<SEC-DOCUMENT>0000930413-15-001293.txt : 20150319
<SEC-HEADER>0000930413-15-001293.hdr.sgml : 20150319
<ACCEPTANCE-DATETIME>20150319160904
ACCESSION NUMBER:		0000930413-15-001293
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150319
DATE AS OF CHANGE:		20150319
EFFECTIVENESS DATE:		20150319

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DUPONT E I DE NEMOURS & CO
		CENTRAL INDEX KEY:			0000030554
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTIC MATERIAL, SYNTH RESIN/RUBBER, CELLULOS (NO GLASS) [2820]
		IRS NUMBER:				510014090
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00815
		FILM NUMBER:		15712977

	BUSINESS ADDRESS:	
		STREET 1:		1007 MARKET ST
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19898
		BUSINESS PHONE:		3027741000

	MAIL ADDRESS:	
		STREET 1:		1007 MARKET ST
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19898

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRIAN FUND MANAGEMENT, L.P.
		CENTRAL INDEX KEY:			0001345471
		IRS NUMBER:				203454182
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		212-451-3000

	MAIL ADDRESS:	
		STREET 1:		280 PARK AVENUE
		STREET 2:		41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Trian Fund Management, L.P.
		DATE OF NAME CHANGE:	20051128
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>c80740_dfan14a.htm
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 14A </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Rule 14a-101) </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INFORMATION REQUIRED IN PROXY STATEMENT </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a)
of </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>the Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Amendment No. &nbsp;&nbsp; ) </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12.2pt; text-indent: -12.25pt">Filed by the Registrant&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed
by a Party other than the Registrant&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 12.2pt; text-indent: -12.25pt">Check the appropriate box:</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><FONT STYLE="font-family: Wingdings">o</FONT></font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Preliminary Proxy Statement </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><FONT STYLE="font-family: Wingdings">o</FONT></font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><b>Confidential, for Use of the Commission Only&nbsp;(as permitted by Rule 14a-6(e)(2))</b> </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><FONT STYLE="font-family: Wingdings">o</FONT></font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Definitive Proxy Statement </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><FONT STYLE="font-family: Wingdings">o</FONT></font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Definitive Additional Materials </font></td></tr>
</table>
<P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Wingdings">x</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Soliciting Material under &sect;240.14a-12 </font></td></tr>
</table>
<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>E. I. du Pont de Nemours and Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Fund Management, L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Fund Management GP, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners, L.P. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Strategic Investment Fund,
L.P. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Strategic Investment Fund
II, L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Master Fund, L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Parallel Fund I, L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Master Fund (ERISA), L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Strategic Investment Fund-A,
L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Strategic Investment Fund-D,
L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Strategic Investment Fund-N,
L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian SPV (SUB) VIII, L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Fund (Sub)-G, L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Trian Partners Fund (Sub)-G II, L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nelson Peltz</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Peter W. May</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Edward P. Garden</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>John H. Myers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Arthur B. Winkleblack</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Robert J. Zatta</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>(Name of Person(s) Filing
Proxy Statement, if other than the Registrant) </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>PAYMENT OF FILING FEE </B>(Check the appropriate box):</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Wingdings">x</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">No fee required </font></td></tr>
</table>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 4%; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt"><FONT STYLE="font-family: Wingdings">o</FONT></font></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. </font></td></tr>
</table>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 4%; font: 7.5pt Times New Roman, Times, Serif">&nbsp;</td>
    <td style="vertical-align: top; width: 4%; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">1)</font></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Title of each class of securities to which transaction applies:</font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
    <td style="width: 4%; font-size: 7.5pt">&nbsp;</td>
    <td style="vertical-align: top; width: 4%; font-size: 10pt"><font style="font-size: 10pt">2)</font></td>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-size: 10pt">Aggregate number of securities to which transaction applies: </font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
    <td style="width: 4%; font-size: 7.5pt">&nbsp;</td>
    <td style="vertical-align: top; width: 4%; font-size: 10pt"><font style="font-size: 10pt">3)</font></td>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined): </font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
