Vous êtes sur la page 1sur 87

EX-1 2 c81085_ex1.

htm
Exhibit 1

Tr i a n s Di s c us s i on Poi nt s Apr i l 21, 2015 2015 Tr i a n Fund M a na ge m e nt , L. P. Al l r i ght s r e s e r ve d.

Di s c l os ur e St a t e m e nt And Di s c l a i m e r s 2 Addi t i ona l I nf or m a t i on Tr i a n Fund M a na ge m e nt , L. P. ( Tr i a n ) a nd t he i nve s t m e nt f unds t ha t i t m a na ge s t ha t hol d s ha r e s of E. I . du Pont de Ne m our s a n d C om pa ny ( c ol l e c t i ve l y, Tr i a n wi t h s uc h f unds , Tr i a n Pa r t ne r s ) t oge t he r wi t h ot he r Pa r t i c i pa nt s ( a s de f i ne d be l ow) , f i l e d a de f i ni t i ve pr oxy s t a t e m e nt a nd a n a c c om pa nyi ng pr oxy c a r d wi t h t he Se c ur i t i e s a nd Exc ha nge Com m i s s i on ( t he SEC ) on M a r c h 25, 2015 t o be us e d t o s ol i c i t pr oxi e s i n c onne c t i on wi t h t he 2015 Annua l M e e t i ng of St oc khol de r s of E. I . du Pont de Ne m our s a nd Com pa ny ( t he Com pa ny ) , i nc l udi ng a ny a dj our nm e nt s or pos t pone m e nt s t he r e of o r a ny s pe c i a l m e e t i ng t ha t m a y be c a l l e d i n l i e u t he r e of ( t he 2015 Annua l M e e t i ng ) . I nf or m a t i on r e l a t i ng t o t he pa r t i c i pa nt s i n s uc h pr oxy s ol i c i t a t i on ( t he Pa r t i c i pa nt s ) ha s be e n i nc l ude d i n t ha t de f i ni t i ve pr oxy s t a t e m e nt a nd i n a ny ot he r a m e ndm e nt s t o t ha t de f i ni t i ve pr oxy
s t a t e m e nt . St oc khol de r s a r e a dv i s e d t o r e a d t he de f i ni t i ve pr oxy s t a t e m e nt a nd a ny ot he r doc um e nt s r e l a t e d t o t he s ol i c i t a t i on of s t oc khol de r s of t he Com pa ny i n c onne c t i on wi t h t he 201 5 A nnua l M e e t i ng be c a us e t he y c ont a i n i m por t a nt i nf or m a t i on, i nc l udi ng a ddi t i ona l i nf or m a t i on r e l a t i ng t o t he Pa r t i c i pa nt s . Tr i a n Pa r t ne r s de f i ni t i ve pr oxy s t a t e m e nt a nd a f or m of pr oxy ha ve be e n m a i l e d t o s t oc khol de r s of t he Com pa ny. The s e m a t e r i a l s a nd ot he r m a t e r i a l s f i l e d by Tr i a n Pa r t ne r s i n c onne c t i on wi t h t he s ol i c i t a t i on of pr oxi e s a r e a va i l a bl e a t no c ha r ge a t t he SEC s we bs i t e a t www. s e c . gov. The de f i ni t i ve pr oxy s t a t e m e nt a nd ot he r r e l e va nt doc um e nt s f i l e d by Tr i a n Pa r t ne r s wi t h t he SEC a r e a l s o a va i l a bl e , wi t hout c ha r ge , by di r e c t i ng a r e que s t t o Tr i a n s pr oxy s ol i c i t or , M a c Ke nz i e Pa r t ne r s , I nc . 105 M a di s on Ave nue , Ne w Yor k, Ne w Yor k 10016 ( c a l l c ol l e c t : 212 - 929 - 5500; c a l l t ol l f r e e : 800 - 322 - 2885) or e m a i l :
pr oxy@ m a c ke nz i e pa r t ne r s . c om Ge ne r a l Cons i de r a t i ons Thi s pr e s e nt a t i on i s f or ge ne r a l i nf or m a t i ona l pur pos e s onl y, i s not c om pl e t e a nd doe s not c ons t i t ut e a n a gr e e m e nt , of f e r , a s ol i c i t a t i on of a n of f e r , or a ny a dvi c e or r e c om m e nda t i on t o e nt e r i nt o or c onc l ude a ny t r a ns a c t i on or c onf i r m a t i on t he r e of ( whe t he r on t he t e r m s s hown he r e i n or ot he r wi s e ) . Thi s pr e s e nt a t i on s houl d not be c ons t r ue d a s l e ga l , t a x, i nve s t m e nt , f i na nc i a l or ot he r a dvi c e . The vi e ws e xpr e s s e d i n t hi s pr e s e n t a t i on r e pr e s e nt t he opi ni ons of Tr i a n Pa r t ne r s , a nd a r e ba s e d on publ i c l y a va i l a bl e i nf or m a t i on wi t h r e s pe c t t o t he Com pa ny a nd t he ot he r c om pa ni e s r e f e r r e d t o he r e i n. Tr i a n Pa r t ne r s r e c ogni z e s t ha t t he r e m a y be c onf i de nt i a l i nf or m a t i on i n t he pos s e s s i on of t he c om pa ni e s di s c us s e d i n t hi s pr e s e nt a t i on t ha t c ou l d l e a d s uc h c om pa ni e s t o di s a gr e e wi t h Tr i a n Pa r t ne r s c onc l us i ons . Ce r t a i n f i na nc i a l i nf or m a t i on a nd da t a us e d he r e i n ha ve be e n de r i ve d or obt a i ne d f
r om f i l i ngs m a de wi t h t he SEC or ot he r r e gul a t or y a ut hor i t i e s a nd f r om ot he r t hi r d pa r t y r e por t s . Tr i a n Pa r t ne r s c ur r e nt l y be ne f i c i a l l y owns s ha r e s of t he Com pa ny. Tr i a n Pa r t ne r s ha s not s ought or obt a i ne d c ons e nt f r om a ny t hi r d pa r t y t o us e a ny s t a t e m e nt s or i nf or m a t i on i ndi c a t e d he r e i n a s ha vi ng be e n obt a i ne d or de r i ve d f r om s t a t e m e nt s m a de or publ i s he d by t hi r d pa r t i e s . Any s uc h s t a t e m e nt s or i nf or m a t i on s houl d not be vi e we d a s i ndi c a t i n g t he s uppor t of s uc h t hi r d pa r t y f or t he vi e ws e xpr e s s e d he r e i n. Tr i a n Pa r t ne r s doe s not e ndor s e t hi r d - pa r t y e s t i m a t e s or r e s e a r c h whi c h a r e us e d i n t hi s p r e s e nt a t i on s ol e l y f or i l l us t r a t i ve pur pos e s . No wa r r a nt y i s m a de t ha t da t a or i nf or m a t i on, whe t he r de r i ve d or obt a i ne d f r om f i l i ngs m a de wi t h t he S EC or a ny ot he r r e gul a t or y a ge nc y or f r om a ny t hi r d pa r t y, a r e a c c ur a t e . Pa s t pe r f or m a nc e i s not a n i ndi c a t i on of f ut ur e r e s ul t s . Ne i t he r t he Pa r t i c i pa nt s nor a ny of t he i r a f f i l i a t e s s ha l l be
r e s pons i bl e or ha ve a ny l i a bi l i t y f or a ny m i s i nf or m a t i on c ont a i ne d i n a ny t hi r d pa r t y, SEC or ot he r r e gul a t or y f i l i ng or t hi r d pa r t y r e por t . Unl e s s ot he r wi s e i ndi c a t e d, t he f i gur e s pr e s e nt e d i n t hi s pr e s e nt a t i on, i nc l udi ng r e t ur n on i nve s t e d c a pi t a l ( ROI C ) a nd i nve s t m e nt va l ue s ha ve not be e n c a l c ul a t e d us i ng ge ne r a l l y a c c e pt e d a c c ount i ng pr i nc i pl e s ( GAAP ) a nd ha ve not be e n a udi t e d by i nde pe nde nt a c c ount a nt s . Suc h f i gur e s m a y va r y f r om GAAP a c c ount i ng i n m a t e r i a l r e s pe c t s a nd t he r e c a n be no a s s ur a nc e t ha t t he unr e a l i z e d v a l ue s r e f l e c t e d i n t hi s pr e s e nt a t i on wi l l be r e a l i z e d. Thi s i s not m e a nt t o be , nor i s i t , a pr e di c t i on of t he f ut ur e t r a di ng pr i c e or m a r ke t va l ue of s e c ur i t i e s of t he Com pa ny. T he r e i s no a s s ur a nc e or gua r a nt e e wi t h r e s pe c t t o t he pr i c e s a t whi c h a ny s e c ur i t i e s of t he Com pa ny wi l l t r a de , a nd s uc h s e c ur i t i e s m a y not t r a de a t pr i c e s t ha t m a y be i m pl i e d he r e i n. The e s t i m a t e s , pr oj e c t i ons , pr o f or m a i nf or m a t i on
a nd pot e nt i a l i m pa c t of t he oppor t uni t i e s i de nt i f i e d by Tr i a n Pa r t ne r s he r e i n a r e ba s e d on a s s um pt i ons t ha t Tr i a n Pa r t ne r s be l i e ve s t o be r e a s ona bl e a s of t he da t e of t hi s pr e s e nt a t i on, but t he r e c a n be no a s s ur a n c e or gua r a nt e e t ha t a c t ua l r e s ul t s or pe r f or m a nc e of t he Com pa ny wi l l not di f f e r , a nd s uc h di f f e r e nc e s m a y be m a t e r i a l . Thi s pr e s e nt a t i on doe s not r e c om m e nd t he pur c ha s e or s a l e of a ny s e c ur i t y. Tr i a n Pa r t ne r s r e s e r ve s t he r i ght t o c ha nge a ny of i t s opi ni ons e xpr e s s e d he r e i n a t a ny t i m e a s i t de e m s a ppr opr i a t e . Tr i a n P a r t ne r s di s c l a i m s a ny obl i ga t i on t o upda t e t he da t a , i nf or m a t i on or opi ni ons c ont a i ne d i n t hi s pr e s e nt a t i on. Not e : Di s c l os ur e St a t e m e nt a nd Di s c l a i m e r s a r e c ont i nue d on t he ne xt pa ge

Di s c l os ur e St a t e m e nt And Di s c l a i m e r s ( c ont d) 3 For wa r d - Looki ng St a t e m e nt s Thi s pr e s e nt a t i on c ont a i ns f or wa r d - l ooki ng s t a t e m e nt s . Al l s t a t e m e nt s c ont a i ne d i n t hi s pr e s e nt a t i on t ha t a r e not c l e a r l y hi s t or i c a l i n na t ur e or t ha t ne c e s s a r i l y de pe nd on f ut ur e e ve nt s a r e f or wa r d - l ooki ng, a nd t he wor ds a nt i c i pa t e , be l i e ve , e xpe c t , pot e nt i a l , oppor t un i t y, e s t i m a t e , pl a n, a nd s i m i l a r e xpr e s s i ons a r e ge ne r a l l y i nt e nde d t o i de nt i f y f or wa r d - l ooki ng s t a t e m e nt s . The pr oj e c t e d r e s ul t s a nd s t a t e m e nt s c ont a i ne d i n t hi s pr e s e nt a t i on t ha t a r e not hi s t or i c a l f a c t s a r e ba s e d on c ur r e nt e xpe c t a t i ons , s pe a k onl y a s of t he da t e of t hi s pr e s e nt a t i on a nd i nvol ve r i s ks , un c e r t a i nt i e s a nd ot he r f a c t or s t ha t m a y c a us e a c t ua l r e s ul t s , pe r f or m a nc e or a c hi e ve m e nt s t o be m a t e r i a l l y di f f e r e nt f r om a ny f ut ur e r e s ul t s , pe r f or m a nc e or a c hi e ve m e nt s e xpr e s s e d or i m pl i e d by s uc h pr oj e c t e d r e s ul t s a nd s t a t e m e nt s . As s um pt i ons r e l a t i ng t o t he
f or e goi ng i nvol ve j udgm e nt s wi t h r e s pe c t t o, a m ong ot he r t hi ngs , f ut ur e e c onom i c , c om pe t i t i ve a nd m a r ke t c ondi t i ons a nd f ut ur e bus i ne s s de c i s i ons , a l l of whi c h a r e di f f i c ul t or i m pos s i bl e t o pr e di c t a c c ur a t e l y a nd m a ny of whi c h a r e be yond t he c ont r ol of Tr i a n Pa r t ne r s . Al t hough Tr i a n Pa r t ne r s be l i e ve s t ha t t he a s s um pt i ons unde r l yi ng t he pr oj e c t e d r e s ul t s or f or wa r d - l ooki ng s t a t e m e nt s a r e r e a s ona bl e a s of t he da t e of t hi s pr e s e nt a t i on, a ny of t he a s s um pt i ons c oul d be i na c c ur a t e a nd, t he r e f or e , t he r e c a n be no a s s ur a nc e t ha t t he pr oj e c t e d r e s ul t s or f or wa r d - l ooki ng s t a t e m e nt s i nc l ude d i n t hi s pr e s e nt a t i on wi l l pr ove t o be a c c ur a t e . I n l i ght of t he s i gni f i c a nt unc e r t a i nt i e s i nhe r e nt i n t he pr oj e c t e d r e s ul t s a nd f or wa r d - l ooki ng s t a t e m e nt s i nc l ude d i n t hi s pr e s e nt a t i on, t he i nc l us i on of s uc h i nf or m a t i on s houl d not be r e ga r de d a s a r e pr e s e nt a t i on a s t o f ut ur e r e s ul t s or t ha t t he obj e c t i ve s a nd i ni t i a t i ve s e xpr e s s e d or i m pl i e d by s uc h
pr oj e c t e d r e s ul t s a nd f or wa r d - l ooki ng s t a t e m e nt s wi l l be a c hi e ve d . Tr i a n Pa r t ne r s wi l l not unde r t a ke a nd s pe c i f i c a l l y de c l i ne s a ny obl i ga t i on t o di s c l os e t he r e s ul t s of a ny r e vi s i ons t ha t m a y be m a d e t o a ny pr oj e c t e d r e s ul t s or f or wa r d - l ooki ng s t a t e m e nt s i n t hi s pr e s e nt a t i on t o r e f l e c t e ve nt s or c i r c um s t a nc e s a f t e r t he da t e of s uc h p r oj e c t e d r e s ul t s or s t a t e m e nt s or t o r e f l e c t t he oc c ur r e nc e of a nt i c i pa t e d or una nt i c i pa t e d e ve nt s . Not An Of f e r t o Se l l or a Sol i c i t a t i on of a n Of f e r t o Buy Unde r no c i r c um s t a nc e s i s t hi s pr e s e nt a t i on i nt e nde d t o be , nor s houl d i t be c ons t r ue d a s , a n of f e r t o s e l l or a s ol i c i t a t i on of a n of f e r t o buy a ny s e c ur i t y. Funds m a na ge d by Tr i a n a r e i n t he bus i ne s s of t r a di ng - - buyi ng a nd s e l l i ng - - s e c ur i t i e s . I t i s pos s i bl e t ha t t he r e wi l l be de ve l opm e nt s i n t he f ut ur e t ha t c a us e one or m or e of s uc h f unds f r om t i m e t o t i m e t o s e l l a l l or a por t i on of t he i r hol di ngs i n ope n m a r ke t t r a ns a c t i ons or o t he r wi s e
( i nc l udi ng vi a s hor t s a l e s ) , buy a ddi t i ona l s ha r e s ( i n ope n m a r ke t or pr i va t e l y ne got i a t e d t r a ns a c t i ons or ot he r wi s e ) , or t r a de i n opt i ons , put s , c a l l s or ot he r de r i va t i ve i ns t r um e nt s r e l a t i ng t o s uc h s ha r e s . Cons e que nt l y , Tr i a n Pa r t ne r s be ne f i c i a l owne r s hi p of s ha r e s of , a nd/ or e c onom i c i nt e r e s t i n, t he Com pa ny s c om m on s t oc k m a y va r y ove r t i m e de pe ndi ng on va r i ous f a c t or s , wi t h or wi t hout r e ga r d t o Tr i a n Pa r t ne r s vi e ws of t he Com pa ny s bus i ne s s , pr os pe c t s or va l ua t i on ( i nc l udi ng t he m a r ke t pr i c e of t he Com pa ny s c om m on s t oc k) , i nc l udi ng wi t hout l i m i t a t i on, ot he r i nve s t m e nt oppor t uni t i e s a va i l a bl e t o Tr i a n Pa r t ne r s , c onc e nt r a t i on of pos i t i ons i n t he por t f ol i os m a na ge d by Tr i a n, c ondi t i ons i n t he s e c ur i t i e s m a r ke t s a nd ge ne r a l e c onom i c a nd i ndus t r y c ondi t i ons . Tr i a n Pa r t ne r s a l s o r e s e r ve s t he r i ght t o c ha nge i t s i nt e nt i ons wi t h r e s pe c t t o i t s i nve s t m e nt s i n t he Com pa ny a nd t a ke a ny a c t i ons wi t h r e s pe c t t o i nve s t m e nt s i n t he
Com pa ny a s i t m a y de e m a ppr opr i a t e . Conc e r ni ng I nt e l l e c t ua l Pr ope r t y Al l r e gi s t e r e d or unr e gi s t e r e d s e r vi c e m a r ks , t r a de m a r ks a nd t r a de na m e s r e f e r r e d t o i n t hi s pr e s e nt a t i on a r e t he pr ope r t y of t h e i r r e s pe c t i ve owne r s , a nd Tr i a n Pa r t ne r s us e he r e i n doe s not i m pl y a n a f f i l i a t i on wi t h, or e ndor s e m e nt by, t he owne r s of t he s e s e r vi c e m a r ks , t r a de m a r ks a nd t r a de na m e s .

4 I nt r oduc t i on

5 Tr i a n Ove r vi e w Tr i a n Fund M a na ge m e nt , L. P. i s a n i nve s t m e nt m a na ge m e nt f i r m wi t h ~$11. 4bn of a s s e t s unde r m a na ge m e nt , i nc l udi ng c a l l a bl e c om m i t m e nt s . * F ounde d i n Nove m be r 2005 by i t s Pr i nc i pa l s , Ne l s on Pe l t z , Pe t e r M a y a nd Ed Ga r de n I nve s t s i n wor l d - c l a s s c om pa ni e s wi t h l e a di ng br a nds a nd pr oduc t s Tr i a n i s c ons t r uc t i ve , l ong - t e r m , ope r a t i ona l , a nd s t r a t e gi c Not e : The c om pa ni e s s hown on t hi s pa ge r e f l e c t a l l of i nve s t m e nt s m a de by Tr i a n s i nc e Tr i a n s i nc e pt i on i n Nove m be r 2005 t hr ough De c e m be r 31 , 2014 : ( i ) f or whi c h Tr i a n ha s f i l e d a Sc he dul e 13 D or 13 G or m a de a s i m i l a r non - U . S . f i l i ng or ot he r not i f i c a t i on wi t h r e s pe c t t o i t s i nve s t m e nt i n t he c om pa ny or ( i i ) t ha t we r e or a r e a publ i c l y di s c l os e d a c t i vi s t pos i t i on i n whi c h f unds m a na ge d by Tr i a n i nve s t e d a t l e a s t $ 700 m of c a pi t a l ( t he r e pr e s e nt a t i ve s i z e of Tr i a n s c ur r e nt a c t i vi s t i nve s t m e nt s ) , a nd whe r e Tr i a n ( x) ha d a de s i gne e or nom i ne e on t he
Boa r d a nd/ or ( y) wr ot e a whi t e pa pe r a nd m e t wi t h m a na ge m e nt . W hi l e Tr i a n e xpe c t s t o m a i nt a i n c onc e nt r a t e d por t f ol i os a nd oc c a s i ona l l y t a ke a n a c t i ve r ol e wi t h r e s pe c t t o c e r t a i n i nve s t m e nt s , Tr i a n e xpe c t s t o own, a nd i n t he pa s t ha s owne d, a num be r of ot he r i nve s t m e nt s i nc l udi ng pa s s i ve i nve s t m e nt s . The c om pa ni e s s hown on t hi s pa ge do not r e pr e s e nt a l l of t he i nve s t m e nt s pur c ha s e d or s ol d f or Tr i a n c l i e nt s a nd i t s houl d not be a s s um e d t ha t a ny or a l l of t he s e i nve s t m e nt s we r e or wi l l be pr of i t a bl e . * As of 4 / 1 / 15 . I nc l ude s $ 840 m m of c a l l a bl e c om m i t m e nt s t o a n i nve s t m e nt ve hi c l e f or m e d t o c o - i nve s t wi t h ot he r f unds m a na ge d by Tr i a n . = Por t f ol i o c om pa ni e s of whi c h a Tr i a n pa r t ne r or de s i gne e s e r ve s or s e r ve d on t he Boa r d

Long - Te r m St i l l on t he boa r d of e a r l y i nve s t m e nt s ( W e ndy s - i nve s t e d i n 9 ye a r s a go) Sha r e hol de r / boa r d r e pr e s e nt a t i on a t He i nz unt i l a c qui s i t i on by 3G Ca pi t a l a nd W a r r e n Buf f e t t / Be r ks hi r e Ha t ha wa y ( 2006 t hr ough 2013) I nve s t e d i n Fa m i l y Dol l a r i n 2010, on boa r d 2011 - pr e s e nt a nd c ont i nue d t o own s t oc k t hr ough t he da t e s ha r e hol de r s a ppr ove d s a l e t o Dol l a r Tr e e i n 2015 St a bl e c a pi t a l ba s e : Subs t a nt i a l a m ount of c a pi t a l l oc ke d up f or m ul t i - ye a r pe r i ods Cons t r uc t i ve a nd Re s pons i bl e M a na ge m e nt t e a m s a t por t f ol i o c om pa ni e s of t e n s e r ve a s r e f e r e nc e s f or Tr i a n Onl y one pr oxy c ont e s t s i nc e i nc e pt i on ( He i nz - - 2006) Re c e nt l y a nnounc e d Tr i a n Advi s or y Pa r t ne r s i nc l ude s Bi l l J ohns on, f or m e r Cha i r m a n & CEO of He i nz , De nni s Re i l l e y, f or m e r Cha i r m a n & CEO of Pr a xa i r , a nd De nni s Ka s s , f or m e r Cha i r m a n of Le gg M a s on, e a c h of whom ha s wor ke d wi t h Tr i a n i n t he boa r dr oom Tr i a n pl a ye d a l e a di ng r ol e i n de f e ndi ng Fa m i l y Dol l a r
Boa r d whe n di s s i de nt s ha r e hol de r s s ur f a c e d a s t he c om pa ny pur s ue d a s t r a t e gi c t r a ns a c t i on Publ i c l y e xpr e s s e d s uppor t f or The Ba nk of Ne w Yor k M e l l on m a na ge m e nt whe n di s s i de nt s ur f a c e d Se e www. DuPont Ca nBe Gr e a t . c om or pa ge s 63 - 80 f or wha t di r e c t or s who ha ve s e r ve d on boa r ds wi t h Ne l s on Pe l t z , CEOs of c om pa ni e s i n whi c h Tr i a n ha s i nve s t e d, a nd pr om i ne nt i nve s t or s , bus i ne s s e xe c ut i ve s a nd uni on l e a de r s ha ve t o s a y a bout Tr i a n Tr a c k Re c or d Pr i nc i pa l s ha ve a 40 - ye a r t r a c k r e c or d bui l di ng / f i xi ng c om pa ni e s ( i nc l udi ng a Ha r va r d Bus i ne s s Sc hool c a s e s t udy on Sna ppl e t ur n - a r ound) ( 1) Long t r a c k r e c or d of wor ki ng wi t h c om pa ni e s t o he l p dr i ve t he i nc om e s t a t e m e nt Bui l t a nd r a n a For t une 100 I ndus t r i a l c om pa ny - - Tr i a ngl e I ndus t r i e s / Am e r i c a n Na t i ona l Ca n Com pa ny Tr i a n: Ke y Ta ke a wa ys ( 1) Ha r va r d Bus i ne s s Sc hool Ca s e St udy: N9 - 599 - 126, Augus t 19, 1999 6

Tr i a n s Hi ghl y Qua l i f i e d Nom i ne e s 7 Ne l s on Pe l t z CEO & Foundi ng Pa r t ne r of Tr i a n J ohn M ye r s For m e r Pr e s i de nt & CEO of GE As s e t M a na ge m e nt Ar t hur W i nkl e bl a c k For m e r EVP & CFO a t H. J . He i nz Robe r t Za t t a For m e r CEO a nd CFO a t Roc kwood Hol di ngs Al t e r na t e Nom i ne e ( 1 ) : Ed Ga r de n CI O & Foundi ng Pa r t ne r of Tr i a n ; Di r e c t or of Fa m i l y Dol l a r , The Ba nk of Ne w Yor k M e l l on, a nd W e ndy s ( 1) As di s c l os e d i n Tr i a n s de f i ni t i ve pr oxy s t a t e m e nt , Edwa r d Ga r de n wi l l s e r ve a s a n a l t e r na t e nom i ne e i n a ddi t i on t o or i n pl a c e of Tr i a n s ot he r nom i ne e s unde r t he f ol l owi ng c i r c um s t a nc e s : ( i ) t he Com pa ny pur por t s t o i nc r e a s e t he num be r of di r e c t or s hi ps pr i or t o t he 2015 Annua l M e e t i ng, ( i i ) t he Com pa ny m a ke s or a nnounc e s a ny c ha nge s t o t he Byl a ws or t a ke s or a nnounc e s a ny ot he r a c t i on t ha t pur por t s t o ha ve , or i f c ons um m a t e d woul d pur por t t o ha ve , t he e f f e c t of di s qua l i f yi ng a ny of Tr i a n s nom i ne e s a nd/ or ( i i i ) a ny of Tr i a n s nom i ne e s i s una bl e
( due t o de a t h, di s a bi l i t y or ot he r wi s e ) or he r e a f t e r be c om e s unwi l l i ng f or a ny r e a s on t o s e r ve a s a di r e c t or .

