Monsanto Delivers Third Consecutive Year of Strong Growth on Performance of Global Portfolio; On Track for Strong Operational

  Monsanto Delivers Third Consecutive Year of Strong Growth on Performance of
  Global Portfolio; On Track for Strong Operational Growth from Core Business
  in FY14

  *Signs definitive agreement to acquire The Climate Corporation,
    accelerating opportunity of Integrated Farming Systems as transformational
    growth platform and unlocking next incremental yield opportunity for
    farmers
  *Outlines continued strong business growth, with guidance for double-digit
    gross profit growth, margin expansion and mid-to-high-teens EBITDA growth
    in FY14
  *FY14 earnings per share guidance at $5.00 to $5.20 after $0.14 of
    acquisition related dilution

Business Wire

ST. LOUIS -- October 2, 2013

Monsanto Company (NYSE: MON) today announced fiscal year 2013 results near the
high end of its guidance range, the third straight year of greater than
20percent ongoing earnings growth. Executives noted the company is
well-positioned for continued growth in fiscal year 2014 with the sustained
performance of its core business enabling continued investment in global
growth opportunities and the development of transformational new platforms.
This includes today's announced agreement to acquire The Climate Corporation
that will establish Monsanto as a leader in the area of data science,
expanding the near- and long-term growth opportunities of its Integrated
Farming Systems platform.

                                                  
                             Fourth Quarter         Fiscal Year
($ in millions)              2013       2012       2013        2012
Net Sales by Segment                                            
Corn seed and traits           $ 618       $ 588       $ 6,596      $ 5,814
Soybean seed and traits        87          142         1,653        1,771
Cotton seed and traits         65          29          695          779
Vegetable seeds                250         284         821          851
All other crops seeds and      165       160       575        574      
traits
TOTAL Seeds and Genomics       $ 1,185     $ 1,203     $ 10,340     $ 9,789
                                                                    
Agricultural productivity      $ 1,017   $ 895     $ 4,521    $ 3,715  
TOTAL Agricultural             $ 1,017     $ 895       $ 4,521      $ 3,715
Productivity
                                                           
TOTAL Net Sales              $ 2,202   $ 2,098   $ 14,861   $ 13,504 
                                                           
Gross Profit                 $ 924     $ 881     $ 7,653    $ 7,045  
                                                           
Operating Expenses           $ 1,213   $ 1,137   $ 4,083    $ 3,897  
Interest Expense – Net         $ 26        $ 34        $ 80         $ 114
Other Expense – Net          $ 26      $ (1    )  $ 61       $ 46     
Net Income (Loss)
Attributable to Monsanto     $ (249  )  $ (229  )  $ 2,482    $ 2,045  
Company
                                                           
Diluted Earnings (Loss)      $ (0.47 )  $ (0.42 )  $ 4.60     $ 3.79   
per Share (See note 1.)
Items Affecting
Comparability – EPS Impact
Restructuring charges, net     —           (0.02   )   —            (0.02    )
Income on discontinued         —           —           (0.02    )   (0.01    )
operations
Nitro Claims Settlement        —           —           —            0.05
Resolution of a Legacy Tax   —         —         (0.02    )  (0.11    )
Matter
Diluted Earnings per Share
from Ongoing Business (For   $ (0.47 )  $ (0.44 )  $ 4.56     $ 3.70   
the definition of ongoing
EPS, see note 1.)
Effective Tax Rate           30      %  24      %  27       %  30       %

                                                              
                                                Fourth Quarter  Fiscal Year
Comparison as a Percent of Net Sales:            2013    2012   2013  2012
  Gross profit                                    42%     42%     51%   52%
  Selling, general and administrative expenses    35%      34%     17%    18%
  Research and development expenses               20%      21%     10%    11%
  Income (loss) from continuing operations        (15)%    (14)%   23%    22%
  before income taxes
 Net income (loss) attributable to Monsanto     (11)%   (11)%  17%   15%
  Company

“The strength of our broad global portfolio enabled us to deliver a third
consecutive year of strong business results, and by building off our proven
strategy we're confident the key elements are in place to carry that momentum
through to achieve strong business growth in 2014,” said Hugh Grant, chairman
and chief executive officer for Monsanto. “The performance of our core
business gives us the ability to invest efficiently in breakthrough
agricultural innovation that, by making farming more precise, will enable
continued improvement in agriculture sustainability in the face of mounting
environmental challenges. As the innovation leader, we've staked out the early
position to unlock the next wave of on-farm yield opportunity for farmers
around the world.”

