ACCELERATING THE FUTURE OF AGRICULTURE

ACCELERATING THE FUTURE OF AGRICULTURE MONSANTO S 8 TH WHISTLE STOP INVESTOR FIELD TOUR August 17-18, 2016

Event Agenda DAY ONE: CHESTERFIELD RESEARCH CENTER 11:00 a.m. Investors Arrive/Box Lunches AA Café 12:00 p.m. Welcome & Agenda Laura Meyer, IR Lead 12:05 p.m. Opening Remarks: Hugh Grant, Chairman & CEO and Brett Begemann, President & COO Executive Panel Q & A 1 p.m. VIP Behind-the-Scenes Tour Stops: Insect Control RNAi Yield Breeding Climate FieldView Seed Applied Solutions Disease Control Weed Control Insect Control Biotech 5:00 p.m. 5:00-5:30 p.m. Re-Assemble in AA Lobby Travel to Chandler Hill Winery 5:30 p.m. Cocktail Hour and Dinner: Chandler Hill Winery Grower Panel 7:45 p.m. Transportation to Hotel DAY TWO: JERSEYVILLE, IL AGRONOMY CENTER 6:15 a.m. 7:00 a.m. 7:00 a.m. 8.00 a.m.- 9:15 a.m. Breakfast Ritz Carlton (Outside Ritz Auditorium) R &D Presentation - Ritz Auditorium 2 nd Floor Dr. Robb Fraley, Executive Vice President & CTO R&D Panel Travel to R&D Research Farm: Jerseyville, IL 9:15a.m. Assemble at Jerseyville for Site & Safety Overview Zach Martin, Jerseyville Site Lead Jerseyville Field Plot Demonstrations Climate FieldView Weed Control Yield Disease Control/Seed Applied Solutions 11:45 p.m. Insect Control 11:45 a.m. Closing Remarks: Hugh Grant 12 p.m. Box Lunches Buses Depart for STL Airport & Ritz Carlton 2

Forward Looking Statements Certain statements contained in this release 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 understanding and acceptance of our biotechnology and other agricultural products; the success of the company s research and development activities; the outcomes of major lawsuits; developments related to foreign currencies and economies; the impact of exploring, responding to, entering into or consummating potential acquisitions or other transactions and proposals; fluctuations in commodity prices; compliance with regulations affecting our 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 fund its short-term financing needs and to obtain payment for the products that it sells; the effect of weather conditions, natural disasters, accidents, and security breaches, including cybersecurity incidents, 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 release. The company disclaims any current intention or obligation to update any forward-looking statements or any of the factors that may affect actual results. The information on unregistered pesticides in this presentation is for educational purposes and is not an offer to sell or use any unregistered product mentioned in this presentation. 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. Fiscal Year References to year, or to fiscal year, are on a fiscal year basis and refer to the 12-month period ending August 31. 2016 Monsanto Company 3

Non-GAAP Financial Information This presentation may use the non-gaap financial measures of free cash flow, earnings per share (EPS) on an ongoing basis, EPS growth on an ongoing basis, EBIT and EBITDA on an ongoing basis, EBITDA on an as reported basis, gross profit on an ongoing basis, operating expenses on an ongoing basis, net income (loss) attributable to Monsanto Company on an ongoing basis, net debt, and ongoing return on capital. 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 ongoing EPS, excludes certain after-tax items that we do not consider part of ongoing operations, which are identified in the reconciliation. EBIT is defined as earnings (loss) before interest and taxes, ongoing EBITDA is defined as earnings (loss) before interest, taxes, depreciation and amortization and excludes certain after-tax items that we do not consider part of ongoing operations, as defined in the reconciliation, and as reported EBITDA is defined as earnings (loss) before interest, taxes, depreciation and amortization. Earnings (loss) is intended to mean net income (loss) attributable to Monsanto Company as presented in the Statements of Consolidated Operations under GAAP. Net debt is defined as the sum of both short-term debt and long-term debt, less cash and cash equivalents. Ongoing gross profit, ongoing operating expenses, and ongoing other expense, net, exclude certain pretax items that we do not consider part of ongoing operations, which are identified in the reconciliations. Ongoing net income (loss) attributable to Monsanto Company is defined as net income (loss) attributable to Monsanto Company excluding the cumulative after-tax impact of certain items we do not consider part of ongoing operations. Adjusted return on capital is defined as net income attributable to Monsanto Company, excluding certain aftertax items we do not consider part of ongoing operations and after-tax interest income and expense, divided by average capital. Average capital is defined as the simple average of current year end capital and prior year end capital. Capital is defined as short and long term debt, plus shareowner s equity, less cash and cash equivalents, plus cash for operations. 4

UNIQUELY POSITIONED TO ADDRESS THE WORLD S FUTURE AGRICULTURAL DEMANDS Hugh Grant, Chairman and CEO

Global Megatrends Driving Need for Step-Change in Sustainable Intensification in Agriculture Fewer arable acres per capita and sustainability demands, coupled with population growth, represent significant opportunities and challenges for growers Population Growth Declining Arable Land 7.3 8.5 Global Population 1 Expected to Increase to 8.5 Billion by 2030 4.9 Middle Class 2 Expected to Increase by 2X to Nearly 5 Billion by 2030 Sustainability Demands 2.4 Drives global per capita protein consumption growth of >10% by 2030 1 Improve Agricultural Productivity Use Water More Efficiently Halt Deforestation FY15 (1) United Nations. (2) OECD & Rubico. FY30F Achieve Carbon Neutral Crop Production 6

Global Population and Income Growth Fuels Long-Term Demand Trends in Corn and Soybeans Meeting trendline demand requires 2-fold increase in corn yield rate of gain and 4-fold increase in soybean yield rate of gain Corn Long-Term Demand Trends 1 Soybeans Long-Term Demand Trends 1 60 20 Billions of Bushels 50 40 30 CAGR=3.2% CAGR=2.5% Billions of Bushels 18 16 14 12 10 CAGR=4.1% CAGR=3.7% 8 20 04/05 08/09 12/13 16/17 20/21 24/25 Actual Trendline 6 04/05 07/08 10/11 13/14 16/17 19/20 22/23 25/26 Actual Trendline (1) USDA historical data for actual and trendline WASDE July 2016; future forecast and projections represent Monsanto internal estimates. 7

Uniquely Positioned to Address Grower Requirements with Digitally Integrated Solutions Industry s leading technology platforms and digital integration are addressing evolving grower needs BREEDING Leading germplasm positions in corn, soybeans, cotton and vegetables enhanced by cutting edge breeding technology expected to widen gap BIOTECH Industry leader with broadly licensed biotech traits reaching >350M acres globally in corn, soybeans, cotton and canola. Multi-generation of traits in pipeline to provide new modes of action. Plant Breeding Biotechnology Biologicals Leading Technology Platforms Chemistry Data Science BIOLOGICALS BioAg Alliance with Novozymes; Industry leader in fermentation technology DATA SCIENCE Climate FieldView is leading platform with >92M acres of penetration and leading connectivity, retail & equipment partnerships CHEMISTRY Herbicide leader with glyphosate; partner of choice for new molecule development YIELD INSECT CONTROL WEED CONTROL DISEASE & OTHER FERTILITY DIGITALLY INTEGRATED SOLUTIONS 8

Growth Platforms Accelerated by Digitization of Agriculture Through Climate Fieldview Next stage of industry growth and profitability expected to be driven by the application of digital ag to maximize return per acre for the grower by enhancing yield and reducing costs Drivers Approach Larger, more sophisticated growers Increasing optimization at a granular level across the farm Mismatch between growing demand and tightening input availability Right Place Modern tools like GPS guidance on sprayers and site-specific nozzles help farmers target applications. Benefits Right Time Pest and weed levels change every season, so farmers adapt to use only what s necessary when it s necessary. Right Amount It doesn t take a great deal of a targeted application to be effective. Right Solution Provides a platform that allows farmers to tailor to their needs and partners to build on with added innovation More restrictive regulatory environment and increased focus on sustainability 9

Shareowner Remuneration Reflects Confidence in Long-Term Growth and Commitment to Enhancing Shareowner Returns Monsanto has returned more than $13 billion to shareowners over the last three years >$13B returned to shareholders $7.99B Balanced Capital Allocation Capital Expenditures and Technology Investments to enable expanding seed footprint and new platforms $1.10B $1.07B $1.90B $1.77B $3.73B Share Repurchases to reduce share count and emphasize confidence in growth FY11 FY12 FY13 FY14 FY15 YTD FY16 1 Dividends with growth that aligns with earnings profile Share Repurchases Dividends (1) Year-to-date FY16 through Q3FY16. 10

Driving Value through Greater Efficiency: Expected to Yield Annual Savings of $500 Million by 2018 Using business analytics aligned with strategic objectives to enhance commercial success & optimize cost structure Restructuring and cost savings initiatives: 1 Four strategic commercial hubs Restructuring Expense: ~$1.1-1.2B FY15-FY18F 2 Modernize and optimize IT and supply chain networks 3 Accelerate use of data and analytics to speed up product development cycle $500M 4 Global R&D centers of excellence TOTAL EXPECTED ANNUAL SAVINGS BY FY18F 11

