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Monsanto Company’s Global Business Performance Drives Increased Full-Year Earnings Outlook

April 3, 2013

Full-Year Ongoing Earnings Per Share Guidance Raised to $4.40 to $4.50, or $4.42 to $4.52 As-Reported

ST. LOUIS, April 3, 2013 /PRNewswire/ — With half of its fiscal year complete, Monsanto Company (NYSE: MON) announced today that the continued strength of its growing global business delivered another strong quarter for its fiscal year 2013 and translated to a second consecutive quarterly increase in full-year ongoing and as-reported earnings per share guidance. In reporting earnings results for the second quarter and first half of the year, executives noted results were driven by contributions from across the company’s business portfolio, including continued growth of its global corn business and positive performance of its agricultural productivity segment.

                               Second Quarter                   Six Months
                               --------------                   ----------

    ($ in millions)        2013               2012        2013              2012
    --------------         ----               ----        ----              ----

    Net Sales By Segment

    Corn seed and traits          $3,280                       $2,816             $4,419  $3,711

    Soybean seed and
     traits                 677                      689                     908     931

    Vegetable seeds         199                      215                     355     372

    Cotton seed and
     traits                  60                       66                     245     260

    All other crops seeds
     and traits             130                      138                     174     184
                            ---                      ---                     ---     ---

    TOTAL Seeds and
     Genomics                     $4,346                       $3,924             $6,101  $5,458

    Agricultural
     productivity                 $1,126                         $824             $2,310  $1,729
                                  ------                         ----             ------  ------

    TOTAL Agricultural
     Productivity                 $1,126                         $824             $2,310  $1,729

    TOTAL Net Sales               $5,472                       $4,748             $8,411  $7,187
    ---------------               ------                       ------             ------  ------

    Gross Profit                  $3,070                       $2,705             $4,467  $3,801
    ------------                  ------                       ------             ------  ------

    Operating Expenses              $958                         $896             $1,846  $1,747
    ------------------              ----                         ----             ------  ------

    Interest Expense -
     Net                              $8                          $27                $36     $62

    Other Expense - Net              $22                          $37                $39     $43
                                     ---                          ---                ---     ---

    Net Income
     Attributable to
     Monsanto Company             $1,483                       $1,211             $1,822  $1,337
    -----------------             ------                       ------             ------  ------

    Diluted Earnings per
     Share (See note 1.)           $2.74                        $2.24              $3.37   $2.47
    --------------------           -----                        -----              -----   -----

    Items Affecting
     Comparability - EPS
     Impact

    Income on
     discontinued
     operations           (0.01)                   (0.01)                  (0.02)  (0.01)

    Nitro Claims
     Settlement               -                     0.05                       -    0.05
                            ---                     ----                     ---    ----

    Diluted Earnings per
     Share from Ongoing
     Business (For the             $2.73                        $2.28              $3.35   $2.51

    definition of ongoing
     EPS, see note 1.)
    ---------------------

    Effective Tax Rate       29%                      31%                     28%     31%
    ------------------      ---                      ---                     ---     ---

                                                    Second Quarter           Six Months

    Comparison as a
     Percent of Net
     Sales:                                       2013             2012            2013 2012
    ---------------                               ----             ----            ---- ----

             Gross profit                          56%                   57%             53%  53%

              Selling, general and administrative
              expenses                             11%                   11%             14%  15%

             Research and development expenses      7%                    7%              8%  10%

              Income from continuing operations
              before income taxes                  38%                   37%             30%  27%

              Net income attributable to Monsanto
              Company                              27%                   26%             22%  19%
             -----------------------------------  ---                   ---             ---  ---

“Our commitment to serving our farmer customers around the world is at the core of everything we do,” said Hugh Grant, chairman and chief executive officer for Monsanto. “By understanding their needs and finding new ways to work with them to meet growing demand, we’ve achieved momentum in our business and strong results across our global portfolio. Our performance underscores our expectation for a third consecutive year of strong earnings growth and reinforces our opportunities for the future as well. As we move into the second half of the year, we are thankful for the opportunity to serve our customers and continue to earn their business as a leader in this dynamic industry.”

