CONTENTS CALL PARTICIPANTS 2 PRESENTATION 3 QUESTION AND ANSWER E. I. du Pont de Nemours and Company NYSE:DD FQ1 2015 Earnings Call Transcripts Tuesday, April 21, 2015 1:00 PM GMT .................................................................................................................................................................... S&P Capital IQ Estimates -FQ1 2015- -FQ2 2015SURPRISE -FY 2015- -FY 2016- CONSENSUS ACTUAL CONSENSUS CONSENSUS GUIDANCE CONSENSUS EPS Normalized 1.31 1.34 2.29 1.28 4.00 4.00 4.53 Revenue (mm) 9386.30 9172.00 (2.28 %) 9490.06 33911.28 - 35488.71 Currency: USD Consensus as of Apr-21-2015 1:27 PM GMT - EPS NORMALIZED CONSENSUS ACTUAL SURPRISE FQ1 2014 1.59 1.58 (0.63 %) FQ2 2014 1.17 1.17 0.00 % FQ3 2014 0.53 0.54 1.89 % .................................................................................................................................................................... WWW.SPCAPITALIQ.COM 1 COPYRIGHT © 2015, S&P CAPITAL IQ, A PART OF MCGRAW HILL FINANCIAL. 11 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 FQ4 2014 0.71 0.71 0.00 % E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 Call Participants .................................................................................................................................................................... EXECUTIVES Ellen J. Kullman Chairwoman and Chief Executive Officer Robert A. Koort Goldman Sachs Group Inc., Research Division Vincent Andrews Morgan Stanley, Research Division Gregory R. Friedman Vice President of Investor Relations James C. Borel Executive Vice President Nicholas C. Fanandakis Chief Financial Officer and Executive Vice President ANALYSTS David L. Begleiter Deutsche Bank AG, Research Division Donald Carson Susquehanna Financial Group, LLLP, Research Division Frank J. Mitsch Wells Fargo Securities, LLC, Research Division John P. McNulty Crédit Suisse AG, Research Division Kevin W. McCarthy BofA Merrill Lynch, Research Division Michael J. Ritzenthaler Piper Jaffray Companies, Research Division P. J. Juvekar Citigroup Inc, Research Division WWW.SPCAPITALIQ.COM Copyright © 2014, S&P Capital IQ, a part of McGraw Hill Financial. 2 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 Presentation .................................................................................................................................................................... Operator Welcome to the DuPont First Quarter 2015 Conference Call. My name is John, and I will be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded. I will now turn the call over to Greg Friedman, Vice President of Investor Relations. Greg, you may begin. Gregory R. Friedman Vice President of Investor Relations Thank you, John. Good morning, everyone, and welcome. Thank you for joining us to cover DuPont's first quarter 2015 performance. Joining me are Ellen Kullman, Chair and CEO; Nick Fanandakis, Executive Vice President and CFO; and Jim Borel, Executive Vice President, who is joining for the Q&A portion of the call. The slides for today's presentation and corresponding segment commentary can be found on our website along with our news release. During the course of this conference call, we will make forward-looking statements, and I direct you to Slide 1 for our disclaimers. All statements that address expectations or projections about the future are forward-looking statements. Although they reflect our current expectations, these statements are not guarantees of future performance, but involve a number of risks and assumptions. We urge you to review DuPont's SEC filings for a discussion of some of the factors that could cause actual results to differ materially. We will also refer to non-GAAP measures and request that you review the reconciliations to GAAP statements provided with our earnings news release and today's slides posted on our website. For today's agenda, Ellen will speak briefly about our results for the quarter and the execution of our strategy to create higher growth and higher value. Nick will review our first quarter financial performance as well as our 2015 outlook. I will provide business segment insights, and Ellen will speak again with concluding remarks, followed by your questions. Before turning over the call to Ellen, I would like to briefly address DuPont's upcoming Annual Meeting of Shareholders. At DuPont, we have a best-in-class Board of Directors that is overseeing management's plan to transform our company to continue to deliver superior value for all shareholders. We look forward to ongoing discussion and engagement with our shareholders as we approach the Annual Meeting. Please note that the subject of today's call is the company's first quarter earnings. With that introduction, it's now my pleasure to turn the call over to Ellen. Ellen J. Kullman Chairwoman and Chief Executive Officer Thank you, Greg, and good morning, everyone. 2015 is an important year in DuPont's ongoing transformation, and our first quarter results demonstrate our ability to grow next-generation DuPont even in a challenging market environment. In the next few months, we will complete the most significant step in our ongoing transformation, the separation of Chemours. We can already see the evidence of the company we will be in the sales and operating earnings growth from our ongoing business over the past several years. We expect to continue this growth trend as we build and leverage our leading positions in large, attractive markets where our competitive advantages meet significant opportunities. In this quarter, we delivered operating earnings of $1.34 per share. Currency markets significantly impacted the quarter, resulting in a $0.27 headwind, $0.25 was due to currency and $0.02 from net exchange losses. I am pleased to report that we delivered volume and margin improvement in the majority of our post-spin segments. Our intense focus on innovation, disciplined execution and ongoing cost reduction delivered and will continue going forward. Our performance was driven by volume and margin gains in our Performance Materials, Safety & Protection, Nutrition & Health, and Industrial Biosciences segments. Each benefited from new products and applications tailored to market demand. Even in Agriculture, which faced industry-wide challenges, we benefited from pricing gains overall on an improved mix of products. As the Ag markets eventually improve, we expect to be well positioned based on our strong pipeline of seed and crop protection products, including DP 4114 and Leptra for insect protection, and Lumigen seed treatment. WWW.SPCAPITALIQ.COM Copyright © 2014, S&P Capital IQ, a part of McGraw Hill Financial. 