Leading Share Position and Innovation Drives Strong Long-Term Earnings Power Corn Leading Share Positions Soybeans Complementary Crops Ag Productivity Growth Drivers Global germplasm refresh, footprint expansion & next-gen traits Intacta RR2 PRO & Roundup Ready 2 Xtend expansion & next-gen traits Bollgard II XtendFlex cotton, next-gen cotton traits, and vegetables Next-Gen Crop Protection 2025 Technology Upgrade Acreage Targets 1 CORE PLATFORMS: >800M ACRES Corn: ~240M in Seed and Trait Upgrades Roundup Ready Xtend Crop System: ~300M Acres of Upgrades Intacta RR2 PRO Soybeans: ~145M Acres in Trait Upgrades NEMASTRIKE Technology: ~125M Acres Seed Applied Solutions NEW PLATFORMS: 550-900M ACRES Integrated Solutions NEW PLATFORMS Biologicals Climate FieldView Biologicals BioAg: 250-500M Acres Climate FieldView Paid Acres: 300-400M Acres Earnings Power Return to Growth in EPS from FY16F to FY17F Mid-Teens CAGR in EPS from FY17F to FY21F (1.) Acre targets reflect Monsanto s internal estimates of new technology penetration by 2025 (less 2015 actual penetration for technologies recently launched). The core platforms highlighted are not a full representation of the pipeline; this is a subset of key drivers nearing commercialization, many likely before the end of the decade, or recently launched. 12

GROWTH DRIVERS UNDERPINNED BY LEADING SHARE POSITIONS Brett Begemann, President and COO

Foundation Established in FY16F for Future Growth FY16 Outlook Reflects Current Market Realities and Focus on Continued Strategic Advancement and Operational Discipline Ongoing EPS FY10-FY16F 4 $5.73 $5.23 $4.56 Low End Of $4.40-$5.10 FY16 Financial Guidance Seeds and Genomics Ag Productivity Gross Profit down just under 5% vs. prior year 1 Gross profit lower end of $900M to $1.1B $2.39 $2.96 $3.70 P&L Categories Operating Expense Other Income/ Expense, Net Down slightly vs. prior year, Inclusive of new platform investment 2 Relatively flat vs. prior year Tax Rate 32% - 34% 3 Ongoing Earnings per Share 4 Low end of $4.40 - $5.10 FY2010 FY10 FY2011 FY11 FY2012 FY12 FY2013 FY13 FY2014 FY14 FY2015 FY15 FY2016 FY16F $564 $1,839 $2,017 $1,963 $959 $2,089 $1.3 - $1.5B Free Cash Flow ($ in millions) Share Count and NFE Net Effect of Share Count and Net Financing Expense Expect net effect of $0.20 to $0.25 of EPS benefit 1. Before estimated restructuring charges of $53M-$63M. 2. Before estimated restructuring charges of $269M to $284M and environmental and litigation matters of $28M offset by $4M for SEC Settlement Matters. 3. Includes Argentina tax-related matters of $219M. 4. Adjustments and metrics reconciled at the end of this presentation. 14

Anticipate Return to EPS Growth in FY17F; Accelerate to Mid-Teens EPS CAGR from FY17F to FY21F New Technologies, Financial Discipline and Balanced Capital Allocation Expected to Drive Future Growth FY17F: Key Drivers of Anticipated Return to Growth in Earnings Per Share RETURN ON INNOVATION SOYBEANS: Intacta RR2 PRO and Roundup Ready 2 Xtend expansion CORN: Global germplasm refresh and footprint expansion COMPLEMENTARY CROPS: Bollgard II XtendFlex cotton expansion EPS Growth Outlook Mid-Teens CAGR in EPS from FY17F to FY21F LICENSING: Existing and pipeline product opportunities FINANCIAL DISCIPLINE Restructuring implementation and cost savings initiatives BALANCED CAPITAL ALLOCATION FAVORABLE COMPARISONS COGS: Corn production plan normalization and step down in Roundup Ready 2 Xtend soybean launch costs OTHER INCOME/EXPENSE: Argentina devaluation not expected to repeat Return on Innovation growth drivers expected to expand Focus on Financial Discipline and balanced Capital Allocation 15

Corn Gross Profit Growth Drivers Innovation across seeds, traits, crop protection and digital ag further strengthen leading share position Germplasm Position #1 #1 #1 #2 >50% Share 1 ~50% Share 1 >60% Share 1 ~20% Share 1 CORN GROSS PROFIT GROWTH DRIVERS Weed Control: Future generations of herbicide tolerance weed control systems Insect control: Trecepta, SmartStax PRO Next -Gen Seed Treatments: Biologicals Acceleron B300 SAT, NEMASTRIKE 3 Technology Climate FieldView Digital Agriculture Platform Annual Germplasm Upgrade Global Corn Gross Profit Foundation: $3.6 billion in FY15 from >140M 2 corn acres globally containing at least one Monsanto technology (1) Corn branded & licensed share based on internal estimates (2) Monsanto internal estimate (3) Pending regulatory approvals NEAR-TERM LONGER-TERM 2021+ 16

Soybean Gross Profit Growth Drivers Innovation across seeds, traits, crop protection and digital ag further strengthen leading share position Germplasm Position Mid-40% 1 U.S. Germplasm Share Mid-20% 1 Brazil Germplasm Share SOYBEAN GROSS PROFIT GROWTH DRIVERS Next -Gen Seed Treatments: Biologicals, Acceleron Upgrades, NEMASTRIKE 3 Technology Climate FieldView Digital Agriculture Platform Weed Control : Roundup Ready 2 Xtend, Future generations of herbicide tolerance weed control systems Insect Control: Intacta RR2 PRO Annual Germplasm Upgrade Global Soybean Gross Profit Foundation: $1.5.billion FY15 from >200M 2 soybean acres globally containing at least one Monsanto technology (1) Soybean branded and licensed share per internal estimates NEAR-TERM LONGER-TERM 2021+ (2) Monsanto internal estimate (3) Pending regulatory approvals 17

Roundup Ready Xtend Crop System 1 : Upgrade of Industry s Largest Seed Technology Platform Near-term trait upgrades across crops poised to rapidly accelerate penetration of new technologies Roundup Ready Xtend Crop System Sources of Value in Roundup Ready Xtend Crop System Innovative Traits in Leading Germplasm 15M ACRE TARGET Enhanced Chemistry Options ~55M ACRE TARGET Greater Flexibility, Weed Control and Yield Potential Roundup Ready 2 Xtend Soybeans: U.S. Acreage Penetration Targets ~1M acres ~80M ACRES FY16F FY17F FY19F ACRE OPPORTUNITY 1. Awaiting EPA approval for in-crop use of dicamba. Launch Plans in Progress ~1M acres in FY16 >70 products across all relative maturity zones; 6x the products in Roundup Ready 2 Yield soybeans launch NEW Licenses in place with seed companies with > 90% U.S. soybean seed share NEW EU import approval for the stacked trait received mid-july EPA indicates registration for in-crop use of Dicamba expected by late summer to early fall $5-10/acre premium vs. Roundup Ready 2 Yield varieties; introductory $5/unit price reduction in FY16 NEW VaporGrip technology now licensed to DuPont 18

Intacta RR2 PRO Soybeans: Leading Share Positions Provide Strong Foundation for Growth First generation expected to rapidly penetrate 100M acre opportunity; second generation already in Phase 4 INTACTA RR2 PRO: South America Record Technology Adoption Rate 3M ACRES Expect Intacta RR2 PRO penetration at ~45-55M acres in FY17 15M ACRES 45M 55M ACRE FORECAST 35M ACRE FORECAST 75M ACRE TARGET FY14 FY15 FY16F FY17F FY19F 100M ACRES MARKET ACRE OPPORTUNITY Growth Profile Expect rapid acceleration with new technology penetration 100M acre opportunity 2 nd Generation technology in Phase 4; expect launch by 2019-2020 Key Milestones Penetrated 35M acres in FY16; targeting 45M-55M acres in FY17 2016 marks third year of > 4 BU/AC yield advantage in Brazil; similar in Argentina NEW Argentina announces interim policy supporting mandatory testing and approves testing protocol Licensed technology to DuPont 1 ; technology licensed to germplasm providers with >90% share in South America 1. Pending Brazil regulatory approval. 19

Complementary Crops Gross Profit Growth Drivers Innovation across seeds, traits, crop protection and digital ag further strengthen leading share position Cotton Germplasm Position Mid-40% 1 U.S. Germplasm Share Vegetable Market Position Global leader with 20% $816M share in vegetable FY15 net sales seeds 2 or ALL OTHER CROPS GROSS PROFIT GROWTH DRIVERS Mid-Single Digits Gross Profit CAGR FY17F to FY21F 1 Cotton: Annual Germplasm Upgrades Canola, Wheat, Sorghum, Alfalfa Annual Germplasm Upgrades, TruFlex Roundup Ready Canola Vegetables: Annual Germplasm Upgrades; Disease Resistance Packages Cotton: New Trait Introductions Bollgard II XtendFlex, Bollgard 3, Cotton Lygus Cotton, Vegetable and Other Crops Gross Profit Foundation: $1.2 billion FY15 NEAR-TERM LONGER-TERM 2021+ (1)Cotton Branded & Licensed share per internal estimates (2) Monsanto internal estimate. 20