Results of Operations

The company achieved strong second quarter and first half results that reflect the continued growth of its global business. Net sales for the quarter increased $724 million or 15 percent to $5.5 billion in the three-month comparison driven in part by 16 percent sales growth from its global corn business. For the first six months, net sales increased $1.2 billion or 17 percent.

Operating expenses were up $62 million in the second quarter compared to the prior year. In the three-month comparison, selling, general and administrative (SG&A) expenses increased 10 percent to $598 million. Quarterly research and development (R&D) expenses were up 2 percent to $360 million compared to the prior year period.

The company’s second quarter earnings per share (EPS) was $2.73 on an ongoing and $2.74 on an as-reported basis, compared to an EPS of $2.28 on an ongoing and $2.24 on an as-reported basis in the same quarter last year. EPS for the first six months of fiscal year 2013 was $3.35 on an ongoing and $3.37 on an as-reported basis. (For a reconciliation of EPS to ongoing EPS see page 1).

Cash Flow

For the first half of fiscal year 2013, cash flow from operations was a source of nearly $1.9 billion compared to $1.7 billion for the same period last year.

Net cash required by investing activities for the first half of fiscal year 2013 was $301 million, compared to $402 million for the same period of fiscal year 2012. Net cash required by financing activities for the first half of 2013 was $422 million, compared to net cash required of $672 million for the same period of fiscal year 2012.

Free cash flow was a source of nearly $1.6 billion for the first half of fiscal year 2013, compared to a source of $1.3 billion for the first half of fiscal year 2012. (For a reconciliation of free cash flow, see note 1.)

Outlook

The company raised its full year ongoing EPS guidance to $4.40 to $4.50 per share. Full year 2013 EPS guidance on an as-reported basis is expected in the range of $4.42 to $4.52 per share. (For a reconciliation of EPS, see note 1.)

The company affirmed its previously announced full year free cash flow guidance of $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.)

Seeds and Genomics Segment Detail

    ($ in
     millions)                          Net Sales                                           Gross Profit

                       Second Quarter                       Six Months             Second Quarter             Six Months

    Seeds and
     Genomics     2013                2012          2013        2012     2013 2012                2013   2012
                  ----                ----          ----        ----     ---- ----                ----   ----

    Corn Seed and
     Traits             $3,280                    $2,816               $4,419                   $3,711             $2,083     $1,847 $2,769 $2,378
                        ------                    ------               ------                   ------             ------     ------ ------ ------

    Soybean Seed
     and Traits    677                 689               908              931             395             443             513    616
                   ---                 ---               ---              ---             ---             ---             ---    ---

    Vegetable
     Seeds         199                 215               355              372             106              85             189    166
                   ---                 ---               ---              ---             ---             ---             ---    ---

    Cotton Seed
     and Traits     60                  66               245              260              44              47             171    182
                   ---                 ---               ---              ---             ---             ---             ---    ---

    All Other
     Crops Seeds
     and Traits    130                 138               174              184              71              69              82     65
    ------------   ---                 ---               ---              ---             ---             ---             ---    ---

    TOTAL Seeds
     and Genomics       $4,346                    $3,924               $6,101                   $5,458             $2,699     $2,491 $3,724 $3,407
    -------------       ------                    ------               ------                   ------             ------     ------ ------ ------

    ($ in millions)               Earnings Before Interest & Taxes (EBIT)
    --------------                 --------------------------------------

                             Second Quarter                               Six Months

    Seeds and Genomics  2013                    2012                2013      2012
    ------------------  ----                    ----                ----      ----

    EBIT (For a
     reconciliation of
     EBIT, see note 1.)      $1,840                               $1,699             $2,060 $1,846
    -------------------      ------                               ------             ------ ------

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

Sales in the Seeds and Genomics segment for the second quarter were $4.3 billion, an increase of $422 million over the same period last year. For the first six months, sales for the segment are up $643 million over the same period last year.