3 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 Performance Materials and Safety & Protection were standouts this quarter, delivering significant gains in volumes and margins by staying close to their customers and delivering value-added innovations. In our Protection Technologies business, for example, strong demand for our Kevlar, Nomex and Tyvek products yielded volume growth that more than offset the impact from currency while improving margins. Our Performance Polymers business had solid performance, driven by volume growth in North America and Asia Pacific, which more than offset softness in Latin America and Europe. Innovation, coupled with disciplined attention to cost, drives earnings and margins. And at DuPont, cost reduction remains a top priority. We continue to increase productivity and efficiency through our redesign initiative. At the same time, we introduced more than 600 new products in the first quarter, a 5% increase from the first quarter of 2014. We also announced that we would be increasing our dividend for the second quarter by 4%, our fourth increase since the beginning of 2012. Nick will tell you a bit more about that after he walks through the specifics of the financial details behind these results, and Greg will then take us through the segments. Then I'll be back to discuss our outlook for this year, the important progress we've made on our strategic plans and how we will continue to deliver higher growth and higher value now and in the future. Nick? Nicholas C. Fanandakis Chief Financial Officer and Executive Vice President Thank you, Ellen. Let's start with the details of the first quarter on Slide 2. Operating earnings per share were $1.34 versus $1.58 in the prior year. As Ellen noted, operating EPS included a $0.27 headwind from a stronger U.S. dollar, $0.25 due to currency and $0.02 from net exchange losses. Our results reflect our focus on disciplined execution, innovation and ongoing cost reduction in a dynamic environment, including a stronger dollar and challenging Ag and TiO2 markets. Consolidated net sales were $9.2 billion, a decline of 9% versus the prior year, with 6 percentage points of that decline due to currency as the dollar continued to strengthen against most other currencies, particularly the euro, Brazilian real and the Japanese yen. Prior year portfolio actions reduced sales by 2% in the quarter. While overall volume declined 1% during the quarter, we delivered volume growth in most of our post-spin segments, led by Performance Materials and Safety & Protection, which grew volumes 8% and 6%, respectively. Performance Materials volume growth was driven by demand in the automotive sector in North America and China, and growth in industrial and consumer markets. Safety & Protection volume growth was driven by increased demand in global industrial markets and continued strong public sector demand in Europe. Nutrition & Health and Industrial Biosciences also grew volume by 2% and 1%, respectively. Volume decline of 5% in Agriculture was due to expected reductions in global corn planted area, lower insecticide demand in Latin America and timing of seed shipments. Electronics & Communications -- saw a 3% decline, as strong growth in consumer electronics was more than offset by the impact of competitive pressures on Solamet paste. Turning now to Slide 3. Currency was and is expected to be a significant headwind in 2015. Operating earnings were negatively impacted by $0.25, which is included in segment results. Exchange gains and losses was a $0.09 headwind in the quarter, $0.02 higher than the prior year. Additionally, although not reflected in operating earnings, we recognized a $0.04 per share charge in connection with the Ukraine devaluation. A higher base income tax rate due to our geographical mix of earnings negatively impacted operating EPS by $0.03 in the quarter. Our base tax rate for the quarter was about 22%, approximately 2 points higher than the prior year. The segment results, including the $0.25 negative impact from currency, as I described earlier, were down, as strong growth in Performance Materials and Safety & Protection were more than offset by the challenging Ag and TiO2 markets. Corporate and interest expenses provided a benefit of $0.05 in the quarter, which includes the impact of our operational redesign initiative. In addition, a lower share count contributed a $0.02 benefit in the quarter. Turning now to Slide 4. I'd like to highlight some of our geographic results. As you can see, our geographical mix of sales shifted year-over-year to a higher percentage of our reported sales occurring in the U.S. and Canada. Excluding the impact of currency, the geographic mix would have been very similar to prior year. WWW.SPCAPITALIQ.COM Copyright © 2014, S&P Capital IQ, a part of McGraw Hill Financial. 4 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 Now let's turn to our first quarter segment operating earnings analysis on Slide 5. As you can see, earnings growth in Performance Materials, Electronics & Communications and Safety & Protection was more than offset by lower results in Ag and Performance Chemicals. The growth in Performance Materials is driven by demand for ethylene and performance polymers, which more than offset the impact of currency. Electronics & Communications results were driven by increased demand in consumer electronics and continued productivity gains, partially offset by the impact of lower metals pricing and currency. Safety & Protection results increased as higher volumes and continued productivity were partially offset by negative currency. Higher costs associated with an outage at Chambers Works facility were largely offset by a benefit in connection with the advancement of an ongoing claim. Greg will provide further detail on segment performance later in this call. Turning now to the balance sheet and cash on Slide 6. We maintained our strong balance sheet position during the quarter. Negative free cash flow of $2.7 billion reflects our typical seasonal agriculture cash outflow in the quarter and was slightly better than the prior year. Net debt has increased in the quarter over our ending 2014 balance, which reflects our normal seasonal shifts. We used existing cash balances to fund our seasonal agricultural working capital requirements, growth investments and dividends. Today, we announced that our Board of Directors has approved a second quarter dividend of $0.49 per share, which represents a 4% increase over the $0.47 paid last quarter. This represents our fourth dividend increase since the beginning of 2012. On Slide 7, I'd like to highlight that we are continuing to execute on our operational redesign initiative, which delivered about $0.10 of benefit in the first quarter. For the full year, we now expect to deliver about $0.40 of savings as a result of this program. This represents a $0.05 per share increase versus our January estimate. We remain laser-focused on productivity and continue to look for additional areas to improve and accelerate our cost-reduction programs. The spin-off of Chemours remains on track for completion on July 1, pending final DuPont Board approval. As we noted in our January earnings news release, we intend to return all or substantially all of the estimated $4 billion of one-time proceeds back to shareholders via a share repurchase within 12 to 18 months of the separation, with a portion returned by the end of this year. As we previously communicated, Chemours' capital structure at separation is expected to support a quarterly dividend to shareholders, such as the sum of DuPont's and Chemours' aggregate third quarter dividend is equivalent to DuPont's aggregate quarterly dividend immediately prior to the separation. Chemours expects to clear a quarterly dividend in the amount of $100 million for the third quarter 2015. This amount is expected to be