EX-99.2 3 dupont1q17slidesfinal.htm EX - 99.2
0 DuPont First Quarter 2017 Earnings CONFERENCE CALL APRIL 25TH, 2017 DuPont First-Quarter 2017 Earnings CONFERENCE CALL APRIL 25TH, 2017

1 Regulation G This document includes information that does not conform to U.S. generally accepted accounting principles (GAAP) and are considered non-GAAP measures. These measures include the company’s consolidated results and earnings per share on an operating earnings basis, which excludes significant items and non-operating pension and other post employment benefit costs (operating earnings and operating EPS), total segment pre-tax operating earnings, operating costs and corporate expenses on an operating earnings basis. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company’s segments, including allocating resources and evaluating incentive compensation. Management believes that these non-GAAP measurements are meaningful to investors as they provide insight with respect to ongoing operating results of the company and provide a more useful comparison of year-over-year results. From a liquidity perspective, management uses free cash flow which is defined as cash provided by/used for operating activities less purchases of property, plant and equipment. Free cash flow is useful to investors and management to evaluate the company’s cash flow and financial performance, and is an integral financial measure used in the company’s financial planning process. These non-GAAP measurements supplement our GAAP disclosures and should not be viewed as an alternative to GAAP measures of performance. This data should be read in conjunction with previously published company reports on Forms 10-K, 10-Q, and 8-K. These reports, along with reconciliations of non-GAAP measures to GAAP are available on the Investor Center of www.dupont.com under Filings and Reports – Reconciliations and Other Data. Reconciliations of non-GAAP measures to GAAP are also included with this presentation. Forward-Looking Statements This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the proposed merger of equals transaction with The Dow Chemical Company (the “DowDuPont Merger”) and the proposed transaction with FMC Corporation (FMC) and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the DowDuPont Merger or the proposed transaction or to make or take any filing or other action required to consummate such transactions in a timely manner or at all, are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to, (i) the completion of the DowDuPont Merger and the proposed transaction on anticipated terms and timing, including obtaining regulatory approvals, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the new combined company’s or the Health and Nutrition business’s operations and other conditions to the completion of the DowDuPont Merger and the proposed transaction, (ii) the possibility that the DowDuPont Merger and the proposed transaction may not close, including because the various approvals, authorizations and declarations of non-objections from certain regulatory and governmental authorities with respect to either the DowDuPont Merger or the proposed transaction may not be obtained, on a timely basis or otherwise, including that these regulatory or

2 Forward-Looking Statements, Continued governmental authorities may not approve of FMC as an acceptable purchaser of the Ag business in connection with the proposed transaction or may impose conditions on the granting of the various approvals, authorizations and declarations of non-objections, including requiring the respective Dow, DuPont and FMC businesses, including the Health and Nutrition business (in the case of DuPont) and the Ag business (in the case of FMC), to divest certain assets if necessary to obtain certain regulatory approvals or otherwise limiting the ability of the combined company to integrate parts of the Dow and DuPont businesses and/or the DuPont and Health and Nutrition businesses, (iii) the ability of DuPont to integrate the Health and Nutrition business successfully and to achieve anticipated synergies, (iv) potential litigation or regulatory actions relating to the DowDuPont Merger or the proposed transaction that could be instituted against DuPont or its directors, (v) the risk that disruptions from the DowDuPont Merger or the proposed transaction will harm DuPont’s business, including current plans and operations, (vi) the ability of DuPont to retain and hire key personnel, (vii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the DowDuPont Merger or the proposed transaction, (viii) uncertainty as to the long-term value of DowDuPont common stock, (ix) continued availability of capital and financing and rating agency actions, (x) legislative, regulatory and economic developments, (xi) potential business uncertainty, including changes to existing business relationships, during the pendency of the DowDuPont Merger or the proposed transaction that could affect DuPont’s financial performance, (xii) certain restrictions during the pendency of the DowDuPont Merger or the proposed transaction that may impact DuPont’s ability to pursue certain business opportunities or strategic transactions and (xiii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as management’s response to any of the aforementioned factors. These risks, as well as other risks associated with the DowDuPont Merger or the proposed transaction, are or will be more fully discussed in (1) DuPont’s most recently filed Form 10-K, 10-Q and 8-K reports, (2) DuPont’s subsequently filed Form 10-K and 10-Q reports and (3) the joint proxy statement/prospectus included in the Registration Statement filed with the SEC in connection with the DowDuPont Merger. While the list of factors presented here is, and the list of factors presented in the relevant Form 10-K, 10-Q and 8-K reports and the Registration Statement are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DuPont’s consolidated financial condition, results of operations, credit rating or liquidity. DuPont assumes no obligation to publicly provide revisions or updates to any forward looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

3 1Q 2017 Financial Results $ in millions, except EPS * 1Q 2017 U.S. GAAP earnings included a net charge of $0.04 per share including transaction costs, restructuring charges, a benefit from the gain on the sale of a business, and income tax items. Prior year U.S. GAAP earnings included a net benefit of $0.18 per share primarily related to a gain on the sale of an entity. ** See appendix for reconciliations of non-GAAP measures. *** Organic sales growth is defined as the sum of volume and local price & product mix. 1Q17 vs. 1Q16 EPS U.S. GAAP earnings* $1.52 9% Operating earnings** $1.64 30% 1Q17 vs. 1Q16 Consolidated Net Sales $7,743 5% Volume*** 4% Local Price & Product Mix*** 1% Currency Impact - Portfolio - Segment Operating Earnings** $1,991 16%

4 Global Sales – Regional Highlights U.S. & Canada 46% EMEA* 27% Asia Pacific 19% Latin America 8% Region % Worldwide +5% U.S. & Canada - EMEA* +5% Asia Pacific +13% Latin America +14% Developing Markets** +15% 1Q 2017 Sales by Region 1Q 2017 Sales YOY% Change * Europe, Middle East & Africa ** Total developing markets is comprised of Developing Asia, Developing Europe, Middle East & Africa, and Latin America. A detailed list of all developing countries is available on the Earnings News Release link on the Investor Center website at www.dupont.com.

