DOWDUPONT INC. (Exact name of registrant as specified in its charter)

Transcription

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 1, 2018 DOWDUPONT INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation) (Commission file number) (IRS Employer Identification No.) c/o The Dow Chemical Company c/o E. I. du Pont de Nemours and Company 2030 Dow Center, Midland, MI Centre Road, Wilmington, DE (989) (302) Not applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR ) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ( of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

2 Section 2 - Financial Information Item 2.02 Results of Operations and Financial Condition. On February 1, 2018, DowDuPont Inc. issued a press release and related presentation, attached as Exhibits 99.1 and 99.2, respectively, and incorporated herein by reference, announcing results for the fourth quarter of The information contained in this report, including Exhibit 99.1 and Exhibit 99.2 attached hereto, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in this report shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended. Section 9 - Financial Statements and Exhibits Item 9.01 Financial Statements and Exhibits. (d) Exhibits Press release issued by DowDuPont Inc. on February 1, 2018, announcing results for the fourth quarter of DowDuPont Inc. 4Q17 Earnings Conference Call Presentation dated February 1, 2018.

3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: February 1, 2018 DOWDUPONT INC. Registrant By: /s/ JEANMARIE F. DESMOND By: /s/ RONALD C. EDMONDS Name: Jeanmarie F. Desmond Name: Ronald C. Edmonds Title: Co-Controller Title: Co-Controller City: Wilmington City: Midland State: Delaware State: Michigan

4 EXHIBIT INDEX Exhibit No. Description 99.1 Press release issued by DowDuPont Inc. on February 1, 2018, announcing results for the fourth quarter of DowDuPont Inc. 4Q17 Earnings Conference Call Presentation dated February 1, 2018.

5 DowDuPont Reports Fourth Quarter and Full Year 2017 Results 4Q GAAP Loss Per Share from Continuing Operations of $0.52; Adj. EPS Up 41% to $0.83 4Q GAAP Net Loss from Continuing Operations of $1.2B; Op. EBITDA Up 24% to $3.9B 4Q Net Sales Rise 13% to $20.1B, with Gains in all Operating Segments and Geographies 2017 GAAP EPS from Continuing Operations of $0.95; Pro Forma Adj. EPS Up 22% to $ GAAP Net Income from Continuing Operations of $1.7B; Pro Forma Op. EBITDA Up 15% to $16.2B 2017 GAAP Net Sales of $62.5B; Pro Forma Net Sales Grow 12% to $79.5B, with Gains in all Operating Segments and Geographies Exhibit 99.1 Fourth Quarter 2017 Highlights DowDuPont reported a GAAP loss per share from continuing operations of $0.52. Adjusted earnings 1 per share increased 41 percent to $0.83, compared with pro forma adjusted earnings per share in the year-ago period of $0.59. Adjusted earnings per share excludes significant items in the quarter totaling net charges of $1.26 per share, as well as a $0.09 per share charge for DuPont amortization of intangible assets. Net sales increased 13 percent to $20.1 billion, with gains in all operating segments and geographies, from pro forma net sales of $17.7 billion in the year-ago period. The primary sales growth drivers by division were: Materials Science - Industrial Intermediates & Infrastructure (27 percent) and Packaging & Specialty Plastics (17 percent); Specialty Products - Transportation & Advanced Polymers and Nutrition & Biosciences (10 percent each); and Agriculture (5 percent). Regional sales increases were led by Europe, Middle East and Africa (EMEA) (25 percent) and North America (10 percent), with gains in all divisions, led by the Materials Science operating segments. Volume grew 6 percent on a pro forma basis, with increases in all operating segments and geographies on broad-based, consumer-led and investment-driven demand. Volume gains were led by Industrial Intermediates & Infrastructure (13 percent), Packaging & Specialty Plastics (8 percent), Electronics & Imaging (6 percent) and Transportation & Advanced Polymers (5 percent). Regional volume growth was led by EMEA (10 percent) and Asia Pacific (6 percent). Local price rose 5 percent on a pro forma basis, led by increases in all geographies and double-digit gains in Industrial Intermediates & Infrastructure (12 percent) and Performance Materials & Coatings (10 percent). Operating EBITDA 1 increased 24 percent on a pro forma basis to $3.9 billion, driven by volume and price gains, including new capacity additions in the U.S. Gulf Coast and Saudi Arabia; cost synergies; lower pension/opeb costs 2 ; and higher equity earnings. These gains more than offset higher feedstock costs and startup expenses related to new assets on the U.S. Gulf Coast. The Company achieved an annual cost synergy run-rate of more than $800 million and more than $200 million of realized savings in the fourth quarter. DowDuPont is announcing today that it is increasing its cost synergy commitment from $3 billion to $3.3 billion. Cash flow from operations in the quarter was $4.2 billion, driven by increased cash earnings and Agriculture s seasonal cash inflow, partly offset by contributions to pension plans. The Company returned nearly $2 billion to shareholders in the quarter through dividends ($0.9 billion) and share repurchases ($1 billion). Fourth quarter GAAP results include net tax benefits of $1.1 billion (a significant item of $0.46 per share) related to remeasurements and charges as a result of new U.S. tax legislation. The Company expects this new legislation to translate into a 1-2 percentage point reduction in its 2018 tax rate versus previous expectations. The Company is announcing today that it has updated the timing and sequence of the intended separation of the companies: Materials Science is expected to separate by the end of the first quarter of 2019, and Agriculture and Specialty Products are expected to separate by June 1, (1) Adjusted earnings per share, Pro forma adjusted earnings per share, Operating EBITDA and Pro forma operating EBITDA are non-gaap measures. See page 9 for further discussion. Full-year 2017 and prior year information is on a pro forma basis and was determined in accordance with Article 11 of Regulation S-X. (2) Pension/OPEB (other post employment benefit plans) costs include all components of net periodic benefit cost from continuing operations. 1

6 CEO Quote Our fourth quarter operating results continued the strong performance that we delivered throughout 2017, as we grew our top and bottom lines by double digits in the quarter and the full year, said Ed Breen, chief executive officer of DowDuPont. Our 2017 results reflect robust underlying demand for many of our products, the power of our innovation engine and our leading positions in growing markets. We delivered these results while completing our merger, realigning the business around key end-markets, and achieving more than $800 million in run-rate savings from our cost synergy programs. Based on the progress we ve made, we are raising our commitment for cost synergies from $3 billion to $3.3 billion, an increase of 10 percent. We also are making significant progress standing up the intended public companies, which we now expect to spin about 14 to 16 months from today Full-Year Highlights GAAP earnings per share from continuing operations was $0.95. Pro forma adjusted earnings per share increased 22 percent to $3.40 versus the year-ago period. Pro forma adjusted earnings per share excludes significant items totaling net charges of $1.90 per share, as well as a $0.33 per share charge for DuPont amortization of intangible assets. GAAP net sales increased 30 percent. Pro forma net sales increased to $79.5 billion, up 12 percent versus the year-ago period, with gains in all operating segments and all geographies. Primary sales growth drivers were: Materials Science - Performance Materials & Coatings (37 percent), Industrial Intermediates & Infrastructure (17 percent) and Packaging & Specialty Plastics (13 percent); Specialty Products - Transportation & Advanced Polymers (14 percent) and Electronics & Imaging (12 percent); and Agriculture (2 percent). Sales rose double-digits in EMEA (17 percent), Asia Pacific (15 percent) and North America (10 percent). Sales in Latin America grew 5 percent. Pro forma operating EBITDA increased 15 percent to $16.2 billion, driven by volume and price gains, including new capacity additions; cost synergies and productivity actions; higher equity earnings; lower pension/opeb costs; and the full-year contribution of silicones. These gains more than offset higher feedstock costs, startup expenses on the U.S. Gulf Coast and the unfavorable impact of hurricanes. Increases were achieved in most operating segments, led by double-digit growth in Performance Materials & Coatings; Industrial Intermediates & Infrastructure; Electronics & Imaging; Transportation & Advanced Polymers; and Agriculture. Less than two weeks following merger close, DowDuPont announced certain targeted portfolio adjustments to the Materials Science and Specialty Products divisions to better align with end-markets and further enhance the competitive advantages of the intended companies. DowDuPont satisfied key regulatory remedies required of the merger transaction, including: divesting DuPont s cereal broadleaf herbicides and chewing insecticides portfolios, as well as certain parts of its crop protection R&D pipeline and organization to FMC; divesting Dow s PRIMACOR ethylene acrylic acid copolymers and ionomers business; and divesting a select portion of Dow AgroSciences' corn seed business in Brazil. The Company also closed its acquisition of FMC's Health and Nutrition business. 2

7 Fourth Quarter Segment Information Agriculture Sales of $2.8 billion were up 5 percent from pro forma net sales of $2.7 billion in the year-ago period. Volume and currency improvements of 2 percent and 1 percent, respectively, were partially offset by local price declines. Portfolio-related actions increased sales by 3 percent. Organic revenue growth was realized in both seed and crop protection. Seed volume and price rose slightly as earlier Brazil safrinha deliveries, doubling of corn sales in Argentina, driven by penetration of Leptra corn hybrids, and growth in the European sunflower and corn seed business were partially offset by the reduction in Brazil summer corn area. Crop protection volume improvement was driven by the continued penetration of new products such as Vessarya fungicide and increased demand for Optinyte nitrogen stabilizers and novel seed treatment solutions. Crop protection pricing declined, driven by generic pricing pressure, specifically in Latin America and Asia Pacific. Operating EBITDA for the segment more than doubled to $224 million, versus pro forma operating EBITDA of $100 million in the year-ago period. The improvement resulted primarily from synergies and other cost reductions, lower pension/opeb costs, volume increases, and a net portfolio gain. This improvement was partially offset by lower local price due to generic crop protection pricing pressure and higher soybean royalties. Full-year pro forma net sales of $14.3 billion rose 2 percent from pro forma net sales of $14.1 billion reported in the year-ago period driven by higher volumes and a portfolio gain. Full-year seed sales increased 5 percent due to both volume and price improvement. Full-year crop protection sales were down 1 percent as growth from new products was more than offset by pricing pressures in Latin America and high inventory levels in China. Full-year pro-forma operating EBITDA for the segment improved 12 percent to $2.6 billion versus pro forma operating EBITDA of $2.3 billion in the year-ago period. The improvement resulted primarily from higher volumes, synergies, lower pension/opeb costs and currency. Pro forma operating EBITDA growth was partially offset by lower local price due to generic crop protection pricing pressure and higher soybean royalties. Materials Science Performance Materials & Coatings Performance Materials & Coatings reported net sales of $2.2 billion, up 15 percent versus pro forma net sales of $1.9 billion in the year-ago period. The year-over-year gain was primarily driven by double-digit growth in both businesses, as well as double-digit increases across all geographic regions. Local price increased 10 percent, with gains in all geographic regions and both businesses. Volume grew 4 percent, driven by gains in North America, Asia Pacific and Latin America. Consumer Solutions delivered double-digit sales growth in all geographic regions, driven by strong gains in local price in Asia Pacific and EMEA; disciplined price/volume management in upstream silicone intermediate products; and broad-based demand for downstream applications including pressure sensitive adhesives and high performance building solutions. Coatings & Performance Monomers achieved double-digit growth in sales, on strong local price increases in all geographic regions and higher demand in North America. 3

