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ICABR Conference Kelly Fleming 20 June, 2013

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1 ICABR Conference Kelly Fleming 20 June, 2013
Monsanto is 100% focused on agriculture—just like our farmer customers. Our corporate mission is to work with farmers to Produce More, Conserve More and Improve Lives. I am encouraged that we are here today at this conference discussing biologicals. Biologicals are a natural tool that will help farmers be successful. Monsanto is focused on making this potential a reality. Kelly Fleming 20 June, 2013

2 Notes 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. Monsanto Imagine and the Vine Design, Channel, Channel Bio, D&PL, Deltapine, DEKALB, DEKALB and Winged Ear Design, When Performance Counts, Asgrow, Asgrow and Design, Acceleron, Acceleron and Design, Apex, BioDirect, Biotech Yield Endorsement, BYE, Bollgard, Bollgard II, Bollgard and Design, Bollgard II and Design, Corn States Triangle Design, Cotton States, Cotton States and Design, Discovering, Delivering, Yielding., EarthMap Solutions and Design, Growing Yield Sustainably, Our Science Your Success and Design, Processor Preferred, Produce More, Conserve More, Roundup, Roundup PowerMax, Roundup Pro, Roundup ProMax, Roundup Ready, Roundup Ready 2 Yield, Roundup Powerful Performance and Design, Roundup Ready Rate and Design, Roundup Rewards, Roundup Technology, Roundup WeatherMax, SmartStax, SmartStax and Design, Vistive, Vistive and Design, YieldGard, YieldGard Rootworm and Design, YieldGard Corn Borer and Design, YieldGard Plus and Design, YieldGard VT, YieldGard VT and Design, YieldGard VT Triple, YieldGard VT Rootworm/RR2, VT Double PRO, VT Triple PRO, Genuity, Genuity and Design and Genuity Icons, Seminis, Seminis Vegetable Seeds and Design and De Ruiter are trademarks and service marks owned by Monsanto Company and its wholly owned subsidiaries. All other trademarks are the property of their respective owners. © 2010 Monsanto Company. All Rights Reserved.

3 It All Adds up to a Doubling in Global Grain Demand
By 2030… Global Grain Demand (M MT) +102% +40% +76% +28% +125% 30% MEAT CONSUMPTION 1.4 B PEOPLE 2X Global GDP Monsanto and our farmer customers share a need to meet the growing demand for food in a sustainable way. The facts are clear—Global Grain Demand is estimated to double by 2030 and this will have to be produced on essentially the same agricultural footprint. So the challenge focuses our efforts—increase yield on that footprint. “Today” is 2010 levels By 2030, an additional 1.4 B people are expected to join us. That’s like adding another China to the world today. (China’s 2010 population is ~1.33B) Global GDP is predicted to nearly double between 2010 and 2030, meaning that people have more money to buy goods and improve their diets. And global meat consumption is expected to increase by 30% between 2010 and 2030 All of these factors put increased pressure on farmers to increase crop production. Global crop demand is projected to roughly double by 2030 from a 2000 base. TODAY Source: IHS Global Insights, Agriculture Division

4 Genes, Germplasm, Chemistries
Our R&D Engine is Evolving to Deliver Tomorrow’s Products as Systems Applied On-Farm Product concepts based on farmers’ needs 1 Integrated it Platform & Enabling Technologies Biotechnology Breeding Agronomic Solutions Genes, Germplasm, Chemistries R&D Engine 2 3 Products Diseases, Pests, and Weeds Crop Residues Seed Selection Plant Population Nutrients How can we help meet the need for increased yield? The answer to that question starts with our farmer customer. And that’s the first place we look. What are they telling us that they need to more successful and meet the need for increased yield? With that information, we look to our R&D engine to determine the best way to address that need. Our approach has included plant breeding, biotechnology, chemistry and other agronomic solutions. Finally, we deliver a product. Or more likely a system of products and services that can assist the farmer in achieving the target yield on their land. This includes products that allow them to manage pests better or improve their opportunity for yield and profitability. Seed + crop management 4