Ag Productivity Growth Drivers Leading share position and innovative upgrades sets up next wave of growth NEAR-TERM LONGER-TERM 2021+ AG PRODUCTIVITY GROWTH DRIVERS Next-Gen Dicamba Herbicide #1 global glyphosate position with Roundup Ready New Dicamba Plant Investment targeting 80M to 100M acres of capacity; ~25 to 35% of the fully mature demand New Global Crop Protection Collaboration for future PPO weed control technology Novel Fungicide Chemistry in collaboration with Nimbus 2025 Target: 200M-250M acres of trait upgrades 2016 marks the 20 year anniversary of Roundup Ready the industry s largest seed technology platform touching ~350M acres globally Ag Productivity segment today includes glyphosate and glyphosate-based herbicides, selective herbicides and Roundup L&G business. 21

CLIMATE FIELDVIEW PLATFORM THE FUTURE OF DIGITAL AGRICULTURE

Climate FieldView Opportunity Two-thirds of variability in farmers fields comes from controllable factors Factors Driving Corn Yield 1 1 Weather 70+ 27% bu/acre 2 3 4 Nitrogen Hybrid Previous Crop 70 26% bu/acre 50 19% bu/acre 25 10% bu/acre 2/3 Outside of weather, more than two thirds of the biggest influencers of yield in the field are from controllable factors 5 6 7 Plant Population Tillage Growth Regulators 20 8% bu/acre 15 6% bu/acre 10 4% bu/acre the power of digital agriculture is for the first time giving farmers tools to better understand and influence those controllable factors as part of the 40+ decisions they make every year Total = 260 bu 100% (1) cropphysiology.cropsci.illinois.edu/research/seven_wonders.html. University of Illinois Crop Physiology: The Seven Wornders of the Corn Yield World 23

U.S. Corn Yield Potential in Highly Managed Fields Highly managed corn yields are 3x average corn yields; potential for Climate FieldView Platform to tap Unlocked Potential: NCGA National Corn Yield Contest 1 Actual U.S. Yield: USDA Average Yield 2 517.5 bu/ac 1 >3X 168 bu/ac MORE YIELD Yield is a function of genetics, environment and farming practices, along with variability: YIELD = f(g,e,p) + ε Corn is capable of producing >500 bu/ac in a highly managed field. Farmers today only realize an average of 168 bu/ac because of the variables that degrade the potential in the field. Climate FieldView platform provides insights to better understand the effects of some of the 40+ decisions that have the potential to unlock the yield opportunity in highly-managed fields. (1) Data from NCGA National Corn Yield Contest; Yield data represents the average of the highest yielding results for the past two years (http://www.ncga.com/for-farmers/national-corn-yield-contest). (2) USDA ERS, 2015. 24

First Mover Advantage: Climate FieldView Established as the Digital Ag Platform By 2025, we are targeting 300-to-400M paid acres that are upgraded annually with tailored applications to optimize the on-farm productivity CLIMATE FIELDVIEW PLATFORM CLIMATE FIELDVIEW SERVICES >14M paid acres in FY16 Canada 2025 Platform Opportunity 55M Acres PLATFORM ADOPTION >92M acres on Climate FieldView Platform COLLABORATIONS 3 equipment collaborations including recent John Deere agreement enabling 1,000+ John Deere dealers PARTNERSHIPS 6 strategic retail partnerships enabling 3,000+ trusted advisor sellers United States Brazil & Argentina Europe 215M Acres 175M Acres 195M Acres Targeting 300-400M Paid Acres by 2025 >600M Acres of Total Opportunity corn canola soybeans wheat 25

Climate FieldView Platform Expansion Opportunities Successful product platform expected to attract 3 rd party investment to participate in a single ag ecosystem CLIMATE FIELDVIEW PLATFORM Platform Expansion Opportunities Potential Future Product Offerings Current Products Marketing Insight Harvest Timing Fertility (P&K) Insecticide Application Herbicide Application Irrigation Application Animal Agriculture Retail Platforms Risk Management Logistics Grain Marketing Drones and Imagery Sensor Technology Climate-Developed Products Third-Party-Developed Products 26

SUMMARY ACCELERATING THE FUTURE OF AGRICULTURE

Leading Share Position and Innovation Drives Strong Long-Term Earnings Power Corn Leading Share Positions Soybeans Complementary Crops Ag Productivity Growth Drivers Global germplasm refresh, footprint expansion & next-gen traits Intacta RR2 PRO & Roundup Ready 2 Xtend expansion & next-gen traits Bollgard II XtendFlex cotton, next-gen cotton traits, and vegetables Next-Gen Crop Protection 2025 Technology Upgrade Acreage Targets 1 CORE PLATFORMS: >800M ACRES Corn: ~240M in Seed and Trait Upgrades Roundup Ready Xtend Crop System: ~300M Acres of Upgrades Intacta RR2 PRO Soybeans: ~145M Acres in Trait Upgrades NEMASTRIKE Technology: ~125M Acres Seed Applied Solutions NEW PLATFORMS: 550-900M ACRES Integrated Solutions NEW PLATFORMS Biologicals Climate FieldView Biologicals BioAg: 250-500M Acres Climate FieldView Paid Acres: 300-400M Acres Earnings Power Return to Growth in EPS from FY16F to FY17F Mid-Teens CAGR in EPS from FY17F to FY21F (1.) Acre targets reflect Monsanto s internal estimates of new technology penetration by 2025 (less 2015 actual penetration for technologies recently launched). The core platforms highlighted are not a full representation of the pipeline; this is a subset of key drivers nearing commercialization, many likely before the end of the decade, or recently launched. 28

Industry Leading EBITDA Margins and Return on Capital Created by Financial Discipline and Innovation Value Creation Commitment to operational efficiency and disciplined market focus have led to superior profitability and growth Return on Industry-Leading Innovation + Financial Discipline = Leading EBITDA Margins Amongst Ag Peer Set Ongoing EBITDA Margins 1,2,3 29% 27% 32% Adjusted Return on Capital 2 22% 23% 23% 22% 21% 20% FY13 FY14 FY15 Monsanto Ongoing EBITDA Margins Peer EBITDA Margins FY13 FY14 FY15 (1) Ongoing EBITDA margins (as a % of net sales). (2) Components of calculation and related reconciliations provided in the non-gaap financial measures reconciliations at the end of the presentation. (3) Peers include BASF AgSolutions, Bayer CropScience, DuPont Agriculture, Dow Agricultural Sciences and Syngenta; data from public filings. 29

NON-GAAP FINANCIAL INFORMATION

Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF FREE CASH FLOW Fiscal Year $ Millions 2016 Guidance 2015 2014 2013 2012 2011 2010 Net Cash Provided by Operating Activities $2,200-$2,600 $3,108 $3,054 $2,740 $3,051 $2,814 $1,398 Net Cash Required by Investing Activities ($900-$1,100) $(1,019) $(2,095) $(777) $(1,034) $(975) $(834) Free Cash Flow $1,300-$1,500 $2,089 $959 $1,963 $2,017 $1,839 $564 Net Cash Required by Financing Activities N/A $(430) $(2,259) $(1,485) $(1,165) $(864) $(1,038) Cash Assumed from Initial Consolidation of Variable Interest Entities N/A -- -- -- -- $77 -- Effect of Exchange Rate Changes on Cash and Cash Equivalents Net Increase/(Decrease) in Cash and Cash Equivalents N/A $(325) $(1) $(93) $(141) $35 $3 N/A $1,334 $(1,301) $385 $711 $1,087 $(471) RECONCILIATION OF ONGOING EPS Fiscal Year 2016 $ Per share Guidance 1 2015 2014 2013 2012 2011 2010 Diluted Earnings per Share $3.36-$4.14 $4.81 $5.22 $4.60 $3.79 $2.96 $1.99 Restructuring Charges, Net $0.47-$0.51 $0.70 -- -- $(0.02) -- $0.41 Environmental & Litigation Matters $0.04 $0.11 $0.04 -- $0.05 -- -- SEC Settlement Matters -- $0.17 -- -- -- -- -- Resolution of Tax Matters -- -- -- $(0.02) $(0.11) -- -- Argentine-Related Tax Matters $0.48-$0.52 -- -- -- -- -- -- Income on Discontinued Operations $(0.03) $(0.06) $(0.03) $(0.02) $(0.01) -- $(0.01) Diluted EPS from Ongoing Business $4.40-$5.10 $5.73 $5.23 $4.56 $3.70 $2.96 $2.39 (1) 2016 Guidance: low-end of as-reported EPS and ongoing EPS. 31

Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF ONGOING EBITDA As Reported Net Income Attributable to Monsanto Company Fiscal Year $ Millions 2015 2014 2013 $2,314 $2,740 $2,482 Restructuring Charges, Net $338 -- -- Environmental and Litigation Matters $54 $20 -- SEC Settlement Matters $80 -- -- Resolution of Legacy Tax Matters -- -- $(11) Income on Discontinued Operations $(28) $(13) $(11) Ongoing Net Income $2,758 $2,747 $2,460 Interest Expense Net $328 $146 $80 Income Tax Provision $1,053 $1,088 $926 Tax Expense Related to Noncontrolling Interest $(24) $(19) $(22) Ongoing EBIT $4,115 $3,962 $3,444 Depreciation and Amortization $716 $691 $615 Ongoing EBITDA $4,831 $4,653 $4,059 As Reported Net Sales RECONCILIATION OF EBITDA Fiscal Year $ Millions 2015 2014 2013 As Reported Net Income Attributable to Monsanto Company $2,314 $2,740 $2,482 Interest Expense Net $328 $146 $80 Income Tax Provision 1 $858 $1,066 $898 Depreciation and Amortization $716 $691 $615 As Reported EBITDA $4,216 $4,643 $4,075 ONGOING EBITDA AS A PERCENT OF NET SALES Fiscal Year $ Millions 2015 2014 2013 $15,001 $15,855 $14,861 Ongoing EBITDA as a % of Net Sales 32% 29% 27% (1) Includes the income tax provision attributable to Monsanto 32 32

Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF ADJUSTED RETURN ON CAPITAL As Reported Net Income Attributable to Monsanto Company Adjustment for certain items, after-tax: Fiscal Year $ Millions 2015 2014 2013 $2,314 $2,740 $2,482 Restructuring Charges, Net $338 - - Environmental and Litigation Matters $54 $20 - SEC Settlement Matters $80 - - Resolution of Legacy Tax Matter - - $(11) Income on Discontinued Operations $(28) $(13) $(11) Ongoing Net Income $2,758 $2,747 2,460 Interest (income) Expense Net of taxes $238 $94 59 Operating Profit After-tax (excluding certain items) $2,996 $2,841 $2,519 Short-Term and Long-Term Debt Fiscal Year End $ Millions 2015 2014 2013 $9,044 $7,698 $2,099 Shareowners Equity $7,005 $7,914 $12,728 Cash and Cash Equivalents $(3,701) $(2,367) $(3,668) Cash for Operations $400 $400 $400 Total Capital $12,748 $13,645 $11,559 Prior Period Capital $13,645 $11,559 $11,227 Average Capital $13,197 $12,602 $11,393 Fiscal Year $ Millions 2015 2014 2013 Operating Profit After-tax (excluding certain items) $2,996 $2,841 $2,519 Average Capital $13,197 $12,602 $11,393 Adjusted Return on Capital 22.7% 22.5% 22.1% 33

EXECUTIVE PANEL ACCELERATINGTHE FUTURE OF AGRICULTURE

Executive Q & A Executive Panel HUGH GRANT Chairman and Chief Executive Officer BRETT BEGEMANN President and Chief Operating Officer PIERRE COURDUROUX Senior Vice President and Chief Financial Officer 35

SAFETY & LOGISTICS CHESTERFIELD RESEARCH CENTER Laura Meyer, Investor Relations Lead

Chesterfield R&D Facility; Delivering Value Through Innovation Chesterfield Research Facility now serves as our largest yield testing site 37

Visitor Safety Guidelines Chesterfield Village Research Facility The greenhouses we will be visiting are regulated and contain experimental traits not yet approved by the USDA. Plant material may not be removed. Photos are permitted Smoking is not permitted In case of a fire, we will congregate in designated areas outside ; your group leaders will lead you to the locations In case of severe weather, we will relocate to basement hallways Please report any injury or illness no matter how slight to a Monsanto Employee EMERGENCY NUMBER: 636-737-7777 (cell phone) 7-7777 (office phone) 38

Chesterfield R&D Facility Tour Stops Location Technology Advantage Technology Highlight INSECT CONTROL II AA Jaworski Lobby Use of RNA-based tools to present break-through technology for insect control RNAi overview, canola flea beetle demo, Bee Health hive & video YIELD BB3820 Accelerating yield gains through differentiated tools at our largest field testing location Genome-wide selection, sequencing chips, molecular breeding tech. FERTILITY & INTEGRATION Climate Stop GG24111-J Comprehensive data library feeding analytic models and unparalleled connection methods to turn data into value Platform advantages and opportunities, product demo SEED APPLIED SOLUTIONS GG2428 Collaborations and innovation define the delivery of the next-generation of on-seed technologies Video & lab demos enabling deployment, testing of 1000s of strains; development of SAS products DISEASE CONTROL GG6105 Cutting-edge scientific developments to deliver new disease control Enhanced disease control demo, NEMASTRIKE Technology performance, Nimbus videos WEED CONTROL GG6 (GH1) Multi-generational pipeline to follow Roundup Ready Xtend crop system targeting 250M acres by 2025 HT3/HT4 plant demonstrations, herbicide pipeline INSECT CONTROL I GG3213 Transformation of insect control pipeline to broader spectrum, next-generation technology Plant demonstrations, protein science demo, lab automation 39

Chesterfield R&D Facility Tour Stop Speakers INSECT CONTROL II YIELD FERTILITY & INTEGRATION SEED APPLIED SOLUTIONS DISEASE CONTROL WEED CONTROL INSECT CONTROL I Location AA Jaworski Lobby BB3820 Climate Stop GG24111-J GG2428 GG6 GG6 (GH1) GG3213 Technology Speakers Jim Baum, Insect Control Lead Merav Gleit, Bee Health Platform Lead Mike Graham, Global Breeding Lead Amanda McClerren, Global Breeding Product Strategy Lead Tom Osborn, Molecular Breeding Trait Integration Program Director Mark Young, Chief Technology Officer, Climate John Jansen, VP, Agronomic Services, Climate Shaun Selness, Delivery Technology Team Lead Tom Adams, Global Biotechnology Lead Matt Helms, Global Ag Productivity Technology Lead Bob McCarroll, Global Chemistry Lead Brett Bussler, Global Weed Mgmt Strategy & Portfolio Lead Lyle Crossland, Director, Agronomic Traits Shannon Hauf, Global Cotton & Specialty Crops Lead Calvin Treat, Global Corn and Soybean Technology Lead Brian McNulty, Entomology Discovery Lead 40

INSECT II: RNAi TECHNOLOGY James Baum & Merav Gleit 1

Biologicals: BioDirect Technology Pipeline Leveraging Genomics for New Modes of Action New topical technologies for better control of weeds, insects and viruses, along with improvement in honey bee health Biologicals BioDirect Technology is based on RNAi: A natural mechanism to control the expression of a gene R&D Development Pipeline Collaborative partnerships and research are driving innovative solutions to produce food in a sustainable way BioDirect Technology Pipeline Focus: Drive to early profits for most valuable product concepts Drive efficacy and delivery efforts to unlock broader portfolio opportunity Continue focused effort on unlocking plant and insect responses more broadly DISCOVERY: INITIAL SCREENING Sequence genome related to product concept, identify key sequence and selection of lead actives SELECTION OF LEAD ACTIVES PHASE 1: PROOF OF CONCEPT Define prototype formulation and test for desired performance BioDirect Technology Glyphosate Resistant Weed Control BioDirect Technology Virus Control - Tospovirus BioDirect Technology Insect Control Canola Flea Beetle PHASE 2: EARLY DEVELOPMENT Finalize formulation and field testing to confirm performance consistency BioDirect Technology Insect Control Colorado Potato Beetle BioDirect Technology - Bee Health PHASE 3: ADVANCED DEVELOPMENT Data generation for regulatory submissions and commercial preparation PATH TO MARKET PHASE 4: PRE-LAUNCH Final regulatory approvals and manufacturing scale up for commercial launch Bee Health Phase 2, expected to be first product to launch commercially from the BioDirect Technology Pipeline Canola Flea Beetle Phase 1, targets the #1 pest in canola, estimated annual damages in North America >$300M 2

Insect Control II RNAi Technology Stop Overview 1 2 3 Overview of RNAi Technology: RNAi-based tools to target insect control and enhance bee health, delivered topically or via transgenic approach SmartStax PRO corn FAB s and Demo: Next-generation of corn rootworm control technology using RNAi approach to deliver novel mode-of-action, via a transgene, to limit resistance development Canola Flea Beetle Product Concept and Demo: Treated and untreated canola plants demo and video demonstrating efficacy of foliar-application of RNAi solution to control flea beetles, as an alternative to neonic applications 4 Bee Health Product Concept: Video and live video link to bee hives to demonstrate efficacy of RNAi solution to control varroa mites that infest beehives, leading to colony losses 3

What is RNA interference (RNAi)? Information flows from DNA (the genes) to RNA (the messenger) to proteins in this natural process Transcription Translation Protein produced Gene DNA DNA RNA Transfers information from a gene to produce a protein 4

- RNAi Occurs in Natural Systems as a Means to Decrease Gene Activity Turning a gene off can be as important to a cell as turning it on A small RNA produced from double stranded RNA in the cell initiates the process Gene mrna DNA DNA DNA X Protein production reduced When sequences match, the target mrna is destroyed and mrna levels are reduced. 5

Reducing the Expression of Essential Genes, Leading to Insect Growth Inhibition and Death Western corn rootworm larvae mortality through targeting of an essential gene with RNAi Western Corn Rootworm Larvae Control Larvae fed double stranded RNA targeting essential gene Larvae fed double stranded RNA targeting essential gene are growth inhibited by day 5, leading to significant mortality later. 6

RNAi Delivery Mechanism Options for Insect Control Topical application of the RNA Transgenic approach: create a plant to deliver the RNA 7

SmartStax PRO Corn Next generation of corn rootworm protection; industry s first three modes-of-action product for below-ground insect control Control VT Triple PRO corn SmartStax corn 8

SmartStax PRO Corn Next generation of corn rootworm protection; industry s first three modes-of-action product for below-ground insect control Project: Status: Phase 4 2015 Monsanto Field Trials July 2015 Massena, IA Project Highlights: Target: >100m Acres Across the Americas First product to have three modes-of-action for corn rootworm control Designed to reduce risk of trait resistance due to novel RNAi modeof-action Stronger full-season control designed with improved control of corn rootworm larvae at all stages of development Licensing structure in place to allow for broad commercial access Received full approvals in Canada and single trait approvals in the United States, with EPA registration on-track for SmartStax PRO corn Advancing approvals in import countries Targeting stewarded Ground Breakers trials in 2018 with launch by the end of the decade, pending regulatory approvals Root Damage Rating (0-3) 1.10 0.85 0.60 0.35 0.10 Control VT Triple PRO corn SmartStax corn The information in this slide is for educational purposes only and is not an offer to sell or use any unregistered pesticides. Smartstax PRO corn clearly showing significant root protection in 2015 field trials to help maximize yield and late season standability. Non-Bt SmartStax SmartStax PRO Non-Bt SmartStax corn SmartStax PRO corn 9

