THIRD QUARTER 2016. June 29, 2016

THIRD QUARTER 2016 June 29, 2016

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. 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 2

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 adjusted 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. Currency Neutral Ongoing Operating Results We use net sales growth, gross profit growth, operating expense growth, net income growth and diluted EPS growth, all on an ongoing basis and ongoing currency neutral basis. We determine our currency neutral operating results by dividing or multiplying, as appropriate, our current period actual U.S. dollar operating results by the current period actual exchange rates (that include the impact of current period currency hedging activities), to derive our current period local currency operating results. We then multiply or divide, as appropriate, the derived current period local currency operating results by the foreign currency exchange rates (that also include the impact of the comparable prior period currency hedging activities) used to translate the Company's financial statements in the comparable prior year period to determine what the current period U.S. dollar operating results would have been if the foreign currency exchange rates had not changed from the comparable prior year period. The currency neutral estimates for net income and ongoing earnings per share were estimated using the effective tax rate for the local jurisdictions and the currency changes Our presentation of non-gaap financial measures is intended to supplement investors understanding of our operating performance, not replace net income (loss) attributable to Monsanto Company, cash flows, financial position, or comprehensive income (loss), as determined in accordance with GAAP. Furthermore, these non-gaap financial measures may not be comparable to similar measures used by other companies. The non- GAAP financial measures used in this presentation are reconciled to the most directly comparable financial measures calculated and presented in accordance with GAAP. 3

Financial Results Fiscal 2016 Third Quarter 2016 FISCAL 3 RD QUARTER 2015 FISCAL 3 RD QUARTER CHANGE As Reported Adjustments 1 1 As Ongoing Reported Adjustments 1 Ongoing 1 As Reported Ongoing1 Ongoing at Currency Neutral 1 NET SALES $4,189M - $4,189M $4,579M - $4,579M (9%) (9%) (7%) GROSS PROFIT OPERATING EXPENSES NET INCOME ATTRIBUTABLE TO MONSANTO COMPANY DILUTED EPS $2,380M 1 $2,381M $2,736M - $2,736M (13%) (13%) (11%) $1,131M $(31)M $1,100M $1,092M $(75)M $1,017M 4% 8% 11% $717M $238M $955M $1,141M $60M $1,201M (37%) (20%) (21%) $1.63 $0.54 $2.17 $2.39 $0.12 $2.51 (32%) (14%) (14)% 1. Adjustments, ongoing metrics and currency neutral defined at the front of this presentation and reconciled at the end of this presentation. 4

Financial Results Fiscal 2016 Third Quarter Year to Date 2016 FISCAL Q3 YTD 2015 FISCAL Q3 YTD CHANGE As Reported Adjustments 1 1 As Ongoing Reported Adjustments 1 Ongoing 1 As Reported Ongoing1 Ongoing at Currency Neutral 1 NET SALES $10,940M - $10,940M $12,646M - $12,646M (13%) (13%) (8%) GROSS PROFIT OPERATING EXPENSES NET INCOME ATTRIBUTABLE TO MONSANTO COMPANY DILUTED EPS FREE CASH FLOW $5,879M $53M $5,932M $7,186M - $7,186M (18%) (17%) (12%) $3,239M $(314)M $2,925M $3,103M $(75)M $3,028M 4% (3%) 2% $1,527M $444M $1,971M $2,809M $37M $2,846M (46%) (31%) (19%) $3.40 $1.00 $4.40 $5.80 $0.07 $5.87 (41%) (25%) (12%) $(224)M $(789)M 72% 1. Adjustments, ongoing metrics and currency neutral defined at the front of this presentation and reconciled at the end of this presentation. 5

Foundation Established for Future Growth FY16 Outlook Considers Current Market Realities with Focus on Continued Strategic Advancement and Operational Discipline ONGOING EPS FY2010-FY2016F 4 FY2016 FINANCIAL GUIDANCE ONGOING EPS $6.00 $5.00 $4.00 $3.00 $2.00 $2.39 $2.96 $3.70 $4.56 $5.23 $5.73 LOW END OF $4.40-$5.10 P&L CATEGORIES SEEDS & GENOMICS AG PRODUCTIVITY OPERATING EXPENSE OTHER INCOME/EXPENSE, NET GROSS PROFIT DOWN JUST UNDER 5% vs. PRIOR YEAR 1 GROSS PROFIT LOWER END OF $900M to $1.1B DOWN SLIGHTLY VS. PRIOR YEAR, INCLUSIVE OF NEW PLATFORM INVESTMENT 2 RELATIVELY FLAT vs. PRIOR YEAR $1.00 $- FREE CASH FLOW $M FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016F $564 $1,839 $2,017 $1,963 $959 $2,089 $1.3 - $1.5B SHARE COUNT AND NFE TAX RATE 32% - 34% 3 ONGOING EARNINGS PER SHARE 4 NET EFFECT OF SHARE COUNT AND NET FINANCING EXPENSE LOW END OF $4.40 - $5.10 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 Argentine-related tax matters of $219M. 4. Adjustments and metrics defined and reconciled at the end of this presentation. 6

Cash Generation and Deployment Strong Cash Generation Reflects Disciplined Working Capital and Investment Management FREE CASH FLOW ($ MILLIONS) $2,400 $2,000 $1,600 $1,200 $800 $400 $- NET CASH PROVIDED BY OPERATING TRACKING CASH GENERATION: FREE CASH FLOW FY2012-FY2016F $2,017 $1,963 $959 $2,089 FY2012 FY2013 FY2014 FY2015 $1,300 - $1,500 FY2016F FY2012 FY2013 FY2014 FY2015 FY2016F $3,051M $2,740M $3,054M $3,108M $2,200- $2,600M 3.0 2.5 2.0 1.5 1.0 0.5 - (0.5) CAPITAL ALLOCATION TARGET 1 NET DEBT / ONGOING EBITDA (0.4) 1.1 1.1 2.6 FY13 FY14 FY15 Q3 FY16 BALANCED CAPITAL ALLOCATION Capital Expenditures and Technology Investments to enable expanding seed footprint and new platforms Share Repurchases to reduce share count and emphasize confidence in growth NET CASH REQUIRED BY INVESTING ACTIVITIES ($1,034M) ($777M) ($2,095M) ($1,019M) 1. Components of calculation provided on slides 26and 27. ($900M- $1.1B) Dividends with growth that aligns with earnings profile 7

FY16 Sets Foundation for Growth 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 LICENSING: Existing and pipeline product opportunities FINANCIAL DISCIPLINE RESTRUCTURING IMPLEMENTATION & 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 FY17-FY21F EPS GROWTH OUTLOOK MID-TEENS COMPOUNDED ANNUAL GROWTH RATE IN EPS FROM FY17 to FY21 Return on innovation growth drivers expected to expand Focus on Financial discipline and balanced capital allocation continues 8

Foundation of Financial Discipline Foundation of Financial Discipline Amplifies Growth Drivers; Leading Margins & Adjusted Return on Capital Amongst Ag Peers RETURN ON INDUSTRY-LEADING INNOVATION + FINANCIAL DISCIPLINE + BALANCED CAPITAL ALLOCATION = LEADING MARGINS & ADJUSTED RETURN ON CAPITAL AMONGST AG PEER SET ONGOING EBITDA MARGINS AS A PERCENT OF NET SALES 1 FISCAL YEARS 2013 2015 ADJUSTED RETURN ON CAPITAL 1 FISCAL YEARS 2013 2015 ONGOING EBITDA AS % OF NET SALES 34% 32% 30% 28% 26% 24% 22% 27% 29% 32% ADJUSTED RETURN ON CAPITAL 1 25% 20% 15% 10% 5% 22% 23% 23% 20% 0% FY13 FY14 FY15 FY13 FY14 FY15 1. Components of calculation and related reconciliations provided in the non-gaap financial measures reconciliations at the end of the presentation. 9

Core Business Drives Near-Term Growth New Platforms Provide Additional Layers of Long-Term Growth as Integrated Solutions Strategy Implemented NEAR TERM (FY17-FY19) LONGER TERM (2020+) CORE BUSINESS NEW PLATFORMS BIOLOGICALS DIGITAL AG SOLUTIONS NEXT-GEN CROP PROTECTION SOLUTIONS COMPLEMENTARY CROPS: Bollgard II XtendFlex cotton, vegetables SOYBEANS: Intacta RR2 PRO & Roundup Ready 2 Xtend expansion CORN: Global germplasm refresh, footprint expansion & next-gen traits GROSS PROFIT GROWTH DRIVERS FOUNDATION OF FINANCIAL DISCIPLINE AMPLIFIES GROSS PROFIT GROWTH DRIVERS 1 RESTRUCTURING TRANSFORMATION 3 BALANCED CAPITAL ALLOCATION DISCIPLINED MANAGEMENT OF CORE AG PRODUCTIVITY SEGMENT 2 10

Intacta RR2 PRO Soybeans First Generation Expected to Rapidly Penetrate 100M Acre Opportunity; 2 nd -Generation Already in Phase 4 INTACTA RR2 PRO 2025 TARGET: ~145M Acres of Trait Upgrades ACRES (IN MILLIONS) 100 90 80 70 60 50 40 30 20 10 0 3 INTACTA RR2 PRO: SOUTH AMERICA RECORD TECHNOLOGY ADOPTION RATE Expect Intacta RR2 PRO penetration at ~45-55M acres in FY17 15 35 45-55 75M ACRE TARGET 2014 2015 2016F 2017F 2019F TRAIT PENETRATION STARTING WITH PRODUCT LAUNCH 1. Pending Brazil regulatory approval. 100M ACRES ACRE OPPORTUNITY GROWTH PROFILE: Expect rapid acceleration with new technology penetration Market opportunity of 100M acres 2nd-generation technology in Phase 4; expect launch by 2019-2020 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 NEW Argentina announces interim policy supporting mandatory testing NEW Licensed technology to DuPont 1 ; technology licensed to germplasm providers with >90% share in South America 11