Monsanto’s global corn business led the Seeds and Genomics segment performance, as it expects to hit record total corn volumes in 2013. The second quarter results were driven in part by the conclusion of a successful and record second season in Brazil where the company continued to achieve strong demand for its latest corn products. The U.S. corn business also drove the results for the quarter, with the company projecting another year of strong performance from the business driven by the positive mix improvement across its corn portfolio. The company is on track to reach the high end of its 36 million to 38 million acre target range for its Genuity(®) reduced refuge family.

The current and emerging opportunities in the company’s global soybean business complement the global corn business. In the United States, the company has achieved strong results year-to-date, with the positive order book and shipments positioning the company well to deliver to the high end of its 39 million to 41 million acre target range for its Genuity(® )Roundup Ready 2 Yield(®) platform. This performance comes as the company prepares to enter the next phase of innovation in its soybean platform, including the addition of both Roundup Ready 2 Xtend((TM) )and Intacta RR2 PRO((TM) )soybeans.( )The company noted that new results from its second year of Intacta RR2 PRO((TM)) Ground Breakers(®) on-farm field trials in Brazil have demonstrated a better than 4 bushel per acre yield advantage against first-generation Roundup Ready(®) soybeans at more than 1,000 locations, double the number of locations from its 2012 Ground Breakers(®) on-farm field trials in Brazil.

Agricultural Productivity Segment Detail

     ($ in millions)                       Net Sales                                               Gross Profit
     --------------                        ---------                                               ------------

                       Second Quarter                        Six Months             Second Quarter                  Six Months

                     2013             2012           2013               2012   2013          2012              2013       2012
                     ----             ----           ----               ----   ----          ----              ----       ----

    Agricultural
     Productivity           $1,126                        $824               $2,310                          $1,729            $371 $214 $743 $394
    -------------           ------                        ----               ------                          ------            ---- ---- ---- ----

    TOTAL
     Agricultural
     Productivity           $1,126                        $824               $2,310                          $1,729            $371 $214 $743 $394
    -------------           ------                        ----               ------                          ------            ---- ---- ---- ----

    ($ in millions)             Earnings Before Interest & Taxes (EBIT)
    --------------               --------------------------------------

                          Second Quarter                            Six Months

    Agricultural
     Productivity       2013             2012                 2013             2012
    -------------       ----             ----                 ----             ----

    EBIT (For a
     reconciliation of
     EBIT, see note 1.)         $256                                   $82              $526 $164
    -------------------         ----                                   ---              ---- ----

    Unusual Items
     Affecting EBIT:

    EBIT from
     Discontinued
     Operations                   $6                                   $11               $17  $11

    Nitro Claims
     Settlement            $       -                                  $(44)           $    - $(44)
    ------------         ---     ---                                  ----          ---  --- ----

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

Net sales in the second quarter of fiscal 2013 for Monsanto’s Agricultural Productivity segment increased $302 million over the same period last year, reflecting the continued benefit of a favorable marketplace environment. The company remains focused on its established Roundup(®) strategy.

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 and future expectations and 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 website at www.monsanto.com/investors or by visiting http://edge.media-server.com/m/p/pbzn6osi/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 website for three weeks. Monsanto publishes details on upcoming webcasts on this website in both the Presentation and Financial Reports section and the Calendar of Events section. Investors should look to this site as the source of information on future investor conference webcasts. The site includes a calendar of upcoming investor events, details on accessing scheduled webcasts and information from previous investor events.

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, Genuity, Roundup, Roundup Ready 2 Yield, Roundup Ready 2 Xtend, Intacta RR2 PRO and Ground Breakers are trademarks of Monsanto Company and its wholly-owned subsidiaries.

