ANNUAL R&D PIPELINE REVIEW. January 7, 2015

ANNUAL R&D PIPELINE REVIEW January 7, 2015

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 forwardlooking 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 and the previously announced SEC investigation; developments related to foreign currencies and economies; successful operation of recent acquisitions; fluctuations in commodity prices; compliance with regulations affecting the company s manufacturing; the accuracy of the company's estimates related to distribution inventory levels; the recent increases in and expected higher levels of indebtedness; the company's ability 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. 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. 2014 Monsanto Company 2

Annual R&D Pipeline Review 2014 Pipeline Status and Overview 4 2014 UPDATE: CORE PLATFORMS Core Platform: Pipeline Status and Update 6 Breeding: 2014 Yield Performance Data 9 Breeding Platform: 2014 Highlights 13 Biotechnology Platform: 2014 Highlights 16 Crop Protection Platform: 2014 Highlights 21 2014 UPDATE: NEW PLATFORMS 622 The BioAg Alliance: Pipeline Status and Highlights 22 BioDirect: Pipeline Status and Highlights 24 Climate Corporation Platform: Pipeline Status and Highlights 26 6 3

Integrated Yield Pipeline Six Fully-Operational R&D Platforms Drive Industry-Leading Integrated Yield Systems FOCAL POINT: FARMER CUSTOMER INDUSTRY-LEADER IN INTEGRATED YIELD SOLUTIONS 40+ KEY DECISIONS a farmer makes that influence onfarm yields and productivity center on critical needs YIELD INSECT CONTROL WEED CONTROL PLANT HEALTH PRODUCTIVITY COMMON GOAL: MAXIMIZE NET RETURN PER ACRE AND TRULY INTEGRATE OFFERINGS FOR FARMERS CORE PLATFORM OPPORTUNITY CROP PROTECTION New technologies that improve in-field protection like the Roundup Ready Xtend Crop System matter more than ever BIOTECHNOLOGY Monsanto s pipeline delivering 3 rd & 4 th - gen upgrades to insect-andweed-control platforms BREEDING Industry leading breeding engine drives key commercial advantage for Monsanto globally Integrated Yield Pipeline NEW PLATFORM OPPORTUNITY The Climate Corporation holds potential as integrating platform for ag on 1B acre opportunity MICROBIALS The BioAg Alliance with Novozymes positions microbial solutions as next major new technology advancement in industry BIODIRECT New RNAi-based tools to provide potential new options for disease, insect and weed control 4

Powerful Pipeline Progress in 2014 2014 Advancements Showcase Breadth, Quality and Integration of Platforms BUSINESS DRIVERS R&D PLATFORMS 2014 PROGRESS HIGHLIGHTS CORE PLATFORMS With three billion-dollar-plus platforms, the GP growth in core business is the foundation of its 5- year target to more than double ongoing EPS BLOCKBUSTER SOYBEAN UPGRADES GLOBAL GERMPLASM UPGRADES GLOBAL CORN FOOTPRINT EXPANSION COMPLEMENTARY SEED & TRAIT PORTFOLIO AG PRODUCTIVITY CONTRIBUTION Spanning Core and New Platforms, Monsanto has industry s only six-platform R&D pipeline BREEDING BIOTECH CROP PROTECTION Integrated Yield Pipeline PERFORMANCE ADVANTAGE CONTINUES DEKALB corn 7-10 bu/ac range Roundup Ready 2 Yield >4 bu/ac Disease-resistance breeding traits advanced in corn and vegetables NEXT-GEN WEED-CONTROL PROGRESS Bollgard II XtendFlex cotton limited introduction 1 Roundup Ready 2 Xtend soybeans in precommercial activities NEXT-GEN INSECT-CONTROL Multi-generation insect traits in soybean, corn and cotton pipeline; 4 Products in Phase 4 NEXT-GEN CHEMISTRY ADVANCING Innovative new nematicide to Phase 4 With industry s only fullyintegrated yield offerings, Monsanto has multiple transformational platforms that drive long-term opportunity CLIMATE CORP DATA SCIENCE & PRECISION AG BIOAG ALLIANCE BIOLOGICALS BIODIRECT BIOLOGICALS EVOLVING CLIMATE PLATFORM 6 next-gen technologies in commercial development across platform BIOAG: POWER OF COLLABORATION Alliance advances 50 hits to Phase 1 ADVANCING BIODIRECT PLATFORM First advancement to Phase 2 1. Pending final regulatory approvals 5