5 Biologicals Complement our Systems Approach to Increasing Yield Reducing Agricultural Inputs with More Sustainable Solutions 1 Emerging Trends Green / Sustainable Healthier Dietary Habits Regulatory Pressure on Some Chemistry Breeding Biotechnology Biologicals Chemistry Agronomics Monsanto R&D approaches have included: Plant breeding Biotechnology Chemistry Agronomic solutions and recommendations Now we’re adding biologicals as a key part of our systems approach to increasing yield. That’s what is new. Biologicals are complementary to our current R&D efforts. Highest yielding genetics for target environment Complementary agronomic and yield enhancing traits Plant Health Extended Disease Protection Mid Season Insect control Bio-Nutrients Traits & Germplasm provide platform for Ag chemistry Products Farm management practices and optimizing genetic placement on the farm 5

6 What are Biologicals? Definition Key Segments Driven By
Foliar or seed treatment products which are: Based on or containing a living organism May be used to complement or replace Ag chemistry products May have a shorter, cheaper regulatory cycle than Ag chem products Key Segments Foliar or seed treatment products which are: Microbials Pesticides Plant Health/Inoculants BioDirect™ Technology— RNA Plant Growth Regulators Pheromones Beneficial Insects Driven By Sustainable/ Green Trends 1 Healthier Dietary Habits Biologicals are not a new market area Biologicals are: Foliar are seed treatments Based on or contain a living organism Complementary or replace existing ag chem products May have reduced regulatory requirements in some parts of the world, which could result in shorter development timeines 5 main areas: Plant growth regulators, pheromones, beneficial insects, microbials and RNAi—which we call BioDirect technology. The growing interest in biological solutions is driven by both global macrotrends and by scientific advances. 2 Scientific Advances Improved Plant Testing 3 6 6

7 15% of Biologicals Focused on Row Crops
Global Ag Biologicals Industry Primarily Supports Fruit and Vegetable Crops 15% of Biologicals Focused on Row Crops Row Crops > Trees, Vines, Orchard, Fruits > Vegetables > Looking at the history of biologicals in the market, you can see that they have been primarily focused (~85%) on fruits and vegetables. Row crops have not been a major focus. Which leads to the question: What has prevented the success of biologicals in row crops so far? It seems to be the lack of consistency and predictable performance of many of the products that have been introduced. That creates a big opportunity for growth for anyone investing in biologicals—to create products that fit a large-acre row crop production systems and offer reliable performance. 7

8 Biologicals Research Focus
For Monsanto, Biologicals = BioDirect™ Technology+ Microbials Biologicals Research Focus + Microbials TECHNOLOGY Weed Management Insect Management Virus Control Bee Health Pest Control Plant Vigor & Yield Disease Control Monsanto’s biological focus in on both our BioDirect platform and on microbials. I’ll be describing more about each of them. Both BioDirect and microbial technology have the potential to create products that are foliar sprays or seed treatments. And both technologies could offer products that align with Monsanto’s Integrated Farming Systems (IFS) approach. IFS is a services platform being developed that uses data to make precise field by field recommendations for growers to increase yield. BioDirect technology Research & Development is focused in four areas Weed management Insect managment Virus control And bee health Microbials technology R&D is focused on : Pest control Plant yield & vigor Disease control This is very early days for both technologies. These opportunities are in discovery or pre-discovery phase. Seed Treatment Foliar Applications IFS Delivery Methods

9 Evolution: AG Platforms Driving Yield
New BioDirect™ Technology is Next Step in Evolution of Technologies for Solving Farmers’ Challenges Evolution: AG Platforms Driving Yield Next Inflection Point NEXT INFLECTION POINT AG Biologicals Monsanto’s leading genomics and agronomics systems capability are key catalysts: data and insight enables multiple, complementary R&D platforms NEW NEW Integrated Farming Systems℠ (IFS) Genomics Advanced Breeding AG Biotechnology Synthetic Agricultural Chemicals Our first area of focus within biologicals is BioDirect technology We focused here first because—like molecular breeding and biotechnology—BioDirect is powered by genomics. Monsanto has made a significant investment in genomics technology—both sequencing and bioinformatics. These same enabling technologies are key to BioDirect. Using our understanding of plant and pest genomes, we can use BioDirect to precisely and effectively target specific pests with a biological—a naturally derived solutions. A successful product discovered with BioDirect technology would be: Targeted & specific Efficacious Able to rapidly breakdown in nature after use 1980s 1990s 2000s 2010s BioDirectTM Monsanto’s Biological Ag Solutions Technology Creating potential breakthrough AG biological products with BioDirectTM technology

