St. Louis, Missouri
May 8, 2003

Monsanto Company (NYSE: MON) announced that its 5-year, $250 million public debt offering closed today. The notes were issued at 99.756 percent, and bear interest at 4 percent resulting in a yield of 4.054 percent. The notes mature on May 15, 2008, with a first interest payment date of Nov. 15, 2003.

“This debt offering provides very attractive financing for our business and allows us to reduce our dependence on commercial paper borrowings to finance our seasonal working capital needs,” said Monsanto Company Chief Financial Officer Terry Crews.

In July 2002, Monsanto’s shelf registration became effective, allowing the company to issue debt of up to $2 billion. Since that time, the company has issued debt of $1.05 billion, including this week’s bond issue.

Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality.