1. CARL CASALE EXECUTIVE VICE PRESIDENT, STRATEGY AND OPERATIONS CREDIT SUISSE CHEMICAL AND AG SCIENCE CONFERENCE Sept. 18, 2008 1

2. Forward-Looking StatementsCertain 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 Company2 3. OVERVIEWMonsantos Growth Opportunity Lies at the Intersection of Demand, Innovation and ExecutionMonsantos Simple Philosophy on Opportunity:More demand requires more YIELD More yield requires more INNOVATIONMore innovation delivers more GROWTH3 4. OVERVIEW Monsantos 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 EXAMPLEU.S. BASELINECROP 2000 BASELINE1325137 bu/ac Corn:300 37 bu/acSoybeans:275 Historical Yield632 lbs/ac250Cotton:U.S. Yield Per Acre (bu/ac) 30-Year Trend225 STRATEGIC RATIONALE Molecular Breeding Advances200Biotech AdvancesHelping meet global demand175150Furthering competitive lead125 Creating new value for100 farmers that creates 75 sustainable growth 50opportunities 2501970 1980 1990 20002010202020302030 U.S. YIELD U.S. YIELD TARGET ~300 bu/ac 151 bu/ac2030: 2007:1. Average U.S. yield by crop, USDA NASS4 5. OVERVIEW Five-Year Plan to Double Gross Profit by 2012 Centered On More than Doubling Seeds and Traits Platform2012 GROSS PROFIT TARGET RELATIVE TO 2007 BASELINEGROSS PROFIT OUTLOOK BY SEGMENT >2xTotal Gross Profit2007-2012FBUSINESS DETAIL Roundup and Other $10,000Glyphosate-Based ~$1.8BHerbicides$8,000Roughly flatAll Other Ag Productivity at $350M$6,000 >2xSeeds & Genomics 2.5x$4,000 GROWTH Corn Seeds & TraitsCOMES FROM ~2x SEEDS & Soybean Seeds &$2,000TRAITS Traits ~2xCotton Seeds & Traits $020072008F2012F >2x 20072008F2012F Vegetable Seeds All Other Agricultural Productivity Roundup and Other Glyphosate-based Herbicides Seeds & Genomics 5 6. OVERVIEW Gross Profit Growth Comes From Two-Step Strategy: Establish Seed Footprint, Then Layer on Biotech TraitsBREEDING BIOTECHTRAIT 3R&DTRAIT 2SEEDENGINETRAIT 1 SEED Establish Seed FootprintAdd Biotech Traits Seed provides a core gross-profit Higher margins than seed withcontribution minimal incremental cost of goods STRATEGIC VALUE Seed footprint speeds penetration Opportunity to stack multiple traitsrate of biotech traits per acre Access to global germplasm Proven, commercial-driven R&Dpools combined with most program backed by industrys DIFFERENTIATORSadvanced breeding technology largest seed-and-trait R&D spendcreates seed that outperforms Collaborator of choicecompetitors New trait introductions MEASURES OF SUCCESS Seed share growth Trait upgrade and trait platform opportunityCorn: U.S., Argentina, Brazil,Europe, Central AmericaCorn: U.S., Argentina, BrazilKEY CROPS & GEOGRAPHIESSoybeans: U.S. Soybeans: U.S., BrazilCotton: U.S., IndiaCotton: U.S., India, AustraliaVegetables: Global 6 7. CORN SEEDS & TRAITSYield-Enhancing Technology Creates Value Returning >$3.50 For Every Dollar Spent By Farmers in Corn U.S. FARMER RETURN ON INVESTMENT: 1983-2008F 17016015032 140130 Bu/ac 120 bu/ac $1: $3.50 Return 110ON YIELD-CREATING TECHNOLOGY 100@ $4.79/bu 9080PRE-BIOTECH: 1983-1996POST-BIOTECH: 