    <td style="width: 4%; font-size: 7.5pt">&nbsp;</td>
    <td style="vertical-align: top; width: 4%; font-size: 10pt"><font style="font-size: 10pt">4)</font></td>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-size: 10pt">Proposed maximum aggregate value of transaction: </font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
    <td style="width: 4%; font-size: 7.5pt">&nbsp;</td>
    <td style="vertical-align: top; width: 3%; font-size: 10pt"><font style="font-size: 10pt">5)</font></td>
    <td style="vertical-align: top; width: 1%; font-size: 7.5pt">&nbsp;</td>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-size: 10pt">Total fee paid: </font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 4%; font-size: 10pt"><font style="font-size: 10pt"><FONT STYLE="font-family: Wingdings">o</FONT></font></td>
    <td style="font-size: 10pt"><font style="font-size: 10pt">Fee paid previously with preliminary materials. </font></td></tr>
</table>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 4%; font-size: 10pt"><font style="font-size: 10pt"><FONT STYLE="font-family: Wingdings">o</FONT></font></td>
    <td style="font-size: 10pt"><font style="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. </font></td></tr>
</table>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
    <td style="width: 4%; font-size: 7.5pt">&nbsp;</td>
    <td style="vertical-align: top; width: 4%; font-size: 10pt"><font style="font-size: 10pt">1)</font></td>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-size: 10pt">Amount Previously Paid: </font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
    <td style="width: 4%; font-size: 7.5pt">&nbsp;</td>
    <td style="vertical-align: top; width: 4%; font-size: 10pt"><font style="font-size: 10pt">2)</font></td>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-size: 10pt">Form, Schedule or Registration Statement No.: </font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
    <td style="width: 4%; font-size: 7.5pt">&nbsp;</td>
    <td style="vertical-align: top; width: 4%; font-size: 10pt"><font style="font-size: 10pt">3)</font></td>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-size: 10pt">Filing Party: </font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr>
    <td style="width: 4%; font-size: 7.5pt">&nbsp;</td>
    <td style="vertical-align: top; width: 4%; font-size: 10pt"><font style="font-size: 10pt">4)</font></td>
    <td style="vertical-align: top; font-size: 10pt"><font style="font-size: 10pt">Date Filed: </font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">On March 12, 2015, Nelson Peltz, Chief Executive Officer and a
Founding Partner of Trian Fund Management, L.P., appeared on CNBC and was interviewed by Jim Cramer and David Faber. A
transcript of the interview is included below:</p>












<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CNBC EXCLUSIVE: NELSON PELTZ SPEAKS OUT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CNBC&rsquo;S &ldquo;SQUAWK ON THE STREET&rdquo;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(VIDEO TRANSCRIPT)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white"><B>CNBC HEADLINE:</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Peltz: Every time Trian&rsquo;s in a stock, it goes up</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="background-color: white">Thursday, 12 Mar 2015 10:18
AM EST<BR>
Nelson Peltz, Trian Partners CEO, discusses his fight to get DuPont to grant him a board seat, proxy fights in general, and what
he thinks about female CEOs.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>PARTICIPANTS:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font: 11pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 11pt">NELSON PELTZ, TRIAN FUND MANAGEMENT, CEO </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font: 11pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 11pt">DAVID FABER, CO-ANCHOR OF CNBC&rsquo;S &ldquo;SQUAWK ON THE STREET&rdquo;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font: 11pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-size: 11pt">JIM CRAMER, CO-ANCHOR OF CNBC&rsquo;S &ldquo;SQUAWK ON THE STREET&rdquo;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:
</B>The battle between activist hedge fund Nelson Peltz&rsquo;s Trian and DuPont rages on. Today Mr. Peltz sent a new letter to
DuPont reiterating his desire to get four seats on DuPont&rsquo;s board and highlighting his own past successes as a director,
in fact, including many a testimonies to his success as a director, fighting back against DuPont&rsquo;s refusal, thus far of course,
to well, to settle. Joining us now in an exclusive interview to break down the details is Nelson Peltz, the founding partner and
CEO of Trian Partners which owns $1.9 billion of DuPont stock and has for a while.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> It
might be $2 billion today, it&rsquo;s up.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> It might be $2 billion if it&rsquo;s up.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> But before we get started, I want to wish my
wife happy birthday today.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> That&rsquo;s nice.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Claudia, happy birthday.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> 29?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> She just turned 29.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> Perfect, well done. </P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> And we&rsquo;ve been married for a little bit
over 30 years. (LAUGHTER.)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER:</B>
It&rsquo;s, only you, only you could create that wealth.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> Oh my lord, and all of those children. Nelson,
I want to get to news right now that I&rsquo;ve picked up, at least, from my sources which is that yesterday you had a conversation
with Ellen Kullman, the CEO of DuPont, with lead director Sandy Cutler, in which you made a new offer, if you will, to say, &ldquo;Okay,
I want four board seats, but  now I will accept two boards seats on DuPont and two on Chemours,&rdquo; the planned spin-off
