EX-1 2 c81085_ex1.htm

Exhibit 1

Tr i an’ s Di s cus s i on Poi nt s Apr i l 21, 2015 © 2015 Tr i an Fund M anagem ent , L. P. Al l r i ght s r es e r ved.

Di s c l os ur e St a t em ent And Di s c l a i m er s 2 Addi t i ona l I nf or m at i on Tr i an Fund M anagem ent , L. P. ( “Tr i an”) and t he i nves t m ent f unds t ha t i t m anages t ha t hol d s har es of E. I . du Pont de Nem our s an d C om pany ( col l ec t i ve l y, Tr i an wi t h s uch f unds , “Tr i an Par t ner s ” ) t oge t her wi t h ot her Par t i c i pant s ( as def i ned be l ow) , f i l ed a def i ni t i ve pr oxy s t a t em ent and an accom panyi ng pr oxy ca r d wi t h t he Secur i t i e s and Exchange Com m i s s i on ( t he “SEC”) on M ar ch 25, 2015 t o be us ed t o s ol i c i t pr oxi es i n connec t i on wi t h t he 2015 Annua l M eet i ng of St ockhol der s of E. I . du Pont de Nem our s and Com pany ( t he “Com pany”) , i nc l udi ng any adj our nm ent s or pos t ponem ent s t he r eof o r a ny s pec i a l m ee t i ng t ha t m ay be ca l l ed i n l i eu t he r eof ( t he “2015 Annua l M eet i ng”) . I nf or m at i on r e l a t i ng t o t he par t i c i pant s i n s uch pr oxy s ol i c i t a t i on ( t he “Par t i c i pant s ” ) has been i nc l uded i n t ha t de f i ni t i ve pr oxy s t a t em ent and i n any ot her am endm ent s t o t ha t de f i ni t i ve pr oxys t a t em ent . St ockhol der s a r e adv i s ed t o r ead t he def i ni t i ve pr oxy s t a t em ent and any ot her docum ent s r e l a t ed t o t he s ol i c i t a t i on of s t ockhol der s of t he Com pany i n connec t i on wi t h t he 201 5 A nnua l M eet i ng becaus e t hey cont a i n i m por t ant i nf or m at i on, i nc l udi ng addi t i ona l i nf or m at i on r e l a t i ng t o t he Par t i c i pant s . Tr i an Par t ner s ’ de f i ni t i ve pr oxy s t a t em ent and a f or m of pr oxy have been m ai l ed t o s t ockhol der s of t he Com pany. Thes e m at e r i a l s and ot her m at e r i a l s f i l ed by Tr i an Par t ner s i n connec t i on wi t h t he s ol i c i t a t i on of pr oxi es a r e ava i l abl e a t no char ge a t t he SEC’ s webs i t e a t www. s ec . gov. The def i ni t i ve pr oxy s t a t em ent and ot her r e l evant docum ent s f i l e d by Tr i an Par t ner s wi t h t he SEC ar e a l s o ava i l abl e , wi t hout char ge , by di r ec t i ng a r eques t t o Tr i an’ s pr oxy s ol i c i t or , M acKenz i e Par t ner s , I nc . 105 M adi s on Avenue , New Yor k, New Yor k 10016 ( ca l l col l ec t : 212 - 929 - 5500; ca l l t ol l f r ee : 800 - 322 - 2885) or em ai l :pr oxy@ m ackenz i epar t ner s . com Gener a l Cons i der a t i ons Thi s pr es ent a t i on i s f or gener a l i nf or m at i ona l pur pos es onl y, i s not com pl e t e and does not cons t i t ut e an agr eem ent , of f e r , a s ol i c i t a t i on of an of f e r , or any advi ce or r ecom m enda t i on t o ent e r i nt o or conc l ude any t r ans ac t i on or conf i r m at i on t he r eof ( whe t her on t he t e r m s s hown her e i n or ot her wi s e ) . Thi s pr es ent a t i on s houl d not be cons t r ued as l ega l , t ax, i nves t m ent , f i nanc i a l or ot her advi ce . The vi ews expr es s ed i n t hi s pr es en t a t i on r epr es ent t he opi ni ons of Tr i an Par t ner s , and a r e bas ed on publ i c l y ava i l abl e i nf or m at i on wi t h r es pec t t o t he Com pany and t he ot her com pani es r e f e r r ed t o her e i n. Tr i an Pa r t ne r s r ecogni zes t ha t t he r e m ay be conf i dent i a l i nf or m at i on i n t he pos s es s i on of t he com pani es di s cus s ed i n t hi s pr es ent a t i on t ha t cou l d l ead s uch com pani es t o di s agr ee wi t h Tr i an Par t ner s ’ conc l us i ons . Cer t a i n f i nanc i a l i nf or m at i on and da t a us ed her e i n have been der i ved or obt a i ned fr om f i l i ngs m ade wi t h t he SEC or ot her r egul a t or y aut hor i t i e s and f r om ot her t hi r d par t y r epor t s . Tr i an Par t ner s cur r ent l y benef i c i a l l y owns s har es of t he Com pany. Tr i an Par t ner s has not s ought or obt a i ned cons ent f r om any t hi r d par t y t o us e any s t a t em ent s or i nf or m at i on i ndi ca t ed her e i n as havi ng been obt a i ned or de r i ved f r om s t a t em ent s m ade or publ i s hed by t hi r d par t i es . Any s uch s t a t em ent s or i nf or m at i on s houl d not be vi ewed as i ndi ca t i n g t he s uppor t of s uch t hi r d par t y f or t he vi ews expr es s ed her e i n. Tr i an Par t ner s does not endor s e t hi r d - pa r t y es t i m at es or r es ear ch whi ch a r e us ed i n t hi s p r es ent a t i on s ol e l y f or i l l us t r a t i ve pur pos es . No war r ant y i s m ade t ha t da t a or i nf or m at i on, whe t her der i ved or obt a i ned f r om f i l i ngs m ade wi t h t he S EC or any ot her r egul a t or y agency or f r om any t hi r d par t y, a r e accur a t e . Pas t pe r f or m ance i s not an i ndi ca t i on of f ut ur e r es ul t s . Ne i t her t he Par t i c i pant s nor any of t he i r a f f i l i a t es s ha l l ber es pons i bl e or have any l i abi l i t y f or any m i s i nf or m at i on cont a i ned i n any t hi r d par t y, SEC or ot her r egul a t or y f i l i ng or t hi r d par t y r epor t . Unl es s ot her wi s e i ndi ca t ed, t he f i gur es pr es ent ed i n t hi s pr es ent a t i on, i nc l udi ng r e t ur n on i nves t ed capi t a l ( “ROI C”) and i nves t m ent va l ues have not been ca l cul a t ed us i ng gener a l l y accept ed account i ng pr i nc i pl es ( “GAAP”) and have not been audi t ed by i ndependent account ant s . Such f i gur es m ay var y f r om GAAP account i ng i n m at e r i a l r es pec t s and t her e can be no as s ur ance t ha t t he unr ea l i ze d v a l ues r e f l ec t ed i n t hi s pr es ent a t i on wi l l be r ea l i zed. Thi s i s not m eant t o be , nor i s i t , a pr edi c t i on of t he f ut ur e t r adi ng pr i ce or m ar ke t va l ue of s ecur i t i e s of t he Com pany. T her e i s no as s ur ance or guar ant ee wi t h r es pec t t o t he pr i ces a t whi ch any s ecur i t i e s of t he Com pany wi l l t r ade , and s uch s ecur i t i e s m ay not t r ade a t pr i ces t ha t m ay be i m pl i ed her e i n. The es t i m at es , pr oj ec t i ons , pr o f or m a i nf or m at i onand pot ent i a l i m pac t of t he oppor t uni t i es i dent i f i ed by Tr i an Par t ner s her e i n a r e bas ed on as s um pt i ons t ha t Tr i an Par t ner s be l i eves t o be r eas onabl e as of t he da t e of t hi s pr es ent a t i on, but t he r e can be no as s ur an ce or guar ant ee t ha t ac t ua l r es ul t s or pe r f or m ance of t he Com pany wi l l not di f f e r , and s uch di f f e r ences m ay be m at e r i a l . Thi s pr es ent a t i on does not r ecom m end t he pur chas e or s a l e of any s ecur i t y. Tr i an Par t ner s r es e r ves t he r i ght t o change any of i t s opi ni ons expr es s ed her e i n a t any t i m e as i t deem s appr opr i a t e . Tr i an P a r t ne r s di s c l a i m s any obl i ga t i on t o upda t e t he da t a , i nf or m at i on or opi ni ons cont a i ned i n t hi s pr es ent a t i on. Not e : Di s c l os ur e St a t em ent and Di s c l a i m er s a r e cont i nued on t he next page

Di s c l os ur e St a t em ent And Di s c l a i m er s ( cont ’ d) 3 For war d - Looki ng St a t em ent s Thi s pr es ent a t i on cont a i ns f or war d - l ooki ng s t a t em ent s . Al l s t a t em ent s cont a i ned i n t hi s pr es ent a t i on t ha t a r e not c l ea r l y hi s t or i ca l i n na t ur e or t ha t neces s a r i l y depend on f ut ur e event s a r e f or war d - l ooki ng, and t he wor ds “ant i c i pa t e , ” “be l i eve , ” “expec t , ” “pot ent i a l , ” “oppor t un i t y, ” “es t i m at e , ” “pl an, ” and s i m i l a r expr es s i ons a r e gener a l l y i nt ended t o i dent i f y f or war d - l ooki ng s t a t em ent s . The pr oj ec t ed r es ul t s and s t a t em ent s cont a i ned i n t hi s pr es ent a t i on t ha t a r e not hi s t or i ca l f ac t s a r e bas ed on cur r ent expec t a t i ons , s peak onl y as of t he da t e of t hi s pr es ent a t i on and i nvol ve r i s ks , un ce r t a i nt i es and ot her f ac t or s t ha t m ay caus e ac t ua l r es ul t s , pe r f or m ance or achi evem ent s t o be m at e r i a l l y di f f e r ent f r om any f ut ur e r es ul t s , pe r f or m ance or ac hi evem ent s expr es s ed or i m pl i ed by s uch pr oj ec t ed r es ul t s and s t a t em ent s . As s um pt i ons r e l a t i ng t o t hef or egoi ng i nvol ve j udgm ent s wi t h r es pec t t o, am ong ot her t hi ngs , f ut ur e econom i c , com pet i t i ve and m ar ke t condi t i ons and f ut ur e bus i nes s dec i s i ons , a l l of whi ch a r e di f f i cul t or i m pos s i bl e t o pr edi c t a ccur a t e l y and m any of whi ch a r e beyond t he cont r ol of Tr i an Par t ner s . Al t hough Tr i an Par t ner s be l i eves t ha t t he as s um pt i ons under l yi ng t he pr oj ec t ed r es ul t s or f or war d - l ooki ng s t a t em ent s a r e r eas onabl e as of t he da t e of t hi s pr es ent a t i on, any of t he as s um pt i ons coul d be i naccur a t e and, t he r e f or e , t he r e can be no as s ur ance t ha t t he pr oj ec t ed r es ul t s or f or war d - l ooki ng s t a t em ent s i nc l uded i n t hi s pr es ent a t i on wi l l pr ove t o be accur a t e . I n l i ght of t he s i gni f i cant uncer t a i nt i es i nher ent i n t he pr oj ec t ed r es ul t s and f or war d - l ooki ng s t a t em ent s i nc l uded i n t hi s pr es ent a t i on, t he i nc l us i on of s uch i nf or m at i on s houl d not be r egar ded as a r epr es ent a t i on as t o f ut ur e r es ul t s or t ha t t he obj ec t i ves and i ni t i a t i ves expr es s ed or i m pl i ed by s uchpr oj ec t ed r es ul t s and f or war d - l ooki ng s t a t em ent s wi l l be achi eved . Tr i an Par t ner s wi l l not under t ake and s pec i f i ca l l y dec l i nes any obl i ga t i on t o di s c l os e t he r es ul t s of any r evi s i ons t ha t m ay be m ad e t o any pr oj ec t ed r es ul t s or f or war d - l ooki ng s t a t em ent s i n t hi s pr es ent a t i on t o r e f l ec t event s or c i r cum s t ances a f t e r t he da t e of s uch p r oj ec t ed r es ul t s or s t a t em ent s or t o r e f l ec t t he occur r ence of ant i c i pa t ed or unant i c i pa t ed event s . Not An Of f e r t o Se l l or a Sol i c i t a t i on of an Of f e r t o Buy Under no c i r cum s t ances i s t hi s pr es ent a t i on i nt ended t o be , nor s houl d i t be cons t r ued as , an of f e r t o s e l l or a s ol i c i t a t i on of an of f e r t o buy any s ecur i t y. Funds m anaged by Tr i an a r e i n t he bus i nes s of t r adi ng - - buyi ng and s e l l i ng - - s ecur 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 deve l opm ent s i n t he f ut ur e t ha t caus e one or m or e of s uch 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 open m ar ke t t r ans ac t i ons or o t he r wi s e( i nc l udi ng vi a s hor t s a l es ) , buy addi t i ona l s har es ( i n open m ar ke t or pr i va t e l y negot i a t ed t r ans ac t i ons or ot her wi s e ) , or t r ade i n opt i ons , put s , ca l l s or ot her de r i va t i ve i ns t r um ent s r e l a t i ng t o s uch s har es . Cons equent l y , Tr i an Par t ner s ’ benef i c i a l owner s hi p of s har es of , and/ or econom i c i nt e r es t i n, t he Com pany‘ s com m on s t ock m ay var y over t i m e dependi ng on var i ous f ac t or s , wi t h or wi t hout r egar d t o Tr i an Par t ner s ’ vi ews of t he Com pany’ s bus i nes s , pr os pec t s or va l ua t i on ( i nc l udi ng t he m ar ke t pr i ce of t he Com pany ’ s com m on s t ock) , i nc l udi ng wi t hout l i m i t a t i on, ot her i nves t m ent oppor t uni t i es ava i l abl e t o Tr i an Par t ner s , concent r a t i on of pos i t i ons i n t he por t f ol i os m anaged by Tr i an, condi t i ons i n t he s ecur i t i e s m ar ke t s and gener a l econom i c and i ndus t r y condi t i ons . Tr i an Par t ner s a l s o r es e r ves t he r i ght t o change i t s i nt ent i ons wi t h r es pec t t o i t s i nves t m ent s i n t he Com pany and t ake any ac t i ons wi t h r es pec t t o i nves t m ent s i n t heCom pany as i t m ay deem appr opr i a t e . Concer ni ng I nt e l l ec t ua l Pr oper t y Al l r egi s t e r ed or unr egi s t e r ed s e r vi ce m ar ks , t r adem ar ks and t r ade nam es r e f e r r ed t o i n t hi s pr es ent a t i on a r e t he pr oper t y of t h e i r r es pec t i ve owner s , and Tr i an Par t ner s ’ us e her e i n does not i m pl y an a f f i l i a t i on wi t h, or endor s em ent by, t he owner s of t hes e s e r vi ce m ar ks , t r adem ar ks and t r ade nam es .

4 I nt r oduc t i on

5 Tr i an Over vi ew ▪ Tr i an Fund M anagem ent , L. P. i s an i nves t m ent m anagem ent f i r m wi t h ~$11. 4bn of as s e t s under m anagem ent , i nc l udi ng ca l l abl e com m i t m ent s . * ▪ F ounded i n Novem ber 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 ay and Ed Gar den ▪ I nves t s i n wor l d - c l as s com pani es wi t h l eadi ng br ands and pr oduc t s ▪ Tr i an i s cons t r uc t i ve , l ong - t e r m , oper a t i ona l , and s t r a t egi c Not e : The com pani es s hown on t hi s page r e f l ec t a l l of i nves t m ent s m ade by Tr i an s i nce Tr i an’ s i ncept i on i n Novem ber 2005 t hr ough Decem ber 31 , 2014 : ( i ) f or whi ch Tr i an has f i l ed a Schedul e 13 D or 13 G or m ade a s i m i l a r non - U . S . f i l i ng or ot her not i f i ca t i on wi t h r es pec t t o i t s i nves t m ent i n t he com pany or ( i i ) t ha t wer e or a r e a publ i c l y di s c l os ed ac t i vi s t pos i t i on i n whi ch f unds m anaged by Tr i an i nves t ed a t l eas t $ 700 m of capi t a l ( t he r epr es ent a t i ve s i ze of Tr i an’ s cur r ent ac t i vi s t i nves t m ent s ) , and wher e Tr i an ( x) had a des i gnee or nom i nee on t heBoar d and/ or ( y) wr ot e a “whi t e paper ” and m et wi t h m anagem ent . W hi l e Tr i an expec t s t o m ai nt a i n concent r a t ed por t f ol i os and occas i ona l l y t ake an ac t i ve r ol e wi t h r es pec t t o ce r t a i n i nves t m ent s , Tr i an expec t s t o own, and i n t he pas t has owned, a num ber of ot her i nves t m ent s i nc l udi ng pas s i ve i nves t m ent s . The com pani es s hown on t hi s page do not r epr es ent a l l of t he i nves t m ent s pur chas ed or s ol d f or Tr i an c l i ent s and i t s houl d not be as s um ed t ha t any or a l l of t hes e i nves t m ent s wer e or wi l l be pr of i t abl e . * As of 4 / 1 / 15 . I nc l udes $ 840 m m of ca l l abl e com m i t m ent s t o an i nves t m ent vehi c l e f or m ed t o co - i nves t wi t h ot her f unds m anaged by Tr i an . = Por t f ol i o com pani es of whi ch a Tr i an par t ner or des i gnee s e r ves or s e r ved on t he Boar d

Long - Ter m ▪ St i l l on t he boar d of ea r l y i nves t m ent s ( W endy’ s - i nves t ed i n 9 year s ago) ▪ Shar ehol der / boar d r epr es ent a t i on a t He i nz unt i l acqui s i t i on by 3G Capi t a l and W ar r en Buf f e t t / Ber ks hi r e Hat haway ( 2006 t hr ough 2013) ▪ I nves t ed i n Fam i l y Dol l a r i n 2010, on boar d 2011 - pr es ent and cont i nued t o own s t ock t hr ough t he da t e s har ehol der s appr oved s a l e t o Dol l a r Tr ee i n 2015 ▪ St abl e capi t a l bas e : Subs t ant i a l am ount of capi t a l l ocked up f or m ul t i - year pe r i ods Cons t r uc t i ve and Res pons i bl e ▪ M anagem ent t eam s a t por t f ol i o com pani es of t en s e r ve as r e f e r ences f or Tr i an ▪ Onl y one pr oxy cont es t s i nce i ncept i on ( Hei nz - - 2006) ▪ Recent l y announced Tr i an Advi s or y Par t ner s – i nc l udes Bi l l J ohns on, f or m er Cha i r m an & CEO of Hei nz , Denni s Re i l l ey, f or m er Cha i r m an & CEO of Pr axa i r , and Denni s Kas s , f or m er Cha i r m an of Legg M as on, each of whom has wor ked wi t h Tr i an i n t he boar dr oom ▪ Tr i an pl ayed a l eadi ng r ol e i n def endi ng Fam i l y Dol l a rBoar d when di s s i dent s har ehol der s s ur f aced as t he com pany pur s ued a s t r a t egi c t r ans ac t i on ▪ Publ i c l y expr es s ed s uppor t f or The Bank of New Yor k M el l on m anagem ent when di s s i dent s ur f aced ▪ See www. DuPont CanBeGr ea t . com or pages 63 - 80 f or wha t di r ec t or s who have s e r ved on boar ds wi t h Nel s on Pe l t z , CEOs of com pani es i n whi ch Tr i an has i nves t ed, and pr om i nent i nves t or s , bus i nes s execut i ves and uni on l eader s have t o s ay about Tr i an Tr ack Recor d ▪ Pr i nc i pa l s have a 40 - year t r ack r ecor d bui l di ng / f i xi ng com pani es ( i nc l udi ng a Har var d Bus i nes s School cas e s t udy on Snappl e t ur n - a r ound) ( 1) ▪ Long t r ack r ecor d of wor ki ng wi t h com pani es t o he l p dr i ve t he i ncom e s t a t em ent ▪ Bui l t and r an a For t une 100 I ndus t r i a l com pany - - Tr i angl e I ndus t r i es / Am er i can Nat i ona l Can Com pany Tr i an: Key Takeaways ( 1) Har var d Bus i nes s School Cas e St udy: N9 - 599 - 126, Augus t 19, 1999 6

Tr i an’ s Hi ghl y Qua l i f i ed Nom i nees 7 Nel s on Pe l t z CEO & Foundi ng Par t ner of Tr i an J ohn M yer s For m er Pr es i dent & CEO of GE As s e t M anagem ent Ar t hur W i nkl ebl ack For m er EVP & CFO a t H. J . He i nz Rober t Za t t a For m er CEO and CFO a t Rockwood Hol di ngs Al t e r na t e Nom i nee ( 1 ) : Ed Gar den CI O & Foundi ng Par t ner of Tr i an ; Di r ec t or of Fam i l y Dol l a r , The Bank of New Yor k M el l on, and W endy’ s ( 1) As di s c l os ed i n Tr i an’ s def i ni t i ve pr oxy s t a t em ent , Edwar d Gar den wi l l s e r ve as an a l t e r na t e nom i nee i n addi t i on t o or i n pl ace of Tr i an’ s ot her nom i nees under t he f ol l owi ng c i r cum s t ances : ( i ) t he Com pany pur por t s t o i nc r eas e t he num ber of di r ec t or s hi ps pr i or t o t he 2015 Annua l M eet i ng, ( i i ) t he Com pany m akes or announces any changes t o t he Byl aws or t akes or announces any ot her ac t i on t ha t pur por t s t o have , or i f cons um m at ed woul d pur por t t o ha ve , t he e f f ec t of di s qua l i f yi ng any of Tr i an’ s nom i nees and/ or ( i i i ) any of Tr i an’ s nom i nees i s unabl e( due t o dea t h, di s abi l i t y or ot her wi s e ) or he r eaf t e r becom es unwi l l i ng f or any r eas on t o s e r ve as a di r ec t or .

