1

HUGH GRANTCHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER

LEHMAN BROTHERS GLOBAL CHEMICAL LEADERS INDUSTRY CONFERENCE

March 29-30, 2007

2

Forward-Looking Statements

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, including proceedings related to Solutia Inc.; developments related to foreign currencies and economies; successful completion and operation of recent and proposed acquisitions, including Delta and Pine Land Company; 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.

TrademarksTrademarks owned by Monsanto Company and its wholly-owned subsidiaries are italicized in this presentation. Mavera™ is a trademark of Renessen. All other trademarks are the property of their respective owners.

© 2007 Monsanto Company

References to periods before 2000 include the agricultural business of Pharmacia Corporation.

3

Building From Established Platform, Monsanto Has a Window of Opportunity to Extend Our Leadership

OVERVIEW

R&D LEADERSHIP

SEED & TRAIT PLATFORM

SEEDS & TRAITSIn the 10 years since the introduction of

the first biotech trait, Monsanto has invested >$5B in seeds-and-traits R&D

TRAITSMonsanto developed and commercialized the first

broad-acre biotech traits; First to launch stacked

traits and second-generation traits

SEEDSGlobal germplasm library

unmatched in scale – with 36 integrated breeding

programs from 12 countries for corn and soy

and the world’s leading vegetable seed company

FINANCIAL PERFORMANCEHigh-margin technology business that generates sustainable free cash flow

COMMERCIAL COORDINATIONRoundup, world’s best-selling herbicide brand, uniquely complements seed-and-trait platform

COMMERCIAL PLATFORMIntegrated platform with commonality of technology and commercial approach among crop platforms

BREEDING>100 breeding research

centers worldwide, underpinning companywide

focus around molecular breeding

CHANNELS TO MARKETIndustry’s only company to widely employ dual market approach of branded and licensed seed and trait sales

STRATEGIC PERFORMANCE

4

Six Building Blocks Extend Leadership and Elevate Gross Margin Opportunity Through 2010

OVERVIEW

44%

46%

48%

50%

52%

54%

CURRENT LEVEL

GROSS MARGIN ‘PULL’

2003 2004 2005 2006 2007F 2008F 2009F 2010F

GROSS MARGIN OPPORTUNITYGROSS PROFIT AS A PERCENT OF SALES

MONSANTO’S OPPORTUNITYDelta between 2006 gross margin and a 51-53% trajectory reflects continued growth opportunity for seeds and traits

FACTOR VALUE1

U.S. corn HIGH

International corn MEDIUM

Global biotech traits MEDIUM

Cotton platform LOW

Seminis MEDIUM

R&D pipeline HIGH

HIGH >$250M MEDIUM $100M - $250M LOW <$100M

1. Increment to total gross profit in the period 2006-2010; Some growth factors will overlap.

5

Farmers Buy Yield; Our Business Strategy Is Oriented Around Meeting That Customer Need

U.S. CORN GROWTH

R&D APPROACH

FAR

M A

PP

RO

AC

H

=

X

SEED• Starting point of all

agriculture; farmers maximize genetics in seed for yield

• 60% of farmers select seed first, thendecide on biotech traits

TECHNOLOGY• Technology is used to

protect and maximize yield potential of seed

GENETIC POTENTIALInherent yield possible from the seed

YIELDFarmer’s Purchase

Decision = XPERCENT OF GENETIC

GAIN PRESERVEDAmount of yield potential

protected

• Germplasm library assembled from 36 programs in 12 countries

• >100 breeding research centers worldwide

• >2,000 genetic markers used by breeders for corn today

• 50% of breeding population comes from intra-company, inter-country crosses

• Molecular breeding improves genetic potential by 2X versus conventional breeding

GERMPLASM BREEDING

• Monsanto is only company to develop and commercialize complete above-ground, below-ground insect-control and weed-control traits

6

First Decision Farmers Make Is Seed Germplasm; More and More Farmers Have Been Choosing Monsanto Seed

U.S. CornSITUATION:

• In 2006, Monsanto’s DEKALB and Asgrow brands grew by 3 market share points

• Over 5 years, comparable market share gain was 9 points

Share gains in national brands through end of the decade

U.S. CORN MARKET SHARE EVOLUTIONMONSANTO BRANDS AND LICENSEES

0%

10%

20%

30%

40%

50%

60%

2001 2002 2003 2004 2005 2007F2006

In 2006, the addition of 1 market share point in a Monsanto national brand translated into an average incremental value of approximately $10M-$15M in gross profit opportunity for Monsanto for the seed alone

