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Monsanto Company announces US$400 million notes offering
St. Louis, Missouri
July 12, 2005

Monsanto Company (NYSE: MON) announced the offering of $400 million of 30-year notes today. Of these notes, $250 million will be issued as senior unsecured notes of Monsanto, and the other $150 million will be issued through a newly-formed Canadian finance subsidiary and guaranteed by Monsanto. The notes will bear interest at 5.5 percent annually, payable semi-annually commencing on Jan. 30, 2006, and will mature on July 30, 2035. The notes issued by Monsanto are being offered to the public at 99.154 percent of the principal amount, resulting in a yield of 5.558 percent. The notes issued by the Canadian finance subsidiary are being offered to the public at 97.024 percent of the principal amount, resulting in a yield of 5.708 percent.

"This financing will allow us to pay down commercial paper borrowings and take advantage of current long-term interest rates, which we consider to be very attractive," said Monsanto Company Chief Financial Officer Terry Crews.

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

This news release does not constitute an offer to sell or a solicitation of an offer to buy any notes or any other securities, nor will there be any sale of the notes or any other security in any jurisdiction in which such an offer or sale would be unlawful.

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