8 Operating EBITDA increased to $613 million, up 56 percent from pro forma operating EBITDA of $392 million in the year-ago period, primarily due to increased pricing, higher equity earnings, strong end-market demand and cost synergies. Equity earnings for the segment totaled $223 million, compared with pro forma equity earnings of $176 million in the year-ago period, driven by two factors at the HSC Group - higher demand from the photovoltaics end-market and DowDuPont s share of a settlement of a long-term polysilicon sales agreement. Industrial Intermediates & Infrastructure Industrial Intermediates & Infrastructure reported net sales of $3.6 billion, up 27 percent versus pro forma net sales of $2.8 billion in the yearago period. Double-digit sales gains were reported in all geographic regions. Volume grew 13 percent while local price rose 12 percent. Polyurethanes & Chlor-Alkali and Vinyl (CAV) delivered robust sales growth in all geographic regions, driven by double-digit price and volume gains. The business also reported strong price and demand increases in downstream, higher-margin systems applications, as well as higher merchant sales of methylene diphenyl diisocyanate (MDI) and caustic where industry supply/demand fundamentals remained tight. Industrial Solutions grew sales double digits, led by surfactants, glycol ethers and ethylene glycols in consumer-driven applications, including electronics processing, crop defense and food and pharmaceuticals. The business delivered volume and price gains in all geographic regions. Construction Chemicals delivered sales growth driven by demand for methyl cellulosics in EMEA. Energy Solutions reported lower sales due to reduced project activity in energy market sectors. Operating EBITDA was $677 million, up 38 percent from pro forma operating EBITDA of $489 million in the year-ago period. Pricing momentum, improved equity earnings and demand growth in most businesses more than offset the impact of higher raw material costs. Equity earnings for the segment totaled $71 million, compared with pro forma equity earnings of $31 million in the year-ago period. The yearover-year growth was driven by improvement in Sadara equity losses due to further progression of facility startups and contributions from the EQUATE joint venture as a result of higher monoethylene glycol pricing. Packaging & Specialty Plastics The Packaging & Specialty Plastics segment reported net sales of $6.1 billion, up 17 percent from pro forma net sales of $5.2 billion in the year-ago period. Sales growth was driven by volume gains of 8 percent, local price increases of 7 percent and a 2 percent tailwind from currency, primarily in Europe. Volume highlights included double-digit percent growth in North America and EMEA on higher hydrocarbons sales, new capacity additions on the U.S. Gulf Coast and ramp-up in Sadara production. Local price gains were recorded in all geographic regions. The Packaging and Specialty Plastics business grew volume on continued consumer-led demand across key end-markets. Notable highlights included double-digit sales growth in food and specialty packaging as well as in industrial and consumer packaging end-markets in EMEA, enabled by the contributions of volumes from the Sadara joint venture. Volume growth in North America was driven by robust demand in food and specialty packaging as well as in health and hygiene applications, supported by start-up of the ELITE polyethylene unit. Gradual recovery from hurricane-related supply limitations continued to impact polyethylene sales volumes, particularly exports to Latin America, as well as global sales of ethylene copolymers and products for wire and cable applications. The business also delivered volume gains in 4

9 elastomers applications, including: footwear and photovoltaics applications in Asia Pacific; hot melt adhesives in EMEA; and infrastructure applications in North America. Operating EBITDA for the segment totaled $1.3 billion, flat with pro forma operating EBITDA in the year-ago period. Price and volume gains, including the benefit of new capacity additions, were offset by increased feedstock costs; cost and production impacts from hurricane-related disruptions and maintenance activities; as well as commissioning and startup costs for the U.S. Gulf Coast growth projects. Equity earnings for the segment were $59 million, down from pro forma equity earnings of $64 million in the year-ago period. Improvement in Sadara equity losses, driven by higher sales of polyethylene, were more than offset by reduced earnings at the Thai joint ventures, due to rising raw material costs, and at the Kuwait joint ventures, driven by planned maintenance activities. Specialty Products Electronics & Imaging Electronics & Imaging delivered net sales of $1.2 billion, an increase of 1 percent versus pro forma net sales in the year-ago period. Net sales growth was led by volume gains of 6 percent, which more than offset a 5 percent negative impact from portfolio-related actions (sales of the Display Films and Authentication businesses). Volume growth in the segment was driven by double-digit gains in consumer electronics, industrial and semiconductor end-markets, primarily in Asia Pacific. Continued demand for mobile phones and other consumer electronics, as well as industrial applications drove volume gains. Increased semiconductor content in end-use applications drove strong demand in both memory and logic market segments. Partially offsetting this growth was a decline in photovoltaics as demand for Tedlar film was more than offset by continued declines in Solamet paste due to competitive pressure. Operating EBITDA for the segment was $367 million, up 11 percent from pro forma operating EBITDA of $331 million in the year-ago period. Volume growth, lower pension/opeb costs, and cost synergies more than offset hurricane-related costs, a negative impact from portfolio and higher raw material costs. Nutrition & Biosciences Nutrition & Biosciences reported net sales of $1.6 billion, up from pro forma net sales of $1.4 billion in the year-ago period. Net sales growth of 10 percent was due to a 6 percent net benefit from portfolio, a 2 percent benefit from volume and a 2 percent benefit from currency. The positive impact from portfolio-related actions was due to the acquisition of FMC s Health & Nutrition business. Volume growth in the segment was led by increased demand for bioactives, continued growth in probiotics, demand for microbial control solutions in energy markets in North America, and growth in pharmaceuticals, including excipients and vegetal-based encapsulations. Growth in bioactives reflected strength in home and personal care and animal nutrition markets due to new product introductions. Continued growth in probiotics was driven by demand in Asia Pacific and Europe. Partially offsetting this growth were declines in systems and texturants due to continued weakness in packaged food markets, primarily in North America, and specific actions taken to exit low-margin market segments. Operating EBITDA for the segment was $352 million, up 14 percent from pro forma operating EBITDA of $309 million in the year-ago period driven by a portfolio benefit, lower pension/opeb costs, cost 5

10 synergies, and volume growth. Partially offsetting these gains was the absence of a $27 million gain from a prior-year asset sale. Transportation & Advanced Polymers Transportation & Advanced Polymers reported net sales of $1.3 billion, up from pro forma net sales of $1.2 billion in the year-ago period. Net sales growth of 10 percent included volume gains of 5 percent, local price benefits of 4 percent and 1 percent from currency. The growth, which was achieved in most geographies, was led by strong demand from the automotive market and broad-based demand from electronics and industrial markets. Focused application development and continued trends in light weighting of vehicles and higher temperature environments fueled stronger demand for adhesives and engineered polymers. The segment continued to outpace global industry auto builds, which according to IHS rose 1 percent in the quarter versus last year. Volume gains were also achieved by Kalrez and Vespel high-performance parts as demand from the electronics and aerospace markets remained robust while demand for specialty silicones in medical devices remained solid. Volume growth was led by Asia Pacific, followed by the Americas and Europe. Operating EBITDA for the segment was $365 million, up 32 percent from pro forma operating EBITDA of $276 million in the year-ago period. Benefits from lower pension/opeb costs, volume gains, improved local price and cost synergies more than offset higher raw material costs. Safety & Construction Safety and Construction delivered net sales of $1.3 billion, compared with pro forma net sales of $1.2 billion for the year-ago period. Net sales growth of 4 percent was driven by volume gains of 4 percent and currency of 1 percent, partly offset by a decrease in local price of 1 percent. Volume growth reflected continued solid demand across industrial markets, construction and medical packaging. Local price declines reflected pressure in isolated areas of aramids as well as product mix, partly offset by gains in building solutions. The volume gain was led by Tyvek protective materials, which achieved double-digit percent volume growth due to increased demand from industrial and construction markets as well as medical packaging. Contributing to the volume gain was a high-single-digit percent increase in Kevlar high-strength materials, reflecting higher demand from industrial markets. A low-single-digit percent volume gain from water filtration reflected strength in ion exchange resins and ultra-filtration in industrial applications. Building Solutions volumes also rose by the low-singledigits percent with gains in foam board amid stronger construction demand. Nomex thermal-resistant garment volumes were even with strong sales in the prior year s quarter while Corian design volume was constrained by raw material availability. Regionally, volume growth was driven by Europe, followed by Asia Pacific and Latin America. Drivers included Tyvek for graphics and house wrap in EMEA, and gains from Kevlar in Asia Pacific. Operating EBITDA for the segment was $285 million, up 26 percent from pro forma operating EBITDA of $227 million in the year-ago period as lower pension/opeb costs and broad-based volume growth was partly offset by the impact of lower local price and higher raw material costs. 6

11 Outlook The trajectory of global economic expansion has gained momentum - driven by robust fundamentals in consumer and business confidence, employment and wage growth and manufacturing and infrastructure investment activity, said Andrew Liveris, executive chairman of DowDuPont. In developed economies in particular, such as the United States, Germany, France, Canada and the U.K., we continue to see strong leading indicators of broad-based growth. Furthermore, early signs from the business community point to U.S. tax reform as a catalyst for further domestic capital investments, which will take advantage of enhanced competitiveness and pro-business incentives. Adding to this, the emerging middle class in developing economies, most notably in India and China, but also in Africa and the Middle East, continues to support sustainable growth. All of this bodes well for the products and technologies within DowDuPont s portfolio, which are well positioned to meet growing needs in the Materials Science, Agriculture and Specialty Product sectors. Looking ahead, our levers of value creation are clear: continuing to further unlock the cost and growth synergies of this merger transaction, capitalizing on our early success and achieving the enhanced cost synergy commitment we are announcing today; delivering new products from our in-flight growth investments and powerful innovation pipeline; and quickly standing and separating into three industry-leading companies on the new accelerated timeline we announced today. Conference Call The Company will host a live webcast of its fourth quarter and full-year earnings conference call with investors to discuss its results, business outlook and other matters today at 8:00 a.m. ET. The slide presentation that accompanies the conference call will be posted on the DowDuPont Investor Relations events and presentations page. A replay of the webcast will also be available on the investor events and presentations page of About DowDuPont DowDuPont (NYSE: DWDP) is a holding company comprised of The Dow Chemical Company and DuPont with the intent to form strong, independent, publicly traded companies in agriculture, materials science and specialty products sectors that will lead their respective industries through productive, science-based innovation to meet the needs of customers and help solve global challenges. For more information, please visit us at Contact Information: Investors: Greg Friedman greg.friedman@dupont.com Neal Sheorey nrsheorey@dow.com Media: Rachelle Schikorra ryschikorra@dow.com Dan Turner daniel.a.turner@dupont.com