1996-2008FAVERAGE YIELD DURINGAVERAGE YIELD DURING115.6 bu/ac 138.3 bu/acPERIOD: PERIOD:1.7 bu/ac 2.6 bu/acANNUAL YIELD GAIN:ANNUAL YIELD GAIN:YIELD-RELATEDPRODUCTIONSeed/ Chem/$27.07/ac$43.24/acEquip/ LaborCOSTS SCARCITY-RELATED$19.33/ac$52.02/ac Land Rent$6.23/ac$94.90/acFertilizer Source: USDA, Land Rent Averaged using Corn & Soybean, Doane Ag, dmrkynetec data, Yield is calculated using a 3 year rolling average, (32 Yield is 2.6 bu/ac/yr *12 years). Commodity Value ($4.79) is calculated using a 3 year rolling average CBOT. 2008F Yield is April 08 Doane Ag. Return Monsanto Estimate 7 8. CORN SEEDS & TRAITS U.S. DEKALB Share Consistently Ahead of Expectations; Growth Trend Continues in 2009 DEKALB U.S. CORN SHARE EVOLUTION: CORN2001-2009F FINANCIAL OUTLOOKThree years of growth since 28% 2005 have outpaced averageGROW 26% target each year2%+>25% 24% 2009: Trend continues with early commitment for 23% 22% accelerated growth in 20% DEKALB and ASI2009 DRIVERSTARGET 19% 18% 2+U.S. DEKALB Share 2005 PROJECTED 16% 16% +1 AVERAGE GROWTH U.S. ASI Share TREND 14%14% TRAIT TARGETS 13% 12%U.S. Triple-Stack10%12% 34-35M Penetration 10%2001 20022003 2004 200520062007 2008F 2009F1.4 1.5 1.71.92.2>2.4~2.5 DEKALB Trait Penetration Trend: 2003-2009FAverage Number of Traits Per Acre in DEKALB Seed11. Trait intensity reflects the average number of traits per acre with at least one trait8 9. CORN SEEDS & TRAITSSeed Purchases Independent of Commodity Cycle; ReflectingFarmers Need to Maximize Productivity in Any EnvironmentPER-ACRE RETURNS: Average AverageCentral Illinois Corn FarmersHybrids HybridsEstimated Returns1SEED COST$70 $105$70$1052 YIELD VALUE$2.00/bu $5.00/bu Commodity Price: Yield Per Acre3:200 bu1212 bu2200 bu1 212 bu2 Moisture4: 17%15% 17%15% Gross Revenue Per Acre:$376 $424$976$1,060 Net Profit After Seed Costs: $306 $319$906 $955DEKALB Increased Profit Per Acre:$13$49 NON-SEED VARIABLE PRODUCTION COSTSOther Inputs, Storage, Insurance:$200 $200$200 $200Equipment, Fuel: $70 $70 $70$70Labor, Overhead: $45 $45 $45$45 $(9)$4$591 $640TOTAL PROFIT PER ACRE:1.Monsanto estimates for illustration. Some cost estimates based on data provided in 2008 Crop Budgets, University of Illinois, Department of Agricultural and Consumer Economics At $5/bu corn, additionalAt $2/bu corn, better seed is 2.Estimated seed cost per acre, including popular trait package and based on 32,000 planting populationseed investment yields the difference between red 3.Estimated yield advantage based on 2007 germplasm testing demonstrating 12 bu/ac advantage for DEKALB germplasmnearly $50 in returns ink and profitability versus competitive hybrids in 110-RM. 4.Average moisture at harvest, assuming 15% target and based on estimated drying cost of $0.06/bu 10. CORN SEEDS & TRAITSRecognized Value of DEKALB Translates to Recognized Brand Leadership MARKET RESEARCH:BRAND IMAGE ASSOCIATIONS AMONG U.S. CORN SEED BRANDS Based on an independent survey of U.S. farmers commissionedNEXT-LEADINGby Monsanto, March-June, 2008BRAND CITED 65% 58% A