Our Nom i ne e s Ha ve The Expe r i e nc e , Ski l l - Se t s a nd Pa s s i on t o Addr e s s Unde r pe r f or m a nc e a t DuPont J ohn Ne l s on Ar t hur Robe r t Ove r s a w Hi gh Pe r f or m a nc e Cul t ur e x x x x Che m i c a l / I ndus t r i a l Expe r i e nc e x x x x I nt e r na t i ona l Expe r i e nc e x x x x Fi na nc i a l Ac um e n x x x x Por t f ol i o Tr a ns f or m a t i on/ M & A x x x x Boa r d Expe r i e nc e x x x Ca pi t a l M a r ke t s Expe r i e nc e x x x x Envi r onm e nt a l / Re gul a t or y x x x x 8 Hi ghl y Qua l i f i e d Nom i ne e s I nde pe nde nc e a nd Owne r s hi p M e nt a l i t y 3 Of 4 Ha ve Be e n CEOs / CFOs Of M a j or Publ i c Com pa ni e s Com pa ny Cha i r e d By Ne l s on Pe l t z I s An Ea r l y Adopt e r Of Pr oxy Ac c e s s Che m i c a l s a nd I ndus t r i a l s Expe r i e nc e Exc e pt i ona l Tr a c k Re c or ds 20 Publ i c Com pa ny Boa r d Se a t s i n t he Aggr e ga t e

Tr i a n s I nve s t m e nt The s i s For DuPont W he n Tr i a n i s s ue d i t s Sum m a r y W hi t e Pa pe r ( Se pt e m be r 2014) , Tr i a n a r r i ve d a t a n i m pl i e d t a r ge t va l ue pe r s ha r e i n e xc e s s of $120 ( 1) by t he e nd of 2017, a 21% i nt e r na l r a t e of r e t ur n ( I RR) f or s ha r e hol de r s hol di ng DuPont s t oc k dur i ng t hi s pe r i od The Ke y As s um pt i ons f or Tr i a n s Ana l ys i s i n i t s Sum m a r y W hi t e Pa pe r we r e a s f ol l ows : Va l ua t i on: 9. 9x bl e nde d ne xt t we l ve m ont hs ( NTM ) Ent e r pr i s e Va l ue ( EV) / EBI TDA m ul t i pl e ( 2 ) Be s t - i n - c l a s s ope r a t i ng pe r f or m a nc e : Re ve nue gr owt h a nd m a r gi ns i n - l i ne wi t h pe e r s a nd m a na ge m e nt l ong - t e r m t a r ge t s o M ode l s 410bps of m a r gi n i m pr ove m e nt f r om 2014 - 2018 I f one a s s um e s a ~30% f l ow - t hr ough on i nc r e m e nt a l r e ve nue , t he r e s ul t i ng c os t s a vi ngs i m pl i e d by t he m ode l woul d be l e s s t ha n $1bn of c os t s a vi ngs ( 3) Pr ude nt Le ve r a ge : 2x ne t de bt / EBI TDA a c r os s t he bus i ne s s e s a s a whol e ; m a i nt a i n i nve s t m e nt gr a de r a t i ng Foc us on Re t ur ns t o
Sha r e hol de r s : Gr ow di vi de nd a t 10% c om pounde d a nnua l gr owt h r a t e ( CAGR) ; a s s um i ng a l l e xc e s s f r e e c a s h f l ow r e t ur ne d t o s ha r e hol de r s Ta x Ra t e : 33% t a x r a t e ( hi ghe r t ha n t he 22% e xpe c t e d by t he Com pa ny i n 2015 ( 4) ) a c r os s t he bus i ne s s t o pr ovi de f l e xi bi l i t y wi t h f r e e c a s h f l ow 9 Not e : For m or e de t a i l r e ga r di ng t hi s a na l ys i s , s e e Tr i a n I m pl i e d Ta r ge t Va l ue Ana l ys i s For DuPont St oc k , f i l e d wi t h t he Se c ur i t i e s a nd Exc ha nge Com m i s s i on ( SEC) on Apr i l 17, 2015. ( 1) The Ope n Le t t e r t o t he DuPont Boa r d ( Tr i a n Sum m a r y W hi t e Pa pe r ) da t e d Se pt e m be r 16, 2014 i s a va i l a bl e a t www. DuPont Ca nBe Gr e a t . c om . Thi s i s not m e a nt t o be , nor i s i t , a pr e di c t i on of t he f ut ur e t r a di ng pr i c e or m a r ke t va l ue of DuPont s t oc k . The r e c a n be no a s s ur a nc e or gua r a nt e e wi t h r e s pe c t t o t he pr i c e s a t whi c h DuPont s t oc k wi l l t r a de , a nd s uc h s t oc k m a y not t r a de a t pr i c e s t ha t m a y be i m pl i e d he r e i n. ( 2) EBI TDA i s de f i ne d a s e a r ni ngs be f or e i nt e r e s t , t a xe s ,
de pr e c i a t i on a nd a m or t i z a t i on. As s um e s 6% i nc r e a s e i n t he NTM EV/ EBI TDA m u l t i pl e ba s e d on DuPont s c ons e ns us va l ua t i on a s of Se pt e m be r 2014. ( 3) Tr i a n e s t i m a t e s t ha t c ons ol i da t e d DuPont i s bur de ne d by $2 - 4bn of e xc e s s c or por a t e c os t s . Se e pa ge s 71 a nd 72 of Tr i a n s W hi t e Pa pe r whi c h wa s f i l e d wi t h t he SEC on Fe br ua r y 17, 2015 a nd i s a va i l a bl e a t www. DuPont Ca nBe Gr e a t . c om . ( 4) Se e t he Com pa ny s I nve s t or Pr e s e nt a t i on da t e d J a nua r y 27, 2015. Tr i a n be l i e ve s t he i m pl i e d va l ue c a l c ul a t i on c oul d ha ve a ddi t i ona l ups i de ba s e d on our vi e w of $2 - 4bn of e xc e s s c os t s

Ac t i ons Spe a k Loude r Tha n W or ds : The CEO Se e m s t o La c k Conf i de nc e I n DuPont s Sha r e Pr i c e 10 Sour c e : Ca pi t a l I Q, Bl oom be r g a nd SEC Fi l i ngs . ( 1) I nf or m a t i on ba s e d on For m 4 f i l i ngs a nd Com pa ny pr oxy s t a t e m e nt s . Tr i a n s a na l ys i s i s c onduc t e d on a ne t s ha r e - s e t t l e d ba s i s . As s uc h, whe n c a l c ul a t i ng owne r s hi p a nd s ha r e s a l e s , Tr i a n de duc t s t he c a s h/ s ha r e s r e qui r e d t o e xe r c i s e t he opt i ons ( i . e . , Tr i a n us e s t r e a s ur y s t oc k m e t hod t o c a l c ul a t e t he CEO s owne r s hi p ) . For opt i ons e xe r c i s e d, Tr i a n us e s t he s ha r e pr i c e on t he da t e t he opt i ons we r e e xe r c i s e d t o e s t i m a t e t he ne t s ha r e s s ol d / owne d . Tr i a n s a na l ys i s t a ke s i nt o a c c ount ( i ) s ha r e s di r e c t l y owne d a t t he be gi nni ng of Tr i a n s i nve s t m e nt , ( i i ) RSUs t ha t ha ve ve s t e d ove r t he pe r i od of Tr i a n s owne r s hi p, ( i i i ) pe r f or m a nc e - ba s e d s t oc k uni t s t ha t ha ve ve s t e d ove r t he pe r i od ( ne t of t a xe s ) , a nd ( i v) ne t s ha r e s f r om opt i ons e xe r c i s a bl e ove r t he pe r i od . ( 2) I nf or m a t i on ba s e d on DuPont
For m 4 f i l i ngs . The $80 m i l l i on e s t i m a t e r e f l e c t s t he gr os s a m ount of s t oc k s ol d by El l e n Kul l m a n f or r e a s ons ot he r t ha n t he pa ym e nt of t a xe s s i nc e Tr i a n f i r s t i nve s t e d. The e s t i m a t e i s ba s e d on t he a ve r a ge dol l a r a m ount s pe c i f i e d i n t he a ppl i c a bl e For m 4 m ul t i pl i e d by t he num be r of s ha r e s s ol d. Ac c or di ng t o SEC f i l i ngs , m os t of t he s e s a l e s of DuPont s ha r e s we r e m a de pur s ua n t t o Rul e 10b5 - 1 t r a di ng pl a ns . W hi l e Rul e 10b5 - 1 t r a di ng pl a ns pr ovi de f or a ut om a t i c pur c ha s e s or s a l e s pur s ua nt t o f or m ul a or s i m i l a r m e t hod f or de t e r m i ni ng t he a m ount , pr i c e a nd/ or da t e of t he t r a ns a c t i on, Rul e 10b5 - 1 t r a di ng pl a ns m a y ge ne r a l l y be t e r m i na t e d or a m e nde d pr i or t o t he i r pr e de t e r m i ne d e nd. For a ddi t i ona l i nf or m a t i on, s e e pa ge 91 of t he Tr i a n W hi t e Pa pe r whi c h wa s f i l e d wi t h t he SEC on Fe br ua r y 17, 2015, a nd i s a va i l a bl e a t www. DuPont Ca nBe Gr e a t . c om Kul l m a n e xe r c i s e s & s e l l s opt i ons wor t h ~23% of he r s t a ke , a t a 15 - ye a r hi gh
Opt i on e xe r c i s e d & s ol d The CEO s ol d ~54 % ( 1) of he r s t oc k ( ~$80m ) ( 2) a f t e r Tr i a n f i r s t i nve s t e d 23 % ( 1) of he r e qui t y pos i t i on wa s s ol d i n t he we e k a f t e r t he r e l e a s e of Tr i a n s Sum m a r y W hi t e Pa pe r ( Se pt e m be r 2014) , whe n t he s t oc k hi t a ne w 15 - ye a r - hi gh of $72. 83 De s pi t e r he t or i c a bout a hi ghe r gr owt h, hi ghe r va l ue s t r a t e gy, t he CEO i s not wi l l i ng t o put he r m one y whe r e he r m out h i s Sol d f r om l ong - t e r m i nc e nt i ve s a nd f r om s t oc k opt i ons s he ha d be e n gr a nt e d, m os t of whi c h di d not e xpi r e unt i l 2016 or 2017 W e be l i e ve t he r e a s on m a na ge m e nt r e c e i ve s e qui t y a s pa r t of c om pe ns a t i on i s t o e ns ur e t he i r i nt e r e s t s a r e a l i gne d wi t h t he l ong - t e r m i nt e r e s t s of s ha r e hol de r s . The i nt e nt i on i s not f or m a na ge m e nt t o s e l l pr e m a t ur e l y As k your s e l f : I f t he CEO a nd Boa r d m e m be r s t r ul y be l i e ve d i n t he i r s t r a t e gy woul dn t t he y be buyi ng s t oc k? El l e n Kul l m a n s Cum ul a t i ve Sha r e Sa l e s Ove r Ti m e St oc khol de r s a wa r d m a na ge m e nt
l ong - t e r m i nc e nt i ve s t o e ns ur e a n a l i gnm e nt of i nt e r e s t s . The i nt e nt i on i s not f or m a na ge m e nt t o s e l l pr e m a t ur e l y. Tr i a n Sum m a r y W hi t e Pa pe r r e l e a s e d

11 DuPont s Tr a c k Re c or d of Unde r pe r f or m a nc e

$72. 25 $4. 32 $3. 77 $3. 88 $4. 01 $4. 10 $3. 00 $3. 50 $4. 00 $4. 50 $5. 00 $5. 50 $6. 00 $6. 50 $7. 00 $38. 00 $48. 00 $58. 00 $68. 00 $78. 00 DuPont St oc k Pr i c e Ac t ua l / Gui de d EPS 2011 2012 2013 2014 2015E Re c e nt St oc k Pr i c e St r e ngt h Not Dr i ve n By Funda m e nt a l s 12 DuPont St oc k Pr i c e vs . Ac t ua l / Gui de d EPS DuPont St oc k Pr i c e $ DuPont s s t oc k pr i c e ha s r i s e n ~45% s i nc e Tr i a n s i ni t i a l i nve s t m e nt , ye t EPS i s be l ow 2011 l e ve l s W hi l e DuPont boa s t s a bout i t s t ot a l r e t ur n of 266% f r om 12/ 31/ 08 t o 12/ 31/ 14, 116% of t ha t r e t ur n r e s ul t e d f r om s ha r e pr i c e a ppr e c i a t i on a f t e r Tr i a n i nve s t e d ( 1) W e be l i e ve DuPont s r e c e nt s ha r e pr i c e pe r f or m a nc e r e f l e c t s t he m a r ke t s de s i r e f or Tr i a n s i nvol ve m e nt ( 2) Tr i a n i nve s t e d i n DuPont Tr i a n Sum m a r y W hi t e Pa pe r r e l e a s e d $5bn s ha r e r e pur c ha s e a nnounc e d ( $2bn i n 2014) DuPont a nnounc e d PChe m s pi n 2014 gui da nc e r e duc e d by 6% , pr oj e c t i ng 3 - 6% gr owt h. Announc e d $625m c os t s a vi ngs i ni t i a t i ve ( 3) Sour c e : Ca pi t a l I Q, DuPont
Pr e s s Re l e a s e s a nd t r a ns c r i pt s of e a r ni ngs r e l e a s e c onf e r e nc e c a l l s . ( 1) Sour c e : DuPont pr e s e nt a t i on f i l e d 1/ 9/ 15. 116% a c c ount s f or i m pa c t of s ha r e pr i c e a ppr e c i a t i on f r om M a r c h 15, 2013 ( da t e of Tr i a n s i ni t i a l i nve s t m e nt ) t o De c e m be r 31, 2014. ( 2) W hi l e Tr i a n be l i e ve s t ha t s uc h s ha r e pr i c e a ppr e c i a t i on i s a t t r i but a bl e t o Tr i a n s i nvol ve m e nt a s a DuPont s t oc khol de r , t he r e i s no obj e c t i ve m e t hod t o c onf i r m wha t por t i on of s uc h a ppr e c i a t i on wa s a t t r i but a bl e t o Tr i a n s i nvol ve m e nt a nd wha t por t i on m a y ha ve be e n a t t r i but a bl e t o ot he r f a c t or s . ( 3) Re pr e s e nt s a nnounc e m e nt of Fr e s h St a r t I ni t i a t i ve , a $1bn c os t s a vi ng pl a n, a t t he t i m e , t ha t i nc l ude s $375m of c os t s t r a ns f e r r e d t o Pe r f or m a nc e Che m i c a l s . DuPont i nc r e a s e d t ot a l pr ogr a m s i z e t o $1. 3bn on 1/ 27/ 2015. Ac t ua l / Gui de d EPS

DuPont s EPS Gr owt h Si nc e 2011 I s Bot t om Qua r t i l e , Re ga r dl e s s Of The Pe e r Gr oup Sour c e : SEC f i l i ngs . Not e : Us e s Fi s c a l Ye a r of e a c h c om pa ny t ha t m os t c l os e l y a ppr oxi m a t e s t he c a l e nda r ye a r . ( 1) EPS f i gur e s f or pe e r s a dj us t e d f or non - ope r a t i ng pe ns i on / OPEB ( ot he r pos t - e m pl oym e nt be ne f i t s ) f or c om pa r a bi l i t y wi t h DuPont . DuPont EPS Gr owt h vs . DuPont Pr oxy Pe e r s ( 2011 2014) ( 1) DuPont EPS Gr owt h vs . Di ve r s i f i e d I ndus t r i a l s And Che m i c a l s Pe e r s ( 2011 2014) ( 1) 73% 64% 39% 38% 30% 24% 21% 20% 18% 15% 14% 13% 6% 1% - 6% - 7% - 10% - 13% M ON BA I R J CI HON UTX DOW M M M J NJ EM R KM B BAX PG APD SYNN DD M RK CAT 44% 39% 34% 30% 29% 29% 26% 24% 21% 21% 20% 15% 2% - 3% - 7% - 11% EM N I R FM C HON DHR GE HUN UTX DOV DOW M M M EM R CE ETN DD BASF 13 Tr i a n Por t f ol i o Com pa ny Tr i a n Por t f ol i o Com pa ny

14 DuPont s EPS Gr owt h Ve r s us Di ve r s i f i e d I ndus t r i a l s And Che m i c a l s And Ove r The La t e s t Cyc l e And Longe r Ti m e Hor i z ons Not e : Exc l ude s c om pa ni e s t ha t we r e not publ i c dur i ng t he r e l e va nt t i m e pe r i od. Not e : Us e s Fi s c a l Ye a r of e a c h c om pa ny t ha t m os t c l os e l y a ppr oxi m a t e s t he c a l e nda r ye a r . Sour c e : Tr i a n c a l c ul a t i ons , SEC f i l i ngs , EPS f i gur e s f or pe e r s a dj us t e d f or non - ope r a t i ng pe ns i on / OPEB ( ot he r pos t - e m pl oym e nt be ne f i t s ) f or c om pa r a bi l i t y wi t h DuPont . 417% 313% 218% 161% 149% 144% 141% 128% 113% 93% 69% 53% 25% 10% FM C EM N DHR DOV EM R BASF UTX HON ETN M M M I R DD DOW GE 1, 745% 1, 172% 912% 679% 532% 508% 360% 345% 335% 237% 229% 123% 100% DHR UTX BASF FM C I R DOV M M M ETN EM R HON GE DOW DD 166% 156% 107% 91% 66% 59% 57% 55% 52% 40% 39% 36% 35% 30% - 12% - 23% FM C EM N HUN DHR I R DOV UTX HON M M M CE EM R ETN BASF DD DOW GE 20 - Ye a r ( 1994 - 2014) 10 - Ye a r ( 2004 - 2014) La t e s t Cyc l e
( 2007 - 2014)

DuPont Ha s Be e n Pur s ui ng The Hi ghe r Gr owt h, Hi ghe r Va l ue St r a t e gy For Ye a r s , W hi c h Ha s Onl y Le d t o De c l i ne s $15 $30 $45 $60 $75 $90 M a y- 98 Se p- 01 J a n- 05 M a y- 08 Se p- 11 J a n- 15 Sa l e of Coa t i ngs Sa l e of I NVI STA Ac qui r e s r e m a i ni ng 80% of Pi one e r Se pa r a t i on of Conoc o a nnounc e m e nt DuPont c om pl e t e s Conoc o s pl i t - of f Da ni s c o a c qui s i t i on Sa l e of Pha r m a c e ut i c a l s Tr i a n i ni t i a l i nve s t m e nt Da y pr i or t o Tr i a n owne r s hi p m a de p ubl i c ( 7/ 2013) Una f f e c t e d St oc k Pr i c e ( 4) Ha s De c l i ne d - 11% Si nc e t he Se pa r a t i on of Conoc o ( 16+ ye a r s ) A nd Down - 20% Fr om Pe a k ( 5/ 20/ 98) Si nc e 98, DuPont ha s c ont i nua l l y r e s t r uc t ur e d t he por t f ol i o t o no a va i l Di ve s t e d >$34bn i n r e ve nue ( 1) a nd a c qui r e d ove r $11bn i n r e ve nue ( 2) vs DuPont s c ur r e nt ~$35bn ( 3 ) r e ve nue ba s e M a na ge m e nt c l a i m e d DuPont woul d be pos i t i one d f or hi ghe r gr owt h a nd pr of i t a bi l i t y a t t he s a l e of I NVI STA: " W i t h t he a nt i c i pa t e d s a l e of I NVI STA, DuPont wi l l be a s m a l l e r c om pa ny wi t h t he
pot e nt i a l f or hi ghe r gr owt h a nd pr of i t a bi l i t y But unl oc ki ng t ha t pot e nt i a l m e a ns doi ng t hi ngs di f f e r e nt l y. I f we a r e t o m e e t our e a r ni ngs gr owt h obj e c t i ve s whi c h we wi l l we c a nnot s uppor t t he c om pl e xi t y a nd c os t e nt a i l e d by di ve r s e a nd s pe c i a l i z e d or ga ni z a t i ons a nd pr oc e s s e s . The a c t i ons we a r e a nnounc i ng t oda y a r e ne c e s s a r y t o e ns ur e t he ne a r - a nd l ong - t e r m c om pe t i t i ve ne s s of DuPont . Pr e s s r e l e a s e , 12/ 1/ 2003 Ye t , DuPont s s t oc k pr i c e ha s de c l i ne d ove r a 16 ye a r pe r i od Sour c e : Bl oom be r g, Ca pi t a l I Q a s of 4/ 16/ 15 a nd SEC Fi l i ngs . ( 1) Re pr e s e nt s s i gni f i c a nt di ve s t i t ur e s . Ful l ye a r of r e ve nue a t DuPont be f or e be i ng s e pa r a t e d ( Conoc o i n 1997, Pha r m a c e ut i c a l s i n 2 000, Te xt i l e s i n 2003, Coa t i ngs i n 2011) . Doe s not i nc l ude t he pr opos e d s pi n - of f of Pe r f or m a nc e Che m i c a l s whi c h ha s not ye t c l os e d. ( 2) Re ve nue a t t i m e of a c qui s i t i on wa s ne a r l y $5bn, but i s now e s t i m a t e d by Tr i a n t o be ove r $11bn a s s um i ng 68% of Agr i c ul t ur e ( b a s e d
on 10 - K) a nd 67% of Nut r i t i on a nd 100% of I ndus t r i a l Bi o a r e r e ve nue s f r om a c qui r e d bus i ne s s e s ( ba s e d on 2013 Da t a Book) . ( 3) 2014 r e ve nue i nc l ude s Pe r f or m a nc e Che m i c a l s . ( 4) Una f f e c t e d s ha r e pr i c e r e f e r s t o Se pt e m be r 16, 2014, t he da y pr i or t o pr e s s r e por t s of Tr i a n s Sum m a r y W hi t e Pa pe r . ( 5) Tot a l Sha r e hol de r Re t ur n ( TSR) f r om a nnounc e m e nt of Conoc o I PO t hr ough t he da y pr i or t o t he r e l e a s e of Tr i a n s Sum m a r y W hi t e Pa p e r ( 5/ 8/ 1998 9/ 16/ 2014) . DuPont S& P 500 S& P Che m TSR ( 5) 55% 144% 257% 15

16 Root Ca us e Of DuPont s Unde r pe r f or m a nc e

10% - 12% 7 - 9% 6. 6% 3. 2% 2011 Ta r ge t 2013 Ta r ge t Novoz ym e s DuPont W hy DuPont Unde r pe r f or m e d: Fa i l ur e To De l i ve r Ta r ge t Or Pe e r Le ve l Or ga ni c Re ve nue Gr owt h Sour c e : SEC f i l i ngs a nd W a l l St r e e t r e s e a r c h. Not e : Sa l e s c om pounde d a nnua l gr owt h r a t e s ( CAGRs ) e xc l ude c ur r e nc y a nd M & A whe n pos s i bl e ; a s DuPont doe s not di s c l os e c ur r e nc y p e r s e gm e nt s , Sa l e s CAGR f or DuPont e xc l ude s onl y por t f ol i o c ha nge s . The pe e r s f or Pe r f or m a nc e M a t e r i a l s a r e Ce l a ne s e Adva nc e d Engi ne e r e d M a t e r i a l s a nd BASF Pl a s t i c s ; t he pe e r s f or Cr op Pr ot e c t i on a r e Synge nt a s c r op bus i ne s s , FM C Agr i c ul t ur e , Ba ye r Cr opSc i e nc e a nd BASF Agr i c ul t ur a l ; t he pe e r s f or Nut r i t i on & He a l t h a r e Chr . Ha ns e n Cul t ur e s a nd Enz ym e s , Ta t e & Lyl e Spe c i a l t y Food, Roya l DSM Nut r i t i on, Ke r r y I ngr e di e nt s a nd Fl a vour s a nd FM C He a l t h a nd Nut r i t i on ; t he pe e r s f or Pe r f or m a nc e Che m i c a l s a r e Hunt s m a n Pi gm e nt , Tr onox Pi gm e nt , Kr onos , Ar ke m a I ndus t r i a l , Da i ki n Che m i c a l s a nd Hon e yw e l l
Pe r f or m a nc e M a t e r i a l s . Not e : Us e s 3M Sa f e t y a nd Gr a phi c s a nd BASF f unc t i ons , m a t e r i a l s a nd s ol ut i ons f or 2013 & 2014 a s bot h c om pa ni e s c ha nge d s e gm e nt s i n FY13. Not e : For c om pa ni e s t ha t ha ve not ye t r e por t e d f ul l ye a r 2014 r e s ul t s , a s s um e s t ha t ye a r t o da t e or ga ni c gr owt h r e pr e s e nt s f ul l ye a r 2014 or ga ni c gr owt h. ( 1) Se gm e nt s pr e s e nt e d a bove c ont r i but e 71% of t ot a l DuPont r e ve nue ba s e . Agr i c ul t ur e Cr op c ont r i but e s 32% of t he Agr i c ul t ur e s e g m e n t s r e ve nue ( ba s e d on 2014 For m 10 - K) . Exc l udi ng Agr i c ul t ur e Cr op, t he r e m a i ni ng s e gm e nt s pr e s e nt e d a bove c ont r i but e 61% of DuPont s r e ve nue ba s e . ( 2) Ti m e f r a m e s t a r t i ng t he ye a r a f t e r DuPont a c qui r e d Da ni s c o . Ca l c ul a t e s a we i ght e d a ve r a ge or ga ni c gr owt h r a t e ove r t i m e us i ng r e por t e d qua r t e r l y m e t r i c s . ( 3) Be gi ns i n 2008 t o c a pt ur e c ur r e nt m a na ge m e nt t e nur e . ( 4) Agr i c ul t ur e Cr op gr owt h doe s not e xc l ude M & A. Es t i m a t e s f r om da t a book ( Cr op a s a pe r c e nt a ge of a gr i c ul t ur e or
a gr i c ul t ur e a n d n ut r i t i on s e gm e nt f or 2008 - 2013) . 2014 r e ve nue f r om 2014 For m 10 - K. ( 5) Not e : Agr i c ul t ur e gr owt h t a r ge t s f or DuPont s f ul l s e gm e nt a ppl y t o bot h s e e ds a nd c r op pr ot e c t i on, not s pe c i f i e d f or one or t he ot he r . ( 6) Us e s 3M Sa f e t y a nd Gr a phi c s f or 2013 a nd 2014 a nd 3M Sa f e t y, Se c ur i t y a nd Pr ot e c t i on s e gm e nt f or t he pr i or ye a r s . Pe r f or m a nc e M a t e r i a l s ( 2008 - 2014 CAGR ( 3) ) Agr i c ul t ur e Cr op ( 2008 - 2014 CAGR ( 3) ( 4) ( 5) ) I ndus t r i a l Bi os c i e nc e s ( Q212 - Q4 14 CAGR ( 2) ) Nut r i t i on a nd He a l t h ( Q212 - Q414 CAGR ( 2) ) 7 - 9% 7 - 9% 4. 2% 3. 0% 2011 Ta r ge t 2013 Ta r ge t Pe e r s DuPont Sa f e t y a nd Pr ot e c t i on ( 2008 - 2014 CAGR ( 3) ) Pe r f or m a nc e Che m i c a l s ( 2008 - 2014 CAGR ( 3) ) 4 - 6% 3 - 5% 4. 5% 1. 9% 2011 Ta r ge t 2013 Ta r ge t Pe e r s DuPont 8 - 10% 5 - 7% 3. 2% - 0. 2% 2011 Ta r ge t 2013 Ta r ge t 3M Se gm e nt DuPont 8 - 10% 8 - 10% 8. 1% 5. 7% 2011 Ta r ge t 2013 Ta r ge t Pe e r s DuPont 6 - 8% 3 - 5% 3. 4% 1. 3% 2011 Ta r ge t 2013 Ta r ge t
Pe e r s DuPont DuPont s or ga ni c r e ve nue gr owt h ha s t r a i l e d pe e r s i n 5 of 7 s e gm e nt s ( ~ 71% of r e ve nue s ) ( 1) a nd ha s r a r e l y m e t i t s own goa l s ( 6) 17

26% 23% 3M Se gm e nt DuPont 35% 21% Novoz ym e s DuPont 23% 17% Pe e r s DuPont W hy DuPont Unde r pe r f or m e d: Fa i l ur e To De l i ve r Pe e r Le ve l M a r gi ns 30% 22% 28% 23% M ons a nt o Cr op Pr ot e c t i on Pe e r s Bl e nde d Pe e r s ( 3) DuPont Agr i c ul t ur e ( 1) Nut r i t i on & He a l t h ( 1) 24% 16% Pe e r s DuPont Sour c e : SEC f i l i ngs a nd W a l l St r e e t r e s e a r c h. EBI TDA i nc l ude s a por t i on of una l l oc a t e d c or por a t e c os t s ( a l l oc a t e d by r e ve nue t o t he r e s p e c t i ve s e gm e nt ) a nd i s a dj us t e d f or i m pa i r m e nt s a nd ot he r non - r e c ur r i ng c ha r ge s . DuPont , M ons a nt o, a nd Synge nt a a dj us t e d t o e xc l ude non - ope r a t i ng pe ns i on a nd OPEB. Novoz ym e s doe s not di s c l os e whe t he r i s ha s a de f i ne d c ont r i but i on pl a n. As t he ot he r pe e r s a r e s e gm e nt s of a c om pa ny, r a t he r t ha n t he whol e c om pa ny, a nd pe ns i on i s not e a s i l y a l l oc a bl e , doe s not a dd ba c k non - ope r a t i ng pe ns i on a nd OPEB f or t he ot he r pe e r s . Fi na nc i a l s c onve r t e d t o US dol l a r s a t a ve r a ge e xc ha nge r a t e f or ye a r . Pe e r s f or El e c t r oni c s a r e Ai r
Pr oduc t s M a t e r i a l s Te c hnol ogi e s , 3M El e c t r oni c s & Ene r gy, Dow El e c t r oni c s & Func t i ona l M a t e r i a l s . Pe e r s f or Agr i c ul t ur e a r e M ons a nt o, BASF Agr i c ul t ur e Sol ut i o ns , Ba ye r Cr opSc i e nc e , FM C Agr i c ul t ur e Sol ut i ons , Synge nt a . Pe e r s f or Nut r i t i on a r e Chr Ha ns e n Cul t ur e s a nd Enz ym e s , Ta t e & Lyl e Spe c i a l t y Food I ngr e di e nt s , Roya l DSM Nut r i t i on, Ke r r y I ngr e di e nt s a nd Fl a vour s , a nd FM C He a l t h & Nut r i t i on. ( 1) Us e s CY2014 da t a f or e a c h c om pa ny unl e s s not a va i l a bl e . LTM e ndi ng 9/ 30/ 2014 f or Ta t e a nd Lyl e , whi c h r e por t s s e m i - a nnua l l y. LTM 11/ 30/ 2014 f i na nc i a l f or Chr Ha ns e n. Ce r t a i n pe e r s onl y di s c l os e s e gm e nt - l e ve l de pr e c i a t i on a nd a m or t i z a t i on i n a nnua l r e por t s , whi c h m a y not ha ve be e n r e l e a s e d ye t f or 2014 ( or t he r e l e va nt pe r i od i nc l ud e d) . As s uc h, Tr i a n a s s um e s e a c h s e gm e nt s de pr e c i a t i on i s of a s i m i l a r pr opor t i on t o t he m os t r e c e nt l y a va i l a bl e f ul l - ye a r f i gur e s . ( 2) Us e s 3M Sa f e t y a nd Gr a phi c s . ( 3) Bl e nde d Pe e r s r e f e r s t o a
68% we i ght i ng of M ons a nt o's m a r gi n a nd a 32% we i ght i ng of Cr op Pr ot e c t i on Pe e r s m a r gi ns , r e f l e c t i ng DuPont s Agr i c ul t ur e s e gm e nt s bus i ne s s m i x ( 68% s e e d/ 32% c r op) . DuPont s EBI TDA m a r gi ns ha ve l a gge d pe e r s i n 5 of 7 s e gm e nt s ( ~ 64% of r e ve nue s ) ( 2) 18 I ndus t r i a l Bi os c i e nc e s ( 1) Sa f e t y & Pr ot e c t i on ( 1) El e c t r oni c s & Com m uni c a t i ons ( 1)

Our Goa l s W hi l e Tr i a n be l i e ve s i t ha s a l r e a dy m a de a n i m pa c t on va l ue c r e a t i on a t DuPont , t he r e i s m uc h m or e va l ue t o be unl oc ke d; a vot e f or Tr i a n s nom i ne e s i s a vot e f or f our hi ghl y qua l i f i e d i ndi vi dua l s who wi l l s e e k t o wor k c ol l a bor a t i ve l y wi t h t he Boa r d t o: 1. As s e s s t he c or por a t e s t r uc t ur e a nd de t e r m i ne whe t he r m a na ge m e nt i s c a pa bl e of a c hi e vi ng be s t - i n - c l a s s r e ve nue gr owt h a nd m a r gi ns wi t h t he e xi s t i ng por t f ol i o or whe t he r t he r e i s a ne e d t o s e pa r a t e t he por t f ol i o; Tr i a n nom i ne e s a r e ope n - m i nde d a s t o t he be s t pa t h f or wa r d 2. El i m i na t e e xc e s s c or por a t e c os t s a nd e ns ur e pr oduc t i vi t y i ni t i a t i ve s hi t t he bot t om l i ne 3. As s e s s c a pi t a l a l l oc a t i on i nc l udi ng or ga ni c i nve s t m e nt s ( R& D, c a pi t a l e xpe ndi t ur e s , i ndus t r i a l bi os c i e nc e s i ni t i a t i ve s ) , M & A, a nd ba l a nc e s he e t e f f i c i e nc y / c a pi t a l r e t ur n pol i c i e s ( i nc r e a s i ng di vi de nds ) 4. I m pr ove c or por a t e gove r na nc e i nc l udi ng t r a ns pa r e nc y of bus i ne s s pe r f or m a nc e , a l i gnm e nt of
c om pe ns a t i on pr ogr a m s wi t h pe r f or m a nc e , a nd ove r a l l a c c ount a bi l i t y f or pr om i s e d pe r f or m a nc e 19

Di s pa r a t e Bus i ne s s e s And Ove r whe l m i ng Com pl e xi t y: Ne w DuPont ( 1) Re m a i ns A Congl om e r a t e W i t h 44% Of Sa l e s I n Low Gr owt h Bus i ne s s e s 20 Sa l e s Gr owt h Ha s Be e n Non - Exi s t e nt ( 07 - 14) ( $bns ) ( 2) Gr owt h i n Adj us t e d PTOI ( 3) Ha s Be e n Ane m i c ( $ bns ) 0 % CAGR $2. 1 $1. 3 $0. 7 $2. 1 $2. 1 $2. 1 $2. 3 $2. 4 0% 5% 10% 15% 20% 25% $0 $1 $2 $3 2007 2008 2009 2010 2011 2012 2013 2014 2. 5 % CAGR Thi s i s De s pi t e Pe r f or m a nc e M a t e r i a l s Ove r - Ea r ni ngs As a Re s ul t of Re c or d - Hi gh Et hyl e ne Spr e a ds M a r gi n % : 16. 5 11. 0 7. 9 17. 5 15. 2 16. 2 18. 2 19. 7 Et hyl e ne Spr e a d Pr of i t Ove r Ti m e ( 07 - 14) ( $m ) ( 4) Exc l udi ng t he e t hyl e ne s pr e a d PTOI wa s f l a t a nd m a r gi ns onl y e xpa nde d ~58bps Sour c e : SEC Fi l i ngs , I nve s t or Pr e s e nt a t i ons , Tr i a n Es t i m a t e s . PTOI be f or e non - ope r a t i ng pe ns i on e xpe ns e . ( 1) Ne w DuPont a s de f i ne d by m a na ge m e nt ( DuPont e xc l udi ng Pe r f or m a nc e Che m i c a l s s e gm e nt ) . ( 2) 2013 a nd 2014 f i gur e s a r e a dj us t e d f or Vi t on, whi c h i s t o be t r a ns f e r r e d t o
Pe r f or m a nc e Che m i c a l s i n t he s pi n of f . ( 3) PTOI de f i ne d a s pr e - t a x ope r a t i ng i nc om e . ( 4) Et hyl e ne s pr e a d c a l c ul a t i ons f r om Tr i a n, m a r ke t da t a s our c e d f r om Bl oom be r g a nd J P M or ga n r e s e a r c h. As s um e s 95% ope r a t i ng r a t e of 1, 500m pound e t hyl e ne f a c i l i t y, a s s um e s i t s c r a c ki ng 100% e t ha ne vs pr opa ne . The Pe r f or m a nc e M a t e r i a l s , Sa f e t y a nd Pr ot e c t i on a nd El e c t r oni c s a nd Com m uni c a t i ons s e gm e nt s ha ve hi s t or i c a l l y be e n l ow gr owt h a nd vol a t i l e . M a r gi ns ha ve de t e r i or a t e d de s pi t e t he s i gni f i c a nt i nc r e a s e i n e t hyl e ne s pr e a ds $204 $282 $186 $283 $296 $443 $504 $538 2007 2008 2009 2010 2011 2012 2013 2014 $12. 5 $12. 1 $9. 4 $12. 2 $13. 7 $12. 7 $12. 7 $12. 4 2007 2008 2009 2010 2011 2012 2013 2014

$5. 7 $11. 3 2007 2014 12. 6% 7. 7% 2010 M a r gi ns 2014 M a r gi ns I m pr ovi ng M a r gi ns ( 4) The Ot he r 56% : One Pr ove n Gr owt h Bus i ne s s , Two W i t h Pot e nt i a l Nut r i t i on & He a l t h ( 12% of s a l e s ) I ndus t r i a l Bi os c i e nc e s ( 4 % of s a l e s ) Agr i c ul t ur e ( 40% of s a l e s ) Or ga ni c Re ve nue Gr owt h Ha s Be e n Be l ow Ta r ge t a nd W e a ke ni ng Or ga ni c Re ve nue Gr owt h Cons i s t e nt l y Be l ow Ta r ge t Cont r a c t i ng EBI T M a r gi ns Si nc e Ac qui s i t i on ( 1) Sour c e : SEC Fi l i ngs , I nve s t or Pr e s e nt a t i ons , Tr i a n Es t i m a t e s . Not e : Com pa r e s or ga ni c gr owt h t o t a r ge t gr owt h. Da ni s c o a c qui s i t i on c l os e d i n Q2 2011, or ga ni c gr owt h s t a r t s a ye a r a f t e r a c qui s i t i on c l os e s . ( 1) M a r gi ns a r e pos t - c or por a t e t o m a ke f i gur e s c om pa r a bl e . Br e a ks out Da ni s c o i nt o I ndus t r i a l Bi os c i e nc e s ( i t s Ge ne nc or bus i ne s s ) a nd Nut r i t i on & He a l t h. ( 2) Bl e nde d m a r gi n of DuPont l e ga c y nut r i t i on a nd Da ni s c o. ( 3) M a r gi ns a r e pr o f or m a f or a nnounc e d s yne r gi e s of $130m . Syne r gi e s a r e a l l oc a t e d t o Nut r i t i on & He a l t h a nd I ndus t r i a l
Bi os c i e n c e s on a % of s a l e s ba s i s . ( 4) Adj us t e d PTOI m a r gi ns . St a r t s i n 2008, t he f i r s t ye a r DuPont r e por t e d Agr i c ul t ur e on a s t a nda l one ba s i s . 7 - 9% 5. 0% 3. 1% 1. 7% Ta r ge t Gr owt h Q2- Q4 '1 2 Gr owt h 2013 Gr owt h 2014 Gr owt h 7 - 9% 3. 4% 3. 5% 2. 7% Ta r ge t Gr owt h Q2- Q4 '1 2 Gr owt h 2013 Gr owt h 2014 Gr owt h ( $ bns ) St r ong Re ve nue Gr owt h: 10% CAGR 15. 4% 16. 7% 17. 5% 19. 5% 20. 5% 21. 2% 20. 8% 2008 2009 2010 2011 2012 2013 2014 18. 1% 13. 7% 2010 M a r gi ns 2014 M a r gi ns Cont r a c t i ng EBI T M a r gi ns Si nc e Ac qui s i t i on ( 1) Unpr ove n 21

Exc e s s Cor por a t e Cos t s : The Coa t i ngs / Axa l t a Ca s e St udy I n 2012, DuPont a nnounc e d t he s a l e of Coa t i ngs t o pr i va t e e qui t y buye r s At t he t i m e , Coa t i ngs ge ne r a t e d $339m ( 1) of EBI TDA ( 2011A) . Toda y, t ha t s a m e bus i ne s s , r e na m e d Axa l t a , ge ne r a t e s $851m ( 2) of EBI TDA, a n i m pr ove m e nt of >150% I n 2014, t he ne w owne r s f i l e d a For m S - 1 t o t a ke Axa l t a publ i c . The S - 1 di s c l os e d t ha t Pr o For m a EBI TDA i n 2011 wa s $568m ( 3) , $229m hi ghe r t ha n or i gi na l l y r e por t e d by DuPont i n t he s a m e ye a r t hi s i m pl i e s t ha t DuPont bur de ne d t he Coa t i ngs s e gm e nt wi t h $229m of e xc e s s c or por a t e c os t s 22 EBI TDA Unde r DuPont ( 2007 - 2011) $339 $568 2011 ( As Re por t e d by DuPont ) 2011 ( As Re por t e d by Axa l t a S- 1) EBI TDA Di f f e r e nt Owne r s , Sa m e Ye a r EBI TDA Unde r Ne w Owne r s I m pr ove m e nt ( 2011 - 2014) $380 $339 2007 2011 $568 $851 2011 2014 Sour c e : DuPont a nd Axa l t a SEC Fi l i ngs . ( 1) Coa t i ngs a dj us t e d PTOI pl us de pr e c i a t i on e xpe ns e l e s s a n a l l oc a t i on of
una l l oc a t e d c or por a t e c os t s pl us a n a ddba c k f or non - c a s h i t e m s a nd c e r t a i n pe ns i on e xpe ns e i n - l i ne wi t h Axa l t a s c ur r e nt a ddba c ks t o m a ke i t c om pa r a bl e t o Axa l t a s f i gur e s . As s i gns una l l oc a t e d c or por a t e e xpe ns e a t ~2% of s a l e s ( DuPont s FY2011 una l l oc a t e d c or por a t e e xpe ns e a nd Ot he r a s % of FY2011 s e gm e nt s a l e s ) t o m a ke m a r gi ns c om pa r a bl e . ( 2) Re pr e s e nt s Axa l t a s Adj us t e d Ope r a t i ng I nc om e pl us De pr e c i a t i on & Am or t i z a t i on e xpe ns e f or 2014. M e t r i c di f f e r s s l i ght l y f r om Axa l t a s Adj us t e d EBI TDA ( a s r e por t e d) a s i t e xc l ude s ot he r e xpe ns e ( i nc om e ) a nd di vi de nd t o non - c ont r ol l i ng i nt e r e s t t o m a ke EBI TDA c om pa r a bl e . ( 3) Re pr e s e nt s Axa l t a s Adj us t e d Ope r a t i ng I nc om e pl us De pr e c i a t i on & Am or t i z a t i on e xpe ns e f or 2011. M e t r i c di f f e r s s l i ght l y f r om Axa l t a s Adj us t e d EBI TDA ( a s r e por t e d) a s i t e xc l ude s ot he r e xpe ns e ( i nc om e ) a nd di vi de nd t o non - c ont r ol l i ng i nt e r e s t t o m a ke EBI TDA c om pa r a bl e . ( 4) Coa t i ngs 2007 EBI TDA not a dj us t e d f or
pe ns i on, be c a us e non - ope r a t i ng pe ns i on / OPEB ( ot he r pos t - e m pl oym e nt be ne f i t s ) e xpe ns e wa s not di s c l os e d by DuPont ( DuPont ha d s m a l l pe ns i on i nc om e i n 2007 ) . ( 5) Pl e a s e r e f e r t o pa ge s 71 a nd 72 of Tr i a n s W hi t e Pa pe r , whi c h wa s f i l e d wi t h t he SEC on Fe br ua r y 17, 2015 a nd i s a va i l a bl e on www. DuPont Ca nBe Gr e a t . c om . ( 1) ( 3) ( 3) ( 2) ( 1) ( 4) DuPont t r a ns f e r r e d >$6bn of s ha r e hol de r we a l t h t o pr i va t e e qui t y owne r s by not r unni ng Coa t i ngs e f f i c i e nt l y a nd s e l l i ng t he bus i ne s s f or c a s h r a t he r t ha n doi ng a t a x - f r e e s pi n W e e s t i m a t e t ha t c ons ol i da t e d DuPont i s bur de ne d by $2 - $4bn of e xc e s s c or por a t e c os t s ( 5)

Di l ut i ve M & A: Subt r a c t i on By Addi t i on Of Da ni s c o 13. 8% 15. 2% 10. 6% 12. 5% 9. 3% 2010 2010PF For Da ni s c o M a r gi n Ta r ge t 2014 PF f or Syne r gi e s Exc l udi ng Syne r gi e s Nut r i t i on a nd I ndus t r i a l Bi os c i e nc e s EBI T M a r gi ns ( 4) Da ni s c o Gr owt h Be l ow Hi s t or i c a l a nd LT Ta r ge t s 5. 2% 5 - 7% 8 - 10% 7 - 9% 3. 1% Da ni s c o Avg Gr owt h Ra t e Da ni s c o Long- t e r m Ta r ge t DuPont 2011 Long- t e r m Ta r ge t DuPont 2013 Long- t e r m Ta r ge t Ac t ua l Or ga ni c Gr owt h ( 1) ( 2) ( 5) Pr of i t a bi l i t y down 33% Sour c e : Com pa ny SEC Fi l i ngs a nd Tr a ns c r i pt s , Da ni s c o Annua l a nd Qua r t e r l y Fi na nc i a l Re por t s a nd Tr a ns c r i pt s . ( 1) Da ni s c o hi s t or i c a l gr owt h r a t e i s or ga ni c gr owt h f r om FY2005 - 2010 or 5. 2% . Fi s c a l ye a r 2006 gr owt h m e a s ur e s onl y i ngr e di e nt s gr owt h a nd Fi s c a l Ye a r 2007 gr owt h e xc l ude s f l a vour s gr owt h ( a s Da ni s c o s ol d t ha t bus i ne s s be f or e DuPont a c qui r e d Da ni s c o) . ( 2) 2011 l ong - t e r m t a r ge t s we i ght e d by 2011 s a l e s of Nut r i t i on a nd He a l t h a nd I ndus t r i a l Bi os c i e nc e s . ( 3) Re ve nue gr owt h
f r om Q2 2012 - Q4 2014. ( 4) M a r gi ns a r e be f or e non - ope r a t i ng pe ns i on a nd OPEB e xpe ns e . Us e s Da ni s c o pe ns i on e xpe ns e t o e s t i m a t e non - ope r a t i ng pe ns i on a nd OPEB e xpe ns e f or Da ni s c o pr i or t o a c qui s i t i on . For s yne r gy f i gur e s , i nc or por a t e s $130m of s yne r gi e s ba s e d on Com pa ny Q4 2012 e a r ni ngs c a l l t r a ns c r i pt ( 1/ 22/ 2013 ) . ( 5) 15. 2 % EBI T m a r gi n de r i ve d by a s s um i ng 15. 9% m a r gi n f or Da ni s c o ( e s t i m a t e d t o be 76% of c om bi ne d Nut r i t i on a nd I ndus t r i a l Bi o r e ve nue ) a nd 4. 8% m a r gi n f or l e ga c y s oy bus i ne s s pl us $130m of s yne r gi e s . ( 3) 23

Subs t a nt i a l Agr i c ul t ur e R& D Ha s Yi e l de d Ne ga t i ve Re s ul t s 24 Sour c e : SEC f i l i ngs . ( 1) M ons a nt o pr e s s r e l e a s e 8/ 1/ 12. ( 2) DuPont pr e s s r e l e a s e 3/ 26/ 2013. ( 3) Fr e e Pr e s s , EPA: DuPont f a i l e d t o wa r n of popul a r he r bi c i de s da nge r t o t r e e s . Cha r ge s t a ke n by DuPont r e l a t e d t o c us t om e r c l a i m s of da m a ge c a us e d by t he I m pr e l i s he r bi c i de . ( 4) Pi one e r pr e s s r e l e a s e , 12/ 14/ 2010. ( 5) 2010 - 2014 ba s e d on Com pa ny Da t a Book a nd 2014 For m 10 - K. ~$5bn ( 5) i n Agr i c ul t ur e R& D ove r l a s t 5 ye a r s Re s ul t s No ne w bi ot e c h t r a i t s , of s i gni f i c a nc e , di s c ove r e d $1bn j ur y ve r di c t a ga i ns t DuPont f or pa t e nt i nf r i nge m e nt A f e de r a l j ur y f ound t ha t DuPont wi l l f ul l y i nf r i nge d on M ons a nt o s RoundUp Re a dy 2 pa t e nt a nd owe d M ons a nt o $1bn i n da m a ge s ( 1) I n l i e u of t hi s , DuPont a nd M ons a nt o a gr e e d t o a s e t t l e m e nt whe r e by DuPont wi l l pa y a m i ni m um of $1. 75bn i n r oya l t y pa ym e nt s f or Roundup Re a dy 2 a nd di c a m ba ( f r om 2014 t hr ough 2023 ) ( 2) $1. 2bn i n c ha r ge s
r e l a t i ng t o I m pr e l i s , de s pi t e e s t i m a t e d s a l e s of onl y ~$7m ( 3) Pa yi ng c om pe t i t or s f or s c i e nc e c a pa bi l i t i e s DuPont l i c e ns e s Ba ye r s Li be r t yLi nk, Dow s He r c ul e x, M ons a nt o s Roundup Re a dy, a nd Synge nt a s Agr i s ur e Agr i s ur e l i c e ns e c oul d e xc e e d $ 400m i n c um ul a t i ve pa ym e nt s ( 4)

$23. 7 $24. 0 $19. 0 $23. 7 $28. 8 $24. 4 $24. 0 $23. 4 2007 2008 2009 2010 2011 2012 2013 2014 0% CAGR $4. 2 $3. 0 $2. 5 $4. 8 $5. 8 $5. 3 $4. 8 $5. 3 2007 2008 2009 2010 2011 2012 2013 2014 25 Une c onom i c ROI C On 2/ 3r ds Of The Re ve nue Ba s e ( Ex Ag & Pha r m a ) Sa l e s e x Agr i c ul t ur e a nd Pha r m a ( 2007 - 2014) Pr e - R& D EBI TDA e x Agr i c ul t ur e a nd Pha r m a ( 2007 - 2014) Sour c e : Com pa ny SEC f i l i ngs , Tr i a n Es t i m a t e s a nd Com pa ny Da t a Books . Tr i a n e s t i m a t e s Agr i c ul t ur e EBI TDA f or 2007 us i ng a ve r a ge of 2008 - 2010 Nut r i t i on EBI TDA m a r gi n ( pr e - Da ni s c o) a nd ba c ki ng out Nut r i t i on EBI TDA f r om s e gm e nt f i gur e s ( whe n DuPont onl y r e por t e d Agr i c ul t ur e a nd Nut r i t i on a s one s e gm e nt ) . As s um e s 2013 Com pa ny a c qui s i t i on s pe ndi ng i n Agr i c ul t ur e wa s e nt i r e l y r e l a t e d t o Pa nna r . For 2007, a s s um e s c a pe x a nd R& D s pe n d a s % of s a l e s f or Agr i c ul t ur e & Nut r i t i on s e gm e nt i s t he s a m e a s f or Agr i c ul t ur e s t a nda l one . ( 1) ROI C de f i ne d a s c ha nge i n EBI TDA pr e - R& D, e xc l udi ng a gr i c ul t ur e
a nd pha r m a f r om 2007 - 2014 di vi de d by t he s um of 2008 - 2014 ne t c a pe x, R& D a nd a c qui s i t i ons . The r e s ul t i s t a x - e f f e c t e d a t 22% . ( 2) W e i ght e d a ve r a ge c os t of c a pi t a l c a l c ul a t e d us i ng f ul l y di l ut e d m a r ke t c a pi t a l i z a t i on a s of 4/ 16/ 2015. Pr e - t a x c os t of de bt a s s um e d t o be 2. 62% ba s e d on t he yi e l d of r e c e nt l y i s s ue d 8 - ye a r de bt ( i s s ue d 2/ 15/ 13) a s pe r Bl oom be r g a s of 4/ 16/ 2015. As s um e s 22% t a x r a t e . Cos t of e qui t y a s s um e s r i s k f r e e r a t e of 1. 89% , t he a p pr oxi m a t e yi e l d on t he 10 ye a r Tr e a s ur y a s of 4/ 16/ 2015, a be t a of 1. 003 ( Sour c e : Bl oom be r g) , a nd a n e qui t y r i s k pr e m i um of 7. 5% ( Tr i a n e s t i m a t e ) . Cos t of pr e f e r r e d e qui t y a s s um e d t o be 4. 2% , c ons i s t e n t wi t h we i ght e d a ve r a ge yi e l ds on c ur r e nt out s t a ndi ng pr e f e r r e d. Ca pi t a l Expe ndi t ur e s , Ne t Ac qui s i t i ons & Re s e a r c h a nd De ve l opm e nt ( $ i n Bi l l i ons ) Cum ul a t i ve '0 8- '1 4 Ne t Ca pi t a l Expe ndi t ur e s $9. 1 Ac qui s i t i ons , Ne t of Di ve s t i t ur e s $1. 9 Re s e a r c h a nd De ve l opm e nt $6. 3 Tot a l
I nve s t m e nt $17. 3 8. 4% 5. 0% DuPont 's Cos t of Ca pi t a l ( W ACC) DuPont 's Ac t ua l ROI C Une c onom i c ROI C ( 1) : Si gni f i c a nt l y Be l ow W ACC ( 2) DuPont s i na bi l i t y t o ge ne r a t e a n a t t r a c t i ve r e t ur n i n i t s non - Agr i c ul t ur e bus i ne s s e s ( 68% of r e ve nue s ) i s c onc e r ni ng e s pe c i a l l y i n l i ght of t he c ur r e nt he a dwi nds i n Agr i c ul t ur e m a r ke t s

Tr i a n W i l l Se e k To End Cr ony Com pe ns a t i on The Boa r d s c om pe ns a t i on pr a c t i c e s ha ve r e wa r de d m a na ge m e nt f or f a i l i ng t o m e e t i t s t a r ge t s . I n 2013, m a na ge m e nt s l ong - t e r m i nc e nt i ve pl a n ha d a pa yout of 113% of t a r ge t de s pi t e a TSR i n t he 25t h pe r c e nt i l e of DuPont s pe e r s Tha t s a m e ye a r , s hor t - t e r m c om pe ns a t i on pa yout wa s a l m os t 90% de s pi t e a dj us t e d EPS gr owt h of 3% , s i gni f i c a nt l y be l ow t he Com pa ny s l ong - t e r m t a r ge t of 12% EPS gr owt h I n 2014, t he Boa r d s Hum a n Re s our c e s a nd Com pe ns a t i on Com m i t t e e a c knowl e dge d poor ope r a t i ng pe r f or m a nc e a s i t e xe r c i s e d ne ga t i ve di s c r e t i on a nd ga ve m a na ge m e nt a 0% pa yout f a c t or f or c or por a t e pe r f or m a nc e unde r DuPont s s hor t - t e r m i nc e nt i ve pr ogr a m . Howe ve r , t he Hum a n Re s our c e s a nd Com pe ns a t i on Com m i t t e e s t i l l f ound a wa y t o pa y m a na ge m e nt by gi vi ng a n 80 - 100% pa yout f a c t or f or i ndi vi dua l pe r f or m a nc e 26 Cor por a t e Pe r f or m a nc e Ra t i ng 0% I ndi vi dua l Pe r f or m a nc e
Ra t i ng 80% - 100% Doe s t hi s m a ke s e ns e ? How c a n i t be t ha t t he Com pa ny i s doi ng poor l y ope r a t i ona l l y but m a na ge m e nt a s i ndi vi dua l s a r e e a c h doi ng gr e a t ? Sour c e : Sour c e : DuPont SEC f i l i ngs a nd 2011 a nd 2013 I nve s t or Da y Tr a ns c r i pt s .

Poor Cor por a t e Gove r na nc e St r uc t ur e At Che m our s Tr i a n i s c onc e r ne d t ha t DuPont i s s pi nni ng of f Che m our s t o s t oc khol de r s wi t h a poor c or por a t e gove r na nc e s t r uc t ur e t hi s e nt r e nc hm e nt t a c t i c c oul d be a ba r r i e r t o unl oc ki ng s ha r e hol de r va l ue Boa r ds r e c ogni z e t ha t s t oc khol de r s do not wa nt e nt r e nc he d di r e c t or s a nd poor gove r na nc e a t s pi nof f s ; Kr a f t ( f r om M onde l z ) , Ti m e I nc . ( f r om Ti m e W a r ne r ) , Ga nne t t ( s pi nni ng of f i t s publ i s hi ng bus i ne s s ) a nd Pa yPa l ( f r om e Ba y) a r e r e c e nt l y c om pl e t e d or a nnounc e d s pi nof f s wi t h s ha r e hol de r f r i e ndl y gove r na nc e pr ovi s i ons I n a ddi t i on, DuPont ha s a nnounc e d t ha t i t wi l l a ppoi nt t wo of i t s di r e c t or s , Cur t i s Cr a wf or d a nd Ri c ha r d H. Br own ( who wi l l be Non - Exe c ut i ve Cha i r m a n of Che m our s ) , t o t he Che m our s Boa r d. Bot h of t he s e di r e c t or s r e c e i ve d t he m os t Aga i ns t vot e s f or r e - e l e c t i on a t DuPont s 2014 a nnua l m e e t i ng ( e xc l udi ng DuPont s CEO a nd t he Le a d Di r e c t or ) Ant i - Ta ke ove r Pr ovi s i ons : Che m our s
St a gge r e d boa r d ( 3 c l a s s e s ) ( 1) Supe r m a j or i t y vot e ( 80% ) r e qui r e d t o a m e nd byl a ws a nd c e r t a i n pr ovi s i ons of t he c e r t i f i c a t e of i nc or por a t i on No s t oc khol de r a c t i on by wr i t t e n c ons e nt 35% t hr e s hol d of s t oc khol de r s t o c a l l a s pe c i a l m e e t i ng ( l a t e r r e duc e d t o 25% ) ( 1 ) Di d not opt out of De l a wa r e Ge ne r a l Cor por a t i on La w ( DGCL) Se c t i on 203 ( 2) Ef f e c t s of The s e Pr ovi s i ons Li m i t e d a bi l i t y t o m a xi m i z e va l ue t hr ough s t r a t e gi c or f i na nc i a l M & A c oul d pr e ve nt s t oc khol de r s f r om r e a l i z i ng t he hi ghe s t va l ue f or Che m our s s ha r e s Re duc e d a c c ount a bi l i t y we be l i e ve t ha t a s t a gge r e d boa r d dr a s t i c a l l y l i m i t s t he a bi l i t y of s t oc khol de r s t o hol d a boa r d a c c ount a bl e , t hus c r e a t i ng a gr e a t e r r i s k of t he oc c ur r e nc e of va l ue de s t r uc t i ve a c t i ons by m a na ge m e nt a nd t he boa r d St oc khol de r di s e nf r a nc hi s e m e nt hi gh s upe r m a j or i t y t hr e s hol ds m a ke i t a l m os t i m pos s i bl e f or s t oc khol de r s t o a m e nd t he byl a ws or c e r t a i n pr ovi s i ons of t he c e r t i f i c a t e
Pr e ve nt i on of t he di s c ove r y of e xc e s s hol di ng c os t s by c r e a t i ng a m oa t a r ound a DuPont c os t s t r uc t ur e a nd m a na ge m e nt t e a m ( a t Che m our s ) , s t oc khol de r s c a nnot be ne f i t f r om f r e s h, t hi r d pa r t y pe r s pe c t i ve s ( l i ke Axa l t a ) Sour c e : The Che m our s Com pa ny, LLC For m 10 f i l e d on De c e m be r 18, 2014, SEC f i l i ngs . ( 1) On M a r c h 30, 2015, i n r e s pons e t o r e que s t s f or i m pr ove m e nt s of Che m our s c or por a t e gove r na nc e by Tr i a n a nd f ol l owi ng a s t oc khol de r l a ws ui t , DuPont a nnounc e d t ha t ( i ) i t wa s r e duc i ng t he t hr e s hol d t o c a l l a s pe c i a l m e e t i ng f r om 35% t o 25% a nd ( i i ) Che m our s c l a s s i f i e d boa r d s t r uc t ur e wi l l be put t o a s t oc khol de r vot e a t Che m our s f i r s t a nnua l m e e t i ng i n 2016 . Howe ve r , e ve n i f s t oc khol de r s vot e t o r e m ove Che m our s c l a s s i f i e d boa r d, i t wi l l r e m a i n i n pl a c e unt i l a t l e a s t 2017. ( 2) DGCL Se c t i on 203 c ove r s bus i ne s s c om bi na t i ons wi t h i nt e r e s t e d s t oc khol de r s . Se c t i on 203 of t he DGCL pr ohi bi t s a c or por a t i on t ha t ha s publ i c l y t r a de d
s t oc k f r om e nga gi ng i n c e r t a i n bus i ne s s c om bi na t i ons wi t h a n i nt e r e s t e d s t oc khol de r ( de f i ne d a s t he owne r of 15% or m or e of t he c or por a t i on s vot i ng s t oc k) , or a n i n t e r e s t e d s t oc khol de r s a f f i l i a t e s or a s s oc i a t e s , f or a t hr e e - ye a r pe r i od unl e s s , a m ong ot he r e xc e pt i ons , a ppr ova l of t he boa r d of di r e c t or s ( a nd, i n s om e c a s e s , t he di s i nt e r e s t e d s t oc khol de r s ) i s r e c e i ve d . 27

Ot he r Gove r na nc e Cons i de r a t i ons Tr i a n be l i e ve s t ha t DuPont s Boa r d s houl d a s k whe t he r t he Le a d Di r e c t or ha s t he c a pa c i t y t o e f f e c t i ve l y s e r ve DuPont s s t oc khol de r s i n t ha t r ol e Doe s a di r e c t or t ha t c ur r e nt l y s e r ve s a s a CEO a nd Cha i r m a n of a gl oba l i ndus t r i a l c om pa ny a nd on t he boa r d of one of t he na t i on s l a r ge s t ba nk - ba s e d f i na nc i a l s e r vi c e s c om pa ni e s , ha ve t he a bi l i t y t o de vot e t he t i m e a nd e f f or t r e qui r e d t o e f f e c t i ve l y s e r ve DuPont s s t oc khol de r s a s a s t r ong, i nde pe nde nt Le a d Di r e c t or ? Tr e nd i s t owa r ds r a i s i ng m a nda t or y r e t i r e m e nt a ge of publ i c c om pa ny boa r d m e m be r s Ove r t he l a s t 10 ye a r s , t he pe r c e nt a ge of boa r ds of S& P 500 c om pa ni e s wi t h a m a nda t or y r e t i r e m e nt a ge of 75 or ol de r ha s i nc r e a s e d f r om 5% t o 30% ( 1) Am ong t he c om pa ni e s wi t h a r e t i r e m e nt a ge of 75 or ol de r a r e : Ac c e nt ur e , Ae t na , Af l a c , Al c oa , Al t r i a , Appl e , Ba nk of Ne w Yor k M e l l on, Bl a c kRoc k, Br i s t ol - M ye r s Squi bb, Ge ne r a l El e c t r i c , I nge r s ol l - Ra nd,
Loc khe e d - M a r t i n, Gol dm a n Sa c hs , Kr a f t Foods , M a r s h & M c Le nna n, M i c r os of t , M onde l z , M ons a nt o, St a t e St r e e t , Te xt r on ( 1) [ I ] t i s of t e n t he c a s e t ha t ol de r di r e c t or s a r e a m ong t he s a vvi e s t a nd m os t s ki l l e d boa r d m e m be r s Da vi d Ka t z a nd La ur a M c I nt os h, W a c ht e l l , Li pt on, Ros e n & Ka t z ( 2) 28 ( 1) Sour c e : 2014 Spe nc e r St ua r t Boa r d I nde x. ( 2) Re ne we d Foc us on Cor por a t e Di r e c t or Te nur e , Ne w Yor k La w J our na l , M a y 22, 2014.

29 W hy A Tr i a n Pr i nc i pa l Ne e ds To Be On The Boa r d

W hy A Tr i a n Pr i nc i pa l Ne e ds To Be On The Boa r d El i m i na t e m a na ge m e nt s r he t or i c El i m i na t e m a na ge m e nt s i nf or m a t i on a dva nt a ge Tr i a n be l i e ve s i t a l r e a dy ha s ha d a s i gni f i c a nt i m pa c t , but t he r e i s m or e va l ue t o be unl oc ke d W e ha ve a s t r ong t r a c k r e c or d of c r e a t i ng va l ue 30 1 2 3 4

Rhe t or i c v s . Re a l i t y: Boa r d/ M a na ge m e nt Cl a i m s DuPont s Rhe t or i c The Re a l i t y ope r a t i ng pr i or i t y i s s i m pl y e xe c ut i on I us e da t a t o dr i ve de c i s i ons , I s e t c l e a r t a r ge t s I s e t t he c om pe t i t i ve be nc hm a r ks a nd I c ont i nuous l y r a i s e t he ba r . M a y 2, 2013 I nve s t or Da y s a i d by El l e n Kul l m a n Tha t ve r y s a m e da y, DuPont l owe r e d l ong - t e r m t a r ge t s f or s i x of s e ve n bus i ne s s e s The Boa r d ha s ne ve r a ddr e s s e d DuPont s c ont i nua l m i s s of i t s r ol l i ng l ong - t e r m t a r ge t s ( 12% a nnua l e a r ni ngs gr owt h) ( 2) I n a ggr e ga t e , EPS ha s gr own onl y 6% i n t ot a l s i nc e we i nve s t e d ( 3) Re l a t i ve t o our f i ve ye a r , l ong - t e r m r ol l i ng gr owt h t a r ge t s ( 7% r e v gr owt h, 12% e a r ni ngs gr owt h) ( 1) , we be l i e ve t he s e goa l s a r e bot h a ppr opr i a t e a nd a c hi e va bl e . W e f ul l y e ndor s e m a na ge m e nt s pl a n t o a c hi e ve t he m a nd a r e e nc our a ge d by pr ogr e s s a ga i ns t t he m . Le t t e r t o Tr i a n f r om Al e xa nde r Cut l e r , DuPont s Le a d Di r e c t or da t e d M a r c h 5, 2014 Le s s t ha n f our m ont hs
l a t e r , DuPont l owe r e d gui da nc e f or t he t hi r d c ons e c ut i ve ye a r I f DuPont a c hi e ve d i t s l ong - t e r m t a r ge t , t he c om pa ny woul d be on pa c e t o de l i ve r $6. 45 of EPS t hi s ye a r , m or e t ha n 50% hi ghe r t ha n 2015 EPS gui da nc e ( 4) Re t ur ni ng c a pi t a l t o s ha r e hol de r s ha s a l wa ys be e n a pr i or i t y a t DuPont M a r c h 23, 2015 Le t t e r f r om Al e xa nde r Cut l e r Ane m i c di vi de nd gr owt h i n m a na ge m e nt t e nur e : 12% vs 66% f or pr oxy pe e r s ( 5) Sha r e s out s t a ndi ng ha ve gr own s i nc e m a na ge m e nt be ga n t e nur e ( 6) Tr i a n nom i na t e d i t s own di r e c t or c a ndi da t e s t o a dva nc e Tr i a n s hi gh r i s k a ge nda t o br e a k up a nd a dd e xc e s s i ve de bt t o t he Com pa ny M a r c h 23, 2015 Le t t e r f r om Al e xa nde r Cut l e r Tr i a n i s ope n - m i nde d a s t o on c or por a t e s t r uc t ur e Tr i a n s a ge nda s ol e l y f oc us e d on i m pr ovi ng ope r a t i ng pe r f or m a nc e a nd c a pi t a l a l l oc a t i on Tr i a n a s s um e s t he bus i ne s s r e m a i ns i nve s t m e nt gr a de , whi l e DuPont i s put t i ng Che m our s i nt o j unk t e r r i t or y ( 7) 31 Sour c e : ( 1)
Ta r ge t s we r e or i gi na l l y gi ve n i n I nve s t or Da y 2010. ( 2) Com pa ny SEC Fi l i ngs , Le t t e r t o Tr i a n f r om Al e xa nde r Cut l e r , DuPont s Le a d Di r e c t or da t e d M a r c h 5, 2014. The Com pa ny ha s m i s s e d i t s a nnua l t a r ge t f or t hr e e out of t he pa s t f our ye a r s . ( 3) SEC f i l i ngs . ( 4) Sour c e : SEC f i l i ngs a nd E. I . DU PONT DE NEM OURS AND COM PANY AND CONSOLI DATED SUBSI DI ARI ES NON - GAAP RECONCI LI ATI ONS: 2008 2014 ( UNAUDI TED) . Com pa r e s t he m i dpoi nt of DuPont s gui da nc e f or 2015 of $4. 10 ( a s pe r DuPont For m 8 - K da t e d J a nua r y 27, 2015 ) t o t he i m pl i e d 2015 EPS ba s e d on m a na ge m e nt s l ong - t e r m gr owt h t a r ge t s s e t i n i t s 2010 I nve s t or Da y, whi c h we c a l c ul a t e a s $6. 45. Adj us t s 2010 EPS t o c onf or m t o DuPont s c ur r e nt Ope r a t i ng EPS m e t hodol ogy . ( 5) Re f e r s t o pr oxy pe e r s a s di s c l os e d i n DuPont s pr oxy s t a t e m e nt , Re pr e s e nt s di vi de nd gr owt h r a t e f r om 2008 - 2014. Sour c e : c om pa ni e s SEC f i l i ngs . ( 6) Sha r e s out s t a ndi ng a s di s c l os e d i n Com pa ny For m 10 - K i n 2008 a nd
2014 . ( 7) DuPont J a nua r y 27, 2015, Q4 2014 e a r ni ngs t r a ns c r i pt .

Di d t he Boa r d Know? Axa l t a EBI TDA wa s r e por t e d t o be $229m m ( or 68% ) hi ghe r i n t he s a m e ye a r ( 2011) unde r di f f e r e nt owne r s El l e n Kul l m a n ha s s ol d ove r ha l f of he r s t oc k s i nc e Tr i a n i nve s t e d i n 2013 DuPont ha s r e por t e d NI NE di f f e r e nt EPS f i gur e s f or 2011 DuPont m a na ge m e nt s ugge s t e d t ha t c ha nge s i n pe ns i on a c c ount i ng l e d t o l owe r e d m a r gi n t a r ge t s a t t he M a y 2013 I nve s t or Da y La c k of t r a ns pa r e nc y f or r e por t i ng f i na nc i a l a nd ope r a t i ng m e t r i c s 32 I n Tr i a n s l i m i t e d i nt e r a c t i ons wi t h DuPont s Boa r d, i t ha s be c om e c l e a r t o us t ha t m a na ge m e nt m a i nt a i ns a s i gni f i c a nt i nf or m a t i on a dva nt a ge ove r t he Boa r d of Di r e c t or s

2011 GAAP EPS 2011 Non - GAAP EPS $3. 68 ( 1) $3. 30 ( 2) $3. 38 ( 3) $3. 77 ( 4) $3. 93 ( 5) $3. 55 ( 6) $4. 02 ( 7) $3. 63 ( 8) $2. 03 ( 9) 2011 10 - K Pa ge F - 4 2012 10 - K Pa ge F - 4 2012 Da t a book Pa ge 4 2013 10 - K Pa ge F - 4 1/ 24/ 12 8 - K Pa ge 14 1/ 22/ 13 8 - K Pa ge 15 2012 Da t a book Pa ge 4 12/ 14 Non - GAAP Re c onc i l . Pa ge 7 ( 10) DEFA14A 2/ 17/ 15 Pa ge 5 ( I m por t a nt Fa c t s For DuPont Sha r e hol de r s ) 2/ 9/ 2012 2/ 7/ 2013 M a r c h - 2013 2/ 5/ 2014 1/ 24/ 2012 1/ 22/ 2013 M a r c h - 2013 1/ 27/ 2015 2/ 17/ 2015 The Sa ga of DuPont s 2011 EPS: W hi c h EPS Num be r W i l l DuPont Choos e Toda y? 33 1 DuPont s W r i t t e n St a t e m e nt : Tr i a n s a na l ys i s r e l i e s on a 2011 EPS of $4. 32 t ha t i s not r e por t e d i n DuPont s publ i c f i l i ngs DuPont pr e s e nt a t i on, Fe br ua r y 2015 The Re a l i t y : DuPont ha s pr ovi de d ni ne di f f e r e nt ve r s i ons of 2011 EPS 2 3 4 5 6 7 8 Di s c l os ur e / Fi l i ng Da t e : Sour c e : 9 Si nc e J a nua r y 2012, DuPont ha s pr ovi de d ni ne di f f e r e nt ve r s i ons of 2011 EPS. Ca n DuPont s i nde pe nde nt di r e c t or s
e xpl a i n why t ha t i s ? Tr i a n s nom i ne e s wi l l s e e k t o e ns ur e t ha t t he boa r d hol ds m a na ge m e nt a c c ount a bl e . Sour c e : Bl oom be r g, Com pa ny Tr a ns c r i pt s , SEC f i l i ngs , Tr i a n c a l c ul a t i ons . DuPont l a be l s e a c h of t he s e ni ne EPS f i gur e s a s f ol l ows : ( 1) Di l ut e d e a r ni ngs pe r s ha r e of c om m on s t oc k . ( 2) Di l ut e d e a r ni ngs pe r s ha r e of c om m on s t oc k f r om c ont i nui ng ope r a t i ons . ( 3) I nc om e f r om c ont i nui ng ope r a t i ons a f t e r i nc om e t a xe s di l ut e d . ( 4) Di l ut e d e a r ni ngs pe r s ha r e of c om m on s t oc k . ( 5) EPS e xc l udi ng s i gni f i c a nt i t e m s . ( 6) EPS f r om c ont i nui ng ope r a t i ons , e xc l udi ng s i gni f i c a nt i t e m s . ( 7) Ope r a t i ng e a r ni ngs a f t e r i nc om e t a xe s di l ut e d . ( 8) EPS Exc l udi ng Si gni f i c a nt I t e m s . ( 9) Adj us t e d Ope r a t i ng EPS ( e xc l udi ng Pe r f or m a nc e Che m i c a l s , Pha r m a ) ( Non - GAAP) . ( 10) Se e : E . I . DU PONT DE NEM OURS AND COM PANY AND CONSOLI DATED SUBSI DI ARI ES NON - GAAP RECONCI LI ATI ONS: 2008 2014, on i s a va i l a bl e a t www. DuPont Ca nBe Gr e a t . c om
1/ 27/ 2015.

DuPont Cha nge d I t s EPS Re por t i ng M e t hodol ogy I n La t e 2012; The n Sugge s t e d Re duc e d M a r gi n Ta r ge t s W e r e Cor r e l a t e d To I t s Ac c ount i ng Cha nge I n De c e m be r 2012, DuPont i nt r oduc e d a ne w EPS r e por t i ng m e t hodol ogy, c a l l e d Ope r a t i ng EPS , whi c h a dds ba c k non - ope r a t i ng pe ns i on/ ot he r pos t - e m pl oym e nt be ne f i t ( OPEB ) c os t s t o non - GAAP EPS At i t s M a y 2013 I nve s t or Da y, DuPont ga ve l ong - t e r m m a r gi n t a r ge t s by bus i ne s s t ha t di f f e r e d f r om t hos e gi ve n a t i t s 2011 I nve s t or Da y The Com pa ny s ugge s t e d t he di f f e r e nc e be t we e n t he s e t a r ge t s wa s m e r e l y a n a c c ount i ng di f f e r e nc e ( i . e . t he non - ope r a t i ng pe ns i on / OPEB a dj us t m e nt ) ; r e s pondi ng t o a que s t i on a bout t he I ndus t r i a l Bi os c i e nc e s a nd Pe r f or m a nc e M a t e r i a l s s e gm e nt s , m a na ge m e nt s a i d t he f ol l owi ng: I n t e r m s of m a r gi ns , t he a c c ount i ng c ha nge r e a l l y a c c ount s f or t he s hi f t t ha t you'r e s e e i ng . So we ha ve not r e vi s e d up or r e vi s e d down our e xpe c t a t i ons I t t ook pr oddi ng f r om a r e s e a r c h
a na l ys t dur i ng t he Q& A f or DuPont t o a dm i t t ha t c e r t a i n m a r gi n t a r ge t s we r e l owe r e d Sa f e t y a nd Pr ot e c t i on m a r gi n [ t a r ge t s ] t ha t you s how a r e 21% t o 23% whi c h i s wha t t he y we r e 18 m ont hs a go. But you now e xc l ude your pe ns i on c os t [ whi c h wa s ] m or e t ha n 500 ba s i s poi nt s . J P M or ga n a na l ys t ( 1) DuPont r e s ponde d: You'r e r i ght , J e f f . The m a r gi n i s l owe r be t we e n 400 a nd 500 ba s i s poi nt s f r om t ha t s t a ndpoi nt 34 At DuPont s 2013 I nve s t or Da y, m a na ge m e nt wa s not t r a ns pa r e nt a bout r e duc i ng m a r gi n t a r ge t s , s ugge s t i ng t ha t r e duc e d m a r gi n t a r ge t s we r e c or r e l a t e d t o t he a c c ount i ng c ha nge . W e r e DuPont s i nde pe nde nt di r e c t or s a wa r e of t hi s ? Tr i a n s nom i ne e s wi l l s e e k t o e ns ur e t ha t t he boa r d hol ds m a na ge m e nt a c c ount a bl e . Sour c e : DuPont SEC f i l l i ngs , DuPont I nve s t or Da y t r a ns c r i pt f r om M a y 2, 2013, Tr i a n c a l c ul a t i ons , non - GAAP r e c onc i l i a t i ons . ( 1) J e f f Ze ka us ka s , J P M or ga n, DuPont 2013 I nve s t or Da y , 5/ 2/ 2013.

La c k Of Tr a ns pa r e nc y I n Re por t i ng Sour c e : Com pa ny Pr e s s Re l e a s e s , SEC Fi l i ngs , 2006 Da t a Book, Q3 2013 pr e s e nt a t i on. ( 1) Fr om 2010 - 2011, DuPont s pl i t Agr i c ul t ur e & Nut r i t i on i nt o 2 s e gm e nt s , onl y pr ovi di ng one ye a r of hi s t or i c a l i nf or m a t i on f or e a c h. Fr om 2008 - 2009, DuPont c ha nge d r e por t i ng f r om 6 t o 7 s e gm e nt s a nd a dj us t e d t he bus i ne s s e s i nc l ude d wi t hi n t he pr e - e xi s t i ng s e gm e nt s ( e . g. Sa f e t y & Pr ot e c t i on, El e c t r oni c s & Com m uni c a t i ons ) . Fr om 2001 - 2002, D uPont dr a m a t i c a l l y r e a l i gne d i t s bus i ne s s e s , e xc l udi ng Agr i c ul t ur e & Nut r i t i on. ( 2) COGS r e f e r s t o c os t of goods s ol d. ( 3) 2012 i m pl i e d gr os s m a r gi ns i nc r e a s e d by ~960bps us i ng t he 2013 a nnua l 8 - K vs t he 2012 a nnua l 8 - K ( COGS we r e 61. 9% of s a l e s vs 71. 5% s a l e s ) , a s t he c om pa ny s e pa r a t e d ot he r ope r a t i ng c ha r ge s f r om c os t of goods s ol d. Ana l ys i s de f i ne s gr os s m a r gi n a s s a l e s l e s s COGS. ( 4) SG& A e xpe ns e a s a % of s a l e s . ( 5) Ave r a ge c a nni ba l i z e d s a l e s a s a
pe r c e nt a ge of ne w pr oduc t s a l e s f r om 2004 - 2006 s a l e s . Es t i m a t e s us i ng t he gr a phs pr ovi de d on pa ge 16 of t he 2006 DuPont da t a book, e nt i t l e d Sa l e s Fr om Pr oduc t s Com m e r c i a l i z e d i n La s t 5 Ye a r s a nd Gr owt h Re ve nue Fr om Pr oduc t s Com m e r c i a l i z e d i n La s t Fi ve Ye a r s ( Ne t of Ca nni ba l i z a t i on) . ( 6) Cl a i m e d $26m ga i n r e l a t e d t o a n e qui t y r e m e a s ur e m e nt of Pa nna r , ye t i n 2012 a nnua l pr e s s r e l e a s e i de nt i f i e d ga i n on t he s a l e of e qui t y m e t hod i nve s t m e nt a s a one - t i m e ga i n ( $122m ga i n) . ( 7) Sour c e : DuPont Sha r e hol de r Upda t e Pr e s e nt a t i on 10/ 28/ 14 ( pa ge 27) . 1. DuPont s huf f l e s t he de c k c ha i r s wi t h ope r a t i ng s e gm e nt s Cha nge d s e gm e nt r e por t i ng l i ne s 3 t i m e s s i nc e 2000 ( 1) Cons t a nt l y r e - s t a t e d s e gm e nt s ( e . g. Vi t on m ove d f r om Pe r f or m a nc e M a t e r i a l s ( PM a t ) t o PChe m i n 2014) 2. DuPont s huf f l e s t he de c k c ha i r s wi t h t he hi s t or i c a l i nc om e s t a t e m e nt s I n 2013 For m 10 - K, r e por t e d $3. 8bn of ot he r ope r a t i ng c ha r ge s , a c om pl e t e l y ne w
P& L l i ne , f or m e r l y i nc l ude d i n COGS ( 2) , e f f e c t i ve l y r e s t a t i ng t he i m pl i e d gr os s m a r gi n a s 960bps hi ghe r ( 3) A ye a r l a t e r , DuPont r e s t a t e d ot he r ope r a t i ng c ha r ge s a ga i n DuPont r e duc e d t he 2013 e xpe ns e by $2. 2bn a nd e f f e c t i ve l y i nc r e a s e d t he SG& A r a t i o by >600bps ( 4) 3. M a na ge m e nt s t oppe d r e por t i ng ne w pr oduc t c a nni ba l i z a t i on e nt i r e l y i n 2007 Ac c or di ng t o DuPont s pr i or Da t a Books , ~63% of ne w pr oduc t s a l e s we r e c a nni ba l i z e d i n t he ye a r s 2004 - 2006 ( 5) 4. DuPont l a c ks a c ons i s t e nt r e por t i ng m e t hodol ogy f or M & A a c t i vi t y Ga i ns on a s s e t s a l e s a r e oc c a s i ona l l y i nc l ude d a s ope r a t i ng i nc om e , e . g. Q3 2013 ~$26m ga i n on Pa nna r ( 6) W he n m e a s ur i ng ope r a t i ng m a r gi ns be t we e n 2008 a nd 2013, DuPont s e l e c t i ve l y i nc l ude s t he i m pa c t of M & A ( 7) o DuPont e xc l ude s Coa t i ngs ( s a l e a nnounc e d i n 2012) a nd PChe m ( not ye t s pun) , but doe s n t e xc l ude Da ni s c o ( a c qui r e d i n 2011) , nor doe s i t pr o f or m a a dj us t t he ba s e 2008 m a r gi n f or t he Da ni s c o
a c qui s i t i on 35

Tr i a n Be l i e ve s I t Ha s Al r e a dy M a de An I m pa c t On Va l ue Cr e a t i on At DuPont And Tha t The r e I s M uc h M or e To Be Unl oc ke d 36 Va l ue De s t r uc t i on Be f or e Tr i a n s I nvol ve m e nt DuPont s Ac t i ons Si nc e Tr i a n s I nvol ve m e nt Out s t a ndi ng Conc e r ns Ope r a t i ons EPS down >7% s i nc e 2011 M a na ge m e nt m i s s e d gui da nc e f or 3 ye a r s i n a r ow ( 1) $2. 2bn a ddba c ks dur i ng m a na ge m e nt t e nur e Re ve nue gr owt h a nd m a r gi ns unde r pe r f or m pe e r s i n 5 of 7 s e gm e nt s Announc e d Fr e s h St a r t I ni t i a t i ve , a $925m c os t s a vi ngs ( 7) W e e s t i m a t e $2 - $4bn of e xc e s s c or por a t e c os t s ( a nnua l l y) ( 8) Re ve nue gr owt h a nd m a r gi ns s t i l l t r a i l pe e r s i n 5 of 7 s e gm e nt s Li m i t e d c om m i t m e nt t o f l ow - t hr ough Fr e s h St a r t c os t s a vi ngs t o t he bot t om l i ne ( 9) M & A Tr a ns f e r r e d >$6bn ( 2) of va l ue t o Pr i va t e Equi t y owne r s by s e l l i ng Axa l t a f or c a s h ve r s us t a x - f r e e s pi n - of f Va l ue de s t r uc t i on e xa c e r ba t e d by e xc e s s c or por a t e c os t s : $339m of 2011 EBI TDA unde r DuPont vs $568
s t a nda l one ( 3) Da ni s c o m a r gi ns down 33% s i nc e a c qui r e d ( 4) Spi nni ng Che m our s t a x e f f i c i e nt l y ( vs . s e l l i ng f or c a s h) Ot he r di ve s t i t ur e s , i nc l udi ng: o Gl a s s La m i na t i ng Sol ut i ons o DuPont Hot e l / The a t r e / o Coppe r Fungi c i de Bus i ne s s Pe r f or m a nc e Che m i c a l s pi nof f a nnounc e d i n Oc t . 2013; c om pl e t i on not e xpe c t e d unt i l m i d - 2015, a l m os t t wo ye a r s a f t e r a nnounc e m e nt Ca pi t a l Al l oc a t i on & Gove r na nc e Took 10 ye a r s t o c om pl e t e t he $2bn s ha r e buyba c k pr ogr a m l a unc he d i n 2001 ( 5) Di vi de nd gr owt h r a t e s i gni f i c a nt l y be l ow t ha t of pe e r s Poor l y t i m e d c a pe x ( e . g. $600m Al t a m i r a i nve s t m e nt dur i ng Ti O2 ove r s uppl y) ~$5bn of Agr i c ul t ur e R& D ha s l e d t o z e r o t r a i t s a nd $2. 2bn i n l i t i ga t i on c os t s ( 6) Poor l y c ons t r uc t e d c om pe ns a t i on pr ogr a m s Announc e d a $5bn s ha r e buyba c k pr ogr a m Com m i t t e d t o r e t ur n $4bn of c a pi t a l t o s ha r e hol de r s f r om Che m our s di vi de nd Upgr a de d t he Boa r d Am e nde d Ke y Pe r f or m a nc e I ndi c a t or s f or 2015 c om pe ns a t i on
Li m i t e d e nha nc e m e nt of Che m our s pr opos e d c or por a t e gove r na nc e DuPont r e j e c t e d uni ve r s a l pr oxy pr opos a l No de a dl i ne on 60% of buyba c k pr ogr a m Une c onom i c ROI C on R& D a nd c a pe x i n 2/ 3 r ds of t he bus i ne s s Fa i l ur e t o m e e t Appl i e d Bi os c i e nc e goa l s Di l ut e d s ha r e s out s t a ndi ng ha ve r i s e n dur i ng CEO t e nur e M i s a l i gnm e nt of m a na ge m e nt i nc e nt i ve s Poor c or por a t e gove r na nc e s t r uc t ur e a t Che m our s Tr i a n que s t i ons t he a ppr opr i a t e ne s s of a s i t t i ng CEO a l s o s e r vi ng a s a l e a d di r e c t or Sour c e : Com pa ny SEC f i l i ngs , t r a ns c r i pt s a nd pr e s s r e l e a s e s . ( 1) Exc l ude s one - t i m e ga i ns , t he i m pa c t of be t t e r t ha n e xpe c t e d t a x r a t e a nd ot he r one - t i m e i t e m s . ( 2) Axa l t a s c ur r e nt e nt e r pr i s e va l ue of ~$10. 4bn m i nus a f t e r - t a x s a l e pr oc e e ds of $4bn t ha t DuPont r e c e i ve d i n s a l e of Coa t i ngs ( c l os e d 2013) , ( 3) EBI TDA i s de f i ne d a s e a r ni ngs be f or e i nt e r e s t , t a xe s , de pr e c i a t i on a nd a m or t i z a t i on. Se e f oot not e s on pa ge 71 of Tr i a n s W hi t e Pa pe r , whi c h wa s
f i l e d wi t h t he SEC on Fe br ua r y 17, 2015. ( 4) Pl e a s e r e f e r t o pa ge 84 of Tr i a n s W hi t e Pa pe r , whi c h wa s f i l e d wi t h t he SEC on Fe br ua r y 17, 2015, f or f ur t he r de t a i l . M a r gi ns i n 2010 a t Da ni s c o pr o f or m a f or s yne r gi e s we r e ~ 13. 8% a nd we r e 9. 3% i n 2014. ( 5) $2bn pl a n f i r s t a ut hor i z e d i n 2001. The f i na l pur c ha s e unde r t he pr ogr a m wa s c om pl e t e d i n H1 2012 . ( 6) Se e 2013 For m 10 - K, a nd Re ut e r s a r t i c l e on M a r c h 26, 2013 M ons a nt o, DuPont s t r i ke $1. 7 bi l l i on l i c e ns i ng de a l , e nd l a ws ui t s , DuPont ha d I m pr e l i s c ha r ge s of $1. 2bn a nd $1bn j ur y ve r di c t f or pa t e nt i nf r i nge m e nt on Roundup Re a dy 2 pa t e nt ( M ons a nt o s t r a i t ) . I n l i e u of $1bn pa ym e nt t o M ons a nt o, DuPont a gr e e d t o pa y a m i ni m um of $1. 75bn t o M ons a nt o i n l ong - t e r m r oya l t y pa ym e nt s f or Roundup Re a dy 2 a nd di c a m ba . ( 7) Re pr e s e nt s a nnounc e m e nt of Fr e s h St a r t I ni t i a t i ve i n whi c h $1. 3bn c os t s a vi ng pl a n i nc l ude s $375m of c os t s t r a ns f e r r e d t o Pe r f or m a nc e Che m i c a l s . ( 8) Pl e a s e r e f e r
t o pa ge s 71 a nd 72 of Tr i a n s W hi t e Pa pe r , whi c h wa s f i l e d wi t h t he SEC on Fe br ua r y 17, 2015. ( 9) Ac c or di ng t o Q4 2014 e a r ni ngs c a l l . Pl e a s e r e f e r t o pa ge 74 of Tr i a n s W hi t e Pa pe r , whi c h wa s f i l e d wi t h t he SEC on Fe br ua r y 17, 2015 f or f ur t he r de t a i l s .

Tr i a n s Boa r d Enga ge m e nt I s Com pr e he ns i ve And Adds Va l ue At l a r ge c a pi t a l i z a t i on c om pa ni e s , i t i s not unus ua l f or Boa r d a nd Com m i t t e e m e m be r s t o r e c e i ve a t hous a nd pa ge s of m a t e r i a l ; a s a r e s ul t , i t i s di f f i c ul t , i f not i m pos s i bl e , f or a ny di r e c t or wi t hout a t e a m of a na l ys t s t o t hor oughl y r e vi e w a l l of t he i nf or m a t i on W he n a Tr i a n pa r t ne r j oi ns a Boa r d, t he r e s our c e s of Tr i a n a r e m obi l i z e d: 1. An ope r a t i ona l , f i na nc i a l , s t r a t e gi c a nd l e ga l di l i ge nc e r e que s t l i s t i s s e nt t o t he c om pa ny 2. The a ppr opr i a t e Tr i a n t e a m e xa m i ne s a l l t he i nf or m a t i on ( Tr i a n s i gns a c onf i de nt i a l i t y a gr e e m e nt ) 3. Tr i a n t e a m i nt e r a c t s wi t h s e ve r a l l a ye r s of m a na ge m e nt The Tr i a n di r e c t or i s t he r e f or e a bl e t o: 1. Re duc e m a na ge m e nt s i nf or m a t i on a dva nt a ge ove r Boa r d m e m be r s 2. Pr ovi de t hought f ul a na l ys i s a nd r e c om m e nda t i ons ba s e d on m a t e r i a l , non - publ i c i nf or m a t i on 3. Ens ur e de c i s i ons a r e m a de by t he Boa r d i n a di s pa s s i ona t e a nd c l i ni c a l f a s hi on
37 W hi l e DuPont m a y por t r a y Tr i a n s i nvol ve m e nt a s i nt r us i ve , hi s t or y s ugge s t s t he r e s ul t i s e nha nc e d pe r f or m a nc e a nd l ong - l a s t i ng, c ol l a bor a t i ve r e l a t i ons hi ps wi t h m a na ge m e nt a nd ot he r boa r d m e m be r s ; pe r ha ps be s t e vi de nc e d by Tr i a n s c ont i nui ng r e l a t i ons hi ps wi t h Bi l l J ohns on, Ar t hur W i nkl e bl a c k a nd De nni s Re i l l e y ( He i nz ) a nd De nni s Ka s s ( Le gg M a s on)

Tr i a n Ha s A De m ons t r a t e d Abi l i t y To Dr i ve Ope r a t i ona l I m pr ove m e nt s a nd Gr owt h 38 3. 5% 8. 3% Tr i a n I nve s t m e nt s Dur i ng Pr i or 5- Ye a r Pe r i od Tr i a n I nve s t m e nt s Dur i ng Ti m e Pe r i od Sour c e : Com pa ny f i l i ngs , Bl oom be r g ( 1) Adj us t e d e a r ni ngs pe r s ha r e ( EPS ) i s de f i ne d a s ne t i nc om e e xc l udi ng s pe c i f i c a l l y i de nt i f i e d i t e m s di vi de d by t he we i ght e d a ve r a ge n um b e r of di l ut e d s ha r e s out s t a ndi ng dur i ng t he f i s c a l ye a r . Tr i a n be l i e ve s t ha t us i ng EPS on a n a dj us t e d ba s i s f or t hi s a na l ys i s pr ovi de s a m or e a c c ur a t e r e pr e s e nt a t i on of a c om pa ny s ope r a t i ng pe r f or m a nc e a c r os s t i m e pe r i ods . Adj us t m e nt s t o ne t i nc om e i nc l ude , but a r e not l i m i t e d t o, c e r t a i n non - c a s h i t e m s ( e . g. , i m pa i r m e nt s , i nt a ngi bl e s a m or t i z a t i on, non - c a s h i nt e r e s t ) , non - r e c ur r i ng i t e m s ( e . g. , one - t i m e ga i ns a nd/ or l os s e s , r e s t r uc t ur i ng c os t s , e xt r a or di na r y i t e m s ) a nd non - ope r a t i ona l i t e m s ( e . g. , a c qui s i t i on c os t s , l e ga l s e t t l e m e nt s , he dge s ) . ( 2) Cor e a nd Ot he r
Tr i a n I nve s t m e nt s r e f e r s t o t he s a m e popul a t i on of Tr i a n i nve s t m e nt s us e d f or t he Tot a l Sha r e hol de r Re t ur n ( TSR) a na l ys i s de s c r i be d on pa ge 39 of t hi s pr e s e nt a t i on. Pl e a s e r e f e r t o t he s um m a r y c ha r t on s uc h pa ge f or t he na m e s of t he Cor e Tr i a n I nve s t m e nt s a nd Ot he r Tr i a n I nve s t m e nt s us e d i n t he TSR a na l ys i s a nd t he c r i t e r i a us e d t o s e l e c t s uc h i nve s t m e nt s . Suc h i nve s t m e nt s do not r e pr e s e nt a l l of t he i nve s t m e nt s pur c ha s e d or s ol d f or Tr i a n s c l i e nt s . ( 3) The Annua l Adj us t e d EPS Gr owt h dur i ng t he Pr i or 5 - Ye a r Pe r i od r e pr e s e nt s t he c om pound a nnua l gr owt h r a t e ( CAGR ) c a l c ul a t e d us i ng t he c om pa ny s Adj us t e d EPS on t he pr e - i nve s t m e nt da t e ve r s us t he Adj us t e d EPS f i ve ye a r s pr i or t o s uc h da t e . For pur pos e s of t hi s a na l ys i s , t he pr e - i nve s t m e nt da t e f or e a c h Tr i a n por t f ol i o c om pa ny wa s e s t a bl i s he d a s t he por t f ol i o c om pa ny s ( f or wa r d or ba c kwa r d - l ooki ng) f i s c a l ye a r - e nd t ha t wa s c l os e s t t o Tr i a n s i ni t i a l i nve s t m e nt
da t e . ( 4) The Annua l Adj us t e d EPS Gr owt h dur i ng t he Ti m e Pe r i od r e pr e s e nt s t he CAGR c a l c ul a t e d us i ng t he c om pa ny s Adj us t e d EPS on t he pr e - i nve s t m e nt da t e ve r s us t he Adj us t e d EPS t hr ough e i t he r c a l e nda r ye a r 2014 or t he l a s t f ul l f i s c a l ye a r pr i or t o t he l a s t da y of publ i c t r a di ng of t he c om pa ny s s t oc k. Not e : W hi l e Tr i a n m a y be l i e ve t ha t e a r ni ngs pe r s ha r e gr owt h dur i ng t he Ti m e Pe r i od i s a t t r i but a bl e i n l a r ge pa r t t o t he c um ul a t i ve e f f e c t s of t he i m pl e m e nt a t i on of ope r a t i ona l a nd s t r a t e gi c i ni t i a t i ve s dur i ng t h e pe r i od of Tr i a n s a c t i ve i nvol ve m e nt a nd be yond, t he r e i s no obj e c t i ve m e t hod t o c onf i r m wha t por t i on of s uc h gr owt h wa s a t t r i but a bl e t o Tr i a n s e f f or t s a nd wha t m a y ha ve be e n a t t r i but a bl e t o ot he r f a c t or s . The EPS Gr owt h f i gur e s on t hi s pa ge s houl d not be c ons t r ue d a s a n i ndi c a t i on of t he pe r f or m a nc e of t he f unds m a na ge d by Tr i a n a nd i t s houl d not be a s s um e d t ha t a ny or a l l of t he i nve s t m e nt s i nc l ude d i n t hi s
a na l ys i s we r e or wi l l be pr of i t a bl e i n a ny of t he f unds m a na ge d by Tr i a n. Pa s t pe r f or m a nc e i s not a n i ndi c a t i on of f ut ur e r e s ul t s . Com pa r e d t o Pr i or 5 - Ye a r Pe r i od Tr i a n ha s a l ong t r a c k r e c or d of wor ki ng wi t h i t s por t f ol i o c om pa ni e s t o he l p gr ow e a r ni ngs W e ha ve s e e n t he i m pa c t of our a c t i ve i nvol ve m e nt a nd c ons t r uc t i ve e nga ge m e nt s t r e t c h we l l be yond j us t t he pe r i od of our i nve s t m e nt As t he c ha r t s be l ow i ndi c a t e , whe n m e a s ur i ng a nnua l a dj us t e d EPS gr owt h s i nc e t he t i m e of Tr i a n s i ni t i a l i nve s t m e nt t hr ough t he pr e s e nt , our por t f ol i o c om pa ni e s ha ve on a ve r a ge ge ne r a t e d s i gni f i c a nt EPS out pe r f or m a nc e B a s e d on t hi s t r a c k r e c or d, Tr i a n be l i e ve s i t c a n he l p DuPont gr ow e a r ni ngs s i gni f i c a nt l y ( 3) ( 4) Annua l Adj us t e d EPS ( 1) Gr owt h f or Cor e a nd Ot he r Tr i a n I nve s t m e nt s ( 2) Ti m e Pe r i od: Fr om t he Da t e of Tr i a n s Fi r s t Pur c ha s e Thr ough t he Pr e s e nt ( or l a s t da y of t r a di ng on e xc ha nge )

Tr i a n Ha s A Tr a c k Re c or d Of He l pi ng Com pa ni e s Out pe r f or m The M a r ke t Ove r The Long Te r m Tr i a n ha s a t r a c k r e c or d of a ddi ng va l ue i n t he Boa r dr oom , i m pr ovi ng bot h ope r a t i ng r e s ul t s a nd s ha r e pr i c e pe r f or m a nc e . 39 Not e s *De not e s a boa r d on whi c h Ne l s on Pe l t z s e r ve s or ha s s e r ve d ( 1) Re pr e s e nt s t he hi ghe s t pe r c e nt a ge of t he c om pa ny's out s t a ndi ng s ha r e s he l d a c r os s a l l of Tr i a n's e qui t y i nve s t m e nt ve hi c l e s a t a ny poi nt dur i ng t he l i f e of t he i nve s t m e nt . ( 2) Ti m e hor i z on i s de f i ne d a s f r om t he da t e of Tr i a n s f i r s t pur c ha s e t hr ough t he e a r l i e r of 4/ 16/ 2015 or l a s t da y of publ i c t r a di ng. ( 3) The TSR f i gur e s i n t he c ol um n t i t l e d St oc k r e f l e c t t he c ha nge i n t he s t oc k pr i c e of e a c h c om pa ny r e f e r e nc e d pl us t he e f f e c t of di vi de nds r e c e i ve d ove r t he r e l e va nt t i m e pe r i od. The TSR f i gur e s i n t he St oc k c ol um n s houl d not be c ons t r ue d a s a n i ndi c a t i on of t he pe r f or m a nc e of t he f unds m a na ge d by Tr i a n a nd i t s houl d not be a s s um e d t ha t a ny or a l l of
t he s e i nve s t m e nt s we r e or wi l l be pr of i t a bl e i n a ny of t he f und s m a na ge d by Tr i a n . ( 4) W e hi ghl i ght t he S& P 500 I nde x ( t he " I nde x" ) he r e onl y a s wi de l y r e c ogni z e d i nde x, howe ve r , f or va r i ous r e a s ons t he pe r f or m a n c e of t he I nde x a nd t ha t of t he i ndi vi dua l c om pa ni e s i nc l ude d i n t hi s c ha r t m a y not be c om pa r a bl e . Re f e r e nc e t o t he S& P 500 us e d i n t hi s c ha r t s ha l l m e a n t he S& P 500 Tot a l Re t ur n I nde x, whi c h i nc l ude s t he pr i c e c ha nge s of a l l unde r l yi ng s t oc ks a nd a l l di vi de nds r e i nve s t e d. S& P da t a i s obt a i ne d f r om Bl oom be r g us i ng t he SPX t i c ke r wi t h t he i nc l us i on of di vi de nd r e - i nve s t m e nt . ( 5) Thi s c a t e gor y i nc l ude s a l l of t he i nve s t m e nt s m a de by Tr i a n s i nc e Tr i a n s i nc e pt i on i n Nove m be r 2005 ( t hr ough M a r c h 2015) : ( i ) f or whi c h Tr i a n ha s f i l e d a Sc he dul e 13D or 13G or m a de a s i m i l a r non - U. S. f i l i ng or ot he r not i f i c a t i on wi t h r e s pe c t t o i t s i nve s t m e nt i n t he c om pa ny or ( i i ) t ha t we r e or a r e a publ i c l y di s c l os e d a c t i vi s t pos i t i on
i n whi c h f unds m a na ge d by Tr i a n i nve s t e d a t l e a s t $700 m i l l i on of c a pi t a l ( t he r e pr e s e nt a t i ve s i z e of Tr i a n s c ur r e nt a c t i vi s t i nve s t m e nt s ) a nd whe r e Tr i a n ( x) ha d a de s i gne e or nom i ne e on t he Boa r d a nd/ or ( y) wr ot e a whi t e pa pe r a nd m e t wi t h m a na ge m e nt . The c om pa ni e s s hown on t hi s pa ge do not r e pr e s e nt a l l of t he i nve s t m e nt s pur c ha s e d or s ol d f or Tr i a n s c l i e nt s . ( 6) Thi s c a t e gor y i nc l ude s a l l ot he r i nve s t m e nt s m a de by Tr i a n s i nc e Tr i a n s i nc e pt i on i n Nove m be r 2005 ( t hr ough M a r c h 2015) i n whi c h f unds m a na ge d by Tr i a n he l d 4. 2% or m or e of t he c om pa ny s out s t a ndi ng s ha r e s , t he pe r c e nt a ge t ha t Tr i a n he l d i n c he m i c a l c om pa ny Che m t ur a . Cum ul a t i ve Tot a l Sha r e hol de r Annua l Bps of Hi ghe s t % of Tot a l Ti m e Re t ur n ( TSR) ( 3) Out pe r f or m a nc e Com pa ny Owne d Hor i z on Ove r Ti m e Hor i z on Ove r Ti m e Hor i z on Com pa ny by Tr i a n ( 1) ( Ye a r s ) ( 2) St oc k S& P 500 ( 4) vs . S& P 500 * W e ndy's / Ti m Hor t ons 20. 3% 9. 4 314% 110% 805bps Ca dbur y / Dr Pe ppe r
Sna ppl e 4. 4% 8. 3 261% 78% 944 Ti f f a ny & Co. 8. 7% 8. 2 147% 76% 448 * M onde l e z / Kr a f t Foods 3. 1% 8. 0 167% 74% 590 * H. J . He i nz 4. 3% 7. 3 177% 53% 890 * Le gg M a s on 11. 4% 6. 2 227% 175% 333 Fa m i l y Dol l a r 8. 5% 5. 3 183% 105% 720 Dom i no's Pi z z a 9. 9% 4. 0 518% 72% 4, 275 St a t e St r e e t 3. 3% 4. 1 90% 77% 201 * I nge r s ol l - Ra nd / Al l e gi on 7. 1% 3. 2 154% 70% 1, 575 La z a r d 6. 0% 3. 2 128% 68% 1, 194 I nt e r Cont i ne nt a l Hot e l s Gr oup 4. 0% 3. 1 107% 65% 880 Pe ps i Co 1. 3% 2. 5 50% 57% ( 211) Da none 1. 0% 2. 5 51% 57% ( 185) DuPont 2. 7% 2. 1 54% 42% 485 The Ba nk of Ne w Yor k M e l l on 2. 7% 1. 1 33% 17% 1, 393 Cr a c ke r Ba r r e l Ol d Count r y St or e 4. 9% 9. 5 410% 112% 1, 054 Che e s e c a ke Fa c t or y 14. 0% 7. 5 124% 64% 459 Che m t ur a 4. 3% 4. 0 ( 96% ) ( 7% ) ( 5, 320) Pe e t 's Cof f e e & Te a 4. 8% 1. 8 81% 15% 3, 008 Ave r a ge Out pe r f or m a nc e 677bps Ave r a ge Out pe r f or m a nc e f or Com pa ni e s on whi c h Ne l s on Pe l t z Se r ve s or ha s Se r ve d on t he Boa r d 839bps Cor e Tr i a n
I nve s t m e nt s ( 5) Ot he r Tr i a n I nve s t m e nt s ( a t or a bove 4. 2% ) ( 6)

41 Appe ndi x A: Addi t i ona l Cr e de nt i a l s For Tr i a n s Four Hi ghl y Qua l i f i e d Di r e c t or s

Ne l s on Pe l t z Bi ogr a phy Chi e f Exe c ut i ve Of f i c e r & f oundi ng pa r t ne r of Tr i a n s i nc e i t s f or m a t i on i n 2005 Se r ve s a s a di r e c t or of M onde l z I nt e r na t i ona l , I nc . ( s i nc e J a nua r y 2014) , The M a di s on Squa r e Ga r de n Com pa ny ( s i nc e De c e m be r 2014) a nd The W e ndy s Com pa ny, whe r e i s he non - e xe c ut i ve Cha i r m a n ( s i nc e 2007) Pr e vi ous l y s e r ve d a s a di r e c t or of I nge r s ol l - Ra nd pl c ( 2012 t o J une 2014) , H. J . He i nz Com pa ny ( 2006 unt i l J une 2013) , Le gg M a s on, I nc . ( 2009 unt i l De c e m be r 2014) a nd Na t i ona l Pr opa ne Cor por a t i on ( 1996 t o 1999) , t he m a na gi ng f i na nc i a l pa r t ne r of Na t i ona l Pr opa ne Pa r t ne r s , L. P. , whe r e he wa s Cha i r m a n of t he Boa r d For m e r Cha i r m a n a nd Chi e f Exe c ut i ve Of f i c e r of Tr i a r c Com pa ni e s , I nc . f r om 1993 unt i l 2007. Dur i ng t ha t pe r i od , Tr i a r c owne d Ar by's Re s t a ur a nt Gr oup, I nc . a nd Sna ppl e Be ve r a ge Gr oup, a s we l l a s ot he r c ons um e r a nd i ndus t r i a l bus i ne s s e s For m e r Cha i r m a n & Chi e f Exe c ut i ve Of f i c e r of Tr i a ngl e I ndus t r i e s , I nc . , a
For t une 100 i ndus t r i a l c om pa ny a nd t he pa r e nt of Am e r i c a n Na t i ona l Ca n Com pa ny f r om 1983 unt i l De c e m be r 1988, whe n i t wa s a c qui r e d by Pe c hi ne y, S. A Fr om 1984 unt i l 1992, Cha i r m a n a nd Chi e f Exe c ut i ve Of f i c e r a nd a di r e c t or of Ave r y, I nc . whi c h, f r om 1986 t o 1989, wa s pr i m a r i l y e nga ge d i n t he m a nuf a c t ur e a nd s a l e of s pe c i a l t y c he m i c a l s t hr ough Uni r oya l Che m i c a l , whi c h wa s s ol d i n a m a na ge m e nt buyout M r . Pe l t z be ga n hi s bus i ne s s c a r e e r i n 1963 whe n he j oi ne d hi s f a m i l y f ood bus i ne s s I n Se pt e m be r 2013, M r . Pe l t z wa s r e c ogni z e d by t he Na t i ona l As s oc i a t i on of Cor por a t e Di r e c t or s ( NACD) i n 2010, 2011 a nd 2012 a s a m ong t he m os t i nf l ue nt i a l pe r s ons i n t he gl oba l Cor por a t e Gove r na nc e a r e na Va l ue Pr opos i t i on: Thr ough M r . Pe l t z s 40 ye a r s of e xpe r i e nc e i n i nve s t i ng, t ur ni ng a r ound a nd bui l di ng c om pa ni e s , he ha s de ve l ope d s t r ong ope r a t i ng e xpe r i e nc e a nd s t r a t e gi c pl a nni ng s ki l l s t ha t wi l l be ne f i t DuPont s ope r a t i ona l i ni t i a t i ve s a nd
i t s l ong - t e r m s t r a t e gy. Tr i a n be l i e ve s t he a t t r i but e s , s ki l l s a nd qua l i f i c a t i ons t ha t M r . Pe l t z pos s e s s e s t hr ough hi s e xpe r i e nc e a s a ha nds - on e xe c ut i ve a nd a c t i ve boa r d m e m be r on num e r ous publ i c c om pa ny boa r ds wi l l pr ovi de DuPont a nd i t s Boa r d wi t h va l ua bl e i ndus t r y knowl e dge a nd m a na ge m e nt e xpe r i e nc e 42

Ne l s on Pe l t z Ha s Si gni f i c a nt Re l e va nt Expe r i e nc e 43 Ra t i ona l e Che m i c a l / I ndus t r i a l Expe r i e nc e x For m e r Cha i r m a n & CEO of Tr i a ngl e I ndus t r i e s ( Am e r i c a n Na t i ona l Ca n) , a For t une 100 i ndus t r i a l c om pa ny For m e r Cha i r m a n & CEO of Ave r y, t he pa r e nt Com pa ny of Uni r oya l Che m i c a l , a pr oduc e r of a gr i c ul t ur a l a nd i ndus t r i a l c he m i c a l s I nt e r na t i ona l M a r ke t s Knowl e dge x Bui l t t he wor l d s l a r ge s t pa c ka gi ng c om pa ny i n t he 1980s Se r ve d a s CEO or boa r d m e m be r of s e ve r a l m ul t i na t i ona l c om pa ni e s i nc l udi ng Tr i a ngl e I ndus t r i e s , I nge r s ol l - Ra nd, He i nz a nd M onde l z Fi na nc i a l Ac um e n x Ope r a t i ons - c e nt r i c i nve s t m e nt t r a c k r e c or d ha s l e d t o t he f or m a t i on of Tr i a n, a n i nve s t m e nt f i r m wi t h ove r $11 bi l l i on of a s s e t s unde r m a na ge m e nt , i nc l udi ng c a l l a bl e c om m i t m e nt s * Por t f ol i o Tr a ns f or m a t i on/ M & A x Ove r s a w s e ve r a l s t r a t e gi c t r a ns a c t i ons i n a va r i e t y of i ndus t r i e s i nc l udi ng i ndus t r i a l s , c he m i c a l s , c ons um e r a nd f i na nc i a l s Ope r a t i ons /
M a nuf a c t ur i ng x Se r ve d a s CEO of a c om pa ny wi t h 24, 000 e m pl oye e s a nd 115 m a nuf a c t ur i ng f a c i l i t i e s wor l dwi de Boa r d Expe r i e nc e x Se r ve d a s c ur r e nt or f or m e r di r e c t or of 13 publ i c c om pa ni e s Cur r e nt l y s e r ve s a s di r e c t or of M onde l z , The M a di s on Squa r e Ga r de n Com pa ny, a nd W e ndy s Publ i c M a r ke t s Expe r i e nc e x Se r ve d a s CEO of s i x publ i c c om pa ni e s Four de c a de t r a c k r e c or d of i nve s t i ng i n publ i c c om pa ni e s Envi r onm e nt a l / Re gul a t or y x A s a r e s ul t of s e r vi ng a s Cha i r m a n & CEO of Tr i a ngl e I ndus t r i e s a nd Ave r y, M r . Pe l t z a c qui r e d s i gni f i c a nt m a na ge m e nt e xpe r i e nc e wi t h e nvi r onm e nt a l s t a nda r ds / r e gul a t or y i s s ue s Sour c e : SEC f i l i ngs . * As of 4/ 1/ 15. I nc l ude s $840 of c a l l a bl e c om m i t m e nt s t o a n i nve s t m e nt ve hi c l e f or m e d t o c o - i nve s t wi t h ot he r f unds m a na ge d by T r i a n.

Ne l s on Pe l t z Ca s e St udy: Tr i a ngl e / Am e r i c a n Na t i ona l Ca n ( For t une 100) 44 Tr i a n Pr i nc i pa l s a c qui r e d a n i ni t i a l i nt e r e s t i n Tr i a ngl e i n 1983 Tr i a n P r i nc i pa l s we r e Cha i r m a n & CEO a nd Pr e s i de nt & COO Cr e a t e d s i gni f i c a nt va l ue by gr owi ng or ga ni c a l l y a nd t hr ough M & A, ke e pi ng ove r he a d l e a n a nd pr ope r l y i nc e nt i vi z i ng m a na ge m e nt t o gr ow pr of i t a bl y Ac qui r e d Na t i ona l Ca n ( 1985, $ 420m ) a nd t he pa c ka gi ng bus i ne s s of Am e r i c a n Ca n ( 1986, $ 600m ) Be c a m e t he wor l d s l a r ge s t pa c ka gi ng c om pa ni e s a nd a For t une 100 i ndus t r i a l c om pa ny End Re s ul t I n 1988, Tr i a ngl e I ndus t r i e s wa s s ol d t o a s t r a t e gi c buye r ( Pe c hi ne y) f or ove r $ 4bn of e nt e r pr i s e va l ue I n 1988, For t une m a ga z i ne r a nke d Tr i a ngl e I ndus t r i e s a s t he be s t pe r f or m e r a m ong a l l For t une 500 i ndus t r i a l m e t a l pr oduc t s c om pa ni e s ba s e d on " Tot a l Re t ur n t o I nve s t or s " ove r t he pr e vi ous de c a de Tr i a ngl e I ndus t r i e s Ope r a t i ng Pe r f or m a nc e $137 $170 $1, 646 $2, 668 $4, 336 4. 1% 6. 2% 10. 0% 8. 6%
9. 7% 1983 1984 1985 1986 1987 Ne t Re ve nue EBI TDA M a r gi n Ent e r pr i s e Va l ue I nve s t m e nt Ove r vi e w Di s c l a i m e r : Thi s c a s e s t udy i s a n e xa m pl e of a di s c r e t e i nve s t m e nt , whi c h i s pr e s e nt e d s ol e l y t o i l l us t r a t e Tr i a n s Pr i nc i pa l s i nve s t m e nt pr oc e s s a nd s t r a t e gi e s a nd not t o i m pl y t ha t Tr i a n s i nvol ve m e nt wi t h DuPont wi l l be s uc c e s s f ul . M a r ke t c ondi t i ons a t t he t i m e s of t he e ve nt s r e f l e c t e d i n t he c a s e s t udy m a y di f f e r m a t e r i a l l y f r om c ur r e nt a nd f ut ur e m a r ke t c ondi t i ons . The r e c a n be no gua r a nt e e or a s s ur a nc e t ha t Tr i a n s s t r a t e gi c or ope r a t i ng i ni t i a t i ve s i f i m pl e m e nt e d wi l l be s uc c e s s f ul . The pe r f or m a nc e of t he e xa m pl e s houl d t he r e f or e not be c ons t r ue d a s a n i ndi c a t i on of t he pe r f or m a nc e of DuPont on a go f or wa r d ba s i s . Pa s t pe r f or m a nc e i s not a n i ndi c a t i on of f ut ur e r e s ul t s . Sour c e : Bl oom be r g. $80 $4, 200 1983 1988 ( $ i n m i l l i ons )

Ne l s on Pe l t z Ca s e St udy: Sna ppl e Tur na r ound ( A Ha r va r d Bus i ne s s Sc hool Ca s e St udy) Tr i a r c , a n i nve s t m e nt ve hi c l e c ont r ol l e d by Tr i a n s Pr i nc i pa l s , a c qui r e d Sna ppl e f r om Qua ke r Oa t s i n 1997 ( $ 300m pur c ha s e ) Si gni f i c a nt ope r a t i ona l t ur na r ound i nvol vi ng pr oduc t i nnova t i on, s uppl y c ha i n i nve s t m e nt a nd m a r ke t i ng Bl a nk She e t of Pa pe r a ppr oa c h t o bui l di ng a n ove r he a d s t r uc t ur e , s i m i l a r t o t he r e c e nt t ur na r ound of Axa l t a i n 2013/ 2014 Bui l t a n e f f i c i e nt ove r he a d s t r uc t ur e f or s e ni or l e a de r s hi p a nd c or por a t e s e r vi c e s i nc l udi ng f i na nc e , a c c ount i ng HR, l e ga l , a nd I T f unc t i ons El i m i na t e d bur e a uc r a c y a nd bl oa t e d c or por a t e s t r uc t ur e End Re s ul t Re ve r s e d a m ul t i - ye a r s t r i ng of vol um e de c l i ne s a nd gr e w t op a nd bot t om l i ne s Re t ur ne d bus i ne s s ba c k t o pr of i t a bi l i t y 11 s t r a i ght qua r t e r s of c a s e s a l e s gr owt h Sol d Be ve r a ge bus i ne s s ( 1) t o Ca dbur y i n 2000 f or ~$ 1. 5bn Be c a m e a Ha r va r d Bus i ne s s Sc hool c a s e s t udy ( 15% ) ( 15% ) ( 25% ) 0%
8% 8% 9% ( 28% ) ( 37% ) 17% 26% 1995 1996 1H97 2H97 1998 1999 1H00 % Cum ul a t i ve Cha nge % Cha nge vs . Pr i or Ye a r s $300 $1, 500 1997 2000 Di s c l a i m e r : Thi s c a s e s t udy i s a n e xa m pl e of a di s c r e t e i nve s t m e nt , whi c h i s pr e s e nt e d s ol e l y t o i l l us t r a t e Tr i a n s Pr i nc i pa l s i nve s t m e nt pr oc e s s a nd s t r a t e gi e s a nd not t o i m pl y t ha t Tr i a n s i nvol ve m e nt wi t h DuPont wi l l be s uc c e s s f ul . M a r ke t c ondi t i ons a t t he t i m e s of t he e ve nt s r e f l e c t e d i n t he c a s e s t udy m a y di f f e r m a t e r i a l l y f r om c ur r e nt a nd f ut ur e m a r ke t c ondi t i ons . The r e c a n be no gua r a nt e e or a s s ur a nc e t ha t Tr i a n s s t r a t e gi c or ope r a t i ng i ni t i a t i ve s i f i m pl e m e nt e d wi l l be s uc c e s s f ul . The pe r f or m a nc e of t he e xa m pl e s houl d t he r e f or e not be c ons t r ue d a s a n i ndi c a t i on of t he pe r f or m a nc e of DuPont on a go f or wa r d ba s i s . Pa s t pe r f or m a nc e i s not a n i ndi c a t i on of f ut ur e r e s ul t s . Sour c e : Com pa ny i nf or m a t i on . Fi gur e s a r e una udi t e d . ( 1) I n 1997, whe n pur c ha s e d, Sna ppl e Be ve r a ge Cor p.
i nc l ude d onl y t he Sna ppl e br a nd. I n 2000, t he Sna ppl e Be ve r a ge Gr oup i nc l ude d Sna ppl e a s we l l a s t hr e e ot he r s m a l l e r be ve r a ge br a nds . The Sna ppl e br a nd ge ne r a t e d a ppr oxi m a t e l y 72% of Adj us t e d EBI TDA f or t he Sna ppl e Be ve r a ge Gr oup i n 1999. 45 Sna ppl e : Ca s e Sa l e s Tr e nds ( Vol um e ) Ent e r pr i s e Va l ue ( 1) I nve s t m e nt Ove r vi e w ( $ i n m i l l i ons )

126% 108% W e ndy's S& P Ne l s on Pe l t z Ca s e St udy: W e ndy s Si t ua t i on Ove r vi e w ( Oc t . 2008 Apr . 2015) I n 2008, Tr i a r c , whi c h wa s c ont r ol l e d by Tr i a n s Pr i nc i pa l s , a c qui r e d W e ndy s I nt e r na t i ona l ; Ne l s on Pe l t z be c a m e Non - Exe c ut i ve Cha i r m a n Tr i a n s Pr i nc i pa l s i nve s t m e nt t he s i s f or l ong - t e r m va l ue c r e a t i on: 1) i nc r e a s e f oc us , 2) i nve s t i n or ga ni c gr owt h, a nd 3) e xpa nd m a r gi ns Ca pi t a l e xpe ndi t ur e s i n 2014 ha ve t r i pl e d s i nc e 2008 a s t he br a nd i s e xe c ut i ng a n I m a ge Ac t i va t i on i nve s t m e nt pr ogr a m Re l a unc he d t he e nt i r e c or e m e nu, i nc l udi ng ha m bur ge r s , f r i e s , s a l a ds a nd c hi c ke n s a ndwi c he s , r e s ul t i ng i n r e c or d s a l e s pe r s t or e Ra t e d #1 ove r a l l a nd i n f ood a nd d c or i n Za ga t s Se pt . 2012 f a s t f ood s ur ve y I m pr ove d t he qua l i t y of e a r ni ngs t hr ough r e f r a nc hi s i ng: t a r ge t i ng 5% c om pa ny owne r s hi p by 2016 down f r om 21% i n 2008 He l pe d a t t r a c t ne w m a na ge m e nt t e a m l e d by Em i l Br ol i c k t o l e a d br a nd r e i nvi gor a t i on Ke y M e t r i c s Up Ac r os s
t he Boa r d TSR 9/ 30/ 08 - 4/ 16/ 15 ( 2) Sour c e : Bl oom be r g . 46 Ne l s on Pe l t z a nd Tr i a n ha ve pl a ye d a n i m por t a nt r ol e i n W e ndy s br a nd t r a ns f or m a t i on a nd f i na nc i a l i m pr ove m e nt . I gr e a t l y va l ue t he t hought l e a de r s hi p a nd s t r a t e gi c i ns i ght t ha t Ne l s on a nd t he Tr i a n t e a m pr ovi de . Ne l s on a nd Tr i a n a r e pa s s i ona t e a dvoc a t e s f or t he br a nd s gr owt h a nd s uc c e s s . W e wor k c ol l a bor a t i ve l y on ke y s t r a t e gi c de c i s i ons a nd our c om pa ny be ne f i t s f r om Tr i a n s i ns i ght on f i na nc i a l a nd gl oba l oppor t uni t i e s . Em i l J . Br ol i c k, Pr e s i de nt a nd CEO, The W e ndy s Com pa ny Di s c l a i m e r : Thi s c a s e s t udy i s a n e xa m pl e of a di s c r e t e i nve s t m e nt , whi c h i s pr e s e nt e d s ol e l y t o i l l us t r a t e Tr i a n s Pr i nc i pa l s i nve s t m e nt pr oc e s s a nd s t r a t e gi e s a nd not t o i m pl y t ha t Tr i a n s i nvol ve m e nt wi t h DuPont wi l l be s uc c e s s f ul . M a r ke t c ondi t i ons a t t he t i m e s of t he e ve nt s r e f l e c t e d i n t he c a s e s t udy m a y di f f e r m a t e r i a l l y f r o m c ur r e nt a nd f ut ur e m a r ke t c ondi t i ons . The r e c a n be no
gua r a nt e e or a s s ur a nc e t ha t Tr i a n s s t r a t e gi c or ope r a t i ng i ni t i a t i ve s i f i m pl e m e nt e d wi l l be s uc c e s s f ul . The pe r f or m a nc e of t he e xa m pl e s houl d t he r e f or e no t be c ons t r ue d a s a n i ndi c a t i on of t he pe r f or m a nc e of DuPont on a goi ng f or wa r d ba s i s . Pa s t pe r f or m a nc e i s not a n i ndi c a t i on of f ut ur e r e s ul t s . Sour c e : SEC f i l i ngs , pr e s s r e l e a s e s a nd Bl oom be r g. ( 1) I nc l ude s c ons ol i da t e d Ar by s c a pi t a l e xpe ndi t ur e s . ( 2) TSR r e pr e s e nt s t ot a l s ha r e hol de r r e t ur n, or t he c ha nge i n s t oc k pr i c e of W e ndy s pl us t he e f f e c t of di vi de nds r e c e i ve d be t w e e n 9/ 30/ 08 - 4/ 16/ 15. ( $m m , e xc e pt pe r s ha r e ) FY09A FY14A Cha nge Ave r a ge Co- Op Uni t Vol um e $1. 422 $1. 593 12% Ne t Re ve nue $2, 437 $2, 061 - 15% Re s t a ur a nt M a r gi n 14. 8% 15. 8% 100bps G& A $353 $263 - 25% EBI TDA $338 $393 16% % - M a r gi n 13. 9% 19. 1% 518bps EPS $0. 19 $0. 34 79% Ca pi t a l Expe ndi t ur e s ( 1) $102 $299 193% Di vi de nd pe r Sha r e $0. 06 $0. 21 242% Sour c e : Fi na nc i a l s ba s e d on c om pa ny f i l i ngs , pr e s s
r e l e a s e s a nd i nve s t or pr e s e nt a t i ons . W e ndy s Out s t a ndi ng Sha r e hol de r Re t ur ns

Ne l s on Pe l t z Ca s e St udy: I nge r s ol l - Ra nd Si t ua t i on Ove r vi e w Tr i a n i nve s t e d i n I R i n Fe br ua r y 2012 a nd m e t wi t h m a na ge m e nt t ha t Apr i l t o di s c us s a br oa d c or por a t e r e s t r uc t ur i ng s e e ki ng: Hi ghe r m a r gi ns Por t f ol i o opt i m i z a t i on Ef f i c i e nt c a pi t a l a l l oc a t i on I n Augus t 2012, Ne l s on Pe l t z j oi ne d t he Boa r d of Di r e c t or s Si nc e t he n, I nge r s ol l - Ra nd ha s a c c om pl i s he d t he f ol l owi ng: I nc r e a s e d Foc us : Spun - of f s e c ur i t y bus i ne s s ( Al l e gi on) t o s ha r e hol de r s ; r e - r a t e d t o 11. 6x EV/ NTM EBI TDA ( 1) , 76% a bove i t s pr e - i nve s t m e nt va l ua t i on I m pr ove d Pr of i t a bi l i t y : EBI T m a r gi n i nc r e a s e d ~200bps ( f r om 10% - 12% ) ; e xpe c t e d t o be 14% by 2016 ( 2) I m pr ove d ROI C ( 3) : I m pr ove d by 294bps f r om 2011 - 2014 ( up 27% ) Ke y M e t r i c s Up Ac r os s t he Boa r d Sour c e : Fi na nc i a l s ba s e d on c om pa ny f i l i ngs , pr e s s r e l e a s e s a nd i nve s t or pr e s e nt a t i ons . I R Sha r e hol de r Re t ur ns Out pe r f or m The M a r ke t TSR f r om 2/ 2/ 12 - 4/ 16/ 15 ( 4) Sour c e : Bl oom be r g .
Di s c l a i m e r : Thi s c a s e s t udy i s a n e xa m pl e of a di s c r e t e i nve s t m e nt , whi c h i s pr e s e nt e d s ol e l y t o i l l us t r a t e Tr i a n s Pr i nc i pa l s i nve s t m e nt pr oc e s s a nd s t r a t e gi e s a nd not t o i m pl y t ha t Tr i a n s i nvol ve m e nt wi t h DuPont wi l l be s uc c e s s f ul . M a r ke t c ondi t i ons a t t he t i m e s of t he e ve nt s r e f l e c t e d i n t he c a s e s t udy m a y di f f e r m a t e r i a l l y f r om c ur r e nt a nd f ut u r e m a r ke t c ondi t i ons . The r e c a n be no gua r a nt e e or a s s ur a nc e t ha t Tr i a n s s t r a t e gi c or ope r a t i ng i ni t i a t i ve s i f i m pl e m e nt e d wi l l be s uc c e s s f ul . The pe r f or m a nc e of t he e xa m pl e s houl d t he r e f or e not be c ons t r ue d a s a n i ndi c a t i on of t he p e r f or m a nc e of DuPont on a goi ng f or wa r d ba s i s . Pa s t pe r f or m a nc e i s not a n i ndi c a t i on of f ut ur e r e s ul t s . Sour c e : SEC f i l i ngs a nd Bl oom be r g. ( 1) EV/ NTM EBI TDA i s de f i ne d a s Ent e r pr i s e Va l ue di vi de d by ne xt t we l ve m ont hs EBI TDA. I nge r s ol l - Ra nd/ Al l e gi on r e - r a t e d f r om 6. 6x EB I TDA t o 11. 6x on a c om bi ne d ba s i s . ( 2) Sour c e : Bl oom be r g a nd SEC f i l i ngs .
( 3) ROI C i s de f i ne d a s r e t ur n on i nve s t e d c a pi t a l , whi c h e qua l s ne t ope r a t i ng pr of i t a f t e r t a x di vi de d by a ve r a ge e qui t y pl us ne t de bt . ( 4) TSR r e pr e s e nt s t ot a l s ha r e hol de r r e t ur n, or t he c ha nge i n s t oc k pr i c e of I nge r s ol l - Ra nd pl us t he e f f e c t of di vi de nds r e c e i ve d a nd t he di s t r i but i on of Al l e gi on be t we e n 2/ 2/ 12 - 4/ 16/ 15. 47 154% 70% I nge r s ol l - Ra nd/ Al l e gi on S& P ( 3) $m m , e xc e pt pe r s ha r e 2011 2014 Cha nge On a Cons ol i da t e d Ba s i s Re ve nue $14, 782 $15, 010 1. 5% Or ga ni c Gr owt h 10. 4% Gr os s M a r gi n 29. 0% 32. 0% 297bps EBI TDA $1, 910 $2, 194 14. 9% EBI T $1, 507 $1, 813 20. 3% EBI T M a r gi n 10. 2% 12. 1% 188bps Di l ut e d EPS $2. 82 $4. 16 47. 5% Annua l Di vi de nd $0. 59 $1. 11 87. 6% Af t e r - Ta x ROI C 11. 1% 14. 0% 294bps

J ohn H. M ye r s Bi ogr a phy For m e r Pr e s i de nt a nd Chi e f Exe c ut i ve Of f i c e r of GE As s e t M a na ge m e nt ( Ge ne r a l El e c t r i c s a s s e t m a na ge m e nt s ubs i di a r y) f r om 1996 unt i l 2006 Re s pons i bl e f or ~$200bn i n a s s e t s unde r m a na ge m e nt , i nc l udi ng t hos e he l d by Ge ne r a l El e c t r i c s pe ns i on f unds , 401( k) pl a ns , m ut ua l f unds a nd i ns ur a nc e c om pa ni e s a nd m or e t ha n 200 e xt e r na l i ns t i t ut i ona l c l i e nt s He l d va r i ous m a na ge m e nt pos i t i ons i n Ge ne r a l El e c t r i c f or ove r 35 ye a r s Se r ve s a s di r e c t or f or Le gg M a s on, I nc . ( s i nc e J une 2013) Se r ve d a s a di r e c t or of Hi l t on Hot e l s Cor por a t i on f r om 2000 t o 2007 Va l ue Pr opos i t i on: Tr i a n be l i e ve s M r . M ye r s qua l i f i c a t i ons t o s e r ve on DuPont s Boa r d i nc l ude t he knowl e dge a nd e xpe r i e nc e he ha s ga i ne d whi l e s e r vi ng i n va r i ous m a na ge m e nt pos i t i ons f or ove r 35 ye a r s wi t h Ge ne r a l El e c t r i c . I n a ddi t i on, he ga i ne d e xt e ns i ve f i na nc i a l a nd l e a de r s hi p e xpe r i e nc e s e r vi ng a s Pr e s i de nt a nd Chi e f Exe c ut i ve Of f i c e r of GE As s e t
M a na ge m e nt a nd t hr ough hi s e xpe r i e nc e a s a di r e c t or of Le gg M a s on, I nc . a nd a s a f or m e r di r e c t or of Hi l t on Hot e l s Cor por a t i on 48

J ohn H. M ye r s Ha s Si gni f i c a nt Re l e va nt Expe r i e nc e 49 Ra t i ona l e Cul t ur e of Hi gh Pe r f or m a nc e x Gr e w GE As s e t M a na ge m e nt ( GEAM ) AUM f r om $58bn i n 1996 t o $200bn i n 2006 St r ong i nve s t m e nt r e t ur ns a t GEAM m a de i t unne c e s s a r y f or GE t o m a ke a ny c or por a t e c ont r i but i ons t o t he GE Pe ns i on Pl a n dur i ng t e nur e Che m i c a l / I ndus t r i a l Expe r i e nc e x Fi r s t ha l f of GE c a r e e r s pe nt on i ndus t r i a l s i de of bus i ne s s Re por t e d di r e c t l y t o GE s Cha i r m a n & CEO I nt e r na t i ona l M a r ke t s Knowl e dge x M r . M ye r s wa s i ns t r um e nt a l i n s ha pi ng GEAM s i nt e r na t i ona l i nve s t m e nt pr ogr a m a nd GEAM wa s one of t he f i r s t ERI SA pl a ns t o ve nt ur e i nt o i nt e r na t i ona l e qui t y i nve s t m e nt s W or ke d a br oa d i n bot h Ge r m a ny a nd I t a l y whi l e a t GE Fi na nc i a l Ac um e n x P& L r e s pons i bi l i t y ove r e nt i r e GEAM bus i ne s s I m pl e m e nt e d Si x Si gm a t o c r e a t e m or e e f f i c i e nt i nve s t i ng pr oc e s s i n GEAM , opt i m i z i ng r e s our c e a l l oc a t i on Se r ve d on a udi t c om m i t t e e of Hi l t on Hot e l s
Por t f ol i o Tr a ns f or m a t i on/ M & A x I nve s t e d i n a br oa d r a nge of pr oduc t s i nc l udi ng r e a l e s t a t e , pr i va t e e qui t y, dom e s t i c a nd i nt e r na t i ona l e qui t i e s , a nd f i xe d i nc om e Si gni f i c a nt e xpe r i e nc e ove r s e e i ng i nve s t m e nt pr oc e s s a nd m a na gi ng r i s k Boa r d Expe r i e nc e x Di r e c t or of Le gg M a s on Pr e vi ous Di r e c t or of Hi l t on Hot e l s , Doubl e Tr e e , Ca l l a wa y Gol f , a nd Pr om us Hot e l Cor p; For m e r M e m be r of W a r bur g Pi nc us Advi s or y Com m i t t e e Publ i c M a r ke t s Expe r i e nc e x Bui l t l a s t i ng r e l a t i ons hi ps wi t h i ns t i t ut i ona l i nve s t or s ; i n a ddi t i on t o GE, m a na ge d a s s e t s f or m or e t ha n 200 e xt e r na l i ns t i t ut i ona l c l i e nt s Envi r onm e nt a l / Re gul a t or y x GEAM , one of t he l a r ge s t pe ns i on f und m a na ge r s i n t he wor l d, i s hi ghl y r e gul a t e d a nd i s s ubj e c t t o t he r ul e s a nd r e gul a t i ons of t he Em pl oye e Re t i r e m e nt I nc om e Se c ur i t y Ac t ( ERI SA ) Sour c e : GE As s e t M a na ge m e nt Le ve r a ge s i t s He r i t a ge ; 4/ 1/ 2004, The Bus i ne s s of Runni ng M one y, Vol um e 1, Num be r 7; GE Boos t s Ac t i ve
M a na ge m e nt , 3/ 23/ 1998, Pe ns i on & I nve s t m e nt s ; GE As s e t M a na ge m e nt s Swe e t Spot , M a r c h 2002, M one y M a na ge m e nt ; GE W hi z , De c e m be r 2003, I ns t i t ut i ona l I nve s t or ; J ohn M ye r s , GE I nve s t m e nt s , 5/ 23/ 1997, Pl a nSpons or M a ga z i ne ; M ye r s Out , Pr e s s m a n i n a t GE As s e t , 5/ 29/ 2006, Pe ns i on & I nve s t m e nt s ; a nd Aur or a Ca pi t a l Gr oup ht t p : / / www. a ur or a c a p. c om / pe opl e / a dvi s or s - j m ye r s . php .

J ohn H. M ye r s Ca s e St udy: Ge ne r a l El e c t r i c As s e t M a na ge m e nt Unde r J ohn M ye r s , t he GE As s e t M a na ge m e nt ( GEAM ) bus i ne s s e xpa nde d r a pi dl y, e s pe c i a l l y i n s e r vi c i ng e xt e r na l c l i e nt s As of 2003, GE owns t he bi gge s t pe ns i on - f und - t ur ne d - a s s e t - m a na ge r wi t h $30. 8bn of e xt e r na l m one y ( Ge ne r a l M ot or s wa s t he c l os e s t wi t h $20bn of e xt e r na l m one y f r om l e s s t ha n 10 c l i e nt s ) Unde r M ye r s , t he GE pe ns i on f und a c hi e ve d s e ve r a l of GE s ke y pe r f or m a nc e goa l s : Gr e w e xt e r na l a s s e t s , l e ve r a gi ng c os t s of r unni ng pe ns i on por t f ol i o No GE c or por a t e c ont r i but i on ne e de d t o be m a de t o GE Pe ns i on Pl a n be t we e n 1987 a nd 2011 De m ons t r a t e d e xpe r t i s e a c r os s t he i nve s t m e nt s pa c e GEAM ha d di r e c t i nve s t m e nt s i n r e a l e s t a t e , pr i va t e e qui t y, dom e s t i c a nd i nt e r na t i ona l e qui t i e s a nd f i xe d i nc om e 70 - 80% of GEAM a s s e t s we r e i nt e r na l l y m a na ge d t hr oughout M ye r s t i m e a t GEAM I m pl e m e nt e d Si x Si gm a t o c r e a t e m os t e f f i c i e nt i nve s t i ng pr oc e s s
Cut t i m e t o pr e pa r e a pr e s e nt a t i on i n ha l f t hr ough r e de s i gn a nd a ut om a t i on Cl i e nt r e por t de l i ve r y t i m e we nt f r om 12 - 14 da ys t o 8 - 10 da ys W e l l pe r c e i ve d GE Pe ns i on Tr us t , t he c om pa ny s de f i ne d be ne f i t pl a n c ont i nue s t o s e t a n i ndus t r y s t a nda r d, a s doe s M ye r s , who ha s e m e r ge d a s one of Am e r i c a s m os t i nf l ue nt i a l pe ns i on m a na ge r s I ns t i t ut i ona l I nve s t or ( 12/ 03) Ge ne r a l El e c t r i c de s e r ve s t o s t a nd a s a m ode l of t he de f i ne d be ne f i t s ys t e m . Ot he r c or por a t i ons , a s we l l a s publ i c r e t i r e m e nt s ys t e m s ought t o e xa m i ne i t f or va l ua bl e i ns i ght i n m a na gi ng t he i r own de f i ne d be ne f i t pl a ns Pe ns i ons & I nve s t m e nt s ( 1/ 20/ 11) AUM Gr owt h $bn ( 1) $58 $200 1996 2006 Sour c e : GE As s e t M a na ge m e nt Le ve r a ge s i t s He r i t a ge ; 4/ 1/ 2004, t he Bus i ne s s of Runni ng M one y , Vol um e 1, Num be r 7; GE Boos t s Ac t i ve M a na ge m e nt , 3/ 23/ 1998, Pe ns i on & I nve s t m e nt s ; GE As s e t M a na ge m e nt s Swe e t Spot , M a r c h 2002, M one y M a na ge m e nt ; GE
W hi z , De c e m be r 2003, I ns t i t ut i ona l I nve s t or ( 1) J ohn M ye r s , GE I nve s t m e nt s , 5/ 23/ 1997, Pl a nSpons or M a ga z i ne a nd M ye r s Out , Pr e s s m a n i n a t GE As s e t , 5/ 29/ 2006, Pe ns i on & I nve s t m e nt s 50

Ar t hur B. W i nkl e bl a c k Bi ogr a phy Exe c ut i ve Vi c e Pr e s i de nt a nd Chi e f Fi na nc i a l Of f i c e r of H. J . He i nz Com pa ny f r om J a nua r y 2002 unt i l J une 2013, whe n t he c om pa ny wa s s ol d t o Be r ks hi r e Ha t ha wa y/ 3G Ca pi t a l Se r ve s a s a di r e c t or f or Chur c h & Dwi ght Co. , I nc . ( s i nc e 2008) a nd RTI I nt e r na t i ona l M e t a l s , I nc . ( s i nc e De c e m be r 2013) a nd Pe r f or m a nc e Food Gr oup, a Bl a c ks t one Com pa ny ( s i nc e Fe br ua r y 2015) For m e r l y he l d s e ni or f i na nc e pos i t i ons a t C . De a n M e t r opoul os & Co . , t he c ons um e r pr oduc t s a r m of Hi c ks , M us e , Ta t e a nd Fur s t , a pr i va t e e qui t y f i r m ( 1998 unt i l 1999) ; Si x Fl a gs Ent e r t a i nm e nt Cor por a t i on ( 1996 unt i l 1998) ; Al l i e dSi gna l , I nc . f r om 1994 unt i l 1996; a nd Pe ps i Co, I nc . f r om 1982 unt i l 1994 Va l ue Pr opos i t i on: Tr i a n be l i e ve s M r . W i nkl e bl a c k s s ubs t a nt i a l e xe c ut i ve e xpe r i e nc e , i nc l udi ng a l m os t 12 ye a r s of s e r vi c e a s Exe c ut i ve Vi c e Pr e s i de nt a nd Chi e f Fi na nc i a l Of f i c e r of H. J . He i nz Com pa ny, pr ovi de s hi m wi t h knowl e dge a bl e
pe r s pe c t i ve s on s t r a t e gi c pl a nni ng, i nt e r na t i ona l ope r a t i ons , a c qui s i t i ons a nd di ve s t i t ur e s a nd c os t a nd f i na nc i a l c ont r ol s . I n a ddi t i on, hi s e xpe r i e nc e a s CFO of a l a r ge m ul t i na t i ona l c om pa ny wi l l e na bl e hi m t o br i ng i m por t a nt pe r s pe c t i ve s t o t he Boa r d on pe r f or m a nc e m a na ge m e nt , c om pl i a nc e , r i s k m a na ge m e nt , publ i c r e por t i ng a nd i nve s t or r e l a t i ons 51

Ar t hur B. W i nkl e bl a c k Ha s Si gni f i c a nt Re l e va nt Expe r i e nc e 52 Ra t i ona l e Ove r s a w Hi gh Pe r f or m a nc e Cul t ur e x Se r ve d a s CFO of He i nz f or ove r a de c a de ; bui l t s t r ong pe r f or m a nc e c ul t ur e a nd de l i ve r e d c ons i s t e nt t op - t i e r r e s ul t s Pr i or t o He i nz , 15 ye a r s of e xpe r i e nc e c om bi ne d a t Pe ps i Co a nd Al l i e dSi gna l a nd s i x ye a r s i n pr i va t e e qui t y Che m i c a l / I ndus t r i a l Expe r i e nc e x Cur r e nt d i r e c t or of RTI I nt e r na t i ona l M e t a l s , a ve r t i c a l l y i nt e gr a t e d s uppl i e r of a dva nc e d t i t a ni um W or ke d i n f i na nc e t e a m a t Al l i e dSi gna l ( pr e de c e s s or t o Hone ywe l l I nt e r na t i ona l ) I nt e r na t i ona l M a r ke t s Knowl e dge x Gr e w He i nz t o be a l e a di ng gl oba l pl a ye r ( 2/ 3 r ds of s a l e s out s i de U. S. ) At He i nz , e m e r gi ng m a r ke t s gr e w f r om 11% of s a l e s i n 2006 t o 21% i n 2012, wi t h s t r ong pr e s e nc e i n La t i n Am e r i c a , Ea s t e r n Eur ope , As i a a nd I ndi a Fi na nc i a l Ac um e n x Si gni f i c a nt e xpe r i e nc e ove r s e e i ng or ga ni c gr owt h, por t f ol i o r e a l i gnm e nt , l e a n m a na ge m e nt i ni t i a t i ve s , c a s h f l ow
opt i m i z a t i on, e xe c ut i ve c om p pr ogr a m s a nd t r a ns pa r e nc y wi t h i nve s t or s Por t f ol i o Tr a ns f or m a t i on/ M & A x At He i nz , di ve s t e d l ow va l ue c om m odi t y bus i ne s s e s t a x e f f i c i e nt l y, i nc l udi ng a m a j or r e ve r s e m e r ge r wi t h De l M ont e . I m pl e m e nt e d di s c i pl i ne d M & A pr ogr a m t o bui l d s c a l e pr of i t a bl y i n e m e r gi ng m a r ke t s He i nz ROI C i m pr ove d 560bps f r om 2006 t o 2012 Boa r d Expe r i e nc e x Di r e c t or of Chur c h a nd Dwi ght ( 252% TSR vs 78% f or S& P 500 dur i ng t e nur e ) a nd Cha i r of t he Com pe ns a t i on Com m i t t e e Di r e c t or of RTI I nt e r na t i ona l M e t a l s ( a nnounc e d s a l e t o Al c oa i n M a r c h 15) Re c e nt l y j oi ne d boa r d of Pe r f or m a nc e Food Gr oup ( a Bl a c ks t one c om pa ny) Ca pi t a l M a r ke t s Expe r i e nc e x De c a de s of e xpe r i e nc e ove r s e e i ng a l l a s pe c t s of c a pi t a l m a na ge m e nt Si gni f i c a nt i nt e r a c t i on a nd f a m i l i a r i t y wi t h l e a di ng i ns t i t ut i ona l i nve s t or s Envi r onm e nt a l / Re gul a t or y x St r ong s a f e t y a nd qua l i t y r e c or d a t He i nz a c r os s va s t gl oba l f a c t or y ne t wor k Si gni f i c a nt
i nt e r a c t i ons wi t h FDA a nd ot he r r e gul a t or y bodi e s Sour c e : He i nz SEC f i l i ngs , Bl oom be r g.

$m m , e xc e pt pe r s ha r e FY06A FY12A Cha nge Ne t Re ve nue $8, 643 $11, 649 35% Em . M a r ke t s ( % of Tot a l ) 11. 0% 21. 0% 1, 000bps EBI TDA e x M a r ke t i ng $1, 866 $2, 486 33% M a r ke t i ng Spe nd $269 $468 74% SG& A % of Sa l e s ( e x M a r ke t i ng) 18. 1% 17. 1% - 98bps Di l ut e d EPS $2. 10 $3. 35 60% Annua l Di vi de nd $1. 20 $1. 92 60% FY13A $3. 62 73% FY14E $3. 80 81% Af t e r - Ta x ROI C 14. 8% 20. 4% 560bps 178% 109% 40% He i nz S& P Pa c ka ge d Foods S& P Ar t hur B . W i nkl e bl a c k Ca s e St udy: He i nz Si t ua t i on Ove r vi e w ( Fe b. 2006 Fe b. 2013) Tr i a n s Ne l s on Pe l t z a nd Ar t hur W i nkl e bl a c k f i r s t be ga n wor ki ng c ol l a bor a t i ve l y t oge t he r i n 2006 Tr i a n c onduc t e d a pr oxy c ont e s t wi t h He i nz t ha t ye a r a nd won t wo s e a t s on t he Boa r d Tr i a n ga i ne d t r e m e ndous r e s pe c t f or Ar t s ope r a t i ona l a nd f i na nc i a l s ki l l - s e t , whi c h he l pe d a c hi e ve t he f ol l owi ng: 32 c ons e c ut i ve qua r t e r s of pos i t i ve or ga ni c gr owt h Si gni f i c a nt EPS, f r e e c a s h f l ow a nd s ha r e pr i c e a ppr e c i a t i on M a r ke t i ng gr owt h 2x
f a s t e r t ha n s a l e s Ze r o a ddba c ks t o EPS f or 5 c ons e c ut i ve ye a r s ( 1) Subs t a nt i a l i m pr ove m e nt t o r e t ur n on c a pi t a l I n Fe br ua r y 2013, Be r ks hi r e Ha t ha wa y a nd 3G Ca pi t a l e nt e r e d i nt o a n a gr e e m e nt t o a c qui r e He i nz a t a 20% pr e m i um ( 2) a nd a 13. 0x NTM EBI TDA ( 3) m ul t i pl e Ke y M e t r i c s Up Ac r os s t he Boa r d Sour c e : Fi na nc i a l s ba s e d on c om pa ny f i l i ngs , pr e s s r e l e a s e s a nd i nve s t or pr e s e nt a t i ons . He i nz Sha r e hol de r Re t ur ns Le d t he Pe e r Gr oup ( 7) Re t ur ns f r om 2/ 06/ 06 - 2/ 14/ 13 Sour c e : Bl oom be r g . Di s c l a i m e r : Thi s c a s e s t udy i s a n e xa m pl e of a di s c r e t e i nve s t m e nt , whi c h i s pr e s e nt e d s ol e l y t o i l l us t r a t e Tr i a n s Pr i nc i pa l s i nve s t m e nt pr oc e s s a nd s t r a t e gi e s a nd not t o i m pl y t ha t Tr i a n s i nvol ve m e nt wi t h DuPont wi l l be s uc c e s s f ul . M a r ke t c ondi t i ons a t t he t i m e s of t he e ve nt s r e f l e c t e d i n t he c a s e s t udy m a y di f f e r m a t e r i a l l y f r om c ur r e nt a nd f ut ur e m a r ke t c ondi t i ons . The r e c a n be no gua r a nt e e or a s s ur a nc e t ha t Tr i a n s s t r a t e gi c or
ope r a t i ng i ni t i a t i ve s i f i m pl e m e nt e d wi l l be s uc c e s s f ul . The pe r f or m a nc e of t he e xa m pl e s houl d t he r e f or e not be c ons t r ue d a s a n i ndi c a t i on of t he pe r f or m a nc e of DuPont on a goi ng f or wa r d ba s i s . Pa s t pe r f or m a nc e i s not a n i ndi c a t i on of f ut ur e r e s ul t s . Not e : Fe br ua r y 6, 2006 r e pr e s e nt s t he da t e whe n publ i s he d r e por t s f i r s t s ur f a c e d on CNBC of Tr i a n s pr opos e d a c t i vi s t i nvol ve m e nt . W hi l e Tr i a n m a y be l i e ve t ha t t he r i s e i n s ha r e pr i c e dur i ng t he pe r i od of Tr i a n s a c t i ve i nvol ve m e nt wa s a t t r i but a bl e i n l a r ge pa r t t o t he c um ul a t i ve e f f e c t s of t he i m pl e m e nt a t i on of Tr i a n s p r opos e d ope r a t i ona l a nd s t r a t e gi c c ha nge s , t he r e i s no obj e c t i ve m e t hod t o c onf i r m wha t por t i on of t he s t oc k s a ppr e c i a t i on wa s a t t r i but a bl e t o Tr i a n s e f f or t s dur i ng t hi s pe r i od a nd wha t wa s a t t r i but a bl e t o t he ove r a l l r i s e i n t he m a r ke t s or ot he r f a c t or s . Not e : Fe br ua r y 14, 2013 wa s t he da y t he He i nz a c qui s i t i on wa s a nnounc e d . Ke y m e t r i c s f r om FY 2006 - 2012 a s
c om pa ny doe s n t di s c l os e m a r ke t i ng s pe nd i n 2013. Sour c e : SEC f i l i ngs , He i nz PREM 14A 3/ 4/ 13, 10 - Q f i l e d 2/ 21/ 13, Ca pi t a l I Q . ( 1) Fr om FY 2007 - 2011, no a ddba c ks . ( 2) 20% pr e m i um t o s t oc k pr i c e t he da y be f or e a nnounc e m e nt of t r a ns a c t i on. ( 3) Ea r ni ngs be f or e i nt e r e s t , t a xe s , de pr e c i a t i on a nd a m or t i z a t i on . ( 4) Se l l i ng , ge ne r a l a nd a dm i ni s t r a t i ve e xpe ns e s . ( 5) Ea r ni ngs pe r s ha r e . Re pr e s e nt s Bl oom be r g c ons e ns us e s t i m a t e s a t t i m e of a c qui s i t i on. ( 6) Re t ur n on i nve s t e d c a pi t a l ba s e d on Com pa ny c a l c ul a t i ons . ( 7) Sha r e hol de r r e t ur ns f r om Bl oom be r g i nc l ude di vi de nds . ( 5) ( 4) ( 6) 53

Robe r t J . Za t t a Bi ogr a phy For m e r Ac t i ng Chi e f Exe c ut i ve Of f i c e r a nd l ong - t i m e Chi e f Fi na nc i a l Of f i c e r of Roc kwood Hol di ngs , I nc . , a s pe c i a l t y c he m i c a l s c om pa ny, f r om J ul y 2014 a nd Apr i l 2001, r e s pe c t i ve l y, unt i l J a nua r y 2015, whe n Roc kwood wa s a c qui r e d by Al be r m a r l e Cor por a t i on Pr i or t o Roc kwood, he l d s e ve r a l s i gni f i c a nt f i na nc i a l m a na ge m e nt pos i t i ons a t t he Ca m pbe l l Soup Com pa ny ( f r om 1990 t o 2001) , m os t r e c e nt l y Vi c e Pr e s i de nt r e s pons i bl e f or Cor por a t e De ve l opm e nt a nd St r a t e gi c Pl a nni ng Ea r l i e r i n hi s c a r e e r , M r . Za t t a wor ke d f or Ge ne r a l Foods Cor por a t i on a nd Thom a s J . Li pt on, I nc . Va l ue Pr opos i t i on: Tr i a n be l i e ve s M r . Za t t a s e xt e ns i ve e xpe r i e nc e i n t he s pe c i a l t y c he m i c a l s e c t or wi l l a l l ow hi m t o br i ng va l ua bl e i ndus t r y e xpe r i e nc e t o t he DuPont Boa r d. I n a ddi t i on, Tr i a n be l i e ve s t ha t DuPont s Boa r d wi l l be ne f i t f r om M r . Za t t a s e xpe r t i s e i n ope r a t i ons , s t r a t e gi c pl a nni ng, c os t a nd f i na nc i a l c ont r ol s a nd publ i c c om pa ny
r e por t i ng, whi c h he ha s de ve l ope d t hr ough hi s e xpe r i e nc e a s a s e ni or e xe c ut i ve a t s e ve r a l gl oba l c om pa ni e s 54

Robe r t J . Za t t a Ha s Si gni f i c a nt Re l e va nt Expe r i e nc e 55 Ra t i ona l e Ove r s a w Hi gh Pe r f or m a nc e Cul t ur e x Roc kwood Che m i c a l ha d be s t - i n - c l a s s TSR a nd EPS gr owt h s i nc e I PO TSR unt i l Roc kwood wa s a c qui r e d i n 2014 wa s 364% vs 197% f or S& P Che m i c a l s ove r s a m e pe r i od Fr om 2005 - 12 ( 1) , EPS CAGR wa s 19% , a l m os t 4x EPS CAGR of S& P Che m i c a l s ( 5% ) Che m i c a l / I ndus t r i a l Expe r i e nc e x CFO of Roc kwood, a c he m i c a l s c ongl om e r a t e , f or ove r a de c a de Ove r s a w a va r i e t y of c he m i c a l c om pa ni e s r a ngi ng f r om c om m odi t i e s ( e . g. Ti O2) , m i ni ng ( e . g. Li t hi um ) t o s pe c i a l t i e s ( e . g. s ur f a c e t r e a t m e nt ) I nt e r na t i ona l M a r ke t s Knowl e dge x I n 2012, onl y 21% of Roc kwood s s a l e s c a m e f r om t he Uni t e d St a t e s Roc kwood ha d s ubs t a nt i a l ope r a t i ons i n Ge r m a ny a nd Chi l e Se r ve d a s i nt e r na t i ona l CFO a t Ca m pbe l l Soup Com pa ny Fi na nc i a l Ac um e n x Long - t e r m CFO e xpe r i e nc e , i n whi c h he ove r s a w c a pi t a l a l l oc a t i on ( i nc l udi ng c a pe x; R& D; M & A) Ra n a l e a n
c om pa ny: Roc kwood s bus i ne s s e s ha d be s t - i n - c l a s s m a r gi ns ; Cor por a t e c os t s ne ve r m or e t ha n 1 % of s a l e s Por t f ol i o Tr a ns f or m a t i on/ M & A x Dur i ng hi s t i m e a s CFO, r ol l e d up s e ve r a l s t r a t e gi c a s s e t s t o bui l d a l e a di ng s pe c i a l t y c he m i c a l s c om pa ny ( >35 M & A t r a ns a c t i ons ) Dr ove 48% m ul t i pl e e xpa ns i on a f t e r pur s ui ng a s e pa r a t i on s t r a t e gy Boa r d Expe r i e nc e Es t a bl i s he d Roc kwood s boa r d s t r uc t ur e a nd i nt e r a c t e d e xt e ns i ve l y wi t h Com pa ny s Audi t Com m i t t e e Se r ve d on t he s upe r vi s or y boa r d of Roc kwood s Ge r m a n s ubs i di a r y a nd on t he boa r d of i t s Eur ope a n pe ns i on c om m i t t e e s Ca pi t a l M a r ke t s Expe r i e nc e x Le d e xe c ut i on on Roc kwood s I PO a nd num e r ous de bt f i na nc i ngs M a na ge d Roc kwood wi t h pr ude nt ne t l e ve r a ge of 1. 9x ( gr os s of 3. 5x) Ext e ns i ve i nve s t or i nt e r a c t i on a s Roc kwood CFO Envi r onm e nt a l / Re gul a t or y x Expe r i e nc e wi t h i nt e r na t i ona l r e gul a t or y bodi e s W or ke d wi t h Eur ope a n a nt i - t r us t a ge nc i e s f or s a l e of Ti O2 bus i ne s s I nt e r a c t e d
wi t h Chi l e a n gove r nm e nt due t o e xt e ns i ve Li t hi um ope r a t i ons Sour c e : Roc kwood SEC f i l i ngs , Bl oom be r g. ( 1) CAGR de f i ne d a s c om pounde d a nnua l gr owt h r a t e . Si nc e t he c om pa ny s ol d ove r ha l f of i t s bus i ne s s , ye t di d not c l os e on a s i gni f i c a n t p or t i on of t ha t di ve s t i t ur e , i t i s unf a i r t o c om pa r e 2013 EPS t o hi s t or i c a l f i gur e s .

Robe r t J . Za t t a Ca s e St udy: Roc kwood Sour c e : Roc kwood a nd DuPont SEC Fi l i ngs , Pr e s s Re l e a s e s a nd I nve s t or Pr e s e nt a t i ons , Bl oom be r g a nd Gol dm a n a nd Ba nk of Am e r i c a Re s e a r c h. Spe c i a l t y pe e r s i nc l ude Ai r Pr oduc t s , Ai r ga s , PPG, She r wi n W i l l i a m s , Pr a xa i r , M ons a nt o, Ec ol a b, Va l s pa r a nd FM C ( 1) Sour c e : Q4 2012 For m 8 - K da t e d 2/ 19/ 13. Looks a t c or por a t e a nd ot he r a dj us t e d EBI TDA a nd Se pt e m be r 17, 2013 c onf e r e nc e pr e s e nt a t i on ( 2) Sour c e : Roc kwood pr e s s r e l e a s e s a nd 2013 For m 10 - K. I n 2013, t he bus i ne s s s ol d i t s Pe r f or m a nc e Addi t i ve s a nd Adva nc e d Ce r a m i c s b us i ne s s e s a nd a gr e e d t o s e l l i t s Ti O2 bus i ne s s ( 3) CAGR de f i ne d a s c om pounde d a nnua l gr owt h r a t e . Si nc e t he c om pa ny s ol d ove r ha l f of i t s bus i ne s s , ye t di d not c l os e on a s i gni f i c a nt por t i on of t ha t di ve s t i t ur e , i t i s unf a i r t o c om pa r e 2013 EPS t o hi s t or i c a l f i gur e s ( 4) TSR de f i ne d a s t ot a l s ha r e hol de r r e t ur n. 7/ 15/ 2014 r e pr e s e nt s t he da t e of a nnounc e m e nt of a c qui s i t i on by Al be m a r l e .
( 5) Re f l e c t s a bl e nde d ( we i ght e d) a ve r a ge EV/ EBI TDA m ul t i pl e of Ce r a m i c s , Pe r f or m a nc e Addi t i ve s & Ti O2, a nd Li t hi um & Sur f a c e Tr e a t m e nt ( ba s e d on Al be m a r l e a nnounc e d a c qui s i t i on pr i c e f or Roc kwood a nd s a l e pr oc e e ds , ne t of t a x, f or t he ot he r bus i ne s s e s ) . W e i ght s by 2014E EBI TDA a f t e r a l l oc a t i ng c or por a t e a s a % of r e ve nue . Us e s Ba nk of Am e r i c a r e s e a r c h a s of 4/ 30/ 13 a nd Gol dm a n Sa c hs r e s e a r c h a s of 5/ 17/ 13. A Be s t - I n - Cl a s s Pe r f or m e r EPS CAGR: 2005 - 2012 ( 3) TSR Fr om I PO t o Ac qui s i t i on: ( 9/ 30/ 05 - 7/ 15/ 14) ( 4) Si gni f i c a nt Va l ue Cr e a t i on Thr ough 2013 Se pa r a t i on Re - Ra t e d t o A Spe c i a l t y M ul t i pl e 7. 4x 10. 9x EV/ EBI TDA @ J a n. 2013 EV/ EBI TDA Bl e nde d( 5) 364% 129% 197% 94% Roc kwood DuPont S& P Che m i c a l s S& P 500 Roc kwood, a l e a di ng s pe c i a l t y c he m i c a l s c om pa ny, ge ne r a t e d be s t - i n - c l a s s r e t ur ns a nd EPS gr owt h l e d by CEO Se i f i Gha s e m i a nd CFO Bob Za t t a Le a n a nd de c e nt r a l i z e d s t r uc t ur e : 37 pe opl e i n c or por a t e c e nt e r a nd
una l l oc a t e d c or por a t e c os t s of j us t $22m ( 1) , <1% of s a l e s Tr a c k r e c or d of s t r ong c a pi t a l a l l oc a t i on a nd s uc c e s s wi t h t r a ns f or m a t i ve M & A Pr i or t o 2013, Roc kwood wa s va l ue d a t a di s c ount t o s pe c i a l t y pe e r s , de s pi t e t he f a c t t ha t ~75% of 2012 s a l e s we r e ge ne r a t e d f r om hi gh m a r gi n, s pe c i a l t y a s s e t s ; i nve s t or s pe na l i z e d t he c om pa ny f or i t s hi ghl y c yc l i c a l Ti O2 bus i ne s s ( 25% of s a l e s ) I n 2013, Roc kwood di ve s t e d t hr e e of i t s bus i ne s s e s , i nc l udi ng Ti O2, whi c h ge ne r a t e d 62% of s a l e s ( 2) As a r e s ul t , i nve s t or s e f f e c t i ve l y r e - r a t e d Roc kwood by 48% t o a n 11x bl e nde d EBI TDA m ul t i pl e 19% 6% 5% 5% Roc kwood DuPont S& P Che m i c a l s S& P 500 56

57 Appe ndi x B: St oc k Pr i c e At t r i but i on Ana l ys i s

Tr i a n I s Re s pons i bl e For The Two Gr e a t e s t Da ys of DuPont s Sha r e Pr i c e Out pe r f or m a nc e Si nc e 2009 1 2 3 4 5 Top 5 Da ys of DD Sha r e Pr i c e Out pe r f or m a nc e vs . S& P 500 Si nc e 2009 ( M a na ge m e nt Te nur e ) The t wo gr e a t e s t da ys of DuPont s ha r e pr i c e out pe r f or m a nc e s i nc e 2009 we r e i ) t he r e l e a s e of Tr i a n s W hi t e Pa pe r i n 2014 a nd i i ) t he da y Tr i a n s s t a ke be c a m e publ i c i n 2013. The ne xt t hr e e t op da ys we r e dr i ve n by m a c r o e ve nt s ( c yc l i c a l c om pa ni e s out pe r f or m i ng t he m a r ke t a s s e nt i m e nt i m pr ove d i n t he f i na nc i a l c r i s i s ) a nd ot he r e xoge nous e ve nt s . DuPont 1- Da y Cha nge 1- Da y Cha nge Out pe r f or m a nc e Da t e DD Sha r e Pr i c e S& P Sha r e Pr i c e vs . S& P 500 Eve nt / De t a i l s 9/ 17/ 14 5. 2% 0. 1% +506bps * Tr i a n r e l e a s e d i ni t i a l W hi t e Pa pe r & publ i c l e t t e r t o t he DuPont Boa r d * DuPont s ha r e pr i c e out pe r f or m e d S& P 500 by ~730 bps ove r e ns ui ng one m ont h pe r i od 7/ 17/ 13 5. 3% 0. 3% +499bps * Tr i a n s t a ke i n DuPont wa s f i r s t r e por t e d publ i c l y by CNBC * DuPont s ha r e
pr i c e out pe r f or m e d S& P 500 by ~900 bps ove r e ns ui ng one m ont h pe r i od 4/ 2/ 09 7. 6% 2. 9% +476bps * No c om pa ny s pe c i f i c ne ws * S& P 500 r a l l i e d 3% on i m pr ove d m a c r o out l ook * Cyl i c a l c om pa ni e s out pe r f or m e d, i nc l udi ng DuPont 3/ 10/ 09 11. 0% 6. 4% +465bps * No c om pa ny s pe c i f i c ne ws ( da y pr i or wa s m a r ke t l ow i n f i na nc i a l c r i s i s ) * S& P 500 r a l l i e d 6% on i m pr ove d m a c r o out l ook * Cyl i c a l c om pa ni e s out pe r f or m e d, i nc l udi ng DuPont 3/ 16/ 09 4. 0% ( 0. 3% ) +430bps * No m a t e r i a l c om pa ny s pe c i f i c ne ws ( S& P Che m i c a l s I nde x +3% ) * One we e k a f t e r m a r ke t hi t l ow dur i ng f i na nc i a l c r i s i s * DuPont c om pl e t e d pr e vi ous l y a nnounc e d $100m m c a pe x pr oj e c t 58 Sour c e s : Ca pi t a l I Q a nd Bl oom be r g.

Ea r ni ngs Eve nt s a nd M & A Announc e m e nt s , I n Our Vi e w, Ha ve Le d t o Va l ue De s t r uc t i on, Not Va l ue Cr e a t i on Dur i ng M a na ge m e nt 's Te nur e DuPont Ope r a t i ona l Exe c ut i on Si nc e 2009 ( 31 Ea r ni ngs Eve nt s i n Tot a l ) Tr i a n r e vi e we d a l l 31 Ea r ni ngs Eve nt s ( qua r t e r l y e a r ni ngs , s e t t i ng of gui da nc e , c ha nge s t o gui da nc e , pr e - a nnounc e m e nt s ) dur i ng m a na ge m e nt s t e nur e DuPont s s ha r e pr i c e de c l i ne d by $10 c um ul a t i ve l y ove r a l l 31 Ea r ni ngs Eve nt s , unde r pe r f or m i ng t he S& P 500 I nde x by e ve n m or e , s ugge s t i ng s t r ong ope r a t i ona l e xe c ut i on ha s not be e n a pr i m a r y dr i ve r of va l ue c r e a t i on Sha r e pr i c e ha s de c l i ne d i n r e s pons e t o 7 of t he l a s t 9 Ea r ni ngs Eve nt s , s ugge s t i ng t r e nds a r e wor s e ni ng Thi s i s t he c a s e e ve n t hough s om e Ea r ni ngs Eve nt s c oi nc i de d wi t h s uppos e dl y t r a ns f or m a t i ona l a nnounc e m e nt s , s uc h a s t he r e vi e w of PChe m a nd t he Fr e s h St a r t c os t c ut t i ng pr ogr a m Se e Ta bl e A f or de t a i l s of e a c h e ve nt , t he r e s ul t i ng c ha nge i n DuPont s s ha r e pr i c e on a n
a bs ol ut e ba s i s a nd r e l a t i ve t o t he S& P 500 I nde x Cum ul a t i ve Cha nge i n Sha r e Pr i c e : - $10 Pe r Sha r e Cum ul a t i ve Cha nge i n Sha r e Pr i c e : $0 Pe r Sha r e Tr i a n r e vi e we d a l l e i ght m a j or M & A, di ve s t i t ur e a nd por t f ol i o a nnounc e m e nt s dur i ng m a na ge m e nt s t e nur e DuPont s s ha r e pr i c e de c l i ne d by ~$0. 46 c um ul a t i ve l y i n r e s pons e t o a l l e i ght of t he s e a nnounc e m e nt s , s ugge s t i ng M & A / por t f ol i o a c t i ons ha ve not be e n a pr i m a r y dr i ve r of va l ue c r e a t i on No s i ngl e a nnounc e m e nt dr ove s o m uc h a s 100 bps of s ha r e pr i c e out pe r f or m a nc e vs . t he S& P 500 on t ha t da y Se e Ta bl e B f or de t a i l s of e a c h e ve nt , t he r e s ul t i ng c ha nge i n DuPont s s ha r e pr i c e on a n a bs ol ut e ba s i s a nd r e l a t i ve t o t he S& P 500 I nde x DuPont M & A / Por t f ol i o De ve l opm e nt s Si nc e 2009 ( 8 M a j or Por t f ol i o Announc e m e nt s ) 59 Sour c e s : Ca pi t a l I Q, Bl oom be r g, Com pa ny SEC Fi l i ngs , a nd DuPont we bs i t e ne ws a nd pr e s s r e l e a s e s .

Ta bl e A: Al l Ea r ni ngs Eve nt s Si nc e 2009 ( 1) 60 Sour c e : Com pa ny f i l i ngs ; Ca pi t a l I Q, Bl oom be r g. ( 1) Exc l ude s Q4 2008 e a r ni ngs r e a c t i on whi c h oc c ur r e d i n 2009, be c a us e t he c ur r e nt CEO wa s not s e r vi ng i n t ha t pos i t i on dur i n g Q 4 2008 pe r i od. Ea r ni ngs Eve nt s DuPont St oc k DuPont St oc k Una f f e c t e d Fol l owi ng Cha nge Cha nge vs S& P 500 Da t e Da y Eve nt $ % $ % 4/ 20/ 09 4/ 21/ 09 Q1'0 9 Ea r ni ngs Re l e a s e 1. 32 4. 9% 0. 75 2. 8% 7/ 20/ 09 7/ 21/ 09 Q2'0 9 Ea r ni ngs Re l e a s e ( 0. 01) ( 0. 0% ) ( 0. 11) ( 0. 4% ) 10/ 19/ 09 10/ 20/ 09 Q3'0 9 Ea r ni ngs Re l e a s e ( 0. 75) ( 2. 2% ) ( 0. 53) ( 1. 5% ) 11/ 2/ 09 11/ 3/ 09 2010 Out l ook I s s ue d At I nve s t or Da y 0. 28 0. 9% 0. 20 0. 6% 1/ 25/ 10 1/ 26/ 10 Q4'0 9 Ea r ni ng Re l e a s e ( 0. 02) ( 0. 1% ) 0. 12 0. 4% 4/ 26/ 10 4/ 27/ 10 Q1'1 0 Ea r ni ngs Re l e a s e ( 1. 55) ( 3. 8% ) ( 0. 59) ( 1. 4% ) 7/ 26/ 10 7/ 27/ 10 Q2'1 0 Ea r ni ngs Re l e a s e 1. 39 3. 6% 1. 43 3. 7% 10/ 25/ 10 10/ 26/ 10 Q3'1 0 Ea r ni ngs Re l e a s e ( 0. 48) ( 1. 0% ) ( 0. 48) ( 1. 0% ) 12/ 8/ 10 12/ 9/ 10 2011 Out l ook I s s ue d At I nve s t or Da y ( 0. 56) ( 1. 1% ) ( 0. 75)
( 1. 5% ) 1/ 24/ 11 1/ 25/ 11 Q4'1 0 Ea r ni ngs Re l e a s e 0. 15 0. 3% 0. 14 0. 3% 4/ 20/ 11 4/ 21/ 11 Q1'1 1 Ea r ni ngs Re l e a s e 0. 54 1. 0% 0. 25 0. 4% 7/ 27/ 11 7/ 28/ 11 Q2'1 1 Ea r ni ngs Re l e a s e 0. 02 0. 0% 0. 18 0. 4% 10/ 24/ 11 10/ 25/ 11 Q3'1 1 Ea r ni ngs Re l e a s e ( 1. 15) ( 2. 5% ) ( 0. 23) ( 0. 5% ) 12/ 8/ 11 12/ 9/ 11 Re duc e d FY 2011 Ea r ni ngs t o $3. 87- $3. 95 ( 1. 48) ( 3. 2% ) ( 2. 27) ( 4. 9% ) 12/ 12/ 11 12/ 13/ 11 2012 Out l ook I s s ue d At I nve s t or Da y ( 0. 42) ( 1. 0% ) ( 0. 05) ( 0. 1% ) 1/ 23/ 12 1/ 24/ 12 Q4'1 1 Ea r ni ngs Re l e a s e 0. 06 0. 1% 0. 11 0. 2% 4/ 18/ 12 4/ 19/ 12 Q1'1 2 Ea r ni ngs Re l e a s e ( 0. 66) ( 1. 2% ) ( 0. 35) ( 0. 7% ) 7/ 23/ 12 7/ 24/ 12 Q2'1 2 Ea r ni ngs Re l e a s e ( 0. 97) ( 2. 0% ) ( 0. 53) ( 1. 1% ) 10/ 22/ 12 10/ 23/ 12 Q3'1 2 Ea r ni ngs Re l e a s e ( 4. 51) ( 9. 1% ) ( 3. 79) ( 7. 6% ) 12/ 11/ 12 12/ 12/ 12 Announc e s 2012 EPS wi l l be a t hi gh e nd of r a nge of $3. 25- 3. 30 0. 61 1. 4% 0. 58 1. 3% 1/ 18/ 13 1/ 22/ 13 Q4'1 2 Ea r ni ngs Re l e a s e 0. 83 1. 8% 0. 62 1. 3% 4/ 22/ 13 4/ 23/ 13 Q1'1 3 e a r ni ngs 9a m 2. 08 4. 1% 1. 55 3. 1% 6/ 12/ 13 6/ 13/ 13 Lowe r s 2013 gui da nc e t o $3. 85 a t
Conf e r e nc e ( 0. 35) ( 0. 6% ) ( 1. 16) ( 2. 1% ) 7/ 22/ 13 7/ 23/ 13 Q2'1 3 Ea r ni ngs Re l e a s e / PChe m St r a t e gi c Al t e r na t i ve s Announc e m e nt ( 0. 05) ( 0. 1% ) 0. 06 0. 1% 10/ 21/ 13 10/ 22/ 13 Q3'1 3 Ea r ni ngs Re l e a s e 0. 71 1. 2% 0. 37 0. 6% 1/ 27/ 14 1/ 28/ 14 Q4'1 3 Ea r ni ngs Re l e a s e ( 0. 67) ( 1. 1% ) ( 1. 04) ( 1. 7% ) 4/ 16/ 14 4/ 17/ 14 Q1'1 4 Ea r ni ngs Re l e a e ( 0. 74) ( 1. 1% ) ( 0. 84) ( 1. 2% ) 6/ 26/ 14 6/ 27/ 14 Lowe r s Gui da nc e To $4. 00- $4. 10, Announc e s Fr e s h St a r t ( 2. 26) ( 3. 3% ) ( 2. 39) ( 3. 5% ) 7/ 21/ 14 7/ 22/ 14 Q2'1 4 Ea r ni ngs Ca l l ( 0. 59) ( 0. 9% ) ( 0. 92) ( 1. 4% ) 10/ 27/ 14 10/ 28/ 14 Q3'1 4 Ea r ni ngs Re l e a s e 0. 07 0. 1% ( 0. 74) ( 1. 1% ) 1/ 26/ 15 1/ 27/ 15 Q4'1 4 Ea r ni ngs Re l e s e ( 0. 93) ( 1. 3% ) 0. 06 0. 1% Tot a l ( 10. 09) ( 16. 2% ) ( 10. 35) ( 16. 6% )

Ta bl e B: M a j or M & A / Por t f ol i o Announc e m e nt s Si nc e 2009 61 Sour c e : Com pa ny f i l i ngs ; Ca pi t a l I Q, Bl oom be r g. Not e : M & A t r a ns a c t i ons i nc l ude d i n t he c ha r t a bove a r e onl y t hos e r e por t e d by DuPont i n i t s pr e s s r e l e a s e s . Exc l ude s s t r a t e gi c a l l i a nc e s a nd J Vs . M & A / Por t f ol i o DuPont St oc k DuPont St oc k Una f f e c t e d Fol l owi ng Cha nge Cha nge vs S& P 500 Da t e Da y Eve nt $ % $ % 5/ 13/ 10 5/ 14/ 10 Zhongha o ( Fl uor oc he m i c a l s ) I nt e r e s t Announc e m e nt ( 0. 94) ( 2. 4% ) ( 0. 21) ( 0. 6% ) 1/ 7/ 11 1/ 10/ 11 Da ni s c o a c qui s i t i on a nnounc e m e nt ( 0. 73) ( 1. 5% ) ( 0. 66) ( 1. 3% ) 4/ 28/ 11 4/ 29/ 11 Announc e s Pl a n To Ra i s e Bi d On Da ni s c o 0. 04 0. 1% ( 0. 09) ( 0. 2% ) 4/ 30/ 12 5/ 1/ 12 Announc e s Ac qui s i t i on of Re m a i ni ng I nt e r e s t i n Sol a e 0. 25 0. 5% ( 0. 05) ( 0. 1% ) 8/ 29/ 12 8/ 30/ 12 Coa t i ngs Di ve s t i t ur e Announc e d ( 0. 36) ( 0. 7% ) 0. 02 0. 0% 7/ 22/ 13 7/ 23/ 13 PChe m St r a t e gi c Al t e r na t i ve s Announc e m e nt ( 0. 05) ( 0. 1% ) 0. 06 0. 1% 10/ 24/ 13 10/ 25/ 13 Announc e m e nt Of PChe m Spi n- Of f 0. 52 0. 8% 0. 25 0. 4%
11/ 20/ 13 11/ 21/ 13 Announc e I nt e nt To Se l l Gl a s s La m i na t e Sol ut i ons 0. 81 1. 3% 0. 31 0. 5% Tot a l ( 0. 46) ( 2. 0% ) ( 0. 38) ( 1. 1% )

62 Appe ndi x C: Thi r d Pa r t y Pe r s pe c t i ve s

Ne l s on Pe l t z a nd I wor ke d c l os e l y t oge t he r on t he Le gg M a s on boa r d. As a boa r d m e m be r , Ne l s on wa s f oc us e d on i m pr ovi ng ope r a t i ng r e s ul t s a nd s t r a t e gy. The r e i s no doubt t ha t Ne l s on wa s a n i m por t a nt c ont r i but or t o Le gg M a s on s t ur na r ound. J ohn T. Ca hi l l , Cha i r m a n a nd CEO, Kr a f t Foods Gr oup, Le a d I nde pe nde nt Di r e c t or of Am e r i c a n Ai r l i ne s Gr oup , I nc . , Di r e c t or of Col ga t e - Pa l m ol i ve Com pa ny, a nd f or m e r Di r e c t or of Le gg M a s on, I nc .

The f a c t of t he m a t t e r i s t ha t t he s t oc ks i n whi c h [ M r . Pe l t z ] ha s be e n i nvol ve d, c a pe x ha s gone up, not down, i n ne a r l y a l l of t he c a s e s . The r e c or d s pe a ks f or s om e t hi ng, doe s i t not ? Sc ot t W a pne r , Hos t , CNBC s Ha l f t i m e Re por t

W e ha ve i nve s t e d wi t h a nd a l ongs i de Tr i a n a nd ha ve s e e n t he m c r e a t e l ong - t e r m va l ue f or s ha r e hol de r s . The y c ons t r uc t i ve l y e nga ge wi t h l e a de r s hi p t e a m s a nd t he i r a na l ys i s of c om pa ni e s i s i nc r e di bl y i n - de pt h. Tr i a n a s a n a c t i ve m a na ge r pl a ys a be ne f i c i a l a nd i m por t a nt r ol e i n t oda y s c a pi t a l m a r ke t s a s a c a t a l ys t f or c ha nge . W e s e e t he pe r f or m a nc e of t he c om pa ni e s t he y e nga ge on a pos i t i ve t r a j e c t or y, f r om t he t i m e Tr i a n i ni t i a l l y t a ke s a pos i t i on t o we l l a f t e r t he y e xi t . Ve r y s i m pl y, Tr i a n i s t op not c h . Anne She e ha n, Di r e c t or of Cor por a t e Gove r na nc e , Ca l STRS , t he l a r ge s t t e a c he r pe ns i on f und i n t he U. S.

As a boa r d m e m be r Ne l s on i s a bout t he num be r s , a bout t he da t a a nd how t o m a ke ope r a t i ng pe r f or m a nc e be t t e r , f a s t e r . He wa s c ol l e gi a l a nd ope n m i nde d. He wa s f oc us e d on t he be s t pa t h t o i nc r e a s e l ong t e r m va l ue . Ca nda c e Ke ndl e , For m e r Co - Founde r a nd CEO, Ke ndl e I nt e r na t i ona l , a nd f or m e r Di r e c t or of H. J . He i nz Com pa ny

The ke y wor d i n de s c r i bi ng m y r e l a t i ons hi p wi t h Ne l s on i s t ha t i t ha s be e n c ons t r uc t i ve . Ne l s on a nd I wor ke d be s t t oge t he r by be i ng t r a ns pa r e nt a nd c a ndi d wi t h e a c h ot he r , l e ve r a gi ng hi s e xpe r i e nc e s a nd t ha t of hi s t e a m a s we wor ke d t hr ough va r i ous c ha l l e nge s . J os e ph A. Sul l i va n, Cha i r m a n a nd CEO, Le gg M a s on, I nc .

Tr i a n ha s be e n ve r y good f or DuPont i nve s t or s s o f a r , a nd we t hi nk i t s pr opos a l t o s t r e ngt he n t he DuPont Boa r d c oul d e xt e nd t ha t he l pf ul boos t l onge r t e r m . CLSA Gr i dl oc k a na l ys t r e por t on DuPont

I s a i d t o a not he r CEO, who I won t na m e who ha d c a l l e d m e a nd i nqui r e d a bout Ne l s on, t ha t i f I we r e t o f or m t he boa r d t oda y, Ne l s on woul d be one of t he f i r s t di r e c t or s I d a s k t o s e r ve be c a us e he i s a n i ns i ght f ul , c om m uni c a t i ve , e nt hus i a s t i c , e ne r ge t i c a nd a va i l a bl e di r e c t or . W i l l i a m R. J ohns on, For m e r Cha i r m a n a nd CEO, H . J . He i nz Com pa ny, c ur r e nt Di r e c t or of Em e r s on El e c t r i c Co. , Uni t e d Pa r c e l Se r vi c e , I nc . a nd Pe ps i Co, I nc . , a nd c ur r e nt Tr i a n Advi s or y Pa r t ne r

Ne l s on Pe l t z s e e ks t o unde r s t a nd ot he r poi nt s of vi e w a s m uc h a s he s e e ks t o be he a r d. He i s a n a c t i ve l i s t e ne r . Ha vi ng be e n a CEO, Ne l s on a l s o ha s a he a l t hy r e s pe c t f or t he di f f i c ul t i e s a nd c ha l l e nge s of l e a di ng l a r ge publ i c c om pa ni e s Ne l s on i s c ol l a bor a t i ve by na t ur e he i s a l wa ys s e a r c hi ng f or t he be s t i de a s . Tha t m a ke s hi m a gr e a t c ha nge a ge nt . De nni s Re i l l e y, For m e r Cha i r m a n a nd CEO, Pr a xa i r , I nc . , c ur r e nt Cha i r m a n of M a r a t hon Oi l Cor por a t i on, a nd Di r e c t or of Dow Che m i c a l Com pa ny a nd Covi di e n Lt d. , a nd c ur r e nt Tr i a n Advi s or y Pa r t ne r

Tr i a n i s i n t he bus i ne s s of m a ki ng good c om pa ni e s a l ot be t t e r . The i r r e s e a r c h, a na l ys i s , a nd r e c om m e nda t i ons a r e f oc us e d on ope r a t i ona l a nd s t r a t e gi c i ni t i a t i ve s t o bui l d s ha r e hol de r va l ue ove r t he l ong t e r m . The y a s k t ough, pr obi ng que s t i ons , do r i gor ous f unda m e nt a l wor k t o unde r s t a nd a c om pa ny, a nd de ve l op i de a s t o he l p i t gr ow a nd i nc r e a s e pr of i t s . The y a l s o a r e pe r s i s t e nt , t hought f ul , a nd c r e a t i ve a ge nt s f or c ha nge . De nni s Ka s s , For m e r Cha i r m a n a nd CEO, J e nni s on As s oc i a t e s , f or m e r Cha i r m a n a nd c ur r e nt Di r e c t or of Le gg M a s on, I nc . , a nd c ur r e nt Tr i a n Advi s or y Pa r t ne r .

Al l e gi on wa s s pun - of f f r om I nge r s ol l Ra nd i n De c e m be r 2013. As a n I nge r s ol l Ra nd boa r d m e m be r , Ne l s on wor ke d wi t h us t o c r a f t a s ha r e hol de r f r i e ndl y gove r na nc e s t r uc t ur e t ha t i s a n i m por t a nt e l e m e nt i n ke e pi ng our l e a de r s hi p a c c ount a bl e f or pe r f or m a nc e a s a s t a nda l one e nt i t y. Ne l s on Pe l t z , t he Tr i a n t e a m a nd Al l e gi on be l i e ve t ha t good c or por a t e gove r na nc e a nd good ope r a t i ona l r e s ul t s go ha nd i n ha nd. The r e s ul t s s pe a k f or t he m s e l ve s . Da vi d Pe t r a t i s , Cha i r m a n, Pr e s i de nt a nd CEO, Al l e gi on, pl c

Tr i a n ha s a l ong t r a c k r e c or d t o he l p i nve s t or s j udge , a nd i t s r e c or d of s hor t - s l a t e boa r d pa r t i c i pa t i on a nd a c t i vi s m a ppe a r s pos i t i ve a nd c ons t r uc t i ve , a nd or i e nt e d t owa r ds l onge r - t e r m va l ue c r e a t i on . . . Sus t a i na l yt i c s Cor por a t e Gove r na nc e Com pa ny Re por t on E. I . du Pont de Ne m our s a nd Com pa ny

Ne l s on wa s a t e r r i f i c c ol l e a gue on t he He i nz Boa r d. Hi s f oc us wa s on c ons t r uc t i ve c ont r i but i on. He a dde d ke e n i ns i ght s a nd a c ol or f ul wi t t o our boa r d di s c us s i ons . Ne l s on i s a pr obl e m s ol ve r who unde r s t a nds s t r a t e gi c oppor t uni t i e s a nd he wor ks i n a c ol l e gi a l m a nne r wi t h hi s f e l l ow boa r d m e m be r s t o a c hi e ve t he c om pa ny s goa l s . I r e l i s he d m y e xpe r i e nc e wor ki ng wi t h Ne l s on . Le ona r d Col e m a n, For m e r Pr e s i de nt , Na t i ona l Le a gue of Pr of e s s i ona l Ba s e ba l l , a nd f or m e r Di r e c t or of H. J . He i nz Com pa ny

Pe l t z a nd hi s f oundi ng pa r t ne r s , Pe t e r M a y a nd Ed Ga r de n, ha ve a r e put a t i on a s s a vvy ope r a t or s a nd t e nd t o be s e e n a s a c ons t r uc t i ve pr e s e nc e i n boa r dr oom s , a goa l t he y'v e m a na ge d t o a c hi e ve i n r e c e nt ye a r s t hr ough a c om bi na t i on of publ i c pr oddi ng a nd pr i va t e s ua s i on . Ke vi n Al l i s on, Re por t e r , Re ut e r s Br e a ki ngvi e ws

I ha ve not hi ng but t he hi ghe s t r e ga r d f or Ne l s on Pe l t z . W e s e r ve d t oge t he r on t he He i nz boa r d a nd I f ound hi m c ons t r uc t i ve , ope n - m i nde d a nd t hought f ul . He pl a ye d by t he r ul e s a nd wa s a pos i t i ve i nf l ue nc e . He ha d a l ot of good i de a s t o he l p m a ke He i nz a be t t e r c om pa ny, i nc l udi ng i nc r e a s e d m a r ke t i ng a nd r e duc i ng c or por a t e ove r he a d. He de f i ni t e l y a dde d va l ue f or a l l He i nz s ha r e hol de r s . Thom a s J . Us he r , For m e r Cha i r m a n a nd CEO, Uni t e d St a t e s St e e l Cor por a t i on, non - e xe c ut i ve Cha i r m a n of t he boa r d of M a r a t hon Pe t r ol e um Cor por a t i on, Di r e c t or of The PNC Fi na nc i a l Se r vi c e s Gr oup, I nc . a nd PPG I ndus t r i e s , I nc . , a nd f or m e r Di r e c t or of H. J . He i nz Com pa ny

DuPont s i na bi l i t y t o de l i ve r on Kul l m a n s a ge nda s ugge s t s t ha t s he ne e ds m or e he l p t o ove r c om e t he 100+ ye a r s of hi s t or y a nd t he i ne r t i a t ha t c om e s wi t h t ha t ; Tr i a n c a n be Kul l m a n s be s t a l l y. For s ha r e owne r s , Tr i a n s i m pa c t i s a l r e a dy ve r y c l e a r . CLSA 4Q14: J us t t he out l ook a na l ys t r e por t on DuPont

Ne l s on Pe l t z a nd I s e r ve d t oge t he r on t he He i nz boa r d be gi nni ng i n 2006 a nd ha ve r e m a i ne d i n t ouc h s i nc e t he c om pa ny wa s s ol d i n 2013. Ne l s on wa s a n i ns i ght f ul a nd c ons t r uc t i ve pr e s e nc e on t he He i nz boa r d. He a ppr oa c he d boa r d a nd m a na ge m e nt r e l a t i ons hi ps pr of e s s i ona l l y a nd c ol l e gi a l l y. Ne l s on, i n c onc e r t wi t h ot he r m e m be r s of t he He i nz boa r d, m a de e xc e l l e nt s t r a t e gi c a nd ope r a t i ona l r e c om m e nda t i ons a nd de c i s i ons whi c h he l pe d m ove He i nz f or wa r d . Cha r l e s E. Bunc h, Cha i r m a n a nd CEO, PPG I ndus t r i e s , I nc . , a nd f or m e r Di r e c t or of H. J . He i nz Com pa ny

I t hi nk t ha t wha t Ne l s on i s doi ng i s t r yi ng t o ge t t hi ngs t o be a s good a s pos s i bl e a t DuPont . I t hi nk t he y s houl d put hi m on t he boa r d . J i m Cr a m e r , Hos t , CNBC s M a d M one y

Ba s e d on M r . Pe l t z s t r a c k r e c or d, he s not a s hor t - t e r m guy. W he n he ge t s on a Boa r d, t he y s t a y i n t he s t oc k f or a n a ve r a ge of 5. 6 ye a r s . He s t ol d m e t ha t he s t ol d t he m ut ua l f unds t ha t a r e a l r e a dy i n t he s t oc k t ha t [ Tr i a n ] wi l l l i ke l y be t he r e l onge r t ha n t he y wi l l . Hi s t r a c k r e c or d i n na m e s l i ke . . . I c a n go down t he l i s t : W e ndy s , t he y ve be e n i n W e ndy s s i nc e 05. The r e s Pe ps i , Kr a f t , M onde l e z , Ti f f a ny s . The s e a r e not f l y by ni ght i nve s t m e nt s f r om a guy who s hows up a nd t he n ba i l s 10 m i nut e s l a t e r . Doe s n t t he t r a c k r e c or d s pe a k f or i t s e l f ? Sc ot t W a pne r , Hos t , CNBC s Ha l f t i m e Re por t

81 Appe ndi x D: Addi t i ona l Pe r f or m a nc e Coa t i ngs I nf or m a t i on

Es t i m a t e d Exc e s s Cor por a t e Cos t s : The Coa t i ngs Ca s e St udy Appr oa c h #1 - % of s a l e s Appr oa c h #2 - % of EBI TDA The r e i s a $229m di f f e r e nc e be t we e n t he 2011 Adj us t e d EBI TDA r e por t e d by Axa l t a a nd DuPont , f or i t s Coa t i ngs bus i ne s s ( s a m e c om pa ny, s a m e ye a r ) . W e be l i e ve m uc h of t he di f f e r e nc e i s e xc e s s c or por a t e e xpe ns e , whi c h i n our vi e w, bur de ns a l l of DuPont s bus i ne s s e s Tr i a n e s t i m a t e s e xc e s s c or por a t e c os t s us i ng t wo a ppr oa c he s : Sour c e : Axa l t a Coa t i ngs Sys t e m s Lt d. For m S - 1 f i l e d on 8/ 20/ 14, Tr i a n e s t i m a t e s , a nd DuPont SEC Fi l i ngs . ( 1) Re pr e s e nt s Axa l t a s Adj us t e d Ope r a t i ng I nc om e pl us De pr e c i a t i on & Am or t i z a t i on e xpe ns e . M e t r i c di f f e r s s l i ght l y f r om Axa l t a s Adj us t e d EBI TDA ( a s r e por t e d) a s i t e xc l ude s ot he r e xpe ns e ( i nc om e ) a nd di vi de nd t o non - c ont r ol l i ng i nt e r e s t t o m a ke EBI TDA c om pa r a bl e . ( 2) Coa t i ngs a dj us t e d PTOI pl us de pr e c i a t i on e xpe ns e l e s s a n a l l oc a t i on of una l l oc a t e d c or por a t e c os t s a nd a dds ba c k non - c a s h
i t e m s a nd c e r t a i n pe ns i on e xpe ns e i n - l i ne wi t h Axa l t a s c ur r e nt a ddba c ks t o m a ke i t c om pa r a bl e . As s i gns una l l oc a t e d c or por a t e e xpe ns e a t ~2 % of s a l e s ( DuPont s FY2011 una l l oc a t e d c or por a t e e xpe ns e a nd ot he r a s % of FY2011 s e gm e nt s a l e s ) t o m a ke m a r gi ns c om pa r a bl e . ( 3) Coa t i ngs a dj us t e d PTOI pl us de pr e c i a t i on e xpe ns e a nd a dds ba c k non - c a s h i t e m s a nd c e r t a i n pe ns i on e xpe ns e ( i n - l i ne wi t h Axa l t a s c ur r e nt a ddba c ks t o m a ke i t c om pa r a bl e ) . ( 4) 2014 DuPont EBI TDA be f or e Una l l oc a t e d Cor por a t e r e pr e s e nt s DuPont s r e por t e d Adj us t e d Se gm e nt PTOI l e s s Ot he r PTOI pl us s e gm e nt de pr e c i a t i on f or 2014. ( 5) Una l l oc a t e d c or por a t e e xpe ns e s pl us O t he r a dj us t e d PTOI m i nus 2014 una l l oc a t e d c or por a t e a nd ot he r de pr e c i a t i on a nd a m or t i z a t i on. ( 1) ( 2) ( 2) ( 3) ( 1) ( 4) ( 5) 82 At Axa l t a / Coa t i ngs 2011 Adj . EBI TDA - Axa l t a $568 - 2011 Adj . EBI TDA - DuPont , a f t e r Una l l oc a t e d Cor por a t e 339 Exc e s s Al l oc a t e d a nd Una l l oc a t e d Cor por a t e $229 Exc e s s Al l oc a t e d
a nd Una l l oc a t e d Cor por a t e $229 Coa t i ngs Se gm e nt Sa l e s 4, 281 = % of Se gm e nt Sa l e s 5. 3% Ext r a pol a t i on t o DuPont % of Se gm e nt Sa l e s 5. 3% x 2014 DuPont Se gm e nt Sa l e s 35, 006 = Tot a l Exc e s s Cor por a t e Cos t s $1, 869 ( $ i n m i l l i ons ) ( $ i n m i l l i ons ) At Axa l t a / Coa t i ngs 2011 Adj . EBI TDA - DuPont , be f or e Una l l oc a t e d Cor por a t e $420 - Una l l oc a t e d Cor por a t e 80 = 2011 Adj . EBI TDA - DuPont , a f t e r Una l l oc a t e d Cor por a t e $339 2011 Adj us t e d EBI TDA - Axa l t a $568 - 2011 Adj . EBI TDA - DuPont , be f or e Una l l oc a t e d Cor por a t e 420 Exc e s s Al l oc a t e d Cor por a t e $148 Exc e s s Al l oc a t e d Cor por a t e $148 2011 Adj . EBI TDA - DuPont , be f or e Una l l oc a t e d Cor por a t e 420 = % of Se gm e nt EBI TDA 35. 4% Ext r a pol a t i on t o DuPont % of Se gm e nt EBI TDA 35. 4% x 2014 DuPont EBI TDA e x Una l l oc Cor por a t e $7, 777 Exc e s s Al l oc a t e d Cor por a t e $2, 751 + 2014 Una l l oc a t e d Cor p 907 = Tot a l Exc e s s Cor por a t e Cos t s $3, 658

Es t i m a t e d Exc e s s Cor por a t e Cos t s : DuPont s M e t hodol ogy Appr oa c h #3 - % of Em pl oye e s DuPont a s s e r t s t ha t Tr i a n ha s us e d f a ul t y e xt r a pol a t i ons ( 1) t o a r r i ve a t t he e s t i m a t e d $2 - $4bn of e xc e s s c os t s DuPont m i ght s a y t ha t Tr i a n s m e t hodol ogy ( Appr oa c h #1 a nd Appr oa c h #2) i s f l a we d be c a us e i ) DuPont a l l oc a t e s c or por a t e c os t s by e m pl oye e c ount , a nd i i ) Coa t i ngs ha d a n ove r s i z e d num be r of e m pl oye e s , t he r e by i nf l a t i ng t he a l l oc a t e d / e xc e s s c or por a t e c os t s a t t he bus i ne s s Re ga r dl e s s , by DuPont s own m e t hodol ogy, t he r e a r e $1. 7bn of e xc e s s c os t s ( 1) J a m e s Col l i ns , Exe c ut i ve Vi c e Pr e s i de nt of DuPont a t Ba nk of Am e r i c a M e r r i l l Lync h US Ba s i c M a t e r i a l s Conf e r e nc e ( 12/ 10/ 2014) . ( 2) Se e pa ge 71 of Tr i a n s W hi t e Pa pe r , whi c h wa s f i l e d wi t h t he SEC on Fe br ua r y 17, 2015. ( 3) Es t i m a t e d num be r of e m pl oye e a t Coa t i ngs i n 2011 a s pe r Tr i a n e s t i m a t e s a nd t wo i nde pe nde nt W a l l St r e e t r e s e a r c h a na l ys t s ( Ba nk of Am e r i c a a nd J P M or ga n) . Se e
i ) I ni t i a t e wi t h Buy; be ne f i c i a r y of c r ude oi l dr op a t a di s c ount , Ba nk of Am e r i c a i ni t i a t i ng c ove r a ge r e por t on Axa l t a , De c e m be r 22, 2014, a nd i i ) Ne w Owne r s : I ni t i a t e Cove r a ge of AXTA wi t h Ove r we i ght Ra t i ng , J P M or ga n i ni t i a t i ng c ove r a ge r e por t on Axa l t a , De c e m be r 22, 2014. ( 4) DuPont 2011 For m 10 - K. ( 5) I nc r e m e nt a l va l ue e s t i m a t e d by m ul t i pl yi ng Tot a l Exc e s s Cor por a t e Cos t s on t hi s pa ge ( a nd pr i or pa ge ) by t he a ppr oxi m a t e l a s t t w e l ve m ont hs t r a di ng m ul t i pl e f or DuPont ( 9. 8x) . Sour c e : Bl oom be r g. ( 3) ( 2) ( 4) ( 2) The e l i m i na t i on of j us t t he s e e xc e s s c os t s i m pl i e s 26% t o 55% of i nc r e m e nt a l s ha r e hol de r va l ue ( 5) 83 ( 2) ( $ i n m i l l i ons ) ( 2) At Axa l t a / Coa t i ngs 2011 Adj . EBI TDA - DuPont , be f or e Una l l oc a t e d Cor por a t e $420 - Una l l oc a t e d Cor por a t e 80 = 2011 Adj . EBI TDA - DuPont , a f t e r Una l l oc a t e d Cor por a t e $339 2011 Adj us t e d EBI TDA - Axa l t a $568 - 2011 Adj . EBI TDA - DuPont , be f or e Una l l oc a t e d Cor por a t e 420 Exc e s s Al l oc a t e d Cor por a t e
$148 Axa l t a Em pl oye e s 13, 000 Tot a l 2011 DuPont Em pl oye e s 70, 000 % of Em pl oye e s 18. 6% Ext r a pol a t i on t o DuPont Exc e s s Al l oc a t e d Cor por a t e $148 % of Em pl oye e s 18. 6% I m pl i e d Exc e s s Al l oc a t e d Cor p Cos t s $799 + 2014 Una l l oc a t e d Cor p 907 = Tot a l Exc e s s Cor por a t e Cos t s $1, 706

Coa t i ngs : The Ope r a t i ona l I m pr ove m e nt s Af t e r The Tr a ns a c t i on Ac c or di ng t o t he Augus t 2014 Axa l t a S - 1 f i l i ng a nd r e s e a r c h r e por t s , t he pr i va t e e qui t y f i r m s t ha t a c qui r e d DuPont s Coa t i ngs bus i ne s s m a de t he f ol l owi ng s t r a t e gi c a nd ope r a t i ona l i m pr ove m e nt s : 1. St r e ngt he ne d s e ni or m a na ge m e nt : Re pl a c e d 12 of t op 17 e xe c ut i ve s , i nc l udi ng CEO a nd CFO 2. Cr e a t e d a r e s ul t s - dr i ve n c ul t ur e , f oc us e d on pr of i t a bl e gr owt h: Re pl a c e d 69 of t op 140 m a na ge r s 3. Ac c e l e r a t e d or ga ni c ne t s a l e s gr owt h: Cha nge d s t r a t e gy f r om DuPont s t r i c t r un a nd m a i nt a i n m ode , i n whi c h DuPont t ook c a s h f r om Coa t i ngs t o gr ow ot he r bus i ne s s e s I nve s t e d i n hi gh gr owt h a r e a s s uc h a s Chi na Aggr e s s i ve l y pur s ue d l os t m a r ke t s ha r e i n t he Re f i ni s h a nd Li ght Ve hi c l e bus i ne s s e s Aggr e s s i ve l y pr om ot e d i ndus t r i a l c oa t i ngs Re a l i gne d bus i ne s s e s on a gl oba l ve r s us r e gi ona l ba s i s 4. Expa nde d EBI TDA m a r gi ns : F r om 8% i n 2011 t o 20% i n 2014 ( 1) El i m i na t e d $229m of e xc e s s
c or por a t e c os t s ( 2) Tr a ns i t i one d t o a m or e c os t e f f e c t i ve , c oor di na t e d s ys t e m f or CEO, CFO, CAO ( e . g. , I T pl a t f or m , gl oba l pr oc ur e m e nt ) El i m i na t e d l ow m a r gi n c us t om e r bus i ne s s I m pr ove d c us t om e r pr i c i ng pol i c y ( now t a ki ng r e gul a r a nd s e l e c t i ve pr i c e i nc r e a s e s ) 5. I nve s t e d i n Eur ope a n m a nuf a c t ur i ng t o r e pos i t i on t he r e gi on f or gr owt h ( e xpe c t s $100m of i nc r e m e nt a l EBI TDA i n 2017) 6. Ge ne r a t e d ne a r l y $200m of wor ki ng c a pi t a l f unds i m m e di a t e l y by c r e a t i ng t hi r d pa r t y c r e di t t e r m s a nd i m pr ovi ng i nve nt or y pos i t i on ( 3) Sour c e : Axa l t a For m S - 1 f i l e d on 8/ 20/ 14, Tr i a n e s t i m a t e s SEC Fi l i ngs , Robe r t W Ba i r d r e por t 1/ 12/ 14, Ba nk of Am e r i c a r e por t 12/ 22/ 14, Ci t i r e por t 12/ 22/ 14. ( 1) Com pa r e s 2011 EBI TDA m a r gi n r e por t e d by DuPont a nd 2014 EBI TDA r e por t e d by Axa l t a . DuPont EBI TDA a dj us t e d f or una l l oc a t e d c or por a t e e xpe ns e ( 2% of s a l e s ) , a nd a dds ba c k non - c a s h i t e m s a nd c e r t a i n pe ns i on e xpe ns e t o m a ke i t c om pa r a bl e . Axa l t a EBI TDA i s
Axa l t a s Adj us t e d Ope r a t i ng I nc om e pl us D& A. M e t r i c di f f e r s s l i ght l y f r om Axa l t a s Adj us t e d EBI TDA ( a s r e por t e d) a s i t e xc l ude s ot he r e xpe ns e ( i nc om e ) a nd di vi de nd t o non - c ont r ol l i ng i nt e r e s t t o m a ke EB I TDA c om pa r a bl e . ( 2) Com pa r e s 2011 EBI TDA r e por t e d by DuPont , a dj us t e d f or a l l oc a t e d c or por a t e , pe ns i on, a nd non - c a s h i t e m s t o 2011 EBI TDA r e por t e d by Axa l t a wi t h c e r t a i n a dj us t m e nt s f or non - c a s h i t e m s a nd pe ns i on e xpe ns e t o m a ke c om pa r a bl e wi t h DuPont . ( 3) Ac c or di ng t o Axa l t a c a s h f l ow s t a t e m e nt i n t he S - 1, t he c ha nge s i n ope r a t i ng a s s e t s a nd l i a bi l i t i e s pr ovi de d a s our c e of c a s h of $199. 2m i n 2013. 84