CEO Letter

Dear Monsanto Colleagues:

An unwavering commitment to integrity in all business operations is at the core of our corporate behavior. We must never take this commitment for granted. In fact, we must reconfirm this commitment every day. By building integrity into all we do, we will earn and retain the trust of all of our stakeholders.

We must strive to maintain and increase that trust every day. With it we can accomplish our vision of abundant food and a healthy environment; without it, we can face nearly insurmountable barriers to our freedom to operate.

Earning that reputation means more than observing the letter of the law. It means doing what is right even when we are faced with situations not governed by any specific law or regulation. Sometimes the right thing to do is not clear, but at Monsanto our job is to seek and find the right answer in every business situation. To help us pursue the best course of action this Code presents guidelines for appropriate business conduct. Our Code will help us deal responsibly with the range of complex business practices that affect our reputation.

Each us will be expected to live up to our Code in all we do.

Sincerely,

Hugh Grant
Chairman, President and Chief Executive Officer