2016 baml conference final

Delivering Sustainable Long-term

Growth in Agriculture

Jim Collins, Executive Vice President

Bank of America Merrill Lynch – Global Agriculture and Chemicals Conference

March 3, 2016

2

Forward-Looking Statements This document contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “believes,”

“intends,” “estimates,” “anticipates” or other words of similar meaning. All statements that address expectations or projections about the future,

including statements about the company’s strategy for growth, product development, regulatory approval, market position, anticipated benefits

of recent acquisitions, timing of anticipated benefits from restructuring actions, outcome of contingencies, such as litigation and environmental

matters, expenditures and financial results, and timing of, as well as expected benefits, including synergies, from proposed merger with The

Dow Chemical Company and intended post-merger separations, are forward looking statements. Forward-looking statements are not

guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized.

Forward-looking statements also involve risks and uncertainties, many of which are beyond the company’s control. Some of the important

factors that could cause the company’s actual results to differ materially from those projected in any such forward-looking statements are:

fluctuations in energy and raw material prices; failure to develop and market new products and optimally manage product life cycles; ability to

respond to market acceptance, rules, regulations and policies affecting products based on biotechnology and, in general, for products for the

agriculture industry; outcome of significant litigation and environmental matters, including realization of associated indemnification assets, if

any; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions;

global economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions;

security threats, such as acts of sabotage, terrorism or war, natural disasters and weather events and patterns which could affect demand as

well as availability of products for the agriculture industry; ability to protect and enforce the company’s intellectual property rights; successful

integration of acquired businesses and separation of underperforming or non-strategic assets or businesses; and risks related to the

agreement entered on December 11, 2015, with The Dow Chemical Company pursuant to which the companies have agreed to effect an all-

stock merger of equals, including the completion of the proposed transaction on anticipated terms and timing, the ability to fully and timely

realize the expected benefits of the proposed transaction and risks related to the intended business separations contemplated to occur after

the completion of the proposed transaction. The company undertakes no duty to update any forward-looking statements as a result of future

developments or new information.

Major Product Groups

Corn seeds 46%

Soybean seeds 15%

Other seeds 8%

Insecticides 14%

Herbicides 10%

Fungicides 7%

U.S. & Canada 55%

EMEA 21%

Latin America 15%

Asia Pacific 9%

• Sales: $9,798

• Segment operating earnings: $1,646

• Segment operating earnings margin:17%

2015 Results ($ in millions)

Growth Strategies

• Extend germplasm leadership and drive biotech

pipeline

• Deliver one new, innovative compound to crop

protection pipeline annually, on average

• Leverage integrated product offers across

leading go-to-market models

• Grow in core markets of NA, Brazil and Europe;

expand in targeted emerging markets

Agriculture Segment - Overview Pioneer, Crop Protection

3

• Achieve cost savings and operating

earnings commitments

• Deliver the new product pipeline

• Close the merger, plan for synergies and

prepare for intended separations*

Priorities

Regions

* Subject to approval of DowDuPont board.

Long-term Sustainable Demand for Grain

Strong Despite Near-term Challenges

4

200

9

202

0

203

0

Emerging Middle Class

Global Trends

C&S America N. America

Asia-Pacific

Europe

M.E. & Africa

1.8 Bil (27% of 6.8 Bil)

3.2 Bil (42% of 7.7 Bil)

4.9 Bil (58% of 8.4 Bil)

• Population growth in an expanding middle class

• Consumer demand for improved diets

• Limited increase in land for ag production

• Need for increased ag productivity

Data Source: United Nations, OECD and USDA.

$1

$2

$3

$4

$5

$6

$7

00/0

1

01/0

2

02/0

3

03/0

4

04/0

5

05/0

6

06/0

7

07/0

8

08/0

9

09/1

0

10/1

1

11/1

2

12/1

3

13/1

4

14/1

5

15/1

6e

Historic range

from mid-70s

U.S. Farm Price for Corn ($/Bu)