10 BioDirect ™ is Based on New Applications of RNAi Technology
DNA Gene RNA Protein Produced “Transfers information from gene to construct a protein” When cells make RNAi it specifically targets an RNA RNA broken up Protein Protein not produced X “Trigger” RNAi is A Natural Mechanism to Control the Expression of a Gene BioDirect is based on a natural process called RNAi Many of you have heard of RNAi, so I apologize for reviewing it again But for those of you hearing it for the first time, I want to offer a very simple explanation. DNA is the genetic code of all living things DNA code for RNA RNA are instructions for a organism’s cells—telling it what to do. For example, perhaps telling it to make a specific protein. Those instructions can be interrupted—and that’s the process of RNAi. In the case of BioDirect, it would be interrupted by using a biological that contains an RNA trigger—meaning a very small sequence of RNA that matches up very specifically with the set of instructions the RNA is giving to the cells So if the organism is a pest, and if the RNA sequence is coding for production of a protein vital for that pest’s survival, a biological using RNAi could disrupt that protein production and kill the pest. BioDirect is not GMO. It could be foliar or seed treatment.

11 Early Testing Indicates BioDirect™ Technology Has Potential To Be Step Change In Weed Control
BioDirectTM Technology Glyphosate-Resistant Weed Control Targets Resistant Weeds Glyphosate-Resistant (GR) Palmer Pigweed Control Field Trials Tunica, Mississippi – 2012 Glyphosate-Resistant Waterhemp Lab Trials – 2012 GR Palmer pigweed sprayed with glyphosate alone I mentioned 4 focus areas for BioDirect. I’d like to tell you a little bit about each one and show you some preliminary results where we have them. The first area is weed control. This is one of the platforms we’re working on, and our work validates that we can use biologicals with existing herbicides to create new value by controlling weeds better. One of the ways we can do that is to target the “resistance mechanisms” in resistant weeds to overcome them and enable herbicides to regain their commercial efficacy. The example shown here how this has worked with 2 glyphosate resistant weeds. On the left,you see a field example with glyphosate-resistant palmer pigweed. In the very left-most photo, a field with the weed is sprayed with glyphosate—these are very resistant weeds and very little control is achieved. The photo just to the right of that has been sprayed with a combination or glyphosate and a biological produced via BioDirect technology that allow glyphosate to overcome the resistance mechanism in the plant. In the 2 photos on the right, you see a similar example with another weed—glyphosate resistant waterhemp. This is a greenhouse experiment that shows a similar effect. Although I’m showing photos involving experiments with glyphosate resistant weeds, we’ve repeated this work to show the same effect in number of different herbicide classes, including ALS, HPPD and PPO chemistries. GR Palmer pigweed sprayed with BioDirect™ Technology + glyphosate Untreated Check Glyphosate Only Glyphosate + BioDirectTM Technology Non-transgenic weed control topical technology designed to complement glyphosate chemistry to target glyphosate-resistant weeds and provide broader spectrum of control Complementary to Monsanto’s other weed control platforms

12 Initial Testing Indicates BioDirect™ Technology Could Provide Significant New Source of Protection Against Insect Pests BioDirectTM Insect Control Technology Colorado Potato Beetle Lab Trials* Monsanto Research – 2012 Mexican Bean Beetle Lab Trials* Lab Trials – 2012 Untreated plants A similar results can be achieved for control of insects Here I’m showing 2 examples of a biological produced using BioDirect technology that acts as an insecticide—this is not in combination with current chemical insecticides On the left is an example with a coleopteran pest called Colorado potato beetle. You can see the untreated plants in the far left photo—or what’s left of them. They’ve been completely defoliated by the pest. Just to the right of that are plants where a biological has been applied and good control is achieved. The example on the right is similar, though not as dramatic, and uses Mexican bean beetle. Both of these are greenhouse experiments. Plants protected with BioDirect™ Technology Untreated plants Plants protected with BioDirect™ Technology Non-transgenic insect control topical technology designed as a new source to control insects for potential opportunity across a spectrum of crops Leverages Monsanto’s core capability in genomics, using genome sequences to identify more precise, effective tools for pest control * Photo of plants depict plants grown and treated in lab environment