Core Pipeline for Corn Corn Pipeline Reflects Integrated Offering of Key Technologies Driving Upgrades & Value CORE CORN PIPELINE INSECT CONTROL: Products that improve insect-control durability and spectrum BELOW GROUND CONTROL SmartStax PRO (Lead) 4 th -Gen Corn Rootworm ABOVE GROUND CONTROL 3 rd -Gen Above-Ground Insect Protection (Lead) 4 th -Gen Above-Ground Insect Protection ACCELERON UPGRADES PHASE 1 R&D TARGET TECHNOLOGY D 1 2 3 4 VALUE 2 YIELD: Targeting products that enhance yield ANNUAL GERMPLASM UPGRADES YIELD & STRESS SYSTEMS 3, 4 Higher-Yielding Corn - (Lead) DroughtGard Platform Expansion Yield & Stress II 2 nd -Gen Higher-Yielding Corn 2 nd -Gen Drought-Tolerant Corn Nitrogen-Utilization Corn Br Br B B CP 2015 ADVANCEMENT CP NEW LEAD LEAD LEAD $7B $10B $1.5B - $2.0B DISEASE CONTROL: Products that improve plant vigor and resistance to disease PLANT HEALTH SYSTEMS 4 Anthracnose Stalk Rot Resistance (Lead) Goss s Wilt Resistance Gray Leaf Spot Resistance Stalk Rot Complex Fusarium Stalk Rot Resistance Giberrella Stalk Rot Resistance Diplodia Stalk Rot Resistance NEMATICIDE SEED TREATMENT FUNGICIDE ACCELERON UPGRADES OTHER: ROUNDUP HYBRIDIZATION SYSTEM RHS I (Lead) RHS II Br L B CP Br Br B B CP CP PHASE 1 R&D TARGET TECHNOLOGY D 1 2 3 4 VALUE 2 2015 ADVANCEMENT NEW LEAD LAUNCHING LAUNCHING LEAD $0.5B - $1.0B <$0.5B WEED CONTROL: Products that improve weed-control durability and spectrum NEXT-GEN WEED CONTR0L SYSTEM Dicamba Tolerant Corn Glufosinate Tolerant Corn Glyphosate Tolerant Corn 4 TH -GEN WEED CONTROL SYSTEM $1B - $1.5B Arrows reflect advancement, progress or highlights tracking significant developments in R&D and commercial work Legend Br Breeding applications of technology that use genomics, advanced breeding and other tools from Monsanto s breeding pipeline B Biotech applications drawing primarily from the application of genomics and biotechnology traits CP Crop Protection Crop Protection application of chemistry to develop new forms of crop protection; may take the form of seed treatments, foliar applications or pre-plant incorporation. 1. Phase shown represents the phase of the latest project in the family. 2. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes Biotech, Breeding and Crop Protection. 3. Part of the Monsanto-BASF R&D Collaboration. 4. Commercial product may be a combination of projects or the individual projects themselves 6

Core Pipeline for Soybeans Soybean Pipeline Reflects Integrated Offering of Key Technologies Driving Upgrades & Value CORE SOYBEAN PIPELINE PHASE 1 R&D TARGET TECHNOLOGY D 1 2 3 4 VALUE 2 PHASE 1 R&D TARGET TECHNOLOGY D 1 2 3 4 VALUE 2 YIELD: Targeting products that enhance yield $1.5B $2B DISEASE CONTROL: Products that improve plant vigor and resistance to disease <$0.5B ANNUAL GERMPLASM UPGRADES YIELD & STRESS SYSTEMS 3, 4 Next-Gen Higher-Yielding Soy INSECT CONTROL: Products that improve insect-control durability and spectrum INTACTA RR2 PRO PIPELINE 2 nd -Gen Insect Protection 3 rd -Gen Insect Protection ACCELERON UPGRADES WEED CONTROL: Products that improve weed-control durability and spectrum ROUNDUP READY XTEND CROP SYSTEM Roundup Ready 2 Xtend Improved Dicamba Formulation $0.5B - $1B $0.5B - $1B PLANT HEALTH SYSTEMS 4 2 nd -Gen Cyst Nematode Resistance NEMATICIDE SEED TREATMENT FUNGICIDE ACCELERON UPGRADES OTHER: SDA OMEGA-3 VISTIVE GOLD Br Br B B CP CP NEW <$0.5B 3 RD -GEN WEED CONTROL SYSTEM 4 TH -GEN WEED CONTROL SYSTEM WARRANT + FOMESAFEN PREMIX NEW Arrows reflect advancement, progress or highlights tracking significant developments in R&D and commercial work WARRANT + DICAMBA PREMIX NEW 2014 ADVANCEMENT Legend Br Breeding applications of technology that use genomics, advanced breeding and other tools from Monsanto s breeding pipeline B Biotech applications drawing primarily from the application of genomics and biotechnology traits CP Crop Protection application of chemistry to develop new forms of crop protection; may take the form of seed treatments, foliar applications or preplant incorporation. 1. Phase shown represents the phase of the latest project in the family. 2. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes Biotech, Breeding and Crop Protection 3. Part of the Monsanto-BASF R&D Collaboration. 4. Commercial product may be a combination of projects or the individual projects themselves 7

