UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): March 31, 2017

 

 

E. I. du Pont de Nemours and Company

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

Delaware   1-815   51-0014090
(State or Other Jurisdiction   (Commission   (I.R.S. Employer
Of Incorporation)   File Number)   Identification No.)

974 Centre Road

Wilmington, Delaware 19805

(Address of principal executive offices)

Registrant’s telephone number, including area code: (302) 774-1000

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 1.01 Entry into a Material Definitive Agreement

On March 31, 2017, pursuant to commitments given to the European Commission in connection with its conditional approval of the merger of equals transaction of E. I. du Pont de Nemours and Company (“ DuPont ”) and The Dow Chemical Company (“ Dow ”), DuPont and FMC Corporation (“ FMC ”) entered into a definitive Transaction Agreement (the “ Transaction Agreement ”). On the terms and subject to the conditions set forth in the Transaction Agreement, (i) FMC has agreed to purchase certain assets relating to DuPont’s Crop Protection business and research and development organization (collectively, the “ Divested Ag Business ”) and (ii) DuPont has agreed to purchase certain assets relating to FMC’s Health and Nutrition business segment, excluding its Omega-3 products (the “ Acquired H&N Business ”) (collectively, the “ Transactions ”). Additionally, FMC will pay DuPont $1.2 billion in cash (subject to certain adjustments set forth in the Transaction Agreement), which reflects the difference in value between the divested businesses. DuPont will retain accounts receivable and accounts payable associated with the Divested Ag Business, with an expected net value of $425 million.

Specifically, DuPont will divest its Cereal Broadleaf Herbicides and Chewing Insecticides portfolios. DuPont will also divest its Crop Protection research and development pipeline and organization, excluding seed treatment, nematicides, and late-stage R&D programs, which DuPont will continue to develop and bring to market, and excluding personnel needed to support marketed products and R&D programs that will remain with DuPont.

The completion of the Transactions is subject to the satisfaction or waiver of certain conditions, including (i) the closing of the merger with Dow prior to or substantially concurrently with the closing of the Transactions, (ii) approval of FMC as the buyer of the Divested Ag Business by certain governmental entities, including the European Commission and the U.S. Department of Justice, (iii) receipt of certain domestic and foreign approvals under competition laws, (iv) the absence of governmental restraints or prohibitions preventing the consummation of either of the Transactions or that, together with the Divestiture Actions (as defined below) undertaken would reasonably be expected to have a Substantial Detriment (as defined below) and (v) certain other customary closing conditions.

The Transaction Agreement contains mutual customary representations and warranties made by each of DuPont and FMC, and also contains mutual customary pre-closing covenants. The Transaction Agreement contains certain termination rights for each of DuPont and FMC, including in the event that the Transactions are not consummated on or before the date that is nine months from the date hereof, subject to each party having the right to unilaterally extend the termination date of the Transaction Agreement until the date that is twelve months from the date hereof in the event that the regulatory closing conditions have not been satisfied.

The Transaction Agreement provides that each of DuPont and FMC is required, and shall cause its subsidiaries, to take all actions necessary to obtain governmental, regulatory and third party approvals, related to the Transactions subject to limited exceptions, including that DuPont is not required to take certain specified actions to obtain regulatory approval with respect to the acquisition of the Acquired H&N Business (“ Divestiture Actions ”) that would reasonably be likely to result in the one-year loss of revenues to DuPont, Dow, DowDuPont Inc., their subsidiaries or the Acquired H&N Business in excess of $350 million in the aggregate (based on fiscal year 2016 annual revenues) (a “ Substantial Detriment ”).

DuPont expects to close the Transactions in the fourth quarter of 2017.

On March 31, 2017, DuPont entered into an amendment (“ Amendment No.  1 ”) to the Agreement and Plan of Merger (the “ Merger Agreement ”), dated as of December 11, 2015, with Dow.

Amendment No. 1 extends the Outside Date (as defined in the Merger Agreement) from June 15, 2017 to August 31, 2017 and amends the Merger Agreement to provide that DuPont shall not agree to any Divestiture Action relating to the Acquired H&N Business that would constitute a Substantial Detriment.

DuPont and Dow expect to close the merger in August 2017, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals.

Other than as expressly modified pursuant to Amendment No. 1, the Merger Agreement, which was previously filed as Exhibit 2.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission by DuPont on December 11, 2015, remains in full force and effect as originally executed on December 11, 2015. The foregoing description of Amendment No. 1 does not purport to be complete and is subject to, and qualified in its entirety by, the full text of Amendment No. 1 attached hereto as Exhibit 2.1 to this Current Report on Form 8-K, which is incorporated herein by reference.


Item 7.01 Regulation FD Disclosure

On March 31, 2017, DuPont issued a press release in connection with the Transactions (a copy of which is furnished herewith as Exhibit 99.1 and is incorporated by reference herein) and issued a joint press release with Dow in connection with Amendment No. 1 (a copy of which is furnished herewith as Exhibit 99.2 and is incorporated by reference herein). Also furnished herewith as Exhibit 99.3 is a presentation to be used in whole or in part during interactions with investors. The presentation will be available on the investor center at www.dupont.com.

The information contained in Item 7.01, including Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3 of this report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”), or

otherwise subject to the liability of that section, and it will not be incorporated by reference into any registration statement or other document filed by the Registrant under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

 

Exhibit
Number

  

Description of Exhibit

2.1    Amendment No. 1, dated March 31, 2017, to the Agreement and Plan of Merger, dated as of December 11, 2015 by and among E. I. du Pont de Nemours and Company, The Dow Chemical Company, Diamond Merger Sub, Inc., Orion Merger Sub, Inc. and Diamond-Orion HoldCo, Inc. (n/k/a DowDuPont Inc.)
99.1    Press Release, March 31, 2017, issued by E. I. du Pont de Nemours and Company.
99.2    Joint Press Release, March 31, 2017, issued by E. I. du Pont de Nemours and Company and The Dow Chemical Company.
99.3   

Summary of Transactions with FMC:

Divestiture of Certain Crop Protection Assets and Acquisition of FMC’s Health & Nutrition Business

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 merger of equals transaction with The Dow Chemical Company (the “ DowDuPont Merger ”) and the proposed transaction with FMC and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the DowDuPont Merger or the proposed transaction or to make or take any filing or other action required to consummate such transactions in a timely manner 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 DowDuPont Merger and the proposed transaction on anticipated terms and timing, including obtaining 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 or the Acquired H&N Business’s operations and other conditions to the completion of the DowDuPont Merger and the proposed transaction, (ii) the possibility that the DowDuPont Merger and the proposed transaction may not close, including because the various approvals, authorizations and declarations of non-objections from certain regulatory and governmental authorities with respect to either the DowDuPont Merger or the proposed transaction may not be obtained, on a timely basis or otherwise, including that these regulatory or governmental authorities may not approve of FMC as an acceptable purchaser of the Divested Ag Business in connection with the proposed transaction or may impose conditions on the granting of the various approvals, authorizations and declarations of non-objections, including requiring the respective Dow, DuPont and FMC businesses, including the Acquired H&N Business (in the case of DuPont) and the Divested Ag Business (in the case of FMC), to divest certain assets if necessary to obtain certain regulatory approvals or otherwise limiting the ability of the combined company to integrate parts of the Dow and DuPont businesses and/or the DuPont and Health and Nutrition businesses, (iii) the ability of DuPont to integrate the Acquired H&N Business successfully and to achieve anticipated synergies, (iv) potential litigation or regulatory actions relating to the DowDuPont Merger or the proposed transaction that could be instituted against DuPont or its directors, (v) the risk that disruptions from the DowDuPont Merger or


the proposed transaction will harm DuPont’s business, including current plans and operations, (vi) the ability of DuPont to retain and hire key personnel, (vii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the DowDuPont Merger or the proposed transaction, (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 DowDuPont Merger or the proposed transaction that could affect DuPont’s financial performance, (xii) certain restrictions during the pendency of the DowDuPont Merger or the proposed transaction that may impact DuPont’s ability to pursue certain business opportunities 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 DowDuPont Merger or the proposed transaction, are or will be more fully discussed in (1) DuPont’s most recently filed Form 10-K, 10-Q and 8-K reports, (2) DuPont’s subsequently filed Form 10-K and 10-Q reports and (3) the joint proxy statement/prospectus included in the Registration Statement filed with the SEC in connection with the DowDuPont Merger. While the list of factors presented here is, and the list of factors presented in the relevant Form 10-K, 10-Q and 8-K reports and the Registration Statement 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 DuPont’s consolidated financial condition, results of operations, credit rating or liquidity. DuPont assumes no 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.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

E. I. DU PONT DE NEMOURS AND COMPANY
(Registrant)

/s/ Jeanmarie F. Desmond

Jeanmarie F. Desmond
Vice President and Controller

March 31, 2017


E. I. DU PONT DE NEMOURS AND COMPANY

Exhibit Index

 

Exhibit
Number

  

Description of Exhibit

2.1    Amendment No. 1, dated March 31, 2017, to the Agreement and Plan of Merger, dated as of December 11, 2015 by and among E. I. du Pont de Nemours and Company, The Dow Chemical Company, Diamond Merger Sub, Inc., Orion Merger Sub, Inc. and Diamond-Orion HoldCo, Inc. (n/k/a DowDuPont Inc.)
99.1    Press Release, March 31, 2017, issued by E. I. du Pont de Nemours and Company.
99.2    Joint Press Release, March 31, 2017, issued by E. I. du Pont de Nemours and Company and The Dow Chemical Company.
99.3    Summary of Transactions with FMC:
Divestiture of Certain Crop Protection Assets and Acquisition of FMC’s Health & Nutrition Business

Exhibit 2.1

AMENDMENT NO. 1 TO AGREEMENT AND PLAN OF MERGER

This AMENDMENT NO. 1 TO AGREEMENT AND PLAN OF MERGER (this “ Amendment ”), dated as of March 31, 2017, is by and among The Dow Chemical Company, a Delaware corporation (“ Dow ”), E. I. du Pont de Nemours and Company, a Delaware corporation (“ DuPont ”), DowDuPont Inc., a Delaware corporation f/k/a Diamond-Orion HoldCo, Inc. (“ DowDuPont ”), Diamond Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of DowDuPont (“ Diamond Merger Sub ”), and Orion Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of DowDuPont (“ Orion Merger Sub ” and, together with Diamond Merger Sub, the “ Merger Subs ”).

WHEREAS, Dow, DuPont, DowDuPont and the Merger Subs entered into that certain Agreement and Plan of Merger, dated as of December 11, 2015 (the “ Merger Agreement ”);

WHEREAS, Dow, DuPont, DowDuPont and the Merger Subs now intend to amend certain provisions of the Merger Agreement as set forth herein; and

WHEREAS, the boards of directors (or a duly authorized committee thereof) of each of Dow, DuPont, DowDuPont, Diamond Merger Sub and Orion Merger Sub have approved the execution and delivery of this Amendment on behalf of the applicable party hereto.

NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Dow, DuPont, DowDuPont and the Merger Subs hereby agree as follows:

SECTION 1. Defined Terms . Capitalized terms used herein that are not otherwise defined have the meanings set forth in the Merger Agreement.

SECTION 2. Amendments to Merger Agreement . The Merger Agreement is hereby amended as follows:

2.1 Section 8.1(b)(i) of the Merger Agreement shall be amended and restated in its entirety to read as follows:

if the Mergers shall not have been consummated by August 31, 2017; provided, that the right to terminate this Agreement pursuant to this Section 8.1(b)(i) shall not be available to any party whose failure to perform any of its material obligations under this Agreement has been the primary cause of, or primarily resulted in, the failure of the Mergers to be consummated by such time;

2.2 Section 6.3 of the Merger Agreement shall be amended by adding the following new Section 6.3(c) thereto:

Orion shall not, nor shall Orion permit any of its Subsidiaries to, propose, negotiate, commit, accept, consent to or effect, whether by consent decree, hold separate order or otherwise, any H&N Divestiture Action (as such term is


defined in the FMC Transaction Agreement) that would not be required pursuant to Section 5.1 of the FMC Transaction Agreement (in each case, without giving effect to any amendment, modification or waiver of the FMC Transaction Agreement after the date hereof) without the prior mutual written consent of Diamond and Orion (each acting in their respective reasonable good faith judgment).

2.3 The Merger Agreement shall be amended by adding the following new Section 6.16 thereto:

FMC Transaction Agreement Amendments. In no event shall Orion amend, supplement or otherwise modify, or grant any waiver under, Section 5.1(b)(vi) of the FMC Transaction Agreement without the prior mutual written consent of Orion and Diamond (each acting in their respective reasonable good faith judgments).

2.4 Section 9.3 of the Merger Agreement shall be amended by adding the following new defined term thereto as Section 9.3(cc):

FMC Transaction Agreement ” means that certain Transaction Agreement, dated as of March 31, 2017, by and between Orion and FMC Corporation.

2.5 The HoldCo Bylaws, attached as Exhibit B to the Merger Agreement, shall be amended by adding the following new Article X thereto:

DuPont and Dow intend that the first step of the Company’s intended separation process will be the spin-off of the Materials Business SpinCo, assuming such sequencing would allow for the completion of all intended spin-offs (i.e., spin-off of the Materials Business SpinCo and spin-off of either the AgCo Business SpinCo or the Specialty Business SpinCo) within 18 months of closing of the Mergers and would not adversely impact the value of the intended spin-off transactions to the Company’s shareholders.

SECTION 3. Effect on Merger Agreement . Other than as specifically set forth herein, all other terms and provisions of the Merger Agreement shall remain unaffected by the terms of this Amendment, and shall continue in full force and effect.

SECTION 4. Severability . If any term or other provision of this Amendment is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Amendment shall nevertheless remain in full force and effect so long as either the economic or legal substance of the transactions contemplated hereby and by the Merger Agreement is not affected in any manner materially adverse to any party or such party waives its rights under this Section 4 with respect thereto. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Amendment so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by Applicable Law in an acceptable manner to the end that the transactions contemplated hereby and by the Merger Agreement are fulfilled to the extent possible.

 

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SECTION 5. Headings . The headings contained in this Amendment are for reference purposes only and shall not affect in any way the meaning or interpretation of this Amendment.

SECTION 6. Counterparts . This Amendment may be executed in two or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties.

SECTION 7. Successors and Assigns . This Amendment shall be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and permitted assigns as provided in the Merger Agreement. Neither this Amendment nor any of the rights, interests or obligations under this Amendment shall be assigned, in whole or in part, by operation of law or otherwise by any of the parties without the prior written consent of the other parties. Any purported assignment in violation of the preceding sentence shall be void.

SECTION 8. Governing Law; Jurisdiction .

8.1 This Amendment shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under any applicable principles of conflicts of laws thereof.

8.2 In any action between the parties arising out of or relating to this Amendment, each of the parties (i) irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of the Court of Chancery of the State of Delaware in and for New Castle County, Delaware; (ii) agrees that it will not attempt to deny or defeat such jurisdiction by motion or other request for leave from such court; and (iii) agrees that it will not bring any such action in any court other than the Court of Chancery for the State of Delaware in and for New Castle County, Delaware, or, if (and only if) such court finds it lacks subject matter jurisdiction, the Federal court of the United States of America sitting in Delaware, and appellate courts thereof.

[ Remainder of Page Intentionally Left Blank ]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first above written.

 

THE DOW CHEMICAL COMPANY
By:  

/s/ Andrew N. Liveris

  Name: Andrew N. Liveris
  Title: Chairman and Chief Executive Officer

[ Signature Page to Amendment No. 1 to Agreement and Plan of Merger ]


E. I. DU PONT DE NEMOURS AND COMPANY
By:  

/s/ Edward D. Breen

  Name: Edward D. Breen
  Title: Chairman of the Board & CEO

[ Signature Page to Amendment No. 1 to Agreement and Plan of Merger ]


DOWDUPONT INC.
By:  

/s/ Duncan Stuart

  Name: Duncan Stuart
  Title: Vice President and Secretary
By:  

/s/ Nicholas C. Fanandakis

  Name: Nicholas C. Fanandakis
  Title: Vice President and Treasurer

[ Signature Page to Amendment No. 1 to Agreement and Plan of Merger ]


DIAMOND MERGER SUB, INC.
By:  

/s/ Duncan Stuart

  Name: Duncan Stuart
  Title: Vice President and Secretary

[ Signature Page to Amendment No. 1 to Agreement and Plan of Merger ]


ORION MERGER SUB, INC.
By:  

/s/ Nicholas C. Fanandakis

  Name: Nicholas C. Fanandakis
  Title: Vice President and Treasurer

[ Signature Page to Amendment No. 1 to Agreement and Plan of Merger ]

Exhibit 99.1

 

LOGO

 

LOGO

DuPont Announces Agreement with FMC

– DuPont to Divest a Portion of Its Crop Protection Business and Acquire FMC’s Health & Nutrition Business –

– Transaction Marks Meaningful Step Forward in Proposed DuPont and Dow Merger; Maintains Significant Strategic Value Creation Potential of Merger Transaction –

– Merger with Dow Now Expected to Close Between August 1 and September 1 –

Wilmington, DE — March 31, 2017 – DuPont (NYSE: DD) today announced that it has entered into a definitive agreement with FMC Corporation (NYSE: FMC) to divest a portion of DuPont’s Crop Protection business, including certain research and development capabilities, and to acquire substantially all of FMC’s Health & Nutrition business. The transaction includes consideration to DuPont of $1.6 billion to reflect the difference in the value of the assets, including cash of $1.2 billion and working capital of $425 million. The divestiture will satisfy DuPont’s commitments to the European Commission in connection with its conditional regulatory clearance of the merger with Dow.

“We believe this agreement is an excellent outcome that serves the best interests of all stakeholders, including our shareholders, customers and employees,” said Edward D. Breen, chairman and chief executive officer of DuPont. “Our intended independent Agriculture company will continue to benefit from the combined, complementary strengths of DuPont and Dow, which will include greatly expanded offerings and a robust pipeline across seed germplasm, biotech traits, and crop protection to provide greater choice and innovation to growers around the world. At the same time, we are significantly enhancing our Nutrition & Health capabilities, a key area of growth and opportunity for the intended independent Specialty Products company.

“This agreement with FMC is a win-win. It is pro-competitive; it advances the regulatory approval process; and it maintains the strategic logic and value creation potential of our merger with Dow and the three independent companies we intend to create,” concluded Breen.

The merger transaction is still expected to generate cost synergies of approximately $3 billion and growth synergies of $1 billion.

Divestiture of Select DuPont Crop Protection Assets

Under the terms of the agreement, FMC will acquire DuPont’s Cereal Broadleaf Herbicides and Chewing Insecticides portfolios – including Rynaxypyr ® , Cyazypyr ® and Indoxacarb. In addition, FMC will acquire the DuPont Crop Protection research and development pipeline and organization, excluding seed treatment, nematicides, and late-stage R&D programs, which DuPont will continue to develop and bring to market, and excluding personnel needed to support marketed products and R&D programs that will remain with DuPont. The assets being divested generated revenues in 2016 of about $1.4 billion.

E. I. du Pont de Nemours and Company


Following the divestiture, the Agriculture division of the merged company will retain strong crop protection assets, including an excellent portfolio in corn and soy broadleaf and grass control, a robust cereal weed control portfolio, DuPont’s strong position in disease control, and Dow AgroSciences’ industry leading insecticide portfolio. With its continued strength in R&D, the combined Agriculture division will be well positioned to accelerate growth, leveraging strong pipelines in both seeds and chemistry to serve growers around the world with a robust portfolio of innovative solutions, greater choice, and competitive price for value.

Acquisition of FMC Health & Nutrition Business

As part of the transaction agreement, DuPont will acquire FMC’s Health & Nutrition business, which generated more than $700 million in revenues in 2016 from two main segments: texturants as food ingredients and pharmaceutical excipients. The business is highly complementary to DuPont’s existing Nutrition & Health (N&H) business with opportunity for growth synergies. By integrating FMC’s complementary Health & Nutrition business, DuPont will strengthen its N&H capabilities with broader offerings and an expanded footprint.

DuPont’s N&H business is a leader in the food ingredients industry, using renewably sourced raw materials to create a wide range of ingredients that food manufacturers use to provide safer, healthier, more affordable and nutritious food and beverages for consumers. This transaction strengthens DuPont’s access to key ingredients for its systems and food texturants portfolio, enables the business to expand into the fast-growing pharma excipients space, and provides access to new and complementary routes to market. As a result, DuPont N&H will be in a stronger position to drive growth, invest in R&D, and provide more products and solutions to customers worldwide.

The transaction with FMC is expected to close in the fourth quarter of 2017, subject to the closing of the DuPont and Dow merger, in addition to other customary closing conditions, including regulatory approvals.

To accommodate the requirements of the FMC transaction, DuPont and Dow have amended the merger agreement to extend the “Outside Date” to August 31, 2017, and the companies anticipate closing of the merger to occur between August 1, 2017 and September 1, 2017, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals. The companies still expect the intended spin-offs to occur within 18 months after closing. In addition, Dow and DuPont are announcing that they now expect the first spin-off of the intended separation process will be the spin-off of the post-merger Material Science company.

Evercore and Goldman, Sachs & Co. are serving as DuPont’s financial advisors for the transaction, with Skadden, Arps, Slate, Meagher & Flom LLP acting as its legal advisor.

DuPont will hold a conference call and webcast on Friday, Mar. 31, 2017, at 9:00 AM ET to discuss this news release. The webcast and additional presentation materials can be accessed by visiting the company’s investor website (Events & Presentations) at www.investors.dupont.com. A replay of the conference call webcast will be available for 90 days by calling 1 (630) 652-3042, Passcode 6596503#. For additional information see the investor center at http://www.dupont.com.

 

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About DuPont

DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders, we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit www.dupont.com.

Contacts:

 

Media

  

Investors

Dan Turner

  

Greg Friedman

daniel.a.turner@dupont.com

  

greg.friedman@dupont.com

+1 302-996-8372    +1 302-774-4994

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 merger of equals transaction with The Dow Chemical Company (the “DowDuPont Merger”) and the proposed transaction with FMC and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the DowDuPont Merger or the proposed transaction or to make or take any filing or other action required to consummate such transactions in a timely manner 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 DowDuPont Merger and the proposed transaction on anticipated terms and timing, including obtaining 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 or the Health and Nutrition business’s operations and other conditions to the completion of the DowDuPont Merger and the proposed transaction, (ii) the possibility that the DowDuPont Merger and the proposed transaction may not close, including because the various approvals, authorizations and declarations of non-objections from certain regulatory and governmental authorities with respect to either the DowDuPont Merger or the proposed transaction may not be obtained, on a timely basis or otherwise, including that these regulatory or governmental authorities may not approve of FMC as an acceptable purchaser of the Ag business in connection with the proposed transaction or may impose conditions on the granting of the various approvals, authorizations and declarations of non-objections, including requiring the respective Dow, DuPont and FMC businesses, including the Health and Nutrition business (in the case of DuPont) and the Ag business (in the case of FMC),

 

3


to divest certain assets if necessary to obtain certain regulatory approvals or otherwise limiting the ability of the combined company to integrate parts of the Dow and DuPont businesses and/or the DuPont and Health and Nutrition businesses, (iii) the ability of DuPont to integrate the Health and Nutrition business successfully and to achieve anticipated synergies, (iv) potential litigation or regulatory actions relating to the DowDuPont Merger or the proposed transaction that could be instituted against DuPont or its directors, (v) the risk that disruptions from the DowDuPont Merger or the proposed transaction will harm DuPont’s business, including current plans and operations, (vi) the ability of DuPont to retain and hire key personnel, (vii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the DowDuPont Merger or the proposed transaction, (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 DowDuPont Merger or the proposed transaction that could affect DuPont’s financial performance, (xii) certain restrictions during the pendency of the DowDuPont Merger or the proposed transaction that may impact DuPont’s ability to pursue certain business opportunities 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 DowDuPont Merger or the proposed transaction, are or will be more fully discussed in (1) DuPont’s most recently filed Form 10-K, 10-Q and 8-K reports, (2) DuPont’s subsequently filed Form 10-K and 10-Q reports and (3) the joint proxy statement/prospectus included in the Registration Statement filed with the SEC in connection with the DowDuPont Merger. While the list of factors presented here is, and the list of factors presented in the relevant Form 10-K, 10-Q and 8-K reports and the Registration Statement 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 DuPont’s consolidated financial condition, results of operations, credit rating or liquidity. DuPont assumes no 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.

 

4

Exhibit 99.2

 

LOGO    LOGO

Dow and DuPont Announce Amendments to Transaction Merger Agreement

 

    Dow and DuPont Amend Merger Agreement to Reflect Extension to August 31; Close of Transaction Now Expected No Earlier than August  1

 

    Dow and DuPont Reiterate Intended Spin-offs Will Occur Within 18 Months After Closing

 

    Material Science Company Now Expected to be the First Spin-off

Wilmington, DE and Midland, MI — March 31, 2017 — DuPont (NYSE: DD) and Dow (NYSE: Dow) today announced several amendments to the companies’ transaction agreement involving the proposed merger of equals and intended subsequent separation into three independent publicly traded companies.

To accommodate the requirements of DuPont’s recently announced transaction with FMC, Dow and DuPont have amended Section 8.1(b)(i) of the merger agreement to extend the “Outside Date” definition to August 31, 2017 with anticipated closing of the transaction no earlier than August 1, 2017, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals.

DuPont’s transaction with FMC is expected to close in the fourth quarter of 2017, subject to the closing of the DuPont and Dow merger, in addition to other customary closing conditions, including regulatory approvals.

Dow and DuPont reiterate both companies’ expectations that the intended spinoffs will occur within 18 months after closing. In addition, Dow and DuPont now expect that the first spin-off in the intended separation process will be the spin-off of the post-merger Material Science Company.

The companies continue to expect the merger transaction to generate approximately $3 billion of cost synergies and $1 billion of growth synergies.

“This revised agreement was necessary and a very positive outcome driven by the transaction with FMC, announced by DuPont today. It is another significant milestone in our progress to complete this value-creating transaction and the subsequent intended spins as swiftly as possible and without any change to the committed synergies,” said Andrew Liveris, chairman and chief executive officer of Dow.

“Today’s announced transaction enables us to satisfy the European Commission’s approval conditions, while maintaining the strategic logic and value creation potential of our merger and the three independent companies we intend to create,” said Edward D. Breen, chairman and chief executive officer of DuPont.


ABOUT DOW

Dow (NYSE: DOW) combines the power of science and technology to passionately innovate what is essential to human progress. The Company is driving innovations that extract value from material, polymer, chemical and biological science to help address many of the world’s most challenging problems, such as the need for fresh food, safer and more sustainable transportation, clean water, energy efficiency, more durable infrastructure, and increasing agricultural productivity. Dow’s integrated, market-driven portfolio delivers a broad range of technology-based products and solutions to customers in 175 countries and in high-growth sectors such as packaging, infrastructure, transportation, consumer care, electronics, and agriculture. In 2016, Dow had annual sales of $48 billion and employed approximately 56,000 people worldwide. The Company’s more than 7,000 product families are manufactured at 189 sites in 34 countries across the globe. References to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.

ABOUT DUPONT

DuPont (NYSE: DD) has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials, and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders, we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels, and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit www.dupont.com.

Contact Information

 

Dow Contacts    DuPont Contacts

Investors

Neal Sheorey

nrsheorey@dow.com

+1 989-636-6347

  

Investors

Greg Friedman

greg.friedman@dupont.com

+1 302-774-4994

Media

Rachelle Schikorra

ryschikorra@dow.com

+1 989-638-4090

  

Media

Dan Turner

daniel.a.turner@dupont.com

+1 302-996-8372

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 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 opportunities 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 Registration Statement 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 Registration Statement 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.

###

SLIDE 1

Summary of Transactions with FMC: Divestiture of Certain Crop Protection Assets and Acquisition of FMC’s Health & Nutrition Business 1 March 31, 2017 Exhibit 99.3


SLIDE 2

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 merger of equals transaction with The Dow Chemical Company (the “DowDuPont Merger”) and the proposed transaction with FMC Corporation (FMC) and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the DowDuPont Merger or the proposed transaction or to make or take any filing or other action required to consummate such transactions in a timely manner 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 DowDuPont Merger and the proposed transaction on anticipated terms and timing, including obtaining 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 or the Health and Nutrition business’s operations and other conditions to the completion of the DowDuPont Merger and the proposed transaction, (ii) the possibility that the DowDuPont Merger and the proposed transaction may not close, including because the various approvals, authorizations and declarations of non-objections from certain regulatory and governmental authorities with respect to either the DowDuPont Merger or the proposed transaction may not be obtained, on a timely basis or otherwise, including that these regulatory or governmental authorities may not approve of FMC as an acceptable purchaser of the Ag business in connection with the proposed transaction or may impose conditions on the granting of the various approvals, authorizations and declarations of non-objections, including requiring the respective Dow, DuPont and FMC businesses, including the Health and Nutrition business (in the case of DuPont) and the Ag business (in the case of FMC), to divest certain assets if necessary to obtain certain regulatory approvals or otherwise limiting the ability of the combined company to integrate parts of the Dow and DuPont businesses and/or the DuPont and Health and Nutrition businesses, (iii) the ability of DuPont to integrate the Health and Nutrition business successfully and to achieve anticipated synergies, (iv) potential litigation or regulatory actions relating to the DowDuPont Merger or the proposed transaction that could be instituted against DuPont or its directors, (v) the risk that disruptions from the


SLIDE 3

Cautionary Notes on Forward Looking Statements, Continued DowDuPont Merger or the proposed transaction will harm DuPont’s business, including current plans and operations, (vi) the ability of DuPont to retain and hire key personnel, (vii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the DowDuPont Merger or the proposed transaction, (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 DowDuPont Merger or the proposed transaction that could affect DuPont’s financial performance, (xii) certain restrictions during the pendency of the DowDuPont Merger or the proposed transaction that may impact DuPont’s ability to pursue certain business opportunities 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 DowDuPont Merger or the proposed transaction, are or will be more fully discussed in (1) DuPont’s most recently filed Form 10-K, 10-Q and 8-K reports, (2) DuPont’s subsequently filed Form 10-K and 10-Q reports and (3) the joint proxy statement/prospectus included in the Registration Statement filed with the SEC in connection with the DowDuPont Merger. While the list of factors presented here is, and the list of factors presented in the relevant Form 10-K, 10-Q and 8-K reports and the Registration Statement 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 DuPont’s consolidated financial condition, results of operations, credit rating or liquidity. DuPont assumes no 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. Adjusted EBITDA Financial Information This document includes financial information described as “Adjusted EBITDA”, which is a financial term based on earnings before interest, taxes, depreciation and amortization.  Adjusted EBTIDA does not conform to U.S. generally accepted accounting principles (GAAP) and is considered a non-GAAP measure.  The Adjusted EBITDA presented represents management’s best estimate of 2016 financial performance for the portion of DuPont’s business to be divested inclusive of certain assumptions regarding allocations of costs and therefore a directly comparable measure that would be considered calculated and presented in accordance with GAAP is not available. 


SLIDE 4

DuPont to sell cereal broadleaf herbicides and chewing insecticides, together with certain crop protection R&D capabilities and early stage pipeline initiatives to FMC Corporation ("FMC") DuPont to acquire substantially all of FMC’s Health & Nutrition business, including food ingredients and pharmaceutical excipients DuPont to receive $1.6B from FMC reflecting difference in asset value; $1.2B in cash, $0.4B in working capital Transactions contingent on DowDuPont merger of equals Significant progress on DowDuPont merger of equals Targeted merger to close by August 31, 2017 Targeted close of transactions with FMC in 4Q 2017 ~$3B of expected DowDuPont merger cost synergies and $1B of growth synergies preserved Summary of Transactions1 FMC Health & Nutrition 2016 Sales: $707MM 2016 Adjusted EBITDA2: $228MM Select Herbicides Select Insecticides Certain Crop Protection R&D Capabilities and Early Stage Discovery Pipeline 2016 Sales: ~$1.4B 2016 Adjusted EBITDA3: ~$450MM 1 Subject to satisfaction of closing conditions, including receipt of regulatory approval 2 Based on information as disclosed in FMC’s 2016 Form 10-K filing. EBITDA is calculated based upon 2016 FMC’s H&N operating profit less segment depreciation & amortization. 3 Adjusted EBITDA represents management’s estimate of 2016 earnings for the product lines and R&D organization and pipeline, including certain allocations, to be divested before interest, taxes, depreciation & amortization. $1.625B = Difference in asset value


SLIDE 5

DowDuPont’s Strong Global Pure-Play Agriculture Business DuPont Agriculture Planned Divestiture 2016 Sales $1.4B 1Based on net sales as reported in DuPont’s and Dow’s respective 2016 Form 10-K filings. 2 Late stage defined as pipeline in the following phases: (3) Advanced Development, (4) Pre-Launch, and (L) Launch, as outlined in the presentation at the Bank of America Merrill Lynch conference on March 1, 2017. Agriculture Business Before Planned Divestiture 2016 Net Sales1: $15.7B Agriculture Business After Planned Divestiture 2016 Net Sales1: $14.3B DowDuPont’s Agriculture Business Will Have: A strong, balanced, pure-play profile with a comprehensive and diverse seed, trait, and crop protection portfolio and exceptional growth opportunity Strong IP-protected portfolio of crop protection assets, including insect control, cereal weed control, broadleaf and grass control, and disease control Industry-leading soy and corn selective herbicide offering and strong market share position in cereal crops Integrated approach to increase crop productivity by leveraging innovative technologies on a foundation of agronomic, biotechnology, and digital solutions Enhanced scale, multiple routes-to-market enabling deeper customer intimacy and delivery of complete crop productivity solutions Planned Divestiture to Include: DuPont’s cereal broadleaf herbicides portfolio DuPont’s chewing insecticides portfolio: Rynaxypyr®, Cyazypyr® and Indoxacarb DuPont’s Crop Protection research and development pipeline and organization, excluding seed treatment, nematicides, and late-stage R&D programs1, which DuPont will continue to develop and bring to market, and excluding personnel needed to support marketed products and R&D programs that will remain with DuPont


SLIDE 6

ü 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. Combination Creates Step-Change Capability to Drive Crop Productivity Strong portfolio of seed and crop protection solutions to increase grower profitability Crop Protection Germplasm / Traits Seed Brands Traits Insecticides Herbicides Fungicides Other Offerings Advanced Technologies Specialty Insect Control Portfolio 1 ü ü Planned divestiture maintains the strategic logic and value creation potential of the merger Broad Seed Offering to Drive Yield Improvements Leading seed portfolio based on elite germplasm delivered through traditional and advanced breeding techniques Strong, diverse trait offerings Innovative Crop Protection Portfolio Broad portfolio of herbicide, insecticide, and fungicide offerings Comprehensive pipeline addressing global resistance Leadership position in diverse markets globally Expanding Portfolio of Diverse Technologies Robust seed treatment offering leveraging seed, crop protection and development expertise Prominent digital ag offering providing solid grower returns


SLIDE 7

High-margin, high-quality business exposed to attractive demographic macro tailwinds in Health & Nutrition Products for nutrition market providing texture, structure and physical stability solutions that thicken and stabilize food products Formulation ingredients serving the health excipient industry that function as binders, disintegrants and controlled-release compounds Complementary businesses with new opportunities for growth Greater offerings within DuPont’s existing texturants business; provides expertise in key areas such as cellulosics and expanded raw material access Diversifies DuPont’s N&H portfolio via addition of pharmaceutical excipients platform; brings market and customer access to pharmaceutical industry Creates opportunities for incremental synergies for Specialty Products Transaction Strengthens DowDuPont’s Innovation-Driven Specialty Products Platform 2016 Net Sales1 FMC Health & Nutrition2 Nutrition Ingredients Health Excipients ~$0.7B Functional Health Ingredients ~$0.2B EBITDA Electronics & Communications Industrial Biosciences Protection Solutions Nutrition & Health ~$3B Aramids Nonwovens Solid Surfaces ~$1.5B Enzymes Biomaterials ~$4B Nutrition Health FMC H&N Process Technologies 1 Based on net sales as reported in DuPont’s and Dow’s respective 2016 Form 10-K filings. 2 Based on information as disclosed in FMC’s 2016 Form 10-K filing. EBITDA is calculated based upon 2016 FMC’s H&N operating profit less segment depreciation & amortization. ~$4B


SLIDE 8

Specialty Products to Capitalize on Global Megatrends to Deliver Organic Growth Across Portfolio Resulting in the need for… Engineered materials that protect people, processes and the environment Biotechnology solutions for large-scale industrial processes Key Global Megatrends Leading Positions Aramid fibers and paper Nonwoven films and fabrics Protective garments Industrial enzymes Advanced biofuels Sulfuric acid technology Electronic materials that enable miniaturization, connectivity and versatility Solar PV materials Circuit packaging materials Semicon fab materials Safe, nutritious and healthy foods Probiotics & cultures Systems and texturants Specialty proteins Electronics & Communications Industrial Biosciences Protection Solutions Nutrition & Health Connectivity and functionality Protection and sustainable development Emerging needs in new geographies Improved health and nutrition Renewable energy and materials


SLIDE 9

Copyright © 2017 DuPont. All rights reserved. The DuPont Oval Logo, DuPontTM, The miracles of scienceTM, and all products, unless otherwise noted, denoted with ® or TM are trademarks or registered trademarks 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.