ACREAGE EXPANSION

ASGROW AND DEKALB BRANDS

AMERICAN SEEDS, INC. BRANDS

LICENSEES’ BRANDS

U.S. CORN GROWTH

7

With the Corn Trait Technology in Hand Today, There’s Opportunity to Double Penetration By End of Decade

U.S. CornSITUATION:

• Through 2006, roughly 50 percent of the available market has been penetrated with traits

OUTLOOK:

2006 2010F

ROUNDUP READYCORN 2 32.7M 60M

YIELDGARDROOTWORM 10.0M 25-30M

YIELDGARD CORN BORER 32.3M 50-60M

TRIPLE STACK TRAITS 6.0M 25-30M

U.S. CORN TRAIT OPPORTUNITYTOTAL MARKET OPPORTUNITY IN 20101

YIELDGARDCORN BORER

YIELDGARDROOTWORM

TRIPLE25-30M ACRES

Because YieldGard Rootworm has the

lowest market opportunity of the 3

traits, its market potential is the proxy for total potential for triple

stack

DOUBLE20-25M ACRES

Above triple stack, remaining YieldGard Corn

Borer forms double-stack opportunity

SINGLE~10M ACRESAcres exclusively using Roundup Ready, which would include “refuge” acres required for other acres using insect-protected traits

RE

LAT

IVE

RE

TA

IL V

ALU

E

PE

R A

CR

E

10 20 30 40 50 60U.S. TRAIT-ACRE OPPORTUNITY

(ACRES IN MILLIONS)

ROUNDUP READYCORN

ST

AC

KE

D

OP

PO

RT

UN

ITY

U.S. TRAIT ACRE OPPORTUNITY:

CURRENT COMMERCIAL CORN TRAITS

2006:Only 50% penetrated to date

1. Market Opportunity reflects total acres where technology is applicable, not necessarily acres projected for penetration by 2010.

U.S. CORN GROWTH

8

With Higher Demand for Stacks, the “Average” DEKALB Acre Now Contains More Than Two Traits

U.S. CornSITUATION:

• With increased stacking, there is a positive mix effect across the portfolio

OUTLOOK:

• In 2007, the trait intensity for DEKALB and Asgrow will surpass 2.0 for the first time – reflecting that the average corn acre now contains more than 2 biotech traits

• With an infusion of technology, ASI’s trait penetration levels are closing in on DEKALB and Asgrow

20%

15%

7%

2006

TRIPLE STACKED PENETRATION

>35%

>30%

10 - 15%

2007F

STACKED PENETRATIONTRAIT PENETRATION

70 - 75%

65 - 70%

55 - 60%

2007F

69%

55%

43%

2006

90 - 95%

80 - 85%

60 - 65%

2007F

90%

75%

55%

2006

NATIONAL BRANDS

REGIONAL BRANDS

LICENSEE BRANDS

U.S. CORN GROWTH

0

0.5

1

1.5

2

2.5

2003 2004 2005 2006 2007F

TRAIT PENETRATION TRENDSACROSS KEY COMMERCIAL CHANNELS

TR

AIT

IN

TE

SIT

Y I

ND

EX

(A

VE

RA

GE

NU

MB

ER

OF

TR

AIT

S P

ER

T

RA

IT A

CR

E)

DEKALB/ASGROW2007F TRAIT INTENSITY: > 2.0

TOTAL MARKET TRAIT INTENSITY LESS BRANDED: 1.7

9

International CornSITUATION:

• Primary value in international corn markets today is in the seed

• Breeding gains that have been made in the U.S. set pace for market share growth in other international markets

OUTLOOK:

• Monsanto is targeting to grow share in each of the most valuable corn-growing countries

5.9M

7.0M

20.6M3.9M

6.0M

0.7M2.8M2.8M7.1M

HYBRID MARKET

SIZE (ACRES)

• India is primary market of longer-term value in region

LOW+635%15.6MIndia

ASIA-PACIFIC

LOWFLAT35%7.3MArgentina

LOW-134%30.8MBrazil

• Argentina is only country in region with biotech traits

• Next priority for accelerated molecular breeding

MEDIUM+361%17.3MMexico

LATIN AMERICA

LOW+1250%6.0MSouth Africa

HIGH+421%0.8MTurkey

MEDIUM+632%2.8MHungary

HIGH+721%2.8MItaly

• Molecular breeding application is roughly 2 years behind U.S.

• Corn Borer-Roundup Ready 2 stack approved in January in South Africa

HIGH+515%7.1MFrance

EUROPE-AFRICA

OUTLOOKGROSS PROFIT

VALUE PER ACRE1

SHARE POINT

CHANGE (’04-’06)

MONSANTO BRAND SHARE

TOTAL MARKET

SIZE (ACRES)

1. Average incremental value in gross profit opportunity for the seed value (excluding traits) of the addition of an acre in a Monsanto brand:

HIGH >$20 MEDIUM $10 - $20 LOW <$10

Gross Profit Value of Seed Internationally Varies, Yet Still Solid Contributor to Growth, Commercial Platform

INTERNATIONAL CORN GROWTH

10

Gross Profit Value of Seed Internationally Varies, Yet Still Solid Contributor to Growth, Commercial Platform

INTERNATIONAL CORN GROWTH

International CornSITUATION:

• Primary value in international corn markets today is in the seed

• In France, DEKALB market share has grown 5 points over the last 3 years

OUTLOOK:

• For the first time ever, DEKALB is co-leader of French market

• Monsanto is targeting to grow share in each of the most valuable corn-growing countries

HIGH

40-45%COST FACTORS

$62PRICING FACTORS

7.1M(2.9M Ha)

MARKET FACTORS

Average Gross Profit: Per Acre1 $25-28GROSS PROFIT VALUE

Assumed Industry-Standard Gross Margin

Average Seed Retail Price Per Acre

71,000 acresAcre: Market Share Conversion

Total Acres Planted (2006)

FRANCE

GERMPLASM VALUE: FRANCE SEED VALUE RANGE FOR ADDED ACRES IN DEKALB/ASGROW BRANDS

HIGH >$20 MEDIUM $10 - $20 LOW <$10

1. Average incremental value in gross profit opportunity for the seed value (excluding traits) of the addition of an acre in a Monsanto-owned brand:

11

Significant Growth Opportunity Lies in Expansion of Existing Commercial Biotech Traits Globally

GLOBAL BIOTECH TRAIT GROWTH

Global Biotech TraitsSITUATION:

• Historically, most rapid adoption has been in the U.S., also the most highly penetrated market

• Penetration is moving globally, trait by trait, country by country

OUTLOOK:

• As is the case in the U.S., largest category of opportunity internationally is corn trait adoption

• Even where some traits – like cotton – are penetrated, there’s still an upgrade opportunity to second-generation traits

GLOBAL MARKET OPPORTUNITYMARKET OPPORTUNITY FOR BIOTECH TRAITS THROUGH 20101

26%42%29%57%39%86%2006 Penetration

25-30M50-60M60M6-8M10-15M70MUnited States

36-41M84-96M118-120M

28.5-35.8M

34.5-44.8M156.2MTotal Key

Markets

-4M6M10M11M0.2MAfrica

CORNCOTTONSOYBEANS

---0.5M-0.8M

0.5M-0.8M-Australia

5M8M24M--1MEurope

-3 – 5M3 – 5M10-15M10-15M-India

1M4M5M--35MArgentina

5M15M20M2M3M50MBrazil

YIELDGARDROOTWORM

YIELDGARDCORN BORER

ROUNDUP READY CORN 2

BOLLGARD AND

BOLLGARD II

ROUNDUP READY(FLEX)

ROUNDUP READY

1. Market Opportunity reflects total acres where technology is applicable, not necessarily acres projected for penetration by 2010.

