A-1

Corteva, Inc.

Consolidated Statements of Operations

(Dollars in millions, except per share amounts)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Net sales			$	2,371					$	1,863					$	12,176					$	11,010
Cost of goods sold			1,558						1,297						6,988						6,395
Research and development expense			297						284						871						837
Selling, general and administrative expenses			672						597						2,403						2,319
Amortization of intangibles			180						162						543						501
Restructuring and asset related charges - net			26						49						261						298
Other income — net			378						30						1,013						120
Interest expense			8						11						22						35
Income (loss) from continuing operations before income taxes			8						(507)						2,101						745
(Benefit from) provision for income taxes on continuing operations			(28)						(117)						434						88
Income (loss) from continuing operations after income taxes			36						(390)						1,667						657
(Loss) income from discontinued operations after income taxes			(4)						—						(59)						1
Net income (loss)			32						(390)						1,608						658
Net income attributable to noncontrolling interests			2						2						8						18
Net income (loss) attributable to Corteva			$	30					$	(392)					$	1,600					$	640
Basic earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock from continuing operations			$	0.05					$	(0.52)					$	2.25					$	0.85
Basic loss per share of common stock from discontinued operations			(0.01)						—						(0.08)						—
Basic earnings (loss) per share of common stock			$	0.04					$	(0.52)					$	2.17					$	0.85
Diluted earnings (loss) per share of common stock:
Diluted earnings (loss) per share of common stock from continuing operations			$	0.05					$	(0.52)					$	2.23					$	0.85
Diluted loss per share of common stock from discontinued operations			(0.01)						—						(0.08)						—
Diluted earnings (loss) per share of common stock			$	0.04					$	(0.52)					$	2.15					$	0.85
Average number of shares outstanding used in earnings (loss) per share (EPS) calculation (in millions)
Basic			733.8						749.5						738.1						749.5
Diluted			739.5						749.5						744.0						752.0

A-2

Corteva, Inc.

Consolidated Balance Sheets

(Dollars in millions, except share amounts)

						September 30, 2021						December 31, 2020						September 30, 2020
Assets
Current assets
Cash and cash equivalents						$	2,779					$	3,526					$	2,768
Marketable securities						103						269						152
Accounts and notes receivable, net						5,818						4,926						5,627
Inventories						4,417						4,882						4,374
Other current assets						1,029						1,165						1,167
Total current assets						14,146						14,768						14,088
Investment in nonconsolidated affiliates						67						66						62
Property, plant and equipment						8,270						8,253						7,985
Less: Accumulated depreciation						3,960						3,857						3,712
Net property, plant and equipment						4,310						4,396						4,273
Goodwill						10,130						10,269						10,110
Other intangible assets						10,225						10,747						10,914
Deferred income taxes						448						464						289
Other assets						1,796						1,939						1,954
Total Assets						$	41,122					$	42,649					$	41,690
Liabilities and Equity
Current liabilities
Short-term borrowings and finance lease obligations						$	1,372					$	3					$	2,142
Accounts payable						3,512						3,615						2,994
Income taxes payable						95						123						168
Deferred revenue						692						2,662						402
Accrued and other current liabilities						2,134						2,145						2,028
Total current liabilities						7,805						8,548						7,734
Long-Term Debt						1,101						1,102						1,102
Other Noncurrent Liabilities
Deferred income tax liabilities						930						893						740
Pension and other post employment benefits - noncurrent						4,583						5,176						5,904
Other noncurrent obligations						1,724						1,867						1,864
Total noncurrent liabilities						8,338						9,038						9,610
Commitments and contingent liabilities
Stockholders' equity
Common stock, $0.01 par value; 1,666,667,000 shares authorized; issued at September 30, 2021 - 730,267,000; December 31, 2020 - 743,458,000; and September 30, 2020 - 747,492,000						7						7						7
Additional paid-in capital						27,712						27,707						27,895
Retained earnings						666						—						—
Accumulated other comprehensive loss						(3,645)						(2,890)						(3,796)
Total Corteva stockholders' equity						24,740						24,824						24,106
Noncontrolling interests						239						239						240
Total equity						24,979						25,063						24,346
Total Liabilities and Equity						$	41,122					$	42,649					$	41,690

A-3

Corteva, Inc.