5 1Q 2017 EPS Variance $0.24 $0.04 $0.01$0.07 $0.02 1Q16 Segment Results EGL Tax Corp Exp & Int AVG Shares 1Q17 $0.13 GAAP EPS $1.39 1Q16 Sig Items & Non-Op Pension* ($0.12) GAAP EPS $1.52 1Q17Sig Items & Non-Op Pension* Operating EPS* $1.26 Operating EPS* $1.64 ➢ Segment results increased $0.24 per share primarily driven by improved volume, local price benefits and cost savings. ➢ Exchange gains/(losses) contributed $0.07 per share in the quarter primarily due to the absence of currency devaluations in the prior year. ➢ A lower base tax rate impacted earnings by $0.04 per share primarily reflecting a benefit associated with the adoption of a recent accounting pronouncement. ➢ A net decrease in corporate and interest expenses contributed $0.02 per share in the quarter. ➢ Lower average shares outstanding added $0.01 per share in the quarter. Key Factors * See appendix for details of significant items and reconciliation of non-GAAP measures.

6 *See appendix for details of significant items and reconciliation of non-GAAP measures ➢ Agriculture results improved on local price and volume growth. Pricing growth was driven by the continued expansion of Pioneer® brand hybrids with Leptra® insect protection and increased sunflower seed sales in Europe. Volume growth was driven by the change in timing of seed deliveries, increased insecticides and sunflower seed sales, partially offset by the expected decrease in corn acreage in North America. ➢ Performance Materials increased on higher volumes and cost savings. Increased demand for polymers in automotive markets and specialty copolymers growth in packaging, as well as timing benefits from second quarter 2017, were partially offset by lower ethylene sales in preparation for the 2Q cracker turnaround. ➢ Electronics & Communications increased on volume growth and the absence of a $16 million prior year litigation expense. Volume growth was driven by increased demand in consumer electronics and semiconductor markets, as well as stronger photovoltaic material sales. Operating earnings included a gain on the sale of a business offset by costs associated with a legal matter. ➢ Nutrition & Health increased on plant productivity, mix enrichment and cost savings. Volume growth in probiotics and emulsifiers was offset by declines in protein solutions and systems and texturants. ➢ Industrial Biosciences rose primarily due to higher sales, an increase in joint venture performance and cost savings, partly offset by CleanTech weakness. ➢ Protection Solutions results increased as volume growth and cost savings were offset by increases in raw materials, unfavorable mix and lower plant productivity. ➢ Other increased on higher costs associated with discontinued businesses. Key Factors $135 $82 $30 $17 $12 $1 ($3) 1Q16 Ag PM E&C N&H IB DPS Other 1Q17 $1,717 Segment Operating Earnings* $1,991 Total Segment Operating Earnings* 1Q 2017 Segment Operating Earnings Variance ($ in millions)

7 Balance Sheet and Cash March 31, 2017 Free Cash Flow* • Reflects normal seasonal cash outflow • Year-over-year improvement of over $200 million ➢ Cash flow from operations improvement - ~$180 million ➢ Lower capital expenditures - ~$25 million Balance Sheet • $4.5 billion in net debt** ➢ Increase from year-end due to normal seasonal working capital requirements Expected Uses of Cash for 2017 • $1.3 billion for normal dividends*** • Capex spend in line with depreciation and amortization -2.2 -2.1 -2.0 -1.9 -1.8 -1.7 2016 2017 $ B il li o n s 0 4 8 12 16 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 $ B ill io n s Gross Debt Cash Net Debt** Free Cash Flow* Cash and Debt * Free Cash Flow, a non-GAAP measure, is cash used by operating activities of ($1,624MM) and ($1,806MM) less purchases of plant, property and equipment of $330MM and $357MM for the period ended March 31, 2017, and 2016, respectively. ** See appendix for reconciliation of non-GAAP measures. *** Dividends on common stock after the proposed merger with Dow will be a decision of the DowDuPont board.

Other Highlights 1Q 2017 (% of sales) GAAP Basis* Operating Earnings** Basis Operating costs* 24.3%, up 90 bps 21.5%, down ~130 bps SG&A 16.3%, up ~105 bps 13.7%, down ~80 bps *Operating costs defined as other operating charges, selling, general & administrative, and research & development costs. GAAP basis includes significant items, such as transaction costs associated with merger with Dow and restructuring charges, and non-operating pension/OPEB costs. **See appendix for reconciliation of non-GAAP measures. 8

9 First-Half 2017 Expectations and Outlook * See appendix for reconciliation of Non-GAAP measures • Net sales expected to increase low-single-digits percent versus prior year. The impact of the change in timing of seed shipments in Agriculture and strength in global automotive markets is anticipated to be partially offset by the expected reduction in planted corn acres in North America. • U.S. GAAP EPS of ~$2.42, expected decline of about 6 percent versus prior year – Estimated transaction costs for merger with Dow of ~$0.30 per share – Prior-year net benefit from significant items of $0.20 per share • Operating EPS* of ~$2.90, expected growth of about 16 percent versus prior year • FY 2017 Base tax rate ~22-23 percent – Unfavorable versus prior year due to anticipated geographic mix of earnings • FY 2017 capital expenditures in line with depreciation & amortization

