27
Paul Schickler, President, DuPont Pioneer November 12, 2014 MORGAN STANLEY GLOBAL CHEMICALS CONFERENCE

DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Embed Size (px)

DESCRIPTION

DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Citation preview

Page 1: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Paul Schickler, President, DuPont Pioneer

November 12, 2014

MORGAN STANLEY GLOBAL CHEMICALS CONFERENCE

Page 2: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

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, 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; significant litigation and environmental matters; 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, weather events and natural disasters; 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 successful completion of the proposed spinoff of the Performance Chemicals segment including

ability to fully realize the expected benefits of the proposed spinoff. The company undertakes no duty to update any forward-looking

statements as a result of future developments or new information.

Developing Markets Total developing markets is comprised of Developing Asia, Developing Europe, Middle East & Africa, and Latin America. A detailed

list of all developing countries is available on the Earnings News Release link on the Investor Center website at www.dupont.com.

2

Page 3: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

DuPont is a Science Company

DuPont has a 200-year record of creating value for customers and owners by

connecting science to the marketplace to create novel solutions the world

needs. Today, DuPont is creating higher growth and higher value for

shareholders by leveraging advanced science and technology, market and

value chain knowledge, global scale, and disciplined management to drive its

next great era of innovation.

3

Page 4: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

1

These Three Strategic Priorities Position DuPont For The Next

Wave Of Innovation And Growth

Path to Future Growth

Agriculture &

Nutrition Extend our leadership

across the high-value,

science-driven

segments of the

Agriculture and Food

value chain

Advanced

Materials Strengthen and grow

our leading position in

differentiated high-

value materials and

leverage new sciences

Bio-Based

Industrials Develop world-

leading industrial

biotechnology

capabilities to create

transformational new

bio-based businesses

• Seeds

• Agricultural Chemicals

• Specialty Food

Ingredients

• Enzymes

• Biofuels

• Biomaterials

• Advanced Polymers

• Protective Materials

• Electronic Materials

• Alternative Energy

DuPont’s Strategy To Build Higher Growth, Higher Value

4

Page 5: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

DuPont Delivers Productivity and Profitability for

Growers and Food Companies

DuPont holistically addresses the challenge of feeding the world • Improving agricultural productivity and animal feed efficiencies • Enhancing the nutritional value of food • Protecting food and reducing waste

Ag Productivity

• Integrated seed solutions

• Germplasm / traits

• Seed-applied technologies

• Crop protection

• Decision services

Bio-based Industrials • Biofuels, biomaterials and

biochemicals

• Enzymes

Nutrition Solutions

• Specialty ingredients (enzymes

cultures, probiotics, soy protein,

emulsifiers, texturants, etc.)

• Animal nutrition

Food Protection / Packaging Solutions • Antimicrobials, antioxidants,

diagnostics • Specialty packaging resins

(sealants, adhesives)

5

Unique Capabilities Across the Ag and Food Value Chain

Page 6: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

2030 2020

3.25

2009

1.85

Other

North America

Asia-Pacific

Europe

4.88

Emerging Middle Class (Billions)

3 B

1+

B

0.32

0.34

0.66

0.53

0.48

0.33

0.70

1.74

3.23

0.68

0.32

0.65

750

800

850

900

950

1000

2007

2008

2009

2010

2011

2012

2013

2014

Production Consumption

Million MT

Global Demand Growth for Grain

Global Corn

6

Long-term, Sustainable Demand Remains Intact

Data Source: United Nations, OECD and USDA.

Page 7: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Growth Priorities in Agriculture

Brazil

Central and

Eastern Europe

Western Canada

India China

Genetic Improvement

Optimum® AcreMax® Optimum® AQUAmax®

EncircaSM Services T Series soybeans Plenish® soybeans^

Rynaxypyr®

Cyazypyr®

Fungicides

Lumigen™ Seed Sense

Solutions

Extending our Global Reach

Innovative Products and Services

Next Gen Soy Hybrid Rice

Hybrid Wheat

Africa

*Optimum® GLY Herbicide Tolerance and LibertyLink® Herbicide Tolerance for canola

Optimum® Leptra™ ^ DP4114

Canola HT*

7

Strong Market Positions Today, Attractive Growth Opportunities

Page 8: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Innovation – Leading Insect Control Solutions in