Results of Operations

Monsanto reported net sales of approximately $2.2 billion for the fourth
quarter of fiscal year 2013, an increase over the prior year period. Net sales
for the full fiscal year were approximately $14.9 billion, a 10 percent
increase over fiscal year 2012. Full year net sales results were driven by the
strength of the Agricultural Productivity segment and global corn seeds and
traits revenue.

Seeds and Genomics segment net sales were approximately $1.2 billion for the
quarter. For the fiscal year, net sales for the Seeds and Genomics segment
reached $10.3 billion, an approximately six percent increase over the prior
year. Agricultural Productivity segment net sales were $1 billion for the
quarter. Net sales for the Agricultural Productivity segment for the fiscal
year increased to $4.5 billion.

Monsanto reported a net loss of $249 million in the fourth quarter of fiscal
year 2013, compared with a reported net loss of $229 million in the same
period last year. Net income for fiscal year 2013 was approximately $2.5
billion, an increase over fiscal year 2012 net income of $2.1 billion.

The company's fiscal year 2013 earnings per share (EPS) was $4.56 on an
ongoing basis and $4.60 on an as-reported basis. For the fourth quarter, the
company reported a loss per share of $0.47 on an ongoing basis and as-reported
basis. (For a reconciliation of ongoing EPS, see page 1 and note 1.)

Cash Flow

For fiscal year 2013, net cash provided by operating activities was a source
of $2.7 billion, compared with a source of $3.1 billion in fiscal year 2012.
Net cash required by investing activities was $777 million in fiscal year
2013, compared with net cash required of $1 billion last year. Net cash
required by financing activities was $1.5 billion for fiscal year 2013,
compared with net cash required of $1.2 billion in fiscal year 2012. Free cash
flow was a source of nearly $2 billion for fiscal year 2013, in line with
fiscal year 2012. (For a reconciliation of free cash flow, see note 1.)

In fiscal year 2013, the company used nearly 100 percent of its $2 billion in
free cash flow to return cash to shareowners through buybacks and dividends,
including the completion of the company's $1 billion share-repurchase
authorization and the initiation of buybacks under a new $2 billion,
three-year repurchase program announced in June.

Outlook

Monsanto today announced a definitive agreement to acquire The Climate
Corporation for a cash purchase price of approximately $930 million. The
acquisition combines Monsanto's leading R&D capabilities with The Climate
Corporation's leading analytical expertise,accelerating the opportunity of
Monsanto's Integrated Farming Systems platform and unlocking the next
incremental yield opportunity for farmers. See today's press release and
supporting information at www.monsanto.com for more information about the
acquisition.

In fiscal year 2014, Monsanto expects continued strong operational growth from
its core business, reflected in mid-to-high teens growth in EBITDA and overall
margin expansion. Monsanto expects to achieve EPS of $5.00 to $5.20 after
approximately $0.14 of dilution related to The Climate Corporation
acquisition.

The total company gross profit is expected in the range of $8.4 to $8.7
billion in 2014, representing double-digit year-over-year growth. The biggest
driver of the growth is expected to be from the Seeds and Genomics segment in
which the company expects to achieve mid-teens gross-profit growth in fiscal
year 2014 as it significantly expands gross-profit margins in the segment.

The company projects free cash flow in the range of $600 million to $800
million for fiscal year 2014, after approximately $930 million in cash for The
Climate Corporation acquisition. 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 approximately $2.3billion to $2.5 billion for
fiscal year 2014, including capital expenditures and acquisition-related
costs. (For a reconciliation of free cash flow, see note 1.)

                                                          
Seeds and Genomics Segment Detail
                                                         
($ in      Net Sales                                       Gross Profit
millions)
            Fourth Quarter         Fiscal Year              Fourth Quarter     Fiscal Year
Seeds and  2013       2012       2013        2012       2013     2012     2013       2012
Genomics
Corn Seed
and        $ 618     $ 588     $ 6,596    $ 5,814   $ 301   $ 284   $ 3,929   $ 3,589
Traits
Soybean
Seed and   87        142       1,653      1,771     37      81      948       1,160
Traits
Cotton
Seed and   65        29        695        779       53      18      519       585
Traits
Vegetable  250       284       821        851       55      159     337       419
Seeds
All Other
Crops      165       160       575        574       98      89      350       306
Seeds and
Traits
TOTAL
Seeds and  $ 1,185   $ 1,203   $ 10,340   $ 9,789   $ 544   $ 631   $ 6,083   $ 6,059
Genomics

                                  
 ($ in millions)                   Earnings Before Interest & Taxes (EBIT)
                                   Fourth Quarter       Fiscal Year
  Seeds and Genomics                2013      2012      2013       2012
  EBIT (For a reconciliation of     $ (568 )  $ (387 )  $ 2,412   $ 2,570
  EBIT, see note 1.)

