Exhibit 99
MONSANTO COMPANY
COMPUTATION OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
Three Eight
Months Year Months
Ended Ended Ended
Nov. 30, Aug. 31, Aug. 31, Year Ended Dec. 31,
2004 2004 2003 2002 2001 2000 1999
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Income (Loss) from Continuing Operations
Before Income Taxes
and Cumulative Effect of
Accounting Change $(230) $ 402 $ (18) $ 221 $ 490 $ 353 $291
Add:
Fixed charges 30 112 71 105 147 272 305
Less capitalized interest (1) (7) (4) (8) (30) (37) (23)
Dividends from affiliated companies 0 1 0 1 1 1 1
Equity affiliate expense - net 6 36 26 43 41 34 18
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Earnings available for fixed charges $(195) $ 544 $ 75 $ 362 $ 649 $ 623 $592
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Fixed Charges:
Interest expense $ 25 $ 91 $ 57 $ 81 $ 99 $ 214 $269
Capitalized interest 1 7 4 8 30 37 23
Portion of rents representative of
interest factor 4 14 10 16 18 21 13
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Fixed Charges $ 30 $ 112 $ 71 $ 105 $ 147 $ 272 $305
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Ratio of Earnings to Fixed Charges -6.50* 4.86 1.06 3.45 4.41 2.29 1.94
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* Earnings were inadequate to cover fixed charges by $225 million for the three
months ended Nov. 30, 2004.