Pioneer Hi-Bred International, Inc. will invest a record amount - more than $200 million - in developing advanced plant genetics in fiscal 1999, Jerry L. Chicoine, executive vice president and chief operating officer, told shareholders at the company's annual shareholders' meeting today. The 16 percent increase over last year's record level of $172 million comes in the midst of a difficult farm economy with low commodity and livestock prices.

"We've held prices flat overall, even lowered some, and provided enhanced credit programs to
help our customers this year,'' said Chicoine. "But the best way we can help our customers
year-in and year-out is investing aggressively in research and delivering improved plant genetics
to the market.''

Pioneer has been able to invest heavily in the future while delivering strong financial
performances. Pioneer invested $139 million in research and research support in 1995. While
increasing that amount to more than $200 million, the company has increased earnings per share
by 50 percent ($0.72 in 1995; $1.08 in 1998) and earned a return on equity over 20 percent.

"We have a very successful track record for turning research investments into top performing
products,'' said Chicoine. "Those successful products allow us to generate a return for our
investors while investing more money into research. It may sound like a simple process, but it is
one that requires the best talent, the right infrastructure and exceptional execution. We have all
three.''

Pioneer introduced a record 60 new corn hybrids for 1999, up from 37 in 1998. Nearly 70 percent of Pioneer sales this year are in products that have been introduced since 1997.

Part of the Pioneer research investment is going toward strategic collaborations that introduce
cutting-edge technology to plant genetics. On Monday, Pioneer announced a five-year agreement with Maxygen, Inc., of Santa Clara, Calif., for use of its DNA Shuffling technology. The technology will help Pioneer bring new products to the market faster.

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

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