Roundup Ready Xtend Crop System Upgrade of Industry s Largest Seed Technology Platform Underway ROUNDUP READY XTEND CROP SYSTEM 2025 TARGET: 200M-250M Acres of Trait Upgrades Across Crops 2 SOURCES OF VALUE IN ROUNDUP READY XTEND CROP SYSTEM ROUNDUP READY 2 XTEND SOYBEANS: U.S. ACREAGE PENETRATION TARGETS Innovative Traits in Leading Germplasm Enhanced Chemistry Options LAUNCH PLANS IN PROGRESS Greater Flexibility, Weed Control and Yield Potential Trending just above 1M acres in the U.S. in FY16; expect EU import approval for the stack shortly >70 products across all relative maturity zones; 6x the products in Roundup Ready 2 Yield soybeans launch Targeting licenses with seed companies with > 90% U.S. soybean seed share EPA registration for in-crop use of dicamba expected by late summer to early fall $5-10/acre premium vs. Roundup Ready 2 Yield 0 varieties; introductory $5/unit price reduction in FY16 ACRE 2016F 2017F 2019F OPPORTUNITY 12 1. USDA deregulation received. EPA approval for in-crop use of dicamba is pending. 2. Additional acre opportunity of 80-100M acres in dicamba formulations by 2025. ACRES (IN MILLIONS) 80 70 60 50 40 30 20 10 DELAYED EU IMPORT APPROVAL LIMITS LAUNCH TRENDING JUST ABOVE 1M ACRES 15M ACRE TARGET ~40M ACRES ~55M ACRE TARGET ~80M ACRES

Global Corn Portfolio Next Generation Hybrids, Global Share Growth and Licensing Opportunities Drive Expected Long-Term Growth Opportunities GLOBAL SEED & TRAIT UPGRADES CORN LICENSING OPPORTUNITIES 2025 TARGET: ~240M Acres Global Seed & Trait Upgrades FY2016 KEY GLOBAL CORN REGIONS MID-YEAR PERFORMANCE HIGHLIGHTS Germplasm SmartStax PRO Climate Advisors 1 U.S. Position: #1 Share: Mid-30 s% Trecepta 1 Next Generation Biotech Weed Control NEMASTRIKE Phase 4 Nematicide Acceleron Seed Applied Solutions with Enhanced Disease Control 1 Enhanced-Corn Inoculant 1. Licensing opportunity limited to Corn States licensees and our brands. 2 3 4 5 Brazil Position: #1 Share: ~40% Argentina Position: #1 Share: >50% Eastern Europe Position: #1 Share: >20% Western Europe Position: #2 Share: Mid-teens 13

Bollgard II XtendFlex Cotton Next Generation Weed Control System for Cotton 1 Expected to Penetrate ~3M Acres in FY16, More Than 4X Prior Year ROUNDUP READY XTEND CROP SYSTEM 2025 TARGET: 200M-250M Acres of Trait Upgrades Across Crops 2 UNTREATED CONTROL BOLLGARD II XTENDFLEX COTTON TRIALS JACKSON, TN 2015 UNTREATED CONTROL KEY MILESTONES: Excellent performance demonstrated on yield and fiber quality: varieties available across the entire cotton belt Anticipate back-to-back years of branded share gains of 3 points or more High grower demand; expect penetration to ~3M acres in 2016 1 EPA registration for in-crop use of dicamba expected by late summer to early fall Priced at a $6/acre price premium; fully discounted in FY16 as we await the EPA label for in-crop use of dicamba ROUNDUP READY XTEND CROP SYSTEM AND ROUNDUP READY PLUS SYSTEM 1. USDA deregulation received. EPA approval for in-crop use of dicamba is pending. 2. Additional acre opportunity of 80-100M acres in dicamba formulations by 2025. 14