Core Pipeline for Complementary Crops Other Seeds & Traits Pipeline Provides Key Complement to Innovation in Core Pipeline INSECT CONTROL: Products that improve insect-control durability and spectrum NEXT-GEN INSECT CONTROL Bollgard III (Lead) 4 th -Gen Bollgard COTTON LYGUS CONTROL ACCELERON UPGRADES WEED CONTROL: Products that improve weed-control durability and spectrum XTENDFLEX CROP SYSTEM Dicamba-Glufosinate Tolerance Improved Dicamba Formulation WARRANT + DICAMBA PREMIX 4 TH -GEN WEED CONTROL SYSTEM PIPELINE: Targeting products that enhance yield and disease resistance PHASE 1 R&D TARGET TECHNOLOGY 4 D 1 2 3 4 VALUE 2 YIELD: Targeting products that enhance yield ANNUAL GERMPLASM UPGRADES CORE COTTON PIPELINE DISEASE CONTROL: Products that improve plant vigor and resistance to disease NEMATICIDE SEED TREATMENT ACCELERON UPGRADES Br Br Br B B B CP CP NEW NEW CP CORE VEGETABLES PIPELINE LEAD LEAD <$0.5B $0.5B - $1B <$0.5B <$0.5B $1.5B - $2B CANOLA WHEAT SUGAR CANE CORE OTHER SEEDS AND TRAITS PIPELINE OTHER SEEDS AND TRAITS PIPELINE YIELD: Targeting products that enhance yield ANNUAL GERMPLASM UPGRADES WEED CONTROL: Products that improve weed-control durability and spectrum TRUFLEX ROUNDUP READY TruFlex Roundup Ready (Lead) TruFlex Roundup Ready + Liberty Link 3 DICAMBA-TOLERANT CANOLA YIELD: Targeting products that enhance yield ANNUAL GERMPLASM UPGRADES WEED CONTROL: Products that improve weed-control durability and spectrum HERBICIDE-TOLERANT WHEAT I HERBICIDE-TOLERANT WHEAT II INSECT AND WEED CONTROL: Stacked products that improve weed and insect control INSECT PROTECTED + ROUNDUP READY SUGARCANE DISEASE CONTROL: Products that improve plant vigor and resistance to disease FUNGICIDE PHASE 1 R&D TARGET TECHNOLOGY 4 D 1 2 3 4 VALUE 2 NEW LEAD $1B - $1.5B GENETICS PIPELINE UPGRADES PLANT HEALTH SYSTEMS Phytophthora-Resistant Peppers (Lead) Geminivirus-Resistant Tomato Bacterial Wilt-Resistant Tomato Downy Mildew-Resistant Lettuce LEAD LAUNCHING Arrows reflect advancement, progress or highlights tracking significant developments in R&D and commercial work FUNGICIDE NEW 1. Phase shown represents the phase of the latest project in the family. 2. Value reflects global sales opportunity around peak penetration year for products in the core pipeline, which includes Biotech, Breeding and Crop Protection 3. Commercial product may be a combination of projects or the individual projects themselves 4. Technology legend referenced in corn or soy pipeline slides 8

DEKALB Corn Performance Year-in, Year-out Performance Confirms Overall Advantage for DEKALB 2014 U.S. COMPETITIVE CORN YIELD COMPARISON 1 : DEKALB VS. COMPETITIVE PRODUCTS UPDATE: 2014 PERFORMANCE 230 220 DEKALB NATIONAL YIELD U.S. COMPETITIVE SET NATIONAL YIELD DEKALB reaches recordlevel total yields for 2 nd consecutive year BUSHELS PER ACRE 210 200 190 180 170 Overall advantage for DEKALB For more than a decade the DEKALB advantage has been in the band of 7-10 bu/ac, underscoring its consistent advantage DEKALB consistently outperforms in both high- and low-yielding conditions Results confirm DEKALB ability to deliver industry-leading yield under a gamut of growing conditions, with varying degrees of stress 160 2006 2007 2008 2009 2010 2011 2012 2013 2014 2014 FY14 harvest results Harvest results once again show a strong performance advantage of 8 bu/ac 1. Annual yield advantage calculated each year by comparing 5 leading DEKALB products within each state having a minimum of 100 comparisons to national competitor products containing similar crop protection traits as of December 9, 2014. All comparisons are head-to-head using +- 2RMs and weighted average calculated using 15% moisture 9

Global Corn Performance Advantage Industry-Best Products Consistently Outyield Competitors on a Global Scale FY2014 GLOBAL CORN REGIONS PERFORMANCE IN KEY AREAS PERFORMANCE INTERNATIONAL HIGHLIGHTS Monsanto s Global Corn Performance Advantage With largest global germplasm library and industry-leading biotech, Monsanto delivers top-performing corn seed globally U.S. Position: #1 Share: Mid-30 s% Brazil Position: #1 Share: ~40% LAS Position: #1 Share: >50% Eastern Europe Position: #1 Share: >20% ❺ Western Europe Position: #2 Share: Mid-teens Year-in, year-out performance confirms overall advantage for DEKALB DEKALB delivers yield advantage in the larger, expanding Safrinha season Our DEKALB portfolio has consistently demonstrated >10 bu/ac yield advantage 1 Leveraging strength of our existing genetics provides yield advantage similar to the U.S.; making investments to accelerate yield gains DEKALB delivered share gains as portfolio gains momentum across both grain and silage markets. 1. Annual yield advantage calculated each year by comparing 4 leading DEKALB products to 4 leading competitor products with a minimum of 40 locations per year. All comparisons involve products with similar crop protection traits and are calculated using 15% moisture. 10

Genuity Roundup Ready 2 Yield Soybeans 2014 Harvest Results and Adoption Confirms Industry Leading Platform 2014 GENUITY ROUNDUP READY 2 YIELD PERFORMANCE 1 : VS. COMPETITIVE PRODUCTS WITH ROUNDUP READY TRAIT UPDATE: 2014 PERFORMANCE BUSHELS PER ACRE 65 60 55 50 45 40 2010 2011 2012 2013 2014 UPDATE Genuity Roundup Ready 2 Yield platform expands Reached ~53 million acres across licensed and branded customers in 2014 Demonstrates enduring yield performance advantage Data shows >4 bu/ac advantage 4 consecutive years Harvest results Record soybean yields with continued performance advantage across multiple geographies GENUITY ROUNDUP READY 2 YIELD COMPETITIVE PRODUCTS WITH ROUNDUP READY TRAIT 1. Data as of December 9, 2014. Includes all breeding and commercial strip trial data. All head-to-head comparisons are within +/- 0.4 day maturity. Data represents the top performing Genuity Roundup Ready 2 Yield products (with a minimum of 30 comparisons per product) versus competitor Roundup Ready products. 11