RNAi Delivery Mechanism Options for Insect Control Topical application of the RNA Transgenic approach: create a plant to deliver the RNA 10

BioDirect Canola Flea Beetle (CFB) Alternative solution to neonic application and would offer growers an enhanced solution to control striped flea beetles Project: BioDirect CFB Status: HIGHLIGHT 2016 Advancement Phase 1 2015 Monsanto Field Trials July 2015 Portage La Prairie, Manitoba, Canada Project Highlights: Key Regions: U.S., Canada, & Europe Flea beetles are highly destructive defoliators of canola causing significant economic yield loss Field trials with BioDirect at multiple locations in the U.S. and Canada demonstrate reduction in flea beetle damage on canola Provides alternative solution to neonics and additionally provides enhanced control against striped flea beetles Continue field trial testing for efficacy Untreated BioDirect Technology Treated BIODIRECT TECHNOLOGY PROVIDES SIGNIFICANT CONTROL: 12 DAYS POST INFESTATION, INSECT VIABILITY ~20% AS DEMONTRATED IN LAB RESULTS % Insect Viability 110 90 70 50 30 10 0 5 7 12 Non Specific Trigger BioDirect Technology 11

BioDirect Technology Canola Flea Beetle (CFB) Potential alternative solution to neonic application, additionally may offer growers an enhanced solution to control striped flea beetles Untreated BioDirect Technology Treated 12

Monsanto Bee Health Seeking RNAi solution to improved bee health through control of the varroa mite Varroa Mites Merav Gleit Bee Health, Chemistry Technology Monsanto Company 13

Bees Pollinate Many of the Crops We Consume on a Daily Basis Breakfast with Honey Bee Pollination Breakfast without Honey Bee Pollination Source: Monsanto 14

Today it is Believed that Multiple Factors Lead to Colony Losses Source: Monsanto 15

Varroa Destructor Mites are the Biggest Threat to Honey Bees 1 Varroa Mites (1) Source: Pubfacts 25875764 Prospective large scale field study generates predictive model identifying major contributors to collapse disorder 16

BioDirect Technology Bee Health Improvements in bee hive survival achieved with new biological solutions Project: BioDirect Technology Bee Health Status: Phase 2 Project Highlights: Key Regions: Global Opportunity Bees play a vital role in agriculture as pollinators Varroa mites infestation is the greatest threat to bee health and most significant contributor to colony source New technology targeting Varroa mite may provide an alternative to non-selective miticides, two of which have developed resistance 1 Next Steps: Expanded Varroa control field testing and field validation of antiviral technology Expected to be first product to launch from the BioDirect Technology platform 1. (ISSN: 0164-7954 (Print) 1945-3892 (Online) Journal homepage: http://www.tandfonline.com/loi/taca20 Monsanto Varroa Control Testing 2015 Rehovot, Israel (In Progress) Reduced Varroa populations demonstrated in the field by targeted Varroa mites Bee infested with Varroa Automated image analysis to assess hive strength # Of Mites/100 Bees 16 12 8 4 0 0 4 8 12 Biodirect # Of Weeks Non-treated Selective Varroa Suppression: At week 11, Varroa mite count reduced by more than 1.8X with BioDirect Technology treatment vs untreated hives 17

YIELD: EXTENDING OUR COMPETITIVE ADVANTAGE LEVERAGING THE POWER OF ANALYTICS TO ENABLE A DIGITAL PIPELINE Mike Graham, Tom Osborn & Amanda McClerren

Yield Stop Overview 1 Revolutionizing Plant Breeding: Leveraging the power of analytics and advanced marker technology to accelerate yield gains and digitize field testing 2 Molecular Breeding Yield Testing: Scaling first year yield testing in the lab allows more time to test specific genetic and trait combinations 3 Protected Culture: Moving trait integration and double haploids into the greenhouse drives genetic gain and timely delivery of more complex trait stacks 2

Revolutionizing Plant Breeding Fundamentally changing plant breeding approach; Targeting to increase current genetic gain by 30% Key Breeding R&D Advantages Global Plant Genetic Database HIGHLIGHT: Pipeline Transformation Expected Increases In New Hybrid Testing Through Genome Wide Selection STAGE 1 STAGE 2 Leading Discovery Technologies Testing Capability and Scale Leveraging the Power of Genotypic and Phenotypic Data 10X 6X Field Baseline 2014 Lab 2018F Lab Next Decade Incorporating Data Analytics In Every Step of the Pipeline Provides New Insights In Plant Breeding to Deliver Targeted Increases In Genetic Gain STAGE 1: Utilization of seed chipping on Double Haploids with Genome Wide Selection STAGE 2: Innovation via new technologies HIGHLIGHT: Enabling a Digital Pipeline Predictive analytics is enabling a significant increase of high value corn lines Anticipate doubling the amount of data collected by the end of 2017 3

Increased Scale & Speed The power of data analytics: OUR LARGEST FIELD TESTING LOCATION IS CHESTERFIELD, MO Traditional Yield Plots 2x2 Inch Chip = 14 Acres or 1,000 Genomes 4

CLIMATE FIELDVIEW: DIGITALLY INTEGRATED PLATFORMS THE FUTURE OF DIGITAL AGRICULTURE Mark Young John Jansen 1

Climate Stop Overview 1 Climate FieldView Platform Opportunity: Climate FieldView to become first centralized platform for industry-wide technology development in digital ag 2 Product Pipeline: Platform evolving with enhanced Climate FieldView tools launching in 2017 and significant technology advancements to develop in-field sensor system 3 2017 Product Demo: Expanded data collection and visualization tools, including advanced yield analysis 2

First Mover Advantage: Climate FieldView Platform Established as the Digital Ag Platform By 2025, there is the potential for >600M acres that are upgraded annually with tailored applications to optimize the on-farm productivity CLIMATE FIELDVIEW PLATFORM CLIMATE FIELDVIEW SERVICES >14M paid acres in FY16 Canada 2025 Platform Opportunity 55M Acres PLATFORM ADOPTION >92M acres on Climate FieldView Platform COLLABORATIONS 3 equipment collaborations including recent John Deere agreement enabling 1,000+ John Deere dealers PARTNERSHIPS 6 strategic retail partnerships enabling 3,000+ trusted advisor sellers United States Brazil & Argentina Europe 215M Acres 175M Acres 195M Acres Targeting 300-400M Paid Acres by 2025 >600M Acres of Total Opportunity corn canola soybeans wheat 3

Climate FieldView Platform is Single Ag Ecosystem Broad platform provides multiple opportunities for 3 rd party access and elimination of redundancies CLIMATE FIELDVIEW PLATFORM FIELD CONNECTIVITY EQUIPMENT CONNECTIVITY PLATFORM EXPANSION OPPORTUNITIES Animal Agriculture Retail Platforms Risk Management FIELDVIEW APP T M FIELDVIEW CLOUD Logistics Grain Marketing Drones and Imagery Sensor Technology Third-Party-Developed Products 4

Digital Pipeline Drives Breakthroughs for Ag Delivering connectivity and actionable insights to farmers to unlock yield potential and productivity Data Access Weather & Soil Core R&D Focus Areas Seeds & Planting EARLY STAGE Research & Development Automated Scripts with Seed Data LATE STAGE Automated Scripts Commercial Highlights Script Creator Increase productivity with simple, easy-to-use script creation tool LAUNCHED Equipment Fertility Variable Rate Nitrogen Crop Expansion Sub-Field Nitrogen Nitrogen Advisor UPGRADED Nitrogen Advisor identifies ~$1 Billion Opportunity to improve productivity in US corn 2 Field Testing Field Insights Yield Analytics Advanced Insights Enhanced Imagery Field Health Advisor UPGRADED In-season and historical field imaging to evaluate and identify issues before they impact yield Seed, Fertility & Crop Protection Data Capture & Visualization Connectivity with John Deere s WDS 1 Third Party Data Integration & API s Ongoing Environmental Data Upgrades Climate FieldView Drive Enable seamless data collection, sharing & visualization LAUNCHED Grower Data Measurements Soil and Environmental Sensors ADVANCEMENT Connected Field Enabling data platform will drive improved measurements yielding enhanced grower insights 1. Wireless Data Server 2. Representative and random sample of >3,800 Nitrogen Advisor Fields where main Nitrogen application was mineral fertilizer. Assumes $4 / bushel corn, $0.40 /lb-n fertilizer costs and average yield of 168 bushels per acre 5

SEED APPLIED SOLUTIONS THE ART AND SCIENCE OF FORMULATION AND PROCESS TECHNOLOGY Tom Adams and Shaun Selness