The Digital Ag Platform Near-Term Strategy and Expansion Plans Unlock Path to Broad Acre Platform Adoption 2016 OPERATIONAL PRIORITIES PRODUCT HIGHLIGHTS Climate FieldView Platform Launched as Tiered Offering to Drive Adoption, Connect Cabs and Deliver Insights 1 PAID SERVICES: NEW Now tracking to >13M Paid Acres for FY16; Expect 25M in FY17 2 PLATFORM ADOPTION 1 : NEW Surpassed goal of 90M Acres Climate Fieldview Platform; tracking to >92M acres In cab visualization Data Connectivity Climate Fieldview Drive Field-level weather Notifications Scouting N Advisor Field Health Script Creator Recent farmer survey indicates Climate Fieldview Platform as the #1 digital ag brand in the industry 3 GEOGRAPHIC EXPANSION: Expanded in-field beta testing in Brazil & Canada for 2017;first product launch expected in the next 2 years Beta Testing Locations FieldView Pro available on 120M acres across corn and soy in the U.S, 50% increase vs FY15 Advisor Tools Provide New Benefits to Farmers Nitrogen Advisor 2 : Over 50% of US Corn fields have opportunities to optimize nitrogen application based on 2015 sample across >3,800 fields Field Health Advisor: Informed scouting In-season images on average, about every 10 days Whole-farm overview tool 1. Platform includes Climate Fieldview Prime, Pro and Plus acres. 2. Representative and random sample of >3,800 Nitrogen Advisor Fields where main Nitrogen application was the mineral fertilizer. Assumes $4/bushel corn, $.40/lb-N fertilizer costs and average yield of 168 bushels per acre. 15

Delivering Value Through Greater Efficiency Expected to Yield Annual Savings of $500 Million by 2018 Transforming Our Customer Innovation, Analytics, Insights and Experiences into A Competitive Advantage Used to Grow Our Revenue and Optimize our Cost Structure RESTRUCTURING & COST SAVINGS INITIATIVES: 1. Four Strategic Commercial Hubs Enables greater customer value while driving excellence and cost efficiency 2. Modernize and optimize IT and supply chain networks 3. Accelerate use of data and analytics to dramatically improve our field testing and product development cycle 4. Global R&D Centers of Excellence Unlocks synergies across platforms Bolster rate of discovery and delivery of new innovations Drive ongoing productivity and operating leverage beyond 2018 Rendering of Monsanto s future R&D Center of Excellence at its Chesterfield Village research site in St. Louis Plans expected to drive further optimization of operating leverage and COGS Restructuring Expense: ~$1.1-1.2B Between 2015-2018 $500M TOTAL EXPECTED ANNUAL SAVINGS BY FY2018 16

Demand-Driven Need for Grain Sets Compelling Runway for Ag Monsanto Uniquely Positioned to Address Key Global Challenges, Generate Significant Value for Farmer Customers, and Return Value to Shareowners DEMAND FOR FOOD LIMITED RESOURCES INNOVATIVE SOLUTIONS GLOBAL MACRO TRENDS Global Population to Increase to 8.5 Billion by 2030 1 CORN DEMAND (IN BILLION BUSHELS) 7.3 8.5 2015 2030 Middle Class Expected to Increase by 2X to Nearly 5 Billion by 2030 2 2.4 4.9 60 40 2015 2030 Demand Trends Remain Robust 3 Actual Forecast Trendline 20 04/05 07/08 10/11 13/14 16/17 19/20 22/23 Declining Arable Land Climate Change Agriculture s role in reducing carbon in our atmosphere CARBON NEUTRAL CROP PRODUCTION IMPROVING AGRICULTURAL PRODUCTIVITY HALTING DEFORESTATION USING WATER MORE EFFICIENTLY PROMOTING BEST PRACTICES Monsanto maintains broadest, deepest and most integrated pipeline focused on productivity DATA SCIENCE PLANT BREEDING INTEGRATED YIELD SOLUTIONS CHEMISTRY BIOLOGICALS BIOTECHNOLOGY Partner of choice for leading Ag technologies Innovation leadership uniquely positions Monsanto in meeting global macro trends affecting agriculture 1. United Nations 2. OECD & Rubico 3. USDA historical data for Actual and trendline WASDE June 2016; future forecast and projections represent Monsanto internal estimates 17

Farmer Needs Define Integrated Solutions Goal to Maximize Yields and Return Per Acre through Technology Driven Inputs and Season-Long Advice FARMER NEEDS INTEGRATED YIELD INSECT CONTROL WEED CONTROL DISEASE & OTHER FERTILITY MONSANTO S INNOVATION PLATFORM ADVANTAGES BREEDING Leading Share Positions Proven Product Performance Advantage Unique Germplasm Libraries Breeding 3.0 CHEMISTRY Roundup Ready Crop System ~350M acres Roundup Ready Xtend Crop System Dicamba Investment NEMASTRIKE phase 4 nematicide $1B NPV Acceleron Seed Applied Solutions on >75M acres Roundup Ready PLUS solutions on >50M Acres BIOTECH ~400M Acre Seed & Trait Footprint Multi-Generation Insect/Weed Control Traits 14-Gene Stack in Corn and 9-Gene Stack in Soybeans in Development BIOLOGICALS Industry-leading BioAg Alliance with Novozymes Break-through RNAi technology potential with BioDirect technology platform DATA SCIENCE Industry-leading Digital Platform Highest Adoption Rates Leading Connectivity and Reach through Retail and Ag Equipment Plant Health & Nitrogen Advisors 18

