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Monsanto Chief Financial Officer exercises employee stock options, surpassing stock ownership requirement
St. Louis, Missouri
July 11, 2005

Monsanto Company (NYSE: MON) today filed a Form 4 (Statement of Changes in Beneficial Ownership) with the U.S. Securities and Exchange Commission on behalf of Terry Crews, the company’s Chief Financial Officer in connection with his exercise of certain of his employee stock options.

Crews’ stock option exercise included retaining a portion of the shares received upon exercise in order to satisfy his holdings target under Monsanto's executive stock ownership requirements. He also sold shares to cover the exercise price of his stock options, to satisfy applicable tax obligations and fees, and to diversify his personal financial portfolio.

Roughly 40 Monsanto executives have stock ownership requirements of varying levels. Monsanto established a stock ownership requirement in 2000 in connection with the company’s initial public offering of stock. These guidelines were recalibrated in April 2005, keeping the dollar value requirements of stock ownership commensurate with annual salary levels and adjusting the number of held shares based on the fair market value of the company’s stock.

"I’m a strong proponent of stock ownership requirements because it means as a management team we are aligned with our shareowners by sharing the risks and rewards inherent in Monsanto stock," Crews said. "It is a motivating factor for our team that keeps us focused on setting the bar higher and delivering on our commitments."

Crews’ holdings after this recent exercise exceed his requirement to own Monsanto stock in an amount equal to three times his annual base salary.

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

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