that DuPont has.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Right.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER</B>: A, is that the case? And, B, what was the response?</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Well, that&rsquo;s part of the case. I said
that, first of all I want you to know we got a call from one of the biggest shareholders, one of the biggest mutual fund complexes,
and they said, &ldquo;Please get this settled.&rdquo; They think it&rsquo;s a waste of time, it&rsquo;s a waste of money. Management
</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">is all over the place; we bumped into Ellen in Baltimore, she
spent the day in Boston on Mon--, they need to be running the business. So we took that request to heart and we called
yesterday, I called Ellen yesterday, and told her I think it&rsquo;s time for us sit down and see if we can accomplish
something. She said she was leaving the country but she would try to get a hold of Sandy Cutler. I didn&rsquo;t understand
why she needed Sandy, I suggested the she convene the board in case we achieve something. I would have liked to have told the
two of you about it today. Nonetheless, she called me back, with Sandy, and they said they had made a terrific offer to me:
One of our nominees on the board. I said, &ldquo;Well, that didn&rsquo;t work then, it&rsquo;s not working now,&rdquo;
especially since we have been around and seen 30-odd percent of the ownership of the company and the feedback has been very
strong, as far as we&rsquo;re concerned. So I said, &ldquo;Let me tell you what I&rsquo;m willing to do. I&rsquo;m willing to
have two directors on the DuPont board, me being one of them.&rdquo;</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER</B>: You keep insisting that you be one of the directors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER:</B> That&rsquo;s inviolate, right?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> You gotta let me tell you the whole story?
Okay, okay?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER</B>: Okay.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P> <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON
PELTZ:</B> The other two directors going on the Chemours board, because that&rsquo;s a board in formation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> Yes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> And thirdly, which you didn&rsquo;t hear, is
that the corporate governance at Chemours has got to be changed. Corporate governance they put out is super majority voting and
a staggered board, okay? We think that&rsquo;s circa 1960, we think the world has changed and we think we need to change that corporate
governance. So as a result, I mean that really tells you what the board of DuPont thinks about all of us as shareholders. The governance
at DuPont today is excellent, why not keep the same governance when they&rsquo;re spinning off a company?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> So is that going to be a new part of your battle
here as well?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Well, that&rsquo;s been part of our battle
from day one.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>Why do you keep insisting that you be on the
board of directors? This summer, it&rsquo;s my understanding that Ed Garden, your colleague of course, your partner at Trian, was
in fact the designated nominee you would have had. Why does it have to be you?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> It has to&hellip; Well, first of all,
Ed is quite busy at Bank of New York, okay? There, when you get on the board of a &ldquo;SIFI&rdquo; there are a lot of
meetings and a lot of work. And, frankly, now Ed is holding a&ndash;another activist at bay at Bank of New York, so
he&rsquo;s pretty tied up at the moment. And I felt I had been in the chemical business at one point in my life, actually
been in Ag chemicals, so I understood the business. I felt if they turned down Ed, why not give it a shot with me? Ellen and
I had lunch and I explained to her all the reasons why I felt we could help. And when we do get on a board, you know, when
Trian gets on a board, it&rsquo;s very different, David, than when a normal director gets on a board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>Why is that?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Because we get on a board, and today in companies
like DuPont there&rsquo;s a thousand pages, and I&rsquo;m being literal here, a thousand pages of information that float into your
iPad between a week prior to the meeting and the day of, okay? And you tell me one director, a sitting CEO who&rsquo;s got his
own company to run, or a retired CEO with no staff, can absorb a thousand pages.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>And there&rsquo;s Sandy Cutler, CEO of Eaton,
that you&rsquo;ve been talking about.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> And that&rsquo;s questionable whether a sitting
CEO should be a lead director anyway.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER: </B>Okay, well, let me ask you Nelson, so
this is something I&rsquo;ve said over and over again on Mad Money here, and on Squawk, that if you buy a stock after, as
opposed to before, after Nelson Peltz announces, you make money. And you&rsquo;re the only activist I&rsquo;ve found now,
because you&rsquo;re a long termer. But now let&rsquo;s deal with 2015: DuPont up 7.2%, Dow up 2.5, PPG down 2.5,
Lyondell up 7, Easton Chemical down 7, Celanese down 5, Huntsman down 4. You&rsquo;ve won! Why not declare victory?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> We&rsquo;re halfway there.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER: </B>Halfway?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> We&rsquo;re halfway there.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER:</B> They spent all time higher.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> And not to mention 266% return from &lsquo;08
to the end of &lsquo;14.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER:</B> A win&rsquo;s a win.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> Well ahead of all the peers, as you well know.