brand you can trust 71% 65% A leader in technology and Innovation 70% 55%Offers better yield 65% 56% Performs consistently, year after year 63% 51% Would recommend to another grower 80% 63% Have heard a lot of good things aboutAs the recognized performance leader in theindustry, DEKALB is a strong brand,growing stronger Farmers consistently cite better yield asthe primary purchase driver for DEKALB 11. CORN SEEDS & TRAITSMonsantos Leadership Continues With Next Game- Changer in Corn; SmartStax Resets Trait Platform in 2010 LIKELIHOOD OF SWITCHING BRANDS FOR SmartStax If your current seed brand did not offer this new Monsanto Insect Protection Technology, SMARTSTAX how likely would you be to switch seed brands to obtain this new technology? Would you say:Very likely or Somewhat likelyCOMMERCIAL OPPORTUNITY YIELDGARD CORN 74%BORER USERS WHO LAUNCH TARGET:2010TREAT FORROOTWORMTARGET ACRE60-65M OPPORTUNITY:0% 10% 20% 30% 40% 50% 60%70% 80% 90% 100% VALUE PROPOSITIONPERCENT OF FARMERS2008 trials evaluating SmartStax in eliteHERCULEX I CORN 65%BORER USERS WHO germplasm, quantifying sources of TREAT FORROOTWORM potential on-farm yield advantages: 0% 10% 20% 30% 40% 50% 60%70% 80% 90% 100% 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 pestsREFUGE REDUCTION YieldGard VT PRO received reduced Reduced refuge3-6%STRATEGY: refuge in Southern geographies Bollgard II natural refuge in cotton5-10% On track for 2010 COMMERCIAL All components have U.S. approvals TRACK: Final regulatory package with 5% refugerequest submitted in June11 12. CORN SEEDS & TRAITSCorn Seeds & Traits Accelerate Through 2012 As Triple- Stack Acres are Converted to SmartStaxU.S. TRAIT INTENSITY: NUMBER OF TRAITS PER TRAITED-ACRE 2005-2012F4.0 >4 DEKALB and ASI brand trait intensity Rest-of-Industry average trait intensity >3 3.0Trait Intensity1TRAIT ~2.5 >2.4 INTENSITY>2.32.2 2.0>2.0 PROJECTED 1.9 TO RAMP UP 1.7 1.7 Driven by1.4 expanded triple-1.2 1.0 stack penetrationand SmartStax 0.020052006 20072008F2009F2010F2011F2012FTRIPLE-STACK1.3M5.8M 17.6M 28M 34-35M ACRES SMARTSTAX LAUNCH AND RAMP1. Trait intensity reflects the average number of traits per acre with at least one trait 12 13. CORN SEEDS & TRAITSLarger Seed Footprints in South America Enable Larger Launches and Faster Ramp Up Than Competition LATIN AMERICAN CORNLATIN AMERICA NORTH OUTLOOK: CURRENT5-YEAR OUTLOOK SEED & TRAIT TRENDS THROUGH 2012#1 position in all keySEED SHARE: countries 7-8M MEXICO HYBRID ACRES:In approval stage BIOTECH STATUS: HONDURAS GUATEMALA Integration of Cristiani; Expand seed footprint forFY2009 PRIORITIES: EL SALVADOR pending trait introductionsCOLOMBIA BRAZILCURRENT5-YEAR OUTLOOK40% (#1 position)SEED SHARE: BRAZILPERU27MHYBRID ACRES: 1st commercial trait inBIOTECHFY2009STATUS: Targeted share gain: 1-2 points FY2009 PRIORITIES: 1-2M acre launch of YieldGard Corn Borer ARGENTINA ARGENTINA CURRENT 5-YEAR OUTLOOK 45% (#1 position)SEED SHARE: 10M HYBRID ACRES: Commercial planting BIOTECH STATUS: Targeted share gain: 1-2 pointsFY2009 PRIORITIES: 