paid to shareholders as of a record date following separation. We will provide further updates as this information becomes available. Looking ahead for the remainder of the year. The global currency markets have continued to be volatile, with further strengthening of the dollar against a broad basket of currencies that we operate in versus our January estimate. As a result, we now expect an $0.80 per share headwind from currency for the full year 2015 based on last week's rate assumptions, increased from the $0.60 per share headwind previously communicated in our fourth quarter 2014 earnings call. We are working aggressively to mitigate the stronger currency headwinds by accelerating cost savings from the operational redesign and other corporate and business actions. Given this additional $0.20 of currency headwind, we now expect to be at the low end of our previously communicated range of $4 to $4.20 operating earnings per share for the full year 2015. This includes the full year outlook for the Performance Chemicals segment. We expect results to be driven by our underlying sales momentum from the ramp-up of our recent product launches like Cyazypyr insecticides, new product application in Kevlar and new product introductions like our next-generation Solamet paste, and the full year benefit of accelerated cost reductions through our redesign initiatives. We are confident in our ability to execute our plans and deliver growth, even in a dynamic market environment. With that, I'll turn the call over to Greg to review the segments. Gregory R. Friedman Vice President of Investor Relations WWW.SPCAPITALIQ.COM Copyright © 2014, S&P Capital IQ, a part of McGraw Hill Financial. 5 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 I'd now like to provide some brief segment insights focused on our first quarter results and second quarter segment outlooks. As a reminder, the slides, with complete segment commentary, are posted on the investor center website under Events & Presentations, along with the other materials for today's call. Starting with Slide 8. In Performance Materials, we delivered strong volume growth in the quarter, which helped to offset the impact from currency and lower ethylene prices. Segment volume increased 8% on solid North America and Asia demand in auto and increased ethylene sales. Operating earnings increased 12%, as higher volumes and a stronger mix overcame the negative impacts from currency and portfolio changes. Operating margins increased approximately 400 basis points, primarily due to mix enrichment. For the second quarter, we anticipate sales will be low-teens percent lower, due primarily to portfolio changes, currency and lower ethylene prices. Excluding these items, sales would be up in the low singledigit range. Operating earnings are expected to be up in the mid-single-digits percent, on higher volume and continued mix enrichment. In Electronics & Communications on Slide 9, operating earnings improved 13% on a stronger product mix and from productivity actions. Sales were 10% lower, with continued growth in consumer electronics, which were more than offset by the impact of competitive pressures on sales of Solamet paste and the negative impact of lower metals pricing and currency. We believe our competitive position in PV paste is stabilizing and expect to launch the first in our series of new Solamet paste products in the second quarter, with additional introductions later in 2015. We expect continued solid demand for our materials into consumer electronics. Second quarter sales are forecast to be down low-teens percent due to the negative impact of metals pricing, currency and from lower Solamet paste sales. Second quarter operating earnings are expected to be down low single-digits percent, as productivity will partially offset the impact of lower sales versus a strong prior year quarter. Moving to Slide 10. Safety & Protection delivered solid improvement in volume, operating margin and operating earnings. Sales were down 4%, as 6% volume growth was more than offset by the negative impact of currency, as well as the Sontara divestiture. Volume growth was broad-based in global industrial markets, including demand for Tyvek protected materials, Kevlar high-strength materials and Nomex thermal-resistant fiber, driven by sales into the mechanical, military, medical packaging and chemical markets. First quarter segment operating earnings of $184 million were up 5% on volume growth and productivity improvements. Higher costs associated with lower plant utilization at the Chambers Works facility were largely offset by a benefit in connection with the advancement of an ongoing claim. In addition, the segment improved operating margins by 170 basis points year-over-year. In the second quarter, we expect sales will be down in the mid-single-digit percent range, and volume growth will be more than offset by the impact of currency and portfolio changes. Operating earnings growth will be in the mid-single-digit percent range due to continued demand for our products, ongoing innovation and continued operational productivity. Slide 11. In Industrial Biosciences, we continued to deliver solid results, as volume and operating margins improved despite the challenging environment. Sales were 5% lower, as 5% higher bioactive volumes were more than offset by the impact of currency. Volumes growth in enzymes was driven by food market demand, partially offset by lower biomaterial sales in the U.S. markets. Operating earnings of $56 million were even with the prior year, overcoming the negative impact of currency. Operating margins continue to improve, with a 100 basis point increase versus the prior year and a 540 basis point increase in total versus the first quarter of 2013. We expect higher volumes to continue in the second quarter, driven by benefits from new product offerings in bioactives and increasing penetration into emerging markets. These stronger volumes will offset the negative impacts of currency and softer U.S. biomaterial volumes, resulting in sales and operating earnings results about flat with the prior year. In Nutrition & Health on Slide 12, the business produced volume and operating margin improvement this quarter. Sales were 6% lower, as a 2% increase to the volume was offset by an 8% negative impact from currency. We generated strong volume growth in probiotics, cultures, texturants and ingredients systems, partially offset by lower volume in the specialty protein market in North America. Volume growth was strong in EMEA, despite pressures from the Russia food import ban, offsetting weakness in Latin America. Operating earnings decreased $4 million, as volume gains and improved mix were more than offset by the negative impact of currency. WWW.SPCAPITALIQ.COM Copyright © 2014, S&P Capital IQ, a part of McGraw Hill Financial. 6 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 In the second quarter, we expect continued volume growth in those product lines and the specialty protein market to remain very competitive. Sales are expected to be high single-digits percent lower due to continued strong currency headwinds. Operating earnings are expected to be low-teens percent lower, primarily due to the negative impact of currency. In Agriculture on Slide 13, the business performed well, given the overall difficult market conditions in the industry. First quarter results were slightly better than expected in January, primarily due to disciplined cost actions. 