Consolidated Statement of Cash Flows

(Dollars in millions, except per share amounts)

			Nine Months Ended September 30,
			2021						2020
Operating activities
Net income			$	1,608					$	658
Adjustments to reconcile net income to cash used for operating activities:
Depreciation and amortization			926						868
Provision for (benefit from) deferred income tax			151						(153)
Net periodic pension and OPEB benefit, net			(959)						(255)
Pension and OPEB contributions			(202)						(222)
Net (gain) loss on sales of property, businesses, consolidated companies, and investments			(1)						29
Restructuring and asset related charges - net			261						298
Other net loss			117						240
Changes in assets and liabilities - net
Accounts and notes receivable			(1,116)						(619)
Inventories			375						481
Accounts Payable			(41)						(629)
Deferred revenue			(1,945)						(2,169)
Other assets and liabilities			7						236
Cash used for operating activities			(819)						(1,237)
Investing activities
Capital expenditures			(413)						(301)
Proceeds from sales of property, businesses, and consolidated companies - net of cash divested			53						22
Investments in and loans to nonconsolidated affiliates			(3)						(1)
Purchases of investments			(147)						(656)
Proceeds from sales and maturities of investments			310						498
Other investing activities - net			(1)						(7)
Cash used for investing activities			(201)						(445)
Financing activities
Net change in borrowings (less than 90 days)			949						1,582
Proceeds from debt			419						2,434
Payments on debt			(1)						(879)
Repurchase of common stock			(750)						(83)
Proceeds from exercise of stock options			71						19
Dividends paid to stockholders			(295)						(291)
Payments for acquisition of subsidiary's interest from the non-controlling interest			—						(60)
Other financing activities			(28)						(27)
Cash provided by financing activities			365						2,695
Effect of exchange rate changes on cash, cash equivalents and restricted cash equivalents			(78)						(64)
(Decrease)/increase in cash, cash equivalents and restricted cash equivalents			(733)						949
Cash, cash equivalents and restricted cash equivalents at beginning of period			3,873						2,173
Cash, cash equivalents and restricted cash equivalents at end of period			$	3,140					$	3,122

A-4

Corteva, Inc.

Consolidated Segment Information

(Dollars in millions, except per share amounts)

						Three Months Ended September 30,												Nine Months Ended September 30,
SEGMENT NET SALES - SEED						2021						2020						2021						2020
Corn						$	437					$	303					$	4,505					$	4,224
Soybean						157						116						1,494						1,382
Other oilseeds						94						62						661						529
Other						50						42						350						381
Seed						$	738					$	523					$	7,010					$	6,516
						Three Months Ended September 30,												Nine Months Ended September 30,
SEGMENT NET SALES - CROP PROTECTION						2021						2020						2021						2020
Herbicides						$	782					$	583					$	2,737					$	2,315
Insecticides						416						395						1,261						1,218
Fungicides						339						261						911						714
Other						96						101						257						247
Crop Protection						$	1,633					$	1,340					$	5,166					$	4,494
						Three Months Ended September 30,												Nine Months Ended September 30,
GEOGRAPHIC NET SALES - SEED						2021						2020						2021						2020
North America 1						$	168					$	97					$	4,482					$	4,290
EMEA 2						153						117						1,398						1,262
Latin America						334						246						842						668
Asia Pacific						83						63						288						296
Rest of World 3						570						426						2,528						2,226
Net Sales						$	738					$	523					$	7,010					$	6,516
						Three Months Ended September 30,												Nine Months Ended September 30,
GEOGRAPHIC NET SALES - CROP PROTECTION						2021						2020						2021						2020
North America 1						$	422					$	390					$	1,693					$	1,528
EMEA 2						237						198						1,304						1,163
Latin America						763						559						1,361						1,086
Asia Pacific						211						193						808						717
Rest of World 3						1,211						950						3,473						2,966
Net Sales						$	1,633					$	1,340					$	5,166					$	4,494
1. Reflects U.S. & Canada
2. Reflects Europe, Middle East, and Africa
3. Reflects EMEA, Latin America, and Asia Pacific

A-5

Corteva, Inc.

