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Pioneer to stay true to customers, bring new opportunities as part of DuPont
Des Moines, Iowa
October 1, 1999

Pioneer Hi-Bred International, Inc. will continue to provide top-performing seed and service to farmers while playing a key role in DuPont’s vision of generating value from renewable energy sources, said the new Pioneer President and Chief Executive Officer Jerry Chicoine, after Pioneer shareholders approved the company’s merger with DuPont.

"Today is opening day for a new era of looking to nature – with great respect – to discover and develop opportunities to enrich lives through plant genetics," said Chicoine.

"I don’t think anyone can fully comprehend the expanded possibilities our combined efforts will bring to the marketplace, but they will be tremendous.

"Our immediate attention lies with our customers. Along with the Pioneer name and brand, our commitment to serving them will remain in the countryside. We are very focussed on serving farmers and doing what we can to help them prepare for the year ahead," said Chicoine.

The merger was approved today at the special Pioneer shareholders’ meeting and is expected to close later today. It brings together the most successful genetic improvement company in the history of the world with the world leader in turning science into useful products for consumers.

"Pioneer and DuPont will be assembling the strongest research and product development program in the world agricultural marketplace. This will allow us to offer farmers products that meet specific consumer demands for improved products that are made in earth-friendly processes," said Chicoine.

The two companies already have a common culture, which includes a customer focus on choice, enhanced product value and new market development, said Richard Goodmanson, DuPont executive vice president and chief operating officer. "We share a vision in which we deliver high-value products to the feed, food and bio-materials markets. Neither company could fully develop that vision alone. Together we can deliver the miracles of science," said Goodmanson.

"Our vision includes putting the needs of our customers first. We can be successful only if our customers are successful. We will use science and knowledge and our commitment to safety to create more opportunities in the industry and high value products for consumers."

DuPont Chairman and CEO Charles O. Holliday recently announced DuPont’s goal of deriving 25 percent of its revenues by 2010 from renewable energy resources. This focus includes providing customers expanded choices and markets in plant technology and increasing the use of knowledge and services to create consumer value.

As a DuPont company, Pioneer will continue to operate under the Pioneer name and will remain headquartered in Des Moines, Iowa. It has 5,000 employees worldwide.

DuPont formerly had a 20 percent equity interest in Pioneer. DuPont will have full ownership of Pioneer following today’s transaction.

Pioneer Hi-Bred International, Inc., is the world’s leading supplier of agricultural genetics and is the leading developer and integrator of agricultural technology. Headquartered in Des Moines, Iowa, Pioneer develops, produces, and markets a full line of seeds, forage and grain additives and services to grain and livestock producers, grain processors and other customers worldwide.

Founded in 1802, DuPont is a global science and technology-based company. DuPont serves worldwide markets including food and nutrition; health care; agriculture; fashion and apparel; home and construction; electronics; and transportation. The company operates in more than 70 companies and has 92,000 employees.

Company news release
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