2015 is playing out to be one of the most competitive seasons in recent years, given the challenging economic environment in the Ag sector and with seed suppliers having abundant inventories globally. Lower insect pressure in Brazil and continued elevated distributor inventories in the Americas are presenting headwinds in crop protection markets. First quarter Agriculture segment sales were $3.9 billion, down 10%, as 3% higher local prices were offset by 8% negative impact from currency and 5% lower volumes. We were able to capture 3% higher prices across the segment, driven by an improved mix of Pioneer's newest corn hybrids and soybean varieties, and pricing actions in parts of Europe and Asia partially offsetting the impact of a stronger U.S. dollar. Volume declined 5% due to lower corn planted area, lower insecticide volumes in Latin America and earlier timing of seed shipments. The largest headwind to volume we continue to face is the further shift from corn to soybeans. We have seen growers in Brazil reduce corn plantings in the past summer and Safrinha seasons, and our North America seed order book confirms the continued shift to soybeans away from corn. First quarter operating earnings were significantly impacted by currency and declined 21%, as lower sales were partially offset by productivity improvements and disciplined cost actions taken in response to the current market environment in agriculture. Even in this difficult environment, we continue to perform and execute on the variables that are within our control, including bringing new products to market that meet customer demand. We are seeing a positive impact from mix on price, as growers demand our newest corn and soybean genetics. And we continue to build our robust pipeline, with growth prospects in near term from new corn and soybeans genetics and technologies like event DP 4114 and Leptra insect control. For the first half of 2015, which reflects the majority of the Northern Hemisphere season, we now expect agriculture segment sales to be high single-digits percent lower, with operating earnings low- to mid-teens percent below 2014, as local pricing gains and cost reductions will be offset by currency and lower corn seed and insecticide volumes. On Slide 14, in Performance Chemicals, sales were down 14% due to lower volumes and prices, combined with the negative impacts of currency and portfolio changes. Challenging industry fundamentals continued in the first quarter, as TiO2 volumes were down 12% and price down 7%. On a sequential basis, price was down 5%. Price pressures in the quarter were driven in part by lower-than-optimal industry utilization rates and stronger regional competition. In Chemicals & Fluoroproducts, volumes were even with the prior year, as higher demand for fluoropolymers was offset by lower sales of fluorochemicals, principally due to the reduction in R-22 production allocations. Demand for our next-generation refrigerant, Opteon 1234yf, was up 30% on continued adoption by automotive OEMs. Operating earnings were down 37%, driven primarily by lower TiO2 prices and volumes, the negative impacts of currency and the impact of portfolio changes. For the second quarter, we anticipate sales and operating earnings will be flat versus the prior year, with currency anticipated to remain a significant headwind year-over-year. Segment volumes are expected to improve sequentially versus the first quarter, due to increased seasonal demand for refrigerants and TiO2. Demand for fluoropolymers and chemicals is also expected to improve. Now I will turn the call back to Ellen. Ellen J. Kullman Chairwoman and Chief Executive Officer Thanks, Greg. 2015 is a pivotal year for DuPont, with the upcoming separation of Chemours as the most significant and visible step in our ongoing transformation to a higher-growth, higher-value company. The rationale for our strategy is reflected in the 19% compound annual growth rate of adjusted operating earnings from 2008 through 2014 from our post-spin business that comprised the next-generation DuPont. This new portfolio will continue to build momentum as we leverage our leading positions in WWW.SPCAPITALIQ.COM Copyright © 2014, S&P Capital IQ, a part of McGraw Hill Financial. 7 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 3 strategic focus areas where we have robust opportunities and strong, well-established, competitive advantages, where our science and engineering capabilities can deliver the greatest value for our shareholders. The next-generation DuPont will continue to drive the productivity of our exceptional science and innovation platform to deliver value-added products and solutions. We will take advantage of our global scale and market insights to continue to develop the right products for the right markets and deliver them efficiently. Cost discipline and productivity will continue to be a top priority. And with this important transition through our operational redesign, we're building a more agile organization that is truly purpose-built and scaled for the next-generation DuPont. We are investing in modernizing and upgrading a number of our systems to enhance the market, transaction times, speed and quality of decision-making, to drive greater performance on a smaller cost base. The discipline and effort we are applying now is preparing the organization for the next step change in growth and value at DuPont. By the end of 2015, we expect to have annual run rate savings of approximately $1 billion and at least $1.3 billion in total expected savings by the end of 2017. As we advance this program of change, we will deliver more opportunities that improve productivity. The combined force of our science and market insight, applications expertise and global scale is evident in each of our businesses and forms the foundation of our continued success. While agricultural markets may continue to face challenges in the near term, we remain confident in the long-term fundamentals for grain and oil seed demand, in our growth strategy and in the continued benefits of our successful research investments and new product launches. These broad strengths enabled us to grow sales at a 10% rate from 2008 to 2014, outperforming each of our leading competitors. We believe the best validation of the strength of our innovation happens in the market. Our success is reflected by the fact that we increased North American corn share by 6 points and soybeans by 9 points from 2008 to 2014. And farmers planted Optimum AQUAmax seeds on over 10% of all U.S. corn acres in 2014. As we look ahead, an exciting pipeline of new products, like DP 4114 and Leptra, gives us confidence in the future and our opportunities for growth. With 4114, we saw strong efficacy and yield performance in the research trials last summer, and are aggressively integrating this trait into the highest-performing Pioneer's genetics as we prepare for an accelerated product introduction and volume ramp-up. This year, corn hybrids containing 4114 will be tested in our impact trials, which are the final stage of product testing