12

$0.00

$0.02

$0.04

$0.06

$0.08

$0.10

$0.12

2007 2008F 2009F 2010

Roundup Ready Soybean Strategy in Brazil Emphasizes Acreage Penetration

GLOBAL BIOTECH TRAIT GROWTH

Global Biotech TraitsSITUATION:

• Largest soybean market outside U.S. is Brazil

• Recent pricing action taken there to promote penetration of new seed

OUTLOOK:

• In a total Brazilian market of ~50M acres, 2006 penetration was almost 20M acres –reflecting a remaining 30M-acre upside

• Penetration target of 45% for 2007 is on track

CO

NT

RIB

UT

ION

TO

EP

S($

PE

R S

HA

RE

)

ROUNDUP READY SOYBEANS IN BRAZILPROJECTED EPS CONTRIBUTIONS (2007 VS 2010)

$0.09-$0.11

$0.025-$0.05

2007F 2010F

90% PENETRATION

50MMARKET SIZE

$2.50-$3.00/acrePRICING

ASSUMPTIONS

45%PENETRATION

50MMARKET SIZE

$2.50-$3.00/acrePRICING

ASSUMPTIONS

ON PENETRATION ALONE EPS CONTRIBUTION COULD MORE THAN DOUBLE 2007-2010

13

Upgrade to Second-Generation Cotton Traits Flourishes, Highlighted by 2007 Roundup Ready Flex Growth

COTTON GROWTH

PENETRATION RATE OF SECOND-GENERATION TRAITSPENETRATION TREND OF COTTON TRAITS AS

A PERCENT OF ANNUAL PLANTED ACRES1

1. Percent of annual planted acres reflects the ratio of number of actual trait acres planted to total planted acres in the identified year for the specified geography

Bollgard II

Roundup Ready Flex

Bollgard II

Roundup Ready Flex

0% 5% 10% 15% 20% 25% 30%

2007 FORECAST

2006 RESULTS

Even on potentially lower total planted acres, Roundup Ready Flex penetration rate should double in 2007 to >25% of total cotton crop

ROUNDUP READY FLEX

Cotton PlatformSITUATION:

• Cotton trait platform is the first to move forward on complete replacement of first-generation traits with second-generation upgrades

• Roundup Ready Flex cotton launched in the U.S. in 2006; Launched in Australia for FY2007 planting

OUTLOOK:

• Transition to second-generation traits continues in 2007

• Roundup Ready Flex was planted on ~14% of planted acres in 2005 – that should double in 2007

25-30%

25-30%

17%

14%

14

Seminis To Leverage Portfolio, Pricing and Molecular Breeding To Create New Growth

SEMINIS GROWTH

SeminisSITUATION:

• In 2006, narrowed commercial and research focus to 25 crops that generate the most profit

• Began application of breeding technology, with a target of 1,000+ markers each for 9 crops by 2009

OUTLOOK:

• Seminis is targeted to contribute $0.10 - $0.125 to EPS in FY2007 now that inventory step-up charge is complete

Focus on 25 most-profitable key crops

VA

LUE

CR

EA

TIO

N O

PP

OR

TU

NIT

Y

Assemble genetic maps for key crops

Identify and implement opportunities to price products to value

2005 2006 2007 2008 2009 2010

Aggressively make hybrid conversions in strategic crops

Significant use of molecular markers

Monsanto acquires Seminis

Seminis modestly accretive to FY2006 EPS

Seminis projected to be accretive to FY2007 EPS in range of $0.10-$0.125

Commercialize first hybrids developed by molecular breeding

OPERATIONAL EXCELLENCE

SEMINIS VALUE CREATIONSTAGED OPPORTUNITIES FOR INCREASING BUSINESS VALUE

NEW VALUE CREATIONPIPELINE

ADVANCEMENT

15

Development of Fungal-Resistant Peppers For North America Provides New Pricing Opportunity for Seminis

SEMINIS GROWTH

SeminisFungal-Resistant PeppersPROJECT CONCEPT:

Fungal disease pressure affects almost 60 percent of North American pepper acres, diminishing yield and increasing input expenses for growers. Using molecular markers, Seminis is creating hybrid peppers that exhibit fungal resistance.

2006 PERFORMANCE UPDATE:

• Seminis is mapping molecular markers for 9 key crops, which is helping better locate genetic sites for factors like fungal resistance and disease, allowing breeders to apply that information to upgrade product offerings faster

• Ultimately fungal-resistance could be combined with other or additional disease-resistance characteristics for commercial launch

