Monsanto Company reaffirms 2003 earnings per share guidance

St. Louis, Missouri
March 14, 2003

Monsanto Company (NYSE: MON) today reaffirmed its full-year EPS guidance to be in the range of $1.20 to $1.40. This guidance excludes the cumulative effect of the new accounting standard (SFAS No. 143, Accounting for Asset Retirement Obligations) of approximately $15 million, or 6 cents per share, as disclosed in the company's Form 10-K filed with the U.S. Securities and Exchange Commission yesterday.

Monsanto management also reaffirmed expectations that 85 to 90 percent of earnings will occur in the first half of the year, with roughly 10 percent of annual earnings occurring in the first quarter. Monsanto will release first- quarter 2003 earnings on April 30, 2003.

The company also reiterated its expectation for free cash flow generation in 2003 to be roughly in the range of $350 million to $400 million.

Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality.

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