1. CARL CASALE
EXECUTIVE VICE PRESIDENT
MORGAN STANLEY
Global Basic Materials Conference
FEBRUARY 18, 2009

2. Forward-Looking Statements
Certain statements contained in this presentation are quot;forward-looking statements,quot; such as statements
concerning the company's anticipated financial results, current and future product performance,
regulatory approvals, business and financial plans and other non-historical facts. These statements are
based on current expectations and currently available information. However, since these statements are
based on factors that involve risks and uncertainties, the company's actual performance and results may
differ materially from those described or implied by such forward-looking statements. Factors that could
cause or contribute to such differences include, among others: continued competition in seeds, traits and
agricultural chemicals; the company's exposure to various contingencies, including those related to
intellectual property protection, regulatory compliance and the speed with which approvals are received,
and public acceptance of biotechnology products; the success of the company's research and
development activities; the outcomes of major lawsuits; developments related to foreign currencies and
economies; successful operation of recent acquisitions; fluctuations in commodity prices; compliance
with regulations affecting our manufacturing; the accuracy of the company's estimates related to
distribution inventory levels; the company's ability to fund its short-term financing needs and to obtain
payment for the products that it sells; the effect of weather conditions, natural disasters and accidents on
the agriculture business or the company's facilities; and other risks and factors detailed in the company's
most recent periodic report to the SEC. Undue reliance should not be placed on these forward-looking
statements, which are current only as of the date of this presentation. The company disclaims any current
intention or obligation to update any forward-looking statements or any of the factors that may affect
actual results.
Trademarks
Trademarks owned by Monsanto Company and its wholly-owned subsidiaries are italicized in this
presentation. All other trademarks are the property of their respective owners.
© 2009 Monsanto Company
2

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 and Return on Capital (ROC). 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.
ROC means net income (without the effect of certain items) exclusive of after-tax interest expenses, divided by the
average of the beginning year and ending year net capital employed, as defined in the reconciliation. Our
presentation of non-GAAP financial measures is intended to supplement investors’ understanding of our operating
performance, not replace net income (loss), 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.
With respect to the time period prior to Sept. 1, 2000, references to Monsanto in this presentation also refer to the
agricultural business of Pharmacia.
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.
3

4. Five-Year Plan to More Than Double Gross Profit by 2012
Centered On Seeds and Traits Platform
2012 GROWTH RANGE
GROSS PROFIT COMMITMENT:
2003-2012F Gross profit targeted to more
than double from 2007
$9.5- baseline through 2012
$9.75B
SEEDS & GENOMICS GROSS PROFIT
$10,000 STRATEGIC PLAYBOOK
AG PRODUCTIVITY GROSS PROFIT
All growth is organic, from
$7.3- base business and pipeline
$7.5B
$8,000
GROSS PROFIT (in millions)
U.S. Corn
International Corn
Soybeans
~2.25X Cotton
$6,000
2007 Vegetables
BASELINE
R&D Pipeline
$4.2B
Earnings continue to
$4.40-
$4,000
translate into operating cash,
$4.50 and value created for
ONGOING
shareowners through
EPS
$2,000 combination of acquisitions,
share repurchases and
dividends
$0
2003 2004 2005 2006 2007 2008 2009F 2012F
BASELINE
4

5. Even as Roundup Supply and Demand Comes into Balance,
Seeds and Traits Is Fundamental Driver of Growth
SEEDS & GENOMICS GROSS PROFIT
Roundup and Other ROUNDUP AND OTHER GLYPHOSATE-BASED
HERBICIDES GROSS PROFIT
Glyphosate-Based $10,000
Herbicides
$9,000
GROSS PROFIT (in millions)
~18% CAGR $7.3B-
FY2009 Forecast
$7.5B
$8,000
Gross Profit
$2.4B-$2.5B $7,000
Target
$4.5B-
$6,000
Branded Price $4.6B
(per equivalent > $20 $5,000
gallon)
$4,000
FY2012 Forecast
$3,000
Gross Profit
$1.9B $2,000 $2.4B-
Target
$1.9B
~ -8% CAGR
$2.5B
$1,000
Branded Price
(per equivalent $16-$18 $0
gallon)
2009F 2012F
By 2012, Seeds and Genomics will grow at a CAGR of
~18%, representing nearly 4x the gross profit
contribution of the Roundup business
5