4 years of below-trend

yields drove prices to

unsustainable levels

Current normal

range after biofuels

increase

4

Agriculture Segment - 2016 Outlook Pioneer, Crop Protection

5

1,732

1,550

• Sector to remain challenged

• Farmer net returns continue to trend down

• Commodity prices at the low end of new normal

• Volatile currency markets will present headwinds

• Slight uptick in Brazil Safrinha and North America

corn planted area

• Highly competitive seed and chemistry market

• Weak demand for soybean insecticides in Brazil

• Elevated seed and crop protection inventories

• Cost reductions and productivity improvements

• Currency headwinds

• Modest improvement in 2016 NA corn demand

• Lower crop protection and soybean seed volumes

2015 2016 Est. 0

2,000

4,000

6,000

8,000

10,000

12,000

$ in

Millio

ns

2015 2016 Est. 0

500

1,000

1,500

2,000

$ in

Millio

ns

Mid-single digits percent lower;

about flat ex-currency

Flat; up ~10% ex-currency

2016 Market Dynamics

2016 Financial Drivers

Currency

impact

Sales

Currency

impact

Segment Operating Earnings

Innovation Pipeline Poised to Deliver in Both

the Near-term and Long-term

6

Pioneer

Corn insect control Leptra® corn hybrids +

Dermacor® in Brazil

Qrome™ corn

hybrids*

Optimum® GLY

canola*

T Series soybeans

EncircaSM Services

Crop

Protection

New MOA -

Nematicide

Cyazypyr® insect control

Improved Hybrid

Rice Technology

Roundup Ready 2

Xtend™ technology*

*Pending regulatory approvals

Recent

Launches 2017-18 Beyond

New corn genetics

2016

New MOA –

Disease Control

Next gen soybeans

Dermacor® seed treatment

Lumivia™ seed treatment

Zorvec™ disease control

Lumisena™ seed treatment*

Pyraxalt™ insect control*

Vessarya™ disease control*

6

Historical Avg. 2013-2016*100-113 CRM germplasm pipeline

• Doubled Haploids

• Genome Wide Selection

• Precision Phenotyping

2x Increase*

Leveraging new

enabling

technologies into

the future:

• CRISPR-Cas

• Next Gen Analytics

• Advanced

Phenotyping

Rate of Gain

Optimum® AQUAmax®

The Drought Leader

Category % Yield

Adv.

Bu/ac

Yield

Adv.

%

Wins

# of

Comps

Water-limited +6.2% +6.3 66% 5,486

Favorable +1.1% +2.4 55% 72,340

2011-2015 on-farm performance

Increased Scale & Quality

Breeding Pipeline

2010 2016

Elite Germplasm

Industry-leading traits

Trait Integration

1.5x

Bigger

Benefits Optimum

® AQUAmax

®

Hybrid Benefits

Competitive Drought

Hybrid

7

Leader in Germplasm and Breeding Improved Performance Today from Advanced Breeding Technologies

Leveraging Germplasm Globally

Genome Editing Enabled by CRISPR-Cas Advanced Breeding Technology to Accelerate Innovation

8

Great genetics

Sensitive to stress

100% B

Poor agronomics

Resistant to stress

Move/Edit

Native Genes 100% A

Great genetics &

Resistant to stress

Fewer cycles and Elite Genetics vs.

5-7 cycles through backcrossing

Hybridization

Expect first products to market

in as early as 5 years Products, benefits and concepts described herein will not be offered for sale or distribution until completion of field testing and

applicable regulatory reviews.

Accelerated Rate of Innovation

CRISPR-Cas

Soybean Output Traits

Yield

Disease Resistance

Drought Tolerance

Increased Nutritional Value

CRISPR-Cas has numerous

agricultural applications

New Corn Genetics – A Step Change in Yield 2016 North America Corn Leaders

9

Qrome®


Qrome®

4.3

8.4

6.0 6.3 4.8

17.2

11.0 12.2

10.9 10.5 9.1

4.5 5.2

10.1

7.9

4.4 3.5

8.9

0

5

10

15

20Y

i

e

l

d

A

d

v

a

n

t

a

g

e

Source: 2015 Pioneer on-farm trial database. Customer comparisons based on 2015 yield results including data from weigh wagon and PKP trials for all Pioneer® brand hybrids against all competitors.

Individual results may vary. All data weighted by comparisons within 4CRM and adjusted to 15% moisture. Product performance is variable and subject to any number of environmental, disease and pest

pressures.

World Record

of 532 bu/acre

190

195

200

205

Legacy Products Qrome™ Products

Yie

ld (

Bu

/Acre

)

R&D Phase – 4 Pre-Launch

D 1 2 3 4 L

Qrome™ Product Research Plot Strong Efficacy & Agronomics | Above- & Below-

Ground Insect Protection

10


Pioneer® brand Qrome™ products will not be offered for sale or distribution until completion of field testing and applicable regulatory reviews.