Corn

Optimum® AcreMax®

Family of Products DP4114 Optimum® Leptra® ^

Insect Protection

• Maximize yield by protecting the potential of

our superior genetics

• Multiple modes of action for enhanced

protection against lepidopteran pests

including earworm and fall armyworm

• Enhanced trait durability

• Limited, stewarded 2014 launch in the

Southern US; strong yield performance with

good grain quality

Expected to represent about 70%

of Pioneer NA corn volume in 2015

North America launch expected

early in the 2nd

half of this decade*

Small, introductory launch

expected in Brazil in 2015*

Optimum® Leptra™ hybrid Control hybrid

• Enables additional triple-stack product

options with enhanced yield performance

and strong agronomics

• Strong efficacy and performance in 2014

research trials

• Molecular stack of proven Herculex® trait Bt

proteins

• US and Canada cultivation approvals in

place

• Multiple options to manage field-by-field

insect control needs

• Multiple modes of action for protection

against above and below ground insects

• Expanding lineup of triple-stack products

• Simplified refuge management

• High-yielding Pioneer genetics

*Pending regulatory approvals 8

Tailored Options for Insect Control

Page 9: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Innovation – Optimum® AQUAmax® hybrids

9

Continues to Deliver Rain or Shine

Optimum® AQUAmax® Hybrids

• Exceptional performance in water-limited

environments AND

• Top-end yield potential under favorable

conditions

• Planted on about 10 million acres in 2014

• Optimum® AQUAmax® hybrids have delivered

year after year across a wide variety of

environments since 2011

• Tested in over 50,000 on-farm comparisons

since introduction in 2011

• Continues to outperform competitive drought

products

• Available in a wide-range of trait options

• Targeted for the Western corn belt and areas

prone to chronic drought stress

• Native trait technology can be leveraged outside

of the US (e.g. Ukraine and France)

AQUAmax vs. All Competitors

2011-2014

Source: From 2011 to 2014, Optimum® AQUAmax® products were grown in on-farm against competitive hybrids (+/- 4 CRM) in 5,262 comparisons in water limited environments and 47,705 comparisons in favorable growing conditions.

Water limited environments are those in which the water supply/demand ratio during flowering or grain fill was less than 0.66 on a 0-1 scale (1=adequate moisture as determined by Pioneer) using Pioneer's proprietary EnClass® system

and in which the average yield of the commercially available hybrids was less than 150 bu/acre. Moisture levels were measured at the nearest weather station. Favorable growing conditions are locations where yield levels were at or

above 150 bu/acre on average, regardless of moisture levels. 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 hybrids may exhibit reduced yield under water and heat stress. Individual results may vary. Product performance is

variable and subject to any number of environmental, disease and pest pressures.

Page 10: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Innovation - 2014 North America Corn Performance

Strong Corn Performance

In Grower Fields

• Performance advantage in top-end yield

environments with many +300 bpa yields

• Optimum® AQUAmax® hybrids continue to

perform rain or shine

• Promising 2014 class of new genetics with an

improving triple stack lineup

• Outstanding performance in Western and

Southern corn belt (113 and 118 maturities)

• Strength in 7 million acre silage market with

growing BMR lineup

• New insect protection event DP4114 performing

well in research trials

• Convenience of Optimum® AcreMax® insect

protection in about 70% of 2015 volume

• Comparisons represent on-farm side-by-side

results from growers fields

10

Performance Leadership Under This Season’s High-yielding Conditions

Source: 2014 Pioneer on-farm trial database as of October 28, 2014. Customer comparisons based on 2014 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.

Double and Triple Stacks vs. All

Competitors

Page 11: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Innovation – New Corn Genetics

Promising Class of New Genetics

• Industry leading genetic diversity, improved yield

and agronomic performance protected by

leading trait options

• 2014 class of new genetics are expected to

represent about 20% of 2015 sales volume

• New genetics since 2012 are expected to

represent about 60% of 2015 sales volume

• New classes locally tested and advanced from

about 1,300 corn IMPACT™ trials annually

11

New, Higher-yielding Genetics Create Pricing Opportunity

2014 Class vs. All Competitors

Source: 2014 Pioneer on-farm trial database as of October 28, 2014. Customer comparisons based on 2014 yield results including data from weigh wagon and PKP trials

compared against all competitors. Includes all new Pioneer hybrids released in 2014 vs. competitor brand hybrids tested in 2014. 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.