Reconciliation of Non-GAAP Measures

(Dollars in millions, except per share amounts)

						Three Months Ended September 30,												Nine Months Ended September 30,
						2021												2021
Net Sales (GAAP)						$	2,371											$	12,176
Less: Impacts from Currency and Portfolio						57												162
Organic Sales (Non-GAAP)						$	2,314											$	12,014
						Three Months Ended September 30,												Nine Months Ended September 30,
OPERATING EBITDA						2021						2020						2021						2020
Seed						$	(217)					$	(282)					$	1,523					$	1,255
Crop Protection						206						130						897						677
Corporate Expenses						(40)						(27)						(106)						(81)
Operating EBITDA (Non-GAAP)						$	(51)					$	(179)					$	2,314					$	1,851
RECONCILIATION OF INCOME (LOSS) FROM CONTINUING OPERATIONS AFTER INCOME TAXES TO OPERATING EBITDA						Three Months Ended September 30,												Nine Months Ended September 30,
						2021						2020						2021						2020
Income (loss) from continuing operations after income taxes (GAAP)						$	36					$	(390)					$	1,667					$	657
(Benefit from) provision for income taxes on continuing operations						(28)						(117)						434						88
Income (loss) from continuing operations before income taxes (GAAP)						8						(507)						2,101						745
Depreciation and amortization						309						285						926						868
Interest income						(19)						(11)						(58)						(38)
Interest expense						8						11						22						35
Exchange (gains) losses - net1						(2)						67						47						127
Non-operating benefits - net2						(315)						(73)						(941)						(237)
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges3						(19)												3
Significant items (benefit) charge4						(21)						49						214						351
Operating EBITDA (Non-GAAP)						$	(51)					$	(179)					$	2,314					$	1,851

1.Refer to page A-15 for pre-tax and after tax impacts of exchange losses - net.

2.Non-operating benefits—net consists of non-operating pension and other post-employment benefit (OPEB) (benefits) costs, tax indemnification adjustments, environmental remediation and legal costs associated with legacy EID businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense.

3.Effective January 1, 2021, on a prospective basis, the company excludes net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. For the three and nine months ended September 30, 2020, the unrealized mark-to-market (loss) gain was $(8) million and $19 million, respectively.

4.Refer to page A-10 for pre-tax and after tax impacts of significant items.

A-6

Corteva, Inc.

Reconciliation of Non-GAAP Measures

(Dollars in millions, except per share amounts)