Seed Applied Solutions Stop Overview 1 What Are Seed-Applied Solutions?: Protecting high-value seed and maximizing performance in a growing segment 2 The Approach Novel Chemistries and Unique Microbials: Collaborating to bring forward new products, such as NEMASTRIKE¹ Technology and Acceleron B-300 SAT, in beneficial combinations for farmers 3 Innovation to Enable the Pipeline: Making beneficial combinations possible through process improvement and formulation technology 4 Enabling Integrated Solutions: Seed applied solutions help provide more complete benefits to growers 1. Product is subject to regulatory approvals and is expected to be branded as NEMASTRIKE Technology 2

Seed Applied Solutions Are Coatings that Help Protect Against Insects, Diseases and Other Environmental Stresses Seed treatments help mitigate nematode, insect and disease pressure, and promote fertility Protects high value seeds and ensures maximum performance potential Today, nearly all U.S. corn and cotton and about two-thirds of soybean seeds receive some type of seed treatment Today, our Acceleron Seed Applied Solutions portfolio of seed treatments reaches about 75M acres Ex-U.S. represents a significant expansion opportunity Nematicides Insecticides Fungicides Biologicals Functional Coatings Nematodes, insects, disease & environmental challenges 3

Monsanto s Unique Approach to Seed Applied Solutions Four key areas differentiate Monsanto 1 2 3 4 Novel chemistries through collaboration and partnership Enhanced Disease Control with Bayer NEMASTRIKE Technology Nimbus Unique microbials through discovery and partnership BioAg Alliance with Novozymes Field testing capability Proper in-field placement through data science and extensive testing Targeting the acres that need the technology through differentiation and problem-solving Innovation in formulation and product development Combining individual technologies into unique offerings, building on our seed footprint 4

The BioAg Alliance The BioAg Alliance Pipeline progress and integrated field testing network support 250-500M 2025 acre target Seed Care: Microbials The BioAg Alliance: R&D Development Pipeline Biologicals Collaborative partnerships and research are driving innovative solutions to produce food in a sustainable way Fertilizers ($183 billion) Sales Opportunity ~$240 billion Pesticides ($54 billion) Nitrogen Phosphate Potassium TRADITIONAL CHEMICALS & PESTICIDES 2 Microbial products have the potential to replace or complement traditional chemistry products. ~$1.8 billion BioControl Inoculants AG MICROBIALS 1 DISCOVERY: 10 s of Thousands of Microbes PHASE 1: PROOF OF CONCEPT Thousands of Candidates Hits Corn BioYield Soy BioYield BioControl PHASE 2: EARLY DEVELOPMENT Confirmed Hits / Commercial Leads Enhanced- Soy Inoculant Lead PHASE 3: ADVANCED DEVELOPMENT Commercial Candidates PHASE 4: PRE-LAUNCH Final Launch Preparation Enhanced- Corn Inoculant Lead (B300 SAT) Fast growing market with roughly $2.6B in annual sales 1 Acre Opportunity In FY15 our products were on 65M acres Targeting 250-500M acres with new, high value technology upgrades by 2025 BioControl strains advanced from Discovery to Phase 1 for disease and insect control earlier this year Enhanced-Corn Inoculant suitable for both upstream and downstream applications advanced from Phase 2 to Phase 4 earlier this year New corn hits >4 BU/AC and soy >1.5 BU/AC average yield advantage (1) Monsanto estimates of Ag biologicals industry based on a combination of research data from DunhamTrimmer, Agrow, MarketsandMarkets, Frost & Sullivan, Boston Consulting Group, BCC Research, Philips McDougall, Global Industry Analysts. (2) MarketLine and Phillips McDougal market data; All figures in USD. 5

Robust Pipeline is Solving for Multiple Grower Needs Building a long-term strategy for investing in the technology Current product portfolio and pipeline of the future is robust Enabled by asset-light approach and strong partnerships Early-Stage Pipeline Opportunities Coming in the Next Decade Up to 6 Products to Launch in U.S. by 2019, including Acceleron SAS with an EDC offering, Acceleron B300 SAT and NEMASTRIKE Technology Multiple Product Offerings Today Reaching Approximately 75 Million Acres Acceleron SAS + B-300 SAT Acceleron SAS + B-300 SAT + NEMASTRIKE Technology + EDC Broad portfolio serves as a differentiator Will enable ability to provide four beneficial seed-applied components: fungicide, insecticide, nematicide and fertility 6

From Fermentation Flask to Field to Data Capture Scalable solutions enable broad testing of the extensive BioAg pipeline Novozymes: World- Class Fermentation and Scale-Up of 3,000+ Organisms High-Throughput Treaters: Designed to treat hundreds of organisms per week, in less than 6 weeks Largest Microbial Field Trial: Leveraging Monsanto s extensive testing network Data Capture and Analytics for Improved Pipeline Advancement and Commercial Product Placement

Innovation is Required to Develop These Solutions Critical considerations for seed treatment Ensure efficacy of all components Physical, biological and chemical compatibility *Acceleron SAS EDC without B-300 SAT Acceleron EDC with B-300 SAT Safe to applicators, seed and environment Easy-to-use for applicators and growers Test to Reduce Dust-Off *Acceleron Seed Applied Solutions with Enhanced Disease Control + Acceleron B-300 SAT 8 8

Seed Applied Solutions Play an Important Role in Monsanto s Integrated System Solutions Seed applied solutions help maximize yield potential by enhancing advances in germplasm and trait technology Working collaboratively to deliver innovative microbial and chemical seed treatments and crop protection products BREEDING In the Seed BIOTECHNOLOGY On the Seed TRADITIONAL CHEMISTRY MICROBIALS BREEDING BIOTECHNOLOGY TRADITIONAL CHEMISTRY MICROBIALS In the Bag In the Field BIODIRECT Technology CLIMATE FIELDVIEW TRADITIONAL CHEMISTRY MICROBIALS

ADVANCING DISEASE CONTROL Matt Helms and Bob McCarroll

Disease Control Stop Overview 1 2 The Challenge: Impact of plant disease on global agriculture Near term Acceleron Seed Applied Solutions (SAS) with Enhanced Disease Control: Collaborating to offer multi-prong approach to disease control 3 Mid & Long term NEMASTRIKE Technology and Nimbus collaboration: Blockbuster nematode control product and novel new approaches to disease control 4 The Approach Partner of Choice : Unique ways to develop next-gen crop protection solutions 2

Plant Disease: A Major Global Agricultural Challenge Plant diseases cause global yield loss of between 10% and 30% annually 1 Many scientific disciplines can be used to address the problem, including crop protection Disease control is a significant component of crop protection today Integrating crop protection with other approaches can create more effective ways to address the challenge 1. Oerke. Journal of Agricultural Science 2006, 144:31-43. Crop losses to pest. 3

Acceleron SAS 1 Enhanced Disease Control Offering Important to Multi-Prong Approaches to Disease Control in Corn Systems approach combines disease resistance + differentiated seed treatments for season-long protection ACCELERON SEED APPLIED SOLUTIONS ENHANCED DISEASE CONTROL OFFERING Product in Phase 4 Expected to provide early to mid-season disease control due to the reduction of infections by Rhizoctonia, Fusarium and Colletotrichum Potential to increase yield disease rating scores Developing two new fungicides for corn growers; in collaboration with Bayer 2015 FIELD TRIALS COLLINSVILLE, IL JUNE 2015 BUSHELS/ACRE Enhanced Disease Control Offering Provided ~3.0 BU/ACRE Avg Yield Increase in Field Trials 6 4 2 0 2011 2012 2013 2014 2015 ACCELERON SAS 6 STANDARD ACCELERON SAS 6 - ENHANCED DISEASE CONTROL OFFERING Greater vigor and advanced growth stages demonstrated in 2015 field trials 1. Acceleron SAS = Acceleron Seed Applied Solutions. 4

Broad Spectrum Nematode Control with NEMASTRIKE Technology Helps Protect Yield Potential 2025 Target: 125 million acres in new crop protection solutions BLOCKBUSTER PRODUCT ESTIMATED $1B IN NPV 3 2015 Monsanto Field Trials Average Yield Advantage Corn represents greatest opportunity area Followed closely by soybeans Value also exists for other crops Improved yield potential derived from reduced root damage Project Highlights: Proprietary nematicide to be branded as NEMASTRIKE technology is currently in Phase 4 Novel nematode-control technology with a fit on 125M acres of opportunity across corn, soy and other crops Licensing structure in place to allow for broad commercial access Planning for launch in the U.S. in 2018 1 NPV OPPORTUNITY OF ~$1B 1. Product is subject to regulatory approvals and is expected to be branded as NEMASTRIKE Technology 2. Acceleron SAS = Acceleron Seed Applied Solutions 3. Estimated non risk-adjusted value BUSHELS PER ACRE 205 200 195 190 185 CORN ~9 BU/AC YIELD ADVANTAGE COMPETITIVE STANDARD ACCELERON SAS 2 w/ NEMASTRIKE TECHNOLOGY BUSHELS PER ACRE 58 57 56 55 54 SOY ~2 BU/AC YIELD ADVANTAGE COMPETITIVE STANDARD ACCELERON SAS 2 w/ NEMASTRIKE TECHNOLOGY 5

NEMASTRIKE Technology Protects Against a Broad Range of Plant-Parasitic Nematodes Blockbuster Product Estimated $1B in Net Present Value Protection against nematodes in corn resulted in increased root mass in heavy lesion pressure Collinsville, IL - 2016 Protection against soy cyst nematode may increase foliar biomass and yield potential. Acceleron SAS¹ Base 79g Root mass Competitive Treatment 1 148g Root mass 1. Acceleron SAS = Acceleron Seed Applied Solutions Competitive Treatment 2 109g Root mass Acceleron SAS Base with NEMASTRIKE Technology 281g Root mass Acceleron SAS w/ NEMASTRIKE Technology Non-Treated Control 6

