St. Louis, Missouri
January 28, 2002

Monsanto Company (NYSE: MON) and Central Garden & Pet Company (Nasdaq: CENT) announced today that they have settled all litigation related to Central's distributorship of lawn-and-garden products for the former Monsanto Company during the 1990s. 

The resolution includes the dismissal of three lawsuits. Monsanto is dismissing a lawsuit in Missouri state court relating to the payment of receivables due from Central. Central is also dismissing two lawsuits in state and federal courts in California. 

Under the settlement agreement, Central will pay Monsanto $5.5 million for products shipped to Central under the distribution arrangement. These products related primarily to the Ortho lawn-and-garden business, which former Monsanto divested in 1999. Central's Pennington subsidiary also agrees to purchase $2 million of Monsanto's glyphosate material during the next 30 months under an existing supply agreement with Monsanto. As a result of the settlement of the receivables lawsuit, Monsanto will record a net one-time, non-recurring charge of $20 million aftertax to its fourth-quarter 2001 financial statements. 

Monsanto Company, an 85 percent-owned subsidiary of Pharmacia Corporation, is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality.