• 1Q20 GAAP EPS from continuing operations of $(0.83); adjusted EPS of $0.84
• 1Q20 GAAP Income (Loss) from continuing operations of $(610) million and Operating EBITDA of $1.3 billion
• 1Q20 Net Sales of $5.2 billion, down 4 percent; organic sales down 2 percent
• Further strengthened liquidity with $1.0 billion revolving credit facility
• Issued $2.0 billion bond to refinance debt maturities due in November 2020; replaces the $2.0 billion 364-day delayed-draw facility
• Continues to advance separation of Nutrition & Biosciences business in preparation for merger with IFF in 1Q 2021
• Implemented initiatives to mitigate the impact of COVID-19 including actions to deliver more than
• $500 million of working capital improvement and reducing capital expenditures by ~$500 million versus the prior year

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WILMINGTON, Del., May 5, 2020 - DuPont (NYSE: DD) today announced financial results for the first quarter 2020.

“In the face of an unprecedented health, financial, and humanitarian crisis, we are prioritizing the safety and well-being of our employees, customers, suppliers, and other stakeholders,” said Ed Breen, DuPont Executive Chairman and Chief Executive Officer. “Our colleagues are working tirelessly to support the massive effort to provide critical protection to healthcare and other front-line workers who bear the greatest burden in the fight against this pandemic. Our innovation capabilities are enabling us to rapidly create and deploy new tools in this battle and we will continue to advance those, along with targeted in-kind and financial donations, to provide as many as possible with our solutions.”

“By continuing to invest in our R&D engine across the Company, prioritizing cash generation, further improving our cost structure, and advancing our portfolio rationalization efforts, we delivered first quarter results above our initial expectations in each core segment and positioned ourselves for future growth and profitability.”

“Along with IFF, we remain committed to creating the global leader in high-value ingredients and solutions for Food & Beverage, Home & Personal Care, and Health & Wellness markets,” Breen added. “The combination of our Nutrition & Biosciences business with IFF remains on track for a 1Q 2021 closing⁽¹⁾, and we plan to file the initial registration statement with the SEC in the coming days. This represents another important milestone towards creating tremendous opportunity for our employees and customers, as well as significant value for our shareholders.”

COVID-19 Update

As an essential provider of personal protective equipment and important materials in other companies’ supply chains, DuPont employees across the globe are committed to help combat the COVID-19 pandemic. During the quarter the Company announced a number of initiatives in support of this mission, including:

• Increased production of Tyvek® garments by more than nine million per month, which is more than double the amount produced for any prior crisis
• Launched #TyvekTogether campaign, an initiative to deliver an additional five to six million garments per month through the rapid development of a safe, easier-to-use version of Tyvek® and by enabling others to join DuPont in protecting frontline responders, with free access to our designs and usage instructions
• Partnered with Cummins, Inc. to use DuPont filtration technology to help strengthen the supply of N95 respirator masks

Due to the uncertainties presented by COVID-19, DuPont has also implemented a number of proactive measures to enhance its already strong liquidity position and improve working capital.

• Entered into a 364-day $1.0 billion revolving credit facility, replacing the $750 million revolving credit facility that was set to expire in June 2020
• Issued $2.0 billion bond offering; the proceeds of which will be used to satisfy debt maturities due in November 2020. This facility replaces the $2.0 billion 364-day delayed-draw facility announced in April 2020
• Delayed certain capital investments; now expecting to reduce capital expenditures by ~$500 million versus prior year
• Idled production at several manufacturing sites, predominantly production plants within the Transportation & Industrial segment, due to the current global automotive environment
• Accelerated working capital initiatives across each business
• Increased the anticipated benefits from the incremental 2020 cost actions previously announced; now targeting $180 million of savings in 2020

“We took quick, decisive action to manage our working capital and to better align our production volumes with the demand we expect in the near term,” Breen continued. “Additionally, our recent bond offering and our new $1 billion revolving credit facility further strengthen our balance sheet and improve our liquidity position. With the addition of these, and the special cash payment associated with the closing of the N&B and IFF transaction, we have a solid plan in place to satisfy our debt maturities. This provides us the flexibility needed to navigate these uncertain times.”

(1)    Closing of transaction with IFF is subject to IFF shareholder approval, regulatory approval and customary closing conditions

(2)   Adjusted EPS, pro forma adjusted EPS, operating EBITDA and pro forma operating EBITDA are non-GAAP measures. See page 8 for further discussion. Reconciliation to the most directly comparable GAAP measure, including details of significant items begins on page 14 of this communication.