6. Monsanto’s Growth Lies In Creating New Value for Growers;
Yield From Seed Is Most Important On-Farm Decision
U.S. CORN PRODUCTION COSTS PER ACRE
2006 2008
OPERATING COSTS1
SEED
21% 21%
CHEMICALS
11% 9%
39% FERTILIZER 47%
SEED (INCLUDING TRAITS)
FERTILIZERS & SOIL
AVERAGE YIELD AVERAGE YIELD
149 bu/acre 153 bu/acre
REVENUES
REVENUES
CONDITIONERS
GROSS
GROSS
PRICE PER PRICE PER
FUEL & POWER COSTS
$3.04 $3.65 – $4.15
BUSHEL BUSHEL
CHEMICALS
GROSS REVENUE GROSS REVENUE
$453/acre ~$597/acre
CUSTOM OPERATIONS &
SEED + SEED +
$67/acre $89/acre
CHEMICALS TECHNICAL SERVICE CHEMICALS
OTHER
COSTS
TOTAL
COSTS
TOTAL
FERTILIZER $80/acre FERTILIZER $140/acre
A 1% yield increase
OTHER $59/acre OTHER $72/acre
improves returns by roughly
OVERHEAD $204/acre OVERHEAD
$4.50/acre to $6.00/acre $230/acre
NET RETURN $43/acre NET RETURN ~$66/acre
6
1Excludes overhead costs, including hired labor and opportunity cost of land. Source: USDA and CBOT

7. Seed Platforms Targeted to Increase Size of Genetic
Footprint Globally Through 2012
U.S. 2012
2008 SHARE TARGETS
EU27
25.5% 30-34% 2008 SHARE 2012 TARGETS
DEKALB
10.5% ~15% 12% 16-20%
ASI CORN
20% 24-28%
Asgrow
9% 10-12%
ASI
INDIA 2008 SHARE 2012 TARGETS
41% ~50%
Deltapine
36% 40-44%
CORN
5% 12%
COTTON
LA - NORTH 2008 SHARE 2012 TARGETS
62-66%
58%
CORN
BRAZIL 2008 SHARE 2012 TARGETS
40% 44-48%
CORN
ARGENTINA 2008 SHARE 2012 TARGETS
21% 31%
COTTON
46% 50-54%
CORN
Share for row crops provided reflects sales volume for Monsanto brands divided by total planted acres in respective geography.
Corn represents hybrid corn share in each respective market.
Source for Deltapine share in the U.S. is dmrkynetic 2008 new certified seed share estimates.
7

8. Significant Growth Opportunity Still Exists in Expansion of
Biotech Traits Globally
SOYBEANS COTTON CORN
INTERNATIONAL MARKET OPPORTUNITY
MARKET OPPORTUNITY FOR BIOTECH TRAITS THROUGH 20101
ROUNDUP ROUNDUP BOLLGARD ROUNDUP
ROUNDUP YIELDGARD YIELDGARD
READY READY AND READY SMARTSTAX
READY CORN BORER ROOTWORM
BOLLGARD II CORN 2
2 YIELD (FLEX)
U.S. 65-75M 45-55M 10-12M 6-8M 80M 60-70M 45-55M 50-65M
74-98%1
2008 Penetration 97% 0% 63-75% 86% 64-75% 55-67% 0%
SOYBEANS COTTON CORN
ROUNDUP ROUNDUP BOLLGARD ROUNDUP
ROUNDUP YIELDGARD YIELDGARD
READY READY AND READY SMARTSTAX
READY CORN BORER ROOTWORM
International BOLLGARD II CORN 2
2 YIELD (FLEX)
45-50M2
50-60M 3M 2M 15-20M 15-20M 5M 15-20M
Brazil
40M - - - 9M 7M 5M 5-7M
Argentina
- - 15-20M 18-20M 6M 6M - 5-6M
India
1M - - - 24M 8M 5M 15-20M
Europe (EU27)
0.2M - .15M .15M 6M 4M - 4M
South Africa
- - - - - -
0.5M-0.8M 0.5M-0.8M
Australia
91-101M 45-50M 19-24M 21-23M 60-65M 40-45M 15M 44-57M
Total International
77-86%1
66-74% 0% 3-4% 3% 20-23% 0% 0%
2008 Penetration
Note: Market opportunity reflects total acres where technology is applicable, not necessarily acres projected for penetration by 2010.
1Primarily Bollgard penetration; opportunity to expand to second generation technology.
Ready 2 Yield is planned to be launched in Brazil as a stack with insect-protected soybeans.
2Roundup
8

