Monsanto and Pharmacia & Upjohn Shareholders Vote to Approve Companies' Merger

MONSANTO AND PHARMACIA & UPJOHN SHAREHOLDERS VOTE TO APPROVE COMPANIES' MERGER ST. LOUIS and PEAPACK, N.J. (March 23, 2000) - Monsanto Company (NYSE: MTC) and Pharmacia & Upjohn (NYSE: PNU) today announced that shareholders of both companies voted to approve their proposed merger at special shareholder meetings held by each of the companies. In connection with the merger, Monsanto shareholders approved the issuance of shares of common and preferred stock as well as amendments to the company's charter. More than 75 percent of the outstanding shares, and 94 percent of the total votes cast, were cast in favor of these resolutions at a meeting held at the North Shore Center for the Performing Arts in Skokie, Illinois. Earlier in the day, Pharmacia & Upjohn shareholders voted to adopt the merger agreement at a meeting held in Wilmington, Delaware. More than 72 percent of outstanding shares, and 96 percent of the total votes cast, were cast in favor of the transaction. "We are very pleased with the enthusiastic support our shareholders have shown for the unique opportunity we are creating with this merger," said Fred Hassan, Chief Executive Officer of Pharmacia & Upjohn and CEO- designate of Pharmacia Corporation. "We are now looking forward to the completion of the merger and the launch of our new first-tier pharmaceutical company." With the approval of each company's shareholders, Monsanto and Pharmacia & Upjohn expect the merger to close on or before April 1, 2000, as previously announced. The new company - Pharmacia Corporation - will have one of the strongest sales forces in the global pharmaceutical industry, an expansive product portfolio, a robust pipeline of new drugs, and an annual pharmaceutical R&D budget of more than $2 billion. Pharmacia Corporation also will have one of the world's leading fully integrated agricultural businesses. Pharmacia Corporation's corporate and pharmaceutical business headquarters will be in Peapack, N.J. The agricultural business headquarters will be in St. Louis and will retain the Monsanto name. Mediakontakt: Marianne Bäärnhielm, 08-695 72 82, 0703-19 50 60 Analytikerkontakt: Craig Tooman 001- 908 901-8853 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/03/23/20000323BIT01040/bit0001.doc http://www.bit.se/bitonline/2000/03/23/20000323BIT01040/bit0002.pdf