12 Cautionary Statement About Forward-Looking Statements This communication contains forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as expect, anticipate, intend, plan, believe, seek, see, will, would, target, similar expressions, and variations or negatives of these words. On December 11, 2015, The Dow Chemical Company ( Dow ) and E. I. du Pont de Nemours and Company ( DuPont ) announced entry into an Agreement and Plan of Merger, as amended on March 31, 2017, (the Merger Agreement ) under which the companies would combine in an all-stock merger of equals transaction (the Merger ). Effective August 31, 2017, the Merger was completed and each of Dow and DuPont became subsidiaries of DowDuPont Inc. ( DowDuPont or the Company ). Forward-looking statements by their nature address matters that are, to varying degrees, uncertain, including the intended separation, subject to approval of the Company s board of directors, of DowDuPont s agriculture, materials science and specialty products businesses in one or more tax efficient transactions on anticipated terms (the Intended Business Separations ). Forwardlooking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond the Company s control. Some of the important factors that could cause DowDuPont s, Dow s or DuPont s actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: (i) costs to achieve and achieving the successful integration of the respective agriculture, materials science and specialty products businesses of Dow and DuPont, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, productivity actions, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the combined operations; (ii) costs to achieve and achievement of the anticipated synergies by the combined agriculture, materials science and specialty products businesses; (iii) risks associated with the Intended Business Separations, including conditions which could delay, prevent or otherwise adversely affect the proposed transactions, including possible issues or delays in obtaining required regulatory approvals or clearances related to the Intended Business Separations, associated cost, disruptions in the financial markets or other potential barriers; (iv) disruptions or business uncertainty, including from the Intended Business Separations, could adversely impact DowDuPont s business (either directly or as conducted by and through Dow or DuPont), or financial performance and its ability to retain and hire key personnel; (v) uncertainty as to the long-term value of DowDuPont common stock; and (vi) risks to DowDuPont s, DuPont s and Dow s business, operations and results of operations from: the availability of and fluctuations in the cost of energy and feedstocks; balance of supply and demand and impact of balance on prices; failure to develop and market new products and optimally manage product life cycles; ability, cost and impact on business operations, including the supply chain, of responding to changes in market acceptance, rules, regulations and policies and failure to respond to such changes; outcome of significant litigation, environmental matters and other commitments and contingencies; failure to appropriately manage process safety and product stewardship issues; global economic and capital markets conditions, including the continued availability of capital and financing, as well as inflation, interest and currency exchange rates; changes in political conditions, business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, natural disasters and weather events and patterns which could result in a significant operational event for the Company, adversely impact demand or production; ability to discover, develop and protect new technologies and to protect and enforce the Company s intellectual property rights; failure to effectively manage acquisitions, divestitures, alliances, joint ventures and other portfolio changes; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as management s response to any of the aforementioned factors. These risks are and will be more fully discussed in the current, quarterly and annual reports filed with the U. S. Securities and Exchange Commission by DowDuPont. While the list of factors presented here is, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forwardlooking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DowDuPont s, Dow s or DuPont s consolidated financial condition, results of operations, credit rating or liquidity. None of DowDuPont, Dow or DuPont assumes any obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. 8

13 Merger of Equals Effective August 31, 2017, pursuant to the merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017 (the "Merger Agreement"), The Dow Chemical Company ("Dow") and E. I. du Pont de Nemours & Company ("DuPont") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont" or the "Company") and, as a result, Dow and DuPont became subsidiaries of DowDuPont Inc. (the "Merger"). Dow was determined to be the accounting acquirer in the Merger and, as a result, the historical financial statements of Dow, prepared under U.S. generally accepted accounting principles ("U.S. GAAP"), for the periods prior to the Merger are considered to be the historical financial statements of DowDuPont. Unaudited Pro Forma Financial Information In order to provide the most meaningful comparison of results of operations and results by segment, supplemental unaudited pro forma financial information has been included in the following financial schedules. The unaudited pro forma financial information is based on the historical consolidated financial statements and accompanying notes of both Dow and DuPont and has been prepared to illustrate the effects of the Merger, assuming the Merger had been consummated on January 1, The results for the three months ended December 31, 2017, are presented on a U.S. GAAP basis. For all other periods presented, adjustments have been made for (1) the preliminary purchase accounting impact, (2) accounting policy alignment, (3) eliminate the effect of events that are directly attributable to the Merger Agreement (e.g., one-time transaction costs), (4) eliminate the impact of transactions between Dow and DuPont, and (5) eliminate the effect of consummated divestitures agreed to with certain regulatory agencies as a condition of approval for the Merger. The unaudited pro forma financial information was based on and should be read in conjunction with the separate historical financial statements and accompanying notes contained in each of the Dow and DuPont Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K for the applicable periods. The pro forma financial statements were prepared in accordance with Article 11 of Regulation S-X. The unaudited pro forma financial information has been presented for informational purposes only and is not necessarily indicative of what DowDuPont's results of operations actually would have been had the Merger been completed as of January 1, 2016, nor is it indicative of the future operating results of DowDuPont. The unaudited pro forma financial information does not reflect any cost or growth synergies that DowDuPont may achieve as a result of the Merger, future costs to combine the operations of Dow and DuPont or the costs necessary to achieve any cost or growth synergies. Non-GAAP Financial Measures This earnings release includes information that does not conform to U.S. GAAP and are considered non-gaap measures. These measures include the Company's pro forma consolidated results and pro forma earnings per share on an adjusted basis. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company's segments, including allocating resources. DowDuPont's management believes that these non-gaap measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year-over-year results. These non-gaap measures supplement the Company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-gaap measures may not be consistent with similar measures provided or used by other companies. Non-GAAP measures included in this release are defined below. Reconciliations for these non-gaap measures to GAAP are provided in the Pro Forma Consolidated Statements of Income on page 12 and the Selected Pro Forma Financial Information and Non-GAAP Measures starting on page 14. Adjusted earnings per share is defined as Earnings per common share from continuing operations - diluted excluding the after-tax impact of significant items and the after-tax impact of amortization expense associated with DuPont s intangible assets. Pro forma adjusted earnings per share is defined as Pro Forma earnings per common share from continuing operations - diluted excluding the after-tax impact of pro forma significant items and the after-tax impact of pro forma amortization expense associated with DuPont s intangible assets. Although amortization of DuPont s intangible assets is excluded from these non-gaap measures, management believes it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in amortization of additional intangible assets. Operating EBITDA is defined as earnings (i.e., Income from continuing operations before income taxes ) before interest, depreciation, amortization and foreign exchange gains (losses), excluding the impact of significant items. Pro forma operating EBITDA is defined as earnings (i.e., Pro Forma income from continuing operations before income taxes ) before interest, depreciation, amortization and foreign exchange gains (losses), excluding the impact of significant items. 9

14 DowDuPont Inc. Consolidated Statements of Income Three Months Ended Twelve Months Ended (In millions, except per share amounts) Unaudited Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 Net sales $ 20,066 $ 13,020 $ 62,484 $ 48,158 Cost of sales 17,284 10,574 50,414 37,640 Research and development expenses ,110 1,584 Selling, general and administrative expenses 1, ,021 2,956 Amortization of intangibles , Restructuring, goodwill impairment and asset related charges - net 3, , Integration and separation costs , Asbestos-related charge 1,113 1,113 Equity in earnings of nonconsolidated affiliates Sundry income (expense) - net ,452 Interest expense and amortization of debt discount , Income (Loss) from continuing operations before income taxes (2,874) (198) 1,193 4,413 Provision (Credit) for income taxes on continuing operations (1,715) (282) (476) 9 Income (Loss) from continuing operations, net of tax (1,159) 84 1,669 4,404 Loss from discontinued operations, net of tax (57) (77) Net income (loss) (1,216) 84 1,592 4,404 Net income attributable to noncontrolling interests Net income (loss) attributable to DowDuPont Inc. (1,263) 52 1,460 4,318 Preferred stock dividends Net income (loss) available for DowDuPont Inc. common stockholders $ (1,263) $ (33) $ 1,460 $ 3,978 Per common share data: Earnings (Loss) per common share from continuing operations - basic $ (0.52) $ (0.03) $ 0.97 $ 3.57 Loss per common share from discontinued operations - basic (0.02) (0.05) Earnings (Loss) per common share - basic $ (0.54) $ (0.03) $ 0.92 $ 3.57 Earnings (Loss) per common share from continuing operations - diluted $ (0.52) $ (0.03) $ 0.95 $ 3.52 Loss per common share from discontinued operations - diluted (0.02) (0.04) Earnings (Loss) per common share - diluted $ (0.54) $ (0.03) $ 0.91 $ 3.52 Dividends declared per share of common stock $ 0.38 $ 0.46 $ 1.76 $ 1.84 Weighted-average common shares outstanding - basic 2, , , ,108.1 Weighted-average common shares outstanding - diluted 2, , , ,123.2 Note: The consolidated statements of income for the three and twelve months ended December 31, 2017 and 2016, reflect the results of Dow for all periods presented and the results of DuPont for the periods beginning on and after September 1,

15 DowDuPont Inc. Consolidated Balance Sheets (In millions, except share amounts) Unaudited Dec 31, 2017 Dec 31, 2016 Current Assets Assets Cash and cash equivalents (variable interest entities restricted : $107; 2016: $75) $ 13,438 $ 6,607 Marketable securities 956 Accounts and notes receivable: Trade (net of allowance for doubtful receivables : $134; 2016: $110) 11,314 4,666 Other 5,579 4,312 Inventories 16,992 7,363 Other current assets 1, Total current assets 49,893 23,659 Investments Investment in nonconsolidated affiliates 5,336 3,747 Other investments (investments carried at fair value : $1,512; 2016: $1,959) 2,564 2,969 Noncurrent receivables Total investments 8,580 7,424 Property Property 73,304 57,438 Less accumulated depreciation 37,057 33,952 Net property (variable interest entities restricted : $907; 2016: $961) 36,247 23,486 Other Assets Goodwill 59,527 15,272 Other intangible assets (net of accumulated amortization : $5,550; 2016: $4,295) 33,274 6,026 Deferred income tax assets 1,869 3,079 Deferred charges and other assets 2, Total other assets 97,444 24,942 Total Assets $ 192,164 $ 79,511 Current Liabilities Liabilities and Equity Notes payable $ 1,948 $ 272 Long-term debt due within one year 2, Accounts payable: Trade 9,134 4,519 Other 3,727 2,097 Income taxes payable Accrued and other current liabilities 8,409 4,481 Total current liabilities 26,128 12,604 Long-Term Debt (variable interest entities nonrecourse : $249; 2016: $330) 30,056 20,456 Other Noncurrent Liabilities Deferred income tax liabilities 6, Pension and other postretirement benefits - noncurrent 18,581 11,375 Asbestos-related liabilities - noncurrent 1,237 1,364 Other noncurrent obligations 7,969 5,560 Total other noncurrent liabilities 34,053 19,222 Stockholders' Equity Common stock (2017: authorized 5,000,000,000 shares of $0.01 par value each, issued 2,341,455,518 shares; 2016: authorized 1,500,000,000 shares of $2.50 par value each, issued 1,242,794,836) 23 3,107 Additional paid-in capital 81,257 4,262 Retained earnings 29,211 30,338 Accumulated other comprehensive loss (8,972) (9,822) Unearned ESOP shares (189) (239) Treasury stock at cost (2017: 14,123,049 shares; 2016: 31,661,501 shares) (1,000) (1,659) DowDuPont's stockholders' equity 100,330 25,987 Noncontrolling interests 1,597 1,242 Total equity 101,927 27,229 Total Liabilities and Equity $ 192,164 $ 79,511 Note: The consolidated balance sheet at December 31, 2017, reflects the financial position of DowDuPont. The consolidated balance sheet at December 31, 2016, solely reflects the financial position of Dow. 11