Collaboration With Nimbus Therapeutics Delivers Novel Mode-of-Action Utilizing Breakthrough Science Novel Fungicide Chemistry in Phase 1 Project Highlights In Collaboration with Nimbus: 2015 Monsanto Soybean Field Trials Soybean plants completely destroyed under high Rhizoctonia pressure without fungicide application JUNE 2015 - LOXLEY, AL 1 JULY 2015 QUITMAN, GA 2 A model for externalized active ingredient discovery Synthetic fungicide with broad spectrum control optimal for seed treatment and foliar applications Base Treatment Fungicide Fungicide in normal pressure Breakthrough science pairs cutting-edge computational technology and robust experimental screens in a rapid cycle discovery process to identify and optimize agrochemicals Early-season seed treatment benefits demonstrated in row crops trials and strong foliar disease control in vegetable trials 1. Under high Rhizoctonia pressure 2. Under normal Rhizoctonia pressure. 150 140 130 120 Untreated U.S. 2015 Corn Yield Data Test (Bu/Acre average) Increased Yield Protection under Rhizoctonia pressure Commercial Standard New Fungicide Increased Yield Protection under Fusarium pressure 175 165 155 145 135 Untreated Commercial New Inoc Standard Fungicide 7

Nimbus Fungicide Meets or Exceeds Commercial Standards Against Multiple Diseases Synthetic fungicide with new mode-of-action and novel target that offers broad spectrum control Applicable to seed treatment and foliar applications Strong efficacy demonstrated in greenhouse and field testing against key row crop and vegetable fungal pathogens Currently performing advanced testing to identify development candidates Foliar Disease Protection: Asian Soy Rust Seed Treatment: Protection against seedling pathogens of soy and corn 2016, Fusarium in soybean Monmouth, IL Non-Treated Comm. Std. Nimbus Fungicide Wheat Septoria Leaf Blotch Base Treatment Nimbus Fungicide 8

Crop Protection Leverages External Collaborations to Discover New Molecules More Efficiently 1 2 3 Start With More Than 9 Million Available Compounds and Trillions of Theoretical Compounds Hundreds of prioritized compounds for acquisition & testing Apply Breakthrough Computational Technologies Compounds External Partner Compound Design, Synthetic Chemistry Monsanto Efficacy Testing: Greenhouse and Field Lead Product Development Launch New Crop Protection Products Efficacy Data

WEED CONTROL SOLUTIONS MULTIGENERATIONAL INTEGRATED PIPELINE Brett Bussler & Lyle Crossland

Weed Control Stop Overview 1 Near Term - Roundup Ready Xtend Crop System: Upgrade of industry s largest seed technology platform underway 2 Near Term - Dicamba Manufacturing: Dicamba plant investment to support upgrade of industry s largest seed technology platform 3 Mid & Long Term - Herbicide Pipeline: Diverse and complementary pipeline will further ensure simple and effective use of soil residual herbicides with multiple modes of action to protect our herbicide tolerance traits 4 Mid & Long Term - Herbicide Trait Pipeline: Diverse and complementary pipeline providing growers with complete weed control, superior crop safety and platform durability 2

Roundup Ready Xtend Crop System 1 : Upgrade of Industry s Largest Seed Technology Platform Near-term trait upgrades across crops poised to rapidly accelerate penetration of new technologies Roundup Ready Xtend Crop System Sources of Value in Roundup Ready Xtend Crop System Innovative Traits in Leading Germplasm 15M ACRE TARGET Enhanced Chemistry Options ~55M ACRE TARGET Greater Flexibility, Weed Control and Yield Potential Roundup Ready 2 Xtend Soybeans: U.S. Acreage Penetration Targets ~1M acres ~80M ACRES FY16F FY17F FY19F ACRE OPPORTUNITY 1. Awaiting EPA approval for in-crop use of dicamba. Launch Plans in Progress ~1M acres in the U.S. in FY16 >70 products across all relative maturity zones; 6x the products in Roundup Ready 2 Yield soybeans launch NEW Licenses in place with seed companies with > 90% U.S. soybean seed share NEW EU import approval for the stacked trait received mid-july EPA indicates registration for in-crop use of Dicamba expected by late summer to early fall $5-10/acre premium vs. Roundup Ready 2 Yield varieties; introductory $5/unit price reduction in FY16 NEW VaporGrip technology now licensed to DuPont 3

Dicamba Plant Investment to Support Upgrade of Industry s Largest Seed Technology Platform Supports commercialization of the next-generation in weed control DICAMBA OPPORTUNITY 1 : CURRENT INDUSTRY PRODUCTION CAPACITY TO MEET EXISTING DEMAND Conventional uses to control broadleaf weeds DICAMBA INVESTMENT 1 BOD approved $975M investment in manufacturing plant in Luling, LA. Investment expected to provide: ~40M ACRES MONSANTO PLANT INVESTMENT Investment targeting ~80M to 100M acres of capacity; ~25-to-35% of the fully mature demand 1 2 3 Economies of scale with proximity to the Luling, LA plant Logistical advantages with convenient access to the Americas Strong formulation pipeline to deliver crop safety and convenience to growers CURRENT & EXPECTED INDUSTRY CAPACITY EXPANSION FOR ROUNDUP READY XTEND CROP SYSTEM Starting to see industry capacity expansion driven by broad-sourcing agreements in support of early expected demand Value Creation: Total Roundup Ready Xtend crop system expected to drive 30%+ returns; dicamba plant alone expected to drive midteens return 1. Monsanto internal estimates 4

Robust R&D Pipeline in Weed Control Innovation across seeds, traits and crop protection further strengthen leading position in weed control WEED CONTROL PEAK NET SALES 1 $3.5B - $4.5B Collaborative partnerships and research are driving innovative solutions to produce food in a sustainable way Targeted Technology Updates by 2025: ` 300 Million Acres 200-250M Acres Roundup Ready Xtend Trait Upgrades + 80-100M Acres Dicamba Formulations R&D Pipeline CORN 3 RD -GEN WEED CONTROL SYSTEM 4 TH -GEN WEED CONTROL SYSTEM NEXT-GEN ACETOCHLOR PREMIX SOYBEANS ROUNDUP READY XTEND CROP SYSTEM ROUNDUP READY 2 XTEND DICAMBA FORMULATION II 3 RD -GEN WEED CONTROL SYSTEM 4 TH -GEN WEED CONTROL SYSTEM 5 TH -GEN WEED CONTROL SYSTEM WARRANT ULTRA HERBICIDE WARRANT HERBICIDE + DICAMBA PREMIX COTTON XTENDFLEX CROP SYSTEM BOLLGARD II XTENDFLEX DICAMBA FORMULATION II WARRANT ULTRA HERBICIDE WARRANT HERBICIDE + DICAMBA PREMIX 4 TH -GEN WEED CONTROL SYSTEM COMPLEMENTARY CROPS Peak Net Sales 1 $1.0B $1.5B $1.5B $2.0B <$0.5B <$0.5B 1. Peak net sales reflects estimated global sales opportunity around peak penetration year for products in the core pipeline, which includes biotech, breeding and crop protection 5

Multigenerational Chemistry Pipeline Novel herbicide formulations aimed at providing integrated solutions that offer efficient, flexible weed control FOUNDATIONAL HERBICIDES SELECTIVE HERBICIDES ADVANCING TO LAUNCH 1 Proprietary formulations with new VaporGrip technology offer easy-touse, low volatility solutions WARRANT HERBICIDE + DICAMBA PREMIX PHASE 3 Convenient premix will deliver multiple modes of action for trait & chemistry durability Efficient, broad acre can be applied pre- & postemergence Up to 4 weeks of strong residual control of small seeded broadleaf weeds and grasses DICAMBA FORMULATION II PHASE 3 Relative volatility, % UNTREATED 100 80 60 40 20 0 1. Awaiting EPA approval for in-crop use of dicamba. 2.0 1.5 1.0 0.5 0.0 Banvel Clarity M1768 VaporGrip Herbicide NEW PREMIX Relative volatility, % UNTREATED Clarity VaporGrip M1768 Herbicide WARRANT HERBICIDE + DICAMBA Higher concentration will offer significant grower convenience, reduced transportation footprint and packaging waste Improved compatibility with other agricultural products LAUNCHED Provides excellent residual control of annual grasses & small-seeded broadleaf weeds when compared to competitive products Only premix that combines proven herbicide actives acetochlor with fomesafen NEXT-GEN ACETOCHLOR PREMIX PHASE 3 UNTREATED NEW PREMIX UNTREATED TREATED WITH WARRANT ULTRA Premix of two herbicides will offer dual residual modes of action including one selective burndown mode of action to provide superior weed control Will offer excellent control of glyphosate-resistant Palmer Amaranth in corn and sorghum 6