Deltapine Cotton Advantage Breeding Engine Provides Strong Advantage for Cotton Brand 2014 DELTAPINE PERFORMANCE 1 : VS. COMPETITIVE PRODUCTS NEW: 2014 PERFORMANCE LBS/ACRE 1,650 1,550 1,450 1,350 1,250 Deltapine germplasm momentum continues The average performance advantage at today s prices translates to nearly $40 per acre Demonstrates enduring yield performance advantage Data shows ~70 lb/ac advantage 5 consecutive years 1,150 1,050 2010 2011 2012 2013 2014 Harvest results Harvest results show strong performance advantage of 69 lbs/ac DELTAPINE VARIETIES COMPETITIVE VARIETIES 1. Data as of December 17, 2014. Annual yield advantage calculated comparing commercially available leading Deltapine products across geographies to leading commercially available competitive products with similar crop protection traits. 12

Breeding a Cornerstone Capability New Improvements in Efficiency and Scale of Program to Continue Annual Portfolio Gains BREEDING R&D ADVANTAGES GLOBAL PLANT GENETIC DATABASE Largest & most diverse collection of plant genetics drives continuous product improvement NEW 6X PROGRAM SCALING THROUGH GENOME- WIDE SELECTION NUMBER OF NEW HYBRIDS TESTED LEADING DISCOVERY TECHNOLOGIES Revolutionizing breeding using highthroughput screening & advanced marker technologies creates valuable new solutions for farmers TESTING CAPABILITY AND SCALE Largest global testing network to identify, select and deploy the best performing products locally DATA SCIENCE DRIVES SOLUTIONS Data Science tools drive more efficient predictive analytics increasing our probability of success Our breeding capability matters for two key reasons: Provides the horsepower to upgrade the global germplam portfolio every year Allows breeders to unlock specific, targeted breeding opportunities Field Baseline 2010 Lab 2014 Lab 2018 Lab Projection 15 years of marker to phenotype associations enables yield testing in the lab, in addition to field testing Significant increase in size of germplasm screening Optimize breeding cycle to enable complex trait stacks with newest genetics at the same pace Germplasm Potential Low High Predictive Analytics Optimizing Breeding Decisions 90% 10% 0 100 200 Number of Commercial Hybrids Data science and propriety algorithms allow breeders to focus on highest potential germplasm 13 % of Commercial Hybrids

Disease Resistance Program Advanced Breeding Tools Accelerate Plant- Health Program in Corn GENETICS PIPELINE Disease Control: Plant Health Systems 1 PROJECT: Gray Leaf Spot Resistance (GLS) STATUS: HIGHLIGHT 2015 Advancement Launch GLS MARSHALL, MO AUG 18, 2014 PROJECT: Goss s Wilt Resistance STATUS: HIGHLIGHT 2015 Advancement Launch GOSS S WILT WACO, NE AUG 22, 2014 PRODUCT CONCEPT Enhanced resistance to disease providing yield protection against GLS disease which affects 51% of the U.S. corn acres and is a major disease of corn globally with potential yield losses as high as 30% Susceptible Resistant PRODUCT CONCEPT Enhanced resistance to disease providing yield protection against Goss s Wilt disease which is now confirmed in 19 states in the U.S. Highest risk in corn on corn acres from bacteria from previous year s corn debris. Susceptible Resistant NEW 2014 FIELD TRIALS: GLS RESISTANCE IN CORN Field Trials: Field trials demonstrate enhanced resistance to Gray Leaf Spot NEW 2014 FIELD TRIALS: GOSS S WILT RESISTANCE Field Trials: Field trials demonstrate enhanced resistance to Goss s Wilt Yield (Bushels/Acre) 250 230 210 190 High Disease Pressure Resistant Hybrids 1 2 Low Disease Pressure Susceptible Hybrids ENHANCED GENETIC RESISTANCE: Project work confirms resistance improvements to Gray Leaf Spot disease. Yield (Bushels/Acre) 220 180 140 100 60 Heavy Disease Pressure Resistant Hybrids Low Disease Pressure Susceptible Hybrids ENHANCED GENETIC RESISTANCE: Broad acre field trials show enhanced genetic resistance to Goss s Wilt disease. 1. Commercial product may be a combination of projects or the individual projects themselves 14

Disease Resistance Program Advanced Breeding Tools Leveraged in Vegetables Plant-Health Program GENETICS PIPELINE Disease Control: Plant Health Systems PROJECT: Phytophthora- Resistant Pepper STATUS: HIGHLIGHT PRODUCT CONCEPT 2015 Advancement Launch Develop enhanced resistance to Phytophthora in pepper plants to improve yield and productivity. This fungus is found worldwide, causing significant productivity losses across multiple crops when there is an excess of water. 2014 FIELD TRIALS: PHYTOPHTHORA RESISTANCE Yield (Tons/Acre) 12 10 New hybrids with enhanced resistance show yield improvement 8 6 4 2 0 Susceptible Resistant India: Field trials demonstrate enhanced resistance to Phytophthora in pepper plants. Image below from university field trials in New Jersey. PROJECT: Bacterial Wilt Resistant-Tomato (TBW) STATUS: HIGHLIGHT 2015 Advancement Phase 4 PRODUCT CONCEPT Develop enhanced resistance to TBW in tomato plants to improve yield and productivity. Tomato bacterial wilt is a disease that affects tomato production in hot, humid regions with poorly drained soils. 2014 FIELD TRIALS: TBW RESISTANCE Yield (KGS/Plot) Proven yield advantage vs. competitor under TBW pressure 50 40 30 20 10 0 Susceptible Resistant India: Field trials demonstrate enhanced resistance to Bacterial Wilt in tomato plants. ENHANCED GENETIC RESISTANCE: Field trials continue to show enhanced resistance to Phytophthora in pepper plants Susceptible Resistant ENHANCED GENETIC RESISTANCE: Field trials continue to show enhanced resistance to TBW in tomato plants Susceptible Resistant 15