before commercialization. In 2016, we expect to include 4114 and expand it on farm grower trials under strict stewardship while we await final regulatory approvals. In Brazil, we look forward to customer demonstrations of Leptra hybrids in the summer of 2015 and a commercial launch for the 2015-'16 Safrinha season as we await final regulatory approvals. We expect Leptra hybrids will provide enhanced value proposition for growers in Brazil to help them manage lepidopteran pests, including fall armyworm, and maximize the yield potential of Pioneer genetics. We believe that Leptra will help us strengthen our position in the Brazil market, as we ramp up volumes in 2016. In Crop Protection, our robust pipeline continues to deliver, and we've increased the combined target for our novel insect control products, Rynaxypyr and Cyazypyr, to approach $2 billion in peak annual sales. We are also expanding our Lumigen seed treatment offerings, such as Dermacor, Lumivia and Lumiderm, while preparing to launch Zorvec for highly effective disease control and Pyraxalt for novel insect control in rice. As we approach the 4-year anniversary of our Danisco acquisition, I want to provide you with a progress report. We're on track with our initial plan and we're seeing the tangible benefits of our strategy. Cost synergies have exceeded our original targets and were achieved earlier than planned. We're making solid progress in the market and with productivity, as demonstrated by the volume and operating margin improvements this quarter in both Nutrition & Health and Industrial Biosciences, despite the challenging environment. Nutrition & Health has now reported 7 consecutive quarters of year-over-year operating margin improvement. Longer term, this acquisition has provided DuPont with world-leading industrial biotech capabilities to create transformational, new bio-based businesses and unlock future growth opportunities. WWW.SPCAPITALIQ.COM Copyright © 2014, S&P Capital IQ, a part of McGraw Hill Financial. 8 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 In Nutrition & Health, we're combining strong customer relationships with our science and application know-how to create new value. We have seen strong growth in key areas, such as probiotics and cultures, and we're investing in research and development and global capacity to take advantage of market trends like increasing interest in wellness in the form of our HOWARU probiotics. We're also introducing local solutions through collaborations with customers across the globe, such as our YO-MIX starter cultures, which meets the needs in the developing world for a nutritious yogurt product that can maintain long life without refrigeration. In 2014, we delivered strong growth, with operating earnings up 27%, expanding margins over 200 basis points. Meanwhile, we are currently at the front end of the growth curve in Industrial Biosciences. We have a great business that delivered 25% operating earnings growth and 300 basis points of margin improvement last year. And our core markets, which include animal nutrition and food enzymes, home and personal care, and grain processing are very strong. Even as we continue to invest in our core areas and grow our margins, ongoing advancements in science and technology, and demand for renewables and sustainability, are rapidly expanding the markets for bio-based industrials. With our advanced science and technology capability, we're uniquely positioned to innovate in this fast-growing area. We're focused on creating new categories of renewably sourced bio-based products, such as cellulosic ethanol, Ag biologicals and industrial enzymes. One notable example is Tide Coldwater Clean detergent, which is the first branded product to use cellulosic ethanol as an ingredient in a scalable commercial way. In Advanced Materials, we're building on our historic strength in application-based innovation and delivering on clear routes to growth. During the quarter, our core capabilities in chemistry, polymers, engineering and now, biosciences, enabled us to expand operating margins and increase volumes as we delivered highly tailored, value-added solutions for customers. Strong demand continued from the automotive and aerospace industries for lightweight, fuel-efficient materials like new versions of Kevlar, Nomex, Zytel and Vamac. We continued to penetrate alternative energy and clean technology markets. Also, we're meeting the needs for miniaturization of electronics and the increasing demand for protective materials in industrial, construction and military and first responders. We're just getting started in other areas of opportunity and are confident that leveraging our industrial biotechnology and production agriculture expertise will allow us to capture developing opportunities for sustainably sourced renewable and differentiated polymers. We also expect continued growth through additional innovation, such as Solamet paste and Kevlar film, to increase the efficiency and lifetime of photovoltaic cells. For the past 6 years, DuPont's Board and management have been active champions of constructive change. Our efforts have delivered results, clearly visible in our 19% compound annual growth rate and adjusted operating earnings since year-end 2008 through 2014; total shareholder return of 266%, outperforming the S&P and our peers; and the total return of $14 billion in capital to shareholders. Our disciplined capital allocation strategy reflects our commitment to return capital to our shareholders and invest in growth opportunities. We are confident in the future as we look ahead to a year of continued performance and transformation. We remain focused on delivering higher growth and higher value by investing in and leveraging our innovation platform; increasing penetration in developing markets and delivering localized solutions; continually driving lower cost and improving operational efficiency; and actively managing our portfolio, all while providing differentiated value-added solutions that customers expect. In conclusion, our portfolio is well positioned to exceed the pace of longer-term macro trends driving growth. The world needs a safe, secure supply of food for a growing population and rising middle class. Our capabilities directly address the need for increased productivity in agriculture and enable us to develop new products to address increasing demand for wellness and more nutritious foods. And our science and application expertise continue to deliver advanced materials that power, fuel and transport the world sustainably and energy efficiently. Our leading science and powerful innovation platform makes us the partner of choice for companies supplying these markets. We continue to move forward with disciplined focus and purpose to deliver value now and position DuPont for future success. As we see the momentum of the next-generation DuPont, we are energized by the progress we have made, but are even more excited by the opportunities the future holds. Greg? Gregory R. Friedman WWW.SPCAPITALIQ.COM Copyright © 2014, S&P Capital IQ, a part of McGraw Hill Financial. 9 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 Vice President of Investor Relations Thanks, Ellen. We'll now open the line for questions. John? WWW.SPCAPITALIQ.COM Copyright © 2014, S&P Capital IQ, a part of McGraw Hill Financial. 