    Monsanto Company
    800 North Lindbergh Blvd
    St. Louis, Missouri 63167

    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                             Six Months Ended

                                   February 28,             February 29,            February 28,            February 29,
                                        2013                    2012                     2013                   2012
                                  -------------            -------------           -------------           -------------

    Net Sales                                      $5,472                                          $4,748                 $8,411  $7,187

    Cost of Goods Sold                    2,402                             2,043                                  3,944   3,386
                                          -----                             -----                                  -----   -----

    Gross Profit                          3,070                             2,705                                  4,467   3,801

    Operating Expenses:

    Selling, general and
     administrative expenses                598                               543                                  1,140   1,043

    Research and development
     expenses                               360                               353                                    706     704
                                            ---                               ---                                    ---     ---

    Total Operating Expenses                958                               896                                  1,846   1,747

    Income From Operations                2,112                             1,809                                  2,621   2,054

    Interest Expense                         35                                47                                     86     100

    Interest Income                         (27)                              (20)                                   (50)    (38)

    Other Expense, Net                       22                                37                                     39      43
                                            ---                               ---                                    ---     ---

    Income from Continuing
     Operations Before Income
     Taxes                                2,082                             1,745                                  2,546   1,949

    Income Tax Provision                    603                               540                                    725     610
                                            ---                               ---                                    ---     ---

    Income from Continuing
     Operations Including Portion
     Attributable to
     Noncontrolling Interest                       $1,479                                          $1,205                 $1,821  $1,339
                                                   ------                                          ------                 ------  ------

    Discontinued Operations:

    Income from Operations of
     Discontinued Businesses                  6                                11                                     17      11

    Income Tax Provision                      2                                 4                                      6       4

    Income on Discontinued
     Operations                               4                                 7                                     11       7
                                            ---                               ---                                    ---     ---

    Net Income                                     $1,483                                          $1,212                 $1,832  $1,346
                                                   ------                                          ------                 ------  ------

    Less: Net Income Attributable
     to Noncontrolling Interest               -                                 1                                     10       9

    Net Income Attributable to
     Monsanto Company                              $1,483                                          $1,211                 $1,822  $1,337
                                                   ------                                          ------                 ------  ------

    EBIT (see note 1)                              $2,096                                          $1,781                 $2,586  $2,010
                                                   ------                                          ------                 ------  ------

    Basic Earnings per Share
     Attributable to Monsanto
     Company:

    Income from Continuing
     Operations                                     $2.77                                           $2.25                  $3.39   $2.49

    Income on Discontinued
     Operations                            0.01                              0.02                                   0.02    0.01
                                           ----                              ----                                   ----    ----

    Net Income Attributable to
     Monsanto Company                               $2.78                                           $2.27                  $3.41   $2.50
                                                    -----                                           -----                  -----   -----

    Diluted Earnings per Share
     Attributable to Monsanto
     Company:

    Income from Continuing
     Operations                                     $2.73                                           $2.23                  $3.35   $2.46

    Income on Discontinued
     Operations                            0.01                              0.01                                   0.02    0.01
                                           ----                              ----                                   ----    ----

    Net Income Attributable to
     Monsanto Company                               $2.74                                           $2.24                  $3.37   $2.47
                                                    -----                                           -----                  -----   -----

    Weighted Average Shares
     Outstanding:

    Basic                                 534.8                             534.4                                  534.8   534.9

    Diluted                               540.9                             540.5                                  540.9   540.9
    -------                               -----                             -----                                  -----   -----

                                                     Monsanto Company

                                              Selected Financial Information

                                     (Dollars in millions, except per share amounts)

                                                        Unaudited

    Condensed Statements of
     Consolidated Financial Position                       As of                     As of

                                                       Feb. 28, 2013            Aug. 31, 2012
                                                       -------------            -------------

    Assets

    Current Assets:

    Cash and cash equivalents
     (variable interest entity
     restricted -2013: $58 and 2012:
     $120)                                                              $4,443                         $3,283

    Short-term investments                                       310                             302

    Trade receivables, net (variable
     interest entity restricted -
     2013: $132 and 2012: $52)                                 2,219                           1,897

    Miscellaneous receivables                                    638                             620

    Deferred tax assets                                          658                             534

    Inventory, net                                             3,095                           2,839

    Other current assets                                         171                             183
                                                                 ---                             ---

    Total Current Assets                                      11,534                           9,658

    Property, Plant and Equipment, Net                         4,400                           4,365

    Goodwill                                                   3,519                           3,435

    Other Intangible Assets, Net                               1,220                           1,237

    Noncurrent Deferred Tax Assets                               542                             551

    Long-Term Receivables, Net                                   255                             376