PRICE - VOLUME - CURRENCY ANALYSIS
REGION
			Q3 2021 vs. Q3 2020												Percent Change Due To:
			Net Sales Change (GAAP)						Organic Change 1 (Non-GAAP)						Price &									Portfolio /
			$			%			$			%			Product Mix			Volume			Currency			Other
North America			$	103		21		%	$	99		20		%	9		%	11		%	1		%	—		%
EMEA			75			24		%	60			19		%	2		%	17		%	5		%	—		%
Latin America			292			36		%	252			31		%	11		%	20		%	5		%	—		%
Asia Pacific			38			15		%	40			16		%	—		%	16		%	1		%	(2)		%
Rest of World			405			29		%	352			26		%	7		%	19		%	4		%	(1)		%
Total			$	508		27		%	$	451		24		%	7		%	17		%	3		%	—		%
SEED
			Q3 2021 vs. Q3 2020												Percent Change Due To:
			Net Sales Change (GAAP)						Organic Change 1 (Non-GAAP)						Price &									Portfolio /
			$			%			$			%			Product Mix			Volume			Currency			Other
North America			$	71		73		%	$	69		71		%	38		%	33		%	2		%	—		%
EMEA			36			31		%	26			22		%	4		%	18		%	9		%	—		%
Latin America			88			36		%	79			32		%	23		%	9		%	4		%	—		%
Asia Pacific			20			32		%	20			32		%	(1)		%	33		%	—		%	—		%
Rest of World			144			34		%	125			30		%	15		%	15		%	4		%	—		%
Total			$	215		41		%	$	194		37		%	19		%	18		%	4		%	—		%
CROP PROTECTION
			Q3 2021 vs. Q3 2020												Percent Change Due To:
			Net Sales Change (GAAP)						Organic Change 1 (Non-GAAP)						Price &									Portfolio /
			$			%			$			%			Product Mix			Volume			Currency			Other
North America			$	32		8		%	$	30		8		%	2		%	6		%	—		%	—		%
EMEA			39			20		%	34			17		%	1		%	16		%	3		%	—		%
Latin America			204			36		%	173			31		%	5		%	26		%	5		%	—		%
Asia Pacific			18			9		%	20			10		%	—		%	10		%	2		%	(3)		%
Rest of World			261			27		%	227			24		%	3		%	21		%	4		%	(1)		%
Total			$	293		22		%	$	257		19		%	3		%	16		%	3		%	—		%

A-7

Corteva, Inc.

Reconciliation of Non-GAAP Measures

(Dollars in millions, except per share amounts)

SEED PRODUCT LINE
			Q3 2021 vs. Q3 2020												Percent Change Due To:
			Net Sales Change (GAAP)						Organic Change 1 (Non-GAAP)						Price &									Portfolio /
			$			%			$			%			Product Mix			Volume			Currency			Other
Corn			$	134		44		%	$	120		40		%	23		%	17		%	4		%	—		%
Soybeans			41			35		%	36			31		%	20		%	11		%	4		%	—		%
Other oilseeds			32			52		%	31			50		%	6		%	44		%	2		%	—		%
Other			8			19		%	7			17		%	8		%	9		%	2		%	—		%
Total			$	215		41		%	$	194		37		%	19		%	18		%	4		%	—		%
CROP PROTECTION PRODUCT LINE
			Q3 2021 vs. Q3 2020												Percent Change Due To:
			Net Sales Change (GAAP)						Organic Change 1 (Non-GAAP)						Price &									Portfolio /
			$			%			$			%			Product Mix			Volume			Currency			Other
Herbicides			$	199		34		%	$	183		31		%	7		%	24		%	3		%	—		%
Insecticides			21			5		%	11			3		%	—		%	3		%	2		%	—		%
Fungicides			78			30		%	69			26		%	3		%	23		%	5		%	(1)		%
Other			(5)			(5)		%	(6)			(6)		%	(10)		%	4		%	1		%	—		%
Total			$	293		22		%	$	257		19		%	3		%	16		%	3		%	—		%

A-8

Corteva, Inc.

Reconciliation of Non-GAAP Measures

(Dollars in millions, except per share amounts)