0

10

20

30

40

50

2015 2020P

erc

en

t

Pioneer Triple Stack

Mix Percent

• Unlocks full potential for higher-yielding corn hybrids with

above- and below-ground protection

• Enables Pioneer® brand triple-stack product mix to

increase by 10 percentage points by 2020

• Strengthens Pioneer’s yield performance in corn rootworm

areas; improves competitive position

• Enables rapid transition to multiple modes-of-action for

below-ground insect protection

• Expected launch as early as 2017*

Benefits Benefits

4-7

bu/ac

Yield Improvement Over

Legacy Triple-Stacks

Qrome™ Corn Hybrids High Yield Potential with Proven Insect Protection

2016

Ear

Protection

Vegetative

Protection

Control

Hybrid

Leptra®

Hybrid

11

2014 Southern U.S. Launch

2015/16 Brazil Safrinha Launch

• Unique Stack of Three Traits for Above-ground Insect

Control

• Helps protect against a broad spectrum of insects,

including fall armyworm

• Protects the high yield potential and grain quality of

superior Pioneer genetics

• Improves competitiveness and value of Pioneer corn

hybrids in Brazil

• One of the fastest technology ramp-ups in Pioneer history

- Approaching one-third of 2016 summer season sales

in Brazil

• Offered with the additional protection of DuPont

Dermacor® seed treatment to optimize yield

Benefits Benefits

R&D Phase – Launch

D 1 2 3 4 L

Leptra® Corn Hybrids Improved Insect Protection in Brazil

ENHANCED YIELD & TRAIT

DURABILITY

• Above- and below-ground protection

and integrated refuge

• Multiple modes of action

- Optimum® Leptra® hybrids

- Qrome™ products

• Consistent high performance across a

wide range of environments

• Maximized yields

• Expanded focus on maximizing yields

including nitrogen use-efficiency

CORN R&D PHASE MARKETS

(●) PRIMARY

MARKET

OPPORTUNITY (MM ACRES)

Est.

Peak

Sales

D 1 2 3 4 L NA EU LA AP AF <50 50-100 >100 H / M / L

HIGHLIGHTED PRODUCT CONCEPTS

Optimum® Leptra® hybrids ● ● H

Qrome™ products ● H

BIOTECH SOLUTIONS

New MOA Lepidopteran Protection III ● ● ● ●

New MOA Coleopteran Protection III ●

Drought Tolerance II ●

Yield & Yield Stability ●

Benefits Focus

12

R&D Phases D=Discovery, 1=Proof of Concept, 2=Early Development, 3=Advanced Development, 4=Pre-Launch

Launch=Available for commercial sale or use

Market Opportunity Market Opportunity reflects total acres in Primary Markets in millions

Estimated Peak Sales Range provided for projects Phase 3 or later in pipeline: L= $0-100MM, M= $100-500MM, H= $500MM+ | Indicates advancement or addition (2/15-2/16).

Products, concepts, or benefits described herein will not be offered for sale or distribution until completion of field testing and applicable regulatory reviews. Each Phase represents only the lead event for each program. Discovery and market

evaluation is an ongoing process for all programs in the pipeline.

Corn Biotech Pipeline Strong Pipeline of Insect Protection and Agronomic Traits

T Series Soybeans – Improved Yield Performance 2016 North America Soybean Leaders

13 *Pending regulatory approvals

Qrome®

0.4 0.4 0.5

0.8

2.4

0.4

1.2

3.9

2.9

1.4

3.1 2.7

2.3

1.4 1.1

3.3

2.3 2.3

0

1

2

3

4

5Y

i

e

l

d

A

d

v

a

n

t

a

g

e

Source: 2015 Pioneer on-farm trial database. Customer comparisons based on 2015 yield results including data from weigh wagon and PKP trials for all Pioneer® brand varieties compared against all

competitors. Individual results may vary. All data weighted by comparison within 3RM. Product performance is variable and subject to any number of environmental, disease and pest pressures.

† Per United Soybean Board

*Limited Launch: Full commercialization upon global regulatory approvals.. 14

• Soybeans that will benefit

processors, livestock producers and

consumers

• Plenish® high oleic soybeans have a

first-to-market advantage

- 15-20 million acre market

opportunity in the U.S.†

- Yields on par with Pioneer® brand

elite commercial varieties

- Highest oleic content in soybean;

20% less saturated fat than

commodity soybean oil

- Enhanced functionality for food

preparation and industrial

applications

• Rich pipeline of soybean output traits

for high-growth vegetable oil and

animal feed markets

Benefits Benefits

R&D Phase – Limited Launch*

D 1 2 3 4 L* D 1 2 3 4 L

R&D Phase – 2 Early Development

Commodity Soybean

Plenish® High Oleic Soybeans Increased Oil & Improved Meal Value

57.4

Linoleic Linolenic Sats Oleic

Oleic

Oleic

Soybean Output Traits Soybeans with Consumer Benefits & Increased Feed Value

• Increased End-Use Value

- Plenish® High Oleic Soybeans

- Increased Soybean Oil &

Improved Meal Value

• Herbicide Tolerance

- Roundup Ready 2 Xtend™ trait

- LibertyLink® trait

• Plant protection addressing key

insect and disease pests for major

markets

SOYBEAN R&D PHASE MARKETS

(●) PRIMARY

MARKET OPPORTUNITY

(MM ACRES)