    Other Assets                                                 609                             602
                                                                 ---                             ---

    Total Assets                                                       $22,079                        $20,224
                                                                       -------                        -------

    Liabilities and Shareowners'
     Equity

    Current Liabilities:

    Short-term debt, including
     current portion of long-term
     debt                                                        152                              36

    Accounts payable                                             751                             794

    Income taxes payable                                         430                              75

    Accrued compensation and benefits                            372                             546

    Accrued marketing programs                                 1,020                           1,281

    Deferred revenues                                            756                             396

    Grower production accruals                                   239                             194

    Dividends payable                                            201                             200

    Customer payable                                               7                              14

    Miscellaneous short-term accruals                            781                             685
                                                                 ---                             ---

    Total Current Liabilities                                  4,709                           4,221

    Long-Term Debt                                             2,054                           2,038

    Postretirement Liabilities                                   526                             543

    Long-Term Deferred Revenue                                   187                             245

    Noncurrent Deferred Tax
     Liabilities                                                 410                             313

    Long-Term Portion of
     Environmental and Litigation
     Reserves                                                    217                             213

    Other Liabilities                                            518                             615

    Monsanto Shareowners' Equity                              13,240                          11,833

    Noncontrolling Interest                                      218                             203
                                                                 ---                             ---

    Total Shareowners' Equity                                 13,458                          12,036
                                                              ------                          ------

    Total Liabilities and Shareowners'
     Equity                                                            $22,079                        $20,224
                                                                       -------                        -------

    Debt to Capital Ratio:                                        14%                             15%
    ----------------------                                       ---                             ---

                                                        Monsanto Company

                                                 Selected Financial Information

                                         (Dollars in millions, except per share amounts)

                                                            Unaudited

    Statements of Consolidated Cash Flows                               Six Months Ended

                                                              Feb. 28, 2013           Feb. 29, 2012
                                                              -------------           -------------

    Operating Activities:

    Net Income                                                                $1,832                       $1,346

    Adjustments to reconcile cash provided by
     operating activities:

    Items that did not require (provide)
     cash:

    Depreciation and amortization                                       305                           311

    Bad-debt expense                                                     10                            (8)

    Stock-based compensation expense                                     49                            72

    Excess tax benefits from stock-based
     compensation                                                       (47)                          (26)

    Deferred income taxes                                                52                           (33)

    Equity affiliate income, net                                         (2)                           (3)

    Net gain on sales of a business or other
     assets                                                             (14)                           (2)

    Other items                                                          48                            65

    Changes in assets and liabilities that
     provided (required) cash, net of
     acquisitions:

    Trade receivables, net                                             (196)                         (265)

    Inventory, net                                                     (261)                         (356)

    Deferred revenues                                                   293                           445

    Accounts payable and other accrued
     liabilities                                                       (204)                          142

    Restructuring cash payments                                           -                            (7)

    Pension contributions                                               (24)                          (33)

    Other items                                                          16                            24

    Net Cash Provided by Operating Activities                         1,857                         1,672
    -----------------------------------------                         -----                         -----

    Cash Flows Provided (Required) by
     Investing Activities:

    Purchases of short-term investments                                (320)                         (429)

    Maturities of short-term investments                                312                           429

    Capital expenditures                                               (261)                         (239)

    Acquisitions of businesses, net of cash
     acquired                                                           (79)                         (113)

    Technology and other investments                                    (48)                          (56)

    Other investments and property disposal
     proceeds                                                            95                             6

    Net Cash Required by Investing Activities                          (301)                         (402)
    -----------------------------------------                          ----                          ----

    Cash Flows Provided (Required) by
     Financing Activities:

    Net change in financing with less than
     90-day maturities                                                  142                            (8)

    Short-term debt proceeds                                              1                             9

    Short-term debt reductions                                          (29)                          (17)

    Long-term debt proceeds                                              16                             -

    Long-term debt reductions                                            (2)                         (142)

    Treasury stock purchases                                           (327)                         (299)

    Stock option exercises                                              136                            52

    Excess tax benefits from stock-based
     compensation                                                        47                            26