9. Corn Gross Profit in FY2009 Targeted to Grow 25 Percent;
Margins Up 300 Basis Points
CORN SEED & TRAITS CORN SEED AND TRAITS SEGMENT
2009 UPDATES
GROSS PROFIT PROGRESSION ► Target to increase gross profit by more than 25%
► Target to increase gross margins by 300 basis
points
► On track to deliver 1 – 2 share points in DEKALB
$ in millions $4,500- $4,600
brand and 1 point gain in American Seeds in U.S.
$2,800
► Branded triple mix expected to increase to 70%
$2,174
$1,721
in U.S.
2012 MILESTONE TARGETS
Advanced lead drought-tolerant corn project to
2007 2008 2009F 2012F
Phase 4
GLOBAL GROSS PROFIT SPLIT
Advanced SmartStax to Phase 4, commercial
launch expected in 2010
► Grow U.S. DEKALB corn share to 30-34 share
30%
points; grow American Seeds to ~15 share points
30%
U.S.
Intl.
70% 70%
2012F
2008
9

10. Consistent Yield Advantage Has Led to Eight Consecutive
Years of Share Gains
2008 FINAL U.S. COMPETITIVE CORN YIELD
COMPARISON: DEKALB
12 DEKALB ANNUAL YIELD ADVANTAGE
GEOGRAPHY: U.S.
(APPROXIMATE DIFFERENCES)
DEKALB THREE -YEAR ROLLING
Grow 1 – 2
2009
YIELD ADVANTAGE
10
OBJECTIVE:
Share Points
9.6
2008 PERFORMANCE UPDATE
BUSHELS/ACRE
8.8
8
• In 2008, in > 15,300 8.4 8.4 8.3
8.2
7.8
7.1
comparisons, DEKALB
6
out-yields competitive
best by 9.6 bu/acre on
average 4
• DEKALB’s overall 3-year
average yield advantage
2
continues to improve
each year
0
2005 2006 2007 2008
Source: Annual yield advantage calculated each year by comparing leading DEKALB volume products within each RM zone to national
competitor products within 2 RM days. 2008 data as of November 23, 2008. Weighted average calculated to 15% moisture. >230,000
comparisons represented in the four years of rolling averages.
10

11. DEKALB on Path to Nearly Triple Share Through 2012
DEKALB U.S. CORN SHARE EVOLUTION:
2001-2009F
U.S. CORN 30%
27% - 28%
DEKALB Brand Share
STATUS
25%
• DEKALB earned 3 points
26%
in 2008 for total share of
23%
25.5%, doubling its share 20%
in 5 years 20%
• On track to deliver 1 – 2
15%
16%
share points in DEKALB
14%
in FY2009
13%
12%
10%
Outlook to 2012:
10%
• Grow U.S. DEKALB corn
share to 30-34 share 5%
points
0%
2001 2002 2003 2004 2005 2006 2007 2008 2009F
YIELD CREATION CREATION + PRESERVATION
2001-2004 2005 FORWARD
Combining germplasm library and breeding Availability of stacked biotech traits now
capability, focus was on boosting the inherent preserves a greater percentage of genetic
genetic potential in the seed potential
• Molecular breeding becomes new standard • DEKALB brand’s continued strong yield
for Monsanto breeders performance is earning increasing trial
and adoption from farmers who’ve
• Primary growth initially comes from existing
historically purchased other brands
customers expanding acres planted to
DEKALB seed
11

