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Last updated on April 20, 2014 at 14:04 EDT

Strength Across Monsanto Company Business Portfolio Drives First Quarter Results And Momentum As Company Increases Full Year Guidance

January 8, 2013

ST. LOUIS, Jan. 8, 2013 /PRNewswire/ — Monsanto Company (NYSE: MON) delivered strong results for the first quarter of its fiscal year 2013, reflecting contributions from the continued expansion of its Latin American corn business, early momentum in its U.S. seeds and traits business and performance of its agricultural productivity segment. Executives said the cumulative strength of the company’s broad business portfolio translated to an increase in full-year earnings per share and free cash flow guidance, even at this early point in the company’s fiscal year. Monsanto also highlighted 18 phase advancements across its integrated yield pipeline, a record for its annual research and development update.

    ($ in millions)                                              First Quarter          First Quarter
                                                                       2013                  2012
    --------------                                               -------------         --------------
    Net Sales By Segment
                                Corn seed and traits                           $1,139                       $895
                                Soybean seed and traits                           231                        242
                                Cotton seed and traits                            185                        194
                                Vegetable seeds                                   156                        157
                                All other crops seeds and traits                   44                         46

    TOTAL Seeds and Genomics                                                   $1,755                     $1,534

                                Agricultural Productivity                       1,184                        905

    TOTAL Agricultural
     Productivity                                                              $1,184                       $905

    TOTAL Net Sales                                                            $2,939                     $2,439
    ---------------                                                            ------                     ------

    Gross Profit                                                               $1,397                     $1,096
    ------------                                                               ------                     ------

    Operating Expenses                                                           $888                       $851
    ------------------                                                           ----                       ----

    Interest Expense - Net                                                        $28                        $35
    Other Expense - Net                                                           $17                         $6

    Net Income Attributable to
     Monsanto Company                                                            $339                       $126
    --------------------------                                                   ----                       ----

    Diluted Earnings per Share
     (See note 1.)                                                              $0.63                      $0.23
    --------------------------                                                  -----                      -----
    Items Affecting
     Comparability - EPS Impact
                                 Income on discontinued
                                 operations                                    $(0.01)                  $      -
                                -----------------------                        ------                 ---    ---
    Diluted Earnings per Share
     from Ongoing Business (For
     the definition of ongoing
     EPS, see note 1.)                                                          $0.62                      $0.23
    ---------------------------                                                 -----                      -----

    Effective Tax Rate                                                             26%                        34%
    ------------------                                                            ---                        ---

    Comparison as a Percent of Net Sales:        First     First
                                               Quarter   Quarter
                                               2013      2012
    -------------------------------------       --------  --------
             Gross profit                           48%             45%
              Selling, general and
              administrative expenses               18%             21%
             Research and development expenses      12%             14%
             Income before income taxes             16%              8%
              Net Income Attributable to
              Monsanto Company                      12%              5%
             ---------------------------           ---             ---

“We’ve achieved a successful start to the year, with contributions from multiple areas that speaks to the strength of our global business and provides confidence in our ability to realize a third consecutive year of significant growth,” said Hugh Grant, chairman and chief executive officer for Monsanto. “The momentum in our business is also seen in our record research and development progress. Through continued innovation in our integrated yield pipeline, we remain committed to delivering cutting-edge solutions that will bring additional value to our customers.”


Results of Operations

The company achieved strong first quarter results that reflect the strength and growth of its business. Net sales for the quarter increased 21 percent over the prior year’s first quarter to $2.9 billion, with significant contribution from the corn seed and traits business, led by the corn opportunity acceleration in Latin America and strong shipments in the United States reflective of a positive order book. Gross profit for the 2013 first quarter increased 27 percent over the prior year period to $1.4 billion.

Selling, general and administrative (SG&A) costs were $542 million in the first quarter. Research and development (R&D) expenses decreased year-over-year to $346 million for the quarter.

The company’s first quarter earnings per share (EPS) was $0.62 on an ongoing and $0.63 on an as-reported basis. (For a reconciliation of ongoing EPS, see note 1.)