13 Initial Testing Indicates BioDirect™ Technology Could Reduce The Symptoms Of Viruses
BioDirectTM Virus Control Technology Virus Control in Pepper Lab Trials* Monsanto Research – 2012 Virus Control in Tomato Lab Trials* Lab Trials – 2012 Untreated plants Plants protected with BioDirect™ Technology Untreated plants Plants protected with BioDirect™ Technology Our 3rd area of focus is virus control This is a very exciting area as farmers often don’t have any tools or options that offers efficacious control of viruses. And we can’t even be sure of the total damage being done by viruses and the yield losses that could be mitigated—it could be quite impressive. I’m showing 2 examples of virus control in this slide. On the left are photos of pepper plants. The far left photo is the untreated control and the photo just to the right of that shows pepper plants that have been treated with a biological produced with BioDirect technology. The plant height and health difference is quite noticeable. The 2 photos on the right are a similar set up, this time with tomato plants and again, we’re seeing an impressive effect in these greenhouse experiments. Non-transgenic virus control topical technology designed as a new tool to potentially reduce the impacts of viruses Leverages Monsanto’s core capability in genomics, using genome sequences to identify more precise, effective tools for virus control * Photo of plants depict plants grown and treated in lab environment

14 Bee Health Focus Varroa Genomics, Viral Sequencing
BioDirect Technology Proof of Concept Field Testing Analytics Varroa Delivery Methods Establish complete and annotated genomics database of phoretic and brood mites Viral sequencing used to select targets Substantial and reproducible Varroa gene silencing by feeding Analytical methods Virus and Varroa field data assessment developed, field trial completed Delivery to Varroa by feeding bees shown Formulations and application methods are being developed Field study with Dr. Jamie Ellis (UF) initiated Our 4th area of focus is Bee Health. As part of our commitment to sustainable agriculture, Monsanto acquired an Israeli company, Beeologics, in 2010. Beeologics already had an active research program in bee health using RNAi technology. Our current R&D work is pursuing: Sequencing of the genome of key bee pests—the varroa mite and several important virused Demonstrating the successful use of BioDirect technology on these key bee pests Improving analytical methods so that we can better measure the impact of any new discoveries Finding ways to adequately deliver a biological to these key pests

15 BioDirect™ Technology
Monsanto is investing in a new R&D platform called Agricultural Biologicals. BioDirect ™ is the first AG biological technology we have in discovery. BioDirect™ technology uses molecules found in nature and are selected to be effective and specific for their intended target. BioDirect™ technology is expected to further support farmer and consumer demand for sustainable agricultural practices. So in summary on BioDirect technology—these are very early days and we’re just beginning to explore the technology. We’re excited because we believe this technology will expand farmer choices. We’re just beginning to explore this technology, but believe potential pest control products (weed, insect, and virus) will expand farmers’ choices.

16 Microbials Offer Additional Biological Solutions for Agriculture
Microbial Products Are Emerging in Row Crops New Technologies Are Enabling Discoveries to Expand Agricultural Impact of Microbial Biologicals Genomic analysis of microbe-plant communities Enhanced screening and analytics to discover high performance microbial agents High-resolution Field Testing Monsanto recently added a research focus—Microbials Microbials are naturally occurring microorganisms—many come from soil They can 1. Protect plants and 2. Stimulate growth Potential R&D work could include: Genomic analysis of microbe-plant communities Enhanced screening & analytics to find high performance microbials High-resolution field testing Monsanto acquired a California-based company called Agradis this year as a step in building out our discovery capabilities in this area. Status: Building increased microbial field testing capacity for potential in-licensing opportunities and internal discovery research via Agradis acquisition

17 Thank you Biologicals ---What is all the fuss about?
I think it is about an opportunity to provide a new tool to growers in the quest to help them meet global food demand and do it sustainably. It’s EARLY It’s EXCITING It’s ENVIRONMENTALLY SUSTAINABLE Thank you.

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