DuPont and Pioneer Hi-Bred International, Inc. today announced that the Securities and Exchange Commission (SEC) has declared effective DuPont's S-4 registration statement relating to the terms of the proposed merger in which DuPont will acquire the 80 percent of Pioneer not currently owned by DuPont.

Later this week, Pioneer intends to begin mailing to shareholders of record at the close of business on Aug. 26, 1999, the proxy statements for voting on the proposed merger transaction. At the same time, Pioneer will also mail election forms under separate cover on which shareholders will be asked to elect to receive cash, DuPont shares or some combination of cash and DuPont shares in exchange for their Pioneer shares.

Pioneer shareholders of record at the close of business on Aug. 26, 1999, will be eligible to vote on the merger. The Pioneer shareholder meeting to approve the proposed merger is set for Oct. 1, 1999, in Johnston, Iowa. Promptly following approval by Pioneer shareholders, the merger is expected to be completed.

Under the terms of the merger agreement, Pioneer shareholders will receive $40 per share. In
aggregate, 45 percent of the shares will receive cash and 55 percent will receive DuPont stock.
Pioneer shareholders will have certain rights to elect which form of consideration they receive. The
total equity value of the transaction is estimated to be approximately $7.7billion for the 80 percent of Pioneer not currently owned by DuPont.

The offering of DuPont stock in connection with the Pioneer merger will be made under an effective registration statement. The offering will be made only by means of a proxy statement/prospectus, which will contain the specific terms of the transaction and which will be provided to Pioneer shareholders.

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.

DuPont is a science company, delivering science-based solutions that make a difference in people's lives in food and nutrition; health care; apparel; home and construction; electronics; and transportation. Founded in 1802, the company operates in 65 countries and has 92,000 employees.

Company news release
N2077