Bollgard II XtendFlex Cotton Roundup Ready XTEND Crop System Progress 2014 GROUND BREAKERS TRIALS Gordon, AL PROJECT: Bollgard II XtendFlex Cotton HIGHLIGHT USDA Recommended Deregulation PRODUCT CONCEPT Provide growers the most choice and flexibility in weed control options of any cotton system available for controlling resistant and tough to control weeds. System offers tolerance to dicamba 1, glyphosate, and glufosinate. SYSTEM BENEFITS Improved pigweed control vs competitive offerings including 2,4-D Longer Residual Benefit; Up to 14 Days Increased tank mix compatibility Glyphosate application window Bollgard II Roundup Ready FLEX System Weed Management Program: PRE-PLANT:Treflan(1.5pt) + Reflex(12 oz) POST: Roundup PowerMax plus Warrant at 4-5 nodes Bollgard II XtendFlex candidate variety Weed Management Program: PRE-PLANT: Treflan (1.5pt) + Reflex (12 oz) + 0.5 lbs dicamba POST : 48 ounce application of dicamba 1 and glyphosate premix Glufosinate application window Dicamba 1 application window PROJECT UPDATE: Potential limited introduction planned for 2015 season on over a half million acres pending regulatory approvals Five Deltapine varieties expected to be available in 2015 In 2014 trained more than 3,800 growers and stakeholders on weed management system 1. Pending final regulatory approvals 16

Roundup Ready 2 Xtend Soybeans Broad Integrated Soybean Agronomic System Demonstrates Depth and Diversity of Pipeline BREEDING Industry leading breeding engine drives key commercial advantage for Monsanto DIVERSE GERMPLASM POOLS Monsanto s global proprietary soybean germplasm and multiple germplasm pools from seed partners and licensees ENHANCED AGRONOMIC PACKAGES Improved disease tolerance and agronomic packages increase probability of success and germplasm performance BIOTECHNOLOGY Monsanto s pipeline delivering 3 rd & 4 th - generation stacked upgrades GLYPHOSATE TOLERANCE Enables tolerance to #1 herbicide that is the foundation for weed control ENHANCED YIELD POTENTIAL Continues yield improvement demonstrated by Genuity Roundup Ready 2 Yield Soybeans DICAMBA TOLERANCE Enables potential for additional mode of action applied over the top CROP PROTECTION New technologies that improve in-field protection FLAGSHIP ROUNDUP BRAND HERBICIDES WEED MANAGEMENT RECOMMENDATIONS NEXT GENERATION CHEMISTRY SOLUTIONS PROJECT: Roundup Ready 2 Xtend Soybeans HIGHLIGHT USDA Recommended Deregulation VALUE CREATION: Diverse germplasm and disease profile drive yield improvement Dicamba-tolerant trait enables new mode of action for weed control and more options for planting time Enhanced chemistry options, including new, low volatility dicamba and pre-mix herbicides to provide additional control options for tough to control AND herbicide-resistant weeds GROWER VALUE YIELD WEED CONTROL PLANT HEALTH PRODUCTIVITY Roundup Ready Xtend Crop System: Broad-spectrum soybean herbicide trait and chemistry system designed to provide additional mode-of-action for farmers to manage tough-to-control broadleaf weeds through the use of dicamba, glyphosate, or tank mix/premix combination. 17

Roundup Ready 2 Xtend Soybeans Class of 2016 Supports Planned Record Launch Pre-Commercial Activities in Progress NEW CLASS OF 2016 HIGHLIGHTS ROUNDUP READY 2 XTEND SOYBEANS NUMBER OF VARIETIES BY MATURITY ZONE (AT LAUNCH) >60 6x DIVERSITY OF GERMPLASM VARIETIES DEPLOYED ACROSS BRANDED AND LICENSED SEED PARTNERS INCLUDING ALL EIGHT MATURITY GROUPS THE NUMBER OF VARIETIES IN YEAR OF LAUNCH AS COMPARED TO GENUITY ROUNDUP READY 2 YIELD + ADVANCED AGRONOMIC PACKAGES LEVERAGE PERFORMANCE ADVANTAGE ESTABLISHED BY ROUNDUP READY 2 YIELD PLATFORM # of Varieties at Launch 20 10 0 Roundup Ready 2 Xtend Roundup Ready 2 Yield MG0 MG1 MG2 MG3 MG4 MG5 MG6 MG7 ROUNDUP READY 2 XTEND SOYBEANS SEASON LONG PERFORMANCE IMPROVED RESISTANCE PACKAGES FOR NEMATODES AND PHYTHOPHTHORA ROOT ROT EARLY SEASON BENEFITS IN-SEASON BENEFITS HARVEST BENEFITS = POTENTIAL LARGEST TECHNOLOGY LAUNCH EVER 1 SIZE OF LAUNCH IN 2016 HAS POTENTIAL TO EXCEED ANY PREVIOUS LAUNCH INCLUDING 2014 INTACTA RR2 PRO LAUNCH IN SOUTH AMERICA Expanded application flexibility to before, at and after planting Longer Residual weed control of up to 14 days on small seeded broadleaf weeds Improved weed control provides productivity benefits to the grower Improved agronomic packages and disease tolerance preserve yield potential Performance consistent with established advantage in Roundup Ready 2 Yield Soybean platform 1. Pending final regulatory approvals 18

Insect Protection Pipeline Four Projects in Phase 4 Target Billion-Dollar Pests Across Crops and Geographies MULTI-GENERATION INSECT PROTECTION PORTFOLIO HIGHLIGHTS TWO INNOVATIVE ADVANCEMENTS AND FOUR PRODUCTS IN PHASE 4 TO LAUNCH BEFORE END OF THE DECADE SMARTSTAX PRO CORN ABOVE-GROUND PROTECTION SOYBEAN INSECT- PROTECTION BOLLGARD III TARGET MARKET >100M ACRES ACROSS AMERICAS TARGET MARKET >70M ACRES ACROSS AMERICAS TARGET MARKET >100M ACRES TARGET MARKET >10M ACRES 3 RD GENERATION PHASE 4 3 RD GENERATION PHASE 4 2 ND GENERATION PHASE 4 3 RD GENERATION PHASE 4 Novel RNAi mode-of-action Branded SmartStax PRO, a stack with existing Genuity Smartstax Licensing structure in place to allow for broad commercial access Combines proven benefits of Genuity VT Double PRO with Agrisure Viptera cutworm protection Expanded Spectrum of control and enhanced durability for Southern U.S. and Brazil Multiple modes-of-action provide enhanced durability and expanded spectrum including armyworm and podworm Full Canadian approval enabled China import submission Broad acre, global trait with multiple effective proteins targeting key cotton pests Multiple modes-of-action support simpler insect resistance management plans like natural refuge & refuge in the bag (RIB) CORN ABOVE-GROUND PROTECTION COTTON INSECT-PROTECTION HIGHLIGHT 2015 Advancement Phase 4 3 rd GENERATION PHASE 4 HIGHLIGHT 2015 Advancement Phase 3 LYGUS CONTROL PHASE 3 3 rd GENERATION ABOVE-GROUND: Expanded spectrum of control for Black and Western Bean Cutworm Enhanced durability for Southern US and Brazilian markets Potential for reduced refuge benefits across Southern US ARKANSAS - 2013 3 rd -Gen Control LYGUS CONTROL: Breeding stack with Bollgard III XtendFlex to provide excellent control of Lygus, Thrips, and Fleahoppers in cotton Trait will significantly reduce insecticide load in the cotton system while providing plant vigor and yield benefit MARIANNA, AR - 2014 Control Lead Lygus Event 19

DroughtGard Platform Expansion Stacked with SmartStax PRO Aims to Provide Leading System Across Broad Acre Opportunity GENUITY DROUGHTGARD HYBRIDS INITIAL TARGET & NEW EXPANSION MARKET OPPORTUNITY PROJECT: DroughtGard Platform Expansion 1 HIGHLIGHT PRODUCT CONCEPT BUSHELS PER ACRE 2015 Advancement Phase 3 Provide new system for growers with industry leading drought tolerance and root protection with DroughtGard Hybrids and SmartStax PRO Aims to provide benefits of DroughtGard Hybrids to more growers, across broader acre opportunity 2014 DROUGHTGARD HYBRIDS PERFORMANCE 2 VS. COMPETITIVE DROUGHT PRODUCTS 205 195 185 175 FOCUS: WESTERN DRYLANDS 165 DROUGHTGARD DroughtGard HYBRIDS >5 BU ADVANTAGE AQUAmax/Artesian COMPETITIVE DROUGHT PRODUCTS Head-to-head comparisons across Western drylands shows DroughtGard Hybrids out yield competitive drought products by >5 bu/ac Early data from across the broader corn belt shows similar advantage in head-to-head drought comparisons Low annual precipitation PROJECT UPDATE: Project advances to Phase 3 High annual precipitation DROUGHTGARD PLATFORM EXPANSION has a fit on ~25M acres across the U.S. drylands & broader corn belt TARGET MARKET: DroughtGard Hybrids initially targeted for Western dryland rotated acres MARKET EXPANSION OPPORTUNITY: New system aims to enable expansion to the below ground market in the West and potential geographic expansion beyond the target market to the East Strong interest from growers in rootworm zones for DroughtGard Hybrids system Moving forward with regulatory package based on market need and strong grower interest Beginning elite germplasm and trait integration activities 1. Part of the Monsanto-BASF R&D Collaboration. 2. DroughtGard Hybrids head-to-head comparisons vs. DuPont-Pioneer Aquamax TM & Syngenta AgrisureArtesian TM; data as of Dec. 9, 2014. All comparisons are head-to-head using +- 2RMs & calculated using 15% moisture. 20