12. SmartStax Raises the Bar as Most Durable, Complete and
Easy to Use On-Farm Package for Weed and Pest Control
2007 & 2008 SmartStax EFFICACY TRIALS
NEW:
R&D Pipeline
1.5
Node Injury Scale 0-3
SmartStax Corn
ADVANCED
STATUS: 1.0
Phase 4
CRW Root Damage Ratings
PROJECT CONCEPT:
0.5
SmartStax combines the following
herbicide-tolerant and insect-protection
0.0
traits for the most complete control:
YieldGard VT
Roundup Herculex®
• YieldGard VT Rootworm with SmartStax
Rootworm
Ready Corn Rootworm
6.0
Roundup Ready Corn 2 and Damaged Area (cm2)
with Roundup
YieldGard VT PRO
Ready Corn 2
5.0
• Herculex® I and Herculex® RW
4.0
• Liberty Link®
3.0
VALUE:
Corn Earworm Damage
2.0
LAUNCH-COUNTRY
55-65M 1.0
ACRES1:
0.0
2020 VALUE2: >$500M
Roundup Herculex® SmartStax
YieldGard VT
Ready Corn Corn Borer
WHOLE-FARM YIELD IMPROVEMENT Triple PRO
ESTIMATES:
The second-generation YieldGard corn borer trait, a key
SmartStax component, demonstrates incremental yield benefit
IMPROVED CONSISTENCY FOR
1 PRIMARY AND SECONDARY of 4 percent over first-generation corn borer traits in
1. Acre opportunity reflects acres where technology fits at
PESTS3
Monsanto's current 2007 market share in respective crops preliminary data from 2 years of comparisons
2. 2
2020 value reflects gross sales opportunity in launch
REDUCED REFUGE4 Fewer damaged kernels from earworm drives yield
country in year 2020
advantage
TOTAL: 5-10%
1Acre opportunity reflects acres where technology fits at Monsanto's current 2007 market share in respective crops
22020 value reflects gross sales opportunity in launch country in year 2020
Herculex® is a registered trademark of Dow Agrosciences LLC
12
3As compared to YieldGard VT Triple 4Subject to EPA approval
Liberty Link® is a registered trademark of Bayer CropScience AG

13. Increasing Biotech Penetration in Brazil and Argentina Sets
Stage for Significant Contributions to Gross Profit
LATIN AMERICA NORTH
LATIN AMERICAN CORN 5-YEAR
CURRENT
OUTLOOK
OUTLOOK:
#1 position in all key countries
SEED SHARE:
SEED & TRAIT TRENDS THROUGH 2012
7-8M
HYBRID ACRES:
MEXICO
Approved YieldGard Corn Borer with
#1 POSITION
Roundup Ready Corn 2 in Colombia and
BIOTECH STATUS: Honduras
December 2008 approval gained for
experimental trials in El Salvador
• Integration of Cristiani; Expand seed footprint for pending
FY2009 OUTLOOK
trait introductions
BRAZIL
5-YEAR
CURRENT
OUTLOOK
BRAZIL
40%
SEED SHARE:
#1 POSITION
25-27M
HYBRID ACRES:
1st commercial trait in FY2009
BIOTECH STATUS: Received approval for Roundup Ready
Corn 2
• Targeted share gain: 1-2 points
FY2009 OUTLOOK:
ARGENTINA • 1.5-2M acre launch of YieldGard Corn Borer
#1 POSITION
ARGENTINA
CURRENT 5-YEAR OUTLOOK
46%
SEED SHARE:
8-10M
HYBRID ACRES:
BIOTECH STATUS: Double-stack corn approved
• Targeted share gain: 1-2 points
FY2009 OUTLOOK: • 2M-plus acre launch of YieldGard Corn Borer with
Roundup Ready Corn 2
13

14. Soybean Platform to Cross $1 Billion in Gross Profit in 2012;
70 Percent Growth from FY2009
SOY SEED AND TRAITS SEGMENT
SOYBEAN SEED & TRAITS
2009 UPDATES
GROSS PROFIT PROGRESSION ► On track to gain 1 share point in Asgrow brand
► Controlled commercial release of Roundup
$ in millions
Ready 2 Yield soybeans on 1.5M acres
~$1,200
► Roundup Ready soybean in Brazil appears to
$725 ~$700
$588
be on track to approach 60% penetration mark
2012 MILESTONE TARGETS
► Large-scale launch of Roundup Ready 2 Yield
2007 2008 2009F 2012F
in 2010; target market of 45-55M acres1
GLOBAL GROSS PROFIT SPLIT ► Grow Asgrow brand to 25 share points in the
U.S. by 2012
► Increase Brazil Roundup Ready soybean
15% penetration to 80 percent by 2012 in
20% anticipation of launch of insect-protected
Roundup Ready 2 Yield soybeans
U.S.
Intl.
80% 85%
2012F
2008
1Target market defined as acres where technology is applicable, not necessarily a projection of acres penetrated by 2012.
14