Est. Peak Sales


HIGHLIGHTED PRODUCT CONCEPTS

Plenish® High Oleic Soybeans^ ● M

Multiple Mode Herbicide Tolerance ● ● H

BIOTECH SOLUTIONS

Increased Soybean Oil & Improved

Meal Value

● ●

Lepidopteran Protection ●

Hemipteran Protection ●

Asian Soybean Rust Resistance ●

Benefits Focus

15







Soybean Biotech Pipeline Delivering Herbicide Tolerance and Increased End-Use Value







• Increased canola market

access with:

- Higher yields

- Out-licensing

- Expanded application

window

• Expanding hybrid rice

and hybrid wheat product

offerings with strong

agronomics

ADDITIONAL

CROPS

R & D

PHASE MARKETS

(●) PRIMARY

MARKET

OPPORTUNITY (MM ACRES)

Est.

Peak

Sales


CANOLA

Optimum® GLY Herbicide Tolerance ● ● M

Herbicide Tolerant Canola with the

LibertyLink® trait

●

L

Herbicide Tolerant Canola with the

Optimum® GLY & LibertyLink® trait stack

●

L

RICE

Hybrid Rice Technology II ●

Dual Mode of Action Lepidopteran

Protection

●

WHEAT

Hybrid Wheat Technology ●

Benefits Focus

16

Additional Crops Biotech Pipeline Herbicide Tolerant Options in Canola and Hybrid Rice and Wheat

17

EncircaSM Yield Nitrogen

Management Service

Yes 68% Yes 87%

No

32% No

%

YIELD

+6 bpa

YIELD

NITROGEN

-5 lbs N

• Pioneer Agronomy Expertise

• Soil analysis and Decision Zones

• Hyper-local Weather Network

• Advanced Crop/Nitrogen Models

• Strong Grower Adoption • Nitrogen Management Service paid for

on over 1 MM acres in 2015

• Growers have shared > 75 MM acres

of field boundaries with Pioneer

*Source: 2015 DuPont Pioneer research trials. 77% of customers who used EncircaSM Yield Nitrogen

Management Service improved profitability over traditional practices. Average return of $30 per acre

before service fee based on input cost savings and grain market prices for individual winning trials.

Source: 2015 DuPont Pioneer on-farm trials.

Comprehensive Fee-based Services

Manage Information

• EncircaSM View Premium

Manage Inputs

• EncircaSM Yield Nitrogen

Management Service

• EncircaSM Yield Stand

• EncircaSM Yield Fertility

Built on the DuPont Pioneer

Leading Route-to-Market

$30 per acre average

return on investment*

EncircaSM Services Decision Services Leader Built on Pioneer’s Direct Customer Access

Insect Control Solutions in Crop Protection Targeting $2 Billion in Combined Peak Sales*

18

DuPont™ Rynaxypyr®

Insect Control

New DuPont™ Pyraxalt™

Insect Control**

• Sold in 110 countries in 2015

• ~ $1 billion in sales

in 2015

• Growing into new market

segments and distribution

channels

• Investing to lower COGS

• Additional products in insect

control portfolio building on

success

• Novel activity for control of wide

spectrum of hopper insects in rice

in Asia

• New standard for high-potency low-

use rate, and favorable

environmental profile

• Registration dossiers submitted in

key rice countries; first sales

expected 2018

• Leveraging recent experience in

other insect control launches; wide

distribution and accelerated

adoption in key markets

• Launched in >30 countries including

Brazil, China, India, Japan, U.S. and

Canada

• Cross-spectrum with potential to

reduce number of applications

• Enhances produce quality and

marketable yield for fruit and

vegetables

• Accelerating ramp-up in India,

Japan, Brazil & US

• EU registrations expected in

2017/18

• Investing in new market spaces

(both crops and pests)

Continued market share growth in

AP, EMEA, NA

The next game changer for Insect

Control in AP Rice Creating exceptional Grower Value

*DuPontTM PyraxaltTM is not registered for use or sale in the United States and other countries. No offer for sale, sale or use of these products are permitted prior to the

issuance of the country level registration.

DuPont™ Cyazypyr®

Insect Control

*Includes sales from seed treatment.