PRICE - VOLUME - CURRENCY ANALYSIS
REGION
			Nine Months 2021 vs. Nine Months 2020												Percent Change Due To:
			Net Sales Change (GAAP)						Organic Change 1 (Non-GAAP)						Price &									Portfolio /
			$			%			$			%			Product Mix			Volume			Currency			Other
North America			$	357		6		%	$	296		5		%	1		%	4		%	1		%	—		%
EMEA			277			11		%	169			7		%	4		%	3		%	4		%	—		%
Latin America			449			26		%	473			27		%	10		%	17		%	(1)		%	—		%
Asia Pacific			83			8		%	66			7		%	2		%	5		%	3		%	(2)		%
Rest of World			809			16		%	708			14		%	5		%	9		%	2		%	—		%
Total			$	1,166		11		%	$	1,004		9		%	3		%	6		%	2		%	—		%
SEED
			Nine Months 2021 vs. Nine Months 2020												Percent Change Due To:
			Net Sales Change (GAAP)						Organic Change 1 (Non-GAAP)						Price &									Portfolio /
			$			%			$			%			Product Mix			Volume			Currency			Other
North America			$	192		4		%	$	148		3		%	—		%	3		%	1		%	—		%
EMEA			136			11		%	97			8		%	5		%	3		%	3		%	—		%
Latin America			174			26		%	203			30		%	14		%	16		%	(4)		%	—		%
Asia Pacific			(8)			(3)		%	(11)			(4)		%	1		%	(5)		%	1		%	—		%
Rest of World			302			14		%	289			13		%	7		%	6		%	1		%	—		%
Total			$	494		8		%	$	437		7		%	3		%	4		%	1		%	—		%
CROP PROTECTION
			Nine Months 2021 vs. Nine Months 2020												Percent Change Due To:
			Net Sales Change (GAAP)						Organic Change 1 (Non-GAAP)						Price &									Portfolio /
			$			%			$			%			Product Mix			Volume			Currency			Other
North America			$	165		11		%	$	148		10		%	3		%	7		%	1		%	—		%
EMEA			141			12		%	72			6		%	2		%	4		%	6		%	—		%
Latin America			275			25		%	270			25		%	7		%	18		%	—		%	—		%
Asia Pacific			91			13		%	77			11		%	2		%	9		%	5		%	(3)		%
Rest of World			507			17		%	419			14		%	4		%	10		%	4		%	(1)		%
Total			$	672		15		%	$	567		13		%	4		%	9		%	3		%	(1)		%

A-9

Corteva, Inc.

Reconciliation of Non-GAAP Measures

(Dollars in millions, except per share amounts)

SEED PRODUCT LINE
			Nine Months 2021 vs. Nine Months 2020												Percent Change Due To:
			Net Sales Change (GAAP)						Organic Change 1 (Non-GAAP)						Price &									Portfolio /
			$			%			$			%			Product Mix			Volume			Currency			Other
Corn			$	281		7		%	$	259		6		%	4		%	2		%	1		%	—		%
Soybeans			112			8		%	95			7		%	—		%	7		%	1		%	—		%
Other oilseeds			132			25		%	117			22		%	4		%	18		%	3		%	—		%
Other			(31)			(8)		%	(34)			(9)		%	(4)		%	(5)		%	1		%	—		%
Total			$	494		8		%	$	437		7		%	3		%	4		%	1		%	—		%
CROP PROTECTION PRODUCT LINE
			Nine Months 2021 vs. Nine Months 2020												Percent Change Due To:
			Net Sales Change (GAAP)						Organic Change 1 (Non-GAAP)						Price &									Portfolio /
			$			%			$			%			Product Mix			Volume			Currency			Other
Herbicides			$	422		18		%	$	349		15		%	4		%	11		%	3		%	—		%
Insecticides			43			4		%	24			2		%	3		%	(1)		%	2		%	—		%
Fungicides			197			28		%	184			26		%	4		%	22		%	5		%	(3)		%
Other			10			4		%	10			4		%	(3)		%	7		%	—		%	—		%
Total			$	672		15		%	$	567		13		%	4		%	9		%	3		%	(1)		%

1.Organic sales is defined as price and volume and excludes currency and portfolio impacts.

A-10

Corteva, Inc.