Strategic Portfolio Management Maximizing Value through Strategic Management of Industry-Leading Integrated Solutions Portfolio SEEDS & GENOMICS CORE Strategic Objective: Develop & commercialize next-gen. seed technologies Portfolio Highlights: Intacta RR2 PRO: targeting 45-55M acres in FY17 NEW DuPont License - Intacta RR2 PRO 2 15M U.S. acre target for FY17 NEW Recently signed several gene editing agreements SEEDS & GENOMICS NON-CORE Strategic Objective: Use partnerships and collaborations to optimize and focus investment Portfolio Highlights: Exit of sugarcane business Plant Breeding Biotechnology Agreement with Forage Genetics Intl. for alfalfa seed technologies; includes $210M upfront pmt. to Monsanto NEW Agreement with Remington for Sorghum JV; $145M gain to be reflected in Q4 results 2 1. Estimated non risk-adjusted net present value 2. Pending Regulatory Approvals Biologicals Data Science Chemistry NEW PLATFORMS Strategic Objective: Develop & commercialize new digital ag & biological solutions Portfolio Highlights: NEW >13M paid acre services in Climate FieldView in FY16 NEW >92M in Climate FieldView Platform in FY16 Climate FieldView connectivity expansion CHEMISTRY Strategic Objective: Expand chemistry portfolio through targeted, collaborative, asset-light approach Portfolio Highlights: ~$1 Billion opportunity nearing commercialization 1,2 NEW Parallel development of future generation weed control systems with next-gen chemistry mechanisms through Sumitomo agreement 19

Future of Weed Control Monsanto, Sumitomo Forge New Global Crop Protection Collaboration for Future PPO Weed Control Technology ACCELERATED DEVELOPMENT OF NEW INTEGRATED SYSTEM FOR PPO INHIBITOR HERBICIDE Employs asset-light approach to new technologies Enables Monsanto s future generation multi-herbicide tolerance trait stacked products Expected to be commercially available in the next decade Controls PPO resistant weeds 1 New PPO Herbicide Candidate Shows Excellent Weed Control Monsanto Greenhouse Test #238 Lead Trait Constructs Demonstrate Excellent Tolerance NON-TRAITED NOT SPRAYED June 2016 - Creve Coeur, MO TRAITED & SPRAYED NON-TRAITED SPRAYED Benefits of Parallel Development Innovation include Early Prioritization, Joint Testing and Full Integration June 2016 Jerseyville, IL CHECK COMPETITIVE STANDARD NEW HERBICIDE NON-TRAITED TRAITED & SPRAYED SPRAYED 1. Pending regulatory approval 20

Foundation of Financial Discipline Foundation of Financial Discipline Amplifies Growth Drivers; Leading Margins & Adjusted Return on Capital Amongst Ag Peers RETURN ON INDUSTRY-LEADING INNOVATION + FINANCIAL DISCIPLINE + BALANCED CAPITAL ALLOCATION = LEADING MARGINS & ADJUSTED RETURN ON CAPITAL AMONGST AG PEER SET ONGOING EBITDA MARGINS AS A PERCENT OF NET SALES 1 FISCAL YEARS 2013 2015 ADJUSTED RETURN ON CAPITAL 1 FISCAL YEARS 2013 2015 ONGOING EBITDA AS % OF NET SALES 34% 32% 30% 28% 26% 24% 22% 27% 29% 32% ADJUSTED RETURN ON CAPITAL 1 25% 20% 15% 10% 5% 22% 23% 23% 20% 0% FY13 FY14 FY15 FY13 FY14 FY15 1. Components of calculation and related reconciliations provided in the non-gaap financial measures reconciliations at the end of the presentation. 21

Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF FREE CASH FLOW Fiscal Year Fiscal First Nine Months $ Millions 2016 Guidance 2015 2014 2013 2012 2011 2010 2016 2015 Net Cash Provided by Operating Activities $2,200-$2,600 $3,108 $3,054 $2,740 $3,051 $2,814 $1,398 $415 $(30) Net Cash Required by Investing Activities ($900-$1,100) $(1,019) $(2,095) $(777) $(1,034) $(975) $(834) $(639) $(759) Free Cash Flow $1,300-$1,500 $2,089 $959 $1,963 $2,017 $1,839 $564 $(224) $(789) Net Cash Required by Financing Activities N/A $(430) $(2,259) $(1,485) $(1,165) $(864) $(1,038) $(2,233) $(143) 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 $(39) $(256) N/A $1,334 $(1,301) $385 $711 $1,087 $(471) $(2,496) $(1,188) RECONCILIATION OF ONGOING EPS Fiscal First Nine Fiscal Year Fiscal 2016 3rd Quarter Months $ Per share Guidance 1 2015 2014 2013 2012 2011 2010 2016 2015 2016 2015 Diluted Earnings per Share $3.36-$4.14 $4.81 $5.22 $4.60 $3.79 $2.96 $1.99 $1.63 $2.39 $3.40 $5.80 Restructuring Charges, Net $0.47-$0.51 $0.70 -- -- $(0.02) -- $0.41 $0.02 -- $0.50 -- Environmental & Litigation Matters $0.04 $0.11 $0.04 -- $0.05 -- -- $0.02 $0.05 $0.04 $0.05 SEC Settlement Matters -- $0.17 -- -- -- -- -- $0.07 -- $0.07 Resolution of Tax Matters -- -- -- $(0.02) $(0.11) -- -- -- -- -- -- Argentine-Related Tax Matters $0.48-$0.52 -- -- -- -- -- -- $0.50 -- $0.49 -- Income on Discontinued Operations $(0.03) $(0.06) $(0.03) $(0.02) $(0.01) -- $(0.01) -- -- $(0.03) $(0.05) Diluted EPS from Ongoing Business $4.40-$5.10 $5.73 $5.23 $4.56 $3.70 $2.96 $2.39 $2.17 $2.51 $4.40 $5.87 1. 2016 Guidance: low-end of as-reported EPS and ongoing EPS. Note: See slide 30 for discussion of reconciling items. 22

Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF ONGOING CURRENCY NEUTRAL 1 Attributable to Monsanto Company FY16 Q3 YTD % Change 4 Net Sales Gross Profit Operating Expenses Net Income 3 Diluted EPS 3 As Reported (GAAP) (13%) (18%) 4% (46%) (41%) Adjustments to Ongoing: Restructuring Charges 2-1% (9%) 8% 9% (a) Environmental & Litigation Matters 2 - - - - - (b) SEC Settlement Matters 2 - - 1% (1%) (1%) (c) Argentine-Related Tax Matters 2 - - - 8% 8% (f) Income on Discontinued Operations, Net 2 - - - - - (e) Total Adjustments to Ongoing - 1% (8%) 15% 16% As Reported less Total Adjustments to Ongoing = Ongoing 4 (13%) (17%) (3%) (31%) (25%) Currency Impact 4 6% 6% 5% 12% 13% Ongoing less Currency Impact = Ongoing at Currency Neutral 4 (8%) (12%) 2% (19%) (12%) 1. Certain columns may not add due to rounding. 2. See slide 30 for discussion of reconciling items. 3. Adjustments to ongoing net income and diluted EPS are shown net of estimated tax benefit. See non-gaap financial information on slide 3 for specifics. 4. Percent changes are from 2015 ongoing financial results. 23

Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF ONGOING CURRENCY NEUTRAL 1 Attributable to Monsanto Company FY16 Q3 % Change 4 Net Sales Gross Profit Operating Expenses Net Income 3 Diluted EPS 3 As Reported (GAAP) (9%) (13%) 4% (37%) (32%) Adjustments to Ongoing: Restructuring Charges 2 - - (1%) 1% 1% (a) Environmental & Litigation Matters 2 - - 2% (1%) (1%) (b) SEC Settlement Matters 2 - - 3% (3%) (3%) (c) Argentine-Related Tax Matters 2 - - - 19% 21% (f) Total Adjustments to Ongoing - - 4% 16% 18% As Reported less Total Adjustments to Ongoing = Ongoing 4 (9%) (13%) 8% (20%) (14%) Currency Impact 4 2% 2% 3% - - Ongoing less Currency Impact = Ongoing at Currency Neutral 4 (7%) (11%) 11% (21%) (14%) 1. Certain columns may not add due to rounding. 2. See slide 30 for discussion of reconciling items. 3. Adjustments to ongoing net income and diluted EPS are shown net of estimated tax benefit. See non-gaap financial information on slide 3 for specifics. 4. Percent changes are from 2015 ongoing financial results. 24