15. Roundup Ready 2 Yield Soybeans First in Series of
Yield-Enhancing Traits
FINAL ROUNDUP READY 2 YIELD SOYBEANS VERSUS COMMERCIAL CHECKS
NEW:
COMPARISONS TO COMMERCIAL ROUNDUP READY SOYBEANS – 2 YEAR SUMMARY
60
VALUE PROPOSITION COMPETITORS’ PRODUCT WITH
ROUNDUP READY 2 YIELD
ROUNDUP READY TRAIT
YIELD IMPROVEMENT ON
55
AVERAGE YIELDS IN ~3.8 bu/ac
55.5
GROUPS 2 & 3:
Bushels per Acre
55.2
54.5
INCREMENTAL YIELD
50
51.7
VALUE TO FARMER
51.4
~$38/ac
(VERSUS ROUNDUP
49.9
READY):
45
PRICING
SEAMLESS PRICE FOR
FIRST-GENERATION
$49-$52 40
ROUNDUP READY SEED
(PER ACRE)1:
SEAMLESS PRICE FOR
35
$69-$72
ROUNDUP READY 2 YIELD
SEED (PER ACRE)1:
2 3 Overall
RELATIVE MATURITIES:
COMPARISONS: >1,000 >2,900 >3,900
APPROXIMATE BUSHELS PER
ACRE ADVANTAGE FOR 4.6 3.8 3.8
ROUNDUP READY 2 YIELD:
PERCENT YIELD ADVANTAGE
9.1% 7.3% 7.4%
FOR ROUNDUP READY 2 YIELD1:
Two year summary (2007-2008) of head-to-head comparisons between all Roundup Ready 2 Yield products available for sale in
2009 vs. national competitor Roundup Ready products. Final data as of December 9, 2008.
15
1Reflects seamless price to the farmer, including trait value, germplasm value and value provided by the seed treatment.

16. Technology Investment Has Fueled Gross Profit Progression
for Seeds and Traits
Research And $4,500
Development
SEEDS & GENOMICS GROSS PROFIT
$4,000
GEOGRAPHY Global
TOTAL COMPANY RESEARCH & DEVELOPMENT1
$3,500
Maximize return
OBJECTIVE:
on investment
$3,000
IN MILLIONS
2009 STATUS 2001 – 2008
28% CAGR
$2,500
• Monsanto spends more
$2,000
on seed and biotech
R&D than any other
2001 – 2008
$1,500
company
9% CAGR
• >90% of R&D spend is $1,000
for seeds-and-traits,
$500
split roughly 50/50
between breeding and
$0
biotechnology
2001 2002 2003 2004 2005 2006 2007 2008
• For 2009, R&D spend
expected to be 9.5%-10%
of sales, or more than
$1 billion
1Total R&D does not include IP R&D from acquisitions
16

17. As SmartStax and Roundup Ready 2 Yield Launch, Four New
Game-Changing Products Extend Lead into the Next Decade
2012 TO END OF DECADE
Drought 2nd
Nitrogen- Higher
Tolerant Corn Utilization Yielding Generation
Family1 Corn Family1 Soybeans1 Drought1
• Advanced to Phase IV • Phase I Project • Advanced to Phase III • Phase II project
• First dry-land drought • Consistent yield benefit • Built upon yield platform • 9% yield advantage in
product submitted for after two years of testing of Roundup Ready 2 2008 in water-stressed
FDA approval Yield environments
• 8% yield benefit at lower
• 5 years of testing • Lead events 1 & 2 • Currently selecting
nitrogen levels
exceeded 6%-10% yield experienced average commercial event for
improvement target yields of 7.4% and 6.7%, broad-acre application
respectively
SUPERIOR, NE - FIELD TRIALS – 2007 FARM PROGRESS SHOW – 2007
Dayton, Iowa -- 2008
Transgenic
Control
WITH GENE
CONTROL HYBRID
(94 BU/AC)
(76 BU/AC)
17
1Part of the Monsanto-BASF Yield and Stress R&D Collaboration