Cash Flow

The higher first quarter business results are also reflected in the company’s free cash flow, which was a source of $1.5 billion compared with a source of $856 million for the prior year first quarter. (For a reconciliation of free cash flow, see note 1.) The raise reflects an increase in customer prepayments in advance of the U.S. season combined with the translation of increased earnings into cash.

Net cash provided by operating activities for the 2013 fiscal year first quarter was a source of $1.6 billion, compared to a source of $1.1 billion in the first quarter last year. Net cash required by investing activities for the first quarter of 2013 was $96 million, compared with $254 million for the same period of fiscal year 2012. Net cash required by financing activities for the first quarter of 2013 was $116 million, compared with $340 million for the prior year’s first quarter.


Outlook

The company raised its full year ongoing EPS guidance to $4.30 to $4.40 per share, positioning the company for a third straight year of strong ongoing earnings growth. Full-year 2013 EPS guidance on an as-reported basis is expected in the range of $4.31 to $4.41 per share. (For a reconciliation of EPS, see note 1.)

The company also raised full year free cash flow guidance to $1.8 billion to $2 billion. The company expects net cash provided by operating activities to be $2.9 billion to $3.3 billion, and net cash required by investing activities to be $1.1 billion to $1.3 billion for fiscal year 2013. (For a reconciliation of free cash flow, see note 1.)

The updated EPS and free cash flow guidance does not include an estimated historical range of $0.20 to $0.25 of EPS contribution related to the Roundup Ready soybean business in Brazil given uncertainty in timing of resolution of ongoing business and legal developments.


Seeds and Genomics Segment Detail

     ($ in millions)          Net Sales Gross Profit
     --------------           --------- ------------
     Seeds and Genomics First Quarter 2013 First Quarter 2012 First Quarter 2013 First Quarter 2012
     ------------------ ------------------ ------------------ ------------------ ------------------
     Corn seed and traits                $1,139               $895             $686               $531
     --------------------                ------               ----             ----               ----
     Soybean seed and traits                231                242              118                173
     -----------------------                ---                ---              ---                ---
     Cotton seed and traits                 185                194              127                135
     ----------------------                 ---                ---              ---                ---
     Vegetable seeds                        156                157               83                 81
     ---------------                        ---                ---              ---                ---
     All other crops seeds and
      traits                                 44                 46               11                 (4)
     -------------------------              ---                ---              ---                ---
     TOTAL Seeds and Genomics            $1,755             $1,534           $1,025               $916
     ------------------------            ------             ------           ------               ----

     ($ in millions) Earnings Before Interest &
                            Taxes (EBIT)
     -------------- --------------------------
     Seeds and Genomics                         First Quarter 2013    First Quarter 2012
     ------------------                         ------------------    ------------------
      EBIT (For a reconciliation of
      EBIT, see note 1.)                                         $220                  $147
      -----------------------------                              ----                  ----

The
Seeds and Genomics segment consists of the company’s global seeds and related traits business.

Sales for Monsanto’s Seeds and Genomics segment increased 14 percent in the first quarter to $1.8 billion, with corn seed and traits performance driving the first quarter strength.

Corn seed and traits net sales increased 27 percent over last year’s first quarter to $1.1 billion, driven in part by the business strength in Brazil, Argentina and Mexico. The trait upgrade and expansion is on track in both Brazil and Argentina where the company is achieving strong demand for its corn products. In Brazil, farmers continue to upgrade from single trait corn products to the first double stack, VT PRO((TM)) 2. In its second year of commercial sales, VT PRO((TM)) 2 is the second-highest volume trait in the company’s Brazil corn portfolio this year. Likewise, in Argentina, the company has also seen strong adoption of its Genuity(®) VT Triple PRO(®) product. The triple-stack corn product is on track to be 40 percent of the company’s Argentine corn portfolio in just its second year on the market.

Complementing the corn performance in Latin America is the early momentum in the U.S. seeds and traits business. Backed by strong cash flow and customer prepayments, the company noted a positive U.S. order book, with the order pace ahead of the same point in time last year. With two years of strong performance, company executives said the U.S. business is in position to grow again in 2013. This includes another increase in acres for both its Genuity(® )Roundup Ready 2 Yield(®) platform in soybeans and the Genuity(®) reduced refuge family in corn.


