Delta and Pine Land Company ("D&PL"), a leading commercial breeder, producer and marketer of cotton planting seed, today announced that its Board of Directors declared a dividend of $0.12 per share. The fourth quarter dividend payable to the shareholders of record on August 31, 2004, will be paid on September 14, 2004.

D&PL also announced that it has filed its response to the American Arbitration Association filing made by Monsanto Company on May 20, 2004. D&PL denies it violated the provisions of its agreements with Monsanto and believes that the arbitration panel will rule in the Company's favor. D&PL also submitted to the American Arbitration Association three counterclaims against Monsanto which had previously been pending in the dispute resolution process between the companies. D&PL's response seeks remedies as appropriate under the contracts.

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.