First Quarter 2020 Results

Net sales totaled $5.2 billion, down 4 percent versus the year-ago period. On an organic basis, net sales were down 2 percent as 8 percent organic growth in Electronics & Imaging and 3 percent organic growth in Nutrition & Biosciences was more than offset by organic sales declines in the other segments.

GAAP Income (loss) from continuing operations totaled $(610) million, versus pro forma GAAP Income from continuing operations of $18 million in the year-ago period. Operating EBITDA⁽²⁾ was $1.3 billion, down 8 percent versus pro forma operating EBITDA⁽²⁾ in the prior year. Strong gross margin improvement was more than offset by the absence of prior year gains in our Electronics & Imaging and Safety & Construction segments, nylon pricing pressures, and volume declines across the Transportation & Industrial and Non- Core segments.

GAAP EPS from continuing operations totaled $(0.83) versus pro forma GAAP EPS from continuing operations in the year-ago period of $0.02; the decline is mostly attributable to higher significant items, incremental merger-related amortization expense, a higher tax rate and lower segment results, partially offset by the absence of costs historically allocated to Dow and Corteva. Adjusted EPS⁽²⁾ decreased 9 percent to $0.84, compared with pro forma adjusted EPS⁽²⁾ in the year-ago period of $0.92 primarily driven by the absence of prior year gains of $0.08, nylon headwinds, and a higher tax rate partially offset by a lower share count, lower depreciation and amortization, and lower foreign exchange losses.

Over $200 million of cash was generated in the quarter with cash from operating activities of $718 million and gross proceeds from the sale of the Compound Semiconductor Solutions business of approximately

$420 million offset by capital expenditures of $481 million, share repurchases of $232 million, and dividends of $222 million. The year-over-year change in cash from working capital improved over $300 million in the quarter versus the same period last year.

First Quarter 2020 Segment Highlights

Electronics & Imaging

Electronics & Imaging reported net sales of $884 million, up 7 percent from the year-ago period. Organic sales were up 8 percent driven by a 9 percent volume gain offset by a 1 percent decline in price. Currency was a 1 percent headwind

Volume gains were led by Semiconductor Technologies where new technology ramps within logic and foundry, coupled with robust demand for memory in servers and data centers delivered double-digit growth versus the year-ago period. Volume growth within Interconnect Solutions was also strong, driven by higher material content in premium, next-generation smartphones. Within Image Solutions, volume gains in flexographic plates, mainly into consumer packaged goods, were mostly offset by weakness in inks and OLEDs.

Operating EBITDA for the segment was $253 million, a decrease of 12 percent from pro forma operating EBITDA of $288 million in the year-ago period, driven primarily by the absence of a $50 million gain associated with an asset sale recognized in the prior year.

Nutrition & Biosciences

Nutrition & Biosciences reported net sales of $1.5 billion, up 1 percent from the year-ago period. Organic sales were up 3 percent with a 2 percent price improvement and a 1 percent volume gain. Currency was a 2 percent headwind.

Sales gains were led by Health & Biosciences with high-single digit growth versus the same period last year. The probiotics business recorded its strongest quarter ever with mid-teens growth as key initiatives to strengthen the North America market were implemented and consumer demand for immune health strengthened globally. Strong consumer demand in the home & personal care and animal nutrition markets also provided double-digit growth in the quarter. Food & Beverage sales were up slightly on an organic basis with improvement in protein solutions driven by increased demand for packaged foods and on-going strength in the plant-based meat category, off-set by continued upstream challenges in the sweeteners supply chain. Steady demand across Pharma Solutions contributed to the gains in the quarter.

Operating EBITDA for the segment was $385 million, an increase of 10 percent from pro forma operating EBITDA of $349 million in the year-ago period. Pricing gains across the segment and a favorable product mix led by the strength in Health & Biosciences provided a 210 basis point improvement in segment operating EBITDA margins.

Transportation & Industrial

Transportation & Industrial reported net sales of $1.1 billion, down 13 percent from the year-ago period. Organic sales were down 12 percent with volume down 8 percent and price lower by 4 percent. Currency was a 1 percent headwind.