Agricultural Productivity Segment Detail

     ($ in millions)                 Net Sales Gross Profit
     --------------                  --------- ------------
     Agricultural Productivity First Quarter 2013 First Quarter 2012 First Quarter 2013 First Quarter 2012
     ------------------------- ------------------ ------------------ ------------------ ------------------
     TOTAL Agricultural Productivity           $1,184              $905               $372               $180
     -------------------------------           ------              ----               ----               ----

     ($ in millions)      Earnings Before Interest &
                                 Taxes (EBIT)
     --------------       --------------------------
     Agricultural Productivity                       First Quarter 2013        First Quarter 2012
     -------------------------                       ------------------        ------------------
     EBIT (For a reconciliation of EBIT,
      see note 1.)                                                    $270                       $82
     ------------------------------------                             ----                       ---
      Unusual Items Affecting EBIT:
      Discontinued Operations                                          $11   $                     -
     ------------------------------                                    --- ---                   ---

The
Agricultural Productivity segment consists of the crop protection products and lawn-and-garden herbicide products.

Net sales in the first quarter of fiscal 2013 for Monsanto’s Agricultural Productivity segment increased $279 million, reflecting the benefit of a favorable marketplace environment lifting the business in the near-term. The company indicated it remains focused on its established strategy for Roundup(®) following the reset of that business in 2010.

Webcast Information
In conjunction with this announcement, Monsanto will hold a conference call at 8:30 a.m. central time (9:30 a.m. eastern time) today. The call will focus on these results, future expectations and an update of projects within the company’s R&D pipeline. The call also may include a discussion of Monsanto’s strategic initiatives, product performance and other matters related to the company’s business.

Presentation slides and a simultaneous audio webcast of the conference call may be accessed by visiting the company’s web site at www.monsanto.com/investors or by visiting http://edge.media-server.com/m/p/5866v2f7/lan/en. Visitors may need to download Windows Media Player(TM) prior to listening to the webcast. Following the live broadcast, a replay of the webcast will be available on the Monsanto Web site for three weeks.

About Monsanto Company
Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. Monsanto remains focused on enabling both small-holder and large-scale farmers to produce more from their land while conserving more of our world’s natural resources such as water and energy. To learn more about our business and our commitments, please visit: www.monsanto.com. Follow our business on Twitter(®) at www.twitter.com/MonsantoCo, on the company blog, Beyond the Rows(®) at www.monsantoblog.com, or subscribe to our News Release RSS Feed.



Cautionary Statements Regarding Forward-Looking Information:

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 acceptance of biotechnology products; the success of the company’s research and development activities; the outcomes of major lawsuits and the previously-announced SEC investigation; 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 Form 10-K 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.

Notes to editors: Monsanto and the Vine Design, VT Triple PRO, VT PRO 2, Genuity, Roundup and Roundup Ready 2 Yield are trademarks of Monsanto Company and its wholly-owned subsidiaries.

    Contact                  Media: Sara Miller
                             (314-694-5824)
                             Analysts: Bryan Hurley
                             (314-694-8148)

                                                    Monsanto Company
                                             Selected Financial Information
                                    (Dollars in millions, except per share amounts)
                                                       Unaudited

    Statements of Consolidated Operations                                           Three Months Ended
                                                                                         Nov. 30,
                                                                                         --------
                                                                                       2012              2011
                                                                                       ----              ----
    Net Sales                                                                        $2,939            $2,439
    Cost of Goods Sold                                                                1,542             1,343
                                                                                      -----             -----
    Gross Profit                                                                      1,397             1,096
    Operating Expenses:
                                           Selling, General and Administrative
                                           Expenses                                     542               500
                                          Research and Development Expenses             346               351

