Scott, Mississippi
May 30, 2002

Delta and Pine Land Company (NYSE: DLP) ("D&PL"), a leading commercial breeder, producer and marketer of cotton planting seed, today announced it has acquired the remaining 50% interest in D&M International, LLC from Pharmacia Corporation (NYSE: PHA). D&PL and Pharmacia, formerly known as Monsanto, formed D&M International in 1995 to establish businesses for the production of cotton planting seed containing insect resistance genes in cotton-producing countries outside of the United States. Through joint ventures with local partners, D&M International has operations in Argentina, Brazil and two provinces of China. Terms of the transaction were not disclosed.

Pursuant to a buy-out provision in the operating agreement for D&M International, D&PL notified Pharmacia that it had elected to have D&M International redeem Pharmacia's 50% interest in the company. As a result of the redemption of Pharmacia's interest, D&PL now owns all of D&M International.

Murray Robinson, President and Chief Executive Officer of D&PL, stated, "With full ownership of D&M International, we expect to reap added benefits from both existing and future overseas joint ventures. We can continue to market Monsanto Company's traits as well as commercialize new products with the traits of other suppliers and more efficiently enter new markets."

W. T. Jagodinski, Senior Vice President and Chief Financial Officer of D&PL, said, "Although we expect the transaction to be slightly dilutive to earnings per share, approximately $0.02 in 2002 and $0.03 to $0.04 in 2003, we consider it well worth the investment. This transaction, coupled with those previously announced with Syngenta and Maxygen Inc., along with the option D&PL holds for exclusive licenses to Monsanto's insect resistance technology in certain key cotton-producing nations, provides
D&PL the ability to choose from among several leading technologies to introduce in the US as well as globally."

Jagodinski continued, "This represents another significant step in a planned series of transactions in support of D&PL's long-term global strategic growth plans. We intend to utilize the germplasm base we have developed over the past 87 years along with our know-how and our world class Research and Technical Services capabilities to launch value-enhancing technologies around the world. We have access to Monsanto's existing and future insect resistance technology, and once commercial terms are reached with other technology providers, access to those technologies as well. Additionally, by the end of the decade, D&PL could commercialize traits that it controls through its recently formed joint venture, DeltaMax Cotton LLC."

D&M International's joint ventures in Argentina and China currently commercialize Monsanto's Bollgard gene technology. The joint venture in Brazil has exclusive rights to Bollgard gene technology within Brazil, although government approval has not yet been received to allow for commercial sale.

Delta and Pine Land Company is a commercial breeder, producer and marketer of cotton planting seed. Headquartered in Scott, Mississippi, with multiple offices in eight states and facilities in several foreign countries, D&PL also breeds, produces and markets soybean planting seed.