0%PERCENT PENETRATED

200KAVAILABLE MARKET

NORTH AMERICAKEY MARKET ACRES

Fungal-Resistant Peppers

0.00

0.50

1.00

1.50

2.00

CONVENTIONALPEPPERS

FUNGAL-RESISTANTPEPPERS

IND

EX

ED

RE

TA

IL S

EE

D

VA

LUE

PE

R A

CR

E

VALUE OPPORTUNITY: FUNGAL RESISTANCE EXAMPLE: NORTH AMERICAN PEPPERS

49%

Fungal disease affects 60% of the 200K+ acres of peppers grown in the U.S., Canada and Mexico, requiring intensive chemical spraying for controlUsing molecular-breeding tools, Seminis scientists are working on developing hybrid peppers that are resistant to fungal diseaseThe enhanced value of fungal resistance is projected to increasethe per-acre retail price by almost half

16

Pipeline Demonstrates Increased Breadth and Depth; Key Projects on Track for Commercial Launch

PIPELINE UPDATE

DPHASE

1PHASE

2PHASE

3PHASE

4FARMER BENEFITS

ROUNDUP READY FLEX COTTON

HYBRIDIZATION SYSTEM FOR CORN

DROUGHT-TOLERANT CORN

COTTON LYGUS CONTROL

HIGHER-YIELDING SOYBEANS

NITROGEN UTILIZATION CORN

HIGHER-YIELDING CORN

DROUGHT-TOLERANT COTTON

WATER-USE EFFICIENCY SOYBEANS

HIGHER-YIELDING CANOLA

2ND-GEN DROUGHT-TOLERANT CORN

BOLLGARD III

SOYBEAN NEMATODE-RESISTANCE

YIELDGARD ROOTWORM II

INSECT-PROTECTED SOYBEANS

YIELDGARD VT PRO2ND-GEN YIELDGARD CORN BORER

YIELDGARD VT ROOTWORM/RR22ND-GEN YIELDGARD ROOTWORM

DICAMBA-TOLERANT COTTON

DICAMBA-TOLERANT SOYBEANS

ROUNDUP RREADY2YIELD SOYBEANS

ROUNDUP RREADY2YIELD CANOLA

PROCESSOR BENEFITS

OMEGA-3 SOYBEANS

VISTIVE III SOYBEANS

VISTIVE II SOYBEANS

IMPROVED-PROTEIN SOYBEANS

CONSUMER BENEFITS

HIGH OIL SOYBEANS FOR PROCESSING1

FEED CORN WITH BALANCED PROTEINS1

2nd-GEN HIGH-VALUE CORN WITH LYSINE1

MAVERA™ II HIGH-VALUE SOYBEANS1

MAVERA™ I HIGH-VALUE SOYBEANS1

MAVERA™ HIGH-VALUE CORN WITH LYSINE1

PHASE

4PHASE

3PHASE

2PHASE

1D

1. These product candidates are in the Renessen pipeline. Renessen is a Monsanto/Cargill joint venture.

2. The colored bar associated with each project indicates which phase that project is in. It is not intended to represent the relative status of the project within a particular stage.

3. Roundup Ready Flex Cotton advanced from Phase 4 to commercialization in 2006.

R&D PIPELINE: JANUARY 2007

High Impact Technologies (HIT) project

Jan. 4, 2007 Advancements/AdditionsJan. 4, 2006 Advancements/Additions

17

Yield and Stress Biotech Collaboration with BASF Creates Enhanced Opportunity in Key Growth Area for Next Decade

PIPELINE UPDATE

DEVELOPMENT OF SUCCESSIVE UPGRADES TO CREATE A “FAMILY”

OF PRODUCTS

MONSANTO DISOVERY PROGRAM

BASF DISCOVERY PROGRAM

LICENSEE BRANDS

REGIONAL BRANDS

NATIONAL BRANDS

DISCOVERY DEVELOPMENT COMMERCIALIZATION

KEY ADVANTAGES

• Pairs two separate, but complementary discovery engines

• Increased rate of discovery, unlocking more sources of genes than ever before

• With combined effort, products should advance at faster-than-average development timelines, esp. in early-phase research

• Greater volume of leads and cost sharing reduce risk of failure, increasing probability of commercial success

• Successive upgrades emerge sooner, creating steady stream of traits in a “product family” in each crop

• Broad-licensing approach allows for products to reach broadest market possible, allowing farmers to choose traits in the seed brands they prefer for the greatest performance

INTENSIFIED YIELD & STRESS PIPELINECollaboration creates a new joint pipeline focused on stepping up the volume of leads and certainty of commercial success in the emerging category of “yield” traits for corn, soybeans, cotton and canola