    Total Operating Expenses                                                            888               851
    Income From Operations                                                              509               245
    Interest Expense                                                                     51                53
    Interest Income                                                                     (23)              (18)
    Other Expense, Net                                                                   17                 6
                                                                                        ---               ---
    Income Before Income Taxes                                                          464               204
    Income Tax Provision                                                                122                70
                                                                                        ---               ---
                                                                                       $342              $134
    Income from Continuing Operations
     Including Portion Attributableto
     Noncontrolling Interest
                                                                                                          ---
    Discontinued Operations:
    Income from Operations of Discontinued
     Businesses                                                                          11                 -
    Income Tax Provision                                                                  4                 -
                                                                                        ---               ---
    Income on Discontinued Operations                                                     7                 -
                                                                                        ---               ---
    Net Income Including Portion
     Attributable to
     Noncontrolling Interest                                                           $349              $134
                                                                                       ====              ====
    Less: Net Income Attributable to
     Noncontrolling Interest                                                             10                 8
                                                                                        ---               ---
    Net Income Attributable to
     Monsanto Company                                                                  $339              $126
                                                                                       ====              ====

    EBIT (see note 1)                                                                  $490              $229
                                                                                       ====              ====

    Basic Earnings per Share:
    Income from Continuing
     Operations                                                                       $0.62             $0.24
    Income on Discontinued Operations                                                  0.01                 -
                                                                                       ----               ---
    Basic Earnings per Share
     Attributable to Monsanto
     Company                                                                          $0.63             $0.24
                                                                                      =====             =====

    Diluted Earnings per Share:
    Income from Continuing
     Operations                                                                       $0.62             $0.23
    Income on Discontinued Operations                                                  0.01                 -
                                                                                       ----               ---
    Diluted Earnings per Share
     Attributable to Monsanto
     Company                                                                          $0.63             $0.23
                                                                                      =====             =====

    Weighted Average Shares Outstanding:
                                          Basic                                       534.8             535.4
                                          Diluted                                     540.4             541.4
                                          -------                                     -----             -----

                                                          Monsanto Company
                                                   Selected Financial Information
                                           (Dollars in millions, except per share amounts)
                                                              Unaudited

    Condensed Statements of
     Consolidated Financial
     Position                                                                      As of                   As of
                                                                               Nov. 30, 2012          Aug. 31, 2012
                                                                               -------------          -------------
    Assets
    Current Assets:
                                          Cash and cash equivalents (variable
                                          interest entity restricted -2013:
                                          $30 and 2012: $120)                                 $4,637                 $3,283
                                         Short-term investments                                  310                    302
                                          Trade Receivables, net (variable
                                          interest entity restricted -2013:
                                          $140 and 2012: $52)                                  2,168                  1,897
                                         Miscellaneous Receivables                               700                    620
                                         Deferred Tax Assets                                     513                    534
                                         Inventory, Net                                        3,571                  2,839
                                          Other Current Assets (variable
                                          interest entity restricted -2013:
                                          $2)                                                    161                    183

    Total Current Assets                                                                      12,060                  9,658

    Property, Plant and Equipment, Net                                                         4,348                  4,365
    Goodwill                                                                                   3,447                  3,435
    Other Intangible Assets, Net                                                               1,210                  1,237
    Noncurrent Deferred Tax Assets                                                               552                    551
    Long-Term Receivables, Net                                                                   290                    376
    Other Assets                                                                                 630                    602
                                                                                                 ---                    ---
    Total Assets                                                                             $22,537                $20,224
                                                                                             =======                =======

    Liabilities and Shareowners' Equity
    Current Liabilities:
                                          Short-Term Debt, Including Current
                                          Portion of Long-Term Debt                              $26                    $36
                                         Accounts Payable                                        785                    794
                                         Income Taxes Payable                                     68                     75
                                         Accrued Compensation and Benefits                       307                    546
                                         Accrued Marketing Programs                              710                  1,281
                                         Deferred Revenues                                     2,843                    396
                                         Grower Production Accruals                              711                    194
                                         Dividends Payable                                         -                    200
                                         Customer Payable                                          8                     14
                                         Miscellaneous Short-Term Accruals                       703                    685

    Total Current Liabilities                                                                  6,161                  4,221

    Long-Term Debt                                                                             2,054                  2,038
    Postretirement Liabilities                                                                   530                    543
    Long-Term Deferred Revenue                                                                   218                    245
    Noncurrent Deferred Tax Liabilities                                                          314                    313
    Long-Term Portion of Environmental and
     Litigation Reserves                                                                         212                    213
    Other Liabilities                                                                            583                    615
    Monsanto Shareowners' Equity                                                              12,259                 11,833
    Noncontrolling Interest                                                                      206                    203
                                                                                                 ---                    ---
    Total Shareowners' Equity                                                                 12,465                 12,036
                                                                                              ======                 ======
    Total Liabilities and
     Shareowners' Equity                                                                     $22,537                $20,224
                                                                                             =======                =======