Significant Items

(Dollars in millions, except per share amounts)

SIGNIFICANT ITEMS BY SEGMENT (PRE-TAX)
			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Seed			$	38					$	(9)					$	(98)					$	(154)
Crop Protection			(8)						(40)						(51)						(151)
Corporate			(9)						—						(65)						(46)
Total significant items before income taxes			$	21					$	(49)					$	(214)					$	(351)

SIGNIFICANT ITEMS - PRE-TAX, AFTER TAX, AND EPS IMPACTS
						Pre-tax												After tax6												($ Per Share)
						2021						2020						2021						2020						2021						2020
1st Quarter
Restructuring and asset related charges, net 1						$	(100)					$	(70)					$	(77)					$	(57)					$	(0.10)					$	(0.08)
Loss on divestiture 2						—						(53)						—						(43)						—						(0.06)
Income tax items 3						—						—						—						(19)						—						(0.02)
1st Quarter — Total						$	(100)					$	(123)					$	(77)					$	(119)					$	(0.10)					$	(0.16)
2nd Quarter
Restructuring and asset related charges, net 1						$	(135)					$	(179)					$	(107)					$	(143)					$	(0.14)					$	(0.19)
Income tax items 3						—						—						—						29						—						0.04
2nd Quarter — Total						$	(135)					$	(179)					$	(107)					$	(114)					$	(0.14)					$	(0.15)
3rd Quarter
Restructuring and asset related charges, net 1						$	(26)					$	(49)					$	(18)					$	(27)					$	(0.03)					$	(0.04)
Equity securities mark-to-market gain4						47						—						35						—						0.05						—
3rd Quarter - Total						$	21					$	(49)					$	17					$	(27)					$	0.02					$	(0.04)
Year-to-date Total 5						$	(214)					$	(351)					$	(167)					$	(260)					$	(0.22)					$	(0.35)

1.Third quarter, second quarter, and first quarter 2021 included restructuring and asset related benefits (charges) of $(26), $(135) and $(100), respectively. The charges for the third quarter primarily relate to a $(21) charge associated with the 2021 Restructuring Actions and a $(5) charge related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. The charges for the second quarter primarily relate to a $(23) charge associated with the 2021 Restructuring Actions and a $(112) charge related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. The charges for the first quarter primarily relate to a $(89) charge associated with the 2021 Restructuring Actions and a $(7) charge related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits.

Third quarter, second quarter and first quarter 2020 included restructuring and asset related charges of $(49), $(179) and $(70), respectively. The charge for the third quarter included a $(30) charge related to the Execute to Win Productivity Program, a $(10) charge related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits, and a $(9) charge associated with the DowDuPont Synergy Program. The charge for the second quarter included a $(41) charge related to the Execute to Win Productivity Program and a $(138) charge related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits. The charge for the first quarter included a $(63) charge related to the Execute to Win Productivity Program, a $(10) charge related to non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits, and a $3 asset related benefit associated with the DowDuPont Synergy Program.

The after-tax charge for the third quarter of 2020 includes a net tax benefit of $11 related to a change in estimate on the full year impact of The Act's foreign provisions.

2.First quarter 2020 included a loss of $(53) included in other income - net related to the sale of the La Porte site, for which the company signed an agreement during the first quarter 2020, and closed during the first quarter of 2021.

A-11

Corteva, Inc.

Significant Items

(Dollars in millions, except per share amounts)

3.Second quarter 2020 reflected a benefit of $29 due to an elective change in accounting method that altered the 2019 impact of the business separation on the 2017 Tax Cuts and Jobs Act's foreign tax provisions. First quarter 2020 included an after tax charge related to the impact of a state tax valuation allowance in the U.S. based on a change in judgment about the realizability of a deferred tax asset.

4.Third quarter 2021 included a benefit relating to a $47 mark-to-market gain on equity securities.

5.Earnings per share for the year may not equal the sum of quarterly earnings per share due to the changes in average share calculations.

6.Unless specifically addressed in notes above, the income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.

A-12

Corteva, Inc.

