St. Louis, Missouri
May 1, 2002

Monsanto Company (NYSE: MON) announced today a new $500 million financing program for its key U.S. distributors, developed in cooperation with Bank One. Under the program, Monsanto will refer its interested U.S. distributors to a lending company administered by Bank One to fund their purchases of Monsanto products at attractive interest rates.

"This program will provide participating distributors with lower financing costs as compared with other typical programs available to them," said Carl Casale, vice president of Monsanto's North American operations. Casale said this program also offers distributors extended terms.

"This is the first step for Monsanto to secure external financing for our distributors' product purchases," said Terry Crews, Monsanto's chief financial officer. "The Bank One program is a practical solution for both Monsanto and our distribution partners."

Crews said the program provides Monsanto a positive cash flow benefit and lowers the company's peak debt load. "We hope the success of this program will lead to additional financing programs for distributors of Monsanto products not only in North America, but in other geographies around the world," he said.

"Bank One has been a key partner in this effort," Crews said. "They brought us a unique solution that met our stated business strategy, and within a very short time we've been able to launch this program together."

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