MARCH 21, 2007

Joint R&D and Commercialization Collaboration for Future GrowthMarch 21, 2007

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Forward-Looking Information

This presentation contains forward-looking statements under theU.S. Private Securities Litigation Reform Act of 1995. Thesestatements are based on current expectations, estimates andprojections of BASF management and currently availableinformation. They are not guarantees of future performance, involvecertain risks and uncertainties that are difficult to predict and arebased upon assumptions as to future events that may not prove tobe accurate.Many factors could cause the actual results, performance orachievements of BASF to be materially different from those that may be expressed or implied by such statements. Such factors include those discussed in BASF’s Form 20-F filed with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking statements contained in this presentation.

As It Pertains to BASF: As It Pertains to Monsanto:Certain statements contained in this presentation are "forward-looking statements," such as statements concerning the company'sfuture 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 bysuch forward-looking statements. Factors that could cause or contribute to such differences include, among others: the success of the companies’ research and development activities; the costs of and the companies’ abilities to access and enforce intellectual property needed for the collaboration; the costs and requirements of regulatory compliance and the speed with which approvals are received; public acceptance of biotechnology products; and otherrisks and factors detailed in the company's most recent periodicreport 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.

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Joint R&D Collaboration Conference Call Agenda

1 Introduction and Overview Ms. Scarlett Foster Vice President, Investor RelationsMonsanto

2 Monsanto Overview Mr. Hugh GrantChairman, President and CEOMonsanto

3 BASF Overview Dr. Jürgen Hambrecht Chairman of the Board of Executive DirectorsBASF

4 Deal Structure Mr. Peter OakleyMember of the Board of Executive DirectorsBASF

5 R&D and Commercial Opportunity Dr. Robb FraleyChief Technology OfficerMonsanto

6 Q&A Period

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Technology Collaboration Creates Joint Pipeline Focused on Yield and Stress

FOCUS Establishment of a joint technology and commercialization collaboration that combines the expertise of both companies to create extraordinary R&D pipeline for yield and stress traits

DISCOVERY Each company maintains independent discovery programs, which will generate leads to be nominated into development in joint R&D pipeline

DEVELOPMENT Nominated projects are jointly funded at 50-50 cost sharing through each phase of development

COMMERCIALIZATION Emerging products are commercialized by Monsanto under a broad-licensing approach to seed companies across Monsanto’s existing three commercial channels. Value from commercialization is shared at 60% for Monsanto and 40% for BASF

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For Monsanto, Collaboration Offers Opportunity to Increase Commercial Certainty for Most-Valuable Traits

KEY MOTIVATION FOR

COLLABORATION

Market demand has evolved – with farmers interested in tools that boost yield and there is a central belief that Monsanto can create more value for farmersMonsanto is oriented around innovation and broad licensing to market; Opportunity to bring more traits to more farmers more quicklyIn pursuing the opportunity to boost yield, the broadest R&D program will have the best probability of commercial success

WHY WORK WITH BASF?

BASF has technology and discovery capability that has the potential to transform, not just replicate, what has already been commercializedCollaboration is consistent with Monsanto’s R&D philosophy – bringing in a range of technology and making it broadly available to the marketBASF is well positioned to design products as a steady stream of upgrades that emerge more rapidly from development and increase the probability of commercial successBASF brings an attractive and complementary intellectual-property portfolio

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BASF’s Focus on Growth Clusters

Business model

Process innovation

Product innovation

Biology

Chemistry

Physics

EnergyManagement Nano-

technology

RawMaterial Change

WhiteBiotechnology

(e.g. industrial biotechnology for enzyme catalysis, fermentation)

PlantBiotechnology

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For BASF, Collaboration Links Exceptional Discovery Capabilities to a Significant Commercial OpportunityKEY MOTIVATION

FOR COLLABORATION

BASF has in place a promising early discovery platform – employing novel “metabolic profiling” approach – with significant opportunity in the yield and stress arenaBASF was interested in a strong partner with a clear vision and strategy to deliver novel discoveries to farmersCollaboration creates new market opportunities by accelerating market access for BASF’s established platform in plant sciencesCollaboration creates greater certainty in delivering commercially viable products

WHY WORK WITH

MONSANTO?

Monsanto has an established development pipeline and experience with regulatory process and commercial channelsMonsanto is a strong partner, committed to the Ag industry, and focused on bringing solutions to farmers through innovation and collaboration; Monsanto is the most successful company in the industry delivering traits broadly to commercial marketsCombining BASF’s discovery technologies with Monsanto’s seed distribution network allows both companies to serve farmers with innovative agricultural products more rapidly

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+ +

Discovery at BASF

Look at plant Look at yield

Gen

e se

lect

ion

Info

rmat

ion

Look inside

Promising platform for gene function identification combining high throughput phenotypic plant screening, metabolic profiling and field testing

6.008.0010.0012.0014.0016.0018.0020.0022.0024.000

Crop Design + Metanomics

BASF Plant Science Metanomics

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Discovery at BASF

Key Features BenefitsFast growing genetic library – over 1.5 million metabolic profiles for more than 35,000 genes

Intimately understand the function of genes and gene networks

Sophisticated and integrated IT System to allow rapid data mining

Allows instant access to known properties and functions in order to focus efforts on candidates with highest potential for success

Fully automated high throughput "live" crop screening

Validate leads on 24/7 basis, before field trials

• Quick and thorough IP generation • Focus resources on development of highest potentials early• Accelerated introduction of new products to the market

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Focus on Yield and Stress Represents Single Most Promising Opportunity in Agriculture Over Next Decade

TRENDS DRIVING AGRICULTURAL RESEARCH

YieldPer-acre productivity is paramount to farmers

BiofuelsU.S. will need 25M+ acres of corn and 10M+ acres of soybeans to supply biofuel needs by 2010EU has established biofuel target of >5% of total transportation fuel by 2010

WaterAgriculture consumes 75% of the world’s freshwater

Nitrogen UseElevated petroleum prices have spotlighted the costs of nitrogen-based fertilizers

Given the trends driving international agriculture over the next decade, a targeted R&D approach to driving yield and stress is ideally situated to deliver practical solutions to farmers to address these trends

Key targets of the collaboration include:

Boosting the inherent yield potential of seed Helping to minimize the uncertainty in farming by buffering against the effects of environmental stressHelping key crops better utilize the moisture and nutrients available in the soil

MARKET POTENTIAL

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Collaboration Creates Unified Focus on Yield That Extends From Discovery Through Commercialization

MONSANTO DISOVERY PROGRAM

BASF DISCOVERY PROGRAM

LICENSEES

REGIONAL BRANDS

NATIONAL BRANDS

COMMERCIALIZATIONDEVELOPMENT DISCOVERY

• Products commercialized by Monsanto across its three commercial channels

• Value shared 60% to Monsanto, 40% to BASF

• Jointly funded at 50% -50% level through each stage of development

• Potential $1.5/€1.2 billion devoted to discovery and development over the life of the collaboration

• Harnesses Monsanto’s existing development and regulatory infrastructure

• Each company maintains independent discovery programs

• Projects nominated for development to jointly managed boardSTRUCTURE

INTENSIFIED YIELD & STRESS PIPELINECollaboration creates a new joint pipeline focused on stepping up the volume of leads and certainty of commercial success in the emerging category of “yield”traits for corn, soybeans, cotton and canola

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As Market Needs Evolve, R&D Collaboration Ideally Positioned to Serve Growing Opportunity to Drive Yield

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

FIRST DECADE: WEEDS AND BUGS SECOND DECADE: YIELD

First decade of biotech characterized by singular solutions to singular problems, by one company at a time.

In the second decade, we jointly focus on a series of solutions to more complex problems. These are best accomplished through a partnership.

2005One billionth

cumulative acre of biotech traits

planted

First widespread planting of triple-stacked traits in

corn

1997First biotech trait in corn introduced by Monsanto: YieldGard Corn Borer

1996Introduction of first large-scale biotech trait by Monsanto: Roundup Ready soybeans and Bollgard cotton

2006Third year of successful field testing of first-generation biotech drought tolerant trait by Monsanto

2003First-ever second-

generation trait commercialized by

Monsanto: BollgardII cotton

2007Establishment of joint R&D collaboration between BASF and Monsanto accelerates focus on yield-related traits

REGULATORY AND COMMERCIAL TRACK FOR YIELD-ORIENTED TRAITS

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Built on Backbone of Existing Platforms, Joint Pipeline Poised for Advancement

DISCOVERYGene/Trait Identification

PHASE IProof of Concept

PHASE IIEarly Development

PHASE IIIAdvanced Development

PHASE IV Pre-Launch

24 TO 48 MONTHS 12 TO 24 MONTHS 12 TO 24 MONTHS 12 TO 24 MONTHS 12 TO 36 MONTHS

INDEPENDENT DISCOVERY JOINT-FUNDED DEVELOPMENT

Monsanto Independent Discovery Program

Grain yieldEnvironmental stress tolerance

BASF Independent Discovery Program

Yield increaseEnvironmental stress tolerance

2nd- Generation Drought-tolerant cornWater-use efficiency soybeansDrought-tolerant cottonNitrogen-utilization corn

Drought-tolerant cornHigher-yielding canolaHigher-yielding soybeansHigher-yielding corn

In addition to 8 projects already contributed to the newly created pipeline, the combined discovery efforts would create new products and upgrades, which could add six or more new product opportunities over the lifetime of the collaboration

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By Generating More Leads, Joint Pipeline Increases Probability of Success for Yield and Stress Traits

DEVELOPMENT OF SUCCESSIVE UPGRADES

TO CREATE A “FAMILY” OF PRODUCTS

MONSANTO DISOVERY PROGRAM

BASF DISCOVERY PROGRAM

REGIONAL BRANDS

NATIONAL BRANDS

COMMERCIALIZATIONDEVELOPMENT DISCOVERY

• Broad-licensing approach allows for products to reach broadest market possible, allowing farmers to choose traits in the seed brands they prefer for the greatest performance

• Greater volume of leads and cost sharing reduce risk of failure, increasing probability of commercial success

• Successive upgrades emerge sooner, creating steady stream of traits in a “product family” in each crop

• Pairs two separate, but complementary discovery engines

• Increased rate of discovery, unlocking more sources of genes than ever before

• With combined effort, products should advance at faster-than-average development timelines, esp. in early-phase research

KEY ADVANTAGES

INTENSIFIED YIELD & STRESS PIPELINECollaboration creates a new joint pipeline focused on stepping up the volume of leads and certainty of commercial success in the emerging category of “yield” traits for corn, soybeans, cotton and canola

LICENSEES

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By Unlocking Yield Opportunity, Collaboration Creates New Value for Farmers

VALUE PROPOSITION FOR FARMERS ADVANTAGE OF BASF-MONSANTO COLLABORATION

1. Transformational New ToolsCombining complementary discovery programs creates an advanced pipeline focused on yield and stress

2. Better-Performing ProductsLarger pool of gene candidates is expected to generate products that hit yield targets in earlier generations than would have previously been possible

3. More Rapid InnovationEnhanced discovery engine accelerates creation of a steady stream of product upgrades in a “product family” in each crop and successive upgrades emerge sooner

4. Availability of Traits in the Seed of Choice

Distribution is built on Monsanto’s historical broad-license approach, making the newest, best traits available in the seed brands farmers choose to use