16 DowDuPont Inc. Pro Forma Consolidated Statements of Income Three Months Ended Twelve Months Ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 In millions, except per share amounts (Unaudited) As Reported Pro Forma Pro Forma Pro Forma Net sales $ 20,066 $ 17,734 $ 79,535 $ 70,894 Cost of sales 17,284 13,688 60,960 51,996 Research and development expenses ,157 3,061 Selling, general and administrative expenses 1,553 1,548 6,776 6,701 Amortization of intangibles ,743 1,624 Restructuring, goodwill impairment and asset related charges - net 3, ,593 1,151 Integration and separation costs , Asbestos-related charge 1,113 1,113 Equity in earnings of nonconsolidated affiliates Sundry income (expense) - net ,903 Interest expense and amortization of debt discount ,256 1,108 Income (Loss) from continuing operations before income taxes $ (2,874) $ (286) $ 2,310 $ 6,083 Provision (Credit) for income taxes on continuing operations (1,715) (323) (602) 288 Income (Loss) from continuing operations, net of tax $ (1,159) $ 37 $ 2,912 $ 5,795 Net income attributable to noncontrolling interests Net income (loss) from continuing operations attributable to DowDuPont Inc. $ (1,206) $ 4 $ 2,753 $ 5,687 Preferred stock dividends Net income (loss) from continuing operations available for DowDuPont Inc. common stockholders $ (1,206) $ (81) $ 2,753 $ 5,347 Per common share data: Earnings (Loss) per common share from continuing operations - basic $ (0.52) $ (0.04) $ 1.18 $ 2.40 Earnings (Loss) per common share from continuing operations - diluted $ (0.52) $ (0.04) $ 1.17 $ 2.37 Weighted-average common shares outstanding - basic 2, , , ,221.3 Weighted-average common shares outstanding - diluted 2, , , ,242.1 Reconciliation of Pro Forma Earnings (Loss) Per Common Share from Continuing Operations - Diluted to Pro Forma Adjusted Earnings Per Common Share from Continuing Three Months Ended Twelve Months Ended Operations - Diluted 1 Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 Dollars per share As Reported Pro Forma Pro Forma Pro Forma Pro forma earnings (loss) per common share from continuing operations - diluted $ (0.52) $ (0.04) $ 1.17 $ Impact of pro forma significant items, after-tax 2 (1.26) (0.55) (1.90) (0.09) - Impact of pro forma amortization of DuPont's intangible assets, after-tax (0.09) (0.08) (0.33) (0.33) Pro forma adjusted earnings per common share from continuing operations - diluted (Non-GAAP) 3 $ 0.83 $ 0.59 $ 3.40 $ Adjusted earnings per common share ( Adjusted EPS ) and Pro forma adjusted earnings per share ( Pro Forma Adjusted EPS ) are non-gaap measures. See further discussion and definition of these measures on page Refer to Selected Pro Forma Financial Information and Non-GAAP Measures section for additional information on the impact of reported and pro forma significant items. 3. For the three months ended December 31, 2017, Adjusted EPS is calculated as Loss per common share from continuing operations - diluted excluding the after-tax impact of significant items and the after-tax impact of amortization expense associated with DuPont s intangible assets. For the three months ended December 31, 2016 and the twelve-month periods ended December 31, 2017 and 2016, Pro Forma Adjusted EPS is calculated as Pro forma earnings (loss) per common share from continuing operations - diluted, excluding the after-tax impact of pro forma significant items and the after-tax impact of pro forma amortization expense associated with DuPont s intangible assets. 12

17 DowDuPont Inc. Pro Forma Net Sales by Segment and Geographic Region Pro Forma Net Sales by Segment and Geographic Region Three Months Ended Twelve Months Ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 In millions (Unaudited) As Reported Pro Forma Pro Forma Pro Forma Agriculture $ 2,787 $ 2,664 $ 14,342 $ 14,060 Performance Materials & Coatings 2,203 1,922 8,740 6,362 Industrial Intermediates & Infrastructure 3,554 2,805 12,640 10,820 Packaging & Specialty Plastics 6,092 5,212 22,392 19,848 Electronics & Imaging 1,192 1,182 4,775 4,266 Nutrition & Biosciences 1,589 1,450 5,980 5,763 Transportation & Advanced Polymers 1,297 1,181 5,131 4,497 Safety & Construction 1,290 1,236 5,142 4,984 Corporate Total $ 20,066 $ 17,734 $ 79,535 $ 70,894 U.S. & Canada $ 7,034 $ 6,368 $ 30,986 $ 28,230 EMEA 1 5,584 4,482 21,932 18,797 Asia Pacific 4,893 4,497 17,906 15,566 Latin America 2,555 2,387 8,711 8,301 Total $ 20,066 $ 17,734 $ 79,535 $ 70,894 Pro Forma Net Sales Variance by Segment and Geographic Region Percent change from prior year Three Months Ended Dec 31, 2017 Twelve Months Ended Dec 31, 2017 Local Price & Product Mix Currency Volume Portfolio / Other 2 Total Local Price & Product Mix Currency Volume Portfolio / Other 2 Total Agriculture (1)% 1% 2% 3 % 5% % % 1% 1% 2% Performance Materials & Coatings Industrial Intermediates & Infrastructure Packaging & Specialty Plastics Electronics & Imaging 6 (5) 1 (1) Nutrition & Biosciences Transportation & Advanced Polymers Safety & Construction (1) (1) 4 3 Total 5 % 1% 6% 1 % 13% 4 % % 5% 3% 12% U.S. & Canada 5 % % 5% % 10% 4 % % 3% 3% 10% EMEA Asia Pacific Latin America Total 5 % 1% 6% 1 % 13% 4 % % 5% 3% 12% 1. Europe, Middle East and Africa. 2. Pro forma net sales for Agriculture excludes sales related to the November 30, 2017, divestiture of a portion of Dow AgroSciences' corn seed business in Brazil for the period January 1, 2016 through August 31, 2017; sales from September 1, 2017 through November 30, 2017, are included in Portfolio/Other. Pro forma net sales also excludes sales related to the September 1, 2017, divestiture of the global Ethylene Acrylic Acid ("EAA") copolymers and ionomers business for the period January 1, 2016 through August 31, Portfolio/Other includes sales for the acquisition of the H&N Business acquired on November 1, 2017, impacting Nutrition & Biosciences. Portfolio/Other also reflects sales from January 1, 2017 through May 31, 2017, related to the ownership restructure of Dow Corning Corporation on June 1, 2016 (impacts Performance Materials & Coatings, Electronics & Imaging and Transportation & Advanced Polymers); the divestitures of SKC Haas Display Films group of companies (divested June 30, 2017) and the authentication business (divested on January 6, 2017), impacting Electronics & Imaging; and, the divestiture of the global food safety diagnostic business (divested February 28, 2017), impacting Nutrition & Biosciences. 13

18 DowDuPont Inc. Selected Pro Forma Financial Information and Non-GAAP Measures Pro Forma Operating EBITDA by Segment 1 Three Months Ended Twelve Months Ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 In millions (Unaudited) As Reported Pro Forma Pro Forma Pro Forma Agriculture $ 224 $ 100 $ 2,611 $ 2,322 Performance Materials & Coatings ,121 1,228 Industrial Intermediates & Infrastructure ,282 1,672 Packaging & Specialty Plastics 1,274 1,273 4,698 5,129 Electronics & Imaging ,486 1,173 Nutrition & Biosciences ,302 1,227 Transportation & Advanced Polymers ,319 1,045 Safety & Construction ,190 1,130 Corporate (219) (212) (843) (812) Total $ 3,938 $ 3,185 $ 16,166 $ 14,114 Pro Forma Significant Items by Segment (Pretax) Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 In millions (Unaudited) As Reported Pro Forma Pro Forma Pro Forma Agriculture $ 159 $ 4 $ (393) $ (45) Performance Materials & Coatings (1,581) 16 (1,578) 1,363 Industrial Intermediates & Infrastructure (17) (1) (17) (1,313) Packaging & Specialty Plastics (808) (119) (472) (129) Electronics & Imaging (219) 4 (272) 440 Nutrition & Biosciences (301) (3) (249) (162) Transportation & Advanced Polymers (146) 7 (218) 279 Safety & Construction (197) (496) Corporate (1,879) (1,859) (3,132) (2,097) Total $ (4,989) $ (1,951) $ (6,827) $ (1,664) Pro Forma Equity in Earnings (Losses) of Nonconsolidated Affiliates by Segment 2 Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 In millions (Unaudited) As Reported Pro Forma Pro Forma Pro Forma Agriculture $ 4 $ 13 $ (5) $ 10 Performance Materials & Coatings Industrial Intermediates & Infrastructure (18) Packaging & Specialty Plastics Electronics & Imaging Nutrition & Biosciences Transportation & Advanced Polymers (3) 7 15 Safety & Construction Corporate (1) (14) (16) (39) Total $ 362 $ 283 $ 804 $ 516 Reconciliation of "Pro forma income (loss) from continuing operations, net of tax" to "Pro forma Operating EBITDA" Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 In millions (Unaudited) As Reported Pro Forma Pro Forma Pro Forma Pro forma income (loss) from continuing operations, net of tax $ (1,159) $ 37 $ 2,912 $ 5,795 + Provision (Credit) for income taxes on continuing operations (1,715) (323) (602) 288 Pro forma income (loss) from continuing operations before income taxes $ (2,874) $ (286) $ 2,310 $ 6,083 + Depreciation and amortization 1,451 1,385 5,546 5,236 - Interest income Interest expense and amortization of debt discount ,256 1,108 - Foreign exchange gains (losses), net 3 (79) 82 (457) (232) Pro forma EBITDA $ (1,051) $ 1,234 $ 9,339 $ 12,450 - Adjusted significant items 4 (4,989) (1,951) (6,827) (1,664) Pro forma Operating EBITDA $ 3,938 $ 3,185 $ 16,166 $ 14, The Company uses Operating EBITDA (for the three months ended December 31, 2017) and Pro Forma Operating EBITDA (for the three months ended December 31, 2016 and the twelve-month periods ended December 31, 2017 and 2016), as its measure of profit/loss for segment reporting. The Company defines Operating EBITDA as earnings (i.e., Income (loss) from continuing operations before income taxes ) before interest, depreciation, amortization and foreign exchange gains (losses), excluding the impact of significant items. Pro Forma Operating EBITDA is defined as pro forma earnings (i.e., pro forma Income (loss) from continuing operations before income taxes ) before interest, depreciation, amortization and foreign exchange gains (losses), excluding the impact of adjusted significant items. 2. Does not exclude the impact of significant items. 3. Included in "Sundry income (expense) - net." 4. Adjusted significant items, excluding the impact of one-time transaction costs directly attributable to the Merger and reflected in the pro forma adjustments.

