1

TERRY CREWS

CHIEF FINANCIAL OFFICER

BANK OF AMERICA

2008 BASICS/INDUSTRIALS CONFERENCE

May 8, 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. 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

With Opportunities in Hand, Monsanto Has Potential to More

Than Double 2007 Gross Profit Over Next Five Years

OVERVIEW

$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

ILLIO

NS

GROSS PROFIT OUTLOOK BY SEGMENT

2007-2012F

2012 GROWTH RANGE

Gross profit targeted to more than double from 2007 through 2012 including recent lift in Roundup to $1.8B gross profit

STRATEGIC PLAYBOOK

All growth is organic, from

base business and pipeline

U.S. Corn International Corn Soybeans Cotton Vegetables R&D Pipeline

Earnings continue to translate into operating cash

>2X2007 BASELINE

Increased in Q2 2008 for

new Roundup target

On Track to More Than Double Gross Profit From 2007 to 2012, Growth Drivers Roll Out In Balanced Progression

OVERVIEW

GROSS PROFIT TARGET:

NEAR $9B IN 2012

2008 2009 2010 2011 2012

U.S. Corn

International Corn

Soybean

2009

Roundup Ready 2

Yield soybeans

controlled

commercial release

Cotton

2010

U.S. SmartStax

corn launch

Large-scale

Roundup Ready 2

Yield soybean

launch

MIL

ES

TO

NE

S

Seminis

R&D Pipeline

• Trait penetration and seed share growth• SmartStax platformDRIVERS:

• Seed share growth• New trait approvals in LADRIVERS:

• Roundup Ready 2 Yield platform• Seed share growth

DRIVERS:

• 2nd-gen trait acceleration• Breeding inroads

DRIVERS:

• Protected culture• Molecular markers

DRIVERS:

• Yield & stress platform• Breakthrough platforms

DRIVERS:

• From 2007 baseline: $4.2B

• 2012 target increased by almost 10% in Q2 2008 on incremental 2012 Roundup expectations

2008 to 2012 Projected branded corn share gains globally

2012+

U.S. drought-

tolerant corn launch

2011-2012

Delta and Pine

Land U.S.

portfolio

converted to

second-

generation stack

2012+

Stacked trait

soybean launches,

including dedicated

product for Brazil

First major selling

season for LA corn

traits

5

6

OVERVIEW

Strong Cash Position Gives Monsanto the Resources to Extend Its Competitive Lead

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

$2,400

$2,600

2003 2004 2005 2006 2007 2008F

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

Operating Cash

Ongoing EPS

Cash

fro

m O

pera

tio

ns

(in

$ t

ho

usan

ds) O

ng

oin

g E

PS

MONSANTO’S FINANCIAL INDICATORS:

OPERATING CASH AND ONGOING EPS – 2003 TO 2008F Cash Generation

Strong cash generation

allows Monsanto to invest to

extend its competitive lead:

Bolster direct returns to

shareowners

Support commercial growth

through capital spending

Invest in future growth

through R&D

Expand the core through

strategic acquisitions

2008F

Monsanto operating cash guidance exceeds $2B, as net income grows

2003-2006

>$1B in Working Capital reductions used to fund key acquisitions like Seminis and ASI

7

OVERVIEW

Over Last Three Years, Use of Cash Focused on Areas That Contribute to Growth and Return Value to Shareowners

USES OF CASH

CUMULATIVE: 2005-2007

$1,160

$266

$545

$639

$3,161

ACQUISITIONS 55% OF CASH USED

• American Seeds, Inc.

(2004-2007)

• Seminis (2005)

• Delta & Pine Land (2007)

• Agroeste (2007)

CAPITAL SPENDING 20% OF CASH USED

• Beginning of 3-year, $610M plan to expand corn seed

production

SHARE REPURCHASES 9% OF CASH USED

• Initiated 4-year $800M share-repurchase program in October

2005$ in thousands

DIVIDENDS 11% OF CASH USED

• Increased dividends 3 times during this period, for a

cumulative increase of 106%

TECHNOLOGY SPENDING 5% OF CASH USED

• Nearly $150M spent to expand technology partnership

network

RETURNING VALUE TO SHAREOWNERS

MONSANTO ANNUAL SHARE REPURCHASE:

2003-2007

Share Repurchases

STATUS

• 54% through 4-year $800M program begun in October 2005

• Focus areas in 2008:• In April, announced

acceleration of current program and new 3-year $800M authorization

Newly Authorized Program Accelerates and Extends Monsanto’s Share-Repurchase Initiative