18. Strong Cash Position Creates Opportunity to Bolster Strategic
Position and Drive Differentiation Through Innovation
USES OF CASH
CUMULATIVE: 2005-2008 Fiscal Years
SHARE REPURCHASES 10% OF CASH USED
• Completed 4-year $800M share-repurchase program and
began previously announced 3-year $800M authorization in
December 2008
DIVIDENDS 12% OF CASH USED
$906
• From 2002-2008, Monsanto’s Board of Directors has raised
the dividend seven times for a total increase of 300 percent. $1,058
TECHNOLOGY SPENDING 4% OF CASH USED $307
• Over $300M spent to expand technology partnership network
$4,485
ACQUISITIONS 51% OF CASH USED
$2,078
• American Seeds • Delta & Pine Land (2007)
(2004-2007) • Agroeste (2007)
• Seminis (2005) • De Ruiter and Cristiani (2008)
$ in millions
CAPITAL SPENDING 24% OF CASH USED
• Spent $918M in 2008, 60% for new or expanding seed
facilities
18

19. FY2009 Guidance Supports 20 Percent Plus EPS Growth Rate
2009F
EARNINGS
$4.40-$4.50
ONGOING EARNINGS PER SHARE ~20-24% GROWTH
FROM 2008
Seeds & Genomics Gross Profit $4.5-$4.6B
Corn Seed & Traits Gross Profit ~$2.8B
Soybean Seed & Traits Gross Profit ~$700M
Cotton Seed & Traits Gross Profit ~$300M
Vegetable Seeds Gross Profit ~$500M
All Other Seed & Traits Gross Profit ~$200M
Roundup and All Other Glyphosate-based Herbicides Gross Profit $2.4-2.5B
All Other Ag Productivity Gross Profit ~$400M
CASH MANAGEMENT AND SPENDING
FREE CASH FLOW >$1.8B
Operating Cash >$3B
Capital Expenditures ~$1B
SG&A as a Percent of Sales 19% Range
R&D as a Percent of Sales (excluding acquired IPR&D) 9.5%-10% Range
19

20. Monsanto’s Growth Opportunity Lies at the Intersection of
Demand, Innovation and Execution
Monsanto’s Simple Philosophy on Opportunity:
More demand requires more YIELD
More yield requires more INNOVATION
More innovation delivers more GROWTH
20

21. Reconciliation of Non-GAAP Financial Measures
Reconciliation of Free Cash Flow
Fiscal Year Fiscal Year Fiscal Year First First
$ Millions 2009 Forecast 2008 2007 Quarter 2009 Quarter 2008
Net Cash Provided (Required) by Operations $3,000 $2,799 $1,854 $114 $996
Net Cash Provided (Required) by Investing Activities (1,200) (2,027) (1,911) $10 (256)
Free Cash Flow $1,800 $772 $(57) $740
$124
Net Cash Provided (Required) by Financing Activities N/A (102) (583) (47)
(258)
Effect of Exchange Rate Changes on Cash and Cash Equivalents N/A 77 46 (137) 58
Net Increase (Decrease) in Cash and Cash Equivalents N/A $747 $(594) $751
$(271)
Reconciliation of Non-GAAP EPS
First First
Fiscal Year Fiscal Year Fiscal Year
$ per share 2009 Forecast 2008 2007 Quarter 2009 Quarter 2008
TBD1 $3.62 $1.79 $1.00 $0.46
Diluted Earnings (Loss) per Share
Solutia Claim Settlement -- ($0.23) -- -- --
Loss (Income) on Discontinued Operations ($0.02) ($0.04) ($0.15) ($0.02) ($0.01)
In-Process R & D Write-Off Related to the De Ruiter Acquisition -- $0.29 -- -- --
In-Process R & D Write-Off Related to the Delta & Pine Land -- -- $0.34 -- --
(D&PL) Acquisition
In-Process R & D Write-Off Related to the Aly Participacoes TBD1 -- -- -- --
Ltda. Acquisition
Diluted Earnings (Loss) per Share from Ongoing Business $4.40-$4.50 $3.64 $1.98 $0.98 $0.45
1The company is not able to provide a reconciliation to reported EPS guidance for fiscal year 2009 at this time, as it is still evaluating purchase accounting adjustments related
to its recent acquisition of the Brazilian sugar cane business Aly Participacoes Ltda. Such adjustments are dependent upon the completion of valuations of certain intangible
21
assets, including in-process R&D which requires immediate expense recognition and it is expected to be significant.