Our Nom i nees Have The Exper i ence , Ski l l - Se t s and Pas s i on t o Addr es s Under per f or m ance a t DuPont J ohn Nel s on Ar t hur Rober t Over s aw Hi gh Per f or m ance Cul t ur e x x x x Chem i ca l / I ndus t r i a l Exper i ence x x x x I nt e r na t i ona l Exper i ence x x x x Fi nanc i a l Acum en x x x x Por t f ol i o Tr ans f or m at i on/ M & A x x x x Boar d Exper i ence x x x Capi t a l M ar ke t s Exper i ence x x x x Envi r onm ent a l / Regul a t or y x x x x 8 Hi ghl y Qua l i f i ed Nom i nees ▪ I ndependence and Owner s hi p M ent a l i t y ▪ 3 Of 4 Have Been CEOs / CFOs Of M aj or Publ i c Com pani es ▪ Com pany Cha i r ed By Nel s on Pe l t z I s An Ear l y Adopt e r Of Pr oxy Acces s ▪ Chem i ca l s and I ndus t r i a l s Exper i ence ▪ Except i ona l Tr ack Recor ds ▪ 20 Publ i c Com pany Boar d Sea t s i n t he Aggr ega t e

Tr i an’ s I nves t m ent Thes i s For DuPont ▪ W hen Tr i an i s s ued i t s Sum m ar y W hi t e Paper ( Sept em ber 2014) , Tr i an a r r i ved a t an i m pl i ed t a r ge t va l ue per s har e i n exces s of $120 ( 1) by t he end 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 har ehol der s hol di ng DuPont s t ock dur i ng t hi s pe r i od ▪ The Key As s um pt i ons f or Tr i an’ s Ana l ys i s i n i t s Sum m ar y W hi t e Paper wer e as f ol l ows : – Val ua t i on: 9. 9x bl ended next t we l ve m ont hs ( NTM ) Ent e r pr i s e Val ue ( EV) / EBI TDA m ul t i pl e ( 2 ) – Bes t - i n - c l as s oper a t i ng per f or m ance : Revenue gr owt h and m ar gi ns i n - l i ne wi t h peer s and m anagem ent l ong - t e r m t a r ge t s o M odel s 410bps of m ar gi n i m pr ovem ent f r om 2014 - 2018 • I f one as s um es a ~30% f l ow - t hr ough on i ncr em ent a l r evenue , t he r es ul t i ng cos t s avi ngs i m pl i ed by t he m ode l woul d be l es s t han $1bn of cos t s avi ngs ( 3) – Pr udent Lever age : 2x ne t debt / EBI TDA acr os s t he bus i nes s es as a whol e ; m ai nt a i n i nves t m ent gr ade r a t i ng – Focus on Re t ur ns t oShar ehol der s : Gr ow di vi dend a t 10% com pounded annua l gr owt h r a t e ( CAGR) ; as s um i ng a l l exces s f r ee cas h f l ow r e t ur ned t o s har ehol der s – Tax Ra t e : 33% t ax r a t e ( hi gher t han t he 22% expec t ed by t he Com pany i n 2015 ( 4) ) ac r os s t he bus i nes s t o pr ovi de f l exi bi l i t y wi t h f r ee cas h f l ow 9 Not e : For m or e de t a i l r egar di ng t hi s ana l ys i s , s ee “Tr i an I m pl i ed Tar ge t Va l ue Ana l ys i s For DuPont St ock” , f i l ed wi t h t he Sec ur i t i e s and Exchange Com m i s s i on ( SEC) on Apr i l 17, 2015. ( 1) The Open Le t t e r t o t he DuPont Boar d ( Tr i an Sum m ar y W hi t e Paper ) da t ed Sept em ber 16, 2014 i s ava i l abl e a t www. DuPont CanBeGr ea t . com . Thi s i s not m eant t o be , nor i s i t , a pr edi c t i on of t he f ut ur e t r adi ng pr i ce or m ar ke t va l ue of DuPont s t ock . Ther e can be no as s ur ance or guar ant ee wi t h r es pec t t o t he pr i ces a t whi ch DuPont s t ock wi l l t r ade , and s uch s t ock m ay not t r ade a t pr i ces t ha t m ay be i m pl i ed her e i n. ( 2) EBI TDA i s de f i ned as ea r ni ngs bef or e i nt e r es t , t axes ,depr ec i a t i on and am or t i za t i on. As s um es 6% i ncr eas e i n t he NTM EV/ EBI TDA m u l t i pl e bas ed on DuPont ’ s cons ens us va l ua t i on as of Sept em ber 2014. ( 3) Tr i an es t i m at es t ha t cons ol i da t ed DuPont i s bur dened by $2 - 4bn of exces s cor por a t e cos t s . See pages 71 and 72 of Tr i an’ s W hi t e Paper whi ch was f i l ed wi t h t he SEC on Febr uar y 17, 2015 and i s ava i l abl e a t www. DuPont CanBeGr ea t . com . ( 4) See t he Com pany’ s I nves t or Pr es ent a t i on da t ed J anuar y 27, 2015. Tr i an be l i eves t he i m pl i ed va l ue ca l cul a t i on coul d have addi t i ona l ups i de bas ed on our vi ew of $2 - 4bn of exces s cos t s

Act i ons Speak Louder Than W or ds : The CEO Seem s t o Lack Conf i dence I n DuPont ’ s Shar e Pr i ce 10 Sour ce : Capi t a l I Q, Bl oom ber g and SEC Fi l i ngs . ( 1) I nf or m at i on bas ed on For m 4 f i l i ngs and Com pany pr oxy s t a t em ent s . Tr i an’ s ana l ys i s i s conduc t ed on a “ne t s har e - s e t t l ed bas i s ” . As s uch, when ca l cul a t i ng owner s hi p and s har e s a l es , Tr i an deduc t s t he cas h/ s har es r equi r ed t o exer c i s e t he opt i ons ( i . e . , Tr i an us es “ t r eas ur y s t ock m et hod” t o ca l cul a t e t he CEO’ s owner s hi p ) . For opt i ons exer c i s ed, Tr i an us es t he s har e pr i ce on t he da t e t he opt i ons wer e exer c i s ed t o es t i m at e t he ne t s har es s ol d / owned . Tr i an’ s ana l ys i s t akes i nt o account ( i ) s har es di r ec t l y owned a t t he begi nni ng of Tr i an’ s i nves t m ent , ( i i ) RSUs t ha t have ves t ed over t he per i od of Tr i an’ s owner s hi p, ( i i i ) pe r f or m ance - bas ed s t ock uni t s t ha t have ves t ed over t he per i od ( ne t of t axes ) , and ( i v) ne t s har es f r om opt i ons exer c i s abl e over t he per i od . ( 2) I nf or m at i on bas ed on DuPontFor m 4 f i l i ngs . The $80 m i l l i on es t i m at e r e f l ec t s t he gr os s am ount of s t ock s ol d by El l en Kul l m an f or r eas ons ot her t han t he paym ent of t axes s i nce Tr i an f i r s t i nves t ed. The es t i m at e i s bas ed on t he aver age dol l a r am ount s pec i f i ed i n t he appl i cabl e For m 4 m ul t i pl i ed by t he num ber of s har es s ol d. Accor di ng t o SEC f i l i ngs , m os t of t hes e s a l es of DuPont s har es wer e m ade pur s uan t t o Rul e 10b5 - 1 t r adi ng pl ans . W hi l e Rul e 10b5 - 1 t r adi ng pl ans pr ovi de f or aut om at i c pur chas es or s a l es pur s uant t o f or m ul a or s i m i l a r m et hod f or de t e r m i ni ng t he am ount , pr i ce and/ or da t e of t he t r ans ac t i on, Rul e 10b5 - 1 t r adi ng pl ans m ay gener a l l y be t e r m i na t ed or am ended pr i or t o t he i r pr ede t e r m i ned end. For addi t i ona l i nf or m at i on, s ee page 91 of t he Tr i an W hi t e Paper whi ch was f i l ed wi t h t he SEC on Febr uar y 17, 2015, and i s ava i l abl e a t www. DuPont CanBeGr ea t . com Kul l m an exer c i s es & s e l l s opt i ons wor t h ~23% of her s t ake , a t a 15 - year hi ghOpt i on exer c i s ed & s ol d ▪ The CEO s ol d ~54 % ( 1) of he r s t ock ( ~$80m ) ( 2) a f t e r Tr i an f i r s t i nves t ed ▪ 23 % ( 1) of he r equi t y pos i t i on was s ol d i n t he week a f t e r t he r e l eas e of Tr i an’ s Sum m ar y W hi t e Paper ( Sept em ber 2014) , when t he s t ock hi t a new 15 - year - hi gh of $72. 83 ▪ Des pi t e r he t or i c about a “hi gher gr owt h, hi gher va l ue s t r a t egy, ” t he CEO i s not wi l l i ng t o “put he r m oney wher e her m out h i s ” ▪ Sol d f r om l ong - t e r m i ncent i ves and f r om s t ock opt i ons s he had been gr ant ed, m os t of whi ch di d not expi r e unt i l 2016 or 2017 ▪ W e be l i eve t he r eas on m anagem ent r ece i ves equi t y as par t of com pens a t i on i s t o ens ur e t he i r i nt e r es t s a r e a l i gned wi t h t he l ong - t e r m i nt e r es t s of s har ehol der s . The i nt ent i on i s not f or m anagem ent t o s e l l pr em at ur e l y ▪ As k your s e l f : I f t he CEO and Boar d m em ber s t r ul y be l i eved i n t he i r s t r a t egy woul dn’ t t hey be buyi ng s t ock? El l en Kul l m an’ s Cum ul a t i ve Shar e Sa l es Over Ti m e St ockhol der s awar d m anagem entl ong - t e r m i ncent i ves t o ens ur e an a l i gnm ent of i nt e r es t s . The i nt ent i on i s not f or m anagem ent t o s e l l pr em at ur e l y. Tr i an Sum m ar y W hi t e Paper r e l eas ed

11 DuPont ’ s Tr ack Recor d of Under per f or m ance

$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 ock Pr i ce Act ua l / Gui ded EPS 2011 2012 2013 2014 2015E Recent St ock Pr i ce St r engt h Not Dr i ven By Fundam ent a l s 12 DuPont St ock Pr i ce vs . Ac t ua l / Gui ded EPS DuPont St ock Pr i ce $ ▪ DuPont ’ s s t ock pr i ce has r i s en ~45% s i nce Tr i an’ s i ni t i a l i nves t m ent , ye t EPS i s be l ow 2011 l eve l s − W hi l e DuPont boas t s about 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 es ul t ed f r om s har e pr i ce appr ec i a t i on a f t e r Tr i an i nves t ed ( 1) ▪ W e be l i eve DuPont ’ s r ecent s har e pr i ce per f or m ance r e f l ec t s t he m ar ke t ’ s des i r e f or Tr i an’ s i nvol vem ent ( 2) Tr i an i nves t ed i n DuPont Tr i an Sum m ar y W hi t e Paper r e l eas ed $5bn s har e r epur chas e a nnounced ( $2bn i n 2014) DuPont announced PChem s pi n 2014 gui dance r educed by 6% , pr oj ec t i ng 3 - 6% gr owt h. Announced $625m cos t s avi ngs i ni t i a t i ve ( 3) Sour ce : Capi t a l I Q, DuPontPr es s Re l eas es and t r ans cr i pt s of ea r ni ngs r e l eas e conf e r ence ca l l s . ( 1) Sour ce : DuPont pr es ent a t i on f i l ed 1/ 9/ 15. 116% account s f or i m pac t of s har e pr i ce appr ec i a t i on f r om M ar ch 15, 2013 ( da t e of Tr i an’ s i ni t i a l i nves t m ent ) t o Decem ber 31, 2014. ( 2) W hi l e Tr i an be l i eves t ha t s uch s har e pr i ce appr ec i a t i on i s a t t r i but abl e t o Tr i an’ s i nvol vem ent as a DuPont s t ockhol der , t he r e i s no obj ec t i ve m et hod t o conf i r m what por t i on of s uch appr ec i a t i on was a t t r i but abl e t o Tr i an’ s i nvol vem ent and what por t i on m ay have been a t t r i but abl e t o ot her f ac t or s . ( 3) Repr es ent s announcem ent of Fr es h St a r t I ni t i a t i ve , a $1bn cos t s avi ng pl an, a t t he t i m e , t ha t i nc l udes $375m of cos t s t r a ns f e r r ed t o Per f or m ance Chem i ca l s . DuPont i nc r eas ed t ot a l pr ogr am s i ze t o $1. 3bn on 1/ 27/ 2015. Ac t ua l / Gui ded EPS

DuPont ’ s EPS Gr owt h Si nce 2011 I s Bot t om Quar t i l e , Regar dl es s Of The Peer Gr oup Sour ce : SEC f i l i ngs . Not e : Us es Fi s ca l Year of each com pany t ha t m os t c l os e l y appr oxi m at es t he ca l endar year . ( 1) EPS f i gur es f or peer s adj us t ed f or non - oper a t i ng pens i on / OPEB ( ot her pos t - em pl oym ent benef i t s ) f or com par abi l i t y wi t h DuPont . DuPont EPS Gr owt h vs . DuPont Pr oxy Peer s ( 2011 – 2014) ( 1) DuPont EPS Gr owt h vs . Di ver s i f i ed I ndus t r i a l s And Chem i ca l s Peer 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 an Por t f ol i o Com pany Tr i an Por t f ol i o Com pany

14 DuPont ’ s EPS Gr owt h Ver s us Di ver s i f i ed I ndus t r i a l s And Chem i ca l s And Over The La t es t Cyc l e And Longer Ti m e Hor i zons Not e : Exc l udes com pani es t ha t wer e not publ i c dur i ng t he r e l evant t i m e per i od. Not e : Us es Fi s ca l Year of each com pany t ha t m os t c l os e l y appr oxi m at es t he ca l endar year . Sour ce : Tr i an ca l cul a t i ons , SEC f i l i ngs , EPS f i gur es f or peer s adj us t ed f or non - oper a t i ng pens i on / OPEB ( ot her pos t - em pl oym ent benef i t s ) f or com par abi 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 - Year ( 1994 - 2014) 10 - Year ( 2004 - 2014) La t es t Cyc l e( 2007 - 2014)

DuPont Has Been Pur s ui ng The “Hi gher Gr owt h, Hi gher Val ue” St r a t egy For Year s , W hi ch Has Onl y Led t o Dec l i nes $15 $30 $45 $60 $75 $90 M ay- 98 Sep- 01 J an- 05 M ay- 08 Sep- 11 J an- 15 Sa l e of Coa t i ngs Sa l e of I NVI STA Acqui r es r em ai ni ng 80% of Pi oneer Separ a t i on of Conoco announcem ent DuPont com pl e t es Conoco s pl i t - of f Dani s co acqui s i t i on Sa l e of Phar m aceut i ca l s Tr i an i ni t i a l i nves t m ent Day pr i or t o Tr i an owner s hi p m ade p ubl i c ( 7/ 2013) Unaf f ec t ed St ock Pr i ce ( 4) Has Dec l i ned - 11% Si nce t he Separ a t i on of Conoco ( 16+ year s ) A nd Down - 20% Fr om Peak ( 5/ 20/ 98) ▪ Si nce ’ 98, DuPont has cont i nua l l y r es t r uc t ur ed t he por t f ol i o t o no ava i l – Di ves t ed >$34bn i n r evenue ( 1) and acqui r ed over $11bn i n r evenue ( 2) vs DuPont ’ s cur r ent ~$35bn ( 3 ) r evenue bas e ▪ M anagem ent c l a i m ed DuPont woul d be pos i t i oned f or hi gher gr owt h and pr of i t abi l i t y a t t he s a l e of I NVI STA: – " W i t h t he ant i c i pa t ed s a l e of I NVI STA, DuPont wi l l be a s m al l e r com pany wi t h t hepot ent i a l f or hi gher gr owt h and pr of i t abi l i t y …But unl ocki ng t ha t pot ent i a l m eans doi ng t hi ngs di f f e r ent l y. I f we a r e t o m ee t our ea r ni ngs gr owt h obj ec t i ves – whi ch we wi l l – we cannot s uppor t t he com pl exi t y and cos t ent a i l ed by di ver s e and s pec i a l i zed or gani za t i ons and pr oces s es . The ac t i ons we a r e announc i ng t oday a r e neces s a r y t o ens ur e t he near - and l ong - t e r m com pet i t i venes s of DuPont . ” – Pr es s r e l eas e , 12/ 1/ 2003 ▪ Ye t , DuPont ’ s s t ock pr i ce has dec l i ned over a 16 year per i od Sour ce : Bl oom ber g, Capi t a l I Q as of 4/ 16/ 15 and SEC Fi l i ngs . ( 1) Repr es ent s s i gni f i cant di ves t i t ur es . Ful l year of r evenue a t DuPont bef or e be i ng s epar a t ed ( Conoco i n 1997, Phar m aceut i ca l s i n 2 000, Text i l es i n 2003, Coa t i ngs i n 2011) . Does not i nc l ude t he pr opos ed s pi n - of f of Per f or m ance Chem i ca l s whi ch has not ye t c l os ed. ( 2) Revenue a t t i m e of acqui s i t i on was near l y $5bn, but i s now es t i m at ed by Tr i an t o be over $11bn as s um i ng 68% of Agr i cul t ur e ( b as e don 10 - K) and 67% of Nut r i t i on and 100% of I ndus t r i a l Bi o a r e r evenues f r om acqui r ed bus i nes s es ( bas ed on 2013 Dat a Book) . ( 3) 2014 r evenue i nc l udes Per f or m ance Chem i ca l s . ( 4) Unaf f ec t ed s har e pr i ce r e f e r s t o Sept em ber 16, 2014, t he day pr i or t o pr es s r epor t s of Tr i an’ s Sum m ar y W hi t e Paper . ( 5) Tot a l Shar ehol der Re t ur n ( TSR) f r om announcem ent of Conoco I PO t hr ough t he day pr i or t o t he r e l eas e of Tr i an’ s Sum m ar y W hi t e Pap e r ( 5/ 8/ 1998 – 9/ 16/ 2014) . DuPont S& P 500 S& P Chem TSR ( 5) 55% 144% 257% 15

16 Root Caus e Of DuPont ’ s Under per f or m ance

10% - 12% 7 - 9% 6. 6% 3. 2% 2011 Tar ge t 2013 Tar ge t Novozym es DuPont W hy DuPont Under per f or m ed: Fa i l ur e To Del i ver Tar ge t Or Peer Leve l Or gani c Revenue Gr owt h Sour ce : SEC f i l i ngs and W al l St r ee t r es ear ch. Not e : Sa l es com pounded annua l gr owt h r a t es ( CAGRs ) exc l ude cur r ency and M & A when pos s i bl e ; a s DuPont does not di s c l os e cur r ency p e r s egm ent s , Sa l es CAGR f or DuPont exc l udes onl y por t f ol i o changes . The peer s f or Per f or m ance M at e r i a l s a r e Ce l anes e Advanced Engi neer ed M at e r i a l s and BASF Pl as t i cs ; t he peer s f or Cr op Pr ot ec t i on a r e Syngent a ’ s c r op bus i nes s , FM C Agr i cul t ur e , Bayer Cr opSc i ence and BASF Agr i cul t ur a l ; t he peer s f or Nut r i t i on & Hea l t h a r e Chr . Hans en Cul t ur es and Enzym es , Ta t e & Lyl e Spec i a l t y Food, Roya l DSM Nut r i t i on, Ker r y I ngr edi ent s and Fl avour s and FM C Heal t h and Nut r i t i on ; t he peer s f or Per f or m ance Chem i ca l s a r e Hunt s m an Pi gm ent , Tr onox Pi gm ent , Kr onos , Ar kem a I ndus t r i a l , Da i ki n Chem i ca l s and Hon eyw e l lPer f or m ance M at e r i a l s . Not e : Us es 3M Saf e t y and Gr aphi cs and BASF f unc t i ons , m at e r i a l s and s ol ut i ons f or 2013 & 2014 as bot h com pani es changed s egm ent s i n FY13. Not e : For com pani es t ha t have not ye t r epor t ed f ul l year 2014 r es ul t s , a s s um es t ha t year t o da t e or gani c gr owt h r epr es ent s f ul l year 2014 or gani c gr owt h. ( 1) Segm ent s pr es ent ed above cont r i but e 71% of t ot a l DuPont r evenue bas e . Agr i cul t ur e Cr op cont r i but es 32% of t he Agr i cul t ur e s eg m en t ’ s r evenue ( bas ed on 2014 For m 10 - K) . Exc l udi ng Agr i cul t ur e Cr op, t he r em ai ni ng s egm ent s pr es ent ed above cont r i but e 61% of DuPont ’ s r evenue bas e . ( 2) Ti m ef r am e s t a r t i ng t he year a f t e r DuPont acqui r ed Dani s co . Ca l cul a t es a wei ght ed aver age or gani c gr owt h r a t e over t i m e us i ng r epor t ed quar t e r l y m et r i cs . ( 3) Begi ns i n 2008 t o capt ur e cur r ent m anagem ent t enur e . ( 4) Agr i cul t ur e Cr op gr owt h does not exc l ude M & A. Es t i m at es f r om da t a book ( Cr op as a per cent age of agr i cul t ur e oragr i cul t ur e an d n ut r i t i on s egm ent f or 2008 - 2013) . 2014 r evenue f r om 2014 For m 10 - K. ( 5) Not e : Agr i cul t ur e gr owt h t a r ge t s f or DuPont ’ s f ul l s egm ent appl y t o bot h s eeds and c r op pr ot ec t i on, not s pec i f i ed f or one or t he ot her . ( 6) Us es 3M Saf e t y and Gr aphi cs f or 2013 and 2014 and 3M Saf e t y, Secur i t y and Pr ot ec t i on s egm ent f or t he pr i or year s . Per f or m anc e M at e r i a l s ( 2008 - 2014 CAGR ( 3) ) Agr i cul t ur e – Cr op ( 2008 - 2014 CAGR ( 3) ( 4) ( 5) ) I ndus t r i a l Bi os c i ences ( Q212 - Q4 14 CAGR ( 2) ) Nut r i t i on and Hea l t h ( Q212 - Q414 CAGR ( 2) ) 7 - 9% 7 - 9% 4. 2% 3. 0% 2011 Tar ge t 2013 Tar ge t Peer s DuPont Saf e t y and Pr ot ec t i on ( 2008 - 2014 CAGR ( 3) ) Per f or m ance Chem i ca l s ( 2008 - 2014 CAGR ( 3) ) 4 - 6% 3 - 5% 4. 5% 1. 9% 2011 Tar ge t 2013 Tar ge t Peer s DuPont 8 - 10% 5 - 7% 3. 2% - 0. 2% 2011 Tar ge t 2013 Tar ge t 3M Segm ent DuPont 8 - 10% 8 - 10% 8. 1% 5. 7% 2011 Tar ge t 2013 Tar ge t Peer s DuPont 6 - 8% 3 - 5% 3. 4% 1. 3% 2011 Tar ge t 2013 Tar ge tPeer s DuPont ▪ DuPont ’ s or gani c r evenue gr owt h has t r a i l ed peer s i n 5 of 7 s egm ent s ( ~ 71% of r evenues ) ( 1) and has r a r e l y m et i t s own goa l s ( 6) 17

26% 23% 3M Segm ent DuPont 35% 21% Novozym es DuPont 23% 17% Peer s DuPont W hy DuPont Under per f or m ed: Fa i l ur e To Del i ver Peer Leve l M ar gi ns 30% 22% 28% 23% M ons ant o Cr op Pr ot ec t i on Peer s Bl ended Peer s ( 3) DuPont Agr i cul t ur e ( 1) Nut r i t i on & Hea l t h ( 1) 24% 16% Peer s DuPont Sour ce : SEC f i l i ngs and W al l St r ee t r es ear ch. EBI TDA i nc l udes a por t i on of una l l oca t ed cor por a t e cos t s ( a l l oca t ed by r evenue t o t he r e s p ec t i ve s egm ent ) and i s adj us t ed f or i m pai r m ent s and ot her non - r ecur r i ng char ges . DuPont , M ons ant o, and Syngent a adj us t ed t o exc l ude non - oper a t i ng pens i on and OPEB. Novozym es does not di s c l os e whe t her i s has a def i ned cont r i but i on pl an. As t he ot her peer s a r e s egm ent s of a com pany, r a t her t han t he whol e com pany, and pens i on i s not eas i l y a l l ocabl e , does not add back non - oper a t i ng pens i on and OPEB f or t he ot her peer s . Fi nanc i a l s conver t ed t o US dol l a r s a t aver age exchange r a t e f or year . Peer s f or El ec t r oni cs a r e Ai rPr oduc t s M at e r i a l s Technol ogi es , 3M El ec t r oni cs & Ener gy, Dow El ec t r oni cs & Func t i ona l M at e r i a l s . Peer s f or Agr i cul t ur e a r e M ons ant o, BASF Agr i cul t ur e Sol ut i o ns , Bayer Cr opSc i ence , FM C Agr i cul t ur e Sol ut i ons , Syngent a . Peer s f or Nut r i t i on a r e Chr Hans en Cul t ur es and Enzym es , Ta t e & Lyl e Spec i a l t y Food I ngr edi ent s , Roya l DSM Nut r i t i on, Ker r y I ngr edi ent s and Fl avour s , and FM C Hea l t h & Nut r i t i on. ( 1) Us es CY2014 da t a f or each com pany unl es s not ava i l abl e . LTM endi ng 9/ 30/ 2014 f or Ta t e and Lyl e , whi ch r epor t s s em i - annua l l y. LTM 11/ 30/ 2014 f i nanc i a l f or Chr Hans en. Cer t a i n peer s onl y di s c l os e s egm ent - l eve l depr ec i a t i on and am or t i za t i on i n annua l r epor t s , whi ch m ay not have been r e l eas ed ye t f or 2014 ( or t he r e l evant pe r i od i nc l ud ed) . As s uch, Tr i an as s um es each s egm ent ’ s depr ec 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 ecent l y ava i l abl e f ul l - year f i gur es . ( 2) Us es 3M Saf e t y and Gr aphi cs . ( 3) “Bl ended Peer s ” r e f e r s t o a68% wei ght i ng of M ons ant o's m ar gi n and a 32% wei ght i ng of Cr op Pr ot ec t i on Peer s ’ m ar gi ns , r e f l ec t i ng DuPont ’ s Agr i cul t ur e s egm ent ’ s bus i nes s m i x ( 68% s eed/ 32% cr op) . ▪ DuPont ’ s EBI TDA m ar gi ns have l agged peer s i n 5 of 7 s egm ent s ( ~ 64% of r evenues ) ( 2) 18 I ndus t r i a l Bi os c i ences ( 1) Saf e t y & Pr ot ec t i on ( 1) El ec t r oni cs & Com m uni ca t i ons ( 1)

Our Goal s ▪ W hi l e Tr i an be l i eves i t has a l r eady m ade an i m pac t on va l ue c r ea t i on a t DuPont , t he r e i s m uch m or e va l ue t o be unl ocked; a vot e f or Tr i an’ s nom i nees i s a vot e f or f our hi ghl y qua l i f i ed i ndi vi dua l s who wi l l s eek t o wor k col l abor a t i ve l y wi t h t he Boar d t o: 1. As s es s t he cor por a t e s t r uc t ur e and de t e r m i ne whet her m anagem ent i s capabl e of achi evi ng bes t - i n - c l as s r evenue gr owt h and m ar gi ns wi t h t he exi s t i ng por t f ol i o or whe t her t he r e i s a need t o s epar a t e t he por t f ol i o; Tr i an nom i nees a r e open - m i nded as t o t he bes t pa t h f or war d 2. El i m i na t e exces s cor por a t e cos t s and ens ur e pr oduc t i vi t y i ni t i a t i ves hi t t he bot t om l i ne 3. As s es s capi t a l a l l oca t i on i nc l udi ng or gani c i nves t m ent s ( R& D, capi t a l expendi t ur es , i ndus t r i a l bi os c i ences i ni t i a t i ves ) , M & A, and ba l ance s hee t e f f i c i ency / capi t a l r e t ur n pol i c i es ( i nc r eas i ng di vi dends ) 4. I m pr ove cor por a t e gover nance i nc l udi ng t r ans par ency of bus i nes s per f or m ance , a l i gnm ent ofcom pens a t i on pr ogr am s wi t h per f or m ance , and over a l l account abi l i t y f or pr om i s ed per f or m ance 19

