DuPont Sends Letter to Shareholders Highlighting Strength of the Next Generation DuPont

DuPont

today mailed a letter to shareholders highlighting the growth of DuPont's ongoing business post the upcoming separation of Chemours and detailing the company's strategy to deliver higher growth and higher value now while positioning the company for the future. The letter details the success of DuPont's ongoing business, which includes 6% segment sales growth[i] and a 19% adjusted operating EPS compound annual growth rate since December 31, 2008[ii]. It also outlines the next generation DuPont's strategy to build and leverage leading positions in three highly attractive strategic focus areas where DuPont has robust opportunities and strong, well established competitive advantages. The letter urges shareholders to vote on the WHITE proxy card "FOR" all of DuPont's 12 highly qualified, experienced directors to continue DuPont's successful, high performing strategy. The full text of the letter follows: April 16, 2015 Dear Fellow Shareholder, DuPont's May 13, 2015 Annual Meeting of Shareholders is less than one month away, and your vote is important to protect the future value of your investment in DuPont. DuPont has been executing a bold, multi-year strategic transformation that is delivering higher growth and higher value now while positioning the Company for the future. Your Board of Directors and management are overseeing this successful strategy, and we are committed to maintaining DuPont's strong record of returning capital to shareholders, including through our outstanding record of dividend payments. In contrast, Trian Fund Management is asking shareholders to elect a slate of nominees that would bring to the boardroom a high-risk, value-destructive agenda to break up and add excessive debt to your Company – an agenda that your Board has thoroughly analyzed and unanimously determined is not in the best interests of shareholders. Your vote for ALL DuPont directors is a vote to continue a strategy that is working. We ask that you review this letter carefully and then vote on the enclosed WHITE proxy card for ALL DuPont directors. Please note that voting a "gold" proxy card for any reason will not count as a vote in support of DuPont's Board and will revoke any prior vote on the WHITE proxy card. To make sure your shares are voted in support of all of DuPont's directors, we urge you to vote again today in this very important election – using the enclosed WHITE proxy card. If you have voted your shares more than once, only your latest-dated proxy card counts. THE GROWTH OF DUPONT'S ONGOING BUSINESS DEMONSTRATES THE STRENGTH OF NEXT GENERATION DUPONT As we approach the spin-off of Chemours, the ongoing business that will comprise next generation DuPont is already delivering higher, more stable growth, with 6% segment sales growth1 and a 19% adjusted operating EPS compound annual growth rate since December 31, 2008.2 Our powerful innovation platform and embedded cost discipline are expanding margins and increasing earnings. Under current management, the Company's segment adjusted operating margin has improved from 9.5% to 16.9%.3 We expect our strategy to continue to drive these trends. Strong Earnings Growth in Ongoing Business Strong Earnings Growth in Ongoing Business NEXT GENERATION DUPONT HAS A CLEAR STRATEGY THAT LEVERAGES WORLD-LEADING POSITIONS IN HIGHLY ATTRACTIVE GROWTH MARKETS Next Generation DuPont Has A Clear Strategy That Leverages World-Leading Positions In Highly Attractive Growth Markets DuPont's strategy is to build and leverage leading positions in three highly attractive strategic focus areas where DuPont has robust opportunities and strong, well established competitive advantages. As the world's population continues to grow and a rising middle class increases consumption of scarce, but vital, resources, science-based solutions are key to meeting the world's needs. Across our three focus areas, DuPont develops products that help meet the growing demand for safe, nutritious food and renewably sourced materials and fuels to protect, transport and power the world sustainably and efficiently. We expect to drive above-market revenue growth by leveraging our science and engineering capabilities, deep market knowledge and global scale to develop and deliver highly customized solutions for customers across the globe. Estimated Revenue Growth, 2014-2020 (dollars in billions) Estimated Revenue Growth 2014-2020 AGRICULTURE & NUTRITION: Delivering Innovative Solutions from Our World-Leading Pipeline Next generation DuPont will play an important role in helping the world sustainably feed a growing population, including a rising middle class seeking healthier foods. Higher agricultural productivity, the demand for better food safety and security, and increasing consumer interest in health and nutrition are driving global demand. As a result, we see this market growing by approximately 5-8% annually over the long term. Our leading competitive position enables us to capture these opportunities based on: our global presence and advantaged scale in target markets; superior market access; unparalleled insights into grower and food company needs; innovative, best-in-class science and technology; the