Monsanto, Sumitomo Forge New Global Crop Protection Collaboration for Future PPO Weed Control Accelerated development of new integrated system for PPO inhibitor herbicides BENEFITS OF PARALLEL DEVELOPMENT INNOVATION: Early Prioritization PRODUCT CONCEPT HIGHLIGHTS: Enables Monsanto s future generation multiherbicide tolerance trait stacked products Expected to be commercially available in the next decade Controls many PPO resistant weeds 1 Controls grasses as well as broadleaves Lead Trait Constructs Demonstrate Excellent Tolerance 1 In Trials June 2016 - Creve Coeur, MO Joint Testing Full Integration PPO Herbicide Candidate Shows Excellent Weed Control In Trials Monsanto Greenhouse Test #238 NON-TRAITED NOT SPRAYED TRAITED & SPRAYED NON-TRAITED SPRAYED June 2016 Jerseyville, IL CHECK COMPETITIVE STANDARD NEW HERBICIDE NON-TRAITED SPRAYED TRAITED & SPRAYED 1. Pending regulatory approval 7

Multigenerational Weed Control Pipeline Innovation sets up next waves of upgrades in the industry s largest seed technology platform SOYBEANS COTTON CORN ADVANCING TO LAUNCH 1 Tolerance to glyphosate & dicamba ADVANCING TO LAUNCH 1 UNTREATED Tolerance to glyphosate, dicamba & glufosinate UNTREATED 3 RD -GENERATION PHASE 4 Tolerance to glyphosate, dicamba and glufosinate Submitted regulatory submissions for global approval COMPETITIVE SYSTEM 3 RD -GENERATION PHASE 4 RR XTEND 2 CROP SYSTEM + RR PLUS 3 SYSTEM UNTREATED TREATED Tolerance to glyphosate, dicamba & glufosinate FUTURE GENERATIONS Tolerance to glyphosate, dicamba, glufosinate, HPPD, PPO and an additional mode of action ROUNDUP READY XTEND CROP SYSTEM AND ROUNDUP READY PLUS SYSTEM FUTURE GENERATIONS Tolerance to glyphosate, dicamba, glufosinate, PPO & HPPD CONTROL 1. USDA deregulation received. Awaiting EPA approval for in-crop use of dicamba. 2. RR XTEND = Roundup Ready Xtend 3. RR PLUS = Roundup Ready PLUS 3 rd -GEN FUTURE GENERATIONS Tolerance to glyphosate, dicamba, glufosinate, FOPs, PPO, and an additional mode of action plus 2 nd -Gen RHS 8

INSECT CONTROL SOLUTIONS Calvin Treat, Shannon Hauf & Brian McNulty

Insect Control Stop Overview 1 2 Why is Insect Control Important? Value to growers, environment and Monsanto Insect Control Pipeline: New growth opportunities with expanded spectrum, multiple modes of action and geography expansion 3 The Evolving Science Behind Insect Control: Industry leading protein selection and entomology methods to identify new insect control biotech traits 4 2

Uncontrolled Insects Can Be Devastating to Agriculture and the Food Supply Corn Earworm Fall Armyworm Corn Borer Western Bean Cutworm Soy trial damaged by Soybean Looper INSECT DAMAGE CAUSES: Crop loss Food loss Disease infestation Increased insecticide use Reduced farmer profits What would global row crop production look like without insect protection? Soybeans Corn Cotton Adapted from Oerke 2006 25% 50% 80% 3

Expanded Spectrum of Insect Control and Increased Durability in Next-Gen Products Monsanto s pipeline delivers industry leading insect protection with multiple models of action across corn, soybeans and cotton Key pests in corn and soybeans: Scientific models predict mode of action replacement needs to occur every 5-8 yrs to prevent resistance development: Hypothetical Durability Model (Number of Years): 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Single Mode of Action Multiple Modes of Action Multiple Modes of Action 4

Robust R&D Pipeline in Insect Control Innovation Across seeds, traits and crop protection further strengthen leading position in insect control INSECT CONTROL PEAK NET SALES 1 $2.5B - $4.0B Collaborative partnerships and research are driving innovative solutions to produce food in a sustainable way Targeted Technology Updates by 2025: ` ~200M Million Acres R&D Pipeline CORN SMARTSTAX PRO TECHNOLOGY TRECEPTA TECHNOLOGY ACCELERON TECHNOLOGY UPGRADES SOYBEANS INTACTA RR2 PRO PIPELINE: 2 ND AND 3 RD GEN INSECT PROTECTION ACCELERON TECHNOLOGY UPGRADES Peak Net Sales 1 $1.5B $2.0B $0.5B $1.0B ~200M Acres Global Seed & Trait Upgrades COMPLEMENTARY CROPS BOLLGARD 3 COTTON COTTON LYGUS CONTROL ACCELERON TECHNOLOGY UPGRADES $0.5B $1.0B 1. Peak net sales reflects estimated global sales estimated opportunity around peak penetration year for products in the core pipeline, which includes biotech, breeding and crop protection 5

Next-Gen Corn Insect Control Pipeline Innovation Driving Future Generations of Novel Insect Protection Traits BELOW GROUND PHASE 4 TARGET: >100M ACRES ACROSS THE AMERICAS Industry s 1 st 3 modes-of-action product for CRW control Reduced risk of trait resistance due to novel RNAi mode-of action Licensing structure in place to allow for broad commercial access JULY 2015 - MASSENA, IA Control VT Triple PRO SmartStax SmartStax PRO Smartstax PRO trials clearly showing significant root protection to help maximize yield & late season standability 4 TH -GENERATION PHASE 2 Targeting to combine novel protein and proprietary RNAi modesof-action for increased root protection and durability JULY 2015 - MASSENA, IA Novel Protein RNAi Control New novel protein and RNAi targets demonstrate root protection under high insect pressure ABOVE GROUND PHASE 4 TARGET: COASTAL US & S. AMERICA Only product with 3 modes-of-action against corn earworm Designed to enhance protection against fall armyworm & corn borers with expanded control of cutworm Continue regulated field trials in 2016 and Ground Breaker trials planned in 2017 August 2015 - Scott, MS CONTROL Trecepta Trecepta demonstrates significant reduced ear damage vs. control for maximum protection of yield potential 4 TH -GENERATION PHASE 2 Targeting to offer increased control and durability against key lepidopteran pests with multiple modes-of-action against each key pest Protein 1 + Protein 2 Control 6

Next-Gen Soybean Insect Control Pipeline Innovation driving Intacta RR2 PRO Soybean Pipeline Progression 2015 ADVANCE: PHASE 4 First combination of Roundup Ready 2 Yield & above ground insect protection for South America 2 ND -GENERATION PHASE 4 Multiple modes-of-action to improve durability and expand the insect spectrum to include armyworm and podworm complexes Key region of focus South America; North America under evaluation 2019-2020 planned commercial launch KEY MILESTONES: Penetrated 35M Acres in FY16; targeting 45-55M acres in FY17 2016 marks third year of > 4 BU/AC yield advantage in Brazil; similar in Argentina Control 2 nd Gen 3 RD -GENERATION PHASE 2 3 rd -gen insect protection product would provide multiple modes-ofaction to primary and secondary pests to further improve durability against an expanded spectrum of insects Multiple new active leads identified for armyworm, loopers, podworm and velvetbean caterpillar Number of Distinct Modes-of-Action: Intacta RR2 PRO Intacta RR2 PRO soybean pipeline is deep and provides a long runway of insect protection and durability for farmers. This is important because in the South American market insect pressure is high and insects are constantly evolving. 2 nd - Gen 3 rd - Gen Soybean looper 1 3 3-4 Velvetbean caterpillar 1 3 3-4 Bean shoot moth 1 3 3-4 Southern armyworm 0 1 2-3 Black armyworm 0 1 2-3 Podworm complex (including Helicoverpa) 1 2 2-3 7

Cotton Lygus First product for protection against the piercing-sucking insects Lygus, Thrips and Fleahoppers Lygus feeding on a cotton square Control Traited UNIVERSITY OF TENNESSEE FIELD TRIALS 2016 - JACKSON, TN 8

Next-Gen Cotton Insect Control Pipeline Innovation driving future generations of novel insect protection traits COTTON LYGUS CONTROL PHASE 3 TARGET REGIONS: U.S., WITH POTENTIAL IN AUSTRALIA & BRAZIL Expected to be stacked with Bollgard 3 XtendFlex cotton Excellent yield protection demonstrated in trials with high-level field efficacy against lygus, thrips and fleahoppers - estimated yield losses and control costs nearly $200 million 2 Would provide growers an additional tool beyond chemical insecticides UNIVERSITY OF TENNESSEE THRIPS TRIAL IMAGES 2016 - JACKSON, TN Control Traited Lygus Event Provides Thrips Protection Beyond That Available from Seed Treatments 3 5 Suffolk, VA 2016 4 Thrips Injury Rating (0-5 scale) 3 2 1 0 No Seed Trt Seed Trt No Seed Trt Seed Trt No trait Traited Economic Threshold NEW: PLANNED 2017 COMMERCIAL LAUNCH IN AUSTRIALIA TARGET REGIONS: U.S. & AUSTRALIA, WITH POTENTIAL IN BRAZIL Builds on the superior Bollgard II technology to deliver effective insect management with multiple modes of action against key lepidopteran pests Supports our commitment to sustainable and durable insect resistance management programs % Damaged Bolls 2014-2015 MONSANTO FIELD TRIALS Bollgard 3 shows improved 40% control against key lepidopteron pests under high insect 30% pressure 20% 10% 0% Control Non-bt Bollgard II Bollgard 33 4 TH -GEN BOLLGARD CURRENTLY PHASE 1 Control Traited Next-generation developed to provide season-long protection with multiple modes of action against key lepidopteran pests Novel modes of action designed to allow for refuge flexibility, increased durability and enhanced yield protection 9