19 14

20 DowDuPont Inc. Selected Pro Forma Financial Information and Non-GAAP Measures Reconciliation of Pro Forma Pretax Impact 2 Net Income 3 EPS - Diluted 4 Non-GAAP Measures 1 Three Months Ended Dec Twelve Months Ended Three Months Ended Twelve Months Ended Three Months Ended Twelve Months Ended In millions, except per share amounts (Unaudited) 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Significant Items Impacting Results Reported pro forma results $ (2,874) $ (286) $ 2,310 $ 6,083 $ (1,206) $ (81) $ 2,753 $ 5,347 $ (0.52) $ (0.04) $ 1.17 $ Significant items: Asbestos-related charge 5 (1,113) (1,113) (701) (701) (0.31) (0.31) Charge for the termination of a terminal use agreement 6 (117) (117) (74) (74) (0.03) (0.03) Customer claims adjustment/recovery Environmental charges 8 (295) (295) (205) (205) (0.09) (0.09) Gains on sales of businesses/entities , Impact of Dow Corning ownership restructure 10 2,106 2, Integration and separation costs 11 (502) (223) (1,499) (476) (351) (177) (1,028) (367) (0.15) (0.08) (0.44) (0.16) Merger-related inventory step-up amortization 12 (1,116) (1,483) (933) (1,231) (0.40) (0.53) Litigation related charges, awards and adjustments (332) (1,208) 17 (215) (761) 0.01 (0.08) (0.34) Restructuring, goodwill impairment and asset related charges - net 14 (3,114) (557) (3,594) (1,176) (2,842) (357) (3,161) (782) (1.21) (0.16) (1.34) (0.35) Settlement and curtailment items 15 (892) 382 (892) 382 (594) 254 (594) 254 (0.25) 0.11 (0.25) 0.11 Transaction costs and productivity actions 16 (55) (58) (195) (37) (37) (159) (0.02) (0.02) (0.08) Income tax items 17 1, ,151 (13) Total significant items $ (4,989) $ (1,951) $ (6,827) $ (1,664) $ (2,954) $ (1,236) $ (4,470) $ (204) $ (1.26) $ (0.55) $ (1.90) $ (0.09) - DuPont amortization of intangibles (300) (266) (1,119) (1,080) (208) (180) (766) (730) (0.09) (0.08) (0.33) (0.33) Pro forma adjusted results (Non-GAAP) $ 2,415 $ 1,931 $ 10,256 $ 8,827 $ 1,956 $ 1,335 $ 7,989 $ 6,281 $ 0.83 $ 0.59 $ 3.40 $ The results for the three months ended December 31, 2017, are presented on an as reported basis. The three months ended December 31, 2016 and the twelve months ended December 31, 2017 and 2016, are reported on a pro forma basis. 2. Pro forma "Income (loss) from continuing operations before income taxes." 3. Pro forma "Net income (loss) available for DowDuPont Inc. common stockholders." The income tax effect on significant items is calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-gaap adjustment. 4. Pro forma "Earnings (loss) per common share from continuing operations - diluted." 5. Pretax charge related to Dow's election to change its method of accounting for asbestos-related defense costs from expensing as incurred to estimating and accruing a liability, included in "Asbestos-related charge." As a result of this accounting policy change, Dow recorded a pretax charge of $1,009 million for asbestos-related defense costs through the terminal date of Dow also recorded a pretax charge of $104 million to increase the asbestos-related liability for pending and future claims through the terminal date of Pretax charge related to Dow's termination of a terminal use agreement, included in "Cost of sales." 7. Pretax gain of $53 million, included in "Selling, general and administrative expenses," for a reduction in customer claims accrual ($23 million) and insurance recoveries for recovery of costs for customer claims related to the use of DuPont's Imprelis herbicide ($30 million). 8. Pretax charge for environmental remediation activities at a number of historical Dow locations, primarily resulting from the culmination of negotiations with regulators and/or final agency approval, included in "Cost of sales." 9. Gains on sales of businesses/entities were recorded in "Sundry income (expense) - net." The three months ended December 31, 2017, includes a pretax gain of $635 million related to the sale of a portion of Dow AgroSciences' corn seed business in Brazil. In addition to this item, the twelve months ended December 31, 2017, includes: - Pretax gain of $227 million related to the sale of Dow's global EAA copolymers and ionomers business. - Pretax gain of $162 million associated with the sale of DuPont's global food safety diagnostics business. - Pretax gain of $7 million related to post-closing adjustments on the split-off of Dow's chlorine value chain. The twelve months ended December 31, 2016, includes the following items: - Pretax gain of $369 million associated with the sale of the DuPont (Shenzhen) Manufacturing Limited entity. - Pretax gain of $6 million related to post-closing adjustments on the split-off of Dow's chlorine value chain. 10. Includes a non-taxable gain of $2,445 million related to the Dow Corning ownership restructure, included in "Sundry income (expense) - net"; a $317 million charge for the fair value step-up in inventories, included in "Cost of sales"; and, a pretax loss of $22 million related to the early redemption of debt incurred by Dow Corning, included in "Equity in earnings of nonconsolidated affiliates." 11. Integration and separation costs related to the Merger, post-merger integration and intended business separation activities, and costs related to the ownership restructure of Dow Corning, included in "Integration and separation costs." 12. The three and twelve months ended December 31, 2017, include a pretax loss of $1,116 million and $1,483 million, respectively, for the fair value step-up in DuPont's inventories as a result of the Merger and acquisition of the FMC H&N business, included in "Cost of sales" ($1,109 million and $1,469 million for the three and twelve months, respectively) and the amortization of a basis difference related to the fair value step-up in inventories, included in "Equity in earnings of nonconsolidated affiliates" ($7 million and $14 million for the three and twelve months, respectively). 13. The twelve months ended December 31, 2017, includes a pretax loss of $469 million related to Dow AgroSciences' arbitration matter with Bayer CropScience and a pretax gain of $137 million related to Dow's patent infringement matter with Nova Chemicals Corporation, both included in "Sundry income (expense) - net." The three months ended December 31, 2016, includes a pretax credit of $27 million related to a decrease in Dow Corning's implant liability, included 15

21 DowDuPont Inc. Selected Pro Forma Financial Information and Non-GAAP Measures in "Sundry income (expense) - net." In addition to this item, the twelve months ended December 31, 2016, includes a pretax loss of $1,235 million related to Dow's settlement of the urethane matters class action lawsuit and the opt-out cases litigation, included in "Sundry income (expense) - net." 14. The three and twelve months ended December 31, 2017, include the following pretax impacts recorded in Restructuring, goodwill impairment and asset related charges, net : - Impairment charge of $1,491 million related to goodwill associated with the Coatings & Performance Monomers reporting unit; and an impairment charge of $939 million related to Dow manufacturing assets and facilities and an equity method investment. - Restructuring charges of $695 million and $875 million during the three and twelve months, respectively, related to the DowDuPont Cost Synergy Program (including the following charges for the three and twelve months, respectively: $331 million and $500 million of severance and related benefit costs, $290 million and $301 million of asset write-downs and write-offs, and $74 million for contract termination costs). - Restructuring charge of $312 million during the twelve months consisting of severance charges of $33 million and asset-related charges of $279 million, primarily associated with actions to improve DuPont plant productivity. - Gain of $11 million and $23 million for the three and twelve months, respectively, related to adjustments to prior years restructuring programs. The three and twelve months ended December 31, 2016, include the following pretax impacts recorded in Restructuring, goodwill impairment and asset related charges, net unless specifically addressed below: - Impairment charge of $435 million related to the write-down of DuPont's uncompleted enterprise resource planning system. - Charge related to AgroFresh, including a partial impairment charge of $143 million of Dow s investment in AgroFresh Solutions Inc. and post-closing adjustments of $20 million related to non-cash consideration (included in "Sundry income (expense) - net"). - Net gains of $34 million and $102 million during the three and twelve months, respectively, related to adjustments to DuPont s 2016 and 2014 restructuring programs. The charge in the twelve months includes $3 million recorded in "Sundry income (expense) - net." - Gain of $7 million and net charge of $68 million during the three and twelve months, respectively, related to the decision to not re-start the insecticide manufacturing facility at the DuPont site in La Porte, Texas. - Charge of $449 million during the twelve months for a restructuring plan that incorporated actions related to the ownership restructure of Dow Corning. - Asset impairment charge of $158 million during the twelve months related to DuPont s indefinite lived intangible assets. - Charge of $5 million during the twelve months related to adjustments to Dow s 2015 restructuring program. 15. The three and twelve months ended December 31, 2017, include a pretax settlement charge of $892 million related to the payment of plan obligations to certain participants of a Dow U.S. non-qualified pension plan as a result of the Merger, included in "Cost of sales" ($888 million) and "Selling, general and administrative expenses" ($4 million). The three and twelve months ended December 31, 2016, include a pretax gain of $382 million related to changes to DuPont's U.S. pension plan and U.S. other postretirement benefits plan, included in "Cost of sales" ($172 million), "Selling, general and administrative expenses" ($153 million) and "Research and development expenses" ($57 million). 16. Includes implementation costs associated with Dow's restructuring programs and other productivity actions, recorded in: - "Cost of sales" ($39 million in the three months ended December 31, 2016; $49 million and $123 million in the twelve months ended December 31, 2017 and 2016, respectively). - "Selling, general and administrative expenses" ($8 million in the three months ended December 31, 2016; $9 million and $31 million in the twelve months ended December 31, 2017 and 2016, respectively). - "Sundry income (expense) - net" ($8 million and $41 million in the three and twelve months ended December 31, 2016, respectively). 17. Income tax items were recorded in "Provision (Credit) for income taxes on continuing operations." The three months ended December 31, 2017, includes a net tax benefit of $1,086 million related to the recognition of the effects of new U.S. tax legislation, as well as a net tax benefit of $261 million related to an internal legal entity restructuring associated with the intended business separations. In addition to this item, the twelve months ended December 31, 2017, includes: - Tax charge of $267 million related to changes in tax attributes resulting from the Merger, including a reduction in a deferred tax asset in Germany and the recognition of deferred tax gains in the United States. - Tax benefit of $100 million related to a reduction in DuPont's unrecognized tax benefits, and reversal of associated interest, due to the closure of various tax statutes of limitations. - Tax charge of $29 million related to the elimination of a tax benefit resulting from DuPont's second quarter 2017 principal U.S. pension plan contribution. The three and twelve months ended December 31, 2016, include a tax benefit of $44 million and a tax charge of $57 million, respectively, for the settlement of an uncertain tax position associated with a historical change in the legal ownership structure of a Dow nonconsolidated affiliate. Trademark of The Dow Chemical Company ("Dow") or E. I. du Pont de Nemours and Company ("DuPont") or affiliated companies of Dow or DuPont. 16