Di s par a t e Bus i nes s es And Over whel m i ng Com pl exi t y: New DuPont ( 1) Rem ai ns A Congl om er a t e W i t h 44% Of Sa l es I n Low Gr owt h Bus i nes s es 20 Sa l es Gr owt h Has Been Non - Exi s t ent ( 07 - 14) ( $bns ) ( 2) Gr owt h i n Adj us t ed PTOI ( 3) Has Been Anem 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 Des pi t e Per f or m ance M at e r i a l s Over - Ear ni ngs As a Res ul t of Recor d - Hi gh Et hyl ene Spr eads M ar gi n % : 16. 5 11. 0 7. 9 17. 5 15. 2 16. 2 18. 2 19. 7 Et hyl ene Spr ead Pr of i t Over Ti m e ( 07 - 14) ( $m ) ( 4) Exc l udi ng t he e t hyl ene s pr ead PTOI was f l a t and m ar gi ns onl y expanded ~58bps Sour ce : SEC Fi l i ngs , I nves t or Pr es ent a t i ons , Tr i an Es t i m at es . PTOI bef or e non - oper a t i ng pens i on expens e . ( 1) “New DuPont ” as def i ned by m anagem ent ( DuPont exc l udi ng Per f or m ance Chem i ca l s s egm ent ) . ( 2) 2013 and 2014 f i gur es a r e adj us t ed f or Vi t on, whi ch i s t o be t r ans f e r r ed t oPer f or m ance Chem i ca l s i n t he s pi n of f . ( 3) “PTOI ” def i ned as pr e - t ax oper a t i ng i ncom e. ( 4) Et hyl ene s pr ead ca l cul a t i ons f r om Tr i an, m ar ke t da t a s our ced f r om Bl oom ber g and J P M or gan r es ear ch. As s um es 95% oper a t i ng r a t e of 1, 500m pound e t hyl ene f ac i l i t y, a s s um es i t s c r acki ng 100% e t hane vs pr opane . ▪ The Per f or m ance M at e r i a l s , Saf e t y and Pr ot ec t i on and El ec t r oni cs and Com m uni ca t i ons s egm ent s have hi s t or i ca l l y been l ow gr owt h and vol a t i l e . M ar gi ns have de t e r i or a t ed des pi t e t he s i gni f i cant i nc r eas e i n e t hyl ene s pr eads $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 ar gi ns 2014 M ar gi ns I m pr ovi ng M ar gi ns ( 4) The Ot her 56% : One Pr oven Gr owt h Bus i nes s , Two W i t h Pot ent i a l Nut r i t i on & Hea l t h ( 12% of s a l es ) I ndus t r i a l Bi os c i ences ( 4 % of s a l es ) Agr i cul t ur e ( 40% of s a l es ) Or gani c Revenue Gr owt h Has Been Be l ow Tar ge t and W eakeni ng Or gani c Revenue Gr owt h Cons i s t ent l y Be l ow Tar ge t Cont r ac t i ng EBI T M ar gi ns Si nce Acqui s i t i on ( 1) Sour ce : SEC Fi l i ngs , I nves t or Pr es ent a t i ons , Tr i an Es t i m at es . Not e : Com par es or gani c gr owt h t o t a r ge t gr owt h. Dani s co acqui s i t i on c l os ed i n Q2 2011, or gani c gr owt h s t a r t s a year a f t e r acqui s i t i on c l os es . ( 1) M ar gi ns a r e pos t - cor por a t e t o m ake f i gur es com par abl e . Br eaks out Dani s co i nt o I ndus t r i a l Bi os c i ences ( i t s Genencor bus i nes s ) and Nut r i t i on & Hea l t h. ( 2) Bl ended m ar gi n of DuPont l egacy nut r i t i on and Dani s co. ( 3) M ar gi ns a r e pr o f or m a f or announced s yner gi es of $130m . Syner gi es a r e a l l oca t ed t o Nut r i t i on & Hea l t h and I ndus t r i a lBi os c i en ces on a % of s a l es bas i s . ( 4) Adj us t ed PTOI m ar gi ns . St a r t s i n 2008, t he f i r s t year DuPont r epor t ed Agr i cul t ur e on a s t anda l one bas i s . 7 - 9% 5. 0% 3. 1% 1. 7% Tar ge t Gr owt h Q2- Q4 '12 Gr owt h 2013 Gr owt h 2014 Gr owt h 7 - 9% 3. 4% 3. 5% 2. 7% Tar ge t Gr owt h Q2- Q4 '12 Gr owt h 2013 Gr owt h 2014 Gr owt h ( $ bns ) St r ong Revenue 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 ar gi ns 2014 M ar gi ns Cont r ac t i ng EBI T M ar gi ns Si nce Acqui s i t i on ( 1) Unpr oven 21

Exces s Cor por a t e Cos t s : The Coa t i ngs / Axa l t a Cas e St udy ▪ I n 2012, DuPont announced t he s a l e of Coa t i ngs t o pr i va t e equi t y buyer s ▪ At t he t i m e , Coa t i ngs gener a t ed $339m ( 1) of EBI TDA ( 2011A) . Today, t ha t s am e bus i nes s , r enam ed Axal t a , gener a t es $851m ( 2) of EBI TDA, an i m pr ovem ent of >150% ▪ I n 2014, t he new owner s f i l ed a For m S - 1 t o t ake Axa l t a publ i c . The S - 1 di s c l os ed t ha t Pr o For m a EBI TDA i n 2011 was $568m ( 3) , $229m hi gher t han or i gi na l l y r epor t ed by DuPont i n t he s am e year – t hi s i m pl i es t ha t DuPont bur dened t he Coa t i ngs s egm ent wi t h $229m of exces s cor por a t e cos t s 22 EBI TDA Under DuPont ( 2007 - 2011) $339 $568 2011 ( As Repor t ed by DuPont ) 2011 ( As Repor t ed by Axal t a S- 1) EBI TDA – Di f f e r ent Owner s , Sam e Year EBI TDA Under New Owner s – I m pr ovem ent ( 2011 - 2014) $380 $339 2007 2011 $568 $851 2011 2014 Sour ce : DuPont and Axal t a SEC Fi l i ngs . ( 1) Coa t i ngs adj us t ed PTOI pl us depr ec i a t i on expens e l es s an a l l oca t i on ofuna l l oca t ed cor por a t e cos t s pl us an addback f or non - cas h i t em s and ce r t a i n pens i on expens e i n - l i ne wi t h Axa l t a ’ s cur r ent addbacks t o m ake i t com par abl e t o Axa l t a ’ s f i gur es . As s i gns una l l oca t ed cor por a t e expens e a t ~2% of s a l es ( DuPont ’ s FY2011 una l l oca t ed cor por a t e expens e and Ot her as % of FY2011 s egm ent s a l es ) t o m ake m ar gi ns com par abl e . ( 2) Repr es ent s Axa l t a ’ s Adj us t ed Oper a t i ng I ncom e pl us Depr ec i a t i on & Am or t i za t i on expens e f or 2014. M et r i c di f f e r s s l i ght l y f r om Axal t a ’ s Adj us t ed EBI TDA ( as r epor t ed) as i t exc l udes ot her expens e ( i ncom e) and di vi dend t o non - cont r ol l i ng i nt e r es t t o m ake EBI TDA com par abl e . ( 3) Repr es ent s Axa l t a ’ s Adj us t ed Oper a t i ng I ncom e pl us Depr ec i a t i on & Am or t i za t i on expens e f or 2011. M et r i c di f f e r s s l i ght l y f r om Axal t a ’ s Adj us t ed EBI TDA ( as r epor t ed) as i t exc l udes ot her expens e ( i ncom e) and di vi dend t o non - cont r ol l i ng i nt e r es t t o m ake EBI TDA com par abl e . ( 4) Coa t i ngs 2007 EBI TDA not adj us t ed f orpens i on, becaus e non - oper a t i ng pens i on / OPEB ( ot her pos t - em pl oym ent benef i t s ) expens e was not di s c l os ed by DuPont ( DuPont had s m al l pens i on i ncom e i n 2007 ) . ( 5) Pl eas e r e f e r t o pages 71 and 72 of Tr i an’ s W hi t e Paper , whi ch was f i l ed wi t h t he SEC on Febr uar y 17, 2015 and i s ava i l abl e on www. DuPont CanBeGr ea t . com . ( 1) ( 3) ( 3) ( 2) ( 1) ( 4) ▪ DuPont t r ans f e r r ed >$6bn of s har ehol der wea l t h t o pr i va t e equi t y owner s by not r unni ng Coa t i ngs e f f i c i ent l y and s e l l i ng t he bus i nes s f or cas h r a t her t han doi ng a t ax - f r ee s pi n ▪ W e es t i m at e t ha t cons ol i da t ed DuPont i s bur dened by $2 - $4bn of exces s cor por a t e cos t s ( 5)

Di l ut i ve M & A: Subt r ac t i on By Addi t i on Of Dani s co 13. 8% 15. 2% 10. 6% 12. 5% 9. 3% 2010 2010PF For Dani s co M ar gi n Tar ge t 2014 PF f or Syner gi es Exc l udi ng Syner gi es Nut r i t i on and I ndus t r i a l Bi os c i ences EBI T M ar gi ns ( 4) Dani s co Gr owt h Be l ow Hi s t or i ca l and LT Tar ge t s 5. 2% 5 - 7% 8 - 10% 7 - 9% 3. 1% Dani s co Avg Gr owt h Ra t e Dani s co Long- t e r m Tar ge t DuPont 2011 Long- t e r m Tar ge t DuPont 2013 Long- t e r m Tar ge t Ac t ua l Or gani c Gr owt h ( 1) ( 2) ( 5) Pr of i t abi l i t y down 33% Sour ce : Com pany SEC Fi l i ngs and Tr ans cr i pt s , Dani s co Annua l and Quar t e r l y Fi nanc i a l Repor t s and Tr ans cr i pt s . ( 1) Dani s co hi s t or i ca l gr owt h r a t e i s or gani c gr owt h f r om FY2005 - 2010 or 5. 2% . Fi s ca l year 2006 gr owt h m eas ur es onl y i ngr edi ent s gr owt h and Fi s ca l Year 2007 gr owt h exc l udes f l avour s gr owt h ( as Dani s co s ol d t ha t bus i nes s bef or e DuPont acqui r ed Dani s co) . ( 2) 2011 l ong - t e r m t a r ge t s wei ght ed by 2011 s a l es of Nut r i t i on and Hea l t h and I ndus t r i a l Bi os c i ences . ( 3) Revenue gr owt hf r om Q2 2012 - Q4 2014. ( 4) M ar gi ns a r e bef or e non - oper a t i ng pens i on and OPEB expens e . Us es Dani s co pens i on expens e t o es t i m at e non - oper a t i ng pens i on and OPEB expens e f or Dani s co pr i or t o acqui s i t i on . For s yner gy f i gur es , i ncor por a t es $130m of s yner gi es bas ed on Com pany Q4 2012 ea r ni ngs ca l l t r ans cr i pt ( 1/ 22/ 2013 ) . ( 5) 15. 2 % EBI T m ar gi n der i ved by as s um i ng 15. 9% m ar gi n f or Dani s co ( es t i m at ed t o be 76% of com bi ned Nut r i t i on and I ndus t r i a l Bi o r evenue) and 4. 8% m ar gi n f or l egacy s oy bus i nes s pl us $130m of s yner gi es . ( 3) 23

Subs t ant i a l Agr i cul t ur e R& D Has Yi e l ded Nega t i ve Res ul t s 24 Sour ce : SEC f i l i ngs . ( 1) M ons ant o pr es s r e l eas e 8/ 1/ 12. ( 2) DuPont pr es s r e l eas e 3/ 26/ 2013. ( 3) Fr ee Pr es s , “EPA: DuPont f a i l ed t o war n of popul a r he r bi c i de’ s danger t o t r ees ” . Char ges t aken by DuPont r e l a t ed t o cus t om er c l a i m s of dam age caus ed by t he I m pr e l i s he r bi c i de . ( 4) Pi oneer pr es s r e l eas e , 12/ 14/ 2010. ( 5) 2010 - 2014 bas ed on Com pany Dat a Book and 2014 For m 10 - K. ~$5bn ( 5) i n Agr i cul t ur e R& D over l as t 5 year s Res ul t s ▪ No new bi ot ech t r a i t s , of s i gni f i cance , di s cover ed ▪ $1bn j ur y ver di c t aga i ns t DuPont f or pa t ent i nf r i ngem ent ― A f eder a l j ur y f ound t ha t DuPont wi l l f ul l y i nf r i nged on M ons ant o’ s RoundUp Ready 2 pa t ent and owed M ons ant o $1bn i n dam ages ( 1) ― I n l i eu of t hi s , DuPont and M ons ant o agr eed t o a s e t t l em ent wher eby DuPont wi l l pay a m i ni m um of $1. 75bn i n r oya l t y paym ent s f or Roundup Ready 2 and di cam ba ( f r om 2014 t hr ough 2023 ) ( 2) ▪ $1. 2bn i n char gesr e l a t i ng t o I m pr e l i s , des pi t e es t i m at ed s a l es of onl y ~$7m ( 3) ▪ Payi ng com pet i t or s f or s c i ence capabi l i t i e s ― DuPont l i cens es Bayer ’ s Li ber t yLi nk, Dow’ s Her cul ex, M ons ant o’ s Roundup Ready, and Syngent a ’ s Agr i s ur e ― Agr i s ur e l i cens e coul d exceed $ 400m i n cum ul a t i ve paym ent 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 Uneconom i c ROI C On 2/ 3r ds Of The Revenue Bas e ( Ex Ag & Phar m a) Sa l es ex Agr i cul t ur e and Phar m a ( 2007 - 2014) Pr e - R& D EBI TDA ex Agr i cul t ur e and Phar m a ( 2007 - 2014) Sour ce : Com pany SEC f i l i ngs , Tr i an Es t i m at es and Com pany Dat a Books . Tr i an es t i m at es Agr i cul t ur e EBI TDA f or 2007 us i ng aver age of 2008 - 2010 Nut r i t i on EBI TDA m ar gi n ( pr e - Dani s co) and backi ng out Nut r i t i on EBI TDA f r om s egm ent f i gur es ( when DuPont onl y r epor t ed Agr i cul t ur e and Nut r i t i on as one s egm ent ) . As s um es 2013 Com pany acqui s i t i on s pendi ng i n Agr i cul t ur e was ent i r e l y r e l a t ed t o Pannar . For 2007, as s um es capex and R& D s pen d a s % of s a l es f or Agr i cul t ur e & Nut r i t i on s egm ent i s t he s am e as f or Agr i cul t ur e s t anda l one . ( 1) ROI C def i ned as change i n EBI TDA pr e - R& D, exc l udi ng agr i cul t ur eand phar m a f r om 2007 - 2014 di vi ded by t he s um of 2008 - 2014 ne t capex, R& D and acqui s i t i ons . The r es ul t i s t ax - e f f ec t ed a t 22% . ( 2) W ei ght ed aver age cos t of capi t a l ca l cul a t ed us i ng f ul l y di l ut ed m ar ke t capi t a l i za t i on as of 4/ 16/ 2015. Pr e - t ax cos t of debt as s um ed t o be 2. 62% bas ed on t he yi e l d of r ecent l y i s s ued 8 - year debt ( i s s ued 2/ 15/ 13) as per Bl oom ber g as of 4/ 16/ 2015. As s um es 22% t ax r a t e . Cos t of equi t y as s um es r i s k f r ee r a t e of 1. 89% , t he ap pr oxi m at e yi e l d on t he 10 year Tr eas ur y as of 4/ 16/ 2015, a be t a of 1. 003 ( Sour ce : Bl oom ber g) , and an equi t y r i s k pr em i um of 7. 5% ( Tr i an es t i m at e ) . Cos t of pr e f e r r ed equi t y as s um ed t o be 4. 2% , cons i s t en t wi t h wei ght ed aver age yi e l ds on cur r ent out s t andi ng pr e f e r r ed. Capi t a l Expendi t ur es , Ne t Acqui s i t i ons & Res ear ch and Deve l opm ent ( $ i n Bi l l i ons ) Cum ul a t i ve '08- '14 Net Capi t a l Expendi t ur es $9. 1 Acqui s i t i ons , Ne t of Di ves t i t ur es $1. 9 Res ear ch and Deve l opm ent $6. 3 Tot a lI nves t m ent $17. 3 8. 4% 5. 0% DuPont 's Cos t of Capi t a l ( W ACC) DuPont 's Ac t ua l ROI C Uneconom i c ROI C ( 1) : Si gni f i cant l y Be l ow W ACC ( 2) DuPont ’ s i nabi l i t y t o gener a t e an a t t r ac t i ve r e t ur n i n i t s non - Agr i cul t ur e bus i nes s es ( 68% of r evenues ) i s concer ni ng es pec i a l l y i n l i ght of t he cur r ent headwi nds i n Agr i cul t ur e m ar ke t s

Tr i an W i l l Seek To End “ Cr ony” Com pens a t i on ▪ The Boar d’ s com pens a t i on pr ac t i ces have r ewar ded m anagem ent f or f a i l i ng t o m ee t i t s t a r ge t s . I n 2013, m anagem ent ’ s l ong - t e r m i ncent i ve pl an had a payout of 113% of t a r ge t des pi t e a TSR i n t he 25t h per cent i l e of DuPont ’ s peer s ▪ Tha t s am e year , s hor t - t e r m com pens a t i on payout was a l m os t 90% des pi t e adj us t ed EPS gr owt h of 3% , s i gni f i cant l y be l ow t he Com pany’ s l ong - t e r m t a r ge t of 12% EPS gr owt h ▪ I n 2014, t he Boar d’ s Hum an Res our ces and Com pens a t i on Com m i t t ee acknowl edged poor oper a t i ng per f or m ance as i t exer c i s ed “nega t i ve di s c r e t i on” and gave m anagem ent a 0% payout f ac t or f or “cor por a t e per f or m ance” under DuPont ’ s s hor t - t e r m i ncent i ve pr ogr am . However , t he Hum an Res our ces and Com pens a t i on Com m i t t ee s t i l l f ound a way t o pay m anagem ent by gi vi ng an 80 - 100% payout f ac t or f or “ i ndi vi dua l pe r f or m ance” 26 Cor por a t e Per f or m ance Ra t i ng 0% I ndi vi dua l Per f or m anceRat i ng 80% - 100% Does t hi s m ake s ens e? How can i t be t ha t t he Com pany i s doi ng poor l y oper a t i ona l l y but m anagem ent as i ndi vi dua l s a r e each doi ng gr ea t ? Sour ce : Sour ce : DuPont SEC f i l i ngs and 2011 and 2013 I nves t or Day Tr ans cr i pt s .

Poor Cor por a t e Gover nance St r uc t ur e At Chem our s ▪ Tr i an i s concer ned t ha t DuPont i s s pi nni ng of f Chem our s t o s t ockhol der s wi t h a poor cor por a t e gover nance s t r uc t ur e – t hi s “ent r enchm ent ” t ac t i c coul d be a bar r i e r t o unl ocki ng s har ehol der va l ue ▪ Boar ds r ecogni ze t ha t s t ockhol der s do not want ent r enched di r ec t or s and poor gover nance a t s pi nof f s ; Kr af t ( f r om M ondel ēz) , Ti m e I nc . ( f r om Ti m e W ar ner ) , Ganne t t ( s pi nni ng of f i t s publ i s hi ng bus i nes s ) and PayPa l ( f r om eBay) a r e r ecent l y com pl e t ed or announced s pi nof f s wi t h s har ehol der f r i endl y gover nance pr ovi s i ons ▪ I n addi t i on, DuPont has announced t ha t i t wi l l appoi nt t wo of i t s di r ec t or s , Cur t i s Cr awf or d and Ri char d H. Br own ( who wi l l be Non - Execut i ve Cha i r m an of Chem our s ) , t o t he Chem our s ’ Boar d. Bot h of t hes e di r ec t or s r ece i ved t he m os t “Agai ns t ” vot es f or r e - e l ec t i on a t DuPont ’ s 2014 annua l m ee t i ng ( exc l udi ng DuPont ’ s CEO and t he Lead Di r ec t or ) Ant i - Takeover Pr ovi s i ons : Chem our s ▪St agger ed boar d ( 3 c l as s es ) ( 1) ▪ Super m aj or i t y vot e ( 80% ) r equi r ed t o am end byl aws and ce r t a i n pr ovi s i ons of t he ce r t i f i ca t e of i ncor por a t i on ▪ No s t ockhol der ac t i on by wr i t t en cons ent ▪ 35% t hr es hol d of s t ockhol der s t o ca l l a s pec i a l m ee t i ng ( l a t e r r educed t o 25% ) ( 1 ) ▪ Di d not opt out of De l awar e Gener a l Cor por a t i on Law ( DGCL) Sec t i on 203 ( 2) Ef f ec t s of Thes e Pr ovi s i ons ▪ Li m i t ed abi l i t y t o m axi m i ze va l ue t hr ough s t r a t egi c or f i nanc i a l M & A – coul d pr event s t ockhol der s f r om r ea l i z i ng t he hi ghes t va l ue f or Chem our s s har es ▪ Reduced account abi l i t y – we be l i eve t ha t a s t agger ed boar d dr as t i ca l l y l i m i t s t he abi l i t y of s t ockhol der s t o hol d a boar d account abl e , t hus c r ea t i ng a gr ea t e r r i s k of t he occur r ence of va l ue des t r uc t i ve ac t i ons by m anagem ent and t he boar d ▪ St ockhol der di s enf r anchi s em ent – hi gh s uper m aj or i t y t hr es hol ds m ake i t a l m os t i m pos s i bl e f or s t ockhol der s t o am end t he byl aws or ce r t a i n pr ovi s i ons of t he ce r t i f i ca t e ▪Pr event i on of t he di s cover y of exces s hol di ng cos t s – by c r ea t i ng a “m oat ” a r ound a DuPont cos t s t r uc t ur e and m anagem ent t eam ( a t Chem our s ) , s t ockhol der s cannot benef i t f r om f r es h, t hi r d par t y per s pec t i ves ( l i ke Axa l t a ) Sour ce : The Chem our s Com pany, LLC For m 10 f i l ed on Decem ber 18, 2014, SEC f i l i ngs . ( 1) On M ar ch 30, 2015, i n r es pons e t o r eques t s f or i m pr ovem ent s of Chem our s cor por a t e gover nance by Tr i an and f ol l owi ng a s t ockhol der l aws ui t , DuPont announced t ha t ( i ) i t was r educ i ng t he t hr es hol d t o ca l l a s pec i a l m ee t i ng f r om 35% t o 25% and ( i i ) Chem our s ’ c l as s i f i ed boar d s t r uc t ur e wi l l be put t o a s t ockhol der vot e a t Chem our s ’ f i r s t annua l m ee t i ng i n 2016 . However , even i f s t ockhol der s vot e t o r em ove Chem our s ’ c l as s i f i ed boar d, i t wi l l r em ai n i n pl ace unt i l a t l eas t 2017. ( 2) DGCL Sec t i on 203 cover s bus i nes s com bi na t i ons wi t h “ i nt e r es t ed s t ockhol der s . ” Sec t i on 203 of t he DGCL pr ohi bi t s a cor por a t i on t ha t has publ i c l y t r adeds t ock f r om engagi ng i n ce r t a i n bus i nes s com bi na t i ons wi t h an i nt e r es t ed s t ockhol der ( def i ned as t he owner of 15% or m or e of t he cor por a t i on’ s vot i ng s t ock) , or an i n t e r es t ed s t ockhol der ’ s a f f i l i a t es or as s oc i a t es , f or a t hr ee - year pe r i od unl es s , am ong ot her except i ons , appr ova l of t he boar d of di r ec t or s ( and, i n s om e cas es , t he di s i nt e r es t ed s t ockhol der s ) i s r ece i ved . 27

Ot her Gover nance Cons i der a t i ons ▪ Tr i an be l i eves t ha t DuPont ’ s Boar d s houl d as k whe t her t he Lead Di r ec t or has t he capac i t y t o e f f ec t i ve l y s e r ve DuPont ’ s s t ockhol der s i n t ha t r ol e – Does a di r ec t or t ha t cur r ent l y s e r ves as a CEO and Cha i r m an of a gl oba l i ndus t r i a l com pany and on t he boar d of one of t he na t i on’ s l a r ges t bank - bas ed f i nanc i a l s e r vi ces com pani es , have t he abi l i t y t o devot e t he t i m e and e f f or t r equi r ed t o e f f ec t i ve l y s e r ve DuPont ’ s s t ockhol der s as a s t r ong, i ndependent Lead Di r ec t or ? ▪ Tr end i s t owar ds r a i s i ng m anda t or y r e t i r em ent age of publ i c com pany boar d m em ber s – Over t he l as t 10 year s , t he per cent age of boar ds of S& P 500 com pani es wi t h a m anda t or y r e t i r em ent age of 75 or ol der has i nc r eas ed f r om 5% t o 30% ( 1) – Am ong t he com pani es wi t h a r e t i r em ent age of 75 or ol der a r e : Accent ur e , Ae t na , Af l ac , Al coa , Al t r i a , Appl e , Bank of New Yor k M el l on, Bl ackRock, Br i s t ol - M yer s Squi bb, Gener a l El ec t r i c , I nger s ol l - Rand,Lockheed - M ar t i n, Gol dm an Sachs , Kr af t Foods , M ar s h & M cLennan, M i cr os of t , M onde l ēz , M ons ant o, St a t e St r ee t , Text r on ( 1) – “ [ I ] t i s of t en t he cas e t ha t ol der di r ec t or s a r e am ong t he s avvi es t and m os t s ki l l ed boar d m em ber s …” Davi d Kat z and Laur a M cI nt os h, W acht e l l , Li pt on, Ros en & Kat z ( 2) 28 ( 1) Sour ce : 2014 Spencer St uar t Boar d I ndex. ( 2) “Renewed Focus on Cor por a t e Di r ec t or Tenur e , ” New Yor k Law J our na l , M ay 22, 2014.

