An Open Letter to Our Farmer-Customers

August 2, 2017

Farmers are the heart and soul of our company. Our mission is to discover and develop innovative new products to help you achieve better harvests in a more environmentally sustainable way. Your success is our success, and we are committed to supporting you at every stage of the season-every year.

You told us you needed additional tools to combat tough-to-control weeds. We responded by developing Roundup Ready 2 Xtend® soybean and Roundup Ready® XtendFlex® cotton seeds that are tolerant to dicamba. We also developed a new dicamba formulation, XtendiMax® with VaporGrip® Technology, which has been proven to reduce the volatility potential of dicamba by 90 percent as compared to Clarity®, and 99 percent as compared to Banvel® and other DMA-based dicamba formulations. Working closely with states, we have trained thousands of farmers and professional applicators on how to use our products successfully.

We are hearing that the overwhelming majority of farmers are experiencing tremendous success during this first year of commercial launch. However, we have also heard reports that some farmers are noticing signs of leaf cupping in nearby soybean fields, which could be attributable to dicamba. Any time we hear reports of potential crop injury, from any cause, it concerns us. We know the passion, energy and financial resources you invest in your fields. Your crop is your livelihood, and you only get one shot a year. We understand.

We are taking these reports extremely seriously, and we want you to know what we're doing about them.

First, we want you to know that we will be with you every step of the way this season. What caused the leaf cupping symptoms may not be readily apparent, as many factors can cause this type of symptomology. And in most cases, it is too early to know whether the leaf cupping will affect your crop yield. Right now, we ask that you contact us as soon as possible at 1-844-RRXTEND to report any leaf cupping or other symptomology you are seeing in your fields that you believe might be the result of off-target herbicide movement. Once we have your report, one of our agronomic specialists will contact you to arrange a time to meet you at your field and to review the symptomology together. We are working to respond to each report we receive from our farmer-customers and we will stand by you throughout the growing season.

Second, we have deployed scientists from The Climate Corporation, one of our subsidiaries, to review weather data from across the growing region this season to help understand whether unusual environmental conditions or weather patterns might have affected applications this season. We will analyze this data to glean insights to support our work in the field.

Finally, we will continue and expand our outreach, education and training efforts going into the 2018 season to ensure that you feel fully comfortable and confident in successfully using our products. We'll continue to partner closely with our retailers, extension agents and individual customers to make sure you experience the full potential of this breakthrough technology.

I want to personally thank you for your business and partnership. We must earn your trust and your business each year, and we are committed to doing that by delivering the best-performing technology in the industry. We are also committed to ensuring that you have an outstanding experience with our products.

Please, if you are experiencing leaf cupping in soybeans or other unexpected symptomology, don't wait. Please call us today and allow us to work with you throughout this season.

Sincerely,

Robb Fraley

Monsanto Company, Chief Technology Officer

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Certain statements contained in this release are "forward-looking statements, "such as statements concerning the company's anticipated financial results, current and future product performance, regulatory approvals, business and financial plans and other non-historical facts, as well as the pending transaction with Bayer Aktiengesellschaft ("Bayer"). These statements are based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the company's actual performance and results may differ materially from those described or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, among others: risks related to the pending transaction between the company and Bayer, including the risk that the regulatory approvals required for the transaction may not be obtained on the anticipated terms or time frame or at all, the risk that the other conditions to the completion of the transaction may not be satisfied, the risk that disruptions or uncertainties related to the pending transaction could adversely affect the company's business, financial performance and/or relationships with third parties, and the risk that certain contractual restrictions during the pendency of the transaction could adversely affect the company's ability to pursue business opportunities or strategic transactions; continued competition in seeds, traits and agricultural chemicals\351\200\224 the company's exposure to various contingencies, including those related to intellectual property protection, regulatory compliance and the speed with which approvals are received, and public understanding and acceptance of our biotechnology and other agricultural products\351\200\224 the success of the company's research and development activities\351\200\224 the outcomes of major lawsuits, including potential litigation related to the pending transaction with Bayer\351\200\224 developments related to foreign currencies and economies\351\200\224 fluctuations in commodity prices\351\200\224 compliance with regulations affecting our manufacturing\351\200\224 the accuracy of the company's estimates related to distribution inventory levels\351\200\224 the recent increases in levels of indebtedness, continued availability of capital and financing and rating agency actions\351\200\224 the company's ability to fund its short-term financing needs and to obtain payment for the products that it sells\351\200\224 the effect of weather conditions, natural disasters, accidents, and security breaches, including cybersecurity incidents, on the agriculture business or the company's facilities\351\200\224 and other risks and factors detailed in the company's most recent periodic report to the SEC. Undue reliance should not be placed on these forward-looking statements, which are current only as of the date of this release. The company disclaims any current intention or obligation to update any forward-looking statements or any of the factors that may affect actual results.

Commercialization is dependent on multiple factors, including successful conclusion of the regulatory process. The information presented herein is provided for educational purposes only, and is not and shall not be construed as an offer to sell, or a recommendation to use, any unregistered pesticide for any purpose whatsoever. It is a violation of federal law to promote or offer to sell an unregistered pesticide.

Monsanto Company is a member of Excellence Through Stewardship® (ETS). Monsanto products are commercialized in accordance with ETS Product Launch Stewardship Guidance, and in compliance with Monsanto's Policy for Commercialization of Biotechnology-Derived Plant Products in Commodity Crops. This product has been approved for import into key export markets with functioning regulatory systems. Any crop or material produced from this product can only be exported to, or used, processed or sold in countries where all necessary regulatory approvals have been granted. It is a violation of national and international law to move material containing biotech traits across boundaries into nations where import is not permitted. Growers should talk to their grain handler or product purchaser to confirm their buying position for this product. Excellence Through Stewardship® is a registered trademark of Excellence Through Stewardship.

ALWAYS READ AND FOLLOW DIRECTIONS FOR USE ON PESTICIDE LABELING. IT IS A VIOLATION OF FEDERAL AND STATE LAW to use any pesticide product other than in accordance with its labeling. NOT ALL formulations of dicamba or glyphosate are approved for in-crop use with Roundup Ready 2 Xtend® soybeans. ONLY USE FORMULATIONS THAT ARE SPECIFICALLY LABELED FOR SUCH USES AND APPROVED FOR SUCH USE IN THE STATE OF APPLICATION. XTENDIMAX™ HERBICIDE WITH VAPORGRIP® TECHNOLOGY AND IN CROP USES MAY NOT BE APPROVED IN ALL STATES. Contact the U.S. EPA and your state pesticide regulatory agency with any questions about the approval status of dicamba herbicide products for in-crop use with Roundup Ready 2 Xtend® soybeans.

Roundup Ready 2 Xtend® soybeans contains genes that confer tolerance to glyphosate and dicamba. Glyphosate will kill crops that are not tolerant to glyphosate. Dicamba will kill crops that are not tolerant to dicamba. Glufosinate will kill crops that are not tolerant to glufosinate. Contact your Monsanto dealer or refer to Monsanto's Technology Use Guide for recommended weed control programs.

B.t. products may not yet be registered in all states. Check with your Monsanto representative for the registration status in your state.

ALWAYS READ AND FOLLOW PESTICIDE LABEL DIRECTIONS. Bollgard II®, Respect the Refuge and Cotton Design®, Roundup Ready 2 Xtend®, Roundup Ready®, XtendFlex® and XtendiMax® are registered trademarks of Monsanto Technology LLC. LibertyLink® and the Water Droplet Design® is a registered trademark of Bayer. All other trademarks are the property of their respective owners. ©2017 Monsanto Company.

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