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

For the fiscal year, Monsanto realized Seeds and Genomics segment sales of
$10.3 billion, led by its global corn portfolio that achieved a 13 percent
increase over the prior year. Segment sales in the fourth quarter were
approximately $1.2 billion.

The company expects continued growth in its Seeds and Genomics segment in
fiscal year 2014, reflecting the opportunity in both the core U.S. and
accelerating international businesses.

The opportunity begins with the company's global corn business where it is
focused on continued unit volume growth and margin expansion from its better
year-over-year cost position and germplasm and trait mix upgrades globally,
including rapidly expanding emerging markets like Latin America and Eastern
Europe.

Complementing the continued global corn opportunity in fiscal year 2014 is the
expected strong soybean business growth as a result of the expanded Roundup
Ready 2 Yield^® opportunity in the United States and the launch of the Intacta
RR2 PRO^™ soybean product in Latin America.

                                                          
Agricultural Productivity Segment Detail
                                                         
($ in         Net Sales                                    Gross Profit
millions)
              Fourth Quarter       Fiscal Year             Fourth Quarter     Fiscal Year
             2013       2012     2013       2012       2013     2012     2013       2012
Agricultural  $ 1,017   $ 895   $ 4,521   $ 3,715   $ 380   $ 250   $ 1,570   $ 986
Productivity
TOTAL
Agricultural  $ 1,017   $ 895   $ 4,521   $ 3,715   $ 380   $ 250   $ 1,570   $ 986
Productivity

                                    
 ($ in millions)                     Earnings Before Interest & Taxes (EBIT)
                                     Fourth Quarter     Fiscal Year
  Agricultural Productivity           2013     2012     2013       2012
  EBIT (For a reconciliation of       $ 238   $ 123   $ 1,048   $ 477 
  EBIT, see note 1.)
  Unusual Items Affecting EBIT:                                     
  EBIT from Discontinued Operations    $ —       $ 2       $ 17        $ 10
  Nitro Claims Settlement             $ —     $ —     $ —       $ (44 )

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

Segment sales for the quarter reached $1 billion with gross profit of $380
million. For the fiscal year, the segment delivered net sales of $4.5 billion
with gross profit of approximately $1.6 billion, with year-over-year increases
that reflect the overall positive market environment and Monsanto's focused
business strategy. The company anticipates the Agricultural Productivity
segment to continue to be a steady-to-stronger contributor to the business in
fiscal year 2014.

Webcast Information

In conjunction with this announcement, Monsanto will hold a conference call at
8:30 a.m. central time (9:30a.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
http://edge.media-server.com/m/p/t5a96ear/lan/en. Visitors may need to
download Windows Media Player™ 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, Roundup Ready 2 Yield and
Intacta RR2 PRO are trademarks of Monsanto Company and its wholly-owned
subsidiaries.


Monsanto Company

Selected Financial Information

(Dollars in millions, except per share amounts)

Unaudited
                                              
Statements of
Consolidated       Three Months Ended Aug. 31,  Twelve Months Ended Aug. 31,
Operations
                  2013           2012         2013            2012
Net Sales           $  2,202       $  2,098      $  14,861       $  13,504
Cost of Goods       1,278         1,217       7,208          6,459     
Sold
Gross Profit        924             881           7,653            7,045
Operating
Expenses:
Selling, general
and                 778             709           2,550            2,390
administrative
expenses
Research and
development         435             439           1,533            1,517
expenses
Restructuring       —             (10       )  —              (10       )
charges, net
Total Operating     1,213           1,138         4,083            3,897
Expenses
Income (Loss)       (289      )     (257      )   3,570            3,148
From Operations
Interest Expense    49              52            172              191
Interest Income     (23       )     (18       )   (92        )     (77       )
Other Expense       26            (1        )  61             46        
(Income), Net
Income (Loss)
from Continuing     (341      )     (290      )   3,429            2,988
Operations Before
Income Taxes
Income Tax
Provision           (102      )    (70       )  915            901       
(Benefit)
Income (Loss)
from Continuing
Operations
Including Portion   $  (239   )    $  (220   )  $  2,514       $  2,087  
Attributable to
Noncontrolling
Interest
Discontinued
Operations:
Income from
Operations of       —               2             17               10
Discontinued
Businesses
Income Tax          —             1           6              4         
Provision
Income on
Discontinued        —             1           11             6         
Operations
Net Income (Loss)   $  (239   )    $  (219   )  $  2,525       $  2,093  
Less: Net Income
Attributable to     10            10          43             48        
Noncontrolling
Interest
Net Income (Loss)
Attributable to     $  (249   )    $  (229   )  $  2,482       $  2,045  
Monsanto Company
                                                                   