1-2M acre launch of YieldGard Corn Borer with Roundup Ready Corn 2 stack13 14. R&D PLATFORMSMonsantos Yield Leadership Widens With Each New Game- Changing Technology LaunchedDuPont Syngenta2009OptiontoLicense2011 2ndGen RoundupReady2RoundupSoybeanTraitOptimumGAT YieldReady2Yield 2012AllinOne2010NoSpecifiedCornTraitOptimumPlatform SmartStax PlatformAcreMax PlusBiotech Drought 2012+2014+ Post2014Tolerance Corn 6. PressRelease:MonsantoandSyngenta1. Controlledcommercialreleaseof12M3. Optimum andGAT areregisteredReachRoyaltyBearingLicensing acres;Largescalelaunchof56Min2010trademarksofPioneerHiBred;DateasAgreementonRoundupReady2YieldstatedinDuPontpressrelease0717082. FirsttraitintheDroughttolerantcornSoybeanTechnology, 052308 family,currentlyPhaseIII 4. AcreMax isatrademarkofPioneerHi 7. NospecifiedplatformindicatedviaCornBred;DateasstatedbyWilliamS.Niebur,TechnologyPipeline,SyngentaHalfYearPh.D.,MerrillLynchAgriculturalChemicalsResultsPresentation,072408,Slide22.Conference,060508,Slide14Relevantcomponenttraits:VIP/Broadlep: 5. Ibid,Slide232009andRWdualmodeofaction:2012 8. Ibid. 14 15. SOYBEAN SEEDS & TRAITSRoundup Ready 2 Yield Soybeans Is One Of the Most- Anticipated Launches Because of Step-Change In YieldROUNDUP READY 2 YIELD SOYBEANS:SECOND-GENERATION WEED CONTROL OPPORTUNITYU.S. SOYBEANS Near-Isoline Comparisons: Roundup Ready 2 Yield vs. Roundup Ready 2007 U.S. AVERAGE41.6 bu YIELD PER ACRE: % Yield Increase over Roundup Ready 12% ROUNDUP READY 2 YIELD TARGETED YIELD11%7-11% 10%IMPROVEMENT: 9%9% 8% VALUE PROPOSITION7%7% 6%YIELDIMPROVEMENT ON 3-5 bu/ac AVERAGE YIELDS: 4% INCREMENTALYIELD VALUE TO$35-$65/acre FARMER (VERSUSROUNDUP READY): 2% PRICING SEAMLESS PRICE 0% $69-$72 FOR ROUNDUP4 YEAR READY 2 YIELD2004 20052006 2007SEED (PER ACRE)1: AVERAGE SEAMLESS PRICE FOR FIRST-Roundup Ready 2 Yield soybeans yield 7 to 11 percentGENERATION $49-$52 ROUNDUP READYhigher than Roundup Ready soybeans based on 73SEED (PER ACRE)1:Monsanto field trials from 2004-20071. Reflects seamless pricing to farmer, including trait value, germplasm value and value provided by seed treatment15 16. COTTON SEEDS & TRAITSCotton Platform Segregating Into Value- and Volume-Focused Opportunities To Reflect Changing Global Production CHANGING GLOBAL COTTON LANDSCAPE 20032004 2005 2006 20072008F2003 2004 200520062007 2008F 1616 Monsanto insect-protected Monsanto insect-protected trait acres ~16 trait acres14.6 1212 Acres (M) Acres (M)8 88.7 8.67.87.8 6.65.75-64 4 1.33.10.20 013.5M 13.7M 14.2M15.2M10.8M9.2M INDIA PLANTEDPLANTED ACRES 3XUNITED STATESMORE BOLLGARD THAN U.S. IN 2008 VOLUMEVALUE Expanding cotton market with U.S. acres likely to continue to be small, but growing demand for technology, among highest value but assumes local pricing risk Technology adoption still needed to improve Second-generation farmer profitability conversion continues tomove ahead Deltapine brand continues to provide access to worlds largest cotton germplasm pool16 17. COTTON SEEDS & TRAITSRegardless of Where Cotton Is Grown Geographically, Trait