Proprietary Seed Treatment Next Wave in Seed Treatment Innovation Demonstrates Yield Improvement in the Field 2014 MONSANTO FIELD TRIALS NEMATICIDE SEED TREATMENT RESULTS PROJECT: Nematicide Seed Treatment HIGHLIGHT PRODUCT CONCEPT 2015 Advancement Phase 4 Proprietary seed treatment designed to target several nematode species in row crops including Lance, Lesion, Root Knot, Reniform and Soybean Cyst Nematodes ~$3B in crop losses due to nematode damage Soybean/SCN Early-Season Vigor Difference Carmi, IL July 1, 2014 Root Zone Concentration Ideal for Nematode Mgt. Acceleron + New Nematicide Acceleron only BUSHELS PER ACRE CORN YIELD COMPARISON 220 210 200 190 180 40 ACCELERON New + Competitive COMPETITIVE ACCELERON + COMPETITIVE New Competitive NEW NEMATICIDE STANDARD NEW NEMATICIDE STANDARD Nematicide Standard Nematicide Standard New nematicide seed treatment demonstrates strong in-field performance advantage vs. competitive standards across more than 70 locations in 1 st year of large scale field trials PROJECT UPDATE: ~6 BU ADVANTAGE BUSHELS PER ACRE SOY YIELD COMPARISON 60 55 50 45 ~2 BU ADVANTAGE Project advances to Phase 4 Efficacy equal to or better than competitive standards against multiple nematode species in a variety of crops Demonstrated strong in-field performance advantage vs. competitive standards in 1 st year of large scale field trials 21

The BioAg Alliance R&D Pipeline Industry s Most Advanced Microbials Platform and R&D Capability THE BIOAG ALLIANCE: R&D DEVELOPMENT PIPELINE The BioAg Alliance PROOF OF CONCEPT EARLY DEVELOPMENT ADVANCED DEVELOPMENT PRE-LAUNCH COMMERCIAL HIGHLIGHTS JOINT MICROBIALS R&D PIPELINE DEVELOPMENT PRIORITIES BIOYIELD Biofertility / Inoculants Plant Growth Regulators BIOCONTROL Insect Control Disease Control HIGHLIGHT BIOAG ALLIANCE MICROBIAL GENERA SOURCES Complementary strategies bring broad diversity across genera, and deep diversity within key genera Evaluates and includes key 3 rd -party sources as well Drives complimentary sourcing strategies for industry s most diverse microbial discovery effort Microbial sourcing, isolation & prescreening, including 3 rd - party microbes 10 s of Thousands of Microbes BioControl Broad field screening to identify development candidates based on yield Thousands of Candidates Confirm yield gains and performance consistency Hits Corn BioYield Soy BioYield HIGHLIGHT Initial screening advanced 25 hits in corn & 25 hits in soybeans for next-stage confirmation based on promising yield performance Specified testing to isolate mode of action and formulation development Confirmed Hits / Commercial Leads COMMERCIAL LEADS: Enhanced- Corn Inoculant Leads Enhanced-Soy Inoculant Leads Data completion for regulatory submissions and commercial preparation Commercial Candidates HIGHLIGHT Combination of Novozymes & Monsanto development adds advanced-stage concepts for development Final regulatory approvals and fermentation scale up for commercial launch Final Launch Preparation HIGHLIGHT Expansion of Current Commercial Products Leveraging Monsanto s Global Network TagTeam LCO and Optimize for Soybeans in the U.S. TagTeam LCO for Soybeans in Argentina Torque for Corn in Ukraine Combination of Novozymes & Monsanto commercial operations delivers immediate commercial portfolio Arrows reflect advancement, progress or highlights tracking significant developments in R&D and commercial work 22

Microbial Performance Initial Screening Advances Multiple Strains Based on Promising Yield Performance THE BIOAG ALLIANCE: 2014 MICROBIAL U.S. FIELD TRIALS (PHASE 1 SCREENING) 1 CORN TRIALS: NEW MICROBIAL STRAINS VS. UNTREATED CONTROL SOYBEAN TRIALS: NEW MICROBIAL STRAINS VS. UNTREATED CONTROL BUSHELS PER ACRE 220 215 210 205 TOP HITS IN CORN: Show average yield advantage of 4 bu/ac vs. untreated checks in initial screening results BUSHELS PER ACRE 70 65 60 TOP HITS IN SOY: Show average yield advantage of 2 bu/ac vs. untreated checks in initial screening results 200 TOP HITS UNTREATED CONTROL 55 TOP HITS UNTREATED CONTROL 2014 FIELD TRIAL HIGHLIGHTS Harvest results: Show encouraging performance advantage in corn and soybeans Leveraging industry leading field testing network 170K yield plots testing hundreds of strains across >50 locations in key corn and soybean geographies Multiple strains demonstrate strong yield enhancement Top hits in corn and soybeans show 4 bu/ac and 2 bu/ac average yield advantage over untreated checks respectively, even against backdrop of overall record yields in 2014 HIGHLIGHT 50 hits advance to next-stage confirmation Initial screening advanced 25 hits in corn and 25 hits in soybeans for next-stage confirmation based on promising yield performance 1. 2014 field trial data from early microbial screening in corn and soybeans across more than 50 locations 23

