Monsanto 10-Q 2012 Q2 Quarterly report

Exhibit 12

MONSANTO COMPANY

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES⁽¹⁾⁽²⁾

(Dollars in millions)

	Six Months Ended Feb. 29,			Year Ended Aug. 31,
	2012			2011			2010			2009			2008			2007
EARNINGS:
Income from Continuing Operations Before Income Taxes	$	1,949		$	2,374		$	1,490		$	2,918		$	2,926		$	1,328
Add:
Fixed charges		132			234			227			178			162			174
Dividends from affiliated companies		—			—			—			—			—			—
Equity affiliate (income) expense — net		(3	)		(21	)		(16	)		(17	)		(2	)		34
Amortization of capitalized interest		8			15			14			13			16			15
Less:
Capitalized interest		(11	)		(22	)		(25	)		(34	)		(22	)		(14	)
Earnings available for fixed charges	$	2,075		$	2,580		$	1,690		$	3,058		$	3,080		$	1,537
FIXED CHARGES:
Interest expense(3)	$	101		$	172		$	167		$	107		$	110		$	136
Capitalized interest		11			22			25			34			22			14
Portion of rents representative of interest factor		20			40			35			37			30			24
Total Fixed Charges	$	132		$	234		$	227		$	178		$	162		$	174
Ratio of Earnings to Fixed Charges		15.72			11.03			7.44			17.18			19.01			8.83

⁽¹⁾  Monsanto has not paid any preference security dividends and, therefore, has not included the ratio of combined fixed charges and preference security dividends to earnings for the relevant periods.

⁽²⁾ The operating results of the Dairy business has been conformed to discontinued operations presentation for all relevant fiscal years presented.

⁽³⁾ Includes amortization of deferred debt issuance costs and the interest component of the income tax provision.