Volume declined 8 percent due to lower auto builds, as global automotive production was down nearly 25 percent versus the year-ago period. The impact of the COVID-19 pandemic on other key industrial markets in addition to automotive contributed to the double-digit volume declines within both Mobility Solutions and Industrial & Consumer. In Healthcare and Specialty, Kalrez® revenues increased mid-teens percent as strong demand for differentiated, high performance seals in semiconductor manufacturing more than offset weaker demand within oil and gas.

Operating EBITDA for the segment was $308 million, a decrease of 17 percent from pro forma operating EBITDA of $373 million in the year-ago period, driven primarily by the impact of the volume and price declines within Mobility Solutions partially offset by raw material tailwinds and favorable product mix.

Safety & Construction

Safety & Construction reported net sales of $1.3 billion, down 1 percent from the year-ago period. Organic sales were down 2 percent with a 2 percent price improvement offset by a 4 percent decline in volume. Recent acquisitions in the Water Solutions business increased reported sales by 2 percent. Currency was a 1 percent headwind.

Demand for Tyvek® protective garments was robust, leading to a 55 percent increase in garment sales as compared to the same quarter last year which was partially enabled by efforts to increase capacity. Despite the strength in protective garments, sales in the Safety Solutions business declined mid-single digits as demand weakened across industrial, aerospace, and defense markets as a result of the COVID-19 pandemic and challenges in the oil and gas industry. Similarly, Shelter Solutions sales declined low-single digits as construction activity was impacted by stay-at-home orders issued across the globe. Demand continued to be strong in Water Solutions which drove mid-single digit organic growth in the quarter despite temporary softness in the China market at the height of the COVID-19 pandemic.

Operating EBITDA for the segment totaled $368 million, a decrease of 2 percent from pro forma operating EBITDA of $374 million in the year-ago period. The absence of prior year licensing income of $26 million and lower volumes more than offset improved product mix and productivity actions.

Non-Core

Non-Core reported net sales of $366 million, down 19 percent from the year-ago period. Organic sales were down 10 percent driven by 12 percent volume declines offset by 2 percent pricing gains. The September 2019 divestiture of the DuPont Sustainable Solutions business reduced sales by 9 percent. Currency was flat.

Significant volume declines due to weak demand for trichlorosilane (TCS) and for Sorona® fiber in carpet and apparel applications was partially offset by volume gains in pastes.

Operating EBITDA for the segment was $42 million, a decrease of 57 percent from pro forma operating EBITDA of $98 million in the year-ago period with the benefits from price more than offset by significantly lower volumes of TCS and Sorona® fiber and lower Hemlock Semiconductor equity earnings.

Outlook

“DuPont has weathered many challenges and crises over its two centuries and our team is navigating this period with the benefit of our cumulative expertise,” Breen said. “While it is still impossible to predict timing, our markets will eventually stabilize and return to growth. In the interim we are prioritizing the safety and health of our employees, safely maintaining our operations, strengthening our balance sheet, and partnering with other industry leaders to combat this pandemic. Through April, we continue to see strength in personal protection, water filtration, food and beverage, electronics and probiotics. Automotive, oil and gas, and select industrial end markets continue to suffer. We are monitoring developments across our geographies and operations on a daily basis and we will continue to adapt to the changing environment. Over the longer term, our resilient people and our operational discipline will help assure that we weather this period, deliver for our stakeholders, and emerge strong when recovery eventually begins,” Breen said.

“We have intensified our focus on what we can control in this rapidly changing business environment by executing on a disciplined plan. This includes optimizing working capital, deferring certain capital expenditures, improving our cost structure, and strengthening our liquidity,” said Lori Koch, DuPont Chief Financial Officer. “These actions will ensure our balance sheet remains strong and all of our businesses are positioned for growth when market demand returns.”

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Conference Call

The Company will host a live webcast of its first quarter earnings conference call with investors to discuss its results and business outlook today at 8:00 a.m. ET. The slide presentation that accompanies the conference call will be posted on the DuPont’s Investor Relations Events and Presentations page. A replay of the webcast also will be available on the DuPont’s Investor Relations Events and Presentations page following the live event.

About DuPont

DuPont (NYSE: DD) is a global innovation leader with technology-based materials, ingredients and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, health and wellness, food and worker safety. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at www.investors.dupont.com.

For further information contact:

DuPont Investors:

Leland Weaver leland.weaver@dupont.com

+1 302-999-2477

Media:

Dan Turner daniel.a.turner@dupont.com

+1 302-996-8372

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