10 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 Question and Answer .................................................................................................................................................................... Operator [Operator Instructions] And our first question comes from Frank Mitsch from Wells Fargo. Frank J. Mitsch Wells Fargo Securities, LLC, Research Division It looks like Mr. Vergnano has his work cut out for him. I'm curious as to -- given the declines in Performance Chemicals, the confidence that you have in being able to get that $4 billion midnight dividends, what sort of valuation metrics went into that figure? And -- yes, so if you could help us with that, that would be great. Ellen J. Kullman Chairwoman and Chief Executive Officer Well, Frank, thanks for the question. As you know, Performance Chemicals is at a cyclical low. We see that there are -- although headwinds that were faced in the first quarter by a challenging TiO2 market, capacity utilization in the low 80s, inventory levels of customers largely unchanged, that the fundamentals are stabilizing. And so we -- as we look forward, we see not only improvements from seasonal volumes in TiO2 and refrigerants, because they're coming into their season, we have some new products, and that's going to offer us a stronger pricing environment in both fluorochemicals and specifically, refrigerants, and fluoropolymers. And we do anticipate better results in chemicals and fluoro versus the prior year going forward. Productivity continues to help and will continue to help. But so they are at a cyclical bottom. And as we have valued Chemours, we took a look at not only at the cyclical bottom, but at the range that it's been experienced over the last few years. So Nick, do you want to give some specifics? Nicholas C. Fanandakis Chief Financial Officer and Executive Vice President Yes. Frank, so as we looked at the capital structure of Chemours, we dialed in all of the things that Ellen just talked about. We dialed in the plan for the expectation of what the EBITDA is going to be for the year. We worked with the rating agencies to have some preliminary evaluations done of the business. Of course, everything is predicated on that final point in time. But we're so close right now that I feel very good about the midnight dividend, the debt level that we're going to be able to place on the entity along with the dividend structure that we've been proposing. Operator Our next question is from Bob Koort from Goldman Sachs. Robert A. Koort Goldman Sachs Group Inc., Research Division You guys gave good health around the sales line by division of what FX has done to the results. Can you give us a sense on an earnings level? And outside of PChem, is there any meaningful transactional risk from currencies? Ellen J. Kullman Chairwoman and Chief Executive Officer Yes. So certainly, currency, and I put portfolio in the same kind of bucket as we've had significant portfolio changes within several of the segments. But if you look at things like N&H, if you took out portfolio and currency, their earnings, operating earnings would have been up 12%. If you take a look at S&P, their operating earnings would have been up 17%. If you look at Performance Materials, up 29%. The headwinds, x portfolio and currency, were Agriculture and were Performance Chemicals, where they would not have gotten into positive figures. I mean, it's interesting, Bob, when you look back a few years ago, you take out currency and portfolio, with the headwinds we've seen in Agriculture and the headwinds that we've seen in the chemicals cycle, x currency, we outearned this time last year. And I think that's a very powerful statement to the strength of the portfolio and the strength of the new DuPont that we're creating going forward. Operator WWW.SPCAPITALIQ.COM Copyright © 2014, S&P Capital IQ, a part of McGraw Hill Financial. 11 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 Our next question is from David Begleiter from Deutsche Bank. David L. Begleiter Deutsche Bank AG, Research Division Ellen, in your comments, you referenced the seed share gains in both corn and soybeans the last few years. Into '15, given the challenging environment, do you think you can grow share or at least maintain share of both corn and soybeans? Ellen J. Kullman Chairwoman and Chief Executive Officer Yes. So thanks, and we -- it's a little too early to comment on North America's share. I can tell you, what we've been very pleased at is the mix we're seeing, we saw in the first quarter. And you can see that with what price has done in Agriculture and it's the stronger mix. I don't know, Jim, what would you add to that? James C. Borel Executive Vice President Yes, I think it is a little too early to try to predict share. But we are very confident about the competitiveness in corn and soybean products, as well as the services that we're bringing to growers. In corn, we're continuing to strengthen our triple-stack portfolio and expect to make progress in '15. So a little too early to predict share, but overall, we feel good about our competitiveness. David L. Begleiter Deutsche Bank AG, Research Division And Ellen, just in Performance Materials, volume growth was 8% in the quarter. But x the ethylene sales, what was the volume growth? And what should be the underlying volume growth in that segment this year, do you think? Ellen J. Kullman Chairwoman and Chief Executive Officer Yes. So obviously, ethylene was a benefit in the quarter. I think if you take that out, I think their volumes would have been up 3% to 4% in the balance of those businesses, benefiting from stronger automotive in the United States and in Asia. Certainly, Europe and Latin America weren't helping the -- weren't any help in the automotive market. But I mean, I think the important part there is, we're really seeing the benefits from the application development, the innovation centers that we put it in a few years ago and the real benefits we're seeing at the customer in the polymers, and not only the Performance Polymers, but also in the Packaging & Industrial Polymers areas. Operator Our next question is from John McNulty from Credit Suisse. John P. McNulty Crédit Suisse AG, Research Division So maybe a follow-up on the Chemours platform. Nick, I think you had said you've got comfortable with the ability to dividend the $4 billion out because you've kind of reviewed where you're thinking about where the EBITDA goes. Can you give us an update as to what your EBITDA forecast is for that platform as you're looking at 2015? Nicholas C. Fanandakis Chief Financial Officer and Executive Vice President Yes. That hasn't gone public yet. We've worked with the rating agencies around that plan, but we've not gone public with the numbers on that. And that won't be public until they go for the debt offering. John P. McNulty Crédit Suisse AG, Research Division Okay. Maybe then just as a follow-up, on a different angle. Speaking to the Ag business, when we look at the -- obviously, you had some headwinds there, but when you look at the decremental margins, they were pretty significant. Maybe you can walk us through some of the issues there, especially considering that you were getting some pricing that was noted in the earlier remarks? WWW.SPCAPITALIQ.COM Copyright © 2014, S&P Capital IQ, a part of McGraw Hill Financial. 