8

$0

$50

$100

$150

$200

$250

$300

2004 2005 2006 2007

2004-2005

3-year $500M repurchase program – completed early

$ in

millio

ns

2006 FORWARD

• 4-year $800M repurchase program initiated in October 2005

• 2008 Update: Accelerated and added new program

RETURNING VALUE TO SHAREOWNERS

MONSANTO QUARTERLY DIVIDENDS:

2001-2007

Dividends

STATUS

• Since establishment in 2001, Monsanto has increased dividends 6 times – an increase of 200 percent

Monsanto’s Strong Earnings Growth Continues To Be Reflected in Dividend Payout

9

$0.00

$0.02

$0.04

$0.06

$0.08

$0.10

$0.12

$0.14

$0.16

$0.18

$0.20

Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08

2007

Monsanto increases quarterly dividend twice in 12-month period

Per-

Sh

are

Am

ou

nts

1

EXTENDING LEADERSHIP

MONSANTO CAPITAL SPENDING:

2004-2007Capital Spending

STATUS

• Capital Spending is being used to support growth areas of the commercial business – supporting continued gross-profit growth

• Focus areas in 2008:• Global corn seed

production expansion to support share growth in DEKALB and ASI

• De-bottlenecking for glyphosate production to increase volumes

Expanded Capital Spending Supports Growth Areas of Current Commercial Business

10

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2004 2005 2006 2007 2008F

2008F

Increased Capital Spending used to support acceleration of corn-plant expansions and new

de-bottlenecking for glyphosate

$ in

th

ou

san

ds

1. Amounts for record dates from Jan. 1, 2001 – July 7, 2006 adjusted to allow comparison following Monsanto’s stock split

EXTENDING LEADERSHIP

Capital Spending

STATUS

• In June 2007, announced 3-year $610M plan to expand and build seed facilities in the U.S.

• In 2008, plan has been accelerated to reflect growth in DEKALB and ASI combined with continued growth expectations through 2012

• Outlook to 2012:• DEKALB to grow share

through 2012 by up to 10 points cumulatively from 2007 share of 23 percent

• Continued organic share growth in ASI

Primary Capital Spending Use For Acceleration of Corn Plant Expansions to Support DEKALB and ASI Share Growth

11

DEKALB AND ASI U.S. CORN SHARE EVOLUTION:

2001-2008F

10%

12%13%

14%

16%

20%

23%

9%

5%

4%

0%

5%

10%

15%

20%

25%

30%

2001 2002 2003 2004 2005 2006 2007 2008F

25 - 26%

10 - 11%

DEKALB Brand Share – U.S.

ASI Share – U.S.

2008F

Projecting 2-3% share gains for DEKALBand 1-2% share gains for ASI

GLOBAL VOLUME

(GALLONS):209M 215M 235M 252M 262M

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 $1.8B

EXTENDING LEADERSHIP

Capital Spending

STATUS

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

• Demand-driven environment is sustainable, with projection of $1.8B in gross profit in 2012

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

• Single-digit volume growth

• Increased capacity in CY2009-2010 from Monsanto

• Branded Roundup quality needed to service Roundup Ready opportunity

De-Bottlenecking of Roundup Production Moving to Increase Volumes to Meet Demand-Driven Opportunity

12

ROUNDUP AND OTHER GLYPHOSATE-BASED HERBICIDES:

BRANDED AND NON-BRANDED TRENDS – 2004-2008F

0

50

100

150

200

250

300

2004 2005 2006 2007 2008F

Glo

bal V

olu

me (

in g

allo

ns)

Branded

Non-Branded

EXTENDING TECHNOLOGY

R&D

STATUS

• Monsanto spends more on seed and biotech R&D than any other ag company

• R&D is targeted at 10% of sales

• >90% of R&D spend is for seeds-and-traits, split roughly 50/50 between breeding and biotechnology

• Outlook for 2008:• R&D spend likely to be in

9% range given rapid uptick in revenue, still greater than $850M

Monsanto’s Significant, But Focused R&D Investment Helps Extend Lead in Core Seeds-and-Traits Business

13

MONSANTO’S R&D EXPENDITURES:

2004-2007

Monsanto’s R&D spending applies earnings from established products like Roundup

herbicides to extend the company’s leadership in the high-margin seeds-and-traits

segment

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2004 2005 2006 2007

0%

2%

4%

6%

8%

10%

12%

R&

D S

pen

d (

in $

millio

ns)