I mean, what are they doing wrong? Why is that not a good thing?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Guys, guys, you want me to answer or keep firing
these questions?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER: </B>Well, you know what we&rsquo;re like now, we
can&rsquo;t help it.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Okay, yeah, I love it, I love you guys, okay.
So, let me, let me tell you, okay. When stocks go up they go up for two reasons, earnings go up or there&rsquo;s an existential
factor, okay?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER:</B> Okay.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> If you put up, and I&rsquo;m not a chart guy,
but if you put up, there&rsquo;s a price-earnings chart that we put forth.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> Yes. And we may have it, yeah.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Okay, you probably have it somewhere. And that
chart will show that 2011 earnings were $4.32.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER</B>: Right, that&rsquo;s when it hit the all-time
high, right.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>[Graphic appearing on screen: Chart titled &ldquo;TRIAN
ON DUPONT-EPS VS. GUIDANCE&rdquo;, which appears on page 46 of the materials filed by Trian Fund Management, L.P.
with the Securities and Exchange Commission on February 17, 2015 pursuant to Rule 14a-12 under the Securities Exchange Act of
1934, as amended.]</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Okay. And since then, &lsquo;12, &lsquo;13,
&lsquo;14, and guidance for &lsquo;15, which we don&rsquo;t think they will make, are all below 2011, all below. So, why did the
stock go up 50, over 50%? It&rsquo;s because we&rsquo;re involved, and because of what Jim says, every time we&rsquo;re in a stock,
it goes up. The stock is up over 50% since we&rsquo;re there, okay, since people knew we&rsquo;re there.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> Right, but they, DuPont would claim
because we have made moves to divest businesses and move into higher growth businesses for which we&rsquo;re now getting
rewarded with a higher multiple. They also cite this $4.32 number that you cite from 2011 and say, &ldquo;It was never
reported in our public filings, it relates only to an arbitrary year, self-servingly selected by Trian that includes data
from businesses that are no longer or will no longer be part of the portfolio.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>[Text appearing on screen: &ldquo;DUPONT ON TRIAN&ndash;FEBRUARY 2015:
&lsquo;Trian&rsquo;s analysis relies on 2011 EPS of $4.32 that is not reported in DuPont&rsquo;s public filings, and relates only
to an arbitrary year self-servingly selected by Trian that includes data from businesses that are no longer or will no longer
be part of the portfolio.&rsquo;&rdquo;]</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> I don&rsquo;t get, I don&rsquo;t get upset
too easily, but if you got my slides?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>Yeah, I do.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Okay.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>We were showing one your slides just now.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Well, there&rsquo;s one slide that I really
love.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> I know where you&rsquo;re going now, go ahead.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Okay. How many EPS numbers do you think DuPont
put out for the year 2011? Pick it, pick it.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> I know now, because I&rsquo;ve seen you slide.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Okay, so you tell me how many then?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> I think, was it 11?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> No, it was nine, nine.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> Nine, nine.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> We only put out one, okay? They put out nine,
and those numbers go from $2 and something, to $4 and something. So you can pick whatever number you&rsquo;d like, okay? The fact
is &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> We&rsquo;re showing that now.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>[Graphic appearing on screen: Chart titled
&ldquo;DuPont&rsquo;s 2011 GAAP EPS&rdquo;, which appears on page 5 of the materials filed by Trian Fund Management, L.P.