Disease Control Solutions in Crop Protection Targeting $1 Billion in Combined Peak Sales*

19

DuPont Picoxystrobin

Disease Control

DuPont Penthiopyrad

Disease Control

DuPont™ Zorvec™

Disease Control**

• Strobilurin of choice for Asian

Soybean Rust in soybean, rust in

cereals, corn, rice and specialty

diseases

• Sold in over 50 countries including

Brazil, US, EU, China, India

• Developing next generation

mixtures: Vessarya™ and

Aproach® Power

• Improving performance by

introducing new formulations in

soybean, corn, cereals, oilseed

rape and rice

• Excellent control of septoria and

specialty crop diseases (e.g. apple

scab)

• Registered & launched in over 25

countries

• Expanding in new crops, disease

and mixtures globally.

• 2016 planned launches and

expansion in new cereals markets

in Eastern Europe

• Unmatched Oomycete control in

potato, grapes and vegetables

• Novel mode of action

• Excellent environmental profile, low

use rate

• Consistent, long-lasting control

• 2016 Launches: China, Japan,

Mexico, Colombia, Australia,

Vietnam, Argentina

• Part of DuPont™ Lumigen™

(Lumnisena™) seed sense in corn,

soybean and sunflower

Growing in new markets

and with mixtures

New >$100M sales potential in

cereals, fruits and vegetable market

Game changer in $2B blight and

downy mildew market

**DuPontTM ZorvecTM is not registered for use or sale in the United States. No offer for sale, sale or use of these products are permitted prior to the issuance of the country level

registration.

*Includes sales from seed treatment.

Seed Treatment – Expanding into New Markets Targeting $400 Million in Combined Peak Sales

20

DuPont™ Dermacor®

Insecticide Seed Treatment

DuPont™ Lumiderm™


DuPont™ Lumivia™


• Used on over 5 MM acres of

soybean in Brazil in 2015

• Excellent above & below ground

insect protection for plant vigor and

yield

• Full registration on soybean & corn

• Launched on corn in Brazil & Mexico

in 2015

• Exceeded expectations in 2015

season by achieving >8%

penetration in canola acres in

Canada

• Enhanced insect protection enables

higher yields

• Better protection from cutworms and

flea beetles results in superb early

season vigor

• Continued expansion in U.S. China

launched in 2015

• Improved yield advantage of 2.6

bushels/acre through enhanced

insect protection*

• Available in the US on the newest

Pioneer® brand hybrids

2016 target: 30% + volume growth 2016 target: 30% + volume growth 2016 target: double 2015 acreage

Lumiderm™

+ Standard Standard Dermacor® Standard

*Source: 2013-2014 DuPont Pioneer research trials,160 locations, 59.4% positive yield response.

R&D Phases D=Discovery 1=Proof of Concept 2=Early Development

3=Advanced Development 4=Pre-Launch Launch=Available for commercial

sale or use

Products, concepts, or benefits described herein will not be offered for sale or

distribution until completion of field testing and applicable regulatory reviews.

Each Phase represents only the lead event for each program. Discovery and

market evaluation is an ongoing process for all programs in the pipeline.

Estimated Peak Sales Range provided for projects Phase 3 or later in pipeline: L= $0-100MM, M= $100-

500MM, H= $500MM+ | Indicates advancement or addition (2/15-2/16).

* Target Market information updated March 28, 2016.

Benefits Focus

DuPont Crop Protection Pipeline Sustainable Growth and Innovation Through a Highly Productive Pipeline

ONE OF THE MOST PRODUCTIVE

AND INNOVATIVE PIPELINES IN THE

INDUSTRY

FOCUSED RESEARCH

• Target to deliver one commercial

candidate each year to the pipeline

• Emphasis on novel modes of action

and new classes of chemistry

• Successful renewal of existing

technologies

NEAR TERM LAUNCHES

BUILDING ON SUCCESS OF

RYNAXYPYR® AND CYAZYPYR®

• New seed treatment solutions

• DuPont™ Zorvec™ disease control

launch

• DuPont™ Pyraxalt™ insect control in

rice expected in the next few years

Advanced

Advanced

21

PROGRAM R&D Phase Target Market (shaded) Est.

