Document mbBQRZg64pGeLGy9EeBdYEdM0

The Swann Corporation BIRMINGHAM, ALABAMA March 28, 1955. TO THE STOCKHOLDERS Today your board of directors considered a proposed Agreement of Merger and Consolidation providing for the issuance of one share of common stock of Monsanto Chemical Company, St. Louis, Missouri, for four and one-half shares of The Swann Corporation stock. This places a value of $13.16 2/3 per share on Ihe Swann Corporation stock based on the closing sale of Monsanto Chemical Company stock March 26, at $59.25. Your board of directors, after careful consideration, voted unanimously to approve the Agreement and to recommend it to the stockholders for their favorable action. A meeting of The- Swann Corporation stockholders has been called for April 29 as per the enclosed notice. . For your information I am enclosing a copy of our financial statement as of December 51, 1954, also the Annual Report of the Monsanto Chemical Company for the year 1934, together with a book "How Monsanto Serves" which will give you a good idea of the products they manufacture. It is obvious that-the proposed merger will offer a more diversified line of chemical products to an automatically increased market. The two companies are non-competitive. This consolidation should enhance the opportunities for future favorable developments --- with corresponding benefits to stockholders. ' OAAAA, President DSW 331168 STLCOPCB4055948