    Tax withholding on restricted stock and
     restricted stock units                                              (3)                           (1)

    Dividend payments                                                  (402)                         (322)

    Dividend payments to noncontrolling
     interests                                                           (1)                          (71)

    Proceeds from noncontrolling interests                                -                           101

    Net Cash Required by Financing Activities                          (422)                         (672)
    -----------------------------------------                          ----                          ----

    Effect of Exchange Rate Changes on Cash
     and Cash Equivalents                                                26                           (47)

    Net Increase in Cash and Cash Equivalents                         1,160                           551

    Cash and Cash Equivalents at Beginning of
     Period                                                           3,283                         2,572

    Cash and Cash Equivalents at End of
     Period                                                                   $4,443                       $3,123
    -----------------------------------                                       ------                       ------

            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 (loss) 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
                                        (Loss): EBIT is defined as earnings
                                        (loss) before interest and taxes.
                                        Earnings (loss) is intended to mean
                                        net income (loss) 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 (loss) attributable to
                                        Monsanto Company.
                                        --------------------------------------

                               Three Months Ended                       Six Months Ended
                               ------------------                       ----------------

                      Feb. 28, 2013             Feb. 29, 2012 Feb. 28, 2013          Feb. 29, 2012
                      -------------             ------------- -------------          -------------

    EBIT - Seeds and
     Genomics Segment                 $1,840                       $1,699                          $2,060 $1,846

    EBIT -
     Agricultural
     Productivity
     Segment                    256                       82                  526                     164
                                ---                      ---                  ---                     ---

    EBIT- Total               2,096                    1,781                2,586                   2,010

    Interest Expense,
     Net                          8                       27                   36                      62

    Income Tax
     Provision(A)               605                      543                  728                     611
                                ---                      ---                  ---                     ---

    Net Income
     Attributable to
     Monsanto Company                 $1,483                       $1,211                          $1,822 $1,337
    -----------------                 ------                       ------                          ------ ------

    (A)            Includes the income tax provision
                   from continuing operations, the
                   income tax benefit (provision) on
                   noncontrolling interest, and the
                   income tax 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 Months         Three Months          Six Months          Six Months
                                                      Ended               Ended                 Ended              Ended

                                           2013  Feb. 28, 2013        Feb. 29, 2012        Feb. 28, 2013       Feb. 29, 2012

                           Guidance
                           --------

    Diluted Earnings per
     Share                          $4.42-$4.52                 $2.74                                    $2.24                 $3.37 $2.47

    Income on
     Discontinued
     Operations                           (0.02)         (0.01)                     (0.01)                             (0.02) (0.01)

    Nitro Claims
     Settlement                               -              -                       0.05                                  -    0.05
    ------------                            ---            ---                       ----                                ---    ----

     Diluted Earnings per
      Share from Ongoing
      Business                      $4.40-$4.50                 $2.73                                    $2.28                 $3.35 $2.51
     --------------------           -----------                 -----                                    -----                 ----- -----

    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                        Six Months Ended

                        2013 Guidance             Feb. 28, 2013           Feb. 29, 2012
                        -------------             -------------           -------------

    Net Cash Provided
     by Operating
     Activities       $               2,900-3,300                 $1,857                       $1,672

    Net Cash Required
     by Investing
     Activities                   (1,100)-(1,300)          (301)                         (402)
                                   --------------          ----                          ----

    Free Cash Flow    $               1,800-2,000         1,556                         1,270

    Net Cash Required
     by Financing
     Activities                               N/A          (422)                         (672)

    Effect of
     Exchange Rate
     Changes on Cash
     and Cash
     Equivalents                              N/A            26                           (47)
                                              ---           ---                           ---

    Net Increase in
     Cash and Cash
     Equivalents                              N/A         1,160                           551

    Cash and Cash
     Equivalents at
     Beginning of
     Period                                   N/A         3,283                         2,572
                                              ---         -----                         -----

    Cash and Cash
     Equivalents at
     End of Period                            N/A                 $4,443                       $3,123
    ---------------                           ---                 ------                       ------

SOURCE Monsanto Company


Source: PR Newswire