10 Agriculture Pioneer, Crop Protection 1Q15 1Q16 1Q17 10.0% 20.0% 30.0% 40.0% 1,000 1,050 1,100 1,150 1,200 1,250 M a rg in $ in M ill io n s 1Q Operating Earnings1Q Sales Vol 2%, Local Price 2%, Currency 1%, Port./Other -1% 1,500 2,000 2,500 3,000 3,500 4,000 4,500 1Q16 Volume Local Price 1Q17 (ex-curr & portf.) Curr. Portf./ Other 1Q17 3,786 $ in M ill io n s 3,928 1Q 2017 Results Solid results despite continued challenging Ag environment and decreased corn acreage. Sales of $3.9 billion increased 4 percent driven by 2-percent price appreciation and a 2-percent increase in volume. ➢ Price increase led by double-digit gains in Brazil with continued expansion of Pioneer® brand hybrids with Leptra® insect protection. Price appreciation also realized through launch of Pioneer® brand soybeans with Roundup Ready 2 Xtend®* technology, and increased sunflower seed sales. ➢ Volume improvement driven by the change in timing of seed deliveries which benefitted first quarter by approximately $140 mil lion, increased insecticides and sunflower seed sales, partially offset by an expected decrease in corn acreage in North America. Operating earnings increased $135 million, or 12 percent, on improved pricing and volume growth. ➢ Operating margins expanded by about 240 basis points. 1H 2017 Outlook Sales forecast to increase mid-single digits percent driven by volume growth, pricing gains and the positive impact of currency. ➢ Volume growth forecast to be driven by the shift in timing of seed deliveries, increased new product sales (Xtend®* soybeans, FeXapanTM herbicide, ZorvecTM fungicide), increased sunflower seed sales, and increased insecticide volume partially offset by lower expected corn acreage. ➢ Price appreciation led by double-digits gains in Brazil from Leptra®, full launch of Xtend®* soybeans in North America, and increased sunflower seed sales in Europe. Operating earnings forecast to increase high-single digits percent driven by volume growth, pricing gains, and the positive impact of currency. ➢ Forecasting higher product costs driven by higher soybean costs in North America. * Registered trademark of Monsanto used under license

11 Aggregate estimated peak sales of pipeline programs ~$20B** AGRICULTURE PIPELINE POISED TO CONTINUE TO DELIVER SOLUTIONS IN THE NEAR & LONG-TERM *Pending regulatory approvals ** Represents the aggregate estimated peak sales of programs represented on slide; not inclusive of all pipeline programs and excludes crop protection pipeline products to be divested. QromeTM products are approved for cultivation in the U.S. and Canada and have also received import approval in a number of importing countries. DuPont Pioneer continues to pursue additional import approvals for QromeTM products, including in China, in accordance with Excellence Through Stewardship Product Launch Guidance. RECENT LAUNCHES 2017 2018-19 BEYOND • Pioneer® brand soybeans with Roundup Ready 2 Xtend® technology • Pioneer® brand hybrids with Leptra® insect protection in Brazil • Leptra® insect protection in Argentina • Stewarded, limited commercial launch of Pioneer® brand QromeTM products • Pioneer® brand Optimum® GLY canola* • Herbicide Tolerant Canola with LibertyLink® trait • Expanded commercial launch of QromeTM products • Corn & soy insect control • Next-gen soybeans • Optimum® GLY canola + LibertyLink® traits • Expanded ZorvecTM launch in AP and LA • VessaryaTM disease control in LA • LumisenaTM seed treatment • PyraxaltTM insect control* • ZorvecTM expansion into EMEA* • New class of nematicides • New MOA - disease control S E E D S & T R A I T S CROP PROTECTION • ZorvecTM disease control • DuPontTM LumidermTM, LumiviaTM and Dermacor® seed treatment RECENT LAUNCHES 2 0 1 7 2 0 1 8 - 1 9 BEYOND

12 Performance Materials 1Q15 1Q16 1Q17 0% 6% 12% 18% 24% 30% 0 80 160 240 320 400 M a rg in $ in M ill io n s 1Q Operating Earnings1Q Sales Vol 11%, Local Price 0%, Currency -1%, Port./Other 0% $ in M ill io n s 1,249 1100 1200 1300 1400 1500 1Q16 Volume Local Price 1Q17 (ex-curr & portf.) Curr. Portf./ Other 1Q17 1,368 1Q 2017 Results Strong demand for polymers in automotive markets, specialty copolymers growth in packaging and timing benefits from 2Q drove increased volumes. Sales of $1.4 billion increased 10 percent as 11-percent volume growth was partially offset by a 1-percent negative impact from currency. ➢ Zytel®, Delrin® and Rynite® polymers, and Vamac® and Hytrel® elastomers all delivered volume growth in excess of 10 percent. ➢ Volume growth was driven by increased demand in automotive markets, particularly in China and Europe, and share gains. Overal l volume was constrained by lower ethylene sales as the business prepares for a planned turnaround of the ethylene cracker in the second quarter. ➢ Kalrez® and Vespel® high-performance parts delivered record sales fueled by strong demand in semiconductor and aerospace markets. Operating earnings increased $82 million, or 30 percent, on volume growth and cost savings partially offset by preparation for the turnaround. ➢ Operating margins expanded by about 410 basis points. 1H 2017 Outlook According to IHS, global autobuilds are expected to be up 4 percent in the first half primarily driven by growth in China. Sales forecast to increase mid-single-digits percent driven by volume growth partially offset by the negative impact of currency. ➢ Volume growth expected to be driven by auto builds, share gains, and growth in industrial and consumer markets. Operating earnings forecasted to increase high-single-digits percent driven by volume growth and cost savings partially offset by higher raw material costs and the planned turnaround of the ethylene cracker. ➢ Forecasting higher product cost driven by higher raw material costs in key feedstocks including butadiene and benzene.

13 Electronics & Communications 1Q15 1Q16 1Q17 0% 5% 10% 15% 20% 25% 0 30 60 90 120 M a rg in $ in M ill io n s 1Q Operating Earnings1Q Sales Vol 15%, Local Price 0%, Currency -1%, Port./Other -1% 452 400 450 500 550 1Q16 Volume Local Price 1Q17 (ex-curr & portf.) Curr. Portf./ Other 1Q17 $ i n M il li o n s 493 510 1Q 2017 Results Sales of $510 million increased 13 percent as 15-percent volume growth was partially offset by negative impacts from currency and portfolio changes. ➢ Volume growth was driven by improved demand in consumer electronics and semiconductor markets and stronger photovoltaic material sales. ➢ Growth in consumer electronics was driven by improved market demand coupled with a weak first quarter 2016. Operating earnings of $89 million increased $30 million, or 51 percent, on volume growth and the absence of a $16 million prior year litigation expense. ➢ Operating earnings included a gain on the sale of a business offset by costs associated with a legal matter. ➢ Operating margins expanded by 440 basis points. 1H 2017 Outlook In the first half of 2017, we expect continued moderate strength in key markets, primarily consumer electronics, semiconductors and photovoltaics. Consumer electronics markets are improving versus 2016, but on fundamentally slower growth rates compared with historical trends. Module installations in the photovoltaic market are forecast to increase mid-single-digits percent year over year. Growth rates are down from prior-year due to reduced government subsidies and grid capacity constraints in China. Sales expected to grow high-single-digits percent versus prior year driven largely by volume growth in consumer electronics and semiconductor markets. Volume growth will be partially offset by lower local price and the portfolio impact from the sale of a business. Operating earnings are expected to increase mid-20 percent on volume growth, the absence of a $16 million prior year litigation expense, and cost savings.

14 Nutrition & Health 1Q15 1Q16 1Q17 0% 6% 12% 18% 30 60 90 120 150 M a rg in $ in M ill io n s 1Q Operating Earnings1Q Sales Vol 0%, Local Price 0%, Currency -1%, Port./Other 0% 700 750 800 850 1Q16 Volume Local Price 1Q17 (ex-curr & portf.) Curr. Portf./ Other 1Q17 $ in M ill io n s 801 789 1Q 2017 Results Sales of $789 million decreased 1 percent due to a negative impact from currency. ➢ Organic growth was flat, as volume growth in probiotics and emulsifiers was offset by lower demand in protein solutions and systems and texturants. ➢ Probiotics volumes grew more than 25 percent driven by demand in Asia Pacific and North America. ➢ In protein solutions, volume declines resulted from business specific actions to exit certain low margin markets coupled with inventory destocking in the U.S. Operating earnings of $121 million increased $17 million, or 16 percent, on plant productivity, mix enrichment and cost savings. ➢ Operating margin expanded by 235 basis points. ➢ The segment has now delivered 15 consecutive quarters of margin expansion. 1H 2017 Outlook In 2017, we continue to expect markets to remain challenging, particularly in the Middle East and Latin America due to economic instability. Sales expected to be down low-single-digits percent as volume growth in probiotics and cultures will be more than offset by negative impacts from currency and portfolio changes. Operating earnings are expected to be up about 10 percent, as volume growth, cost savings and margin expansion from plant productivity and product mix will be partially offset by a negative impact from a portfolio change. Portfolio impact to first-half earnings is about $7 million.

15 Industrial Biosciences 1Q 2017 Results: Sales of $368 million increased 5 percent. Organic growth of 6 percent was driven by volume gains in biomaterials and bioactives as well as benefits from local price in biomaterials for carpeting. ➢ Biomaterials growth was led by Sorona® apparel volume and carpeting volume and pricing. ➢ Gains in bioactives were led by grain processing and new product launches in food, partly offset by weak volume in animal nutrition. Operating earnings of $75 million increased $12 million (19 percent) with higher sales, improved joint venture performance and cost savings, partly offset by CleanTech weakness. ➢ Operating margins expanded by about 250 basis points. 1H 2017 Outlook Sales growth anticipated in the mid-single-digits percent. The company expects continued gains from biomaterials, strong volume growth and sales from new product introductions in bioactives and flat sales from CleanTech. Operating earnings expected to increase in the high-teens percent, driven by growth in enzymes and biomaterials as well as cost savings, partially offset by unfavorable mix. 1Q15 1Q16 1Q17 0.0% 6.0% 12.0% 18.0% 24.0% 0 20 40 60 80 M a rg in $ in M ill io n s 1Q Operating Earnings1Q Sales Vol 4%, Local Price 2%, Currency -1%, Port./Other 0% 250 300 350 400 1Q16 Volume Local Price 1Q17 (ex-curr & portf.) Curr. Portf./ Other 1Q17 $ in M ill io n s 352 368

16 Protection Solutions 1Q 2017 Results: Sales of $747 million rose 2 percent. Organic growth of 3 percent was driven by volume gains in Nomex® thermal-resistant fiber, partly offset by Kevlar® high- strength materials pricing. ➢ High-teens growth in Nomex® reflected recovery in oil & gas markets and demand from mass transportation. ➢ Kevlar® sales were flat with less demand for U.S. military vehicle armor offset by composites and automotive growth. ➢ Low-single-digit declines in surfaces reflected customer inventory destocking ahead of 2Q new product introductions. ➢ Tyvek® protective materials down mid-single digits as growth in housewrap was offset by declines in medical packaging and protective apparel. Operating earnings of $177 million were slightly higher than last year as higher volumes and cost savings mostly offset higher raw materials costs, unfavorable mix and lower plant productivity. ➢ Operating margins contracted by 45 basis points. 1H 2017 Outlook Sales growth anticipated in the low-single digits percent with gains in Nomex®, Tyvek® and surfaces partly offset by declines from Kevlar®. Operating earnings are expected to be flat with higher volume and cost savings offset by higher product costs resulting from higher raw materials costs and lower plant productivity. 1Q15 1Q16 1Q17 0% 6% 12% 18% 24% 30% 0 50 100 150 200 M a rg in $ in M ill io n s 1Q Operating Earnings1Q Sales Vol 5%, Local Price -2%, Currency -1%, Port./Other 0% 650 700 750 800 1Q16 Volume Local Price 1Q17 (ex-curr & portf.) Curr. Portf./ Other 1Q17 729 747 $ in M ill io n s

17 Appendix: Supplemental Quarterly Information and Reconciliations of Non- GAAP Measures

INDEX PAGE SELECTED OPERATING RESULTS 19 SELECTED INCOME STATEMENT DATA 20 SEGMENT NET SALES 21 SEGMENT OPERATING EARNINGS 22 SIGNIFICANT ITEMS BY SEGMENT - PRETAX OPERATING INCOME; DEPRECIATION AND AMORTIZATION BY SEGMENT 23 RECONCILIATION OF NON-GAAP MEASURES 24-27 RECONCILIATION OF BASE INCOME TAX RATE TO EFFECTIVE INCOME TAX RATE 28 Note: Management believes that an analysis of operating earnings (as defined on page 19), a "non-GAAP" measure, is meaningful to investors because it provides insight with respect to ongoing operating results of the company. Such measurements are not recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an alternative to GAAP measures of performance. E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES QUARTERLY SUPPLEMENTAL FINANCIAL DATA AND NON-GAAP RECONCILIATIONS (UNAUDITED) March 31, 2017

E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES Year Year Year Year Year 1Q17 2016 4Q16 3Q16 2Q16 1Q16 2015 4Q15 3Q15 2Q15 1Q15 2014 4Q14 3Q14 2Q14 1Q14 2013 2012 INCOME STATEMENT DATA Consolidated Net Sales 7,743 24,594 5,211 4,917 7,061 7,405 25,130 5,299 4,873 7,121 7,837 28,406 5,849 5,905 8,058 8,594 28,998 27,610 Operating Earnings After Income Taxes, 1,433 2,951 451 298 1,093 1,109 2,503 239 117 994 1,153 3,110 519 361 907 1,323 2,926 2,238 Attributable to DuPont (1) (Non-GAAP) Significant Items - After-tax (36) (421) (384) (216) 19 160 (348) (411) 88 32 (57) 112 79 (9) 44 (2) (377) (657) Non-Operating Pension & OPEB (Costs) Benefits - After-tax (2) (67) (21) 187 (73) (89) (46) (266) (56) (74) (57) (79) (87) (21) (22) (22) (22) (356) (437) Income from Continuing Operations After Income Taxes Attributable to DuPont (GAAP) 1,330 2,509 254 9 1,023 1,223 1,889 (228) 131 969 1,017 3,135 577 330 929 1,299 2,193 1,144 Depreciation 230 939 232 234 235 238 978 248 241 245 244 1,006 248 247 261 250 1,027 1,065 STATEMENT OF CASH FLOW DATA (3) Cash (Used for) Provided by Operating Activities (4) (1,624) 3,357 4,384 433 346 (1,806) 2,422 4,186 205 85 (2,054) 3,810 5,524 289 363 (2,366) 3,266 4,939 Capital Expenditures (5) 352 1,038 277 254 149 358 1,705 355 362 378 610 2,062 714 544 462 342 1,940 1,890 (3) Data is on a total company basis. (4) Reflects the January 1, 2017 retrospective adoption of ASU 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. SELECTED OPERATING RESULTS (UNAUDITED) (dollars in millions) (1) Operating earnings are defined as earnings from continuing operations (GAAP) excluding “significant items” and “non-operating pension and other post employment benefit (OPEB) costs”. Non-operating pension/OPEB costs includes all of the components of net periodic benefit cost from continuing operations with the exception of the service cost component. (2) First quarter 2015 includes the impact of an after-tax exchange loss on non-operating pension of $23. (5) Includes purchases of property, plant and equipment and investment in affiliates. 1Q17 Supplemental Financial Data and Non-GAAP Reconciliations 19 4/25/2017

E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES Year Year Year Year Year 1Q17 2016 4Q16 3Q16 2Q16 1Q16 2015 4Q15 3Q15 2Q15 1Q15 2014 4Q14 3Q14 2Q14 1Q14 2013 2012 Consolidated Net Sales 7,743 24,594 5,211 4,917 7,061 7,405 25,130 5,299 4,873 7,121 7,837 28,406 5,849 5,905 8,058 8,594 28,998 27,610 Total Segment Operating Earnings (1) 1,991 4,640 703 607 1,613 1,717 4,243 553 433 1,447 1,810 5,032 788 686 1,516 2,042 4,906 4,389 Adjusted EBIT (Operating Earnings) (1) (2) 1,855 4,182 723 444 1,511 1,504 3,757 372 286 1,305 1,794 4,599 806 768 1,283 1,742 4,019 3,311 Adjusted EBITDA (Operating Earnings) (1) (2) 2,136 5,440 1,002 724 1,850 1,864 5,095 675 577 1,666 2,177 5,965 1,122 1,064 1,663 2,116 5,360 4,680 Operating Earnings Before Income Taxes (1) 1,779 3,824 629 355 1,422 1,418 3,441 287 204 1,236 1,714 4,232 719 676 1,192 1,645 3,584 2,871 Operating Earnings Per Share (1) (3) 1.64 3.35 0.51 0.34 1.24 1.26 2.77 0.27 0.13 1.09 1.26 3.36 0.57 0.39 0.98 1.42 3.12 2.36 (1) See Reconciliation of Non-GAAP Measures. (2) Adjusted EBIT from operating earnings is operating earnings (as defined on page 19) before income taxes, net income attributable to noncontrolling interests and interest expense. Adjusted EBITDA from operating earnings is adjusted EBIT from operating earnings before depreciation and amortization of intangible assets. (3) Earnings per share for the year may not equal the sum of quarterly earnings per share due to changes in average share calculations. SELECTED INCOME STATEMENT DATA OPERATING EARNINGS (UNAUDITED) (dollars in millions, except per share) 1Q17 Supplemental Financial Data and Non-GAAP Reconciliations 20 4/25/2017

E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES Year Year Year Year Year 1Q17 2016 4Q16 3Q16 2Q16 1Q16 2015 4Q15 3Q15 2Q15 1Q15 2014 4Q14 3Q14 2Q14 1Q14 2013 2012 Agriculture 3,928 9,516 1,393 1,119 3,218 3,786 9,798 1,550 1,093 3,218 3,937 11,296 1,732 1,563 3,610 4,391 11,728 10,421 Electronics & Communications 510 1,960 521 493 494 452 2,070 493 532 528 517 2,381 571 620 613 577 2,534 2,684 Industrial Biosciences 368 1,500 401 392 355 352 1,478 397 374 357 350 1,624 418 407 404 395 1,631 1,604 Nutrition & Health 789 3,268 809 823 835 801 3,256 807 810 826 813 3,529 843 899 926 861 3,473 3,422 Performance Materials 1,368 5,249 1,331 1,334 1,335 1,249 5,305 1,284 1,302 1,338 1,381 6,059 1,441 1,531 1,567 1,520 6,166 6,095 Protection Solutions 747 2,954 717 722 786 729 3,039 720 723 806 790 3,304 784 834 885 801 3,229 3,122 Other 33 147 39 34 38 36 184 48 39 48 49 213 60 51 53 49 237 262 CONSOLIDATED NET SALES 7,743 24,594 5,211 4,917 7,061 7,405 25,130 5,299 4,873 7,121 7,837 28,406 5,849 5,905 8,058 8,594 28,998 27,610 SEGMENT NET SALES SEGMENT NET SALES (UNAUDITED) (dollars in millions) 1Q17 Supplemental Financial Data and Non-GAAP Reconciliations 21 4/25/2017

E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES Year Year Year Year Year 1Q17 2016 4Q16 3Q16 2Q16 1Q16 2015 4Q15 3Q15 2Q15 1Q15 2014 4Q14 3Q14 2Q14 1Q14 2013 2012 Agriculture 1,236 1,758 (19) (189) 865 1,101 1,646 (54) (210) 772 1,138 2,352 134 (56) 835 1,439 2,480 2,129 Electronics & Communications 89 358 98 108 93 59 359 87 104 89 79 336 92 90 84 70 314 237 Industrial Biosciences 75 270 67 78 62 63 243 78 61 50 54 269 69 58 71 71 232 228 Nutrition & Health 121 504 135 135 130 104 373 85 102 100 86 369 79 99 103 88 286 305 Performance Materials 355 1,297 328 371 325 273 1,216 281 317 301 317 1,267 326 366 293 282 1,249 1,140 Protection Solutions 177 668 142 162 188 176 641 147 146 181 167 672 169 174 181 148 553 475 Other (62) (215) (48) (58) (50) (59) (235) (71) (87) (46) (31) (233) (81) (45) (51) (56) (208) (125) TOTAL SEGMENT OPERATING EARNINGS 1,991 4,640 703 607 1,613 1,717 4,243 553 433 1,447 1,810 5,032 788 686 1,516 2,042 4,906 4,389 Corporate Expenses (69) (340) (88) (83) (83) (86) (573) (160) (111) (148) (154) (677) (134) (167) (174) (202) (773) (842) Interest Expense (84) (370) (92) (93) (93) (92) (322) (82) (82) (74) (84) (377) (87) (93) (94) (103) (448) (464) 1,838 3,930 523 431 1,437 1,539 3,348 311 240 1,225 1,572 3,978 567 426 1,248 1,737 3,685 3,083 (404) (845) (50) (101) (323) (371) (712) (7) (91) (268) (346) (692) (13) (56) (279) (344) (680) (685) Net After-tax Exchange Gains (Losses) (1) 7 (122) (24) (28) (17) (53) (127) (68) (32) 42 (69) (166) (35) (8) (59) (64) (66) (136) Less: Net Income Attr. to Noncontrolling Interests 8 12 (2) 4 4 6 6 (3) - 5 4 10 - 1 3 6 13 24 OPERATING EARNINGS (Non-GAAP) 1,433 2,951 451 298 1,093 1,109 2,503 239 117 994 1,153 3,110 519 361 907 1,323 2,926 2,238 Net Income Attributable to Noncontrolling Interests 8 12 (2) 4 4 6 6 (3) - 5 4 10 - 1 3 6 13 24 Non-Operating Pension & OPEB (Costs) Benefits - After-tax (1) (67) (21) 187 (73) (89) (46) (266) (56) (74) (57) (79) (87) (21) (22) (22) (22) (356) (437) Significant Items - After-tax (36) (421) (384) (216) 19 160 (348) (411) 88 32 (57) 112 79 (9) 44 (2) (377) (657) INCOME FROM CONTINUING OPERATIONS AFTER INCOME TAXES (GAAP) 1,338 2,521 252 13 1,027 1,229 1,895 (231) 131 974 1,021 3,145 577 331 932 1,305 2,206 1,168 (1) OPERATING EARNINGS (UNAUDITED) (dollars in millions) In the first quarter 2015, the impact of an after-tax exchange loss on non-operating pension of $23 is excluded from Net After-tax Exchange Losses and is included within Non-Operating Pension & OPEB Costs-After tax above. OPERATING EARNINGS BEFORE INCOME TAXES AND EXCHANGE GAINS (LOSSES) (Non-GAAP) Provision For Income Taxes on Operating Earnings, Excluding Taxes on Exchange Gains (Losses) SEGMENT OPERATING EARNINGS 1Q17 Supplemental Financial Data and Non-GAAP Reconciliations 22 4/25/2017

E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES SEGMENT PRETAX IMPACT OF Year Year Year Year Year SIGNIFICANT ITEMS 1Q17 2016 4Q16 3Q16 2Q16 1Q16 2015 4Q15 3Q15 2Q15 1Q15 2014 4Q14 3Q14 2Q14 1Q14 2013 2012 Agriculture - (37) 14 (13) 35 (73) 148 (30) 147 (4) 35 316 363 - (47) - (351) (469) Electronics & Communications (5) 4 (9) (2) 8 7 (78) (89) - 11 - (84) (16) - (68) - (131) (37) Industrial Biosciences (6) (152) 2 (158) 3 1 (61) (60) - (1) - (20) (16) - (4) - (1) (10) Nutrition & Health 160 9 (3) (1) 12 1 (50) (46) - (4) - (15) (7) - (8) - 6 (49) Performance Materials (11) 5 (2) 2 9 (4) (62) (60) - (2) - 292 (70) - 362 - (16) (104) Protection Solutions (124) 14 4 - 7 3 105 (8) - 113 - (45) (17) - (28) - 6 (51) Other - (11) (8) - - (3) (40) - - (3) (37) (10) (7) - (3) - 1 (137) TOTAL SIGNIFICANT ITEMS BY SEGMENT - PRETAX 14 (168) (2) (172) 74 (68) (38) (293) 147 110 (2) 434 230 - 204 - (486) (857) DEPRECIATION AND Year Year Year Year Year AMORTIZATION 1Q17 2016 4Q16 3Q16 2Q16 1Q16 2015 4Q15 3Q15 2Q15 1Q15 2014 4Q14 3Q14 2Q14 1Q14 2013 2012 Agriculture 78 417 74 72 126 145 453 79 74 139 161 436 97 78 121 140 358 337 Electronics & Communications 21 87 21 22 22 22 100 30 23 24 23 97 23 25 23 26 105 113 Industrial Biosciences 25 100 25 24 25 26 101 25 26 24 26 102 25 26 26 25 98 106 Nutrition & Health 52 223 53 55 57 58 236 58 58 58 62 264 64 66 68 66 271 288 Performance Materials 32 130 33 32 34 31 125 33 30 31 31 139 33 35 35 36 162 171 Protection Solutions 36 146 36 37 35 38 156 38 40 39 39 168 41 41 43 43 178 166 Other 3 10 3 3 1 3 6 2 - 3 1 8 1 2 2 3 9 10 TOTAL DEPRECIATION AND AMORTIZATION BY SEGMENT 247 1,113 245 245 300 323 1,177 265 251 318 343 1,214 284 273 318 339 1,181 1,191 SIGNIFICANT ITEMS BY SEGMENT - PRETAX OPERATING INCOME (UNAUDITED) (dollars in millions) DEPRECIATION AND AMORTIZATION BY SEGMENT (dollars in millions) 1Q17 Supplemental Financial Data and Non-GAAP Reconciliations 23 4/25/2017

E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES Year Year Year Year Year 1Q17 2016 4Q16 3Q16 2Q16 1Q16 2015 4Q15 3Q15 2Q15 1Q15 2014 4Q14 3Q14 2Q14 1Q14 2013 2012 RECONCILIATION OF DILUTED EARNINGS PER SHARE (EPS) (1) EPS from continuing operations (GAAP) 1.52 2.85 0.29 0.01 1.16 1.39 2.09 (0.26) 0.14 1.06 1.11 3.39 0.63 0.36 1.00 1.39 2.34 1.20 Non-Operating Pension & OPEB Costs (Benefits) (2) 0.08 0.02 (0.22) 0.08 0.10 0.05 0.29 0.06 0.09 0.07 0.09 0.09 0.03 0.02 0.03 0.03 0.38 0.46 Significant Items 0.04 0.48 0.44 0.25 (0.02) (0.18) 0.39 0.47 (0.10) (0.04) 0.06 (0.12) (0.09) 0.01 (0.05) - 0.40 0.70 Operating EPS (Non-GAAP) 1.64 3.35 0.51 0.34 1.24 1.26 2.77 0.27 0.13 1.09 1.26 3.36 0.57 0.39 0.98 1.42 3.12 2.36 RECONCILIATION OF ADJUSTED EBIT / ADJUSTED EBITDA TO CONSOLIDATED INCOME STATEMENTS Income (Loss) From Continuing Operations After Income Taxes (GAAP) 1,338 2,521 252 13 1,027 1,229 1,895 (231) 131 974 1,021 3,145 577 331 932 1,305 2,206 1,168 Add: Provision for (Benefit from) income taxes on continuing operations 224 744 101 (69) 306 406 696 (190) 96 260 530 1,168 247 303 313 305 360 122 Income (Loss) From Continuing Operations Before Income Taxes 1,562 3,265 353 (56) 1,333 1,635 2,591 (421) 227 1,234 1,551 4,313 824 634 1,245 1,610 2,566 1,290 Add: Significant Items - Pretax - Charge / (Benefit) 113 519 557 297 (44) (291) 453 622 (138) (85) 54 (209) (137) 10 (85) 3 485 930 Add: Non-Operating Pension & OPEB Costs (Benefits) - Pretax (2) 104 40 (281) 114 133 74 397 86 115 87 109 128 32 32 32 32 533 651 Operating Earnings Before Income Taxes (Non-GAAP) 1,779 3,824 629 355 1,422 1,418 3,441 287 204 1,236 1,714 4,232 719 676 1,192 1,645 3,584 2,871 Less: Net Income Attributable to Noncontrolling Interests 8 12 (2) 4 4 6 6 (3) - 5 4 10 - 1 3 6 13 24 Add: Interest Expense 84 370 92 93 93 92 322 82 82 74 84 377 87 93 94 103 448 464 Adjusted EBIT (Operating Earnings) (Non-GAAP) 1,855 4,182 723 444 1,511 1,504 3,757 372 286 1,305 1,794 4,599 806 768 1,283 1,742 4,019 3,311 Add: Depreciation and Amortization 281 1,258 279 280 339 360 1,338 303 291 361 383 1,366 316 296 380 374 1,341 1,369 Adjusted EBITDA (Operating Earnings) (Non-GAAP) 2,136 5,440 1,002 724 1,850 1,864 5,095 675 577 1,666 2,177 5,965 1,122 1,064 1,663 2,116 5,360 4,680 (1) Earnings per share for the year may not equal the sum of quarterly earnings per share due to changes in average share calculations. (2) RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) (dollars in millions, except per share) First quarter 2015 includes the impact of an exchange loss on non-operating pension of $23. 1Q17 Supplemental Financial Data and Non-GAAP Reconciliations 24 4/25/2017

E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Dec-12 CALCULATION OF NET DEBT Cash and Cash Equivalents 3,347 4,605 4,452 4,411 4,166 5,300 3,324 4,746 3,622 6,910 3,982 4,174 3,782 8,941 4,284 Marketable Securities 2,570 1,362 1,080 742 623 906 406 556 125 124 566 173 67 145 123 Total Cash 5,917 5,967 5,532 5,153 4,789 6,206 3,730 5,302 3,747 7,034 4,548 4,347 3,849 9,086 4,407 Short-Term Borrowings and Capital Lease Obligations 2,279 429 3,242 2,295 1,625 1,165 1,781 647 1,621 1,422 3,889 2,506 2,019 1,721 1,275 Long-Term Borrowings and Capital Lease Obligations 8,099 8,107 8,114 8,119 8,126 7,642 8,155 12,088 8,727 9,233 9,241 9,251 9,259 10,699 10,429 Total Debt 10,378 8,536 11,356 10,414 9,751 8,807 9,936 12,735 10,348 10,655 13,130 11,757 11,278 12,420 11,704 Net Debt (Non-GAAP) 4,461 2,569 5,824 5,261 4,962 2,601 6,206 7,433 6,601 3,621 8,582 7,410 7,429 3,334 7,297 Year Year Year Year Year 1Q17 2016 4Q16 3Q16 2Q16 1Q16 2015 4Q15 3Q15 2Q15 1Q15 2014 4Q14 3Q14 2Q14 1Q14 2013 2012 CALCULATION OF FREE CASH FLOW (1) Cash (Used for) Provided by Operating Activities (GAAP) (2) (1,624) 3,357 4,384 433 346 (1,806) 2,422 4,186 205 85 (2,054) 3,810 5,524 289 363 (2,366) 3,266 4,939 Less: Purchases of Property, Plant and Equipment 330 1,019 260 252 150 357 1,629 338 353 373 565 2,020 709 530 461 320 1,882 1,793 Free Cash Flow (Non-GAAP) (1,954) 2,338 4,124 181 196 (2,163) 793 3,848 (148) (288) (2,619) 1,790 4,815 (241) (98) (2,686) 1,384 3,146 (1) Data is on a total company basis. RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) (dollars in millions) (2) Reflects the January 1, 2017 retrospective adoption of ASU 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. 1Q17 Supplemental Financial Data and Non-GAAP Reconciliations 25 4/25/2017

E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES SEGMENT OPERATING EARNINGS MARGIN % Year Year Year Year Year (Segment Operating Earnings / Segment Net Sales) (1) 1Q17 2016 4Q16 3Q16 2Q16 1Q16 2015 4Q15 3Q15 2Q15 1Q15 2014 4Q14 3Q14 2Q14 1Q14 2013 2012 Agriculture 31.5% 18.5% -1.4% -16.9% 26.9% 29.1% 16.8% -3.5% -19.2% 24.0% 28.9% 20.8% 7.7% -3.6% 23.1% 32.8% 21.1% 20.4% Electronics & Communications 17.5% 18.3% 18.8% 21.9% 18.8% 13.1% 17.3% 17.6% 19.5% 16.9% 15.3% 14.1% 16.1% 14.5% 13.7% 12.1% 12.4% 8.8% Industrial Biosciences 20.4% 18.0% 16.7% 19.9% 17.5% 17.9% 16.4% 19.6% 16.3% 14.0% 15.4% 16.6% 16.5% 14.3% 17.6% 18.0% 14.2% 14.2% Nutrition & Health 15.3% 15.4% 16.7% 16.4% 15.6% 13.0% 11.5% 10.5% 12.6% 12.1% 10.6% 10.5% 9.4% 11.0% 11.1% 10.2% 8.2% 8.9% Performance Materials 26.0% 24.7% 24.6% 27.8% 24.3% 21.9% 22.9% 21.9% 24.3% 22.5% 23.0% 20.9% 22.6% 23.9% 18.7% 18.6% 20.3% 18.7% Protection Solutions 23.7% 22.6% 19.8% 22.4% 23.9% 24.1% 21.1% 20.4% 20.2% 22.5% 21.1% 20.3% 21.6% 20.9% 20.5% 18.5% 17.1% 15.2% 25.7% 18.9% 13.5% 12.3% 22.8% 23.2% 16.9% 10.4% 8.9% 20.3% 23.1% 17.7% 13.5% 11.6% 18.8% 23.8% 16.9% 15.9% TOTAL SEGMENT OPERATING EARNINGS MARGIN % RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) (1) Segment Operating Earnings margin %'s for Other (which includes consulting solutions, pre-commercial programs, pharmaceuticals, and non-aligned businesses) are not presented separately above as they are not meaningful; however, the results are included in the Total margin %'s above. 1Q17 Supplemental Financial Data and Non-GAAP Reconciliations 26 4/25/2017

E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES As Reported (GAAP) Less: Significant Items (1) Less: Non- Operating Pension/OPEB Costs (Non-GAAP) As Reported (GAAP) Less: Significant Items (1) Less: Non- Operating Pension/OPEB Costs (Non-GAAP) Other operating charges 204$ -$ -$ 204$ 185$ (23)$ -$ 208$ Selling, general and administrative expenses 1,260 170 31 1,059 1,128 24 30 1,074 Research and development expense 416 - 16 400 418 - 11 407 Total 1,880$ 170$ 47$ 1,663$ 1,731$ 1$ 41$ 1,689$ (1) Further information regarding significant items is included in our Quarterly Earnings Release financials. 2017 2016 Corporate expenses (income) (GAAP) 196$ (273)$ Less: Significant items charge (benefit) (1) 127 (359) Corporate expenses (Non-GAAP) 69$ 86$ (1) Further information regarding significant items is included in our Quarterly Earnings Release financials. Coporate expenses The reconciliation below reflects GAAP corporate expenses (income) excluding significant items. Three Months Ended March 31, RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) (dollars in millions) Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Reconciliation of Operating Costs to Consolidated Income Statement Line Items GAAP operating costs is defined as other operating charges, selling, general and administrative expenses, and research and development costs. The reconciliation below reflects operating costs excluding significant items and non-operating pension/OPEB costs. 1Q17 Supplemental Financial Data and Non-GAAP Reconciliations 27 4/25/2017

E. I. DU PONT DE NEMOURS AND COMPANY AND CONSOLIDATED SUBSIDIARIES 2017 2016 2017 Outlook (1) 2016 Actual Effective income tax rate (GAAP) 14.3% 24.8% 16.6% 24.0% Significant items effect and non-operating pension/OPEB costs effect 4.7% (3.4%) 4.8% (1.9%) Tax rate, from continuing operations, before significant items and non-operating pension/OPEB costs 19.0% 21.4% 21.4% 22.1% Exchange gains (losses) effect (2) 3.0% 2.7% 1.6% 1.2% Base income tax rate from continuing operations (Non-GAAP) 22.0% 24.1% 23.0% 23.3% (1) Represents the company's anticipated tax rates for the six months ended June 30, 2017. (2) The company does not forecast the impact of exchange gains (losses) on the projected tax rate. Three Months Ended March 31, RECONCILIATION OF BASE INCOME TAX RATE TO EFFECTIVE INCOME TAX RATE (UNAUDITED) Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items and non-operating pension/OPEB costs. Six Months Ended June 30, 1Q17 Supplemental Financial Data and Non-GAAP Reconciliations 28 4/25/2017

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