To The D&PL Team:

Just a moment ago we announced Monsanto's proposed acquisition of Delta and Pine
Land Company. I've attached below the press release issued this morning for your
information.  Please share this  communication with your fellow employees who do
not regularly access e-mail.

As you would expect,  this is a major  transaction,  worth  approximately  $ 1.5
billion  or  $42/share.  We are  excited  to combine  with  Monsanto,  a leading
agricultural  products  company  with a  strong  track  record  of  growing  and
integrating   diversified   businesses,   to  provide  a  complete  platform  of
cutting-edge  seed technologies to our farmer customers around the world. We are
joining  forces  with an  exceptional  company,  and one with  whom  there is an
excellent  strategic  fit. That fit means that we both have value to contribute,
and  together,  we can achieve more - especially in cotton seed - than either of
us could alone.

Yes over the last few years this  relationship  has faced more than its share of
challenges  and  has  strained  many  of  our  working   relationship  with  our
counterparts  at Monsanto.  But at the end of the day this is the right decision
for our employees,  our customers and our shareholders.  As of today the matters
that caused  those  challenges  are resolved and we all should look ahead to the
future and not to the past.

Monsanto  realizes  that it is  acquiring  a  healthy  company  with  not only a
portfolio  of  leading  products,  but also an  exceptionally  talented  pool of
employees.  Indeed, part of their reason for acquiring our company is their very
high regard for the caliber of our people.  This  confirmation  of the expertise
and prestige of D&PL personnel should come as no surprise to all of you. D&PL is
and has always been a world class  operation,  recognized  throughout the cotton
industry and the world.

The  transaction is subject to shareholder  and regulatory  approval in the U.S.
and for this  reason it is not  expected  to close for some  time.  During  this
period, it is vital that we remain focused on our business and customers' needs.
We are still an  independent  company and we will conduct our business just like
we have in the past.

We will be holding  meetings with  employees  beginning  Wednesday  afternoon in
Scott  at the  Community  Center  and  throughout  the week at our  other  plant
locations  to answer any  questions  you may have.  We will get back to you soon
with  specifics on the meetings.  Our  management  team looks forward to talking
with  you in  person.  In the  meantime,  I would  like to  thank  you for  your
continuing   dedication   to  our  business  our,   farmer   customers  and  our
shareholders. Jag

The below press release crossed the wires at 8:00 a.m. ET.

Monsanto Company to Acquire Delta and Pine Land Company for $1.5 Billion in Cash

ST. LOUIS and SCOTT,  Mississippi,  Aug. 15  /PRNewswire-FirstCall/  -- Monsanto
Company (NYSE:  MON) and Delta and Pine Land Company (NYSE: DLP) announced today
that they have signed a definitive agreement whereby Monsanto will acquire Delta
and Pine Land Company for $1.5 billion in cash. The  transaction was unanimously
approved by the Boards of  Directors of both  companies  and is subject to Delta
and Pine Land shareowner approval,  antitrust  clearance,  and customary closing
conditions.

"Delta and Pine Land  represents  an excellent fit for our company as we look to
bring  value-added  traits and  high-quality  seed to cotton  growers around the
world," said Hugh Grant,  chairman,  president  and chief  executive  officer of
Monsanto.  "Delta  and Pine Land has  strong  cotton  genetics,  and we  believe
Monsanto's  leadership  in providing  the best cotton traits can improve on this
already strong base."

Tom Jagodinski,  president and chief  executive  officer of Delta and Pine Land,
said, "Monsanto is a leading  agricultural  products company with a strong track
record of growing and integrating  diversified  businesses.  Our companies are a
natural  fit  that  will  provide  a  complete  platform  of  cutting-edge  seed
technologies to our global farmer customer base for years to come."

Delta  and Pine  Land  Company  is a leader  in the  cotton  seed  industry  and
currently  operates the largest and longest running private cotton seed breeding
program in the world. The company's extensive plant breeding programs, including
its diverse base of international  germplasm, has enabled the company to develop
and deliver  improved cotton  varieties for their farmer customers for more than
90 years.

In recent  years,  Delta and Pine Land Company has worked to expand its breeding
efforts  through  numerous  facilities  across the United  States and around the
world in an attempt to better serve its farmer customers. Upon completion of the
acquisition,  management  of both  companies  believe the  proposed  combination
creates the opportunity to strengthen both the domestic and international cotton
seed  business by enhancing  penetration  of second-  generation  biotech  trait
offerings and  continuing to invest in breeding to give cotton farmers who plant
Delta and Pine Land's cotton seed varieties more choices.

Acquisition Details

Under the terms of the agreement,  Delta and Pine Land  shareowners will receive
$42 per share in cash.  Monsanto  intends  to  finance  the  acquisition  with a
combination  of current cash on hand and a debt  offering.  The  acquisition  is
expected to be  accretive to  Monsanto's  earnings per share (EPS) by the second
year following  closure of the acquisition,  and Delta and Pine Land should be a
contributor to operating cash in the first year.

The  proposed  acquisition  requires  review  and  approval  by the  appropriate
regulatory authorities, including the U.S. Department of Justice. Because of the
required regulatory approvals,  no time frame for the closing of the transaction
has been announced. As part of the proposed agreement, Monsanto has committed to
divest the U.S.  assets of its  Stoneville  cottonseed  business  if required to
close the transaction.

Financial Implications To Be Discussed During Upcoming Conference Calls

In  conjunction  with this  announcement,  Monsanto and Delta and Pine Land will
hold brief conference calls for their respective investors.