Reconciliation of Non-GAAP Measures

(Dollars in millions, except per share amounts)

Operating Earnings (Loss) Per Share (Non-GAAP)
Operating earnings (loss) per share is defined as earnings (loss) per share from continuing operations – diluted, excluding non-operating benefits - net, amortization of intangibles (existing as of Separation), net unrealized gain or loss from mark-to-market activity on certain foreign currency derivative instruments that do not qualify for hedge accounting, and significant items.
						Three Months Ended September 30,
						2021						2020						2021						2020
						$						$						EPS (diluted)						EPS (diluted)
Net income (loss) from continuing operations attributable to Corteva (GAAP)						$	34					$	(392)					$	0.05					$	(0.52)
Less: Non-operating benefits - net, after tax 1						242						56						0.33						0.08
Less: Amortization of intangibles (existing as of Separation), after tax						(140)						(126)						(0.18)						(0.17)
Less: Mark-to-market gains on certain foreign currency contracts not designated as hedges, after tax2						15												0.02
Less: Significant items benefit (charge), after tax						17						(27)						0.02						(0.04)
Operating Loss (Non-GAAP)						$	(100)					$	(295)					$	(0.14)					$	(0.39)
						Nine Months Ended September 30,
						2021						2020						2021						2020
						$						$						EPS (diluted)						EPS (diluted)
Net income from continuing operations attributable to Corteva (GAAP)						$	1,659					$	639					$	2.23					$	0.85
Less: Non-operating benefits - net, after tax 1						716						180						0.96						0.24
Less: Amortization of intangibles (existing as of Separation), after tax						(423)						(377)						(0.57)						(0.50)
Less: Mark-to-market losses on certain foreign currency contracts not designated as hedges, after tax2						(2)												—
Less: Significant items charge, after tax						(167)						(260)						(0.22)						(0.35)
Operating Earnings (Non-GAAP)						$	1,535					$	1,096					$	2.06					$	1.46

1.Non-operating benefits—net consists of non-operating pension and other post-employment benefit (OPEB) benefits (costs), tax indemnification adjustments, and environmental remediation and legal costs associated with legacy EID businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense.

2.Effective January 1, 2021, on a prospective basis, the company excludes net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. For the three and nine months ended September 30, 2020, the unrealized mark-to-market (loss) gain was $(8) million and $19 million, respectively.

A-13

Corteva, Inc.

Operating EBITDA to Operating Earnings Per Share

(Dollars in millions, except per share amounts)

Operating EBITDA to Operating Earnings (Loss) Per Share
						Three Months Ended September 30,												Nine Months Ended September 30,
						2021						2020						2021						2020
Operating EBITDA (Non-GAAP)1						$	(51)					$	(179)					$	2,314					$	1,851
Depreciation						(129)						(123)						(383)						(367)
Interest Income						19						11						58						38
Interest Expense						(8)						(11)						(22)						(35)
Benefit from (provision for) income taxes on continuing operations before significant items, non-operating benefits - net, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains/(losses), net (Non-GAAP)1						74						58						(366)						(249)
Base income tax rate from continuing operations (Non-GAAP)1						43.8		%				19.2		%				18.6		%				16.7		%
Exchange losses - net, after tax2						(3)						(49)						(58)						(124)
Net (income) loss attributable to non-controlling interests						(2)						(2)						(8)						(18)
Operating (Loss) Earnings (Non-GAAP)1						$	(100)					$	(295)					$	1,535					$	1,096
Diluted Shares (in millions)						739.5						749.5						744.0						752.0
Operating (Loss) Earnings Per Share (Non-GAAP)1						$	(0.14)					$	(0.39)					$	2.06					$	1.46

1.     Refer to pages A-5 through A-9, A-12 and A-14 for Non-GAAP reconciliations.

2.     Refer to page A-15 for pre-tax and after tax impacts of exchange (losses) gains - net.

A-14

Corteva, Inc.