EBIT (see note 1)   $  (330   )    $  (264   )  $  3,460       $  3,047  
                                                                   
Basic Earnings
(Loss) per Share
Attributable to
Monsanto Company:
Income (Loss)
from Continuing     $  (0.47  )     $  (0.43  )   $  4.63          $  3.82
Operations
Income (Loss) on
Discontinued        —             (0.01     )  0.02           0.01      
Operations
Net Income (Loss)
Attributable to     $  (0.47  )    $  (0.44  )  $  4.65        $  3.83   
Monsanto Company
                                                                   
Diluted Earnings
(Loss) per Share
Attributable to
Monsanto Company:
Income (Loss)
from Continuing     $  (0.47  )     $  (0.42  )   $  4.58          $  3.78
Operations
Income (Loss) on
Discontinued        —             —           0.02           0.01      
Operations
Net Income (Loss)
Attributable to     $  (0.47  )    $  (0.42  )  $  4.60        $  3.79   
Monsanto Company
                                                                   
Weighted Average
Shares
Outstanding:
Basic               531.5           533.5         533.7            534.1
Diluted            531.5         539.1       539.7          540.2     


Monsanto Company

Selected Financial Information

(Dollars in millions, except per share amounts)

Unaudited
                                                     
Condensed Statements of Consolidated Financial        As of Aug. 31,
Position
                                                     2013        2012
Assets                                                            
Current Assets:
Cash and cash equivalents (variable interest           $ 3,668      $ 3,283
entities restricted - 2013: $140 and 2012: $120)
Short-term investments                                 254          302
Trade receivables, net (variable interest entities     1,715        1,897
restricted - 2013: $0 and 2012: $52)
Miscellaneous receivables                              748          620
Deferred tax assets                                    579          534
Inventory, net                                         2,947        2,839
Other current assets                                   166        183      
Total Current Assets                                   10,077       9,658
Property, Plant and Equipment, Net                     4,654        4,365
Goodwill                                               3,520        3,435
Other Intangible Assets, Net                           1,226        1,237
Noncurrent Deferred Tax Assets                         454          551
Long-Term Receivables, Net                             237          376
Other Assets                                           496        602      
Total Assets                                           $ 20,664   $ 20,224 
Liabilities and Shareowners’ Equity
Current Liabilities:
Short-term debt, including current portion of          51           36
long-term debt
Accounts payable                                       995          794
Income taxes payable                                   91           75
Accrued compensation and benefits                      492          546
Accrued marketing programs                             1,078        1,281
Deferred revenues                                      517          396
Grower production accruals                             60           194
Dividends payable                                      228          200
Customer payable                                       12           14
Miscellaneous short-term accruals                      812        685      
Total Current Liabilities                              4,336        4,221
Long-Term Debt                                         2,061        2,038
Postretirement Liabilities                             357          543
Long-Term Deferred Revenue                             138          245
Noncurrent Deferred Tax Liabilities                    469          313
Long-Term Portion of Environmental and Litigation      193          213
Reserves
Other Liabilities                                      382          615
Monsanto Shareowners’ Equity                           12,559       11,833
Noncontrolling Interest                                169        203      
Total Shareowners’ Equity                              12,728     12,036   
Total Liabilities and Shareowners’ Equity              $ 20,664   $ 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            Twelve Months Ended Aug. 31,
                                                2013           2012
Operating Activities:                                          
Net Income                                        $  2,525        $  2,093
Adjustments to reconcile cash provided by
operating activities:
Items that did not require (provide) cash:
Depreciation and amortization                     615             622
Bad-debt expense                                  27              3
Stock-based compensation expense                  100             128
Excess tax benefits from stock-based              (79       )     (50       )
compensation
Deferred income taxes                             262             256
Restructuring charges, net                        —               (10       )
Equity affiliate income, net                      (17       )     (19       )
Net gain on sales of a business or other assets   (16       )     (4        )
Other items, net                                  (77       )     2
Changes in assets and liabilities that provided
(required) cash, net of acquisitions:
Trade receivables, net                            222             170
Inventory, net                                    (192      )     (427      )
Deferred revenues                                 50              (39       )
Accounts payable and other accrued liabilities    (128      )     439
Restructuring cash payments                       —               (12       )
Pension contributions                             (75       )     (83       )
Other items, net                                 (477      )    (18       )
Net Cash Provided by Operating Activities        2,740         3,051     
Cash Flows Provided (Required) by Investing
Activities:
Purchases of short-term investments               (716      )     (746      )
Maturities of short-term investments              764             746
Capital expenditures                              (741      )     (646      )
Acquisition of businesses, net of cash acquired   (165      )     (322      )
Technology and other investments                  (88       )     (77       )
Other investments and property disposal          169           11        
proceeds
Net Cash Required by Investing Activities        (777      )    (1,034    )
Cash Flows Provided (Required) by Financing
Activities:
Net change in financing with less than 90-day     104             (116      )
maturities
Short-term debt proceeds                          22              30
Short-term debt reductions                        (29       )     (42       )
Long-term debt proceeds                           32              499
Long-term debt reductions                         (2        )     (629      )
Debt issuance costs                               —               (5        )
Treasury stock purchases                          (1,095    )     (432      )
Stock option exercises                            257             117
Excess tax benefits from stock-based              79              50
compensation
Tax withholding on restricted stock and           (10       )     (19       )
restricted stock units
Dividend payments                                 (802      )     (642      )
Proceeds from noncontrolling interest             133             101
Dividend payments to noncontrolling interests    (174      )    (77       )
Net Cash Required by Financing Activities        (1,485    )    (1,165    )
Effect of Exchange Rate Changes on Cash and       (93       )     (141      )
Cash Equivalents
Net Decrease in Cash and Cash Equivalents         385             711
Cash and Cash Equivalents at Beginning of        3,283         2,572     
Period
Cash and Cash Equivalents at End of Period       $  3,668      $  3,283  

