Exhibit 99
MONSANTO COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
Nine Months Ended
Sept. 30, Year Ended Dec. 31,
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2002 2001 2001 2000 1999 1998 1997
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Income (Loss) Before Income Taxes
and Cumulative Effect of
Accounting Change $ 97 $632* $459* $334 $263 $ (60) $ 1
Add:
Fixed charges 79 117 153 272 305 140 68
Less capitalized interest (6) (26) (30) (37) (23) (9) (9)
Dividends from affiliated companies 1 1 1 1 1 1 1
Equity affiliate expense (subtract
equity affiliate income) 31 29 41 34 18 31 (6)
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Earnings available for fixed charges $202 $753 $624 $604 $564 $103 $ 55
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Fixed Charges:
Interest expense $ 59 $ 73 $ 99 $214 $269 121 $ 48
Capitalized interest 6 26 30 37 23 9 9
Portion of rents representative of
interest factor 14 18 24 21 13 10 11
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Fixed Charges $ 79 $117 $153 $272 $305 $140 $ 68
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Ratio of Earnings to Fixed Charges 2.56 6.44 4.08 2.22 1.85 0.74 0.81
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* In accordance with Statement of Financial Accounting Standards Board No. 145,
Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB Statement No.
13 and Technical Corrections as of April 2002, Income Before Income Taxes and
Cumulative Effect of Accounting Change for the nine months ended Sept. 30, 2001
and the year ended Dec. 31, 2001 have been restated to reflect the
reclassification of the loss on early extinguishment of debt from an
extraordinary item into operating income.