with the Securities and Exchange Commission on March 12, 2015 pursuant to Rule 14a-12 under the Securities Exchange Act of
1934, as amended.]</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> They&rsquo;re only showing half of it.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER:</B> Well we&rsquo;ve got to go to the next five.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> You&rsquo;ve got to improve your technology
here.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> He&rsquo;s going to become an activist
&ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER:</B> He&rsquo;s going to run CNBC, he&rsquo;s going
to run the network &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> You&rsquo;ve gotta improve the technology &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> You guys have got a lot of work to do here,
if you can&rsquo;t put my whole slide, it&rsquo;s 8.5 by 11, come on. (LAUGHTER.)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER</B>: Well, okay, these demonstrate &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> But there it is, right?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER</B>: These demonstrate &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> So listen to me, you want to know how, you
want to know how to I got to $4.32? Okay. They did $3.93 for calendar year 2011, that&rsquo;s what they got compensated for, okay?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER:</B> Okay.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Then they put out an 8-K and said, &ldquo;You&rsquo;ve
got to add back a portion, you&rsquo;ve got to add back a portion of the pension, the non-employee pension,&rdquo; that was 39
cents. They said also that the most important number for us is operating EPS, which was $3.93. Then we took the 39 cents, which
they identified as an add back, that&rsquo;s how we got to $4.32, okay? And against the other nine numbers, now they&rsquo;re trying
to tell you that earnings for 2011 were $2.03. They got paid on almost $4.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER: </B>I want to ask, I&rsquo;d like to, you know what,
I&rsquo;ve had Ellen Kullman from DuPont on Mad Money, and a reasonable person. How about you propose right now, John Myers, we
all know him, GE 35 years, Arthur Winkleblack, fantastic Heinz guy. Let&rsquo;s just do the deal right now, say, &ldquo;Listen
those are two we&rsquo;ll give you, and let&rsquo;s seal this deal tomorrow?&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> No, okay. And the reason, and they know the
reason better than you know the reason. And the reason is when we come on a board, when a partner of Trian goes on a board, about
20 people sign a CA. They sign confidentiality agreements, so when those 1,000 pages show up, the legal goes to our legal department,
the financings go to our financing department, the operating materials go to the analysts who have been following this company
for two-plus years in the industry for much longer. So when we go into a board meeting, when we go into a board meeting we know
what&rsquo;s going on. The other directors, and they try, and no you got -- they have good intensions, those 1,000 pages become
a show and tell, as opposed to an interaction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>That doesn&rsquo;t make me feel particularly
good what goes on at many boards. But, I mean, Gallogly appointed to the board, Breen, these are two very qualified people &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER:</B> Heavy hitters &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> In fact people that you had considered for your
own nominees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Let&rsquo;s not get into that.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>Considered, I said considered.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> You did it right, yes.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>Okay.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Yes, okay, they are terrific, and they will
be part of our slate. We will put four people up, we will put Breen and Gallogly because we want to work with them and we think
the world of them.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>Oh you mean on the separate slate that you will
be &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER:</B> Right.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Because we have a short slate, I mean, they
wouldn&rsquo;t accept the universal proxy card. We also put Ellen on the slate, by the way, okay?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER: </B>Oh, that was kind of you.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> You know what I hear &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> No, on our slate. So that means &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER:</B> No, I understand, you&rsquo;re not in her face,
you&rsquo;re not in her face.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> That&rsquo;s exactly right. And you look at
our record, we have worked with CEOs who have fought against us. Look at Bill Johnson, he was CEO of Heinz prior to, during, and
post the proxy fight. Bill is now an advisory partner, Trian, and our designee on the Pepsi board.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>And what did Indra Nooyi say on Monday? And
I know you probably heard her, she said that Bill Johnson&rsquo;s going to walk into the company, at PepsiCo, in May when he starts
as a board member, and find this beautiful architected company that&rsquo;s focused on performance and yet longevity. She&rsquo;s
saying he&rsquo;s going to love it and not going to recommend any changes.</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Let me tell you something, the company&rsquo;s
gotten so much better since we&rsquo;ve been there, okay, so much better. G&amp;A has come down, direct market spend has gone up.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>We&rsquo;re talking about Pepsi, right now.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> That&rsquo;s correct, that&rsquo;s correct.
You want to talk about DuPont?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>I want to go back to it for a second.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Let&rsquo;s talk about Ellen&rsquo;s stock
sales.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER</B>: Hold on. Let me ask a question, if I can.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Okay, go ahead.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>What I hear from some people close to DuPont
is, you know what, Nelson is not talking about separating, splitting this company up any more, but that&rsquo;s really what he
wants. He really wants to break this company up. We don&rsquo;t want to break this company up. We let him in, that&rsquo;s what he&rsquo;s
going to be pursuing as his main agenda.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Okay, first of all we&rsquo;re going to be
four members of 12 people, okay? That&rsquo;s number one. Even if we came in of that single mind without listening to reason whatsoever,
we would still be four votes out of 12.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>If you won every, if you won every seat.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> And that&rsquo;s what we intend to do,
okay. So we&rsquo;d only have a third of the votes, but that&rsquo;s not what we said we would do. What we said we think the
most efficient way to get rid of this corporate bureaucracy, there is $2  to $4 billion of excess overhead.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>They&rsquo;re already going after $1.3 billion
in costs, Nelson.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> I want to find it on the EPS line.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> They say 2 to 4, the 4 on that is way high,
you&rsquo;re never going to get there.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Okay let me tell you something &ndash; 375.