R&

D a

s P

erc

en

t of S

ale

s

EXTENDING TECHNOLOGY

R&D

STATUS

• Beyond pure R&D expense, Monsanto also uses cash for technology collaborations and other investments

• Monsanto has thousands of research agreements, licenses and collaborations with universities, institutes and other companies

Additional Spending for Collaborations and Other Investments Expand R&D Network

14

TECHNOLOGY SPEND FOR SEEDS & TRAITS1:

COLLABORATIONS AND INVESTMENTS – 2004-2007

$0

$10

$20

$30

$40

$50

$60

$70

2004 2005 2006 2007

$ in

millio

ns

1. Reflects portion of “Technology and Other Investments” devoted to seed-and-trait programs; 2006 figure excludes a one-time $100M payment made for patents for Monsanto’s Animal Agriculture business

15

EXTENDING TECHNOLOGY

R&D Engine Is Poised to Launch Average of One Game-Changing Technology Every Other Year Through Mid-Decade

2008 2009 2010 2011 2012 TO MID-DECADE

HIT Project

SmartStax

HIT Project

Nitrogen-Utilization Corn Family

TECHNOLOGY:

Roundup Ready 2 YieldSoybeans

Drought-Tolerant Corn Family

PRODUCT

CONCEPT:

• Resets trait platform for soybeans

• Resets trait platform in corn

• Value likely in improved yield under stress and potential for water replacement

• Targets ways to use nitrogen more efficiently

2020 COMMERCIAL

VALUE1:

HIGH HIGH HIGH HIGH

U.S. ACRE

OPPORTUNITY2:

40-50M 60-65M 55M 55M

STATUS:

• On track for controlled commercial release in 2009 of 1-2M acres

• Full commercial launch of 5-6M acres in 2010

• On track for 2010 launch

• Lead product in Phase 3 testing

• Second-generation product in Phase 2

• Lead product in Phase 1 testing

1. 2020 value reflects gross sales opportunity in launch country in year 2020; “HIGH” : $300-$500M

2. Acre opportunity reflects acres where technology fits at Monsanto's current 2007 market share in respective crops

DISCOVERY PHASE 1 PHASE 2 PHASE 3 PHASE 4

FAMILY TRAITS►

Broad-Acre, Higher-Yielding Family

HIGH

SOYBEANS:

BROAD-ACRE

YIELD

Broad-Acre, Higher-Yielding Family

Nitrogen-Utilization Family

FAMILY TRAITS►

FAMILY TRAITS► MEGA

HIGH

Drought-Tolerant Family

FAMILY TRAITS► HIGH

CORN:

BROAD-ACRE

YIELD

YIE

LD

&

S

TR

ES

S

CO

LL

AB

OR

AT

IO

N

High-oil

soybeans

Dicamba-tolerant soybeans

Vistive III

Improved-protein soybeans

Roundup Ready 2 Yield canola

Bollgard IIIOmega-3 soybeans

YieldGard VT PRO

corn

Roundup Ready 2 Yieldsoybeans

MEGA

>$1BM

HIGH

$300M-$500M

MID

$150M-$300M

Corn Soybeans Cotton Canola

2020 VALUE RANGES:

LOW

<$150M

Insect-protected RR2Y soybeans

Strong Pipeline Reflects Growing Innovation and Leadership; Expected to Create Commercial Value of $>5B in 2020

EXTENDING TECHNOLOGY

17

EXTENDING PLATFORMS

Recent Acquisitions Have Converted Cash From RoundupInto Higher-Margin Seed Opportunities

INVESTMENT OPPORTUNITY

In an expanding agriculture environment, value is defined by scarcity or innovation – Monsanto’s strategy is targeted on innovation: discovering and developing technology that is game-changing

CATEGORY EXAMPLES OUTLOOK

Intensify The Space ► Delta and Pine Land

► American Seeds, Inc. (ASI) Companies

► Agroeste (Brazil)

► De Ruiter Seeds (agreement signed)

• ASI and Delta and Pine Land moving to integration

• Leading position in protected-culture established in vegetables

• Continued opportunity for add-on international corn and vegetable seed companies

Strengthen position of the core business, largely by building the germplasm footprint of seeds

Expand The Space ► Seminis • Continually looking for areas where Monsanto can apply core technology quickly or benefit from advanced research

Expansion to adjacent spaces – where core technology can be applied quickly and with transformational benefits