12 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 Ellen J. Kullman Chairwoman and Chief Executive Officer Well, as you know, currency is a huge headwind for us in Agriculture. Jim, why don't you take us through that? James C. Borel Executive Vice President Yes. I think certainly currency. The other thing is volume based on corn acre -- planted acre declines that are expected. And we also saw insecticide volumes down based on the lower pressure of Helicoverpa in Brazil versus a year ago. And so mix had a negative impact on -- a slightly negative impact on margin in addition to the currency and volume. Operator And our next question is from Kevin McCarthy from Bank of America. Kevin W. McCarthy BofA Merrill Lynch, Research Division I guess 2-part question on the Chemours spin. First, on the dividend, you took it up to $0.49. With the $100 million to be paid out by Chemours, is there any opportunity to maintain that $0.49? Or should we expect it to revert to something like $0.46 or $0.47, equilibrating for that $100 million? And then second, on the repurchase, Nick, can you do an ASR to bring forward shrinkage of the share count? Or should we expect the execution pretty ratably over the 12 to 18 months? Ellen J. Kullman Chairwoman and Chief Executive Officer Yes. I think that we've been clear relative to the dividend, that the combined dividend of Chemours and DuPont would equal the dividends that DuPont had just prior to the spin. The Chemours dividend is their third quarter dividend. And I think that you can do the math going forward is what that would mean. Nick? Nicholas C. Fanandakis Chief Financial Officer and Executive Vice President Yes. And so as far as the returning of the midnight dividend back to the shareholders through share buyback, what we stated is over the 12 to 18 months, Kevin, we're going to look to see exactly what tool and mechanism we use to secure that -- to complete that share buyback. There's potential for an ASR. There's also potential for open market. But it will be over that period of the 12 to 18 months timeframe. Operator And our next question is from Don Carson from Susquehanna Financial. Donald Carson Susquehanna Financial Group, LLLP, Research Division A question on Ag. You've given us the first half outlook, down low- to mid-teens operating earnings. But what's your outlook for the second half, given how important Brazil is? And then you also talked about 2015 being one of the most competitive seasons in recent years. So what's your view on the normalized growth and margin potential of Ag as we get into 2016 and beyond? Ellen J. Kullman Chairwoman and Chief Executive Officer Jim? Nicholas C. Fanandakis Chief Financial Officer and Executive Vice President So first of all, Don, I think the longer-term picture or as you go forward, in Ag, we still feel very confident. Number one, the fundamentals under the markets remain strong, growing population and limited resources, et cetera, that beg for more science that we can deliver. And also, our pipeline in both seed and chemistry continues to be very strong. So we remain confident about our long-term trajectory. In terms of the second half, obviously, Brazil is going to -- the real, hard to predict exactly, but we're assuming that that's going to continue to be a negative hurt. Probably too early to call the Latin America planting WWW.SPCAPITALIQ.COM Copyright © 2014, S&P Capital IQ, a part of McGraw Hill Financial. 13 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 expectations. But obviously, we'll be watching that as we come out of -- as the U.S. gets planted and the market starts to adjust to the expectations there. Donald Carson Susquehanna Financial Group, LLLP, Research Division And just to follow up. So what's your current top line and margins for the trend outlook for the next few [ph] years in Ag? Can you be more specific? Ellen J. Kullman Chairwoman and Chief Executive Officer Sorry, you're really hard to hear, Don. Let me see if I got it. So you're looking for the trend outline on those top line and bottom line for Ag, for the next 2 [ph] years? Donald Carson Susquehanna Financial Group, LLLP, Research Division Correct. Ellen J. Kullman Chairwoman and Chief Executive Officer Is that the question? Donald Carson Susquehanna Financial Group, LLLP, Research Division Yes. Ellen J. Kullman Chairwoman and Chief Executive Officer Well, yes, that's a -- Jim, well, how would you answer that? James C. Borel Executive Vice President Well, I think that the answer is going to depend on how the environment over the next 12 to 18 months plays out. So as I mentioned earlier, longer term -- in the bigger picture, we're still very confident about our trajectory. And then the question is going to be what happens with currency and planted acres in some of these crops over the next 12 to 18 months. Ellen J. Kullman Chairwoman and Chief Executive Officer Yes, stocks to Houston. And so we are looking to see that, that should be an improving picture. I think as each quarter goes on and we understand exactly where those numbers are coming out, both here and in Latin America, it's going to have a big impact on the recovers. James C. Borel Executive Vice President We've got a number of new products that will be continuing to move forward in the marketplace. And we'll continue to make sure we're disciplined around our costs as well during the kind of turbulent times. Ellen J. Kullman Chairwoman and Chief Executive Officer Yes, I think that's what it is. I think a differentiator is the pipeline. I mean, we take a look at the pipeline, both in terms of the crop protection chemicals we talked about, insecticides and fungicides, in terms of DP 4114 and Leptra, in terms of T Series Soybeans penetration. And so we've got a very strong portfolio of seed treatment, et cetera, coming in. And I think that regardless of the environment, I think we've got a strengthening picture for our Agricultural segment. Operator Our next question is from P.J. Juvekar from Citi. P. J. Juvekar Citigroup Inc, Research Division WWW.SPCAPITALIQ.COM Copyright © 2014, S&P Capital IQ, a part of McGraw Hill Financial. 