Please, you&rsquo;re wrong. 375 of that 1.3, okay, is being transferred to Chemours. So that&rsquo;s not a reduction of overhead,
they&rsquo;re going after $925 million, number one. And the $2  to $4 billion is very demonstrable, I&rsquo;ve got another
slide for you there, if you can get the whole slide up.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>I don&rsquo;t know that we can, but we can always
try. We aspire to getting entire slides up. You&rsquo;re going to take this all the way? You&rsquo;ve only had one proxy fight
in all of the years, right, Heinz? I remember covering it well.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Look at our record, look what happened to Heinz,
look what happened to Heinz. Heinz went from $30 to $72.50 when Buffet bought it out. Okay, it was the only food company, the only
food company, that had &ndash; eight &ndash; 32 straight quarters of organic sales increases, the only food company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>But Heinz had not been up 266% over the prior
6 years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> You know, you know when the last time DuPont
achieved this stock price? Do you know when they achieved this stock price last?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>It was not that, it was&hellip;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> 1998, I&rsquo;ll help you out, 1998.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER: </B>Because that&rsquo;s when the big takeover period
&ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> That&rsquo;s a long &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER: </B>To be fair, to be fair that was a, you know,
a lot of stocks went crazy then. So we &ndash;</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> It was a long time between drinks, though.
I&rsquo;ve got to tell you something, 1998 to now, and look at the stock, Jim, from the time people knew we were in the stock and
then look at the stock when we issued our white paper. And you will see the stock going from 50 to the low 60&rsquo;s, the white paper
comes out, it goes into the 70&rsquo;s. These are not earnings moves, these are not earnings moves.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>What are they?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> They&rsquo;re existential moves because people
know there is going to be change at this company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>Even though you, as you said, even you&rsquo;d
only be four directors even if you won every one, and that&rsquo;s not completely clear you&rsquo;re going to.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> It may or may not be. I&rsquo;ve been one man
on a board, I was one man on a board at Legg Mason, and look what happened to that stock.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>Back to my argument that they&rsquo;re afraid
you&rsquo;re going to try and keep pushing for a breakup.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Okay, well, but what I said, what I said, is
the most efficient way to get rid of the $2  to $4 billion of excess corporate overhead, and it&rsquo;s mathematical, and
I can show it to you, okay, the only way, the most efficient way is to break up the company. But I said that we have an open mind,
if management can convince the board, and they&rsquo;ve got to convince the entire board, that they can achieve the metrics of
the standalone comps, whether it be on sales growth or margin, if they can achieve those metrics, and keep the company together,
we&rsquo;re all ears, okay?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER: </B>Don&rsquo;t you think the two people that they
put up are certainly willing to do your bidding and you don&rsquo;t necessarily have to have a bunch of guys on your team there?
They&rsquo;re very active, they&rsquo;re internal activists her, picks.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>And in fact, Ed Garden even said, &ldquo;Ellen
Kullman&rsquo;s basically been an activist within DuPont to get that business to best in class operating metrics.&rdquo; That was
last May, it&rsquo;s not long ago that your partner, Ed, said she&rsquo;s being an activist in her own company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>[Text appearing on screen: &ldquo;TRIAN&rsquo;S ED GARDEN ON DUPONT
- MAY 9, 2014: &lsquo;Ellen Kullman has basically been an activist within DuPont to get that business to best-in-class operating
metrics, separate the Coatings business, separated the Performance Chemicals business, she&rsquo;s buying back $5B in shares.&rsquo;&rdquo;]</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Well, that&rsquo;s when we thought that
she was going to do more, from one of our conversations. And then in July she took down her guidance for the third year in a
row, okay? She took down her guidance in July and that&rsquo;s when we said no more. Look, we were &ndash; we stayed under the radar, we
didn&rsquo;t come sit in these chairs for 18 months after we owned our stock. You tell me what activist who buys almost $2
billion worth of stock in a company and sits for 18 months working behind the scenes with management and the board?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>ValueAct is the only name I can come up with.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER: </B>Long term &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Okay, most of them take 18 minutes and they&rsquo;re
right here, right?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER:</B> But Bill Johnson, you were happy enough to have
one person, I know there was a conflict of you going on &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Two, there were two.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER: </B>No, but I&rsquo;m saying that you were happy
&ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> At Pepsi.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER: </B>Right, but for PepsiCo, you were happy enough
with one. I know over and over again DuPont said, &ldquo;Look, you refuse to consider any path forward that did not involve putting
you personally on the board.&rdquo; Is this some sort of an animus against you, do you feel?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> I leave it up to you, I don&rsquo;t want
to prejudge people. I&rsquo;ve got to work with them at some point in time when this election is over. It&rsquo;s unfortunate
that they didn&rsquo;t accept my proposal last night, &ndash; or they haven&rsquo;t officially turned me down, but from the body
language on the phone it didn&rsquo;t sound like they were popping champagne corks.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>You expect this battle will continue, settlement
is not in the cards at this point.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> I, unfortunately, I hope I can
be pleasantly surprised and I&rsquo;m hoping they will come back and accept it. But those are the, that&rsquo;s my offer, and
by the way, that&rsquo;s a big give. That&rsquo;s from four to two, they don&rsquo;t, they have a board in formation at
Chemours now, okay, so they don&rsquo;t have, they only have two directors on Chemours that we know of. So, to take two of us
on the DuPont board, and they can make the board 14, they can do it any which way they want to do it, and take two and put it
on the board at Chemours where they only have two directors right now, I don&rsquo;t think it&rsquo;s such a big deal.
