St. Louis, Missouri
December 18, 2002

Monsanto Company Chief Executive Officer Hendrik A. Verfaillie has submitted his resignation as CEO, president and director of the board, effective immediately. Monsanto's Board of Directors has accepted Verfaillie's resignation, Chairman Frank V. AtLee III announced today.

AtLee will continue as chairman of the board and will serve as interim CEO while an external search is conducted.

"I want to be certain that shareowners of Monsanto understand that Hendrik's resignation was mutual. Hendrik and the board agreed that the company's performance during the past two years has been disappointing," said AtLee. AtLee also said the board members continue to support Monsanto's business strategy, and there was no impropriety involved in Verfaillie's decision to resign.

Verfaillie has been with Monsanto for 26 years. He led the company through the merger with Pharmacia & Upjohn, a subsequent initial public offering, and the complete spinoff from Pharmacia Corporation, which took place earlier this year.

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