Reconciliation of Non-GAAP Financial Measures Q3 YTD $ Millions 2016 2015 2016 2015 Gross Profit (GAAP) Restructuring Charges ngoing Gross Profit RECONCILIATION OF ONGOING GROSS PROFIT $2,380 $2,736 $5,879 $7,186 $1 $53 - $2,381 $2,736 $5,932 $7,186 (a) RECONCILIATION OF ONGOING OPERATING EXPENSES Q3 YTD $ Millions 2016 2015 FY 16 FY 15 Operating Expenses (GAAP) $1,131 $1,092 $3,239 $3,103 Restructuring Charges $(15) - $(290) - (a) Environmental & Litigation Matters $(16) ($40) $(28) ($40) (b) SEC Settlement Matters - ($35) $4 ($35) (c) Ongoing Operating Expenses $1,100 $1,017 $2,925 $3,028 RECONCILIATION OF ONGOING NET INCOME Attributable to Monsanto Company Ongoing Net Income Attributable to Monsanto Co. $955 $1,201 $1,971 $2,846 See slide 30 at the end of the presentation for discussion of reconciling items. (1) Income tax impact of non-gaap adjustments is the summation of the calculation income tax (benefit) charge related to each non-gaap non-income tax adjustment. Income tax charge is calculated using the actual tax in effect during the period for the locality of the related non-gaap adjustment. Item includes all non-gaap adjustments except for Argentine-Related Tax Matters and Income on Discontinued Operations. (2) Item is a net charge against tax expense. 25 Q3 YTD $ Millions 2016 2015 2016 2015 Net Income Attributable to Monsanto Co. (GAAP) $717 $1,141 $1,527 $2,809 Restructuring Charges $16 - $343 - (a) Environmental & Litigation Matters $16 $40 $28 $40 (b) SEC Settlement Matters - $35 $(4) $35 (c) Income Tax Benefit (1) $(13) $(15) $(127) $(15) (d) Argentine-Related Tax Matters (2) $219 - $219 - (f) Income on Discontinued Operations, Net - - $(15) $(23) (e) 25

Reconciliation of Non-GAAP Financial Measures RECONCILIATION OF ONGOING EBITDA $ Millions As Reported Net Income Attributable to Monsanto Company Restructuring Charges, Net of Tax Environmental and Litigation Matters, Net of Tax SEC Settlement Matters, Net of Tax Rolling Fiscal Year End Four Quarters 2015 2014 2013 $1,032 $2,314 $2,740 $2,482 $563 $338 -- -- (a) $47 $54 $20 -- (b) $43 $80 -- -- (c) Argentine-Related Tax Matters $219 (f) Resolution of Legacy Tax Matters Income on Discontinued Operations, Net of Tax -- -- -- $(11) $(20) $(28) $(13) $(11) (e) Ongoing Net Income $1,884 $2,758 $2,747 $2,460 Interest Expense Net $390 $328 $146 $80 Income Tax Provision $591 $1,053 $1,088 $926 Tax Expense Related to Noncontrolling Interest $(8) $(24) $(19) $(22) Ongoing EBIT $2,857 $4,115 $3,962 $3,444 Depreciation and Amortization $720 $716 $691 $615 Ongoing EBITDA $3,577 $4,831 $4,653 $4,059 $ Millions As Reported Net Income Attributable to Monsanto Company Rolling Fiscal Year Four Quarters 2015 2014 2013 $1,032 $2,314 $2,740 $2,482 Interest Expense Net $390 $328 $146 $80 Income Tax Provision 1 $513 $858 $1,066 $898 Depreciation and Amortization $720 $716 $691 $615 As Reported EBITDA $2,655 $4,216 $4,643 $4,075 5/31/16 Fiscal Year End $ Millions 2016 2015 2014 2 2013 2 Short-Term Debt $2,557 $615 $233 $51 Long-Term Debt $7,948 $8,429 $7,465 $2,048 Less: Cash and Cash Equivalents RECONCILIATION OF EBITDA RECONCILIATION OF NET DEBT $1,205 $3,701 $2,367 $3,668 Total Net Debt $9,300 $5,343 $5,331 $(1,569) 1. Includes the income tax provision attributable to Monsanto. 2. Recast to reflect change in accounting for debt issuance costs, formerly included in other assets. 3. See slide 30 at the end of the presentation for discussion of reconciling items. 26 26

Reconciliation of Non-GAAP Financial Measures $ Millions As Reported Net Income Attributable to Monsanto Company Restructuring Charges, Net of Tax Environmental and Litigation Matters, Net of Tax SEC Settlement Matters, Net of Tax Argentine-Related Tax Matters Income on Discontinued Operations, Net of Tax RECONCILIATION OF ONGOING EBITDA Rolling 2016 2016 2016 2015 Four Quarters Q3 Q2 Q1 Q4 $1,032 $717 $1,063 $(253) $(495) $563 $9 $6 $210 $338 (a) $47 $10 $4 $3 $30 (b) $43 -- $(2) -- $45 (c) $219 $219 (f) $(20) -- $(3) $(12) $(5) (e) $ Millions As Reported Net Income Attributable to Monsanto Company Interest Expense Net Rolling 2016 2016 2016 2015 Four Quarters Q3 Q2 Q1 Q4 $1,032 $717 $1,063 $(253) $(495) $390 $86 $86 $109 $109 Income Tax $513 $479 $353 $(128) $(191) Provision 1 Depreciation and Amortization RECONCILIATION OF EBITDA $720 $178 $183 $181 $178 As Reported $2,655 $1,460 $1,685 $(91) $(399) EBITDA Ongoing Net Income $1,884 $955 $1,068 $(52) $(87) Interest Expense Net $390 $86 $86 $109 $109 Income Tax Provision $591 $277 $355 $(27) $(14) Tax Expense Related to Noncontrolling Interest $(8) $(4) $2 $1 $(7) Ongoing EBIT $2,857 $1,314 $1,511 $31 $1 Depreciation and Amortization $720 $178 $183 $181 $178 Ongoing EBITDA $3,577 $1,492 $1,694 $212 $179 1. Includes the income tax provision attributable to Monsanto. 2. See slide 30 at the end of the presentation for discussion of reconciling items. 27 27