That&rsquo;s a big compromise. I mean how much damage &ndash;</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>Well, they say it&rsquo;s not, you&rsquo;re
still getting four &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> No, no, no &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> I mean, usually when we see a settlement it
goes from four to two, or something like that.</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> No, I&rsquo;m getting two on the DuPont board.
David, how much damage do you think I possibly could do in a boardroom?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>I don&rsquo;t know but you&rsquo;re getting
the graphics policy changed at CNBC. I mean, you&rsquo;re, you know &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> (LAUGHTER.)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER: </B>Do you really have the votes, do you have the
votes, Nelson? I mean, look, I mean, if you went into Huntsman, Celanese, those are down, Lyondell, but you&rsquo;re going after
one that people can say, &ldquo;You know what, he did a great job, I&rsquo;m not voting for him. He won, fantastic.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Let me ask you something, suppose you&rsquo;re
right and I lose, and I&rsquo;ve gotten this question a lot, will I still hang around the net? Will I still stay in the stock after
&ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER: </B>Yeah, because the stock might go down otherwise.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>Well, I don&rsquo;t know it&rsquo;s $1.9 billion.
I mean, how much is the stock going to go down if you&rsquo;re a seller?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Very liquid stock.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>Nelson &ndash;<B> </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> You would know, I asked you, you guys ask the
questions, let me ask, do you think the stock goes down if I go?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>He&rsquo;s the expert on what happens.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Okay, do you think the stock goes down if we
don&rsquo;t get on the board and we sell our stock?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER: </B>Yes, it goes down.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ: </B>Okay, thank you.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>Nelson, in the brief time we have left I do
want to get to one other issue, which is related to this but has been brought up. There was a Fortune article, our colleague, Andrew
Sorkin wrote this story &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Oh please.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>I got to ask it because people do.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Okay, go ahead, ask it.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>All right, well it&rsquo;s Indra Nooyi, it&rsquo;s
Ellen Kullman &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> And it&rsquo;s Irene Rosenfeld, you don&rsquo;t
have to look at your notes. (LAUGHTER.)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>No, well, I want to make sure I remember
all of the names. By the way, these are three Fortune 50 companies we&rsquo;re talking, Mondel&#275;z, Pepsi and obviously DuPont
&ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> I only ran a Fortune 100 company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> What is it with you and women? What is it with
you and women? Anything? Is it just coincidence?</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> I love women. Three out of 28 of our
activist campaigns, since I started the fund, were women, 3 out of 28. If you go back pre the fund, the denominator even gets
bigger, okay. Irene Rosenfeld and I are fast friends. I&rsquo;m on the board, she&rsquo;s doing great things: You&rsquo;ve
seen the announcement she made since we got on the board, zero based budgeting, margins going from 12 to 16 by 2016, a JV in
coffee, great stuff, she and I are buds, okay. Indra and I have made friends and Indra has agreed to be &ndash; I&rsquo;m the
chairman every year of the Simon Wiesenthal Center dinner &ndash; she&rsquo;s agreed to be my honorary for 2016, okay? So, there you
go, she and I , I think have played that &ndash;</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>So it&rsquo;s just coincidence? There&rsquo;s
only 23 female CEOs of the Fortune, of the S&amp;P 500.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> You know, I&rsquo;m gender blind, I look at
numbers, I look at companies living up to their potential. I look at the fact that we have a plan to get them to do that. Look,
we&rsquo;re a derivative of private equity, okay, that&rsquo;s what we are. And let me tell you something, the long only guys,
who we are as well, they have been, they have been watching over 30 years this transfer of wealth from the public sector to the
private sector. They&rsquo;ve watched their companies that they could get at 2% dividend and another couple of hundred basis points
in stock </P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">appreciation for a dozen years. And then private equity come in and wrap ten &ndash; ten layers of debt, okay, and in five years double
or triple. Look at Heinz, they put ten times debt on Heinz.</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>I&rsquo;m not sure you want to put ten times
debt on a public company, but you could put more on.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> And I totally agree with you. But we do believe
that public companies can heal themselves in the public markets, they don&rsquo;t need ten times leverage in order to get better.