Intensity Is Key Opportunity for Monsanto GLOBAL COTTON SEED AND TRAITS GROSS PROFIT COTTON INDEX=2007 FINANCIAL OUTLOOK 2012F 2007 With Delta & Pine Landacquisition, lower-marginseed is greater portion ofproduct mix softeningmarginsCorn and soybeans havedisplaced cotton in Deltapinebrands core U.S. geographies ~2X 2009 DRIVERS Re-establish U.S. shareOVER 2007 INDEXgrowth, promote second-genU.S Cotton Seeds & TraitsGross Profitpenetration in U.S. and IndiaInternational Cotton Seeds& Traits Gross Profit17 18. VEGETABLE SEEDS Vegetable Core Platforms Are Established, Focusing onExecution and Growth To Become $1B Business by 2012VEGETABLES $1,200 >$1B $1,000FINANCIAL OUTLOOK >$1B $1,000s$800By 2012, Vegetable business$600>$650M>$650M roughly equates to todays soybean business currently$400 Monsantos second-largest$200 seed-and-trait segment Sales growth continues in$0 NETGROSSNET GROSS mid-single digits; MarginSALES PROFITSALESPROFIT grows through pricing, newVegetable Platform:Soybean Platform: products and increase of2012F 2008F protected-culture businessRANK ORDER GROSS PROFIT GENERATORS: 2012F 2009 DRIVERS When acquired in 2005,Corn Seeds & Traits Focus on operation and Seminis annual gross-profit execution of 3-channel contribution was among lowestSoybean Seeds & Traits approach: Seminis open-field,in Seeds & Genomics;Vegetable SeedsDeRuiter protected-culture,By 2012, Vegetable Seeds will and ISG regional brandsbe third-largest seed-and-trait Cotton Seeds & TraitsplatformAll Other Seeds & Traits 18 19. VEGETABLE SEEDSDe Ruiter Seeds Is Perfect Complement to Seminis, Setting Pace for Growth Through 2012 FY07 Annual net Sales = $145M FY07 Annual Net Sales = $612MPortfolio Composition: Percent of Sales1Portfolio Composition: Percent of Sales110%12%Open-FieldProtected-Culture88%90% Pairing Seminis with De Ruiter Seeds brings together the leading positions in open-field and protected-culture segments Both segments benefit from the coordinated 1. Size of pies not to scale with revenuemolecular breeding infrastructuregenerated by Seminis or De Ruiter Seeds19 20. SUMMARYOn Track in 2008, Growth Drivers Continue to Set Stage for Growth Through 2012GROSS PROFIT OUTLOOK BY SEGMENT 2007-2012F $10,000TOTAL GROSS All Other Agricultural Productivity PROFIT GROWSTO >2X Roundup and Other Glyphosate-based Herbicides$8,000 2007 BASELINE Seeds & Genomics$6,000 $4,000GROWTH COMES FROM SEEDS &$2,000 TRAITS $0 2007 2008F 2009F 2010F 2011F 2012FU.S. Corn Intl Corn Soybeans Cotton Vegetables R&D Pipeline Expand seed Establish and Prepare for Accelerate U.S. Reinvigorate Largest-ever footprintexpand seed commercial traits and marginsR&D fieldfootprint launch ofbreedingeffort Drive trait DeRuiterRoundup penetration Drive trait Drive intl traits integrationReady 2 Yieldpenetration SmartStaxAccelerated traitRoundup Ready Globalized$1B Vegetable Game-ChangingPlatform platform2 Yield PlatformCotton Platform PlatformLaunches 21. SUMMARYMonsantos 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 GROWTH21