Thank you

Acknowledgements

 China Ministry of Agriculture, Gansu provincial government and Jiuquan city government.
 Chairman Wang Da-he of Gansu Dunhuang Seed Co. Ltd.
 All attendees

Opening
 On behalf of Pioneer Hi-Bred International, we are excited about our new joint venture with Dunhuang Seed and the opportunity to help increase the productivity and profitability of Chinese farmers in the spring corn area. This partnership brings together two strong seed companies and combines their strengths to benefit Chinese farmers and the agricultural industry. This new JV is poised to offer the Chinese farmer the highest quality seed, and strong new corn hybrids for the spring market.

Pioneer operates in the key agricultural countries around the world, and has had a presence in China since 1997.

 Pioneer Hi-Bred Co. is the world’s leading seed corn company and offers improved products and management practices to farmers in nearly 70 countries.
 Pioneer established a business representative office in Beijing in 1997, a research station in Tieling in 1998, and a summer corn JV – Shandong Denghai Pioneer Seeds Co., Ltd. - in late 2002.
 This new joint venture, Dunhuang Seed Pioneer Hi-Bred Company Limited, will develop and distribute high-yielding corn hybrids for the spring corn market in China. The joint venture plans to produce seed in 2007 for sale in 2008. For Pioneer, this new JV is a key milestone in our long-term commitment, and investment, in a very significant agricultural market.

Pioneer is committed to a long term presence in China and has some key goals here:

 First, to increase the productivity and profitability of our farmer customers. This is our key priority in China just like it is in all other markets where we operate.
 Second, to bring new technology, our experience and know how, and the highest quality standards to the seed industry. This will contribute to the continued development of China’s seed industry and will benefit the Chinese farmers.
 Third, strong cooperation with our local partner to grow this new business. This provides a win-win situation for both companies and will also provide new job opportunities for some people in the local community.

Pioneer will work with local partners to improve agricultural productivity and help meet demands of China’s rapid development
• China is the world’s second largest corn market at 26 million hectares. The large population and rapidly growing economy will continue to drive increased demand for agricultural products, including corn for feed and as a renewable energy resource—like ethanol. We are confident that we can help China meet these ever increasing demands.

At Pioneer, we look forward to working with Dunhuang Seed Co., and other partners, to develop and deliver the best, and highest quality products and information to our customers, the Chinese farmers. Based on our experience in other markets around the world, we know we can help increase their productivity and profitability. This will help build a solid foundation for sustainable economic growth in China. We are honored to be able to contribute to this noble cause.

    Thank you.