The Monsanto call is scheduled for 9 a.m. CDT (10 a.m. EDT) today, Tuesday, Aug.
15, 2006. Presentation slides and a simultaneous audio webcast of the conference
call  may be  accessed  this  morning  by  visiting  the  company's  web site at
http://www.monsanto.com  and  clicking on "Investor  Information."  Visitors may
need to download  Windows  Media  Player(TM)  prior to listening to the webcast.
Following the live  broadcast,  a replay of the webcast will be available on the
Monsanto web site for three weeks.

The Delta and Pine Land call is scheduled  for 10:30 a.m.  CDT (11:30 a.m.  EDT)
today,  Tuesday,  Aug.  15,  2006.  Participants  inside the U.S. and Canada can
access the call by dialing (800)  374-0532.  International  callers  should dial
(706) 634-0148 and enter participant code 4627536. The call will also be webcast
at http://www.vcall.com and will be available for 90 days.

Delta and Pine Land Company (NYSE:  DLP) is a commercial  breeder,  producer and
marketer of cotton  planting seed.  Headquartered  in Scott,  Mississippi,  with
offices and  facilities  in a number of foreign  countries,  Delta and Pine Land
also breeds, produces and markets soybean planting seed.

Monsanto Company is a leading global provider of technology-based  solutions and
agricultural  products that improve farm productivity and food quality. For more
information, please visit the company's web site at http://www.monsanto.com .

Cautionary Statements Regarding Forward-Looking Information:

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.  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:  continued
competition in seeds, traits and agricultural chemicals;  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 acceptance of biotechnology  products;  the success of the
company's research and development  activities;  the outcomes of major lawsuits,
including  proceedings related to Solutia Inc.;  developments related to foreign
currencies  and  economies;  successful  completion  and operation of recent and
proposed  acquisitions;   fluctuations  in  commodity  prices;  compliance  with
regulations affecting our manufacturing; the accuracy of the company's estimates
related to  distribution  inventory  levels;  the company's  ability to fund its
short-term financing needs and to obtain payment for the products that it sells;
the  effect of  weather  conditions,  natural  disasters  and  accidents  on the
agriculture  business or the company's  facilities;  and other risks and factors
detailed in the company's  filings with 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.

In connection with Monsanto Company's ("Monsanto") proposed acquisition of Delta
and Pine Land Company ("D&PL") pursuant to the terms of an Agreement and Plan of
Merger by and among D&PL, Monsanto,  and a wholly-owned  subsidiary of Monsanto,
D&PL will file a proxy  statement with the  Securities  and Exchange  Commission
(the "SEC").  Investors  are urged to read the proxy  statement  (including  all
amendments and supplements to it) because it will contain important information.
Investors  may  obtain  free  copies  of the  proxy  statement  when it  becomes
available,  as well as other filings containing  information about D&PL, without
charge,  at the SEC's Internet site  (www.sec.gov).  These documents may also be
obtained   for   free   from   D&PL's    Investor    Relations    web   site   (
http://www.deltaandpine.com  ) or by  directing a request to D&PL at:  Delta and
Pine Land Company, Corporate Offices, P.O. Box 157, Scott, MS 38772.

D&PL and its  respective  directors and executive  officers and other members of
management  and employees  are potential  participants  in the  solicitation  of
proxies from D&PL's stockholders in respect of the proposed transaction.

Information  regarding D&PL's  directors and executive  officers is available in
D&PL's proxy statement for its 2006 annual meeting of  stockholders,  filed with
the SEC on November 29, 2005. Additional  information regarding the interests of
such potential  participants in the proposed transaction will be included in the
proxy  statement  to be filed  with  the SEC in  connection  with  the  proposed
transaction.

This written  communication  contains  forward-looking  statements  that involve
risks and  uncertainties  concerning  Monsanto's  proposed  acquisition of D&PL,
D&PL's  expected  financial  performance,   as  well  as  D&PL's  strategic  and
operational  plans.  Actual events or results may differ  materially  from those
described  in  this  written   communication  due  to  a  number  of  risks  and
uncertainties.  The potential risks and uncertainties include, among others, the
possibility  that the  transaction  will not  close or that the  closing  may be
delayed;  the reaction of  customers  of Monsanto  and D&PL to the  transaction;
Monsanto's  ability to successfully  integrate D&PL's  operations and employees;
and general economic conditions. In addition, please refer to the documents that
Monsanto and D&PL file with the SEC on Forms 10-K,  10-Q and 8-K. The filings by
each of Monsanto and D&PL  identify  and address  other  important  factors that
could  cause  their  respective  financial  and  operational  results  to differ
materially from those contained in the  forward-looking  statements set forth in
this written communication. Monsanto and D&PL are under no duty to update any of
the  forward-looking  statements after the date of this press release to conform
to actual results. SOURCE Monsanto Company

Media,  Lori  Fisher,  Monsanto,   +1-314-694-8535,   Jonathan  Gasthalter,  or,
Cassandra  Bujarski,  Citigate Sard  Verbinnen on behalf of Delta and Pine Land,
+1-212-687-8080,  or, Investors, Scarlett Lee Foster, Monsanto, +1-314-694-8148,
Tom Jagodinski, Delta and Pine Land, +1-662-742-4518 15Aug06 12:00 GMT

Symbols: de;MOO de;MOOF de;MOOS de;MOOX us;DLP us;MON us;WNU

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