Dow AgroSciences, Monsanto Cross-License Advanced Corn Trait Technology, Designed to Provide Exceptional New Tools for Weed and

  Dow AgroSciences, Monsanto Cross-License Advanced Corn Trait Technology,
  Designed to Provide Exceptional New Tools for Weed and Insect Management

  Agreements enable next-generation SmartStax^® corn with additional insect
        protection and access to Enlist™ herbicide-tolerant corn trait

Business Wire

INDIANAPOLIS & ST. LOUIS -- April 11, 2013

Monsanto Company (NYSE: MON) and Dow AgroSciences LLC, a subsidiary of The Dow
Chemical Company (NYSE: DOW), have reached new cross-licensing agreements for
creation of the next generation of advanced weed and insect control technology
in corn. Monsanto will license Dow AgroSciences’ new Enlist™ Weed Control
System herbicide-tolerant trait for use in field corn. Dow AgroSciences will
license Monsanto’s third generation corn rootworm technology, Corn Rootworm
III, which is presently under development by Monsanto and offers a new mode of
action for rootworm control. The agreement paves the way for introduction
(pending regulatory approvals) of next-generation products that build off the
current SmartStax® platform, which includes Dow’s Herculex® and Monsanto’s
insect resistance and herbicide-tolerance traits. Financial terms of the
agreement were not disclosed.

These technologies are expected to be introduced in each company’s respective
elite, proprietary germplasm and sold competitively by both companies as
next-generation weed and insect control products. The agreements build on the
competitive standard set by SmartStax®* for stacked-trait corn offerings in
providing added value for farmers in their ongoing need to secure higher
yields despite wide-ranging pressures from damaging pests. This creates the
opportunity to bring together for the first time three different modes of
action for below-ground insect control in a corn product.

Stacked trait products are particularly valuable for combating pest resistance
and preserving trait durability. Weed resistance is also a challenge facing
agriculture, and Enlist is a next-generation system that combines innovative
traits providing tolerance to 2,4-D and FOPs, novel herbicides and
stewardship, offering two modes of action for weed control to deliver
performance that farmers need now. Monsanto is the first licensee of the
Enlist trait in corn.

“This agreement takes the outstanding value offered by SmartStax technology to
a new level, allowing growers increased flexibility with highly effective new
modes of action for weed and insect management,” said Antonio Galindez, Dow
AgroSciences president and CEO. “Adding advanced new traits to SmartStax –
including our Enlist corn trait – delivers on our company’s business objective
of providing better solutions for the growing world.”

“This agreement builds on the success we had with the original SmartStax
agreement, showing that as both companies innovate, we’ll continue to bring
the best products to farmers,” said Brett Begemann, Monsanto’s president and
chief commercial officer. “We continue to look for additional modes of action
that offer benefit to our farmer customers and complement our existing
offerings while ensuring the sustainability and durability of the Roundup
Ready® system. Dow’s Enlist trait is an excellent addition, specifically in
its FOPs tolerance offering. We’re also pleased this paves the way to make
Monsanto’s Corn Rootworm III trait available in SmartStax in the future as
well as in Dow’s corn products.”

Under the agreements:

  *Monsanto and Dow AgroSciences will license to each other, under
    royalty-bearing agreements, traits for weed control as well as insect
    protection in corn. Specifically:

       *Dow AgroSciences will license to Monsanto its proprietary Enlist corn
         herbicide-tolerant trait on a non-exclusive basis.
       *Monsanto will license to Dow its third generation corn rootworm
         technology, Corn Rootworm III, on a non-exclusive basis.

  *The agreement paves the way for U.S. introduction (pending regulatory
    approvals) of new, next-generation SmartStax products by the end of the
    decade.
  *Monsanto will represent both parties for joint third-party licensing of
    the next-generation SmartStax corn to third-party seed companies through
    its Corn States business, allowing farmers access to cutting edge
    technology in the brands they prefer.
  *Dow AgroSciences will out-license the rights to the Enlist trait
    technology.
  *Both parties will retain the right to independently stack additional trait
    technologies.

* As currently sold, SmartStax corn includes Dow AgroSciences’ above- and
below-ground insect resistance traits, Herculex® I and Herculex® RW, and
glufosinate herbicide tolerance trait; Bayer Crop Sciences’ Liberty Link®; and
Monsanto’s above- and below-ground insect resistance traits YieldGard VT
Rootworm/RR2® and YieldGard VT PRO™ as well as Monsanto’s Roundup Ready®
glyphosate tolerance trait.

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.

About Dow AgroSciences

Dow AgroSciences, based in Indianapolis, Indiana, USA, develops leading-edge
crop protection and plant biotechnology solutions to meet the challenges of
the growing world. Dow AgroSciences is a wholly owned subsidiary of The Dow
Chemical Company and had annual global sales of $6.4 billion in 2012. Learn
more at www.dowagro.com. Follow Dow AgroSciences on Facebook and YouTube or
subscribe to our News Release RSS Feed.

About Dow

Dow (NYSE: DOW) combines the power of science and technology to passionately
innovate what is essential to human progress. The Company connects chemistry
and innovation with the principles of sustainability to help address many of
the world's most challenging problems such as the need for clean water,
renewable energy generation and conservation, and increasing agricultural
productivity. Dow's diversified industry-leading portfolio of specialty
chemical, advanced materials, agrosciences and plastics businesses delivers a
broad range of technology-based products and solutions to customers in
approximately 160 countries and in high growth sectors such as electronics,
water, energy, coatings and agriculture. In 2012, Dow had annual sales of
approximately $57 billion and employed approximately 54,000 people worldwide.
The Company's more than 5,000 products are manufactured at 188 sites in 36
countries across the globe. References to "Dow" or the "Company" mean The Dow
Chemical Company and its consolidated subsidiaries unless otherwise expressly
noted. More information about Dow can be found at www.dow.com.

®™ Enlist, DOW Diamond and Herculex are trademarks of The Dow Chemical Company
(“Dow”) or an affiliated company of Dow.Regulatory approvals are pending for
the Enlist™ herbicide solution and crops containing Enlist herbicide tolerance
traits. The information presented here is not an offer for sale. Always read
and follow label directions. ©2013 Dow AgroSciences LLC

Roundup Ready®, SmartStax®, YieldGard®, YieldGard VT Rootworm/RR2® and
YieldGard VT PRO™ are trademarks of Monsanto Technology, LLC.

Liberty Link® is a registered trademark of Bayer CropSciences.

Forward-Looking Statements:

This release contains “forward-looking statements” which reflect the
companies’ current expectations and currently available information. These
forward-looking statements are subject to risks and uncertainties and are
based on assumptions and estimates which could be inaccurate. Actual results
could vary materially from those anticipated or expressed in any
forward-looking statement made by the companies due to a number of factors,
including without limitation technological uncertainties facing the companies
continued competition in the companies’ businesses; the companies’ 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
companies’ research and development activities; compliance with regulations
affecting manufacturing; and the effect of weather conditions, natural
disasters and accidents on the agriculture business or facilities. Additional
risks factors related to Dow AgroSciences and Monsanto are detailed in The Dow
Chemical Company’s and Monsanto’s respective periodic filings with 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 companies disclaim any
obligation or intent to update the forward-looking statements in order to
reflect events or circumstances after the date of this release, except as
otherwise may be required by securities and other applicable laws.

Contact:

Monsanto
Media: Sara Miller, 314-694-5824
Analysts: Bryan Hurley, 314-694-8148
or
Dow
Media: Kenda Resler Friend, 317-337-4743
Analysts: Doug May, 989-636-2899