ACQUISITIONS:

• De Ruiter Seeds

• Cristiani

• AgroesteFY2008F

Other Investments

FY2008

$433M of dividends &

share repurchases through Q3

$1,160

$266

$545

$639

$3,161

Acquisitions

Capital Spending

Share Repurchases

Dividends

Technology Investments

($433)

FY2008F FREE CASH FLOW = $550M

(in $

mill

ions)

11

U.S. CORN TRAIT PRICING

Monsanto’s Pricing Model Aimed at Total Value Created; Shared with Farmer

1. Monsanto estimates, based on better insect and weed control over conventional options

2. Monsanto estimates, based on farmer surveys quantifying benefits such as convenience and peace of mind

3. Retail price range for YieldGard VT Triple in 2009, at seeding rate of 2.7 acres per unit

4. Subtracts costs farmers would have spent had they not used a trait package

YieldGard VT TriplePRICING TO VALUE EXAMPLE: 2009

Improved Yield1

IMPROVED YIELD

(BU/AC):15-20

UPDATE: 3 YEAR COMMODITY PRICE: $4.00

$60-$80

Indirect Benefits2

INDIRECT BENEFITS: $5

Incremental Value Created

( + )$65-$85

PRICING APPROACH

UPDATE: Per-Acre Trait Cost3: $29-$49

UPDATE: Replacement Value4 ($11-$19)

Incremental Farmer Cost: $18-$30

Incremental Value Shared: 65-70%

Improved Yield

UPDATE: Yield-advantage value at 3 yearaverage commodity price

• One year back, current year and forward year

• Value shared with farmers

Indirect Benefits

Quantified benefits, such as convenience and peace of mind

• Value shared with farmers

Replacement Value

Factors costs farmers would have incurred for substitute insect and weed control

• 100% of replacement value is captured

PRICING APPROACH

Percentage of incremental value shared ultimately determined by market research, pricing simulations and focus groups to assess:

• Market Share Implications

• Trait Penetration Effect

• Competitive Reaction

12

SOYBEANS

Roundup Ready 2 Yield Soybeans Have Potential to Deliver Up to 10 Years of Breeding Gains Through One Trait

Roundup Ready 2 Yield soybeans yield 7 to 11 percent higher than Roundup Ready soybeans based on 73 Monsanto field trials from 2004-2007

9%

7%

9%

7%

11%

0%

2%

4%

6%

8%

10%

12%

2004 2005 2006 2007

% Y

ield

In

cre

as

e o

ve

r R

ou

nd

up

Re

ad

y

Near-Isoline Comparisons:

Roundup Ready 2 Yield vs. Roundup Ready

4 YEAR

AVERAGE

ROUNDUP READY 2 YIELD SOYBEANS:

SECOND-GENERATION WEED CONTROL OPPORTUNITY

U.S. SOYBEANS

2007 U.S. AVERAGE

YIELD PER ACRE:41.6 bu

AVERAGE ANNUAL

GAIN OVER 30

YEARS:

0.5 bu/ac

ROUNDUP READY 2 YIELD

TARGETED YIELD

IMPROVEMENT:7-11%

YIELD

Roundup Ready 2 Yield has potential to deliver up to 10 years

of breeding gains with a single trait

2008 Again Projects Double-Digit Earnings Growth,

Strong Cash Generation and Improved Margins

FINANCIAL OUTLOOK

2007 2008F

EARNINGS

ONGOING EARNINGS PER SHARE

$2.0054% GROWTH

FROM 2006

~$3.40~70% GROWTH

FROM 2007

Gross Profit as a Percent of Sales 50%54%; two years ahead of

2010 target of 52-54%

Seeds & Traits Gross Profit $3.0B $3.7B

Roundup and All Other Glyphosate-based Herbicides Gross Profit

$854M $1.9B

All Other Ag Productivity Gross Profit $418M ~$400M

CASH MANAGEMENT AND SPENDING

FREE CASH FLOW $(57)M ~$550M

Capital Expenditures $509M ~$950M

SG&A as a Percent of Sales 22% ~20%

R&D as a Percent of Sales 9% ~9%

Receivables as a Percent of Sales 18% Mid Teens

Inventories as a Percent of Sales 20% ~20%

13

GLOBAL VOLUME

(GALLONS):209M 215M 235M 252M 255M

BRANDED PRICE BAND

(PER GALLON):$11-$13 $11-$13 $11-$13 >$11-$13 >$16-$18

TOTAL ROUNDUP AND ALL

OTHER GLYPHOSATE-BASED

HERBICIDES GROSS PROFIT:

$703M $637M $648M $854M $1.9B

FINANCIAL OUTLOOK

ROUNDUP

STATUS

• In April, announced 18-month $196M de-bottlenecking plan

• Demand-driven environment is sustainable, with peaks to come before leveling to a projection of $1.8B in gross profit in 2012

• Factors:• $16-$18 branded price band

in FY08

• Single-digit volume growth

• Increased capacity in CY2009-2010 from Monsanto

• Branded Roundup quality needed to service Roundup Ready opportunity

Roundup Gross Profit Opportunity Moves to $1.9 Billion in FY08 as Demand Remains Strong

14

ROUNDUP AND OTHER GLYPHOSATE-BASED HERBICIDES:

BRANDED AND NON-BRANDED TRENDS – 2004-2008

0

50

100

150

200

250

300

2004 2005 2006 2007 2008F

Glo

bal V

olu

me (

in g

allo

ns)

Branded

Non-Branded

FINANCIAL OUTLOOK

Monsanto’s Strategic and Financial Opportunity Lies in

Seeds and Traits

$0

$2,000

$4,000

$6,000

$8,000

$10,000

2007 2008F 2012F

SEEDS & GENOMICS

ROUNDUP AND OTHER GLYPHOSATE-

BASED HERBICIDES

ALL OTHER AGRICULTURAL

PRODUCTIVITY

IN

M

ILL

IO

NS

GROSS PROFIT OUTLOOK BY SEGMENT

2007-2012FGross Profit

2008 STATUS

• New FY2008 targets of $3.7B gross profit for Seeds and Genomics; $1.9B for Roundupand other glyphosate-based herbicides

2012 OUTLOOK

2012F

SEEDS &

GENOMICS$6.5-7.0B

ROUNDUP AND

OTHER

GLYPHOSATE-

BASED

HERBICIDES

$1.8B

ALL OTHER AG

PRODUCTIVITY$350M

15

Reconciliation of Non-GAAP Financial Measures

Reconciliation of Free Cash Flow Fiscal Year2008

ForecastFiscal Year

20079 Months Ended

May 31, 20089 Months Ended

May 31, 2007

Net Cash Provided (Required) by Operations $2,600 $1,854 $1,325 $89

Net Cash Provided (Required) by Investing Activities (2,050) (1,911) (650) (410)

Free Cash Flow $550 ($57) $675 $(321)

Net Cash Provided (Required) by Financing Activities N/A (583) 93 (204)

Effect of Exchange Rate Changes on Cash and Cash Equivalents N/A 46 80 59

Net Increase (Decrease) in Cash and Cash Equivalents N/A ($594) $848 ($466)

$ Millions

$ per shareFiscal Year

2008FFiscal Year

2007Fiscal Year

2006Fiscal Year

2005Fiscal Year

2004

Net Income (Loss) per Share ~$3.63 $1.79 $1.25 $0.47 $0.50

Cumulative Effect of Change in Accounting Principle - - $0.01 -- --

Diluted Earnings (Loss) per Share Before Effect of Accounting Change

~$3.63 $1.79 $1.26 $0.47 $0.50

Solutia Claim Settlement ($0.23)

Tax Charge on Repatriated Earnings -- -- $0.04 -- --

Seminis In-Process R&D -- -- -- $0.38 --

Solutia-Related Charge -- -- -- $0.32 --

Tax Benefit on Loss from European Wheat andBarley Business

-- -- -- $(0.19) --

Restructuring Charges -- Net -- -- -- $0.01 $0.18

Loss (Income) on Discontinued Operations1 -- ($0.13) -- $0.05 --

Impairment of Goodwill -- -- -- -- $0.12

In-Process R & D Write-Off Related to the Delta & Pine Land (D&PL) Acquisition

-- $0.34 -- -- --

Diluted Earnings (Loss) per Share from Ongoing Business ~$3.40 $2.00 $1.30 $1.04 $0.80

Reconciliation of Non-GAAP EPS

16

Note: EPS figures reflect the stock split effective July 28, 2006

1. The operating results of Stoneville and Nexgen have been conformed to discontinued operations for all relevant years presented.