18

KEY MARKET ACRES U.S. EU27 BRAZIL ARGENTINA

AVAILABLE MARKET 80M 28M 30M

0%

6M

PERCENT PENETRATED 0% 0% 0%

Multi-Generational Drought-Tolerant Corn Creates Value Across Multiple Market Segments

Drought-Tolerant Corn

PIPELINE UPDATE

P R O J E C T

R&D PipelineDrought-Tolerant CornPROJECT CONCEPT:

First-generation drought tolerance is targeted to minimize uncertainty in farming by buffering against the effects of water limitation, primarily in areas of annual water stress

2006 PERFORMANCE UPDATE:

TOTAL RETAIL VALUE/ACRE: $10 - $30/acre

2006 STATUS: Phase 2

• Yield enhancement demonstrated again in 2006 under water-stress conditions in U.S.

• Lead gene chosen • 2007 trials expected to demonstrate

yield enhancement in multiple hybrids under dryland conditions

VALUE CATEGORIES:

SEGMENTED VALUE OPPORTUNITY ACROSS MARKETS: EUROPE EXAMPLE

Source: Monsanto from rainfall 25 years average

Drought Monitor

D0: Abnormally Dry

D1: Drought - Moderate

D1: Drought - Severe

D1: Drought - Extreme

D1: Drought - Exceptional

STABILITYDRYLANDIRRIGATED

Value is in improved yields when moisture is less than optimal

Value is in improved yields annually, by improving water-use efficiency

Value is in replacing irrigation, reducing variable costs of irrigation

Non-IrrigatedNon-IrrigatedIrrigated

19

KEY MARKET ACRES U.S. BRAZIL ARGENTINA

AVAILABLE MARKET 80M 30M 6M

PERCENT PENETRATED 0% 0% 0%

First of Drought-Tolerant Corn Traits Continues To Deliver Yield Boost in Third-Year Testing

Drought-Tolerant Corn

PIPELINE UPDATE

KE

Y R

ES

ULT

S

In third year field testing in U.S., drought-tolerant leads are consistently delivering higher yields compared with controls under drought-stressed conditionsFirst leads show primary benefit under water-stress conditions

P R O J E C T

R&D PipelineDrought-Tolerant CornPROJECT CONCEPT:

First-generation drought tolerance is targeted to minimize uncertainty in farming by buffering against the effects of water limitation, primarily in areas of annual water stress

2006 PERFORMANCE UPDATE:

TOTAL RETAIL VALUE/ACRE: $10 - $30/acre

2006 STATUS: Phase 2

• Yield enhancement demonstrated again in 2006 under water-stress conditions in U.S.

• Lead gene chosen • 2007 trials expected to demonstrate

yield enhancement in multiple hybrids under dryland conditions

VALUE CATEGORIES:

Hybrid 1: 2004, 4 locations; 2005 5 locs; 2006, 1 loc (20 reps)Hybrid 2: 2004, not tested; 2005, 5 locs, 2006, 3 locs

2004 2005 20060

2

4

6

8

10

12

14

YIE

LD D

IFFE

RE

NC

E

VS

. CO

NT

RO

L (B

U/A

CR

E)

NO

T T

ES

TE

D

Percent yield difference vs. control

7.3% 10.5% 10.9% 23.2% 9.0%

2006 TESTING: YIELD IMPROVEMENT OF LEAD EVENT UNDER DROUGHT STRESS

20

All Six Growth Drivers Are On Track in 2007, Setting Stage for Continued Growth Through End of Decade

SUMMARY

44%

46%

48%

50%

52%

54%

CURRENT LEVEL

GROSS MARGIN ‘PULL’

2003 2004 2005 2006 2007F 2008F 2009F 2010F

MONSANTO’S OPPORTUNITYFACTOR FY2007 PRIORITIES

U.S. corn

• Drive trait penetration, especially triple-stacks

• Seed market share growth in U.S. national and ASI brands

International corn

• Grow market share in key international market

Global biotech traits

• Achieve 2.5-5 cents EPS for Roundup Ready soybeans in Brazil

Cotton platform

• Complete Delta and Pine Land acquisition

• Continue penetration of second-generation stacked traits in U.S.

Seminis • Achieve 10-12.5 cents EPS contribution

R&D pipeline • Emphasis on “HIT” projects

FOCUS: GROSS PROFIT AS A PERCENT OF SALES