So, we believe that they can get better if there&rsquo;s an ownership mentality on the board, if they have a private equity mindset
to this public company ex the debt. So we can ameliorate some of that wealth transfer. If you look at what they did with the coatings
business, okay, they sold the coatings business, and I&rsquo;ve got a slide there &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>I know you do, although we&rsquo;re running
out of time to get into a debate about Axalta, but I know the coatings business, they sold it. I mean, this was an early point
you made, and the performance went sky high. Now they&rsquo;ll say, &ldquo;Listen, it needed to be fixed, we didn&rsquo;t want
to fix it, we knew we&rsquo;d have to sell it, we sold it. And then, by way, then the business took off, that we had no control
over that.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NELSON PELTZ:</B> Can you stop, okay? I know all of that, okay?
I know all of that, I know what they said, now you want to know facts? They said they sold that business at 12 times EBITDA and
they were giving each other high fives, okay? When it was bought by Carlyle, the 340 of EBITDA which was flowing to EPS became
570 for the same year. Do you know how? Do you know how they got the other 230? They got it by eliminating the corporate charge,
because now it&rsquo;s out from under, they created that own legal department, their own tax department. This is for the same period,
the same revenue line, the same assets, okay. 340 became 570 by crossing out corporate charge. That&rsquo;s $5 billion of value
that went from public shareholders to the private sector. When you extrapolate those numbers as a percentage of sales or as a percentage
of EBITDA, you wind up with $2 billion to $4 billion. You know what they said to us? They said to us, &ldquo;Your numbers are wrong,
we do it on head count.&rdquo; So we went back and did it by head count, they were right. Okay, it&rsquo;s only a billion eight.
Now this company trades at ten times EBITDA, $18 billion to $40 billion of market value.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER: </B>Nelson, we&rsquo;re out of time, very much appreciate
you &ndash;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER:</B> Thank you Nelson.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>DAVID FABER:</B> Nelson Peltz, of course CEO of Trian, $1.9 billion
worth of DuPont stock is owned by, well, actually, maybe two, as you said.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>JIM CRAMER: </B>It&rsquo;s been very big news, thank you, I did
not know about the call last night.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>
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<P STYLE="font: 10pt TimesNewRomanPSMT,serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>Additional Information</B></FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSMT,serif; margin: 0"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt TimesNewRomanPSMT,serif; margin: 0"><FONT STYLE="font-size: 11pt">Trian Fund Management, L.P. (&ldquo;<u>Trian</u>&rdquo;) and the investment fund that it manages
that hold shares of E.I. du Pont de Nemours and Company (collectively, Trian with such funds, &ldquo;<U>Trian Partners</U>&rdquo;)
together with other Participants (as defined below), intend to file with the SEC a definitive proxy statement and an accompanying
proxy card to be used to solicit proxies in connection with the 2015 Annual Meeting of Stockholders of E.I. du Pont de Nemours
and Company (the &ldquo;<U>Company</U>&rdquo;), including any adjournments or postponements thereof or any special meeting that
may be called in lieu thereof (the &ldquo;<U>2015 Annual Meeting</U>&rdquo;). Information relating to the participants in such
proxy solicitation (the &ldquo;<U>Participants</U>&rdquo;) has been included in the first amendment to the preliminary proxy statement
filed by Trian Partners and the other Participants with the SEC on March 13, 2015 and in any other amendments to that preliminary
proxy statement. Stockholders are advised to read the definitive proxy statement and any other documents related to the solicitation
of stockholders of the Company in connection with the 2015 Annual Meeting when they become available because they will contain
important information, including additional information relating to the Participants. When completed and available, Trian Partners&rsquo;
definitive proxy statement and a form of proxy will be mailed to stockholders of the Company. These materials and other materials
filed by Trian Partners in connection with the solicitation of proxies will be available at no charge at the SEC&rsquo;s website
at <U>www.sec.gov</U>. The definitive proxy statement (when available) and other relevant documents filed by Trian Partners with
the SEC will also be available, without charge, by directing a request to Trian&rsquo;s proxy solicitor, MacKenzie Partners, Inc.
105 Madison Avenue, New York, New York 10016 &nbsp;(call collect: 212-929-5500; call toll free: 800-322-2885) or email:&nbsp;<U>proxy@mackenziepartners.com</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>###</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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