Monsanto Sees Record Sales in Fiscal Year 2007; Seeds and Traits Business Contributes to Strong Fourth Quarter and Year-E...(48 21 471 301 EBIT-...)

EBIT- Total (349) (207) 1,376 1,095

Interest Expense - Net 10 16 17 79

Income Tax Provision

(Benefit)(A) (149) (79) 366 327

Net Income (Loss) $(210) $(144) $993 $689

(A) Includes the income tax provision (benefit) from continuing

operations, the income tax benefit on minority interest, the income

tax provision (benefit) on discontinued operations, and the income

tax benefit on the cumulative effect of a change in accounting

principle.

Reconciliation of EPS to Ongoing EPS: Ongoing EPS is calculated excluding certain after-tax items which Monsanto does not consider part of ongoing operations. The reconciliation of EPS to ongoing EPS for the fourth quarter and twelve months ended Aug. 31, 2007 and 2006, is included on page 1 of this release.

Reconciliation of Free Cash Flow: Free cash flow represents the total of cash flows from operating activities and investing activities, as reflected in the Statements of Consolidated Cash Flows presented in this release. With respect to the fiscal year 2008 free cash flow target, Monsanto does not include any estimates or projections of Net Cash Provided (Required) by Financing Activities because in order to prepare any such estimate or projection, Monsanto would need to rely on market factors and conditions that are outside of its control.

Fiscal Year 12 Months

2008 Ended

Guidance Aug. 31,

2007 2006

Net Cash Provided by Operating Activities $1,750-$1,850 $1,854 $1,674

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