DELTA AND PINE LAND COMPANY MOVES FORWARD AS AN INDEPENDENT BUSINESS

SCOTT, MS-- Delta and Pine Land Company (D&PL) announced today that it will not consummate the merger with Monsanto as Roger Malkin, chairman and chief executive officer said, Monsanto has not been able to reach agreement with the government regulators reviewing the merger.

Malkin continued by saying "Although the failure to obtain approval is certainly disappointing, it offers resolution to a long process. We will move forward operating as we have since I came to D&PL, continuing the entrepreneurial spirit which made us the market leader in the cotton seed business. This means Delta and Pine Land will continue operating as a customer-focused independent company, offering farmers the highest quality genetics, technology, information and seed."

Steve M. Hawkins, company president and chief operating officer, said new licensing agreements provide D&PL more latitude. "Despite the fact that this proposed merger is being called off, Delta and Pine Land Company will continue to work with Monsanto as a technology provider. As an independent company, D&PL will have greater opportunities to investigate all technologies which may benefit growers, whether developed by Monsanto or other companies. We will continue to develop those products and services which help farmers increase crop value and performance."

The proposed merger was announced in May of 1998 and has been under review by the Department of Justice since that time. Hawkins said he was glad that the distractions caused by the proposed merger and its delays have given way to resolution.

"We will be moving forward with our business focus and rejuvenating the enthusiasm that has long differentiated D&PL from other companies," Hawkins added.

D&PL markets cotton seed under the Deltapine, Paymaster and Sure-Grow product lines. The company's soybean varieties, which gained market share under the Deltapine and Sure-Grow names, are being sold under the D&PL banner.

Delta and Pine Land Company is a commercial breeder, producer and marketer of cotton planting seed, as well as soybean seed in the Cotton Belt. For more than 80 years, the Mississippi-based company has used its extensive plant breeding programs drawing from a diverse germplasm base to develop superior varieties. Delta and Pine Land has offices in seven states and facilities in several foreign countries.