Peak

Sales D 1 2 3 4 L F&V Rice Cereals Corn Oil

Seeds

WEED CONTROL

New mode of action grass and

broad leaf weed control

New class of grass and broad leaf

weed control

INSECT and NEMATODE CONTROL

New class of insect control for

piercing/sucking pests

Broad spectrum nematicide, new

mode of action M

Pyraxalt™, new class of insect

control for piercing pests M

Cyazypyr® cross-spectrum insect

control M

Lumivia™ (part of Lumigen™

Seed Sense) M

Lumiposa™ (part of Lumigen™

Seed Sense) L

DISEASE CONTROL

Broad-spectrum disease control,

new mode of action

Zorvec™ oomycete control, new

mode of action* M

Penthiopyrad broad-spectrum

disease control M

Lumisena™ (part of Lumigen™

Seed Sense) L

Advanced

Advanced

Advanced

Integrated Seed and Crop Protection Solutions

23

• World’s leading production agriculture business

with most comprehensive, balanced and

diverse seed and crop protection portfolio with

exceptional opportunity for growth

• Rich history and sustainable commitment to

production agriculture focused on delivering

solutions to growers around the world

• Robust innovation pipeline of germplasm,

biotech traits and crop protection technologies

that enable the delivery of a broader suite of

stronger products to the market

• Enhanced scale and multiple routes-to-market

allow broader reach of complementary

offerings and enable deeper customer intimacy

that will drive increased grower productivity

and profitability globally

1. This product is fully approved in the U.S. and Canada. Traits included in these products

may or may not be approved in all global markets.

Cro

p P

rote

cti

on

G

erm

pla

sm

/ T

rait

s

Seed Brands Traits

Insecticides Herbicides Fungicides

Other Emerging

Technologies

Specialty

Insect

Control

Portfolio

Sulfonylureas Indoxacarb

Pyroxsulam

Picoxystrobin

1

Advanced Technologies

Combines Portfolios of Leading Products With Strong Capabilities Driving Future growth

Ag Co: World-Leading, Comprehensive Agriculture Business Most Comprehensive and Diverse Seed and Crop Protection Portfolio

APPENDIX 1:

3/28/2016 24

Biotech Trait R&D

25

Discovery

Select product target Define targets based on current and anticipated future customer needs, and advancing scientific capabilities.

Identify leads Screen potential genes to find a gene or combination of genes that demonstrate efficacy against the target.

Phase 1

Proof of concept

Crop transformation Insert gene leads into target crop.

Demonstrate proof of concept Test genes to confirm efficacy against the target.

Gene and construct optimization Evaluate genes and constructs for trait efficacy and agronomic performance in the target market environment. Optimize for trait and stack performance.

Phase 2

Early development

Production transformation Insert constructs into target crop to generate multiple events.

Event characterization Select best events across germplasm and environments.

Event Development Expand field testing of candidate commercial lead events across stacked trait and germplasm combinations.

Initiate regulatory testing Start regulatory studies, including method development & validation.

Early trait introgression Breed events into a broader set of elite germplasm.

Phase 3

Advanced development

Advanced field testing Further characterize lead commercial events across germplasm and environments and select event(s) for regulatory submission.

Regulatory testing Complete regulatory studies for primary markets.

Regulatory dossier submission Submit extensive data package and analysis to authorities.

Phase 4

Pre-launch

Regulatory testing Complete regulatory studies for additional submissions (e.g. stacks).

Trait introgression and seed ramp up Breed trait into elite germplasm across maturities and intensify ramp-up of seed quantities.

Pre-marketing Prepare customer education plans. Perform market testing. Prepare commercial seed volumes.

IMPACT™ trials Field test new products in development near the customer. Focus interactions to deliver Right Product on Right Acre following commercialization.

Launch

Regulatory approvals Receive all regulatory approvals for launch cultivation.

Commercial sales begin Pioneer works customer-by-customer and market-by-market to deliver the Right Product on the Right Acre tailored to individual grower needs.

Product stewardship Continue ongoing stewardship practices which began in research. These include education and communication to ensure compliance with regulations, Pioneer policies and crop management strategies.

DuPont Pioneer R&D is Committed to Delivering

Superior Germplasm, Traits and Trait Combinations in

the Most Productive Products for Our Customers.

Our Advanced Biotech Pipeline Programs Are an

Integral Part of Our Approach as We Deliver the Right

Product on the Right Acre

Agrisure® and Agrisure Viptera® are registered trademarks of, and used under license from, a Syngenta Group Company. Agrisure® technology incorporated into these seeds is commercialized under a license from

Syngenta Crop Protection AG. Herculex® Insect Protection technology by Dow AgroSciences and Pioneer Hi-Bred. Herculex® and the HX logo are registered trademarks of Dow AgroSciences LLC. Liberty®, LibertyLink® ,

and the Water Droplet Design are registered trademarks of Bayer. YieldGard®, the YieldGard Corn Borer design, Roundup Ready®, Xtend™ and Genuity® are trademarks of Monsanto Technology LLC used under license.

