St. Louis, Missouri
May 1, 2002

Monsanto shareowners approve board members, auditors and incentive plan at the company's 2nd Annual Meeting

At Monsanto Company's (NYSE: MON) second annual meeting of shareowners today, President and Chief Executive Officer Hendrik A. Verfaillie said Monsanto is poised to deliver significant shareowner value by growing earnings and increasing cash flow.

"Monsanto is uniquely positioned to deliver integrated solutions to farmers today," Verfaillie said. "Our strong core businesses are complemented by a leadership position in biotechnology solutions, seeds and genomics.

"These strengths, together with a disciplined approach that focuses on the growth segment of the agricultural industry, will add even more value in the medium- to long-term as we realize global expansion of current and future products," he said.

Monsanto is continuing its transformation from a traditional chemical company to a company offering high-tech, value-added solutions, Verfaillie said. Last year, nearly 70 percent of the company's revenues were in its agricultural productivity segment, but by 2007 he expects more than half of Monsanto's revenues will come from its seeds and genomics segment. Likewise, the company
continues to focus the vast majority of its research-and- development (R&D) investment in the seeds and technology solutions while most competitors spend their R&D dollars on agricultural chemicals.

At the annual meeting, shareowners elected the 10 current members of its board of directors to new, one-year terms. Those elected are: Frank V. AtLee III, chairman; Christopher J. Coughlin; Michael Kantor; Gwendolyn S. King; Sharon R. Long, Ph.D.; C. Steven McMillan; Philip Needleman, Ph.D.; William U. Parfet; John S. Reed; and Verfaillie.

Shareowners also approved the company's 2000 Management Incentive Plan, thereby exempting payment of awards to certain executive officers from deduction limitations for U.S. tax purposes. Deloitte & Touche LLP also was ratified as principal independent auditors for the company.

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