breadth of relevant offerings in our portfolio; and comprehensive product development and application know-how, tailored to local markets. Our key Agriculture & Nutrition offerings – Seeds and Traits, Crop Protection Products and Specialty Food Ingredients – generated revenues of $14.8 billion in 2014. By 2020, we estimate those revenues could total approximately $20-24 billion. Our robust innovation pipeline will continue to deliver value-added solutions through important initiatives that capitalize on clear routes to growth, including: our proprietary germplasm; advanced biotech capabilities that deliver products with consumer benefits like Plenish®, a soybean with a healthier oil profile and no trans-fat; robust insect and disease control solutions such as Cyazypyr®; and next generation products in key areas like probiotics, cultures, and specialty proteins, such as HOWARU® probiotics. ADVANCED MATERIALS: Leveraging Application-Based Innovation We see significant opportunities to extend our historic leadership in Advanced Materials. Our core science capabilities in chemistry, polymers, engineering and now biosciences enable us to deliver highly tailored, value-added solutions to customers. DuPont's Advanced Materials portfolio generated revenues of $12.4 billion in 2014, and we estimate those revenues could rise to approximately $16-20 billion by 2020. We estimate that the Advanced Materials market will grow by approximately 3-6% annually. We believe we can outpace this market growth by applying our science and innovation capabilities to capitalize on: the strong demand for light-weight, fuel-efficient materials in the automotive and aerospace industries; the need for miniaturization of electronics; and increasing demand for protective materials in industry, construction, and for the military and first responders. We also will continue to penetrate alternative energy and other clean technologies. Going forward, we are confident that leveraging our industrial biotechnology and production-agriculture expertise will allow us to capture developing opportunities for sustainably sourced, renewable and differentiated polymers. We also expect continued growth through additional innovation and downstream marketing – Solamet® and Tedlar® for new photovoltaic cell designs are good examples. Disciplined, targeted acquisitions will complement our ongoing, active portfolio refinement. BIO-BASED INDUSTRIALS: Developing World-Leading Industrial Biotechnology to Drive and Capitalize on Rapid Market Expansion DuPont is positioned to lead the industrial bio-based technology revolution. Bio-based technologies are beginning to impact virtually every industry, and we estimate this market will grow by at least 5-8% annually over the long term. Our key portfolio offerings in Bioactives (enzymes used in detergents, food and animal nutrition, and corn-based ethanol), Biomaterials (including Sorona® and other renewable polymers) and BioFuels (advanced fuels such as cellulosic ethanol) generated revenues of $1.3 billion and delivered 25% operating earnings4 growth in 2014. By 2020, we estimate that these revenues will more than double to approximately $3-4 billion. With our advanced science and technology capabilities, we are uniquely positioned to innovate in this fast-growing area. We are focused on creating new categories of renewably sourced, bio-based products such as cellulosic ethanol, seed coatings and protection, and enzymes. One notable example of this trend is energy-saving detergent Tide Coldwater CleanTM – the first brand in the world to use renewable cellulosic ethanol in a scalable, commercial way to further reduce the impact of detergent on the environment. DuPont fully integrates value chains that are critical to commercializing bioscience, from production agriculture to enzyme capability and manufacturing technology. Our competitors must resort to complex contractual arrangements to attempt to replicate the portfolio we already have under one roof. PROTECT THE VALUE OF YOUR INVESTMENT IN NEXT GENERATION DUPONT – PLEASE VOTE THE WHITE PROXY CARD TODAY This is a critical moment in DuPont's history. Next generation DuPont is emerging as a dynamic science company delivering sustainable, profitable growth and increasing shareholder returns. We will continue to build on our competitive advantages: harnessing our innovation platform to expand our pipeline and create transformational new products; leveraging our global reach and market insights; and maintaining our focus on execution to reduce costs and drive efficiency. We strongly believe that we have the right Board and the right strategy to shape next generation DuPont and continue building value for you, our shareholders. Trian is asking you to replace world-class directors, who are overseeing management's execution of a strategy that is delivering tremendous value for shareholders, with its nominees, who are singularly focused on thwarting this proven strategy and pursuing a high-risk, value-destructive agenda. We urge you to protect the value of your investment in DuPont by voting "FOR" all 12 of DuPont's highly qualified directors on the WHITE proxy card today. Thank you for your support. /s/ ELLEN KULLMAN Chair of the Board and Chief Executive Officer