Conoco Inc. to Launch Euro 500 Million Euro-Commercial Paper Program.

Business/Energy Editors

HOUSTON--(BUSINESS WIRE)--June 29, 2000

Conoco Inc. (NYSE:COCA) (NYSE:COCB) today announced it will launch a Euro 500 million, Euro-Commercial Paper (ECP) program in July 2000. Conoco Inc. has awarded a mandate to the Deutsche Bank to arrange the program, which will also feature the issuance of Belgian Treasury Notes.

Conoco is a major, integrated, global energy company active in over 40 countries worldwide in both the upstream and downstream segments of the petroleum business. Upstream activities include exploring for, and developing, producing and selling crude oil natural gas and natural gas liquids. Downstream activities include refining crude oil and other feedstocks into petroleum products, buying and selling crude oil and refined products and transporting, distributing and marketing petroleum products. Conoco markets in Europe under Jet and Seca, and participates in a marketing joint venture in Turkey.

The multi-currency ECP program is designed to complement Conoco's current $2 billion U.S. Commercial Paper (USCP) program and will be used to provide an additional funding source for Conoco Inc., which will be the sole issuing vehicle. "The creation of this program allows Conoco to have a global commercial paper program and to expand its presence in the global capital markets," said Miguel W. Espinosa, Conoco's treasurer. The program will be utilized to reduce any U.S. commercial paper and is not expected to increase the company's current debt level.

The program is rated A2/P2/F2. "Conoco's strong international name and strong long-term ratings (A- by S&P and A3 by Moody's) are expected to stimulate the growing A2/P2 sector of the market," Espinosa said.

Alongside Deutsche Bank, the dealers will be Goldman Sachs International and NatWest Global Financial Markets. In addition, ING Barings/BBL will be acting as Dealer for the Belgian Treasury Notes.

This release contains forward-looking statements about Conoco's operations, products and business plans. These statements are not guarantees of future performance, involve certain risks, uncertainties, and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Actual outcomes and results may differ materially from what is expressed herein. Among the factors that could cause such differences are changes in anticipated product prices and margins; changes in marketing strategy; failure achieve anticipated market share; changes in governmental regulations, as well as other matters detailed in Conoco's publicly available filings with the Securities and Exchange Commission.