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 RECONCILIATION OF EBITDA As Reported Net Income Attributable to Monsanto Company Fiscal Year $ Millions 2015 2014 2013 $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 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 ONGOING EBITDA AS A PERCENT OF NET SALES Fiscal Year $ Millions 2015 2014 2013 As Reported Net Sales $15,001 $15,855 $14,861 1. Includes the income tax provision attributable to Monsanto 2. See slide 30 at the end of the presentation for discussion of reconciling items. Ongoing EBITDA as a % of 32% 29% 27% Net Sales 28 28

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% 1. Includes the income tax provision attributable to Monsanto 2. See slide 30 at the end of the presentation for discussion of reconciling items. 29 29

Reconciliation of Non-GAAP Financial Measures DEFINITION OF ONGOING ADJUSTMENTS (a) Restructuring Charges: Fiscal third quarter 2016 included a pretax restructuring charge totaling $16 million ($0.04 a share), or after-tax $9 million ($0.02 a share), of which $15 million related to certain asset impairment charges and $1 million related to various other operating charges. The nine months ended May 31, 2016 included a pretax restructuring charge totaling $343 million ($0.76 a share), or after-tax $225 million ($0.50 a share), of which $119 million related to certain asset impairment charges and $224 million related to various other operating charges. For the three months and nine months ended May 31,2016, expenses of $1 million and $53 million, respectively, are included in cost of goods sold and $15 million and $290 million, respectively, are included in restructuring charges. The fiscal year 2016 guidance represents pretax restructuring charges of $0.72 to $0.78 a share. (b) Environmental & Litigation Matters: Fiscal third quarter 2016 and 2015 included pretax charges of $16 million ($0.03 a share), or after-tax $10 million ($0.02 a share), and $40 million ($0.08 a share), or after-tax $25 million ($0.05 a share), respectively, for legacy litigation matters, arising under indemnities from the 2000 Pharmacia Separation Agreement. The nine months ended May 31, 2016 and 2015, included pretax charges of $28 million ($0.06 a share), or after-tax $17 million ($0.04 a share), and $40 million ($0.08 a share), or after-tax $25 million ($0.05 a share), respectively, for legacy litigation matters. The pretax charges in both periods were recorded in selling, general and administrative expenses. The fiscal year 2016 guidance represents pretax environmental and litigation matters charges per share of $0.06 a share. (c) SEC Settlement Matters: Fiscal third quarter 2015 included pretax charges of $35 million, or $0.07 a share, which is not tax deductible, in selling, general and administrative expenses in connection with the previously disclosed SEC action. The nine months ended May 31, 2016 and 2015, included pretax income of $4 million, this income had less than a $0.01 effect on diluted earnings per share, and pretax charges of $35 million, or $0.07 a share, which is not tax deductible, respectively, in selling, general and administrative expenses in connection with the previously disclosed SEC action. (d) Income Tax Benefit: Income tax impact of non-gaap adjustments is the summation of the calculation income tax (benefit) charge related to each non-gaap nonincome tax adjustment. Income tax charge is calculated using the actual tax in effect during the period for the locality of the related non-gaap adjustment. Item includes all non-gaap adjustments except for Argentine-Related Tax Matters and Income on Discontinued Operations. (e) Income on Discontinued Operations, Net: The company reports annual earn-out payments received as a result of the 2008 divestment of the Dairy Business as discontinued operations. The nine months ended May 31, 2016 and May 31, 2015, included pretax income on discontinued operations of $24 million ($0.05 a share), or after-tax $15 million ($0.03 a share), and $37 million ($0.08 a share), or after-tax $23 million ($0.05 a share), respectively. The fiscal year 2016 guidance represents pretax income from discontinued operations per share of $0.05. (f) Argentine-Related Tax Matters: The three and nine months ended May 31, 2016, included a net tax charge of $219 million, or $0.50 a share and $0.49 a share, respectively. Due to losses generated in Argentina in the current year as well as recent uncertainties around the Argentina business, the company evaluated the recoverability of various items on the Statement of Consolidated Financial Position related to the Argentina business and determined an allowance against certain assets was necessary, which resulted in the net charge to the Company s tax expense. 30