ALWAYS READ AND FOLLOW PESTICIDE LABEL DIRECTIONS. Roundup Ready® crops contain genes that confer tolerance to glyphosate, the active ingredient in Roundup® brand agricultural herbicides. Roundup®

brand agricultural herbicides will kill crops that are not tolerant to glyphosate.

Pioneer is a member of Excellence Through Stewardship® (ETS). Pioneer is a member of Excellence Through Stewardship® (ETS). Pioneer products are commercialized in accordance with ETS Product Launch

Stewardship Guidance and in compliance with the Pioneer policies regarding stewardship of those products. Crops and materials containing biotech traits may only be exported to or used, processed, or sold in jurisdictions

where all necessary regulatory approvals have been granted for those crops and materials. It is a violation of national and international laws to move materials containing biotech traits across borders into jurisdictions

where their import is not permitted. Growers should discuss these issues with their purchaser or grain handler to confirm the purchaser or handler's position on products being purchased. Excellence Through

Stewardship® is a registered trademark of the Biotechnology Industry Organization.

^ EXPORT APPROVAL NOTICE: This product is fully approved in the United States and Canada. Traits included in these products may or may not be approved in all global markets; therefore, the combination of these

traits and the grain and certain by-products (including oil, dried distillers grain, cobs, and husks) from THESE PRODUCTS MAY NOT BE APPROVED for all markets. Growers that use this product are required and agree

to adhere to the stewardship requirements as outlined in the Pioneer Product Use Guide and product-specific Stewardship Requirements for this product, which include specific grain disposition requirements. For

questions regarding product stewardship and biotech traits please contact your sales representative or refer to www.pioneer.com/stewardship. Growers are required to discuss trait acceptance and grain channeling policies

with their local grain handler prior to delivering grain containing biotech traits.

Pioneer® brand soybeans with the Roundup Ready 2 XtendTM technology will not be offered for sale or distribution until completion of field testing and applicable regulatory reviews. Dicamba herbicide is not currently

approved for commercial in-crop use with soybeans with the Roundup Ready 2 Xtend™ technology and nothing herein is a promotion or an offer to sell dicamba herbicide for this use. It is a violation of federal law to

promote or offer to sell unregistered pesticides or a registered pesticide for an unregistered use.

Pioneer® brand Qrome™ products will not be offered for sale or distribution until completion of field testing and applicable regulatory reviews.

Product performance in water-limited environments is variable and depends on many factors such as the severity and timing of moisture deficiency, heat stress, soil type, management practices and environmental stress

as well as disease and pest pressures. All products may exhibit reduced yield under water and heat stress. Individual results may vary.

.

®, SM, TM Trademarks and service marks of DuPont, Pioneer or their respective owners. © 2016 PHII.

^

26

http://www.pioneer.com/stewardship

APPENDIX 2:

DOWDUPONT MERGER OF EQUALS

3/28/2016 27

Disclaimer

Important Information About the Transaction and Where to Find It

28


In connection with the proposed transaction, on March 1, 2016 DowDuPont Inc. (f/k/a Diamond-Orion HoldCo, Inc.) (“DowDuPont”), filed with the Securities and

Exchange Commission (“SEC”) a preliminary registration statement on Form S-4 that includes a joint proxy statement of The Dow Chemical Company (“Dow”)

and E. I. du Pont de Nemours and Company (“DuPont”) and that also will constitute a prospectus of DowDuPont. These materials are not final and may be

amended. Dow, DuPont and DowDuPont may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for

the joint proxy statement/prospectus or definitive registration statement or any other document which Dow, DuPont or DowDuPont may file with the SEC.

INVESTORS AND SECURITY HOLDERS OF DOW AND DUPONT ARE URGED TO READ THE PRELIMINARY REGISTRATION STATEMENT, THE JOINT

PROXY STATEMENT/PROSPECTUS AND THE DEFINITIVE VERSIONS THEREOF AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR

WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR

ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED

MATTERS. Investors and security holders may obtain free copies of the preliminary materials filed on March 1, 2016 and the definitive versions of these

materials and other documents filed with the SEC (when available) by Dow, DuPont and DowDuPont through the web site maintained by the SEC at

www.sec.gov or by contacting the investor relations department of Dow or DuPont at the following:

Dow DuPont

2030 Dow Center 974 Centre Road

Midland, MI 48674 Wilmington, DE 19805

Attention: Investor Relations Attention: Investor Relations

+1 989-636-1463 +1 302-774-4994

Participants in the Solicitation

Dow, DuPont, DowDuPont and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the

proposed transaction. Information regarding Dow’s directors and executive officers, including a description of their direct interests, by security holdings or

otherwise, is contained in Dow’s Form 10-K for the year ended December 31, 2015, its proxy statement filed on March 27, 2015 and the joint proxy

statement/prospectus of Dow contained in the Form S-4, which are filed with the SEC. Information regarding DuPont’s directors and executive officers,

including a description of their direct interests, by security holdings or otherwise, is contained in DuPont’s Form 10-K for the year ended December 31, 2015, its

proxy statement filed on March 23, 2015 and the joint proxy statement/prospectus of DuPont contained in the Form S-4, which are filed with the SEC. A more

complete description will be available in the definitive registration statement on Form S-4 and the joint proxy statement/prospectus.

