Marysville, Ohio
September 16, 2003

The Scotts Company, the global leader in the consumer lawn and garden market, announced today that it would not increase its offer to acquire the lawn and garden business of Australia-based Yates Ltd. after Yates announced earlier in the day that it had received a higher bid.

Scotts also said it will seek immediate payment of the A$2 million break- up fee agreed upon by the Yates board of directors and is exploring legal options related to Yates' termination of its agreement with Scotts.

"Our offer price of A$41 million was extremely fair," said Jim Hagedorn, chairman and chief executive officer of Scotts. "Although we believe growing our base in Australia would be beneficial, we are not going to chase a deal if the economics don't make sense."

Hagedorn said Scotts has taken steps to enhance its management team in Australia since announcing plans to acquire Yates last month. He said the Company remains committed to growing in the Australian marketplace and the recent changes will help to accomplish that goal.

With 2002 sales of $1.76 billion, The Scotts Company is the global leader in the consumer lawn and garden market, with a full range of products for professional horticulture as well. The company owns the industry's most recognized brands. In the U.S., the company's Scotts®, Miracle-Gro® and Ortho® brands are market leading in their categories, as is the consumer Roundup® brand which is marketed in North America and most of Europe exclusively by Scotts and owned by Monsanto. Scotts LawnService® also is the No. 2 company in the "do-it-for-me" lawn service market. In Europe, Scotts' brands include Weedol® Pathclear®, Evergreen®, Levington® Miracle-Gro®, KB®, Fertiligene® and Substral®.