    Debt to Capital Ratio:                                                                        15%                    15%
    ----------------------                                                                       ---                    ---

                                                              Monsanto Company
                                                       Selected Financial Information
                                              (Dollars in millions, except per share amounts)
                                                                 Unaudited

    Statements of Consolidated Cash Flows                                                                Three Months Ended
                                                                                                              Nov. 30,
                                                                                                              --------
                                                                                                                  2012                          2011
                                                                                                                  ----                          ----
    Operating Activities:
                                                             Net Income                                           $349                          $134
                                                              Adjustments to
                                                              Reconcile Cash
                                                              Provided by
                                                              Operating
                                                              Activities:
                                                              Items That Did
                                                              Not Require
                                                              (Provide) Cash:
                                                             Depreciation and Amortization                         152                           155
                                                             Bad-Debt Expense                                        7                            (1)
                                                             Stock-Based Compensation Expense                       24                            23
                                                              Excess Tax Benefits from Stock-
                                                              Based Compensation                                   (15)                           (6)
                                                             Deferred Income Taxes                                  10                           (48)
                                                              Equity Affiliate (Income) Expense,
                                                              Net                                                   (2)                            1
                                                              Net Gain on Sales of a Business or
                                                              Other Assets                                         (12)                           (1)
                                                             Other Items                                           (24)                          (55)
                                                              Changes in Assets
                                                              and Liabilities
                                                              that (Required)
                                                              Provided Cash,
                                                              Net of
                                                              Acquisitions:
                                                             Trade Receivables, Net                               (219)                           49
                                                             Inventory, Net                                       (754)                         (679)
                                                             Deferred Revenues                                   2,422                         1,624
                                                              Accounts Payable and Other Accrued
                                                              Liabilities                                         (398)                         (127)
                                                             Restructuring Cash Payments                             -                            (4)
                                                             Pension Contributions                                 (16)                           (5)
                                                             Other Items                                            45                            50
                                                             -----------                                           ---                           ---
    Net Cash Provided by Operating Activities                                                                    1,569                         1,110
    -----------------------------------------                                                                    -----                         -----

    Cash Flows (Required) Provided by Investing Activities:
                                                             Purchases of Short-Term Investments                  (118)                         (142)
                                                              Maturities of Short-Term
                                                              Investments                                          110                           142
                                                             Capital Expenditures                                 (133)                         (138)
                                                              Acquisitions of Businesses, Net of
                                                              Cash Acquired                                          -                          (113)
                                                             Technology and Other Investments                      (23)                           (5)
                                                             Other Proceeds                                         68                             2
                                                             --------------                                        ---                           ---
    Net Cash Required by Investing Activities                                                                      (96)                         (254)
    -----------------------------------------                                                                      ---                          ----

    Cash Flows Provided (Required) by Financing Activities:
                                                              Net Change in Financing With Less
                                                              Than 90-Day Maturities                                60                            (8)
                                                             Short-Term Debt Reductions                             (7)                          (17)
                                                             Long-Term Debt Proceeds                                16                             1
                                                             Long-Term Debt Reductions                               -                          (138)
                                                             Treasury Stock Purchases                              (27)                          (26)
                                                             Stock Option Exercises                                 31                            12
                                                              Excess Tax Benefits from Stock-
                                                              Based Compensation                                    16                             6
                                                              Tax Withholding on Restricted Stock
                                                              and Restricted Stock Units                            (3)                           (1)
                                                             Dividend Payments                                    (201)                         (161)
                                                              Dividend Payments to Noncontrolling
                                                              Interests                                             (1)                           (8)
                                                             -----------------------------------                   ---                           ---
    Net Cash Required by Financing Activities                                                                     (116)                         (340)
    -----------------------------------------                                                                     ----                          ----
    Effect of Exchange Rate Changes on Cash and Cash Equivalents                                                    (3)                          (81)
    Net Increase in Cash and Cash Equivalents                                                                    1,354                           435
    Cash and Cash Equivalents at Beginning of Period                                                             3,283                         2,572
    ------------------------------------------------                                                             -----                         -----
    Cash and Cash Equivalents at End of Period                                                                  $4,637                        $3,007
    ------------------------------------------                                                                  ------                        ------

