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As Pharmacia Completes Monsanto SpinOff, Monsanto CEO Says Company Retains Focus and Strategic Direction

(Aug. 15, 2002 -- CropChoice news) -- The following is a Monsanto press release.

ST. LOUIS (Aug. 13, 2002) - As previously announced, at the close of business today Pharmacia Corporation will distribute its 84-percent stake in Monsanto Company to Pharmacia shareowners via a special stock dividend. This distribution will complete Pharmacia's spinoff of Monsanto and establish Monsanto as a 100-percent publicly traded company.

In marking the occasion, Monsanto President and Chief Executive Officer Hendrik A. Verfaillie said Monsanto's focus would remain on its long-term commitment to agriculture and the strategy it has built around its customer base. "Today marks an important milestone, affirming Monsanto's place as a company solely dedicated to agriculture," said Verfaillie.

"However, this is just one milestone in a larger evolution. We've assembled a company around our integrated solutions strategy, and we believe that our strategy uniquely positions us as a leader in the agricultural industry." Monsanto's customer-driven integrated solutions strategy includes seeds, biotechnology traits and agricultural chemistry. The company enhances its strengths in these three individual elements by combining them to provide integrated solutions for farm productivity and food quality, Verfaillie said.

"In the past few years, commodity agriculture has been besieged by challenges ranging from depressed prices to extraordinary weather," said Verfaillie. "Our intention is to focus our efforts on solutions that will improve farmers' bottom-line productivity. This is something we see as a timeless, underlying benefit that would be recognized in any market condition." In addition to Monsanto's business commitment to farmers, Verfaillie also has committed the company to the New Monsanto Pledge, a code of conduct for doing business. The Pledge includes five areas of commitment: delivering benefits to farmers and the environment; dialogue with interested parties; transparency with information and regulation; respect for other points of view; and sharing of technology.

In connection with the spinoff of Monsanto from Pharmacia, Verfaillie also announced that Christopher J. Coughlin, of Morristown, New Jersey, will resign from the Monsanto board of directors effective today. Coughlin, 50, is executive vice president and chief financial officer of Pharmacia and has been a member of the Monsanto board since March 2000. "We thank Chris for his service and dedication to Monsanto shareowners during the past two years on our board," said Verfaillie.

This change to the Monsanto board brings the number of directors to nine. Verfaillie said Monsanto will look to add an independent director to the Monsanto board in the future. Monsanto Company (NYSE: MON) is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality. For more information on Monsanto, see: www.monsanto.com.