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Monsanto Company announces completion of exchange offer
St. Louis, Missouri
February 15, 2006

Monsanto Company (NYSE:MON) announced that it has issued $314 million aggregate principal amount of its 5 1/2 percent Senior Notes due 2025, in exchange for the same principal amount of its 5 1/2 percent Senior Notes due 2025 which had been issued in a private placement transaction on Aug. 25, 2005. The newly-issued notes are registered under the Securities Act of 1933.

The notes issued in August were issued in exchange for $314 million of Monsanto's 7 3/8 percent Senior Notes due 2012, which had been issued in 2002. All of the notes issued in August were exchanged.

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

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