Redefine The Space ► Yield and Stress R&D Collaboration with BASF

► SmartStax agreement with Dow

► Global Seed Treatment Alliances

• Most highly transformational, but rarest to find appropriate fitInvestments that rewrite the

landscape, providing new avenues, new technologies and creating new markets

ASI GROSS PROFIT PER ACRE

1

1.85

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

AV

ER

AG

E G

RO

SS

P

RO

FIT

/A

CR

E

(IN

DE

XE

D)

GP/acre increases 85% after ASI

acquisition

• With technology infusion, gross profit per acre lifts when seed company brought under ASI umbrella

Average GP/acre in same band as DEKALB

PRE-

ACQUISITION

POST-

ACQUISITIONDEKALB

EXTENDING PLATFORMS

Acquisitions

STATUS

• Begun in November 2004, ASI now stands at >20 seed brands

• With technology support of Monsanto and local touch of established brands, ASI is poised to grow 1-2 share points in 2008

Success of ASI Model Has Allowed Monsanto to Further Its Momentum in the U.S. Corn Business

19

VALUE CREATION FOR VEGETABLE SEED PLATFORM:

STAGED OPPORTUNITIES FOR INCREASING GROSS PROFIT

Focus on operational excellence; working capital management

VA

LU

E C

RE

AT

IO

N O

PP

OR

TU

NIT

Y

Assemble genetic maps for key crops

Identify and implement opportunities to capture full product value

Aggressively shift mix via protected culture and hybrid conversion

New product launches; use of molecular markers

2007 2008 2009 2010 2011 2012

2007

Monsanto vegetable

seed sales top

$600M in 2007; 7.5%

top-line growth2008

De Ruiter Seeds

acquisition agreement

announced1 – strengthens

protected-culture portfolio

2012

Monsanto vegetable

seeds projected to

be >$1B in sales,

mid-60s margin

2012

Molecular marker platform begins transforming

Seminis and De Ruiter portfolios

~2010

De Ruiter Seeds1 accretive to

Monsanto vegetable seed EPS

contribution in second full fiscal

year following closing

OPERATIONAL EXCELLENCE NEW VALUE CREATIONPIPELINE

ADVANCEMENT

De Ruiter Seeds Accelerates Monsanto Vegetable Seed Capability and Reach, Bolstering Five-Year Growth Prospects

EXTENDING PLATFORMS

1. Subject to closing

SUMMARY

MONSANTO WORKING CAPITAL:

2003-2007

Working Capital

STATUS

• Even as business expands, discipline has been sustained on key working capital elements

• 2007 Current Ratio – 1.65:1

• Focus in 2008:• Receivables as a percent

of sales: High teens

• Inventories as a percent of sales: 20%

Growth Is Underpinned By Financial Discipline, Continued Focus on Working Capital

20

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2003 2004 2005 2006 2007

2007

Receivables and Inventories as a percent of sales decline to lowest point in Monsanto’s

existence

Perc

en

t o

f S

ale

s

Inventory as a percent of sales

Receivables as a percent of sales

Monsanto Using Strong Cash Backbone to Extend

Competitive Lead Through Innovation, Driving 2012 Growth

SUMMARY

$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

ILLIO

NS

GROSS PROFIT OUTLOOK BY SEGMENT

2007-2012F

2012 GROWTH RANGE

Gross profit targeted to more than double from 2007 through 2012

STRATEGIC PLAYBOOK

All growth is organic, from

base business and pipeline

U.S. Corn International Corn Soybeans Cotton Vegetables R&D Pipeline

Earnings continue to translate into operating cash, and value created for shareowners through combination of acquisitions, share repurchases and dividends

>2X2007 BASELINE

Increased in Q2 2008 for

new Roundup target

Reconciliation of Non-GAAP Financial Measures

$ per shareFiscal Year

2008Fiscal

Year 2007Fiscal Year

2006Fiscal Year

2005Fiscal Year

2004Fiscal Year

2003

Net Income (Loss) per Share $3.38-$3.48 $1.79 $1.25 $0.47 $0.50 $0.13

Cumulative Effect of Change in Accounting Principle -- -- $0.01 -- -- $0.02

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

$3.38-$3.48 $1.79 $1.26 $0.47 $0.50 $0.15

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 $0.05

Loss (Income) on Discontinued Operations1 -- ($0.13) -- $0.05 -- $0.03

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

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

-- $0.34 -- -- -- --

PCB Litigation Settlement Expense – Net -- -- -- -- -- $0.48

Diluted Earnings (Loss) per Share from Ongoing Business $3.15-$3.25 $2.00 $1.30 $1.04 $0.80 $0.71

Reconciliation of Non-GAAP EPS

22

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.