Page 12: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Innovation – New Technology for Soybean and

Canola growers

Pioneer® brand T Series Soybeans Optimum® GLY Canola Plenish® High Oleic Soybeans^

• Soy-based solution with 20% less saturated

fat than commodity soybean oil

• Yields on par with Pioneer® brand elite

commercial varieties

• Expanded contracting options for growers in

2015

• Import approval received in markets that

represent about 90% of US soybean exports

Expect T Series mix to be

about double in 2015

Developed through proprietary gene

shuffling technology

Biotech soybeans with consumer

benefits

• Provide growers increased application

flexibility

• Offered in combination with Pioneer

Protector® traits

• Expected availability later this decade,

pending regulatory approvals

• Out-licensing agreement recently signed

with Crop Production Services (CPS)

• Strong defensive traits

• Varieties containing the Genuity® Roundup

Ready 2 Yield® trait are expected to be

about 10% of volume in 2015

• Newest Pioneer genetics with improved field

emergence

• 2015 expected launch of native technology

for increased flexibility and high tolerance to

sulfonylurea herbicides

*Pending regulatory approvals 12

Technology Advancements in Oilseeds

Page 13: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Innovation - 2014 North America Soybean Performance

Pioneer® brand 2014 soybean class Pioneer® brand T Series soybeans

• Solid competitive performance of T Series soybean varieties

• Promising 2014 T Series class of new genetics

• T Series expected to double in 2015 to nearly two-thirds of volume

• Genuity® Roundup Ready 2 Yield® expected to double in 2015 to about 10% of volume

13

High Yield Protected By Defensive Trait Packages

Source: 2014 Pioneer on-farm trial database as of October 28, 2014. Customer comparisons based on 2014 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.

Page 14: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

PROFITABILITY RISK MANAGEMENT

SUSTAINABILITY CONVENIENCE

Innovation - EncircaSM Services

Helping Growers Unlock The Full Potential Of Their Land

Addressing the most critical

challenges growers face

*According to an independent Forecastwatch.com report, Schneider Electric, DTN/The Progressive Farmer's parent company, has delivered the industry's most accurate

temperature and precipitation forecasts for the last seven consecutive years. This same forecast technology is used in DTN’s solutions including the DTN Ag Weather Network,

which contains over 2,000 individual weather stations. 14

Strategic Collaborations Enhance Services

The largest and most accurate Ag Weather

Network*

• DTN Ag Weather Network

Most granular view of soils and topography

• USDA-ARS

• University of Missouri

Improved crop and nitrogen models

• Data generated by 8 Midwest land-grant

universities

Seamless transfer of data for real-time insights

• John Deere

• AGCO

• Raven Industries

Strong grower adoption

• EncircaSM View – 13,000+ Users

• EncircaSM Yield Nitrogen Management

Service – About 300,000 acres invoiced so

far

Page 15: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Innovation - EncircaSM Yield – Nitrogen Management

Service

Scalable Sub-field Management Offers The Next Inflection in Crop Productivity

Example field, Willmar, MN

Source: DuPont Pioneer, in collaboration with University of

Missouri & USDA-ARS

15

Personalized Input Management Solutions

• Based on sub-field level Environmental

Response Units (ERUs)

• Customized Nitrogen recommendations by ERU

• Managing by specific productivity potential to:

• Improve Low Productivity ERUs

• Optimize Medium Productivity ERUs

• Maximize High Productivity ERUs

• Opportunity to improve profitability by as much

as $50-60 per acre through better nitrogen

management

• $10 per acre service fee

• Tailored by a local Certified Services Agent

(CSA)

• Most accurate, local weather data informed by

the DTN Ag Weather Network improves

probability of success

Page 16: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Innovation – Lumigen™ Seed Sense Solutions

DuPont™ Dermacor®

Insecticide Seed Treatment DuPont™ Lumivia™

Insecticide Seed Treatment DuPont™ Lumiderm™

Insecticide Seed Treatment

• Offers enhanced protection from

cutworms and flea beetles

• Residual control of insects up to 35

days after seedling

• Superb early season vigor

2014 Initial Launch in Brazil for

soybeans on over 3 million acres 2014 Initial Launch in

Canada for Canola

• Improved yield advantage

• Offering enhanced protection from

wireworm, black cutworm, white grubs

and fall armyworm

• Available in the US exclusively on the

newest Pioneer hybrids as part of the

Pioneer Premium Seed Treatment

program

• Supports emergency registration in

Brazil for control of Helicoverpa in

soybeans

• Excellent above and below ground

insect control to protect plant vigor

• Pursuing expansion to other crops

and markets

2015 Planned Launch in the

United States for Corn

16

Extending DuPont Science Into Seed Treatment

Page 17: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Corn 40*

Soybeans 33*

Canola 9*

Corn 19

Soybeans 30**

Corn 8

Sunflower 14

Oilseed Rape 3

Corn 36

Corn 12

Rice 42

Corn 14

Global Reach – Key Growth Markets

17

Note: Millions of hectares harvested. USDA 2014/15 estimate. * US & Canada show hectares planted ** Soybean hectares represent Brazil only.

Expect ~ 50% of Our Growth Over Next Five Years Outside of NA

Page 18: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Global Reach - Brazil

Growth Drivers

• Corn and soybean strategy

Corn – 15 million hectares

Soybeans – 30 million hectares

• Rapid grower adoption of technology

• Leading Pioneer germplasm

• Local customer focus and route-to-market

• Investments in production and distribution capacity

• Small, introductory launch of Leptra™ insect protection

expected in 2015, pending regulatory approvals

• Adoption of DuPont™ Dermacor® insecticide seed

treatment in soybeans

• DuPont™ Dermacor® insecticide seed treatment for

corn, pending regulatory approval

18

Page 19: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Global Reach – Central and Eastern Europe

Growth Drivers

• Multi-crop strategy

Corn – 8 million hectares

Sunflower – 14 million hectares

Oilseed rape – 3 million hectares

• Long history and local knowledge

• Recent investments in local research and production

capacity

• Leading market position in corn today

• Optimum® AQUAmax™ hybrids launched in 2014

• Pioneer® brand hybrids with the DuPont™ ExpressSun™

trait

• Pioneer MAXIMUS® oilseed rape semi-dwarf hybrids

19

Page 20: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Global Reach - India

Growth Drivers

• Multi-crop strategy

• Rice – 42 million hectares

• Corn – 12 million hectares

• Mustard and Millet

• Long history and local knowledge

• Hybrid Rice Technology

• Unique route-to-market – Pioneer Pravatka and mobile

outreach

• Multi-crop Research Centers with focus on molecular

breeding, native traits and drought tolerance

• DuPont Knowledge Center

20

Page 21: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Global Reach - China

Growth Drivers

• 36 million hectare corn market

• Aligned with China’s goals in agriculture

• Modernization and mechanization of Chinese

agriculture

• Leading the professionalization of the Chinese seed

industry

• Local investments in breeding (established in 1998)

• Industry leading molecular breeding technology center

• State-of-the-art production facilities

• Professional sales channel

21

Page 22: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Right Product Right Acre

22

Page 23: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Appendix 1: 2014 On-farm Performance

23

Page 24: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

24

Source: 2014 Pioneer on-farm trial database as of October 28, 2014. Customer comparisons based on 2014 yield results including data from weigh wagon and PKP trials for all Pioneer® brand hybrids against all competitors. Pioneer area leader package consists of a representative selection of the higher volume hybrids estimated for 2015. 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

2014 Area Top Volume Leaders Package vs. All

Competitors (Corn)

Northeast Indiana Yld. Adv. / % Wins • P0157AMX (AMX/LL/RR2) + 13.9 85% • P0496AMX (AMX/LL/RR2) + 6.6 77% • P0506AM (AM/LL/RR2) + 18.8 95% • P0636AM (AM/LL/RR2) +0.5 50% • P1197AM (AM/LL/RR2) + 16.1 93%

N Wisconsin, NE Minnesota Yld. Adv. / % Wins • P9526AMX (AMX/LL/RR2) + 14.7 93% • P9644AMX (AMX/LL/RR2) + 9.0 67% • P9807AM (AM/LL/RR2) + 6.9 66% • P0157AMX (AMX/LL/RR2) + 8.6 73% • P0533AM1 (AM1/LL/RR2) + 15.4 85%

NC, W Nebraska Yld. Adv. / % Wins • P0302CHR (RW/HX1/LL/RR2) + 11.7 82% • P0419AMX (AMX/LL/RR2) + 9.6 74% • P0832AMX (AMX/LL/RR2) + 12.5 85% • P1151AMX (AMX/LL/RR2) + 14.6 89% • P1266AM (AM/LL/RR2) + 8.4 75%

DE, MD, NJ, East PA Yld. Adv. / % Wins • P0210AM (AM/LL/RR2) + 15.8 79% • P0506AM (AM/LL/RR2) + 16.7 82% • P0604AM (AM/LL/RR2) + 20.7 100% • P1105AM (AM/LL/RR2) + 8.2 65% • P1197AM (AM/LL/RR2) + 17.0 86%

Northwest Iowa Yld. Adv. / % Wins • P0157AMX (AMX/LL/RR2) + 17.8 86% • P0193AMX (AMX/LL/RR2) + 6.4 71% • P0297AMXT (AMXT/LL/RR2) + 13.9 80% • P0506AM (AM/LL/RR2)) + 12.0 75% • P0533AM1 (AM1/LL/RR2) + 8.0 68%

Southeast Nebraska Yld. Adv. / % Wins • P1105AM (AM/LL/RR2) + 12.6 78% • P1151AM (AM/LL/RR2) + 5.4 63% • P1197CHR (RW/HX1/LL/RR2) + 18.9 87% • P1602AM (AM/LL/RR2) + 12.3 84% • P1690CHR (RW/HX1/LL/RR2) + 24.5 93%

2.6 mm Acres 2.1 mm Acres

1.9 mm Acres

2.4 mm Acres

2.6 mm Acres 1.1 mm Acres

Northern Illinois Yld. Adv. / % Wins • P0419AMX (AMX/LL/RR2) + 6.3 59% • P0496AMX (AMX/LL/RR2) + 10.8 73% • P0636AMX (AMX/LL/RR2) + 13.5 80% • P1142AMX (AMX/LL/RR2) + 6.5 62% • P1197CHR (RW/HX1/LL/RR2) + 13.1 78%

North Mississippi Delta Yld. Adv. / % Wins • P1257YHR (YGCB/HX1/LL/RR2) + 15.2 80% • P1319HR (HX1/LL/RR2) + 5.7 59% • P1602YHR (YGCB/HX1/LL/RR2) + 9.1 66% • P1637YHR (YGCB/HX1/LL/RR2) + 6.1 62% • P1794VYHR (AVBL/YGCB/HX1/LL/RR2) + 6.3 61%

1.1 mm Acres 2.4 mm Acres

Page 25: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

2014 Area Top Volume Leaders Package vs. All

Competitors (Soybeans)

25

Source: 2014 Pioneer on-farm trial database as of October 28, 2014. Customer comparisons based on 2014 yield results including data from weigh wagon and PKP trials compared against all competitors in the area indicated. Individual results may vary. Pioneer area leader package consists of a representative selection of the higher volume varieties estimated for 2013. All data weighted by comparison within 3RM. All soybean products listed contain the Roundup Ready® trait. Product performance is variable and subject to any number of environmental, disease and pest pressures.

NE Nebraska Yld. Adv. / % Wins • 92Y83 + 0.7 51% • P31T11R + 1.2 69% • P33T72R + 1.5 64%

NW Ohio Yld. Adv. / % Wins • 931T11R + 4.7 62% • P32T28R2 + 1.0 64% • P33T72R + 3.1 85%

Louisiana Yld. Adv. / % Wins • P47T36R + 1.8 65% • P47T89R + 1.1 58% • P50T64R + 0.4 45%

NW Illinois Yld. Adv. / % Wins • P24T05R + 1.0 60% • P25T51R + 2.3 69% • P32T25R2 + 0.2 46%

S Central Iowa Yld. Adv. / % Wins • P25T51R + 3.2 70% • P28T33R + 0.4 53% • P35T58R + 3.2 74%

1.2 mm Acres

1.9 mm Acres

1.6 mm Acres 2.6 mm Acres

2.7 mm Acres

NW MN, NE SD Yld. Adv. / % Wins • P03T68R2 + 1.4 64% • P05T24R + 3.4 67% • P07T50R + 2.6 80%

4.7 mm Acres

Page 26: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

Copyright © 2014 DuPont or its affiliates. All rights reserved. The DuPont Oval Logo, DuPont™, The miracles of science™ and, unless otherwise noted, 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.

26

Page 27: DuPont Presents at Morgan Stanley Global Chemicals and Agriculture Conference

27

Agrisure Viptera® is a registered trademark 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 trademarks of Bayer. YieldGard®, the YieldGard Corn Borer design, Genuity®, Roundup®, Roundup Ready® and

Roundup Ready 2 Yield® are registered trademarks of Monsanto Technology LLC used under license. Individual results may vary, and performance may vary from location to location and from

year to year. This result may not be an indicator of results you may obtain as local growing, soil and weather conditions may vary. Growers should evaluate data from multiple locations and

years whenever possible.

Products, benefits and concepts described herein will not be offered for sale or distribution until completion of field testing and applicable regulatory reviews. Pioneer® brand hybrids with event

DP 4114 will not be offered for sale or distribution until completion of field testing and applicable regulatory reviews. Pioneer® brand canola hybrids with glyphosate resistance will not be

offered for sale or distribution until completion of field testing and applicable regulatory reviews.

^ 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.

Always read and follow all precautions and directions provided in product labeling before making in-crop or other applications of any agricultural herbicides or using any other pesticide.

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.

^

^

The DuPont Oval Logo is a registered trademark of DuPont.

®, SM, TM Trademarks and service marks of Pioneer.

© 2014 PHII.