29 W hy A Tr i an Pr i nc i pa l Needs To Be On The Boar d

W hy A Tr i an Pr i nc i pa l Needs To Be On The Boar d ▪ El i m i na t e m anagem ent ’ s r he t or i c ▪ El i m i na t e m anagem ent ’ s “ i nf or m at i on advant age” ▪ Tr i an be l i eves i t a l r eady has had a s i gni f i cant i m pac t , but t he r e i s m or e va l ue t o be unl ocked ▪ W e have a s t r ong t r ack r ecor d of c r ea t i ng va l ue 30 1 2 3 4

Rhet or i c v s . Rea l i t y: Boar d/ M anagem ent Cl a i m s DuPont ’ s Rhe t or i c The Rea l i t y “…oper a t i ng pr i or i t y i s s i m pl y execut i on…I us e da t a t o dr i ve dec i s i ons , I s e t c l ea r t a r ge t s …I s e t t he com pet i t i ve benchm ar ks and I cont i nuous l y r a i s e t he bar . ” – M ay 2, 2013 I nves t or Day s a i d by El l en Kul l m an ▪ Tha t ve r y s am e day, DuPont l ower ed l ong - t e r m t a r ge t s f or s i x of s even bus i nes s es ▪ The Boar d has never addr es s ed DuPont ’ s cont 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% annua l ea r ni ngs gr owt h) ( 2) ▪ I n aggr ega t e , EPS has gr own onl y 6% i n t ot a l s i nce we i nves t ed ( 3) “Rel a t i ve t o our f i ve year , l ong - t e r m r ol l i ng gr owt h t a r ge t s ( 7% r ev gr owt h, 12% ear ni ngs gr owt h) ( 1) …, we be l i eve t hes e goa l s a r e bot h appr opr i a t e and achi evabl e . W e f ul l y endor s e m anagem ent ’ s pl an t o achi eve t hem and a r e encour aged by pr ogr es s aga i ns t t hem . ” – Le t t e r t o Tr i an f r om Al exander Cut l e r , DuPont ’ s Lead Di r ec t or da t ed M ar ch 5, 2014 ▪ Les s t han f our m ont hsl a t e r , DuPont l ower ed gui dance f or t he t hi r d cons ecut i ve year ▪ I f DuPont achi eved i t s l ong - t e r m t a r ge t , t he com pany woul d be on pace t o de l i ve r $6. 45 of EPS t hi s year , m or e t han 50% hi gher t han 2015 EPS gui dance ( 4) “Ret ur ni ng capi t a l t o s har ehol der s has a l ways been a pr i or i t y a t DuPont ” – M ar ch 23, 2015 Le t t e r f r om Al exander Cut l e r ▪ Anem i c di vi dend gr owt h i n m anagem ent t enur e : 12% vs 66% f or pr oxy peer s ( 5) ▪ Shar es out s t andi ng have gr own s i nce m anagem ent began t enur e ( 6) “Tr i an…nom i na t ed…i t s own di r ec t or candi da t es …t o advance Tr i an’ s hi gh r i s k agenda t o br eak up and add exces s i ve debt t o t he Com pany” – M ar ch 23, 2015 Le t t e r f r om Al exander Cut l e r ▪ Tr i an i s open - m i nded as t o on cor por a t e s t r uc t ur e ▪ Tr i an’ s “agenda” s ol e l y f ocus ed on i m pr ovi ng oper a t i ng per f or m ance and capi t a l a l l oca t i on ▪ Tr i an as s um es t he bus i nes s r em ai ns i nves t m ent gr ade , whi l e DuPont i s put t i ng Chem our s i nt o j unk t e r r i t or y ( 7) 31 Sour ce : ( 1)Tar ge t s wer e or i gi na l l y gi ven i n I nves t or Day 2010. ( 2) Com pany SEC Fi l i ngs , Le t t e r t o Tr i an f r om Al exander Cut l e r , DuPont ’ s Lead Di r ec t or da t ed M ar ch 5, 2014. The Com pany has m i s s ed i t s annua l t a r ge t f or t hr ee out of t he pas t f our year s . ( 3) SEC f i l i ngs . ( 4) Sour ce : SEC f i l i ngs and 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 par es t he m i dpoi nt of DuPont ’ s gui dance f or 2015 of $4. 10 ( as per DuPont For m 8 - K da t ed J anuar y 27, 2015 ) t o t he i m pl i ed 2015 EPS bas ed on m anagem ent ’ 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 nves t or Day, whi ch we ca l cul a t e as $6. 45. Adj us t s 2010 EPS t o conf or m t o DuPont ’ s cur r ent “Oper a t i ng EPS m et hodol ogy” . ( 5) Ref e r s t o pr oxy peer s as di s c l os ed i n DuPont ’ s pr oxy s t a t em ent , Repr es ent s di vi dend gr owt h r a t e f r om 2008 - 2014. Sour ce : com pani e s ’ SEC f i l i ngs . ( 6) Shar es out s t andi ng as di s c l os ed i n Com pany For m 10 - K i n 2008 and2014 . ( 7) DuPont J anuar y 27, 2015, Q4 2014 ea r ni ngs t r ans cr i pt .

Di d t he Boar d Know? ▪ Axa l t a EBI TDA was r epor t ed t o be $229m m ( or 68% ) hi gher i n t he s am e year ( 2011) under di f f e r ent owner s ▪ El l en Kul l m an has s ol d over ha l f of he r s t ock s i nce Tr i an i nves t ed i n 2013 ▪ DuPont has r epor t ed NI NE di f f e r ent EPS f i gur es f or 2011 ▪ DuPont m anagem ent s ugges t ed t ha t changes i n pens i on account i ng l ed t o l ower ed m ar gi n t a r ge t s a t t he M ay 2013 I nves t or Day ▪ Lack of t r ans par ency f or r epor t i ng f i nanc i a l and oper a t i ng m et r i cs 32 I n Tr i an’ s l i m i t ed i nt e r ac t i ons wi t h DuPont ’ s Boar d, i t has becom e c l ea r t o us t ha t m anagem ent m ai nt a i ns a s i gni f i cant i nf or m at i on advant age over t he Boar d of Di r ec 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 Page F - 4 2012 10 - K Page F - 4 2012 Dat abook Page 4 2013 10 - K Page F - 4 1/ 24/ 12 8 - K Page 14 1/ 22/ 13 8 - K Page 15 2012 Dat abook Page 4 12/ 14 Non - GAAP Reconc i l . Page 7 ( 10) DEFA14A 2/ 17/ 15 Page 5 ( “ I m por t ant Fac t s For DuPont Shar ehol der s ” ) 2/ 9/ 2012 2/ 7/ 2013 M ar ch - 2013 2/ 5/ 2014 1/ 24/ 2012 1/ 22/ 2013 M ar ch - 2013 1/ 27/ 2015 2/ 17/ 2015 The Saga of DuPont ’ s 2011 EPS: W hi ch EPS Num ber W i l l DuPont Choos e Today? 33 1 ▪ DuPont ’ s W r i t t en St a t em ent : “Tr i an’ s ana l ys i s r e l i es on a 2011 EPS of $4. 32 t ha t i s not r epor t ed i n DuPont ’ s publ i c f i l i ngs …” – DuPont pr es ent a t i on, Febr uar y 2015 ▪ The Rea l i t y : DuPont has pr ovi ded ni ne di f f e r ent “ver s i ons ” of 2011 EPS 2 3 4 5 6 7 8 Di s c l os ur e / Fi l i ng Dat e : Sour ce : 9 Si nce J anuar y 2012, DuPont has pr ovi ded ni ne di f f e r ent ve r s i ons of 2011 EPS. Can DuPont ’ s i ndependent di r ec t or sexpl a i n why t ha t i s ? Tr i an’ s nom i nees wi l l s eek t o ens ur e t ha t t he boar d hol ds m anagem ent account abl e . Sour ce : Bl oom ber g, Com pany Tr ans cr i pt s , SEC f i l i ngs , Tr i an ca l cul a t i ons . DuPont l abe l s each of t hes e ni ne EPS f i gur es as f ol l ows : ( 1) “Di l ut ed ea r ni ngs per s har e of com m on s t ock” . ( 2) “ Di l ut ed ea r ni ngs per s har e of com m on s t ock f r om cont i nui ng oper a t i ons ” . ( 3) “ I ncom e f r om cont i nui ng oper a t i ons a f t e r i ncom e t axes – di l ut ed” . ( 4) “Di l ut ed ea r ni ngs per s har e of com m on s t ock ” . ( 5) “EPS exc l udi ng s i gni f i cant i t em s ” . ( 6) “EPS f r om cont i nui ng oper a t i ons , exc l udi ng s i gni f i cant i t em s ” . ( 7) “Oper a t i ng ea r ni ngs a f t e r i ncom e t axes – di l ut ed” . ( 8) “EPS – Exc l udi ng Si gni f i cant I t em s ” . ( 9) “Adj us t ed Oper a t i ng EPS ( exc l udi ng Per f or m ance Chem i ca l s , Phar m a) ( Non - GAAP) ” . ( 10) See : 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 ava i l abl e a t www. DuPont CanBeGr ea t . com1/ 27/ 2015.

DuPont Changed I t s EPS Repor t i ng M et hodol ogy I n La t e 2012; Then Sugges t ed Reduced M ar gi n Tar ge t s W er e Cor r e l a t ed To I t s Account i ng Change ▪ I n Decem ber 2012, DuPont i nt r oduced a new EPS r epor t i ng m et hodol ogy, ca l l ed “Oper a t i ng EPS” , whi ch adds back non - oper a t i ng pens i on/ ot her pos t - em pl oym ent benef i t ( “OPEB”) cos t s t o non - GAAP EPS ▪ At i t s M ay 2013 I nves t or Day, DuPont gave l ong - t e r m m ar gi n t a r ge t s by bus i nes s t ha t di f f e r ed f r om t hos e gi ven a t i t s 2011 I nves t or Day ▪ The Com pany s ugges t ed t he di f f e r ence be t ween t hes e t a r ge t s was m er e l y an account i ng di f f e r ence ( i . e . t he non - oper a t i ng pens i on / OPEB adj us t m ent ) ; r es pondi ng t o a ques t i on about t he I ndus t r i a l Bi os c i ences and Per f or m ance M at e r i a l s s egm ent s , m anagem ent s a i d t he f ol l owi ng: – “ I n t e r m s of m ar gi ns , t he account i ng change r ea l l y account s f or t he s hi f t t ha t you'r e s ee i ng . So we have not r evi s ed up or r evi s ed down our expec t a t i ons ” ▪ I t t ook pr oddi ng f r om a r es ear chana l ys t dur i ng t he Q& A f or DuPont t o adm i t t ha t ce r t a i n m ar gi n t a r ge t s wer e l ower ed – “…Saf e t y and Pr ot ec t i on m ar gi n [ t a r ge t s ] t ha t you s how ar e 21% t o 23% whi ch i s wha t t hey wer e 18 m ont hs ago. But you now exc l ude your pens i on cos t …[ whi ch was ] m or e t han 500 bas i s poi nt s . ” – J P M or gan ana l ys t ( 1) – DuPont r es ponded: “…You'r e r i ght , J e f f . The m ar gi n i s l ower be t ween 400 and 500 bas i s poi nt s f r om t ha t s t andpoi nt ” 34 At DuPont ’ s 2013 I nves t or Day, m anagem ent was not t r ans par ent about r educ i ng m ar gi n t a r ge t s , s ugges t i ng t ha t r educed m ar gi n t a r ge t s wer e cor r e l a t ed t o t he account i ng change . W er e DuPont ’ s i ndependent di r ec t or s awar e of t hi s ? Tr i an’ s nom i nees wi l l s eek t o ens ur e t ha t t he boar d hol ds m anagem ent account abl e . Sour ce : DuPont SEC f i l l i ngs , DuPont I nves t or Day t r ans cr i pt f r om M ay 2, 2013, Tr i an ca l cul a t i ons , non - GAAP r econc i l i a t i ons . ( 1) J e f f Zekaus kas , J P M or gan, DuPont 2013 I nves t or Day , 5/ 2/ 2013.

Lack Of Tr ans par ency I n Repor t i ng Sour ce : Com pany Pr es s Re l eas es , SEC Fi l i ngs , 2006 Dat a Book, Q3 2013 pr es ent a t i on. ( 1) Fr om 2010 - 2011, DuPont s pl i t Agr i cul t ur e & Nut r i t i on i nt o 2 s egm ent s , onl y pr ovi di ng one year of hi s t or i ca l i nf or m at i on f or each. Fr om 2008 - 2009, DuPont changed r epor t i ng f r om 6 t o 7 s egm ent s and adj us t ed t he bus i nes s es i nc l uded wi t hi n t he pr e - exi s t i ng s egm ent s ( e . g. Saf e t y & Pr ot ec t i on, El ec t r oni cs & Com m uni ca t i ons ) . Fr om 2001 - 2002, D uPont dr am at i ca l l y r ea l i gned i t s bus i nes s es , exc l udi ng Agr i cul t ur e & Nut r i t i on. ( 2) “COGS” r e f e r s t o cos t of goods s ol d. ( 3) 2012 i m pl i ed gr os s m ar gi ns i nc r eas ed by ~960bps us i ng t he 2013 annua l 8 - K vs t he 2012 annua l 8 - K ( COGS wer e 61. 9% of s a l es vs 71. 5% s a l es ) , a s t he com pany s epar a t ed ot her oper a t i ng char ges f r om cos t of goods s ol d. Ana l ys i s de f i nes gr os s m ar gi n as s a l es l es s COGS. ( 4) SG& A expens e as a % of s a l es . ( 5) Aver age canni ba l i zed s a l es as aper cent age of new pr oduc t s a l es f r om 2004 - 2006 s a l es . Es t i m at es us i ng t he gr aphs pr ovi ded on page 16 of t he 2006 DuPont da t a book, ent i t l ed “Sa l es Fr om Pr oduc t s Com m er c i a l i zed i n Las t 5 Year s ” and “Gr owt h Revenue Fr om Pr oduc t s Com m er c i a l i zed i n Las t Fi ve Year s ( Net of Canni ba l i za t i on) . ” ( 6) Cl a i m ed $26m ga i n r e l a t ed t o an equi t y r em eas ur em ent of Pannar , ye t i n 2012 annua l pr es s r e l eas e i dent i f i ed ga i n on t he s a l e of equi t y m et hod i nves t m ent as a one - t i m e ga i n ( $122m ga i n) . ( 7) Sour ce : DuPont Shar ehol der Upda t e Pr es ent a t i on 10/ 28/ 14 ( page 27) . 1. DuPont “s huf f l es t he deck cha i r s ” wi t h oper a t i ng s egm ent s – Changed s egm ent r epor t i ng l i nes 3 t i m es s i nce 2000 ( 1) – Cons t ant l y r e - s t a t ed s egm ent s ( e . g. Vi t on m oved f r om Per f or m ance M at e r i a l s ( PM at ) t o PChem i n 2014) 2. DuPont “s huf f l es t he deck cha i r s ” wi t h t he hi s t or i ca l i ncom e s t a t em ent s – I n 2013 For m 10 - K, r epor t ed $3. 8bn of “ot her oper a t i ng char ges , ” a com pl e t e l y newP& L l i ne , f or m er l y i nc l uded i n COGS ( 2) , e f f ec t i ve l y r es t a t i ng t he i m pl i ed gr os s m ar gi n as 960bps hi gher ( 3) – A year l a t e r , DuPont r es t a t ed “ot her oper a t i ng char ges ” aga i n – DuPont r educed t he 2013 expens e by $2. 2bn and e f f ec t i ve l y i nc r eas ed t he SG& A r a t i o by >600bps ( 4) 3. M anagem ent s t opped r epor t i ng new pr oduc t canni ba l i za t i on ent i r e l y i n 2007 – Accor di ng t o DuPont ’ s pr i or Da t a Books , ~63% of new pr oduc t s a l es wer e canni ba l i zed i n t he year s 2004 - 2006 ( 5) 4. DuPont l acks a cons i s t ent r epor t i ng m et hodol ogy f or M & A ac t i vi t y – Gai ns on as s e t s a l es a r e occas i ona l l y i nc l uded as oper a t i ng i ncom e, e . g. Q3 2013 ~$26m ga i n on Pannar ( 6) – W hen m eas ur i ng oper a t i ng m ar gi ns be t ween 2008 and 2013, DuPont s e l ec t i ve l y i nc l udes t he i m pac t of M & A ( 7) o DuPont exc l udes Coa t i ngs ( s a l e announced i n 2012) and PChem ( not ye t s pun) , but does n’ t exc l ude Dani s co ( acqui r ed i n 2011) , nor does i t pr o f or m a adj us t t he “bas e” 2008 m ar gi n f or t he Dani s coacqui s i t i on 35

Tr i an Be l i eves I t Has Al r eady M ade An I m pac t On Val ue Cr ea t i on At DuPont … And Tha t Ther e I s M uch M or e To Be Unl ocked 36 Val ue Des t r uc t i on Bef or e Tr i an’ s I nvol vem ent DuPont ’ s Ac t i ons Si nce Tr i an’ s I nvol vem ent Out s t andi ng Concer ns Oper a t i ons ▪ EPS down >7% s i nce 2011 ▪ M anagem ent m i s s ed gui dance f or 3 year s i n a r ow ( 1) ▪ $2. 2bn addbacks dur i ng m anagem ent t enur e ▪ Revenue gr owt h and m ar gi ns under per f or m peer s i n 5 of 7 s egm ent s ▪ Announced Fr es h St a r t I ni t i a t i ve , a $925m cos t s avi ngs ( 7) ▪ W e es t i m at e $2 - $4bn of exces s cor por a t e cos t s ( annua l l y) ( 8) ▪ Revenue gr owt h and m ar gi ns s t i l l t r a i l peer s i n 5 of 7 s egm ent s ▪ Li m i t ed com m i t m ent t o f l ow - t hr ough Fr es h St a r t cos t s avi ngs t o t he bot t om l i ne ( 9) M & A ▪ Tr ans f e r r ed >$6bn ( 2) of va l ue t o Pr i va t e Equi t y owner s by s e l l i ng Axal t a f or cas h ver s us t ax - f r ee s pi n - of f − Val ue des t r uc t i on exacer ba t ed by exces s cor por a t e cos t s : $339m of 2011 EBI TDA under DuPont vs $568s t anda l one ( 3) ▪ Dani s co m ar gi ns down 33% s i nce acqui r ed ( 4) ▪ Spi nni ng Chem our s t ax e f f i c i ent l y ( vs . s e l l i ng f or cas h) ▪ Ot her di ves t i t ur es , i nc l udi ng: o Gl as s Lam i na t i ng Sol ut i ons o DuPont Hot e l / Thea t r e / o Copper Fungi c i de Bus i nes s ▪ Per f or m ance Chem i ca l s pi nof f announced i n Oct . 2013; com pl e t i on not expec t ed unt i l m i d - 2015, a l m os t t wo year s a f t e r announcem ent Capi t a l Al l oca t i on & Gover nance ▪ Took 10 year s t o com pl e t e t he $2bn s har e buyback pr ogr am l aunched i n 2001 ( 5) ▪ Di vi dend gr owt h r a t e s i gni f i cant l y be l ow t ha t of peer s ▪ Poor l y t i m ed capex ( e . g. $600m Al t am i r a i nves t m ent dur i ng Ti O2 over s uppl y) ▪ ~$5bn of Agr i cul t ur e R& D has l ed t o ze r o t r a i t s and $2. 2bn i n l i t i ga t i on cos t s ( 6) ▪ Poor l y cons t r uc t ed com pens a t i on pr ogr am s ▪ Announced a $5bn s har e buyback pr ogr am ▪ Com m i t t ed t o r e t ur n $4bn of capi t a l t o s har ehol der s f r om Chem our s di vi dend ▪ Upgr aded t he Boar d ▪ Am ended Key Per f or m ance I ndi ca t or s f or 2015 com pens a t i on▪ Li m i t ed enhancem ent of Chem our s pr opos ed cor por a t e gover nance ▪ DuPont r e j ec t ed uni ver s a l pr oxy pr opos a l ▪ No deadl i ne on 60% of buyback pr ogr am ▪ Uneconom i c ROI C on R& D and capex i n 2/ 3 r ds of t he bus i nes s ▪ Fa i l ur e t o m ee t Appl i ed Bi os c i ence goa l s ▪ Di l ut ed s har es out s t andi ng have r i s en dur i ng CEO t enur e ▪ M i s a l i gnm ent of m anagem ent i ncent i ves ▪ Poor cor por a t e gover nance s t r uc t ur e a t Chem our s ▪ Tr i an ques t i ons t he appr opr i a t enes s of a s i t t i ng CEO a l s o s e r vi ng as a l ead di r ec t or Sour ce : Com pany SEC f i l i ngs , t r ans cr i pt s and pr es s r e l eas es . ( 1) Exc l udes one - t i m e ga i ns , t he i m pac t of be t t e r t han expec t ed t ax r a t e and ot her one - t i m e i t em s . ( 2) Axa l t a ’ s cur r ent ent e r pr i s e va l ue of ~$10. 4bn m i nus a f t e r - t ax s a l e pr oceeds of $4bn t ha t DuPont r ece i ved i n s a l e of Coa t i ngs ( c l os ed 2013) , ( 3) EBI TDA i s de f i ned as ea r ni ngs bef or e i nt e r es t , t axes , depr ec i a t i on and am or t i za t i on. See f oot not es on page 71 of Tr i an’ s W hi t e Paper , whi ch wasf i l ed wi t h t he SEC on Febr uar y 17, 2015. ( 4) Pl eas e r e f e r t o page 84 of Tr i an’ s W hi t e Paper , whi ch was f i l ed wi t h t he SEC on Febr uar y 17, 2015, f or f ur t her de t a i l . M ar gi ns i n 2010 a t Dani s co pr o f or m a f or s yner gi es wer e ~ 13. 8% and wer e 9. 3% i n 2014. ( 5) $2bn pl an f i r s t aut hor i zed i n 2001. The f i na l pur chas e under t he pr ogr am was com pl e t ed i n H1 2012 . ( 6) See 2013 For m 10 - K, and Reut e r s a r t i c l e on M ar ch 26, 2013 “M ons ant o, DuPont s t r i ke $1. 7 bi l l i on l i cens i ng dea l , end l aws ui t s ” , DuPont had I m pr e l i s char ges of $1. 2bn and $1bn j ur y ver di c t f or pa t ent i nf r i ngem ent on Roundup Ready 2 pa t ent ( M ons ant o’ s t r a i t ) . I n l i eu of $1bn paym ent t o M ons ant o, DuPont agr eed t o pay a m i ni m um of $1. 75bn t o M ons ant o i n l ong - t e r m r oya l t y paym ent s f or Roundup Ready 2 and di cam ba . ( 7) Repr es ent s announcem ent of Fr es h St a r t I ni t i a t i ve i n whi ch $1. 3bn cos t s avi ng pl an i nc l udes $375m of cos t s t r ans f e r r ed t o Per f or m ance Chem i ca l s . ( 8) Pl eas e r e f e rt o pages 71 and 72 of Tr i an’ s W hi t e Paper , whi ch was f i l ed wi t h t he SEC on Febr uar y 17, 2015. ( 9) Accor di ng t o Q4 2014 ea r ni ngs ca l l . Pl eas e r e f e r t o page 74 of Tr i an’ s W hi t e Paper , whi ch was f i l ed wi t h t he SEC on Febr uar y 17, 2015 f or f ur t her de t a i l s .

Tr i an’ s Boar d Engagem ent I s Com pr ehens i ve And Adds Val ue At l a r ge capi t a l i za t i on com pani es , i t i s not unus ua l f or Boar d and Com m i t t ee m em ber s t o r ece i ve a t hous and pages of m at e r i a l ; a s a r es ul t , i t i s di f f i cul t , i f not i m pos s i bl e , f or any di r ec t or wi t hout a t eam of ana l ys t s t o t hor oughl y r evi ew a l l of t he i nf or m at i on ▪ W hen a Tr i an par t ner j oi ns a Boar d, t he r es our ces of Tr i an a r e m obi l i zed: 1. An oper a t i ona l , f i nanc i a l , s t r a t egi c and l ega l di l i gence r eques t l i s t i s s ent t o t he com pany 2. The appr opr i a t e Tr i an t eam exam i nes a l l t he i nf or m at i on ( Tr i an s i gns a conf i dent i a l i t y agr eem ent ) 3. Tr i an t eam i nt e r ac t s wi t h s ever a l l ayer s of m anagem ent ▪ The Tr i an di r ec t or i s t he r e f or e abl e t o: 1. Reduce m anagem ent ’ s “ i nf or m at i on advant age” over Boar d m em ber s 2. Pr ovi de t hought f ul ana l ys i s and r ecom m endat i ons bas ed on m at e r i a l , non - publ i c i nf or m at i on 3. Ens ur e dec i s i ons a r e m ade by t he Boar d i n a di s pas s i ona t e and c l i ni ca l f as hi on37 W hi l e DuPont m ay por t r ay Tr i an’ s i nvol vem ent as i nt r us i ve , hi s t or y s ugges t s t he r es ul t i s enhanced per f or m ance and l ong - l a s t i ng, col l abor a t i ve r e l a t i ons hi ps wi t h m anagem ent and ot her boar d m em ber s ; pe r haps bes t evi denced by Tr i an’ s cont 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 ebl ack and Denni s Re i l l ey ( Hei nz) and Denni s Kas s ( Legg M as on)

Tr i an Has A Dem ons t r a t ed Abi l i t y To Dr i ve Oper a t i ona l I m pr ovem ent s and Gr owt h 38 3. 5% 8. 3% Tr i an I nves t m ent s Dur i ng Pr i or 5- Year Per i od Tr i an I nves t m ent s Dur i ng Ti m e Per i od Sour ce : Com pany f i l i ngs , Bl oom ber g ( 1) Adj us t ed ea r ni ngs per s har e ( “EPS”) i s de f i ned as ne t i ncom e exc l udi ng s pec i f i ca l l y i dent i f i ed i t em s di vi ded by t he wei ght ed aver age n um b e r of di l ut ed s har es out s t andi ng dur i ng t he f i s ca l year . Tr i an be l i eves t ha t us i ng EPS on an adj us t ed bas i s f or t hi s ana l ys i s pr ovi des a m or e accur a t e r epr es ent a t i on of a com pany’ s oper a t i ng per f or m ance ac r os s t i m e per i ods . Adj us t m ent s t o ne t i ncom e i nc l ude , but a r e not l i m i t ed t o, ce r t a i n non - cas h i t em s ( e . g. , i m pa i r m ent s , i nt angi bl es am or t i za t i on, non - cas h i nt e r es t ) , non - r ecur r i ng i t em s ( e . g. , one - t i m e ga i ns and/ or l os s es , r es t r uc t ur i ng cos t s , ext r aor di nar y i t em s ) and non - oper a t i ona l i t em s ( e . g. , acqui s i t i on cos t s , l ega l s e t t l em ent s , hedges ) . ( 2) “Cor e and Ot herTr i an I nves t m ent s ” r e f e r s t o t he s am e popul a t i on of Tr i an i nves t m ent s us ed f or t he Tot a l Shar ehol der Re t ur n ( TSR) ana l ys i s des c r i bed on page 39 of t hi s pr es ent a t i on. Pl eas e r e f e r t o t he s um m ar y char t on s uch page f or t he nam es of t he “Cor e Tr i an I nves t m ent s ” and “Ot her Tr i an I nves t m ent s ” us ed i n t he TSR ana l ys i s and t he c r i t e r i a us ed t o s e l ec t s uc h i nves t m ent s . Such i nves t m ent s do not r epr es ent a l l of t he i nves t m ent s pur chas ed or s ol d f or Tr i an’ s c l i ent s . ( 3) The Annua l Adj us t ed EPS Gr owt h dur i ng t he “ Pr i or 5 - Year Per i od” r epr es ent s t he com pound annua l gr owt h r a t e ( “CAGR”) ca l cul a t ed us i ng t he com pany’ s Adj us t ed EPS on t he “pr e - i nves t m ent da t e” ver s us t he Adj us t ed EPS f i ve year s pr i or t o s uch da t e . For pur pos es of t hi s ana l ys i s , t he “pr e - i nves t m ent da t e” f or each Tr i an por t f ol i o com pany was es t abl i s hed as t he por t f ol i o com pany’ s ( f or war d or backwar d - l ooki ng) f i s ca l year - end t ha t was c l os es t t o Tr i an’ s i ni t i a l i nves t m entda t e . ( 4) The Annua l Adj us t ed EPS Gr owt h dur i ng t he Ti m e Per i od r epr es ent s t he CAGR ca l cul a t ed us i ng t he com pany’ s Adj us t ed EPS on t he “pr e - i nves t m ent da t e” ver s us t he Adj us t ed EPS t hr ough e i t he r ca l endar year 2014 or t he l as t f ul l f i s ca l year pr i or t o t he l as t day of publ i c t r adi ng of t he com pany’ s s t ock. Not e : W hi l e Tr i an m ay be l i eve t ha t ea r ni ngs per s har e gr owt h dur i ng t he Ti m e Per i od i s a t t r i but abl e i n l a r ge par t t o t he cum ul a t i ve e f f ec t s of t he i m pl em ent a t i on of oper a t i ona l and s t r a t egi c i ni t i a t i ves dur i ng t h e per i od of Tr i an’ s ac t i ve i nvol vem ent and beyond, t he r e i s no obj ec t i ve m et hod t o conf i r m what por t i on of s uch gr owt h was a t t r i but abl e t o Tr i an’ s e f f or t s and what m ay have been a t t r i but abl e t o ot her f ac t or s . The EPS Gr owt h f i gur es on t hi s page s houl d not be cons t r ued as an i ndi ca t i on of t he per f or m ance of t he f unds m anaged by Tr i an and i t s houl d not be as s um ed t ha t any or a l l of t he i nves t m ent s i nc l uded i n t hi sana l ys i s wer e or wi l l be pr of i t abl e i n any of t he f unds m anaged by Tr i an. Pas t pe r f or m ance i s not an i ndi ca t i on of f ut ur e r es ul t s . Com par ed t o Pr i or 5 - Year Per i od ▪ Tr i an has a l ong t r ack r ecor d of wor ki ng wi t h i t s por t f ol i o com pani es t o he l p gr ow ear ni ngs ▪ W e have s een t he i m pac t of our ac t i ve i nvol vem ent and cons t r uc t i ve engagem ent s t r e t ch wel l beyond j us t t he per i od of our i nves t m ent ▪ As t he char t s be l ow i ndi ca t e , when m eas ur i ng annua l adj us t ed EPS gr owt h s i nce t he t i m e of Tr i an’ s i ni t i a l i nves t m ent t hr ough t he pr es ent , our por t f ol i o com pani es have on aver age gener a t ed s i gni f i cant EPS out per f or m ance ▪ B as ed on t hi s t r ack r ecor d, Tr i an be l i eves i t can he l p DuPont gr ow ear ni ngs s i gni f i cant l y ( 3) ( 4) Annua l Adj us t ed EPS ( 1) Gr owt h f or Cor e and Ot her Tr i an I nves t m ent s ( 2) Ti m e Per i od: Fr om t he Dat e of Tr i an’ s Fi r s t Pur chas e Thr ough t he Pr es ent ( or l a s t day of t r adi ng on exchange)

Tr i an Has A Tr ack Recor d Of Hel pi ng Com pani es Out per f or m The M ar ke t Over The Long Ter m ▪ Tr i an has a t r ack r ecor d of addi ng va l ue i n t he Boar dr oom , i m pr ovi ng bot h oper a t i ng r es ul t s and s har e pr i ce per f or m ance . 39 Not es *Denot es a boar d on whi ch Nel s on Pe l t z s e r ves or has s e r ved ( 1) Repr es ent s t he hi ghes t pe r cent age of t he com pany's out s t andi ng s har es he l d ac r os s a l l of Tr i an's equi t y i nves t m ent vehi c l es a t any poi nt dur i ng t he l i f e of t he i nves t m ent . ( 2) Ti m e hor i zon i s de f i ned as f r om t he da t e of Tr i an’ s f i r s t pur chas e t hr ough t he ea r l i e r of 4/ 16/ 2015 or l as t day of publ i c t r adi ng. ( 3) The TSR f i gur es i n t he col um n t i t l ed “St ock” r e f l ec t t he change i n t he s t ock pr i ce of each com pany r e f e r enced pl us t he e f f ec t of di vi dends r ece i ved over t he r e l evant t i m e per i od. The TSR f i gur es i n t he St ock col um n s houl d not be cons t r ued as an i ndi ca t i on of t he per f or m ance of t he f unds m anaged by Tr i an and i t s houl d not be as s um ed t ha t any or a l l oft hes e i nves t m ent s wer e or wi l l be pr of i t abl e i n any of t he f und s m anaged by Tr i an . ( 4) W e hi ghl i ght t he S& P 500 I ndex ( t he " I ndex" ) her e onl y as wi de l y r ecogni zed i ndex, however , f or va r i ous r eas ons t he per f or m an ce of t he I ndex and t ha t of t he i ndi vi dua l com pani es i nc l uded i n t hi s char t m ay not be com par abl e . Ref e r ence t o t he S& P 500 us ed i n t hi s char t s ha l l m ean t he S& P 500 Tot a l Re t ur n I ndex, whi ch i nc l udes t he pr i ce changes of a l l under l yi ng s t ocks and a l l di vi dends r e i nves t ed. S& P da t a i s obt a i ned f r om Bl oom ber g us i ng t he SPX t i cker wi t h t he i nc l us i on of di vi dend r e - i nves t m ent . ( 5) Thi s ca t egor y i nc l udes a l l of t he i nves t m ent s m ade by Tr i an s i nce Tr i an’ s i ncept i on i n Novem ber 2005 ( t hr ough M ar ch 2015) : ( i ) f or whi ch Tr i an has f i l ed a Schedul e 13D or 13G or m ade a s i m i l a r non - U. S. f i l i ng or ot her not i f i ca t i on wi t h r es pec t t o i t s i nves t m ent i n t he com pany or ( i i ) t ha t wer e or a r e a publ i c l y di s c l os ed ac t i vi s t pos i t i oni n whi ch f unds m anaged by Tr i an i nves t ed a t l eas t $700 m i l l i on of capi t a l ( t he r epr es ent a t i ve s i ze of Tr i an’ s cur r ent ac t i vi s t i nves t m ent s ) and wher e Tr i an ( x) had a des i gnee or nom i nee on t he Boar d and/ or ( y) wr ot e a whi t e paper ” and m et wi t h m anagem ent . The com pani es s hown on t hi s page do not r epr es ent a l l of t he i nves t m ent s pur chas ed or s ol d f or Tr i an’ s c l i ent s . ( 6) Thi s ca t egor y i nc l udes a l l ot her i nves t m ent s m ade by Tr i an s i nce Tr i an’ s i ncept i on i n Novem ber 2005 ( t hr ough M ar ch 2015) i n whi ch f unds m anaged by Tr i an he l d 4. 2% or m or e of t he com pany’ s out s t andi ng s har es , t he per cent age t ha t Tr i an he l d i n chem i ca l com pany Chem t ur a . Cum ul a t i ve Tot a l Shar ehol der Annua l Bps of Hi ghes t % of Tot a l Ti m e Ret ur n ( TSR) ( 3) Out per f or m ance Com pany Owned Hor i zon Over Ti m e Hor i zon Over Ti m e Hor i zon Com pany by Tr i an ( 1) ( Year s ) ( 2) St ock S& P 500 ( 4) vs . S& P 500 * W endy's / Ti m Hor t ons 20. 3% 9. 4 314% 110% 805bps Cadbur y / Dr PepperSnappl e 4. 4% 8. 3 261% 78% 944 Ti f f any & Co. 8. 7% 8. 2 147% 76% 448 * M onde l ez / Kr af t Foods 3. 1% 8. 0 167% 74% 590 * H. J . He i nz 4. 3% 7. 3 177% 53% 890 * Legg M as on 11. 4% 6. 2 227% 175% 333 Fam i l y Dol l a r 8. 5% 5. 3 183% 105% 720 Dom i no's Pi zza 9. 9% 4. 0 518% 72% 4, 275 St a t e St r ee t 3. 3% 4. 1 90% 77% 201 * I nger s ol l - Rand / Al l egi on 7. 1% 3. 2 154% 70% 1, 575 Lazar d 6. 0% 3. 2 128% 68% 1, 194 I nt e r Cont i nent a l Hot e l s Gr oup 4. 0% 3. 1 107% 65% 880 Peps i Co 1. 3% 2. 5 50% 57% ( 211) Danone 1. 0% 2. 5 51% 57% ( 185) DuPont 2. 7% 2. 1 54% 42% 485 The Bank of New Yor k M el l on 2. 7% 1. 1 33% 17% 1, 393 Cr acker Bar r e l Ol d Count r y St or e 4. 9% 9. 5 410% 112% 1, 054 Chees ecake Fac t or y 14. 0% 7. 5 124% 64% 459 Chem t ur a 4. 3% 4. 0 ( 96% ) ( 7% ) ( 5, 320) Pee t 's Cof f ee & Tea 4. 8% 1. 8 81% 15% 3, 008 Aver age Out per f or m ance 677bps Aver age Out per f or m ance f or Com pani es on whi ch Nel s on Pe l t z Ser ves or has Ser ved on t he Boar d 839bps Cor e Tr i anI nves t m ent s ( 5) Ot her Tr i an I nves t m ent s ( a t or above 4. 2% ) ( 6)

41 Appendi x A: Addi t i ona l Cr edent i a l s For Tr i an’ s Four Hi ghl y Qua l i f i ed Di r ec t or s

Nel s on Pe l t z Bi ogr aphy ▪ Chi e f Execut i ve Of f i ce r & f oundi ng par t ner of Tr i an s i nce i t s f or m at i on i n 2005 ▪ Ser ves as a di r ec t or of M onde l ēz I nt e r na t i ona l , I nc . ( s i nce J anuar y 2014) , The M adi s on Squar e Gar den Com pany ( s i nce Decem ber 2014) and The W endy’ s Com pany, wher e i s he non - execut i ve Cha i r m an ( s i nce 2007) ▪ Pr evi ous l y s e r ved as a di r ec t or of I nger s ol l - Rand pl c ( 2012 t o J une 2014) , H. J . He i nz Com pany ( 2006 unt i l J une 2013) , Legg M as on, I nc . ( 2009 unt i l Decem ber 2014) and Nat i ona l Pr opane Cor por a t i on ( 1996 t o 1999) , t he m anagi ng f i nanc i a l pa r t ner of Na t i ona l Pr opane Par t ner s , L. P. , wher e he was Cha i r m an of t he Boar d ▪ For m er Cha i r m an and Chi e f Execut i ve Of f i ce r of Tr i a r c Com pani es , 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 owned Ar by's Res t aur ant Gr oup, I nc . and Snappl e Bever age Gr oup, as wel l a s ot her cons um er and i ndus t r i a l bus i nes s es ▪ For m er Cha i r m an & Chi e f Execut i ve Of f i ce r of Tr i angl e I ndus t r i es , I nc . , aFor t une 100 i ndus t r i a l com pany and t he par ent of Am er i can Nat i ona l Can Com pany f r om 1983 unt i l Decem ber 1988, when i t was acqui r ed by Pechi ney, S. A ▪ Fr om 1984 unt i l 1992, Cha i r m an and Chi e f Execut i ve Of f i ce r and a di r ec t or of Aver y, I nc . whi ch, f r om 1986 t o 1989, was pr i m ar i l y engaged i n t he m anuf ac t ur e and s a l e of s pec i a l t y chem i ca l s t hr ough Uni r oya l Chem i ca l , whi ch was s ol d i n a m anagem ent buyout ▪ M r . Pe l t z began hi s bus i nes s ca r eer i n 1963 when he j oi ned hi s f am i l y f ood bus i nes s ▪ I n Sept em ber 2013, M r . Pe l t z was r ecogni zed by t he Nat i ona l As s oc i a t i on of Cor por a t e Di r ec t or s ( NACD) i n 2010, 2011 and 2012 as am ong t he m os t i nf l uent i a l pe r s ons i n t he gl oba l Cor por a t e Gover nance a r ena ▪ Va l ue Pr opos i t i on: Thr ough M r . Pe l t z ’ s 40 year s of exper i ence i n i nves t i ng, t ur ni ng a r ound and bui l di ng com pani es , he has deve l oped s t r ong oper a t i ng exper i ence and s t r a t egi c pl anni ng s ki l l s t ha t wi l l benef i t DuPont ’ s oper a t i ona l i ni t i a t i ves andi t s l ong - t e r m s t r a t egy. Tr i an be l i eves t he a t t r i but es , s ki l l s and qua l i f i ca t i ons t ha t M r . Pe l t z pos s es s es t hr ough hi s exper i ence as a hands - on execut i ve and ac t i ve boar d m em ber on num er ous publ i c com pany boar ds wi l l pr ovi de DuPont and i t s Boar d wi t h va l uabl e i ndus t r y knowl edge and m anagem ent exper i ence 42

Nel s on Pe l t z Has Si gni f i cant Re l evant Exper i ence 43 Ra t i ona l e Chem i ca l / I ndus t r i a l Exper i ence x ▪ For m er Cha i r m an & CEO of Tr i angl e I ndus t r i es ( Am er i can Nat i ona l Can) , a For t une 100 i ndus t r i a l com pany ▪ For m er Cha i r m an & CEO of Aver y, t he par ent Com pany of Uni r oya l Chem i ca l , a pr oducer of agr i cul t ur a l and i ndus t r i a l chem i ca l s I nt e r na t i ona l M ar ke t s Knowl edge x ▪ Bui l t t he wor l d’ s l a r ges t packagi ng com pany i n t he 1980s ▪ Ser ved as CEO or boar d m em ber of s ever a l m ul t i na t i ona l com pani es i nc l udi ng Tr i angl e I ndus t r i es , I nger s ol l - Rand, He i nz and M onde l ēz Fi nanc i a l Acum en x ▪ Oper a t i ons - cent r i c i nves t m ent t r ack r ecor d has l ed t o t he f or m at i on of Tr i an, an i nves t m ent f i r m wi t h over $11 bi l l i on of as s e t s under m anagem ent , i nc l udi ng ca l l abl e com m i t m ent s * Por t f ol i o Tr ans f or m at i on/ M & A x ▪ Over s aw s ever a l s t r a t egi c t r ans ac t i ons i n a var i e t y of i ndus t r i es i nc l udi ng i ndus t r i a l s , chem i ca l s , cons um er and f i nanc i a l s Oper a t i ons /M anuf ac t ur i ng x ▪ Ser ved as CEO of a com pany wi t h 24, 000 em pl oyees and 115 m anuf ac t ur i ng f ac i l i t i e s wor l dwi de Boar d Exper i ence x ▪ Ser ved as cur r ent or f or m er di r ec t or of 13 publ i c com pani es ▪ Cur r ent l y s e r ves as di r ec t or of M onde l ēz , The M adi s on Squar e Gar den Com pany, and W endy’ s Publ i c M ar ke t s Exper i ence x ▪ Ser ved as CEO of s i x publ i c com pani es ▪ Four decade t r ack r ecor d of i nves t i ng i n publ i c com pani es Envi r onm ent a l / Regul a t or y x ▪ A s a r es ul t of s e r vi ng as Cha i r m an & CEO of Tr i angl e I ndus t r i es and Aver y, M r . Pe l t z acqui r ed s i gni f i cant m anagem ent exper i ence wi t h envi r onm ent a l s t andar ds / r egul a t or y i s s ues Sour ce : SEC f i l i ngs . * As of 4/ 1/ 15. I nc l udes $840 of ca l l abl e com m i t m ent s t o an i nves t m ent vehi c l e f or m ed t o co - i nves t wi t h ot her f unds m anaged by T r i an.

Nel s on Pe l t z Cas e St udy: Tr i angl e / Am er i can Nat i ona l Can ( For t une 100) 44 ▪ Tr i an Pr i nc i pa l s acqui r ed an i ni t i a l i nt e r es t i n Tr i angl e i n 1983 − Tr i an P r i nc i pa l s wer e Cha i r m an & CEO and Pr es i dent & COO − Cr ea t ed s i gni f i cant va l ue by gr owi ng or gani ca l l y and t hr ough M & A, keepi ng over head l ean and pr oper l y i ncent i vi z i ng m anagem ent t o gr ow pr of i t abl y − Acqui r ed Nat i ona l Can ( 1985, $ 420m ) and t he packagi ng bus i nes s of Am er i can Can ( 1986, $ 600m ) − Becam e t he wor l d’ s l a r ges t packagi ng com pani es and a For t une 100 i ndus t r i a l com pany ▪ End Res ul t − I n 1988, Tr i angl e I ndus t r i es was s ol d t o a s t r a t egi c buyer ( Pechi ney) f or over $ 4bn of ent e r pr i s e va l ue − I n 1988, For t une m agaz i ne r anked Tr i angl e I ndus t r i es as t he bes t pe r f or m er am ong a l l For t une 500 i ndus t r i a l m et a l pr oduc t s com pani es bas ed on " Tot a l Re t ur n t o I nves t or s " over t he pr evi ous decade Tr i angl e I ndus t r i es Oper a t i ng Per f or m ance $137 $170 $1, 646 $2, 668 $4, 336 4. 1% 6. 2% 10. 0% 8. 6%9. 7% 1983 1984 1985 1986 1987 Net Revenue EBI TDA M ar gi n Ent e r pr i s e Val ue I nves t m ent Over vi ew Di s c l a i m er : Thi s cas e s t udy i s an exam pl e of a di s c r e t e i nves t m ent , whi ch i s pr es ent ed s ol e l y t o i l l us t r a t e Tr i an’ s Pr i nc i pa l s ’ i nves t m ent pr oces s and s t r a t egi es and not t o i m pl y t ha t Tr i an’ s i nvol vem ent wi t h DuPont wi l l be s ucces s f ul . M ar ke t condi t i ons a t t he t i m es of t he event s r e f l ec t ed i n t he cas e s t udy m ay di f f e r m at e r i a l l y f r om cur r ent and f ut ur e m ar ke t condi t i ons . Ther e can be no guar ant ee or as s ur ance t ha t Tr i an’ s s t r a t egi c or oper a t i ng i ni t i a t i ves i f i m pl em ent ed wi l l be s ucces s f ul . The per f or m ance of t he exam pl e s houl d t he r e f or e not be cons t r ued as an i ndi ca t i on of t he per f or m ance of DuPont on a go f or war d bas i s . Pas t pe r f or m ance i s not an i ndi ca t i on of f ut ur e r es ul t s . Sour ce : Bl oom ber g. $80 $4, 200 1983 1988 ( $ i n m i l l i ons )

Nel s on Pe l t z Cas e St udy: Snappl e Tur nar ound ( A Har var d Bus i nes s School Cas e St udy) ▪ Tr i a r c , an i nves t m ent vehi c l e cont r ol l ed by Tr i an’ s Pr i nc i pa l s , acqui r ed Snappl e f r om Quaker Oat s i n 1997 ( $ 300m pur chas e ) − Si gni f i cant oper a t i ona l t ur nar ound i nvol vi ng pr oduc t i nnova t i on, s uppl y cha i n i nves t m ent and m ar ke t i ng ▪ “Bl ank Shee t of Paper ” appr oach t o bui l di ng an over head s t r uc t ur e , s i m i l a r t o t he r ecent t ur nar ound of Axa l t a i n 2013/ 2014 − Bui l t an e f f i c i ent over head s t r uc t ur e f or s eni or l eader s hi p and cor por a t e s e r vi ces i nc l udi ng f i nance , account i ng HR, l ega l , and I T f unc t i ons − El i m i na t ed bur eaucr acy and bl oa t ed cor por a t e s t r uc t ur e ▪ End Res ul t − Rever s ed a m ul t i - year s t r i ng of vol um e dec l i nes and gr ew t op and bot t om l i nes − Re t ur ned bus i nes s back t o pr of i t abi l i t y − 11 s t r a i ght quar t e r s of cas e s a l es gr owt h − Sol d Bever age bus i nes s ( 1) t o Cadbur y i n 2000 f or ~$ 1. 5bn − Becam e a Har var d Bus i nes s School cas 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 Change % Change vs . Pr i or Year s $300 $1, 500 1997 2000 Di s c l a i m er : Thi s cas e s t udy i s an exam pl e of a di s c r e t e i nves t m ent , whi ch i s pr es ent ed s ol e l y t o i l l us t r a t e Tr i an’ s Pr i nc i pa l s ’ i nves t m ent pr oces s and s t r a t egi es and not t o i m pl y t ha t Tr i an’ s i nvol vem ent wi t h DuPont wi l l be s ucces s f ul . M ar ke t condi t i ons a t t he t i m es of t he event s r e f l ec t ed i n t he cas e s t udy m ay di f f e r m at e r i a l l y f r om cur r ent and f ut ur e m ar ke t condi t i ons . Ther e can be no guar ant ee or as s ur ance t ha t Tr i an’ s s t r a t egi c or oper a t i ng i ni t i a t i ves i f i m pl em ent ed wi l l be s ucces s f ul . The per f or m ance of t he exam pl e s houl d t he r e f or e not be cons t r ued as an i ndi ca t i on of t he per f or m ance of DuPont on a go f or war d bas i s . Pas t pe r f or m ance i s not an i ndi ca t i on of f ut ur e r es ul t s . Sour ce : Com pany i nf or m at i on . Fi gur es a r e unaudi t ed . ( 1) I n 1997, when pur chas ed, Snappl e Bever age Cor p.i nc l uded onl y t he Snappl e br and. I n 2000, t he Snappl e Bever age Gr oup i nc l ude d Snappl e as wel l a s t hr ee ot her s m al l e r bever age br ands . The Snappl e br and gener a t ed appr oxi m at e l y 72% of Adj us t ed EBI TDA f or t he Snappl e Bever age Gr oup i n 1999. 45 Snappl e : Cas e Sa l es Tr ends ( Vol um e) Ent e r pr i s e Val ue ( 1) I nves t m ent Over vi ew ( $ i n m i l l i ons )

126% 108% W endy's S& P Nel s on Pe l t z Cas e St udy: W endy’ s Si t ua t i on Over vi ew ( Oct . 2008 – Apr . 2015) ▪ I n 2008, Tr i a r c , whi ch was cont r ol l ed by Tr i an’ s Pr i nc i pa l s , acqui r ed W endy’ s I nt e r na t i ona l ; Ne l s on Pe l t z becam e Non - Execut i ve Cha i r m an ▪ Tr i an’ s Pr i nc i pa l s ’ i nves t m ent t hes i s f or l ong - t e r m va l ue c r ea t i on: 1) i nc r eas e f ocus , 2) i nves t i n or gani c gr owt h, and 3) expand m ar gi ns ▪ Capi t a l expendi t ur es i n 2014 have t r i pl ed s i nce 2008 as t he br and i s execut i ng an I m age Act i va t i on i nves t m ent pr ogr am ▪ Re l aunched t he ent i r e cor e m enu, i nc l udi ng ham bur ger s , f r i es , s a l ads and chi cken s andwi ches , r es ul t i ng i n r ecor d s a l es per s t or e ▪ Ra t ed #1 over a l l and i n f ood and décor i n Zaga t ’ s Sept . 2012 f as t f ood s ur vey ▪ I m pr oved t he qua l i t y of ea r ni ngs t hr ough r e f r anchi s i ng: t a r ge t i ng 5% com pany owner s hi p by 2016 – down f r om 21% i n 2008 ▪ He l ped a t t r ac t new m anagem ent t eam l ed by Em i l Br ol i ck t o l ead br and r e i nvi gor a t i on Key M et r i cs Up Acr os st he Boar d TSR 9/ 30/ 08 - 4/ 16/ 15 ( 2) Sour ce : Bl oom ber g . 46 “Nel s on Pe l t z and Tr i an have pl ayed an i m por t ant r ol e i n W endy’ s br and t r ans f or m at i on and f i nanc i a l i m pr ovem ent . I gr ea t l y va l ue t he t hought l eader s hi p and s t r a t egi c i ns i ght t ha t Ne l s on and t he Tr i an t eam pr ovi de . Ne l s on and Tr i an a r e pas s i ona t e advoca t es f or t he br and’ s gr owt h and s ucces s . W e wor k col l abor a t i ve l y on key s t r a t egi c dec i s i ons and our com pany benef i t s f r om Tr i an’ s i ns i ght on f i nanc i a l and gl oba l oppor t uni t i es . ” — Em i l J . Br ol i ck, Pr es i dent and CEO, The W endy’ s Com pany Di s c l a i m er : Thi s cas e s t udy i s an exam pl e of a di s c r e t e i nves t m ent , whi ch i s pr es ent ed s ol e l y t o i l l us t r a t e Tr i an’ s Pr i nc i pa l s ’ i nves t m ent pr oces s and s t r a t egi es and not t o i m pl y t ha t Tr i an’ s i nvol vem ent wi t h DuPont wi l l be s ucces s f ul . M ar ke t condi t i ons a t t he t i m es of t he event s r e f l ec t ed i n t he cas e s t udy m ay di f f e r m at e r i a l l y f r o m c ur r ent and f ut ur e m ar ke t condi t i ons . Ther e can be noguar ant ee or as s ur ance t ha t Tr i an’ s s t r a t egi c or oper a t i ng i ni t i a t i ves i f i m pl em ent ed wi l l be s ucces s f ul . The per f or m ance of t he exam pl e s houl d t he r e f or e no t be cons t r ued as an i ndi ca t i on of t he per f or m ance of DuPont on a goi ng f or war d bas i s . Pas t pe r f or m ance i s not an i ndi ca t i on of f ut ur e r es ul t s . Sour ce : SEC f i l i ngs , pr es s r e l eas es and Bl oom ber g. ( 1) I nc l udes cons ol i da t ed Ar by’ s capi t a l expendi t ur es . ( 2) “TSR” r epr es ent s t ot a l s har ehol der r e t ur n, or t he change i n s t ock pr i ce of W endy’ s pl us t he e f f ec t of di vi dends r ece i ved be t w een 9/ 30/ 08 - 4/ 16/ 15. ( $m m , except pe r s har e ) FY09A FY14A Change Aver age Co- Op Uni t Vol um e $1. 422 $1. 593 12% Net Revenue $2, 437 $2, 061 - 15% Res t aur ant M ar gi n 14. 8% 15. 8% 100bps G& A $353 $263 - 25% EBI TDA $338 $393 16% % - M ar gi n 13. 9% 19. 1% 518bps EPS $0. 19 $0. 34 79% Capi t a l Expendi t ur es ( 1) $102 $299 193% Di vi dend per Shar e $0. 06 $0. 21 242% Sour ce : Fi nanc i a l s bas ed on com pany f i l i ngs , pr es sr e l eas es and i nves t or pr es ent a t i ons . W endy’ s Out s t andi ng Shar ehol der Re t ur ns

Nel s on Pe l t z Cas e St udy: I nger s ol l - Rand Si t ua t i on Over vi ew ▪ Tr i an i nves t ed i n I R i n Febr uar y 2012 and m et wi t h m anagem ent t ha t Apr i l t o di s cus s a br oad cor por a t e r es t r uc t ur i ng s eeki ng: – Hi gher m ar gi ns – Por t f ol i o opt i m i za t i on – Ef f i c i ent capi t a l a l l oca t i on ▪ I n Augus t 2012, Ne l s on Pe l t z j oi ned t he Boar d of Di r ec t or s ▪ Si nce t hen, I nger s ol l - Rand has accom pl i s hed t he f ol l owi ng: – I ncr eas ed Focus : Spun - of f s ecur i t y bus i nes s ( Al l egi on) t o s har ehol der s ; r e - r a t ed t o 11. 6x EV/ NTM EBI TDA ( 1) , 76% above i t s pr e - i nves t m ent va l ua t i on – I m pr oved Pr of i t abi l i t y : EBI T m ar gi n i nc r eas ed ~200bps ( f r om 10% - 12% ) ; expec t ed t o be 14% by 2016 ( 2) – I m pr oved ROI C ( 3) : I m pr oved by 294bps f r om 2011 - 2014 ( up 27% ) Key M et r i cs Up Acr os s t he Boar d Sour ce : Fi nanc i a l s bas ed on com pany f i l i ngs , pr es s r e l eas es and i nves t or pr es ent a t i ons . I R Shar ehol der Re t ur ns Out per f or m The M ar ke t TSR f r om 2/ 2/ 12 - 4/ 16/ 15 ( 4) Sour ce : Bl oom ber g .Di s c l a i m er : Thi s cas e s t udy i s an exam pl e of a di s c r e t e i nves t m ent , whi ch i s pr es ent ed s ol e l y t o i l l us t r a t e Tr i an’ s Pr i nc i pa l s ’ i nves t m ent pr oces s and s t r a t egi es and not t o i m pl y t ha t Tr i an’ s i nvol vem ent wi t h DuPont wi l l be s ucces s f ul . M ar ke t condi t i ons a t t he t i m es of t he event s r e f l ec t ed i n t he cas e s t udy m ay di f f e r m at e r i a l l y f r om cur r ent and f ut u r e m ar ke t condi t i ons . Ther e can be no guar ant ee or as s ur ance t ha t Tr i an’ s s t r a t egi c or oper a t i ng i ni t i a t i ves i f i m pl em ent ed wi l l be s ucces s f ul . The per f or m ance of t he exam pl e s houl d t he r e f or e not be cons t r ued as an i ndi ca t i on of t he p e r f or m ance of DuPont on a goi ng f or war d bas i s . Pas t pe r f or m ance i s not an i ndi ca t i on of f ut ur e r es ul t s . Sour ce : SEC f i l i ngs and Bl oom ber g. ( 1) EV/ NTM EBI TDA i s de f i ned as Ent e r pr i s e Val ue di vi ded by next t we l ve m ont hs EBI TDA. I nger s ol l - Rand/ Al l egi on r e - r a t ed f r om 6. 6x EB I TDA t o 11. 6x on a com bi ned bas i s . ( 2) Sour ce : Bl oom ber g and SEC f i l i ngs .( 3) ROI C i s de f i ned as r e t ur n on i nves t ed capi t a l , whi ch equa l s ne t oper a t i ng pr of i t a f t e r t ax di vi ded by aver age equi t y pl us ne t de bt . ( 4) “TSR” r epr es ent s t ot a l s har ehol der r e t ur n, or t he change i n s t ock pr i ce of I nger s ol l - Rand pl us t he e f f ec t of di vi dends r ece i ved and t he di s t r i but i on of Al l egi on be t ween 2/ 2/ 12 - 4/ 16/ 15. 47 154% 70% I nger s ol l - Rand/ Al l egi on S& P ( 3) $m m , except pe r s har e 2011 2014 Change On a Cons ol i da t ed Bas i s Revenue $14, 782 $15, 010 1. 5% Or gani c Gr owt h 10. 4% Gr os s M ar 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 ar gi n 10. 2% 12. 1% 188bps Di l ut ed EPS $2. 82 $4. 16 47. 5% Annua l Di vi dend $0. 59 $1. 11 87. 6% Af t e r - Tax ROI C 11. 1% 14. 0% 294bps

J ohn H. M yer s Bi ogr aphy ▪ For m er Pr es i dent and Chi e f Execut i ve Of f i ce r of GE As s e t M anagem ent ( Gener a l El ec t r i c ’ s as s e t m anagem ent s ubs i di a r y) f r om 1996 unt i l 2006 – Res pons i bl e f or ~$200bn i n as s e t s under m anagem ent , i nc l udi ng t hos e he l d by Gener a l El ec t r i c ’ s pens i on f unds , 401( k) pl ans , m ut ua l f unds and i ns ur ance com pani es and m or e t han 200 ext e r na l i ns t i t ut i ona l c l i ent s ▪ He l d var i ous m anagem ent pos i t i ons i n Gener a l El ec t r i c f or over 35 year s ▪ Ser ves as di r ec t or f or Legg M as on, I nc . ( s i nce J une 2013) ▪ Ser ved as a di r ec 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 an be l i eves M r . M yer s ’ qua l i f i ca t i ons t o s e r ve on DuPont ’ s Boar d i nc l ude t he knowl edge and exper i ence he has ga i ned whi l e s e r vi ng i n var i ous m anagem ent pos i t i ons f or over 35 year s wi t h Gener a l El ec t r i c . I n addi t i on, he ga i ned ext ens i ve f i nanc i a l and l eader s hi p exper i ence s e r vi ng as Pr es i dent and Chi e f Execut i ve Of f i ce r of GE As s e tM anagem ent and t hr ough hi s exper i ence as a di r ec t or of Legg M as on, I nc . and as a f or m er di r ec t or of Hi l t on Hot e l s Cor por a t i on 48

J ohn H. M yer s Has Si gni f i cant Re l evant Exper i ence 49 Ra t i ona l e Cul t ur e of Hi gh Per f or m ance x ▪ Gr ew GE As s e t M anagem ent ( GEAM ) AUM f r om $58bn i n 1996 t o $200bn i n 2006 ▪ St r ong i nves t m ent r e t ur ns a t GEAM m ade i t unneces s a r y f or GE t o m ake any cor por a t e cont r i but i ons t o t he GE Pens i on Pl an dur i ng t enur e Chem i ca l / I ndus t r i a l Exper i ence x ▪ Fi r s t ha l f of GE car eer s pent on i ndus t r i a l s i de of bus i nes s ▪ Repor t ed di r ec t l y t o GE’ s Cha i r m an & CEO I nt e r na t i ona l M ar ke t s Knowl edge x ▪ M r . M yer s was i ns t r um ent a l i n s hapi ng GEAM ’ s i nt e r na t i ona l i nves t m ent pr ogr am and GEAM was one of t he f i r s t ERI SA pl ans t o vent ur e i nt o i nt e r na t i ona l equi t y i nves t m ent s ▪ W or ked abr oad i n bot h Ger m any and I t a l y whi l e a t GE Fi nanc i a l Acum en x ▪ P& L r es pons i bi l i t y over ent i r e GEAM bus i nes s ▪ I m pl em ent ed “Si x Si gm a” t o c r ea t e m or e e f f i c i ent i nves t i ng pr oces s i n GEAM , opt i m i z i ng r es our ce a l l oca t i on ▪ Ser ved on audi t com m i t t ee of Hi l t on Hot e l sPor t f ol i o Tr ans f or m at i on/ M & A x ▪ I nves t ed i n a br oad r ange of pr oduc t s i nc l udi ng r ea l es t a t e , pr i va t e equi t y, dom es t i c and i nt e r na t i ona l equi t i es , and f i xed i ncom e ▪ Si gni f i cant exper i ence over s ee i ng i nves t m ent pr oces s and m anagi ng r i s k Boar d Exper i ence x ▪ Di r ec t or of Legg M as on ▪ Pr evi ous Di r ec t or of Hi l t on Hot e l s , Doubl eTr ee , Ca l l away Gol f , and Pr om us Hot e l Cor p; For m er M em ber of W ar bur g Pi ncus Advi s or y Com m i t t ee Publ i c M ar ke t s Exper i ence 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 nves t or s ; i n addi t i on t o GE, m anaged as s e t s f or m or e t han 200 ext e r na l i ns t i t ut i ona l c l i ent s Envi r onm ent a l / Regul a t or y x ▪ GEAM , one of t he l a r ges t pens i on f und m anager s i n t he wor l d, i s hi ghl y r egul a t ed and i s s ubj ec t t o t he r ul es and r egul a t i ons of t he Em pl oyee Re t i r em ent I ncom e Secur i t y Act ( “ERI SA”) Sour ce : “GE As s e t M anagem ent Lever ages i t s Her i t age” ; 4/ 1/ 2004, The Bus i nes s of Runni ng M oney, Vol um e 1, Num ber 7; GE Boos t s Act i veM anagem ent , 3/ 23/ 1998, Pens i on & I nves t m ent s ; “GE As s e t M anagem ent ’ s Swee t Spot ” , M ar ch 2002, M oney M anagem ent ; “GE W hi z” , Decem ber 2003, I ns t i t ut i ona l I nves t or ; “ J ohn M yer s , GE I nves t m ent s ” , 5/ 23/ 1997, Pl anSpons or M agaz i ne ; “M yer s Out , Pr es s m an i n a t GE As s e t ” , 5/ 29/ 2006, Pens i on & I nves t m ent s ; and Aur or a Capi t a l Gr oup ht t p : / / www. aur or acap. com / peopl e / advi s or s - j m yer s . php .

J ohn H. M yer s Cas e St udy: Gener a l El ec t r i c As s e t M anagem ent ▪ Under J ohn M yer s , t he GE As s e t M anagem ent ( GEAM ) bus i nes s expanded r api dl y, e s pec i a l l y i n s e r vi c i ng ext e r na l c l i ent s ▪ As of 2003, “GE owns t he bi gges t pens i on - f und - t ur ned - as s e t - m anager ” wi t h $30. 8bn of ext e r na l m oney ( Gener a l M ot or s was t he c l os es t wi t h $20bn of ext e r na l m oney f r om l es s t han 10 c l i ent s ) ▪ Under M yer s , t he GE pens i on f und achi eved s ever a l of GE’ s key per f or m ance goa l s : − Gr ew ext e r na l as s e t s , l ever agi ng cos t s of r unni ng pens i on por t f ol i o − No GE cor por a t e cont r i but i on needed t o be m ade t o GE Pens i on Pl an be t ween 1987 and 2011 ▪ Dem ons t r a t ed exper t i s e ac r os s t he i nves t m ent s pace − GEAM had di r ec t i nves t m ent s i n r ea l es t a t e , pr i va t e equi t y, dom es t i c and i nt e r na t i ona l equi t i es and f i xed i ncom e − 70 - 80% of GEAM as s e t s wer e i nt e r na l l y m anaged t hr oughout M yer s ’ t i m e a t GEAM ▪ I m pl em ent ed “Si x Si gm a” t o c r ea t e m os t e f f i c i ent i nves t i ng pr oces s− Cut t i m e t o pr epar e a pr es ent a t i on i n ha l f t hr ough r edes i gn and aut om at i on − Cl i ent r epor t de l i ve r y t i m e went f r om 12 - 14 days t o 8 - 10 days ▪ W el l pe r ce i ved − “ GE Pens i on Tr us t , t he com pany’ s def i ned benef i t pl an cont i nues t o s e t an i ndus t r y s t andar d, as does M yer s , who has em er ged as one of Am er i ca ’ s m os t i nf l uent i a l pens i on m anager s ” – I ns t i t ut i ona l I nves t or ( 12/ 03) − “ Gener a l El ec t r i c des e r ves t o s t and as a m ode l of t he def i ned benef i t s ys t em . Ot her cor por a t i ons , a s wel l a s publ i c r e t i r em ent s ys t em s ought t o exam i ne i t f or va l uabl e i ns i ght i n m anagi ng t he i r own def i ned benef i t pl ans ” – Pens i ons & I nves t m ent s ( 1/ 20/ 11) AUM Gr owt h $bn ( 1) $58 $200 1996 2006 Sour ce : “GE As s e t M anagem ent Lever ages i t s Her i t age ” ; 4/ 1/ 2004, t he Bus i nes s of Runni ng M oney , Vol um e 1, Num ber 7; GE Boos t s Act i ve M anagem ent , 3/ 23/ 1998, Pens i on & I nves t m ent s ; “GE As s e t M anagem ent ’ s Swee t Spot ” , M ar ch 2002, M oney M anagem ent ; “GEW hi z” , Decem ber 2003, I ns t i t ut i ona l I nves t or ( 1) “J ohn M yer s , GE I nves t m ent s ” , 5/ 23/ 1997, Pl anSpons or M agaz i ne and “M yer s Out , Pr es s m an i n a t GE As s e t ” , 5/ 29/ 2006, Pens i on & I nves t m ent s 50

Ar t hur B. W i nkl ebl ack Bi ogr aphy ▪ Execut i ve Vi ce Pr es i dent and Chi e f Fi nanc i a l Of f i ce r of H. J . He i nz Com pany f r om J anuar y 2002 unt i l J une 2013, when t he com pany was s ol d t o Ber ks hi r e Hat haway/ 3G Capi t a l ▪ Ser ves as a di r ec t or f or Chur ch & Dwi ght Co. , I nc . ( s i nce 2008) and RTI I nt e r na t i ona l M et a l s , I nc . ( s i nce Decem ber 2013) and Per f or m ance Food Gr oup, a Bl acks t one Com pany ( s i nce Febr uar y 2015) ▪ For m er l y he l d s eni or f i nance pos i t i ons a t C . Dean M et r opoul os & Co . , t he cons um er pr oduc t s a r m of Hi cks , M us e , Ta t e and Fur s t , a pr i va t e equi t y f i r m ( 1998 unt i l 1999) ; Si x Fl ags Ent e r t a i nm ent Cor por a t i on ( 1996 unt i l 1998) ; Al l i edSi gna l , I nc . f r om 1994 unt i l 1996; and Peps i Co, I nc . f r om 1982 unt i l 1994 ▪ Va l ue Pr opos i t i on: Tr i an be l i eves M r . W i nkl ebl ack’ s s ubs t ant i a l execut i ve exper i ence , i nc l udi ng a l m os t 12 year s of s e r vi ce as Execut i ve Vi ce Pr es i dent and Chi e f Fi nanc i a l Of f i ce r of H. J . He i nz Com pany, pr ovi des hi m wi t h knowl edgeabl eper s pec t i ves on s t r a t egi c pl anni ng, i nt e r na t i ona l oper a t i ons , acqui s i t i ons and di ves t i t ur es and cos t and f i nanc i a l cont r ol s . I n addi t i on, hi s exper i ence as CFO of a l a r ge m ul t i na t i ona l com pany wi l l enabl e hi m t o br i ng i m por t ant pe r s pec t i ves t o t he Boar d on per f or m ance m anagem ent , com pl i ance , r i s k m anagem ent , publ i c r epor t i ng and i nves t or r e l a t i ons 51

Ar t hur B. W i nkl ebl ack Has Si gni f i cant Re l evant Exper i ence 52 Ra t i ona l e Over s aw Hi gh Per f or m ance Cul t ur e x ▪ Ser ved as CFO of Hei nz f or over a decade ; bui l t s t r ong per f or m ance cul t ur e and de l i ver ed cons i s t ent t op - t i e r r es ul t s ▪ Pr i or t o Hei nz , 15 year s of exper i ence com bi ned a t Peps i Co and Al l i edSi gna l and s i x year s i n pr i va t e equi t y Chem i ca l / I ndus t r i a l Exper i ence x ▪ Cur r ent d i r ec t or of RTI I nt e r na t i ona l M et a l s , a ve r t i ca l l y i nt egr a t ed s uppl i e r of advanced t i t ani um ▪ W or ked i n f i nance t eam a t Al l i edSi gna l ( pr edeces s or t o Honeywel l I nt e r na t i ona l ) I nt e r na t i ona l M ar ke t s Knowl edge x ▪ Gr ew Hei nz t o be a l eadi ng gl oba l pl ayer ( 2/ 3 r ds of s a l es out s i de U. S. ) ▪ At Hei nz , em er gi ng m ar ke t s gr ew f r om 11% of s a l es i n 2006 t o 21% i n 2012, wi t h s t r ong pr es ence i n La t i n Am er i ca , Eas t e r n Eur ope , As i a and I ndi a Fi nanc i a l Acum en x ▪ Si gni f i cant exper i ence over s ee i ng or gani c gr owt h, por t f ol i o r ea l i gnm ent , l ean m anagem ent i ni t i a t i ves , cas h f l owopt i m i za t i on, execut i ve com p pr ogr am s and t r ans par ency wi t h i nves t or s Por t f ol i o Tr ans f or m at i on/ M & A x ▪ At Hei nz , di ves t ed l ow va l ue com m odi t y bus i nes s es t ax e f f i c i ent l y, i nc l udi ng a m aj or r ever s e m er ger wi t h Del M ont e . I m pl em ent ed di s c i pl i ned M & A pr ogr am t o bui l d s ca l e pr of i t abl y i n em er gi ng m ar ke t s ▪ He i nz ROI C i m pr oved 560bps f r om 2006 t o 2012 Boar d Exper i ence x ▪ Di r ec t or of Chur ch and Dwi ght ( 252% TSR vs 78% f or S& P 500 dur i ng t enur e ) and Cha i r of t he Com pens a t i on Com m i t t ee ▪ Di r ec t or of RTI I nt e r na t i ona l M et a l s ( announced s a l e t o Al coa i n M ar ch ’ 15) ▪ Recent l y j oi ned boar d of Per f or m ance Food Gr oup ( a Bl acks t one com pany) Capi t a l M ar ke t s Exper i ence x ▪ Decades of exper i ence over s ee i ng a l l a s pec t s of capi t a l m anagem ent ▪ Si gni f i cant i nt e r ac t i on and f am i l i a r i t y wi t h l eadi ng i ns t i t ut i ona l i nves t or s Envi r onm ent a l / Regul a t or y x ▪ St r ong s a f e t y and qua l i t y r ecor d a t He i nz ac r os s vas t gl oba l f ac t or y ne t wor k ▪ Si gni f i canti nt e r ac t i ons wi t h FDA and ot her r egul a t or y bodi es Sour ce : He i nz SEC f i l i ngs , Bl oom ber g.

$m m , except pe r s har e FY06A FY12A Change Net Revenue $8, 643 $11, 649 35% Em . M ar ke t s ( % of Tot a l ) 11. 0% 21. 0% 1, 000bps EBI TDA ex M ar ke t i ng $1, 866 $2, 486 33% M ar ke t i ng Spend $269 $468 74% SG& A % of Sa l es ( ex M ar ke t i ng) 18. 1% 17. 1% - 98bps Di l ut ed EPS $2. 10 $3. 35 60% Annua l Di vi dend $1. 20 $1. 92 60% FY13A $3. 62 73% FY14E $3. 80 81% Af t e r - Tax ROI C 14. 8% 20. 4% 560bps 178% 109% 40% Hei nz S& P Packaged Foods S& P Ar t hur B . W i nkl ebl ack Cas e St udy: Hei nz Si t ua t i on Over vi ew ( Feb. 2006 – Feb. 2013) ▪ Tr i an’ s Nel s on Pe l t z and Ar t hur W i nkl ebl ack f i r s t began wor ki ng col l abor a t i ve l y t oge t her i n 2006 ▪ Tr i an conduc t ed a pr oxy cont es t wi t h Hei nz t ha t year and won t wo s ea t s on t he Boar d ▪ Tr i an ga i ned t r em endous r es pec t f or Ar t ’ s oper a t i ona l and f i nanc i a l s ki l l - s e t , whi ch he l ped achi eve t he f ol l owi ng: – 32 cons ecut i ve quar t e r s of pos i t i ve or gani c gr owt h – Si gni f i cant EPS, f r ee cas h f l ow and s har e pr i ce appr ec i a t i on – M ar ke t i ng gr owt h 2xf as t e r t han s a l es – Zer o “addbacks ” t o EPS f or 5 cons ecut i ve year s ( 1) – Subs t ant i a l i m pr ovem ent t o r e t ur n on capi t a l ▪ I n Febr uar y 2013, Ber ks hi r e Hat haway and 3G Capi t a l ent e r ed i nt o an agr eem ent t o acqui r e Hei nz a t a 20% pr em i um ( 2) and a 13. 0x NTM EBI TDA ( 3) m ul t i pl e Key M et r i cs Up Acr os s t he Boar d Sour ce : Fi nanc i a l s bas ed on com pany f i l i ngs , pr es s r e l eas es and i nves t or pr es ent a t i ons . He i nz Shar ehol der Re t ur ns Led t he Peer Gr oup ( 7) Re t ur ns f r om 2/ 06/ 06 - 2/ 14/ 13 Sour ce : Bl oom ber g . Di s c l a i m er : Thi s cas e s t udy i s an exam pl e of a di s c r e t e i nves t m ent , whi ch i s pr es ent ed s ol e l y t o i l l us t r a t e Tr i an’ s Pr i nc i pa l s ’ i nves t m ent pr oces s and s t r a t egi es and not t o i m pl y t ha t Tr i an’ s i nvol vem ent wi t h DuPont wi l l be s ucces s f ul . M ar ke t condi t i ons a t t he t i m es of t he event s r e f l ec t ed i n t he cas e s t udy m ay di f f e r m at e r i a l l y f r om cur r ent and f ut ur e m ar ke t condi t i ons . Ther e can be no guar ant ee or as s ur ance t ha t Tr i an’ s s t r a t egi c oroper a t i ng i ni t i a t i ves i f i m pl em ent ed wi l l be s ucces s f ul . The per f or m ance of t he exam pl e s houl d t he r e f or e not be cons t r ued as an i ndi ca t i on of t he per f or m ance of DuPont on a goi ng f or war d bas i s . Pas t pe r f or m ance i s not an i ndi ca t i on of f ut ur e r es ul t s . Not e : Febr uar y 6, 2006 r epr es ent s t he da t e when publ i s hed r epor t s f i r s t s ur f aced on CNBC of Tr i an’ s pr opos ed ac t i vi s t i nvol vem ent . W hi l e Tr i an m ay be l i eve t ha t t he r i s e i n s har e pr i ce dur i ng t he per i od of Tr i an’ s ac t i ve i nvol vem ent was a t t r i but abl e i n l a r ge par t t o t he cum ul a t i ve e f f ec t s of t he i m pl em ent a t i on of Tr i an’ s p r opos ed oper a t i ona l and s t r a t egi c changes , t he r e i s no obj ec t i ve m et hod t o conf i r m what por t i on of t he s t ock’ s appr ec i a t i on was a t t r i but abl e t o Tr i an’ s e f f or t s dur i ng t hi s pe r i od and what was a t t r i but abl e t o t he over a l l r i s e i n t he m ar ke t s or ot her f ac t or s . Not e : Febr uar y 14, 2013 was t he day t he Hei nz acqui s i t i on was announced . Key m et r i cs f r om FY 2006 - 2012 ascom pany does n’ t di s c l os e m ar ke t i ng s pend i n 2013. Sour ce : SEC f i l i ngs , He i nz PREM 14A 3/ 4/ 13, 10 - Q f i l ed 2/ 21/ 13, Capi t a l I Q . ( 1) Fr om FY 2007 - 2011, no addbacks . ( 2) 20% pr em i um t o s t ock pr i ce t he day bef or e announcem ent of t r ans ac t i on. ( 3) Ear ni ngs bef or e i nt e r es t , t axes , depr ec i a t i on and am or t i za t i on . ( 4) Se l l i ng , gener a l and adm i ni s t r a t i ve expens es . ( 5) Ear ni ngs per s har e . Repr es ent s Bl oom ber g cons ens us es t i m at es a t t i m e of acqui s i t i on. ( 6) Re t ur n on i nves t ed capi t a l bas ed on Com pany ca l cul a t i ons . ( 7) Shar ehol der r e t ur ns f r om Bl oom ber g i nc l ude di vi dends . ( 5) ( 4) ( 6) 53

Rober t J . Za t t a Bi ogr aphy ▪ For m er Act i ng Chi e f Execut i ve Of f i ce r and l ong - t i m e Chi e f Fi nanc i a l Of f i ce r of Rockwood Hol di ngs , I nc . , a s pec i a l t y chem i ca l s com pany, f r om J ul y 2014 and Apr i l 2001, r es pec t i ve l y, unt i l J anuar y 2015, when Rockwood was acqui r ed by Al ber m ar l e Cor por a t i on ▪ Pr i or t o Rockwood, he l d s ever a l s i gni f i cant f i nanc i a l m anagem ent pos i t i ons a t t he Cam pbel l Soup Com pany ( f r om 1990 t o 2001) , m os t r ecent l y Vi ce Pr es i dent r es pons i bl e f or Cor por a t e Deve l opm ent and St r a t egi c Pl anni ng ▪ Ear l i e r i n hi s ca r ee r , M r . Za t t a wor ked f or Gener a l Foods Cor por a t i on and Thom as J . Li pt on, I nc . ▪ Va l ue Pr opos i t i on: Tr i an be l i eves M r . Za t t a ’ s ext ens i ve exper i ence i n t he s pec i a l t y chem i ca l s ec t or wi l l a l l ow hi m t o br i ng va l uabl e i ndus t r y exper i ence t o t he DuPont Boar d. I n addi t i on, Tr i an be l i eves t ha t DuPont ’ s Boar d wi l l benef i t f r om M r . Za t t a ’ s exper t i s e i n oper a t i ons , s t r a t egi c pl anni ng, cos t and f i nanc i a l cont r ol s and publ i c com panyr epor t i ng, whi ch he has deve l oped t hr ough hi s exper i ence as a s eni or execut i ve a t s ever a l gl oba l com pani es 54

Rober t J . Za t t a Has Si gni f i cant Re l evant Exper i ence 55 Ra t i ona l e Over s aw Hi gh Per f or m ance Cul t ur e x ▪ Rockwood Chem i ca l had bes t - i n - c l as s TSR and EPS gr owt h s i nce I PO ̶ TSR unt i l Rockwood was acqui r ed i n 2014 was 364% vs 197% f or S& P Chem i ca l s over s am e per i od ̶ Fr om 2005 - 12 ( 1) , EPS CAGR was 19% , a l m os t 4x EPS CAGR of S& P Chem i ca l s ( 5% ) Chem i ca l / I ndus t r i a l Exper i ence x ▪ CFO of Rockwood, a chem i ca l s congl om er a t e , f or over a decade ̶ Over s aw a var i e t y of chem i ca l com pani es r angi ng f r om com m odi t i es ( e . g. Ti O2) , m i ni ng ( e . g. Li t hi um ) t o s pec i a l t i e s ( e . g. s ur f ace t r ea t m ent ) I nt e r na t i ona l M ar ke t s Knowl edge x ▪ I n 2012, onl y 21% of Rockwood’ s s a l es cam e f r om t he Uni t ed St a t es ▪ Rockwood had s ubs t ant i a l oper a t i ons i n Ger m any and Chi l e ▪ Ser ved as i nt e r na t i ona l CFO a t Cam pbel l Soup Com pany Fi nanc i a l Acum en x ▪ Long - t e r m CFO exper i ence , i n whi ch he over s aw capi t a l a l l oca t i on ( i nc l udi ng capex; R& D; M & A) ▪ Ran a l eancom pany: Rockwood’ s bus i nes s es had bes t - i n - c l as s m ar gi ns ; Cor por a t e cos t s never m or e t han 1 % of s a l es Por t f ol i o Tr ans f or m at i on/ M & A x ▪ Dur i ng hi s t i m e as CFO, r ol l ed up s ever a l s t r a t egi c as s e t s t o bui l d a l eadi ng s pec i a l t y chem i ca l s com pany ( >35 M & A t r ans ac t i ons ) ▪ Dr ove 48% m ul t i pl e expans i on a f t e r pur s ui ng a s epar a t i on s t r a t egy Boar d Exper i ence ▪ Es t abl i s hed Rockwood’ s boar d s t r uc t ur e and i nt e r ac t ed ext ens i ve l y wi t h Com pany’ s Audi t Com m i t t ee ▪ Ser ved on t he s uper vi s or y boar d of Rockwood’ s Ger m an s ubs i di a r y and on t he boar d of i t s Eur opean pens i on com m i t t ees Capi t a l M ar ke t s Exper i ence x ▪ Led execut i on on Rockwood’ s I PO and num er ous debt f i nanc i ngs ▪ M anaged Rockwood wi t h pr udent ne t l ever age of 1. 9x ( gr os s of 3. 5x) ▪ Ext ens i ve i nves t or i nt e r ac t i on as Rockwood CFO Envi r onm ent a l / Regul a t or y x ▪ Exper i ence wi t h i nt e r na t i ona l r egul a t or y bodi es ̶ W or ked wi t h Eur opean ant i - t r us t agenc i es f or s a l e of Ti O2 bus i nes s ̶ I nt e r ac t edwi t h Chi l ean gover nm ent due t o ext ens i ve Li t hi um oper a t i ons Sour ce : Rockwood SEC f i l i ngs , Bl oom ber g. ( 1) CAGR def i ned as com pounded annua l gr owt h r a t e . Si nce t he com pany s ol d over ha l f of i t s bus i nes s , ye t di d not c l os e on a s i gni f i can t p or t i on of t ha t di ves t i t ur e , i t i s unf a i r t o com par e 2013 EPS t o hi s t or i ca l f i gur es .

Rober t J . Za t t a Cas e St udy: Rockwood Sour ce : Rockwood and DuPont SEC Fi l i ngs , Pr es s Re l eas es and I nves t or Pr es ent a t i ons , Bl oom ber g and Gol dm an and Bank of Am er i ca Res ear c h. Spec i a l t y peer s i nc l ude Ai r Pr oduc t s , Ai r gas , PPG, Sher wi n W i l l i am s , Pr axa i r , M ons ant o, Ecol ab, Va l s par and FM C ( 1) Sour ce : Q4 2012 For m 8 - K da t ed 2/ 19/ 13. Looks a t cor por a t e and ot her adj us t ed EBI TDA and Sept em ber 17, 2013 conf e r ence pr es ent a t i on ( 2) Sour ce : Rockwood pr es s r e l eas es and 2013 For m 10 - K. I n 2013, t he bus i nes s s ol d i t s Per f or m ance Addi t i ves and Advanced Cer am i cs b us i nes s es and agr eed t o s e l l i t s Ti O2 bus i nes s ( 3) CAGR def i ned as com pounded annua l gr owt h r a t e . Si nce t he com pany s ol d over ha l f of i t s bus i nes s , ye t di d not c l os e on a s i gni f i c ant por t i on of t ha t di ves t i t ur e , i t i s unf a i r t o com par e 2013 EPS t o hi s t or i ca l f i gur es ( 4) TSR def i ned as t ot a l s har ehol der r e t ur n. 7/ 15/ 2014 r epr es ent s t he da t e of announcem ent of acqui s i t i on by Al bem ar l e .( 5) Ref l ec t s a bl ended ( wei ght ed) aver age EV/ EBI TDA m ul t i pl e of Cer am i cs , Per f or m ance Addi t i ves & Ti O2, and Li t hi um & Sur f ace Tr e a t m ent ( bas ed on Al bem ar l e announced acqui s i t i on pr i ce f or Rockwood and s a l e pr oceeds , ne t of t ax, f or t he ot her bus i nes s es ) . W ei ght s by 2014E EBI TDA af t e r a l l oca t i ng cor por a t e as a % of r evenue . Us es Bank of Am er i ca r es ear ch as of 4/ 30/ 13 and Gol dm an Sachs r es ear ch as of 5/ 17/ 13. A Bes t - I n - Cl as s Per f or m er EPS CAGR: 2005 - 2012 ( 3) TSR Fr om I PO t o Acqui s i t i on: ( 9/ 30/ 05 - 7/ 15/ 14) ( 4) Si gni f i cant Va l ue Cr ea t i on Thr ough 2013 Separ a t i on Re - Ra t ed t o A Spec i a l t y M ul t i pl e 7. 4x 10. 9x EV/ EBI TDA @ J an. 2013 EV/ EBI TDA Bl ended( 5) 364% 129% 197% 94% Rockwood DuPont S& P Chem i ca l s S& P 500 ▪ Rockwood, a l eadi ng s pec i a l t y chem i ca l s com pany, gener a t ed bes t - i n - c l as s r e t ur ns and EPS gr owt h l ed by CEO Se i f i Ghas em i and CFO Bob Za t t a ▪ Lean and decent r a l i zed s t r uc t ur e : 37 peopl e i n cor por a t e cent e r anduna l l oca t ed cor por a t e cos t s of j us t $22m ( 1) , <1% of s a l es ▪ Tr ack r ecor d of s t r ong capi t a l a l l oca t i on and s ucces s wi t h t r ans f or m at i ve M & A – Pr i or t o 2013, Rockwood was va l ued a t a di s count t o s pec i a l t y peer s , des pi t e t he f ac t t ha t ~75% of 2012 s a l es wer e gener a t ed f r om hi gh m ar gi n, s pec i a l t y as s e t s ; i nves t or s pena l i zed t he com pany f or i t s hi ghl y cyc l i ca l Ti O2 bus i nes s ( 25% of s a l es ) – I n 2013, Rockwood di ves t ed t hr ee of i t s bus i nes s es , i nc l udi ng Ti O2, whi ch gener a t ed 62% of s a l es ( 2) – As a r es ul t , i nves t or s e f f ec t i ve l y r e - r a t ed Rockwood by 48% t o an 11x bl ended EBI TDA m ul t i pl e 19% 6% 5% 5% Rockwood DuPont S& P Chem i ca l s S& P 500 56

57 Appendi x B: St ock Pr i ce At t r i but i on Anal ys i s

Tr i an I s Res pons i bl e For The Two Gr ea t es t Days of DuPont ’ s Shar e Pr i ce Out per f or m ance Si nce 2009 1 2 3 4 5 Top 5 Days of DD Shar e Pr i ce Out per f or m ance vs . S& P 500 Si nce 2009 ( M anagem ent Tenur e) The t wo gr ea t es t days of DuPont s har e pr i ce out per f or m ance s i nce 2009 wer e i ) t he r e l eas e of Tr i an’ s W hi t e Paper i n 2014 and i i ) t he day Tr i an’ s s t ake becam e publ i c i n 2013. The next t hr ee ‘ t op days ’ wer e dr i ven by m acr o event s ( cyc l i ca l com pani es out per f or m i ng t he m ar ke t as s ent i m ent i m pr oved i n t he f i nanc i a l c r i s i s ) and ot her exogenous event s . DuPont 1- Day Change 1- Day Change Out per f or m ance Dat e DD Shar e Pr i ce S& P Shar e Pr i ce vs . S& P 500 Event / De t a i l s 9/ 17/ 14 5. 2% 0. 1% +506bps * Tr i an r e l eas ed i ni t i a l W hi t e Paper & publ i c l e t t e r t o t he DuPont Boar d * DuPont s har e pr i ce out per f or m ed S& P 500 by ~730 bps over ens ui ng one m ont h per i od 7/ 17/ 13 5. 3% 0. 3% +499bps * Tr i an s t ake i n DuPont was f i r s t r epor t ed publ i c l y by CNBC * DuPont s har epr i ce out per f or m ed S& P 500 by ~900 bps over ens ui ng one m ont h per i od 4/ 2/ 09 7. 6% 2. 9% +476bps * No com pany s pec i f i c news * S& P 500 r a l l i ed 3% on i m pr oved m acr o out l ook * Cyl i ca l com pani es out per f or m ed, i nc l udi ng DuPont 3/ 10/ 09 11. 0% 6. 4% +465bps * No com pany s pec i f i c news ( day pr i or was m ar ke t l ow i n f i nanc i a l c r i s i s ) * S& P 500 r a l l i ed 6% on i m pr oved m acr o out l ook * Cyl i ca l com pani es out per f or m ed, i nc l udi ng DuPont 3/ 16/ 09 4. 0% ( 0. 3% ) +430bps * No m at e r i a l com pany s pec i f i c news ( S& P Chem i ca l s I ndex +3% ) * One week a f t e r m ar ke t hi t l ow dur i ng f i nanc i a l c r i s i s * DuPont com pl e t ed pr evi ous l y announced $100m m capex pr oj ec t 58 Sour ces : Capi t a l I Q and Bl oom ber g.

Ear ni ngs Event s and M & A Announcem ent s , I n Our Vi ew, Have Led t o Val ue Des t r uc t i on, Not Val ue Cr ea t i on Dur i ng M anagem ent 's Tenur e DuPont Oper a t i ona l Execut i on Si nce 2009 ( 31 Ear ni ngs Event s i n Tot a l ) ▪ Tr i an r evi ewed a l l 31 Ear ni ngs Event s ( quar t e r l y ea r ni ngs , s e t t i ng of gui dance , changes t o gui dance , pr e - announcem ent s ) dur i ng m anagem ent ’ s t enur e ▪ DuPont ’ s s har e pr i ce dec l i ned by $10 cum ul a t i ve l y over a l l 31 Ear ni ngs Event s , under per f or m i ng t he S& P 500 I ndex by even m or e , s ugges t i ng s t r ong oper a t i ona l execut i on has not been a pr i m ar y dr i ver of va l ue c r ea t i on ▪ Shar e pr i ce has dec l i ned i n r es pons e t o 7 of t he l as t 9 Ear ni ngs Event s , s ugges t i ng t r ends a r e wor s eni ng ▪ Thi s i s t he cas e even t hough s om e Ear ni ngs Event s coi nc i ded wi t h s uppos edl y “ t r ans f or m at i ona l ” announcem ent s , s uch as t he r evi ew of PChem and t he Fr es h St a r t cos t cut t i ng pr ogr am ▪ See Tabl e A f or de t a i l s of each event , t he r es ul t i ng change i n DuPont ’ s s har e pr i ce on anabs ol ut e bas i s and r e l a t i ve t o t he S& P 500 I ndex Cum ul a t i ve Change i n Shar e Pr i ce : - $10 Per Shar e Cum ul a t i ve Change i n Shar e Pr i ce : $0 Per Shar e ▪ Tr i an r evi ewed a l l e i ght m aj or M & A, di ves t i t ur e and por t f ol i o announcem ent s dur i ng m anagem ent ’ s t enur e ▪ DuPont ’ s s har e pr i ce dec l i ned by ~$0. 46 cum ul a t i ve l y i n r es pons e t o a l l e i ght of t hes e announcem ent s , s ugges t i ng M & A / por t f ol i o ac t i ons have not been a pr i m ar y dr i ver of va l ue c r ea t i on ▪ No s i ngl e announcem ent dr ove s o m uch as 100 bps of s har e pr i ce out per f or m ance vs . t he S& P 500 on t ha t day ▪ See Tabl e B f or de t a i l s of each event , t he r es ul t i ng change i n DuPont ’ s s har e pr i ce on an abs ol ut e bas i s and r e l a t i ve t o t he S& P 500 I ndex DuPont M & A / Por t f ol i o Deve l opm ent s Si nce 2009 ( 8 M aj or Por t f ol i o Announcem ent s ) 59 Sour ces : Capi t a l I Q, Bl oom ber g, Com pany SEC Fi l i ngs , and DuPont webs i t e news and pr es s r e l eas es .

Tabl e A: Al l Ear ni ngs Event s Si nce 2009 ( 1) 60 Sour ce : Com pany f i l i ngs ; Capi t a l I Q, Bl oom ber g. ( 1) Exc l udes Q4 2008 ea r ni ngs r eac t i on whi ch occur r ed i n 2009, becaus e t he cur r ent CEO was not s e r vi ng i n t ha t pos i t i on dur i n g Q 4 2008 per i od. Ear ni ngs Event s DuPont St ock DuPont St ock Unaf f ec t ed Fol l owi ng Change Change vs S& P 500 Dat e Day Event $ % $ % 4/ 20/ 09 4/ 21/ 09 Q1'09 Ear ni ngs Re l eas e 1. 32 4. 9% 0. 75 2. 8% 7/ 20/ 09 7/ 21/ 09 Q2'09 Ear ni ngs Re l eas e ( 0. 01) ( 0. 0% ) ( 0. 11) ( 0. 4% ) 10/ 19/ 09 10/ 20/ 09 Q3'09 Ear ni ngs Re l eas e ( 0. 75) ( 2. 2% ) ( 0. 53) ( 1. 5% ) 11/ 2/ 09 11/ 3/ 09 2010 Out l ook I s s ued At I nves t or Day 0. 28 0. 9% 0. 20 0. 6% 1/ 25/ 10 1/ 26/ 10 Q4'09 Ear ni ng Re l eas e ( 0. 02) ( 0. 1% ) 0. 12 0. 4% 4/ 26/ 10 4/ 27/ 10 Q1'10 Ear ni ngs Re l eas e ( 1. 55) ( 3. 8% ) ( 0. 59) ( 1. 4% ) 7/ 26/ 10 7/ 27/ 10 Q2'10 Ear ni ngs Re l eas e 1. 39 3. 6% 1. 43 3. 7% 10/ 25/ 10 10/ 26/ 10 Q3'10 Ear ni ngs Re l eas e ( 0. 48) ( 1. 0% ) ( 0. 48) ( 1. 0% ) 12/ 8/ 10 12/ 9/ 10 2011 Out l ook I s s ued At I nves t or Day ( 0. 56) ( 1. 1% ) ( 0. 75)( 1. 5% ) 1/ 24/ 11 1/ 25/ 11 Q4'10 Ear ni ngs Re l eas e 0. 15 0. 3% 0. 14 0. 3% 4/ 20/ 11 4/ 21/ 11 Q1'11 Ear ni ngs Re l eas e 0. 54 1. 0% 0. 25 0. 4% 7/ 27/ 11 7/ 28/ 11 Q2'11 Ear ni ngs Re l eas e 0. 02 0. 0% 0. 18 0. 4% 10/ 24/ 11 10/ 25/ 11 Q3'11 Ear ni ngs Re l eas e ( 1. 15) ( 2. 5% ) ( 0. 23) ( 0. 5% ) 12/ 8/ 11 12/ 9/ 11 Reduced FY 2011 Ear 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 ued At I nves t or Day ( 0. 42) ( 1. 0% ) ( 0. 05) ( 0. 1% ) 1/ 23/ 12 1/ 24/ 12 Q4'11 Ear ni ngs Re l eas e 0. 06 0. 1% 0. 11 0. 2% 4/ 18/ 12 4/ 19/ 12 Q1'12 Ear ni ngs Re l eas e ( 0. 66) ( 1. 2% ) ( 0. 35) ( 0. 7% ) 7/ 23/ 12 7/ 24/ 12 Q2'12 Ear ni ngs Re l eas e ( 0. 97) ( 2. 0% ) ( 0. 53) ( 1. 1% ) 10/ 22/ 12 10/ 23/ 12 Q3'12 Ear ni ngs Re l eas e ( 4. 51) ( 9. 1% ) ( 3. 79) ( 7. 6% ) 12/ 11/ 12 12/ 12/ 12 Announces 2012 EPS wi l l be a t hi gh end of r ange of $3. 25- 3. 30 0. 61 1. 4% 0. 58 1. 3% 1/ 18/ 13 1/ 22/ 13 Q4'12 Ear ni ngs Re l eas e 0. 83 1. 8% 0. 62 1. 3% 4/ 22/ 13 4/ 23/ 13 Q1'13 ea r ni ngs 9am 2. 08 4. 1% 1. 55 3. 1% 6/ 12/ 13 6/ 13/ 13 Lower s 2013 gui dance t o $3. 85 a tConf er ence ( 0. 35) ( 0. 6% ) ( 1. 16) ( 2. 1% ) 7/ 22/ 13 7/ 23/ 13 Q2'13 Ear ni ngs Re l eas e / PChem St r a t egi c Al t e r na t i ves Announcem ent ( 0. 05) ( 0. 1% ) 0. 06 0. 1% 10/ 21/ 13 10/ 22/ 13 Q3'13 Ear ni ngs Re l eas e 0. 71 1. 2% 0. 37 0. 6% 1/ 27/ 14 1/ 28/ 14 Q4'13 Ear ni ngs Re l eas e ( 0. 67) ( 1. 1% ) ( 1. 04) ( 1. 7% ) 4/ 16/ 14 4/ 17/ 14 Q1'14 Ear ni ngs Re l eae ( 0. 74) ( 1. 1% ) ( 0. 84) ( 1. 2% ) 6/ 26/ 14 6/ 27/ 14 Lower s Gui dance To $4. 00- $4. 10, Announces Fr es h St a r t ( 2. 26) ( 3. 3% ) ( 2. 39) ( 3. 5% ) 7/ 21/ 14 7/ 22/ 14 Q2'14 Ear ni ngs Ca l l ( 0. 59) ( 0. 9% ) ( 0. 92) ( 1. 4% ) 10/ 27/ 14 10/ 28/ 14 Q3'14 Ear ni ngs Re l eas e 0. 07 0. 1% ( 0. 74) ( 1. 1% ) 1/ 26/ 15 1/ 27/ 15 Q4'14 Ear ni ngs Re l es e ( 0. 93) ( 1. 3% ) 0. 06 0. 1% Tot a l ( 10. 09) ( 16. 2% ) ( 10. 35) ( 16. 6% )

Tabl e B: M aj or M & A / Por t f ol i o Announcem ent s Si nce 2009 61 Sour ce : Com pany f i l i ngs ; Capi t a l I Q, Bl oom ber g. Not e : M & A t r ans ac t i ons i nc l uded i n t he char t above a r e onl y t hos e r epor t ed by DuPont i n i t s pr es s r e l eas es . Exc l udes s t r a t egi c a l l i ances and J Vs . M & A / Por t f ol i o DuPont St ock DuPont St ock Unaf f ec t ed Fol l owi ng Change Change vs S& P 500 Dat e Day Event $ % $ % 5/ 13/ 10 5/ 14/ 10 Zhonghao ( Fl uor ochem i ca l s ) I nt e r es t Announcem ent ( 0. 94) ( 2. 4% ) ( 0. 21) ( 0. 6% ) 1/ 7/ 11 1/ 10/ 11 Dani s co acqui s i t i on announcem ent ( 0. 73) ( 1. 5% ) ( 0. 66) ( 1. 3% ) 4/ 28/ 11 4/ 29/ 11 Announces Pl an To Rai s e Bi d On Dani s co 0. 04 0. 1% ( 0. 09) ( 0. 2% ) 4/ 30/ 12 5/ 1/ 12 Announces Acqui s i t i on of Rem ai ni ng I nt e r es t i n Sol ae 0. 25 0. 5% ( 0. 05) ( 0. 1% ) 8/ 29/ 12 8/ 30/ 12 Coa t i ngs Di ves t i t ur e Announced ( 0. 36) ( 0. 7% ) 0. 02 0. 0% 7/ 22/ 13 7/ 23/ 13 PChem St r a t egi c Al t e r na t i ves Announcem ent ( 0. 05) ( 0. 1% ) 0. 06 0. 1% 10/ 24/ 13 10/ 25/ 13 Announcem ent Of PChem Spi n- Of f 0. 52 0. 8% 0. 25 0. 4%11/ 20/ 13 11/ 21/ 13 Announce I nt ent To Se l l Gl as s Lam 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 Appendi x C: Thi r d Par t y Per s pec t i ves

Nel s on Pe l t z and I wor ked c l os e l y t oge t her on t he Legg M as on boar d. As a boar d m em ber , Ne l s on was f ocus ed on i m pr ovi ng oper a t i ng r es ul t s and s t r a t egy. Ther e i s no doubt t ha t Ne l s on was an i m por t ant cont r i but or t o Legg M as on’ s t ur nar ound. ” – J ohn T. Cahi l l , Cha i r m an and CEO, Kr af t Foods Gr oup, Lead I ndependent Di r ec t or of Am er i can Ai r l i nes Gr oup , I nc . , Di r ec t or of Col ga t e - Pa l m ol i ve Com pany, and f or m er Di r ec t or of Legg M as on, I nc .

The f ac t of t he m at t e r i s t ha t t he s t ocks i n whi ch [ M r . Pe l t z ] has been i nvol ved, capex has gone up, not down, i n near l y a l l of t he cas es . The r ecor d s peaks f or s om et hi ng, does i t not ? ” – Scot t W apner , Hos t , CNBC’ s Hal f t i m e Repor t

W e have i nves t ed wi t h and a l ongs i de Tr i an and have s een t hem cr ea t e l ong - t e r m va l ue f or s har ehol der s . They cons t r uc t i ve l y engage wi t h l eader s hi p t eam s and t he i r ana l ys i s of com pani es i s i nc r edi bl y i n - dept h. Tr i an as an ac t i ve m anager pl ays a benef i c i a l and i m por t ant r ol e i n t oday’ s capi t a l m ar ke t s as a ca t a l ys t f or change . W e s ee t he per f or m ance of t he com pani es t hey engage on a pos i t i ve t r a j ec t or y, f r om t he t i m e Tr i an i ni t i a l l y t akes a pos i t i on t o wel l a f t e r t hey exi t . Ver y s i m pl y, Tr i an i s t op not ch . ” – Anne Sheehan, Di r ec t or of Cor por a t e Gover nance , Ca l STRS , t he l a r ges t t eacher pens i on f und i n t he U. S.

As a boar d m em ber Nel s on i s about t he num ber s , about t he da t a and how t o m ake oper a t i ng per f or m ance be t t e r , f as t e r . He was col l egi a l and open m i nded. He was f ocus ed on t he bes t pa t h t o i nc r eas e l ong t e r m va l ue . ” – Candace Kendl e , For m er Co - Founder and CEO, Kendl e I nt e r na t i ona l , and f or m er Di r ec t or of H. J . He i nz Com pany

The key wor d i n des cr i bi ng m y r e l a t i ons hi p wi t h Nel s on i s t ha t i t has been cons t r uc t i ve . Ne l s on and I wor ked bes t t oge t her by be i ng t r ans par ent and candi d wi t h each ot her , l ever agi ng hi s exper i ences and t ha t of hi s t eam as we wor ked t hr ough var i ous cha l l enges . ” – J os eph A. Sul l i van, Cha i r m an and CEO, Legg M as on, I nc .

Tr i an has been ver y good f or DuPont i nves t or s s o f a r , and we t hi nk i t s pr opos a l t o s t r engt hen t he DuPont Boar d coul d ext end t ha t he l pf ul boos t l onger t e r m . ” – CLSA “Gr i dl ock” ana l ys t r epor t on DuPont

I s a i d t o anot her CEO, who I won’ t nam e who had ca l l ed m e and i nqui r ed about Nel s on, t ha t i f I wer e t o f or m t he boar d t oday, Ne l s on woul d be one of t he f i r s t di r ec t or s I ’ d as k t o s e r ve becaus e he i s an i ns i ght f ul , com m uni ca t i ve , ent hus i as t i c , ener ge t i c and ava i l abl e di r ec t or . ” – W i l l i am R. J ohns on, For m er Cha i r m an and CEO, H . J . He i nz Com pany, cur r ent Di r ec t or of Em er s on El ec t r i c Co. , Uni t ed Par ce l Ser vi ce , I nc . and Peps i Co, I nc . , and cur r ent Tr i an Advi s or y Par t ner

Nel s on Pe l t z s eeks t o under s t and ot her poi nt s of vi ew as m uch as he s eeks t o be hear d. He i s an ac t i ve l i s t ener . Havi ng been a CEO, Nel s on a l s o has a hea l t hy r es pec t f or t he di f f i cul t i es and cha l l enges of l eadi ng l a r ge publ i c com pani es …Nel s on i s col l abor a t i ve by na t ur e – he i s a l ways s ea r chi ng f or t he bes t i deas . Tha t m akes hi m a gr ea t change agent . ” – Denni s Re i l l ey, For m er Cha i r m an and CEO, Pr axa i r , I nc . , cur r ent Cha i r m an of M ar a t hon Oi l Cor por a t i on, and Di r ec t or of Dow Chem i ca l Com pany and Covi di en Lt d. , and cur r ent Tr i an Advi s or y Par t ner

Tr i an i s i n t he bus i nes s of m aki ng good com pani es a l ot be t t e r . The i r r es ear ch, ana l ys i s , and r ecom m enda t i ons a r e f ocus ed on oper a t i ona l and s t r a t egi c i ni t i a t i ves t o bui l d s har ehol der va l ue over t he l ong t e r m . They as k t ough, pr obi ng ques t i ons , do r i gor ous f undam ent a l wor k t o under s t and a com pany, and deve l op i deas t o he l p i t gr ow and i ncr eas e pr of i t s . They a l s o a r e per s i s t ent , t hought f ul , and c r ea t i ve agent s f or change . ” – Denni s Kas s , For m er Cha i r m an and CEO, J enni s on As s oc i a t es , f or m er Cha i r m an and cur r ent Di r ec t or of Legg M as on, I nc . , and cur r ent Tr i an Advi s or y Par t ner .

Al l egi on was s pun - of f f r om I nger s ol l Rand i n Decem ber 2013. As an I nger s ol l Rand boar d m em ber , Ne l s on wor ked wi t h us t o c r a f t a s har ehol der f r i endl y gover nance s t r uc t ur e t ha t i s an i m por t ant e l em ent i n keepi ng our l eader s hi p account abl e f or pe r f or m ance as a s t anda l one ent i t y. Ne l s on Pe l t z , t he Tr i an t eam and Al l egi on be l i eve t ha t good cor por a t e gover nance and good oper a t i ona l r es ul t s go hand i n hand. The r es ul t s s peak f or t hem s e l ves . ” – Davi d Pe t r a t i s , Cha i r m an, Pr es i dent and CEO, Al l egi on, pl c

Tr i an has a l ong t r ack r ecor d t o he l p i nves t or s j udge , and i t s r ecor d of s hor t - s l a t e boar d par t i c i pa t i on and ac t i vi s m appear s pos i t i ve and cons t r uc t i ve , and or i ent ed t owar ds l onger - t e r m va l ue c r ea t i on . . . ” – Sus t a i na l yt i cs Cor por a t e Gover nance Com pany Repor t on E. I . du Pont de Nem our s and Com pany

Nel s on was a t e r r i f i c col l eague on t he Hei nz Boar d. Hi s f ocus was on cons t r uc t i ve cont r i but i on. He added keen i ns i ght s and a col or f ul wi t t o our boar d di s cus s i ons . Ne l s on i s a pr obl em s ol ver who under s t ands s t r a t egi c oppor t uni t i es and he wor ks i n a col l egi a l m anner wi t h hi s f e l l ow boar d m em ber s t o achi eve t he com pany’ s goa l s . I r e l i s hed m y exper i ence wor ki ng wi t h Nel s on . ” – Leonar d Col em an, For m er Pr es i dent , Na t i ona l League of Pr of es s i ona l Bas eba l l , and f or m er Di r ec t or of H. J . He i nz Com pany

Pel t z and hi s f oundi ng par t ner s , Pe t e r M ay and Ed Gar den, have a r eput a t i on as s avvy oper a t or s and t end t o be s een as a cons t r uc t i ve pr es ence i n boar dr oom s , a goa l t hey've m anaged t o achi eve i n r ecent year s t hr ough a com bi na t i on of publ i c pr oddi ng and pr i va t e s uas i on . ” – Kevi n Al l i s on, Repor t e r , Reut e r s Br eaki ngvi ews

I have not hi ng but t he hi ghes t r egar d f or Ne l s on Pe l t z . W e s e r ved t oge t her on t he Hei nz boar d and I f ound hi m cons t r uc t i ve , open - m i nded and t hought f ul . He pl ayed by t he r ul es and was a pos i t i ve i nf l uence . He had a l ot of good i deas t o he l p m ake Hei nz a be t t e r com pany, i nc l udi ng i ncr eas ed m ar ke t i ng and r educ i ng cor por a t e over head. He def i ni t e l y added va l ue f or a l l He i nz s har ehol der s . ” – Thom as J . Us her , For m er Cha i r m an and CEO, Uni t ed St a t es St ee l Cor por a t i on, non - execut i ve Cha i r m an of t he boar d of M ar a t hon Pe t r ol eum Cor por a t i on, Di r ec t or of The PNC Fi nanc i a l Ser vi ces Gr oup, I nc . and PPG I ndus t r i es , I nc . , and f or m er Di r ec t or of H. J . He i nz Com pany

DuPont ’ s i nabi l i t y t o de l i ve r on Kul l m an’ s agenda s ugges t s t ha t s he needs m or e he l p t o over com e t he 100+ year s of hi s t or y and t he i ne r t i a t ha t com es wi t h t ha t ; Tr i an can be Kul l m an’ s bes t a l l y. For s har eowner s , Tr i an’ s i m pac t i s a l r eady ver y c l ea r . ” – CLSA “4Q14: J us t t he out l ook” ana l ys t r epor t on DuPont

Nel s on Pe l t z and I s e r ved t oge t her on t he Hei nz boar d begi nni ng i n 2006 and have r em ai ned i n t ouch s i nce t he com pany was s ol d i n 2013. Ne l s on was an i ns i ght f ul and cons t r uc t i ve pr es ence on t he Hei nz boar d. He appr oached boar d and m anagem ent r e l a t i ons hi ps pr of es s i ona l l y and col l egi a l l y. Ne l s on, i n concer t wi t h ot her m em ber s of t he Hei nz boar d, m ade exce l l ent s t r a t egi c and oper a t i ona l r ecom m enda t i ons and dec i s i ons whi ch he l ped m ove Hei nz f or war d . ” – Char l es E. Bunch, Cha i r m an and CEO, PPG I ndus t r i es , I nc . , and f or m er Di r ec t or of H. J . He i nz Com pany

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 as good as pos s i bl e a t DuPont . I t hi nk t hey s houl d put hi m on t he boar d . ” – J i m Cr am er , Hos t , CNBC’ s M ad M oney

Bas ed on M r . Pe l t z ’ s t r ack r ecor d, he ’ s not a s hor t - t e r m guy. W hen he ge t s on a Boar d, t hey s t ay i n t he s t ock f or an aver age of 5. 6 year 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 eady i n t he s t ock t ha t [ Tr i an ] wi l l l i ke l y be t he r e l onger t han t hey wi l l . Hi s t r ack r ecor d i n nam es l i ke . . . I can go down t he l i s t : W endy’ s , t hey’ ve been i n W endy’ s s i nce ’ 05. Ther e ’ s Peps i , Kr af t , M onde l ez , Ti f f any’ s . Thes e a r e not f l y by ni ght i nves t m ent s f r om a guy who s hows up and t hen ba i l s 10 m i nut es l a t e r . Does n’ t t he t r ack r ecor d s peak f or i t s e l f ? ” – Scot t W apner , Hos t , CNBC’ s Hal f t i m e Repor t

81 Appendi x D: Addi t i ona l Per f or m ance Coa t i ngs I nf or m at i on

Es t i m at ed Exces s Cor por a t e Cos t s : The Coa t i ngs Cas e St udy Appr oach #1 - % of s a l es Appr oach #2 - % of EBI TDA ▪ Ther e i s a $229m di f f e r ence be t ween t he 2011 Adj us t ed EBI TDA r epor t ed by Axal t a and DuPont , f or i t s Coa t i ngs bus i nes s ( s am e com pany, s am e year ) . W e be l i eve m uch of t he di f f e r ence i s exces s cor por a t e expens e , whi ch i n our vi ew, bur dens a l l of DuPont ’ s bus i nes s es ▪ Tr i an es t i m at es exces s cor por a t e cos t s us i ng t wo appr oaches : Sour ce : Axa l t a Coa t i ngs Sys t em s Lt d. For m S - 1 f i l ed on 8/ 20/ 14, Tr i an es t i m at es , and DuPont SEC Fi l i ngs . ( 1) Repr es ent s Axa l t a ’ s Adj us t ed Oper a t i ng I ncom e pl us Depr ec i a t i on & Am or t i za t i on expens e . M et r i c di f f e r s s l i ght l y f r om Axal t a ’ s Adj us t ed EBI TDA ( as r epor t ed) as i t exc l udes ot her expens e ( i ncom e) and di vi dend t o non - cont r ol l i ng i nt e r es t t o m ake EBI TDA com par abl e . ( 2) Coa t i ngs adj us t ed PTOI pl us depr ec i a t i on expens e l es s an a l l oca t i on of una l l oca t ed cor por a t e cos t s and adds back non - cas hi t em s and ce r t a i n pens i on expens e i n - l i ne wi t h Axa l t a ’ s cur r ent addbacks t o m ake i t com par abl e . As s i gns una l l oca t ed cor por a t e expens e a t ~2 % of s a l es ( DuPont ’ s FY2011 una l l oca t ed cor por a t e expens e and ot her as % of FY2011 s egm ent s a l es ) t o m ake m ar gi ns com par abl e . ( 3) Coa t i ngs adj us t ed PTOI pl us depr ec i a t i on expens e and adds back non - cas h i t em s and ce r t a i n pens i on expens e ( i n - l i ne wi t h Axa l t a ’ s cur r ent addbacks t o m ake i t com par abl e ) . ( 4) 2014 DuPont EBI TDA bef or e Una l l oca t ed Cor por a t e r epr es ent s DuPont ’ s r epor t ed Adj us t ed Segm ent PTOI l es s Ot her PTOI pl us s egm e nt depr ec i a t i on f or 2014. ( 5) Una l l oca t ed cor por a t e e xpens es pl us O t her adj us t ed PTOI m i nus 2014 una l l oca t ed cor por a t e and ot her depr ec i a t i on and am or t i za 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 oca t ed Cor por a t e 339 Exces s Al l oca t ed and Unal l oca t ed Cor por a t e $229 Exces s Al l oca t edand Unal l oca t ed Cor por a t e $229 ÷ Coa t i ngs Segm ent Sa l es 4, 281 = % of Segm ent Sa l es 5. 3% Ext r apol a t i on t o DuPont % of Segm ent Sa l es 5. 3% x 2014 DuPont Segm ent Sa l es 35, 006 = Tot a l Exces 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 oca t ed Cor por a t e $420 - Una l l oca t ed Cor por a t e 80 = 2011 Adj . EBI TDA - DuPont , a f t e r Una l l oca t ed Cor por a t e $339 2011 Adj us t ed EBI TDA - Axa l t a $568 - 2011 Adj . EBI TDA - DuPont , be f or e Una l l oca t ed Cor por a t e 420 Exces s Al l oca t ed Cor por a t e $148 Exces s Al l oca t ed Cor por a t e $148 ÷ 2011 Adj . EBI TDA - DuPont , be f or e Una l l oca t ed Cor por a t e 420 = % of Segm ent EBI TDA 35. 4% Ext r apol a t i on t o DuPont % of Segm ent EBI TDA 35. 4% x 2014 DuPont EBI TDA ex Unal l oc Cor por a t e $7, 777 Exces s Al l oca t ed Cor por a t e $2, 751 + 2014 Unal l oca t ed Cor p 907 = Tot a l Exces s Cor por a t e Cos t s $3, 658

Es t i m at ed Exces s Cor por a t e Cos t s : DuPont ’ s M et hodol ogy Appr oach #3 - % of Em pl oyees ▪ DuPont as s e r t s t ha t Tr i an has us ed “ f aul t y ext r apol a t i ons ” ( 1) t o a r r i ve a t t he es t i m at ed $2 - $4bn of exces s cos t s ▪ DuPont m i ght s ay t ha t Tr i an’ s m et hodol ogy ( Appr oach #1 and Appr oach #2) i s f l awed becaus e – i ) DuPont a l l oca t es cor por a t e cos t s by em pl oyee count , and – i i ) Coa t i ngs had an over s i zed num ber of em pl oyees , t he r eby i nf l a t i ng t he a l l oca t ed / exces s cor por a t e cos t s a t t he bus i nes s ▪ Regar dl es s , by DuPont ’ s own m et hodol ogy, t he r e a r e $1. 7bn of exces s cos t s ( 1) J am es Col l i ns , Execut i ve Vi ce Pr es i dent of DuPont a t Bank of Am er i ca M er r i l l Lynch US Bas i c M at e r i a l s Conf er ence ( 12/ 10/ 2014) . ( 2) See page 71 of Tr i an’ s W hi t e Paper , whi ch was f i l ed wi t h t he SEC on Febr uar y 17, 2015. ( 3) Es t i m at ed num ber of em pl oyee a t Coa t i ngs i n 2011 as per Tr i an es t i m at es and t wo i ndependent W al l St r ee t r es ear ch ana l ys t s ( Bank of Am er i ca and J P M or gan) . Seei ) “ I ni t i a t e wi t h Buy; benef i c i a r y of c r ude oi l dr op a t a di s count ” , Bank of Am er i ca i ni t i a t i ng cover age r epor t on Axa l t a , Decem ber 22, 2014, and i i ) “New Owner s : I ni t i a t e Cover age of AXTA wi t h Over wei ght Ra t i ng” , J P M or gan i ni t i a t i ng cover age r epor t on Axal t a , Decem ber 22, 2014. ( 4) DuPont 2011 For m 10 - K. ( 5) I ncr em ent a l va l ue es t i m at ed by m ul t i pl yi ng Tot a l Exces s Cor por a t e Cos t s on t hi s page ( and pr i or page) by t he appr oxi m at e l as t t w e l ve m ont hs t r adi ng m ul t i pl e f or DuPont ( 9. 8x) . Sour ce : Bl oom ber g. ( 3) ( 2) ( 4) ( 2) The e l i m i na t i on of j us t t hes e exces s cos t s i m pl i es 26% t o 55% of i nc r em ent a l s har ehol der 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 oca t ed Cor por a t e $420 - Una l l oca t ed Cor por a t e 80 = 2011 Adj . EBI TDA - DuPont , a f t e r Una l l oca t ed Cor por a t e $339 2011 Adj us t ed EBI TDA - Axa l t a $568 - 2011 Adj . EBI TDA - DuPont , be f or e Una l l oca t ed Cor por a t e 420 Exces s Al l oca t ed Cor por a t e$148 Axal t a Em pl oyees 13, 000 Tot a l 2011 DuPont Em pl oyees 70, 000 % of Em pl oyees 18. 6% Ext r apol a t i on t o DuPont Exces s Al l oca t ed Cor por a t e $148 ÷ % of Em pl oyees 18. 6% I m pl i ed Exces s Al l oca t ed Cor p Cos t s $799 + 2014 Unal l oca t ed Cor p 907 = Tot a l Exces s Cor por a t e Cos t s $1, 706

Coat i ngs : The Oper a t i ona l I m pr ovem ent s Af t e r The Tr ans ac t i on Accor di ng t o t he Augus t 2014 Axal t a S - 1 f i l i ng and r es ear ch r epor t s , t he pr i va t e equi t y f i r m s t ha t acqui r ed DuPont ’ s Coa t i ngs bus i nes s m ade t he f ol l owi ng s t r a t egi c and oper a t i ona l i m pr ovem ent s : 1. St r engt hened s eni or m anagem ent : Repl aced 12 of t op 17 execut i ves , i nc l udi ng CEO and CFO 2. Cr ea t ed a r es ul t s - dr i ven cul t ur e , f ocus ed on pr of i t abl e gr owt h: Repl aced 69 of t op 140 m anager s 3. Acce l e r a t ed or gani c ne t s a l es gr owt h: – Changed s t r a t egy f r om DuPont s t r i c t “ r un and m ai nt a i n” m ode , i n whi ch DuPont t ook cas h f r om Coat i ngs t o gr ow ot her bus i nes s es – I nves t ed i n hi gh gr owt h a r eas s uch as Chi na – Aggr es s i ve l y pur s ued l os t m ar ke t s har e i n t he Ref i ni s h and Li ght Vehi c l e bus i nes s es – Aggr es s i ve l y pr om ot ed i ndus t r i a l coa t i ngs – Rea l i gned bus i nes s es on a gl oba l ve r s us r egi ona l bas i s 4. Expanded EBI TDA m ar gi ns : F r om 8% i n 2011 t o 20% i n 2014 ( 1) – El i m i na t ed $229m of exces scor por a t e cos t s ( 2) – Tr ans i t i oned t o a m or e cos t e f f ec t i ve , coor di na t ed s ys t em f or CEO, CFO, CAO ( e . g. , I T pl a t f or m , gl oba l pr ocur em ent ) – El i m i na t ed l ow m ar gi n cus t om er bus i nes s – I m pr oved cus t om er pr i c i ng pol i cy ( now t aki ng r egul a r and s e l ec t i ve pr i ce i nc r eas es ) 5. I nves t ed i n Eur opean m anuf ac t ur i ng t o r epos i t i on t he r egi on f or gr owt h ( expec t s $100m of i nc r em ent a l EBI TDA i n 2017) 6. Gener a t ed near l y $200m of wor ki ng capi t a l f unds i m m edi a t e l y by c r ea t i ng t hi r d par t y c r edi t t e r m s and i m pr ovi ng i nvent or y pos i t i on ( 3) Sour ce : Axa l t a For m S - 1 f i l ed on 8/ 20/ 14, Tr i an es t i m at es SEC Fi l i ngs , Rober t W Bai r d r epor t 1/ 12/ 14, Bank of Am er i ca r epor t 12/ 22/ 14, Ci t i r epor t 12/ 22/ 14. ( 1) Com par es 2011 EBI TDA m ar gi n r epor t ed by DuPont and 2014 EBI TDA r epor t ed by Axal t a . DuPont EBI TDA adj us t ed f or una l l oca t ed cor por a t e expens e ( 2% of s a l es ) , and adds back non - cas h i t em s and ce r t a i n pens i on expens e t o m ake i t com par abl e . Axa l t a EBI TDA i sAxal t a ’ s Adj us t ed Oper a t i ng I ncom e pl us D& A. M et r i c di f f e r s s l i ght l y f r om Axal t a ’ s Adj us t ed EBI TDA ( as r epor t ed) as i t exc l udes ot her expens e ( i ncom e) and di vi dend t o non - cont r ol l i ng i nt e r es t t o m ake EB I TDA com par abl e . ( 2) Com par es 2011 EBI TDA r epor t ed by DuPont , adj us t ed f or a l l oca t ed cor por a t e , pens i on, and non - cas h i t em s t o 2011 EBI TDA r epor t ed by Axal t a wi t h ce r t a i n adj us t m ent s f or non - cas h i t em s and pens i on expens e t o m ake com par abl e wi t h DuPont . ( 3) Accor di ng t o Axa l t a cas h f l ow s t a t em ent i n t he S - 1, t he “changes i n oper a t i ng as s e t s and l i abi l i t i e s ” pr ovi ded a s our ce of cas h of $199. 2m i n 2013. 84