   
   Monsanto Company
   Selected Financial Information
   (Dollars in millions)
   Unaudited
   
   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
1. 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 Aug. 31,   Twelve Months Ended Aug.
                                                     31,
                    2013           2012          2013           2012
EBIT – Seeds and      $   (568  )    $  (387  )     $  2,412       $  2,570
Genomics Segment
EBIT –
Agricultural          238           123          1,048         477
Productivity
Segment
EBIT– Total           (330      )     (264     )     3,460           3,047
Interest Expense,     26              34             80              114
Net
Income Tax
Provision             (107      )    (69      )    898           888
(Benefit)^(A)
Net Income (Loss)
Attributable to      $   (249  )    $  (229  )    $  2,482      $  2,045
Monsanto Company
                                                                        
(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 Ended Aug.    Twelve Months Ended
                 2014          31,                         Aug. 31,
               Guidance     2013           2012       2013      2012
Diluted
Earnings         $5.00-$5.20   $  (0.47  )    $ (0.42 )   $ 4.60    $ 3.79
(Loss) per
Share
Restructuring    —             —               (0.02   )   —          (0.02  )
Charges, Net
Income on
Discontinued     —             —               —           (0.02  )   (0.01  )
Operations
Nitro Claims     —             —               —           —          0.05
Settlement
Resolution of
a Legacy Tax    —            —             —         (0.02  )  (0.11  )
Matter
Diluted
Earnings
(Loss) per      $5.00-$5.20  $  (0.47  )    $ (0.44 )  $ 4.56   $ 3.70 
Share from
Ongoing
Business


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 2014 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 2014      Twelve Months Ended Aug. 31,
                   Guidance              2013                2012
Net Cash
Provided by      $   2,900-3,300            $    2,740          $   3,051
Operating
Activities
Net Cash
Required by         (2,300)-(2,500)       (777         )      (1,034     )
Investing
Activities
Free Cash Flow   $   600-800                1,963                2,017
Net Cash
Required by          N/A                    (1,485       )       (1,165     )
Financing
Activities
Effect of
Exchange Rate
Changes on Cash     N/A                   (93          )      (141       )
and Cash
Equivalents
Net Increase in
Cash and Cash        N/A                    385                  711
Equivalents
Cash and Cash
Equivalents at      N/A                   3,283              2,572      
Beginning of
Period
Cash and Cash
Equivalents at      N/A                   $    3,668         $   3,283  
End of Period

Contact:

Monsanto Company
Media:
Sara Miller, 314-694-5824
or
Analysts:
Bryan Hurley, 314-694-8148
 
Press spacebar to pause and continue. Press esc to stop.