Shareowners approve board members, auditors, and amendments to incentive program; reject two shareowner proposals at the company's 3rd Annual Meeting

Monsanto Company (NYSE: MON - News) today announced that its Board of Directors declared a quarterly dividend increase on its common shares from 12 cents per share to 13 cents per share. The dividend is payable on Aug. 10, 2003, to shareowners of record on July 10, 2003.

"The dividend increase reflects the board of directors' confidence in Monsanto's cash generating capabilities," said Chairman and Interim Chief Executive Officer and President Frank V. AtLee in his remarks at the company's 3rd annual meeting.

Also at the meeting, shareowners elected seven members of its board of directors to new terms. AtLee, Gwendolyn S. King and Sharon R. Long, Ph.D., were elected to serve until the company's 2004 meeting. William U. Parfet and George H. Poste, D.V.M., Ph.D., were elected to serve until the 2005 annual meeting. And, C. Steven McMillan and Robert J. Stevens were elected to serve until Monsanto's 2006 annual shareowner meeting.

Shareowners ratified the Board's Audit and Finance Committee's appointment of Deloitte & Touche LLP as the company's principal independent auditor, and approved amendments to the Monsanto Long-Term Incentive Plan. Shareowners also voted down two shareowner proposals -- one requested a report on genetically engineered seed be compiled and communicated to shareowners, and the second requested a report regarding pesticides be provided to shareowners.