BioDirect Pipeline Leveraging Genomics for Completely New Modes of Action with More Targeted Pest Control BIODIRECT: R&D DEVELOPMENT PIPELINE INITIAL SCREENING PROOF OF CONCEPT EARLY DEVELOPMENT ADVANCED DEVELOPMENT PRE-LAUNCH The research and study of innovations to precisely focus the power of naturally based processes to protect plants and beneficial species Sequence genome related to product concept, identify key sequence and selection of lead actives Define prototype formulation and test for desired performance Finalize formulation and field testing to confirm performance consistency Data generation for regulatory submissions and commercial preparation Final regulatory approvals and manufacturing scale up for commercial launch DEVELOPMENT PRIORITIES WEED CONTROL DISEASE CONTROL SELECTION OF LEAD ACTIVES BioDirect Glyphosate Resistant Weed Control Palmer Amaranth/ Waterhemp BioDirect Virus Control - Tospovirus BioDirect Insect Control Colorado Potato Beetle PATH TO MARKET INSECT CONTROL BioDirect Bee Health BEE HEALTH BioDirect uses RNAi: A natural mechanism to control the expression of a gene HIGHLIGHT BioDirect for Colorado Potato Beetle transitions to phase 2 as field trials demonstrate enhanced plant protection using BioDirect Technology Arrows reflect advancement, progress or highlights tracking significant developments in R&D and commercial work 1. Cost per unit improvement FY14 compared to FY12 HIGHLIGHT Significant advancement and expansion in production technology drives cost improvement of 80% 1 since unveiling of the platform roughly 2 years ago 24

BioDirect Colorado Potato Beetle Field Trials Demonstrate Protection Against this Highly Destructive Insect Pest 2014 MONSANTO FIELD TRIALS INSECT CONTROL EFFICACY RESULTS PROJECT: BioDirect Insect Control - Colorado Potato Beetle (CPB) HIGHLIGHT PRODUCT CONCEPT 2015 Advancement Phase 2 Non-transgenic insect control topical technology with broad application potential, protecting specialty and row crops from Colorado Potato Beetle infestations 2014 MONSANTO FIELD TRIALS PAINTER, VIRGINIA Infested Plants Untreated Control Infested Plants Treated with BioDirect Virginia 2014: Photos depict results under high Colorado Potato Beetle pressure in infested field trials CPB Large Larva Counts 160 140 120 100 80 60 40 20 0 Untreated Control 3 6 9 12 15 Days After Treatment PROJECT UPDATE: Treated with BioDirect Chemical Standard Project advances to Phase 2 Untreated Control Virginia 2014: Early tests indicate that BioDirect demonstrates protection against Colorado Potato Beetle In 2014 field trials, across potato growing areas of the U.S., BioDirect continues to demonstrate protection against Colorado Potato Beetle, with reduced levels of larval infestation and plant defoliation 25

Rapid Cycle Innovation Climate Transitions from New Platform to Rapid Cycle Technology Pipeline FARMER NEEDS ASSESSMENT DEVELOPMENT & TESTING COMMERCIAL DEPLOYMENT RAPID-CYCLE TECHNOLOGY PIPELINE Identified discovery priorities, reflecting key farmer needs as focus for development Multi-cycle development of applications, including functionality, testing and applied use Introduction into commercial, including market beta testing, scaled application, latecycle refinement and upgrades SOFTWARE & CONNECTIVITY User Friendly Interface Seamless Connectivity Software Interface Connectivity Enhancements UPGRADE UPGRADE Field Level Weather & Agronomic Information Field Level Insights Powered by Data Science Remote access across devices and equipment IN-FIELD SOLUTIONS Seed & Planting Fertility In-Season Management PRESCRIPTIONS Multi Hybrid/Variety Enhanced Variable Rate Variable Rate Fertility INSIGHTS Precipitation Monitoring Hyper Local Imagery UPGRADE UPGRADE Planting Nitrogen Field Health EQUIPMENT Planting Productivity & Flexibility Enabling Equipment LAUNCH LAUNCH Plant 2x Faster Multi-Hybrid Planting Arrows reflect advancement, progress or highlights tracking significant developments in R&D and commercial work 26

Software and Solution Upgrades Upgrades Offer Improved Insights, Usability Enhancements and Seamless Connectivity UPGRADE SOFTWARE UPGRADES NEW Retailer / Dealer portal connects trusted advisor with farmer Enables real time data inputs for planting, fertility, and in-season applications including seamless synchronization across web, mobile and in-cab devices Combined with recent retail & distribution agreements, enables thousands of agronomists to assist growers in using Climate tools IN-FIELD SOLUTION UPGRADES UPGRADE NITROGEN UPGRADE FIELD HEALTH Insights Custom Scenarios 2014 HIGHLIGHTS Significant usage and feedback for nitrogen insights and enhancements Remote Sensing Imagery Focused Scouting 2014 HIGHLIGHTS Most traffic and customer ratings for any Climate Pro Advisor Uses and Losses Enhanced Discussions Key Grower Needs: Manage Nitrogen more effectively Improved leaching estimates Models accommodating wide range of fertility practices 2015 ENHANCEMENTS Best-in-class soil hydrology capabilities including improved modeling of leaching, runoff, and ponding Enhanced soil temperature model providing in-season modeling when the farmer needs it most Unique Field View Access to Information Key Grower Needs: Identify field health and stress before it impacts yield Enable targeted scouting to increase productivity 2015 ENHANCEMENTS Seamless experience and synchronization across web and mobile versions improving in-field experience and targeted scouting Enhanced user experience with more user friendly scale and coloring, larger images, and better navigation Improved over-winter modeling including new snowpack and ice modeling Arrows reflect advancement, progress or highlights tracking significant developments in R&D and commercial work More frequent imagery with additional layers targeting an increase in frequency by more than 2X 27