22 DowDuPont Inc. Selected Pro Forma Financial Information and Non-GAAP Measures Pro Forma Common Shares Outstanding Three Months Ended Twelve Months Ended Shares in millions (Unaudited) Dec 31, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016 As Reported 1 Pro Forma 1 Pro Forma Pro Forma Dow common shares outstanding - basic 2 1, ,108.1 DuPont common shares outstanding - basic 3 1, ,113.2 DowDuPont common shares outstanding - basic 4 2, Total DowDuPont common shares outstanding - basic 2, , , ,221.3 Dilutive impact of Dow equity-based awards Dilutive impact of DuPont equity-based awards Dilutive impact of DowDuPont equity-based awards Total DowDuPont common shares outstanding - diluted 2, , , , For the three months ended December 31, 2017 and 2016, the Company reported "Net loss from continuing operations available for DowDuPont Inc. common stockholders." In accordance with U.S. GAAP, "Weighted-average common shares outstanding - basic" was used in the reported calculation of "Loss per common share from continuing operations - diluted." For the three months ended December 31, 2017 and 2016, the Company reported "Net income from continuing operations available for DowDuPont Inc. common stockholders" on an operating basis (Non-GAAP) and "Weighted-average common shares outstanding - diluted" was used in the calculation of "Adjusted earnings per common share from continuing operations - diluted" (Non-GAAP). 2. Reflects share amounts as reported by Dow in its Annual Report on Form 10-K and Current Report on Form 8-K for the periods presented. The share amount in the twelve-month period ended December 31, 2017, reflects a weighted averaging effect of Dow shares outstanding prior to August 31, On December 30, 2016, Dow converted 4 million shares of Preferred Stock into 96.8 million shares of Dow common stock. In accordance with U.S. GAAP, the basic share count for the three- and twelve-month periods ended December 31, 2016 reflects a two-day averaging effect related to this conversion, or 2.1 million shares for the three-month period ended December 31, 2016 and 0.5 million shares for the twelve-month period ended December 31, DuPont common shares outstanding - basic for all periods presented reflects DuPont's common stock issued and outstanding at August 31, 2017, multiplied by the Merger Agreement conversion ratio of The share amount shown in the twelve-month period ended December 31, 2017, reflects a weighted averaging effect of DuPont shares outstanding prior to August 31, The DowDuPont share amount for the twelve-month period ended December 31, 2017, reflects a weighted averaging effect of DowDuPont shares outstanding after August 31, The "Dilutive impact of DuPont equity-based awards" reflects share amounts as reported by DuPont in its Annual Report on Form 10-K and Current Report on Form 8-K for the periods presented, multiplied by the Merger Agreement conversion ratio of The share amount shown in the twelve-month period ended December 31, 2017, reflects a weighted averaging effect of DuPont shares outstanding prior to August 31,

23 In millions, except per share amounts DowDuPont Inc. Unaudited Pro Forma Combined Statement of Income For the Three Months Ended December 31, 2016 Historical Dow 1 Adjustments Historical DuPont 2 Reclass 3 Divestitures 4 Pro Forma 5 Pro Forma Net sales $ 13,020 $ 5,211 $ 62 $ (507) $ (52) $ 17,734 Cost of sales 10,574 3, (226) 48 13,688 Other operating charges 182 (182) Research and development expenses (10) (42) Selling, general and administrative expenses (284) (53) 10 1,548 Other (loss) income, net 301 (301) Amortization of intangibles Restructuring, goodwill impairment and asset related charges - net Integration and separation costs 285 (62) 223 Asbestos-related charge 1,113 1,113 Equity in earnings of nonconsolidated affiliates (7) 283 Sundry income (expense) - net (103) 388 (3) 282 Interest income 43 (43) Interest expense and amortization of debt discount (30) 291 Income (Loss) from continuing operations before income taxes (198) (190) (253) (286) Provision (Credit) for income taxes on continuing operations (282) (57) (87) (323) Income from continuing operations, net of tax (133) (166) 37 Net income attributable to noncontrolling interests 32 (2) 3 33 Net income from continuing operations attributable to DowDuPont Inc (133) (169) 4 Preferred stock dividends 85 3 (3) 85 Net income (loss) available for DowDuPont Inc. common stockholders $ (33) $ 251 $ $ (133) $ (166) $ (81) Per common share data: Earnings per common share from continuing operations - basic $ (0.04) Earnings per common share from continuing operations - diluted $ (0.04) Weighted-average common shares outstanding - basic 2,219.4 Weighted-average common shares outstanding - diluted 2, See the U.S. GAAP consolidated statements of income. 2. See the consolidated statements of income included in DuPont's Current Report on Form 8-K for the year ended December 31, Certain reclassifications were made to conform to the presentation used for DowDuPont. The reclassifications are consistent with those identified and disclosed in the Current Report on Form 8-K/A filed with the SEC on October 26, Additionally, in the fourth quarter of 2017, to improve comparability and conform to the current period presentation, the Company reclassified $143 million of asset impairment charges from "Sundry income (expense) - net" to "Restructuring, goodwill impairment and asset related charges - net." 4. Includes the following divestitures agreed to with certain regulatory agencies as a condition of approval for the Merger, including: Dow s global EAA copolymers and ionomers business (divested on September 1, 2017); a portion of Dow AgroSciences corn seed business in Brazil; and DuPont s cereal broadleaf herbicides and chewing insecticides portfolio as well as its crop protection research and development pipeline and organization. 5. Certain pro forma adjustments were made to illustrate the estimated effects of the Merger, assuming the Merger had been consummated on January 1, The pro forma adjustments are consistent with those identified and disclosed in the Current Report on Form 8-K/A filed with the SEC on October 26,

24 DowDuPont Inc. Unaudited Pro Forma Combined Statement of Income For the Twelve Months Ended December 31, 2017 Adjustments In millions, except per share amounts DWDP 1 Historical DuPont 2 Reclass 3 Divestitures 4 Pro Forma 5 Pro Forma Net sales $ 62,484 $ 18,349 $ 84 $ (1,219) $ (163) $ 79,535 Cost of sales 50,414 10, (523) 65 60,960 Other operating charges 521 (521) Research and development expenses 2,110 1,159 (27) (104) 19 3,157 Selling, general and administrative expenses 4,021 3,452 (583) (143) 29 6,776 Other (loss) income, net 173 (173) Amortization of intangibles 1, ,743 Restructuring, goodwill impairment and asset related charges - net 3, (10) 3,593 Integration and separation costs 1, (24) (183) 1,499 Equity in earnings of nonconsolidated affiliates (15) 804 Sundry income (expense) - net (12) 955 Interest expense and amortization of debt discount 1, (80) 1,256 Income from continuing operations before income taxes 1,193 2,196 (33) (437) (609) 2,310 Provision (Credit) for income taxes on continuing operations (476) 228 (33) (88) (233) (602) Income from continuing operations, net of tax 1,669 1,968 (349) (376) 2,912 Net income attributable to noncontrolling interests Net income from continuing operations attributable to DowDuPont Inc. 1,537 1,948 (349) (383) 2,753 Preferred stock dividends 7 (7) Net income from continuing operations available for DowDuPont Inc. common stockholders $ 1,537 $ 1,941 $ $ (349) $ (376) $ 2,753 Per common share data: Earnings per common share from continuing operations - basic $ 1.18 Earnings per common share from continuing operations - diluted $ 1.17 Weighted-average common shares outstanding - basic 2,323.9 Weighted-average common shares outstanding - diluted 2, See the U.S. GAAP consolidated statements of income. 2. Reflects DuPont activity for the period from January 1, 2017 to August 31, 2017, prior to the Merger. 3. Certain reclassifications were made to conform to the presentation used for DowDuPont. The reclassifications are consistent with those identified and disclosed in the Current Report on Form 8-K/A filed with the SEC on October 26, Includes the following divestitures agreed to with certain regulatory agencies as a condition of approval for the Merger, including: Dow s global EAA copolymers and ionomers business (divested on September 1, 2017); a portion of Dow AgroSciences corn seed business in Brazil (for the period of January 1, 2017 through August 31, 2017); and DuPont s cereal broadleaf herbicides and chewing insecticides portfolio as well as its crop protection research and development pipeline and organization (for the period of January 1, 2017 through August 31, 2017; activity from September 1, 2017 through the November 1, 2017 divestiture was treated as discontinued operations). 5. Certain pro forma adjustments were made to illustrate the estimated effects of the Merger, assuming the Merger had been consummated on January 1, The pro forma adjustments are consistent with those identified and disclosed in the Current Report on Form 8-K/A filed with the SEC on October 26,

25 In millions, except per share amounts DowDuPont Inc. Unaudited Pro Forma Combined Statement of Income For the Twelve Months Ended December 31, 2016 Historical Dow 1 Adjustments Historical DuPont 2 Reclass 3 Divestitures 4 Pro Forma 5 Pro Forma Net sales $ 48,158 $ 24,594 $ 170 $ (1,812) $ (216) $ 70,894 Cost of sales 37,641 14, (783) ,996 Other operating charges 686 (686) Research and development expenses 1,584 1,641 (40) (153) 29 3,061 Selling, general and administrative expenses 3,304 4,319 (762) (203) 43 6,701 Other (loss) income, net 708 (708) Amortization of intangibles ,624 Restructuring, goodwill impairment and asset related charges - net ,151 Integration and separation costs 735 (259) 476 Asbestos-related charge 1,113 1,113 Equity in earnings of nonconsolidated affiliates (25) 516 Sundry income (expense) - net 1, (10) 1,903 Interest income 107 (107) Interest expense and amortization of debt discount (120) 1,108 Income from continuing operations before income taxes 4,413 3, (687) (930) 6,083 Provision for income taxes on continuing operations (160) (327) 288 Income from continuing operations, net of tax 4,404 2,521 (527) (603) 5,795 Net income attributable to noncontrolling interests Net income from continuing operations attributable to DowDuPont Inc. 4,318 2,509 (527) (613) 5,687 Preferred stock dividends (10) 340 Net income from continuing operations available for DowDuPont Inc. common stockholders $ 3,978 $ 2,499 $ $ (527) $ (603) $ 5,347 Per common share data: Earnings per common share from continuing operations - basic $ 2.40 Earnings per common share from continuing operations - diluted $ 2.37 Weighted-average common shares outstanding - basic 2,221.3 Weighted-average common shares outstanding - diluted 2, See the U.S. GAAP consolidated statements of income. 2. See the consolidated statements of income included in DuPont's Annual Report on Form 10-K for the year ended December 31, Certain reclassifications were made to conform to the presentation used for DowDuPont. The reclassifications are consistent with those identified and disclosed in the Current Report on Form 8-K/A filed with the SEC on October 26, Additionally, in the fourth quarter of 2017, to improve comparability and conform to the current period presentation, the Company reclassified $143 million of asset impairment charges from "Sundry income (expense) - net" to "Restructuring, goodwill impairment and asset related charges - net." 4. Includes the following divestitures agreed to with certain regulatory agencies as a condition of approval for the Merger, including: Dow s global EAA copolymers and ionomers business; a portion of Dow AgroSciences corn seed business in Brazil; and DuPont s cereal broadleaf herbicides and chewing insecticides portfolio as well as its crop protection research and development pipeline and organization. 5. Certain pro forma adjustments were made to illustrate the estimated effects of the Merger, assuming that the Merger had been consummated on January 1, The pro forma adjustments are consistent with those identified and disclosed in the Current Report on Form 8-K/A filed with the SEC on October 26,

26 DowDuPont 4Q17 Earnings Conference Call February 1, 2018

27 Safe Harbor Statement Regulation G This presentation includes information that does not conform to U.S. GAAP and are considered non-gaap measures. These measures include the Company's pro forma consolidated results and pro forma earnings per share on an adjusted basis, which excludes the after-tax impact of pro forma significant items and the after-tax impact of pro forma amortization expense associated with DuPont's intangible assets. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company's segments, including allocating resources. DowDuPont's management believes that these non-gaap measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year-over-year results. These non-gaap measures supplement the Company's U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-gaap measures may not be consistent with similar measures provided or used by other companies. Reconciliations of non-gaap measures to GAAP are provided in the financial schedules attached to the earnings news release and the Investor Relations section of the Company s website. DowDuPont does not provide forward-looking GAAP financial measures or a reconciliation of forward-looking non-gaap financial measures to the most comparable GAAP financial measures on a forward- looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of pending litigation, unusual gains and losses, foreign currency exchange gains or losses, potential future asset impairments and purchase accounting fair value adjustments, as well as discrete taxable events, without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP results for the guidance period. Operating EBITDA is defined as earnings (i.e., Income (loss) from continuing operations before income taxes ) before interest, depreciation, amortization and foreign exchange gains (losses), excluding significant items. Pro forma Operating EBITDA is defined as pro forma earnings (i.e., pro forma Income (loss) from continuing operations before income taxes ) before interest, depreciation, amortization and foreign exchange gains (losses), excluding the impact of adjusted significant items. Adjusted EPS is defined as Loss per common share from continuing operations diluted excluding the after-tax impact of significant items and the after-tax impact of amortization expense associated with DuPont s intangible assets. Pro forma Adjusted EPS is defined as Pro forma loss per common share from continuing operations diluted excluding the after-tax impact of pro forma significant items and the after-tax impact of pro forma amortization expense associated with DuPont s intangible assets. Full year and prior year information is on a pro forma basis and was determined in accordance with Article 11 of Regulation S-X Cautionary Statement about Forward-Looking Statements This communication contains forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as expect, anticipate, intend, plan, believe, seek, see, will, would, target, similar expressions, and variations or negatives of these words. On December 11, 2015, The Dow Chemical Company ( Dow ) and E. I. du Pont de Nemours and Company ( DuPont ) entered into an Agreement and Plan of Merger, as amended on March 31, 2017, (the Merger Agreement ) under which the companies would combine in an all-stock merger of equals transaction (the Merger Transaction ). Effective August 31, 2017, the Merger Transaction was completed and each of Dow and DuPont became subsidiaries of DowDuPont Inc. ( DowDuPont ). For more information, please see each of DowDuPont s, Dow s and DuPont s latest annual, quarterly and current reports on Forms 10-K, 10-Q and 8-K, as the case may be, and the joint proxy statement/prospectus included in the registration statement on Form S-4 filed by DowDuPont with the SEC on March 1, 2016 (File No ), as last amended on June 7, 2016, and declared effective by the SEC on June 9, 2016 (the Registration Statement ) in connection with the Merger Transaction DowDuPont. All rights reserved.

28 Safe Harbor Statement, continued Forward-Looking Statements, continued Forward-looking statements by their nature address matters that are, to different degrees, uncertain, including the intended separation of DowDuPont s agriculture, materials science and specialty products businesses in one or more tax efficient transactions on anticipated terms (the Intended Business Separations ). Forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events which may not be realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond the company s control. Some of the important factors that could cause DowDuPont s, Dow s or DuPont s actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: (i) successful integration of the respective agriculture, materials science and specialty products businesses of Dow and DuPont, including anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, productivity actions, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the combined operations; (ii) impact of the divestitures required as a condition to consummation of the Merger Transaction as well as other conditional commitments; (iii) achievement of the anticipated synergies by DowDuPont s agriculture, materials science and specialty products businesses; (iv) risks associated with the Intended Business Separations, including those that may result from the comprehensive portfolio review undertaken by the DowDuPont board, changes and timing, including a number of conditions which could delay, prevent or otherwise adversely affect the proposed transactions, including possible issues or delays in obtaining required regulatory approvals or clearances related to the Intended Business Separations, disruptions in the financial markets or other potential barriers; (v) the risk that disruptions from the Intended Business Separations will harm DowDuPont s business (either directly or as conducted by and through Dow or DuPont), including current plans and operations; (vi) the ability to retain and hire key personnel; (vii) potential adverse reactions or changes to business relationships resulting from the completion of the merger or the Intended Business Separations; (viii) uncertainty as to the long-term value of DowDuPont common stock; (ix) continued availability of capital and financing and rating agency actions; (x) legislative, regulatory and economic developments; (xi) potential business uncertainty, including changes to existing business relationships, during the pendency of the Intended Business Separations that could affect the company s financial performance and (xii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as management s response to any of the aforementioned factors. These risks, as well as other risks associated with the merger and the Intended Business Separations, are more fully discussed in (1) the Registration Statement and (2) the current, quarterly and annual reports filed with the SEC by DowDuPont and to the extent incorporated by reference into the Registration Statement, by Dow and DuPont. While the list of factors presented here is, and the list of factors presented in the Registration Statement are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DowDuPont s, Dow s or DuPont s consolidated financial condition, results of operations, credit rating or liquidity. None of DowDuPont, Dow or DuPont assumes any obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. The Dow Diamond, DuPont Oval logo, DuPont, the DowDuPont logo and all products, unless otherwise noted, denoted with, or are trademarks, service marks or registered trademarks of The Dow Chemical Company, E. I. du Pont de Nemours and Company, DowDuPont Inc. or their affiliates. Supplemental unaudited pro forma information for DowDuPont is presented to illustrate the estimated effects of the Merger, assuming that the Merger had been consummated on January 1, For 2017, activity prior to August 31, 2017 (the Merger Date ) was prepared on a pro forma basis and activity after the Merger Date was prepared on a combined U.S. GAAP basis. The unaudited pro forma information was prepared in accordance with Article 11 of Regulation S-X. Pro forma adjustments have been made for (1) the preliminary purchase accounting impact, (2) accounting policy alignment, (3) eliminate the effect of events that are directly attributable to the Merger Agreement (e.g., one-time transaction costs), (4) eliminate the impact of transactions between Dow and DuPont, and (5) eliminate the effect of consummated or probable and identifiable divestitures agreed to with certain regulatory agencies as a condition of approval for the Merger. Events that are not expected to have a continuing impact on the combined results (e.g., inventory step-up costs) are excluded. The unaudited pro forma information does not reflect restructuring or integration activities or other costs following the Merger that may be incurred to achieve cost or growth synergies of DowDuPont. The unaudited pro forma financial information provides shareholders with summary financial information and historical data that is on a basis consistent with how DowDuPont reports current financial information DowDuPont. All rights reserved.

29 4Q17 and Full-Year Summary DowDuPont. All rights reserved. Delivered strong 4Q17 results Sales increased 13% Volume rose 6%, well ahead of global GDP Operating EBITDA grew 24% Adjusted EPS increased 41% Sales growth in every operating segment and geography Robust full-year¹ growth on a pro forma basis Sales increased 12% Operating EBITDA grew 15% Adjusted EPS increased 22% 1. Full year and prior year information is on a pro forma basis and was determined in accordance with Article 11 of Regulation S-X

30 Forms 10 Complete equity roadshows Complete IT systems and legal entity transitions File initial Forms 10 Begin to deploy IT systems and stand up legal entities Finalize assets and liabilities by spin Finalize agreement terms Complete IT design and test Establish new legal entities in ~60 countries Secure right to operate Separate facilities by spin Design, test and implement IT systems; transfer IT system to respective spin Set up public company-ready corporate functions, employees and facilities in each spin Assign all assets and liabilities to spins Negotiate terms of agreements (site services, material purchases, IP, separation agreements) Finalize capital structures of spins Draft, cycle and obtain effectiveness of Forms 10 with the SEC Name management teams for intended companies Hold equity roadshows Spins to occur ~14-16 months from today Materials Science by end of 1Q 2019 Specialty Products formed when Ag separates by June 1, DowDuPont. All rights reserved. 5 Anticipated Timeline to Expected Spins S e p arat io n A ct iv it ie s T ran s a c ti o n A ct iv it ie s 3Q19 3Q18 AgCo Spin SpecCo Formed 1Q191Q18 MatCo Spin

31 4Q 2017 Financial Highlights1 6 4Q 2017 Pro Forma Adjusted EPS Variance Highlights Volume growth in key end-markets, supported by new capacity start-ups Cost synergies Lower pension/opeb costs Pricing gains and currency tailwinds Higher equity earnings led by Sadara Lower operational tax rate Higher feedstock costs Remaining cost and production impact of hurricanes Start-up spending on USGC growth projects, primarily for NORDEL and LDPE Higher interest expense on start up of the growth projects $0.47 $1.08 4Q1 6 V o lu m e g ro w th Co st s yn e rg ie s P e n sio n /O P E B Mar g in g ro w th fr o m p ri ce g a in s & cu rr e n cy t a ilw in d s E q u it y E a rnin g s O p. ta x ra te S ta rt -u p e xp e n se s & h u rri ca n e im p a ct N e t Int e re st Ex p e n se 4Q1 7 $0.50 $0.83 $ DowDuPont. All rights reserved. 1. Prior year net sales and non-gaap information is on a pro forma basis and was determined in accordance with Article 11 of Regulation S-X. Financial Performance Snapshot 4Q17 4Q16 B/(W) Net Sales ($MM) 20,066 17,734 2,332 Operating EBITDA ($MM) 3,938 3, GAAP EPS from Continuing Operations ($/share) (0.52) (0.03) (0.49) Adjusted EPS ($/share)