14 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 Ellen, one of the ways to combat FX is to get local pricing. Can you talk about segments where you believe you can -- you have the ability to get pricing going forward? Ellen J. Kullman Chairwoman and Chief Executive Officer Yes, P.J., so I mean, that's very much dependent on the sector and on the competitive nature, where our -- if you're selling in Europe and you have European competitors, it's a little harder to get price than it is if you're selling in Europe against U.S. or Asian-based competitors. So I mean, I think the interesting thing is that based on the fourth quarter, our teams have gone out and reinvigorated the pricing analysis down based on the currency change. And each individual product line, each individual precedent is driving the appropriate actions for their sector based on that, where we make versus where the competitors make. And you can do the math balance to see where that comes out. So there are opportunities and there are headwinds in that. And I think the most important thing is that our people are on top of it and really driving that. But at the end of the day, our major focus is still on value and use. It's still on the innovation as a differentiator, and we continue to use that. I mean, I think you see that in Ag with the positive pricing in a very difficult Ag environment, where the pipeline and the new products are giving us benefit, even when the acres are down. So this is a detail orientation out in the field to really drive the best results. P. J. Juvekar Citigroup Inc, Research Division And just a quick follow-up on your biomaterials, biofuels platform, you commented on that. How does that platform compete at today's oil price? Ellen J. Kullman Chairwoman and Chief Executive Officer Well, bioactives really aren't impacted by the price of oil. And that's where tremendous amount of growth and opportunity are coming from. We see it in the animal nutrition area, we see it in the human nutrition area. We see it in -- even in ethanol, where increases in gasoline are really continuing to drive opportunities there. So bioactives remains strong. Now in the biomaterials, and specifically, Sorona, margins are pressured by oil because of lower feedstock costs for competing carpet fibers. And so you're seeing that in their results and that there are some headwinds associated with that. And bio -- in cellulosic ethanol, well, that's just coming up, the plant is coming up this quarter, and we're continuing to drive that. So all in all, in the bioactives area, which is really where tremendous amount of opportunity is, there is no headwind from an oil standpoint. Operator Our next question is from Mike Ritzenthaler from Piper Jaffray. Michael J. Ritzenthaler Piper Jaffray Companies, Research Division So within Agriculture, so encouraging to see higher pricing in such a competitive environment. But I'm curious if you could elaborate on how much further cost action is needed to sort of buoy the operating income in that segment and kind of the nature of those cost actions. And whether growers now are shifting on traits in North America and grower profit will be more constrained globally influences how you view R&D investments over the next couple of years. And then if there's a way to quantify volume and price x crop protection. Ellen J. Kullman Chairwoman and Chief Executive Officer Yes. I mean, so look, we are valuing new seller. It is the genetics, it is the capability of our seeds that creates the opportunity for us there. And farmers make the choice of the seed first. But Jim, why don't you elaborate on that? James C. Borel Executive Vice President Yes. Well, a number of different aspects there. So first of all, farmers are obviously scrutinizing pretty closely their -- all of their input purchases. But that said, as Ellen said, as we deliver more value to the farmer, whatever the commodity price, they -- that's reflected in -- we can capture part of that value. WWW.SPCAPITALIQ.COM Copyright © 2014, S&P Capital IQ, a part of McGraw Hill Financial. 15 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 So we're continuing to move forward there. You asked about costs. We -- if we go back to the Fresh Start work that we worked across corporately, obviously, the Ag businesses were a part of that. So we've really been working on streamlining the operating model. Productivity is a way of life, so we're constantly looking for ways to improve productivity, to speed up operations and focus our costs. You asked a little bit how that might impact R&D investments. I think the way I would describe that is, we are fully funding the strategic research projects that are going to drive the pipeline and the future value, continue as you normally would around making sure that we're really focused on the most important opportunities. So R&D investment will continue strongly, particularly in the most important projects. Ellen J. Kullman Chairwoman and Chief Executive Officer Yes. As far as the seed, Pioneer split those. James C. Borel Executive Vice President Seed crop protection. Ellen J. Kullman Chairwoman and Chief Executive Officer Yes, I'm sorry, seed crop protection. In Crop Protection, sales weren't as impacted as Pioneer's were. They did a little better from that standpoint, so plus or minus around that decline, and Pioneer's a little above and crop's a little below. But a lot of that is going to play out. The season is not over yet. There's still a lot of opportunity coming through North America in the second quarter and getting prepared for the summer and Safrinha seasons in Brazil. So a lot of time left in these seasons for this year. And we're really excited about the products and the progress that we're making. Operator Our last question is from Vincent Andrews from Morgan Stanley. Vincent Andrews Morgan Stanley, Research Division And you kind of just addressed some of this. But I just want to sort of reconcile with the crop chem inventory levels being elevated in the Americas and you still sound very enthusiastic about Rynaxypyr and Cyazypyr. So is it that those products will continue to grow sales this year, but you might have some headwinds in the balance of the portfolio? Ellen J. Kullman Chairwoman and Chief Executive Officer Well, I think that's going to really depend on the pest pressure and as we come through the season. So Jim, some more color there? James C. Borel Executive Vice President Yes. Well, first of all, you're right, they will depend on pest pressure. We're positioned very well and we're continuing to expand Cyazypyr in countries around the world. As that moves through launch, we're starting to move Pyraxalt, then Zorvec, the fungicide, forward. So crop protection and seed treatment in a number of countries. So Crop Protection's pipeline continues to be a really important part of their growth and a way of continuing to strengthen the margins over time. Vincent Andrews Morgan Stanley, Research Division And Jim, do you just have a quick sense of whether you referenced that the corn acres in the order book suggest that farmers are switching to soy. Do you think it's more or less of a switch than what sort of is implied by the USDA forecast? James C. Borel Executive Vice President Yes. At this time in the season, it's almost impossible to say. Farmers are really just getting in the field early stages. It's going to depend on what happens with the weather over the next couple of weeks and WWW.SPCAPITALIQ.COM Copyright © 2014, S&P Capital IQ, a part of McGraw Hill Financial. 16 E. I. DU PONT DE NEMOURS AND COMPANY FQ1 2015 EARNINGS CALL APR 21, 2015 what actually goes in the ground and what the final acres will be. So we don't have any better information than what you've heard. Gregory R. Friedman Vice President of Investor Relations Well, thank you, everybody, for joining the call today. The IR team is available for follow-up questions if there are any. Ellen J. Kullman Chairwoman and Chief Executive Officer Thank you, all. Gregory R. Friedman Vice President of Investor Relations Thank you. Operator Thank you. Ladies and gentlemen, that concludes today's call. Thank you for participating. You may now disconnect. 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