(

            Monsanto Company
     Selected Financial Information
          (Dollars in millions)
                Unaudited

                                    1.  EBIT, Ongoing EPS and Free Cash Flow:
                                        The presentations of EBIT, ongoing
                                        EPS and free cash flow are not
                                        intended to replace net income
                                        attributable to Monsanto Company,
                                        cash flows, financial position or
                                        comprehensive income (loss), and they
                                        are not measures of financial
                                        performance as determined in
                                        accordance with generally accepted
                                        accounting principles (GAAP) in the
                                        United States. The following tables
                                        reconcile EBIT, ongoing EPS and free
                                        cash flow to the respective most
                                        directly comparable financial measure
                                        calculated in accordance with GAAP.
                                       --------------------------------------

                                        Reconciliation of EBIT to Net Income:
                                        EBIT is defined as earnings before
                                        interest and taxes. Earnings is
                                        intended to mean net income
                                        attributable to Monsanto Company as
                                        presented in the Statements of
                                        Consolidated Operations under GAAP.
                                        The following table reconciles EBIT
                                        to the most directly comparable
                                        financial measure, which is net
                                        income attributable to Monsanto.
                                       --------------------------------------

)

                                      Three Months Ended
                                           Nov. 30,
                                           --------
                                        2012             2011
                                        ----             ----
    EBIT - Seeds and Genomics Segment   $220             $147
    EBIT - Agricultural Productivity
     Segment                             270               82
                                         ---              ---
    EBIT- Total                          490              229
    Interest Expense, Net                 28               35
    Income Tax Provision(A)              123               68
                                         ---              ---
    Net Income Attributable to
     Monsanto Company                   $339             $126
    --------------------------          ----             ----
    (A)           Includes the income tax benefit on
                  noncontrolling interest and the
                  income tax provision on
                  discontinued operations.

    Reconciliation of EPS to Ongoing
     EPS:Ongoing EPS is calculated
     excluding certain after-tax items
     which Monsanto does not consider part
     of ongoing operations.
    --------------------------------------
                           Fiscal Year             Three    Three
                                                   months   months
                           -----------            ------   ------
                                          2013     ended    ended
                                          ----     -----    -----
                            Guidance             Nov. 30,  Nov. 30,
                                                    2012     2011
                                      --------  --------- ---------
    Diluted Earnings per
     Share                         $4.31-$4.41                $0.63  $0.23
    --------------------           -----------                -----  -----
    Income on Discontinued
     Operations                          (0.01)               (0.01)     -
    ----------------------               -----                -----    ---
    Diluted Earnings per
     Share from Ongoing
     Business                      $4.30-$4.40                $0.62  $0.23
    --------------------           -----------                -----  -----

    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 2013 free cash flow
     guidance, 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                 Three Months Ended
                        2013                      Nov. 30,
                                                  --------
                  Guidance                       2012           2011
                  --------                       ----           ----
    Net Cash
     Provided
     by
     Operating
     Activities            $   2,900-3,300              $1,569       $1,110
    Net Cash
     Required
     by
     Investing
     Activities              (1,100)-(1,300)               (96)        (254)
                              --------------               ---         ----
    Free Cash
     Flow                  $   1,800-2,000              $1,473         $856
    Net Cash
     Required
     by
     Financing
     Activities                              N/A          (116)        (340)
    Effect of
     Exchange
     Rate
     Changes
     on Cash
     and Cash
     Equivalents                             N/A            (3)         (81)
                                             ---           ---          ---
    Net
     Increase
     in Cash
     and Cash
     Equivalents                             N/A         1,354          435
    Cash and
     Cash
     Equivalents
     at
     Beginning
     of Period                               N/A         3,283        2,572
                                             ---         -----        -----
    Cash and
     Cash
     Equivalents
     at End of
     Period                                  N/A        $4,637       $3,007
    ------------                             ---        ------       ------

SOURCE Monsanto Company


Source: PR Newswire