Reconciliation of Non-GAAP Measures

(Dollars in millions, except per share amounts)

Reconciliation of Base Income Tax Rate to Effective Income Tax Rate
Base income tax rate is defined as the effective income tax rate less the effect of exchange (losses) gains, significant items, amortization of intangibles (existing as of Separation), mark-to-market gains on certain foreign currency contracts not designated as hedges, and non-operating benefits - net.
			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Income (loss) from continuing operations before income taxes (GAAP)			$	8					$	(507)					$	2,101					$	745
Add: Significant items - (benefit) charge 1			(21)						49						214						351
Non-operating benefits - net			(315)						(73)						(941)						(237)
Amortization of intangibles (existing as of Separation)			180						162						543						501
Mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges2			(19)												3
Less: Exchange gains (losses), net3			2						(67)						(47)						(127)
(Loss) income from continuing operations before income taxes, significant items, non-operating benefits - net, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses), net (Non-GAAP)			$	(169)					$	(302)					$	1,967					$	1,487
(Benefit from) provision for income taxes on continuing operations (GAAP)			$	(28)					$	(117)					$	434					$	88
Add: Tax (expenses) benefits on significant items charge1			(4)						22						47						91
Tax expenses on non-operating benefits - net			(73)						(17)						(225)						(57)
Tax benefits on amortization of intangibles (existing as of Separation)			40						36						120						124
Tax (expenses) benefits on mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges2			(4)												1
Tax (expenses) benefits on exchange gains (losses), net3			(5)						18						(11)						3
(Benefit from) provision for income taxes on continuing operations before significant items, non-operating benefits - net, amortization of intangibles (existing as of Separation), mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges, and exchange gains (losses), net (Non-GAAP)			$	(74)					$	(58)					$	366					$	249
Effective income tax rate (GAAP)			(350.0)		%				23.1		%				20.7		%				11.8		%
Significant items, non-operating benefits, amortization of intangibles (existing as of Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges effect			393.9		%				(2.5)		%				(1.1)		%				6.3		%
Tax rate from continuing operations before significant items, non-operating benefits - net, amortization of intangibles (existing as of Separation), and mark-to-market (gains) losses on certain foreign currency contracts not designated as hedges			43.9		%				20.6		%				19.6		%				18.1		%
Exchange gains (losses), net effect3			(0.1)		%				(1.4)		%				(1.0)		%				(1.4)		%
Base income tax rate from continuing operations (Non-GAAP)			43.8		%				19.2		%				18.6		%				16.7		%
1. See Significant Items table for further detail.
2. Effective January 1, 2021, on a prospective basis, the company excludes net unrealized gain or loss from mark-to-market activity for certain foreign currency derivative instruments that do not qualify for hedge accounting. For the three and nine months ended September 30, 2020, the unrealized mark-to-market (loss) gain was $(8) million and $19 million, respectively.
3. See page A-15 for further details of exchange (losses) gains.

A-15

Corteva, Inc.

(Dollars in millions, except per share amounts)

Exchange Gains/Losses
The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the United States (U.S.), whereas the offsetting exchange gains (losses) on the remeasurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in other income (expense) - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the Consolidated Statements of Operations.
						Three Months Ended September 30,												Nine Months Ended September 30,
						2021						2020						2021						2020
Subsidiary Monetary Position Loss
Pre-tax exchange losses						$	(32)					$	(61)					$	(47)					$	(300)
Local tax benefits (expenses)						3						16						(11)						44
Net after tax impact from subsidiary exchange losses						$	(29)					$	(45)					$	(58)					$	(256)
Hedging Program Gain (Loss)
Pre-tax exchange gains (losses)						$	34					$	(6)					$	—					$	173
Tax (expenses) benefits						(8)						2						—						(41)
Net after tax impact from hedging program exchange gains (losses)						$	26					$	(4)					$	—					$	132
Total Exchange Loss
Pre-tax exchange gains (losses)						$	2					$	(67)					$	(47)					$	(127)
Tax (expenses) benefits						(5)						18						(11)						3
Net after tax exchange losses						$	(3)					$	(49)					$	(58)					$	(124)
As shown above, the "Total Exchange Loss" is the sum of the "Subsidiary Monetary Position Loss" and the "Hedging Program Gain (Loss)."