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any

securities or a solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be

unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a

prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Disclaimer Cont’d


29

Cautionary Notes on Forward Looking Statements

This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended,

and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial

performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions,

and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the

consummation of the proposed transaction and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the proposed

transaction or to make or take any filing or other action required to consummate such transaction on a timely matter or at all, are not guarantees of future results and are subject

to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Important risk factors that

may cause such a difference include, but are not limited to, (i) the completion of the proposed transaction on anticipated terms and timing, including obtaining shareholder and

regulatory approvals, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance,

indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the new combined company’s

operations and other conditions to the completion of the merger, (ii) the ability of Dow and DuPont to integrate the business successfully and to achieve anticipated synergies,

risks and costs and pursuit and/or implementation of the potential separations, including anticipated timing, any changes to the configuration of businesses included in the

potential separation if implemented, (iii) the intended separation of the agriculture, material science and specialty products businesses of the combined company post-mergers

in one or more tax efficient transactions on anticipated terms and timing, including a number of conditions which could delay, prevent or otherwise adversely affect the proposed

transactions, including possible issues or delays in obtaining required regulatory approvals or clearances, disruptions in the financial markets or other potential barriers, (iv)

potential litigation relating to the proposed transaction that could be instituted against Dow, DuPont or their respective directors, (v) the risk that disruptions from the proposed

transaction will harm Dow’s or DuPont’s business, including current plans and operations, (vi) the ability of Dow or DuPont to retain and hire key personnel, (vii) potential

adverse reactions or changes to business relationships resulting from the announcement or completion of the merger, (viii) uncertainty as to the long-term value of DowDuPont

common stock, (ix) continued availability of capital and financing and rating agency actions, (x) legislative, regulatory and economic developments, (xi) potential business

uncertainty, including changes to existing business relationships, during the pendency of the merger that could affect Dow’s and/or DuPont’s financial performance, (xii) certain

restrictions during the pendency of the merger that may impact Dow’s or DuPont’s ability to pursue certain business opportuni ties or strategic transactions and (xiii)

unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as management’s response to any of

the aforementioned factors. These risks, as well as other risks associated with the proposed merger, are more fully discussed in the joint proxy statement/prospectus included

in the preliminary registration statement on Form S-4 filed with the SEC in connection with the proposed merger. While the list of factors presented here is, and the list of factors

presented in the preliminary registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential

risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Consequences of material differences in

results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal

liability to third parties and similar risks, any of which could have a material adverse effect on Dow’s or DuPont’s consolidated financial condition, results of operations, credit

rating or liquidity. Neither Dow nor DuPont assumes any obligation to publicly provide revisions or updates to any forward looking statements, whether as a result of new

information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

Third Party Information

This website may contain or refer to news, commentary and other information relating to Dow, DuPont or DowDuPont generated by, or sourced from, persons or companies

that are not affiliated with Dow, DuPont or DowDuPont. The author and source of any third party information and the date of its publication are clearly and prominently identified.

Dow, DuPont and DowDuPont have neither sought nor obtained permission to use or quote such third party information. Dow, DuPont and DowDuPont have not assisted in the

preparation of the third party information, cannot guarantee the accuracy, timeliness, completeness or availability of the third party information, and do not explicitly or implicitly

endorse or approve such information.

Copyright © 2014 DuPont or its affiliates. All rights reserved. The DuPont Oval Logo, DuPont™, The miracles of science™ and all products denoted with ™ or ® are registered trademarks or trademarks of E. I. du Pont de Nemours and Company or its affiliates.

Images reproduced by E. I. du Pont de Nemours and Company under license from the National Geographic Society.

Copyright © 2016 DuPont. All rights reserved. The DuPont Oval Logo, DuPontTM, The miracles of scienceTM, and all products denoted with ® or TM are trademarks or registered trademarks of and all services marked with SM are service marks of E. I. du Pont de Nemours and Company.

+Images reproduced by E. I. du Pont de Nemours and Company under license from the National Geographic Society.

© National Geographic Image 30