32 Agriculture: 4Q 2017 and FY 2017 Highlights1 4Q17 4Q16 Net Sales ($MM) 2,787 2,664 Op. EBITDA ($MM) Op. EBITDA Margin 8.0% 3.8% YoY Sales change: Vol +2%, Local Price (1)% Currency +1%, Port./Other +3% Fourth Quarter Full Year Innovation Seed sales of $1.2 billion grew 10% driven by portfolio-related actions, volume improvement, mainly in EMEA and Argentina, and pricing gains Crop Protection sales of $1.6 billion grew 1% driven by increased volumes primarily in North America, partially offset by decreased local pricing primarily in Latin America from generic pricing pressure Operating EBITDA more than doubled to $224 million from $100 million in the prior period. Improvements were driven by synergies and other cost reductions, lower pension/opeb costs, volume increases and a net portfolio gain 7 Results for Agriculture for the fourth quarter and full year of 2017 includes $16 million and $28 million of operating EBITDA respectively from a select portion of Dow AgroSciences corn seed remedy in Brazil for the months of September, October and November. Results of this business prior to the Merger were excluded from the pro forma results, in accordance with Article 11 of Regulation S-X. FY17 FY16 Net Sales ($MM) 14,342 14,060 Op. EBITDA ($MM) 2,611 2,322 Op. EBITDA Margin 18.2% 16.5% YoY Sales change: Vol +1%, Local Price 0% Currency 0%, Port./Other +1% Seed sales of $8.2 billion grew 5% driven by local price improvement enabled by new products, portfolio-related actions, volume improvement and favorable currency movement Crop Protection sales of $6.1 billion declined 1% as increased new product volume was more than offset by local pricing declines due to generic pressure Pro forma operating EBITDA increased 12% to $2.6 billion due to volume improvement, synergies, lower pension/opeb costs and currency. This was partially offset by lower local pricing and higher soybean royalties 1. Prior year and full-year information is on a pro forma basis and was determined in accordance with Article 11 of Regulation S-X DowDuPont. All rights reserved. Select new products contributing to growth in 2018 RinskorTM and ArylexTM herbicides VessaryaTM and ZorvecTM fungicides PyraxaltTM and IsoclastTM insecticides EnlistTM corn and cotton Pioneer brand A-series soybeans 2017 Net Sales Seed Crop Protection

33 Materials Science: 4Q 2017 Highlights1 Performance Materials & Coatings Industrial Intermediates & Infrastructure Packaging & Specialty Plastics 4Q17 4Q16 Net Sales ($MM) 2,203 1,922 Op. EBITDA ($MM) Op. EBITDA Margin 27.8% 20.4% 4Q17 4Q16 Net Sales ($MM) 3,554 2,805 Op. EBITDA ($MM) Op. EBITDA Margin 19.0% 17.4% 4Q17 4Q16 Net Sales ($MM) 6,092 5,212 Op. EBITDA ($MM) 1,274 1,273 Op. EBITDA Margin 20.9% 24.4% YoY Sales change: Vol +8%, Local Price +7% Currency +2%, Port./Other 0% YoY Sales change: Vol +4%, Local Price +10% Currency +1%, Port./Other 0% YoY Sales change: Vol +13%, Local Price +12% Currency +2%, Port./Other 0% Consumer Solutions delivered double-digit sales growth in all geographic regions; price gains, disciplined margin mgmt drove improvement in upstream silicone intermediates Coatings & Performance Monomers achieved double-digit sales growth on higher local price in all geographic regions Op. EBITDA up 56% on local price gains in all geographic regions and businesses, as well as cost synergies Polyurethanes & CAV benefited from strong demand and price increases in downstream systems applications, as well as tight MDI and caustic soda fundamentals Industrial Solutions sales grew in consumer-led applications, including electronics processing, crop defense and food and pharma Op. EBITDA up 38% on higher price, equity earnings, demand growth and cost synergies 8 Net sales up double-digits on local price increases in all geos, as well as volume gains Double-digit demand growth in food & specialty packaging and industrial & consumer packaging applications in EMEA and Asia Pacific; robust demand in North America in food & specialty packaging and health & hygiene end-markets Op. EBITDA flat as price and volume gains were offset by higher feedstocks costs, remaining cost and production impacts from hurricane-related supply limitations and maintenance expenses, and commissioning & startup costs on the U.S. Gulf Coast 2018 DowDuPont. All rights reserved. 1. Prior year information is on a pro forma basis and was determined in accordance with Article 11 of Regulation S-X.

34 Specialty Products: 4Q 2017 Highlights1 Safety & Construction 4Q17 4Q16 Net Sales ($MM) 1,290 1,236 Op. EBITDA ($MM) Op. EBITDA Margin 22.1% 18.4% YoY Sales change: Vol +4%, Local Price -1% Currency +1%, Port./Other 0% Transportation & Advanced Polymers 4Q17 4Q16 Net Sales ($MM) 1,297 1,181 Op. EBITDA ($MM) Op. EBITDA Margin 28.1% 23.4% YoY Sales change: Vol +5%, Local Price +4% Currency +1%, Port./Other 0% Net sales grew 10% due to strong demand from the auto market and broad-based demand from electronics and industrial markets; gains from most geographies Op. EBITDA up 32% on lower pension/opeb costs, volume gains, improved local price and cost synergies, partly offset by higher raw material costs 9 Net sales increased 4% with gains in all geographies, driven by continued solid demand across industrial markets, construction and medical packaging Op. EBITDA rose 26% due to lower pension/opeb costs and volume growth, partly offset by lower local price and higher raw materials costs 4Q17 4Q16 Net Sales ($MM) 1,589 1,450 Op. EBITDA ($MM) Op. EBITDA Margin 22.2% 21.3% YoY Sales change: Vol +2%, Local Price 0% Currency +2%, Port./Other +6% 4Q17 4Q16 Net Sales ($MM) 1,192 1,182 Op. EBITDA ($MM) Op. EBITDA Margin 30.8% 28.0% YoY Sales change: Vol +6%, Local Price 0% Currency 0%, Port./Other (5%) Continued strong demand across key end markets on double-digit volume gains in consumer electronics, industrial and semiconductors; partially offset by declines in PV Op. EBITDA up 11% as volume growth, lower pension/opeb costs and cost synergies, more than offset hurricane-related costs, a negative impact from portfolio and higher raw material costs Volume growth in bioactives, probiotics and microbial control solutions more than offset declines in systems & texturants; sales benefitted from the acquisition of FMC s Health & Nutrition business Op. EBITDA up 14% on portfolio benefits, lower pension/opeb costs, cost synergies and volume growth partly offset by the absence of a prior-year gain on an asset sale Nutrition & Biosciences Electronics & Imaging 2018 DowDuPont. All rights reserved. 1. Prior year information is on a pro forma basis and was determined in accordance with Article 11 of Regulation S-X.

35 DowDuPont. All rights reserved. 1Q18 Modeling Guidance 1 Q 1 8 Corporate Segment Operating EBITDA ($175) ($200)MM Operational Tax Rate (excl. EGL, DuPont Amort. & Sig. Items) 20-23% D&A (includes the DuPont Amortization expense below) $1.4B $1.5B (includes step-up D&A) DuPont Non-operating pension/opeb (included in Op. EBITDA) ~$90 $100MM credit in 1Q18 DuPont Amortization expense (this is added back while calculating Adj. EPS) ~$320MM pre-tax Taxed at ~21% Net Interest Expense (net of Interest Income, which is reported in Sundry Income/Expense line) $300 $325MM Net Income attributable to non-controlling Interests (reduced from net income) ~$45MM Share Count ~2,340MM Segment Outlook 1Q18 vs. 1Q171 Net Sales Op. EBITDA (incl. Equity Earnings) Agriculture2 Flat first half; 45% of half in 1Q Flat first half; 45% of half in 1Q Performance Materials & Coatings Up mid-single digits percent Up low-single digits percent Industrial Intermediates & Infrastructure Up mid-twenties percent Up mid-teens percent Packaging & Specialty Plastics Up low-single digits percent Up mid-single-digits percent Electronics & Imaging Flat Up mid-teens percent Nutrition & Biosciences Up low-teens percent Up high-teens percent Transportation & Advanced Polymers Up high-single digits percent Up low-twenties percent Safety & Construction Up mid-single digits percent Up low-twenties percent Net Sales: $ $21.3B up ~2% Net Sales (excl. Ag) up ~8% Op. EBITDA: $4.6 - $4.8B up ~2% Op. EBITDA (excl. Ag) up ~13% 1 All 1Q17 numbers are on a pro forma basis 2 Ag segment outlook provided for first half. 45% of first half sales and earnings expected to land in the first quarter. Refer to slide 18 in Appendix for additional commentary on segment outlook Synergy Savings Realized in 1Q18: $225MM - $275MM YOY

36 DowDuPont. All rights reserved. FY18 Modeling Guidance FY 1 8 Corporate Segment Operating EBITDA ($725) ($750)MM Operational Tax Rate (excl. EGL, DuPont Amort. & Sig. Items) 20-23% D&A (includes the DuPont Amortization expense below) $5.6B $5.8B (includes step-up D&A) DuPont Non-operating pension /OPEB (included in Op. EBITDA) $350 - $375MM credit in FY18 DuPont Amortization expense (this is added back while calculating Adj. EPS) ~$1,250MM pre-tax Taxed at ~21% Net Interest Expense (net of Interest Income, which is reported in Sundry Income/Expense line) $1,300 - $1,350MM Net Income attributable to non-controlling Interests (reduced from net income) ~$130MM Share Count ~2,335MM Refer to slide 18 in Appendix for additional commentary on segment outlook 1 All FY17 numbers are on a pro forma basis Synergy Savings Realized in FY18: ~$1B YOY Segment Outlook FY18 vs. FY171 Net Sales Op. EBITDA (incl. Equity Earnings) Agriculture Up mid-single digits percent Up high-teens percent Performance Materials & Coatings Up mid-single digits percent Flat Industrial Intermediates & Infrastructure Up ~10 percent Up high-single digits percent Packaging & Specialty Plastics Flat Up low-teens percent Electronics & Imaging Up low-single digits percent Up high-single digits percent Nutrition & Biosciences Up low-teens percent Up low-twenties percent Transportation & Advanced Polymers Flat Up mid-teens percent Safety & Construction Up mid-single digits percent Up low-twenties percent Full-year sales up mid-single digits percent Full-year EPS up mid- to high-teens percent

37 2018 DowDuPont. All rights reserved. Sadara A Powerful Foundation for Growth 12 Financial Impacts to Materials Science Division 2017 Act. Product marketing added ~$1.4B of revenue Diluted overall EBITDA margin by ~150 bps Equity losses ($452MM) were $65MM fav YoY YoY tailwind in both P&SP and II&I Cash contributions down $280MM vs Est. Product marketing adds >$1.5B of revenue YoY YoY tailwind to EBITDA of ~$200MM Lender Reliability Test (LRT) timing of 4Q18/1H19 Forward Action Plan Execute pathway to ~$400MM avg. annual EBITDA contribution over the cycle Further ramp operating rates Sunset startup, commissioning, LRT activities Product mix improvements Close proximity to high-growth emerging regions Powerful feedstock and technology integration Operations ramping Market channels and supply chains in place Dow and Saudi Aramco share a strong partnership and passion for innovation-led growth

38 13 Year-in-Review Corporate Segment Operating EBITDA ($200) ($230)MM Operational Tax Rate (excl. EGL, DuPont Amort. & Sig. Items) 24-26% D&A (includes the DuPont Amortization expense below) $1,380 $1,410MM (includes step-up D&A) DuPont Non-operating pension /OPEB2 (included in Op. EBITDA) ~$90 $110MM credit in 4Q17 DuPont Amortization expense (this is added back while calculating Adj. EPS) ~$270MM pre-tax Taxed at ~32% Net Interest Expense (net of Interest Income, which is reported in Sundry Income/Expense line) $300 $325MM Net Income attributable to non-controlling Interests (reduced from net income) ~$30MM Share Count ~2,350MM Segment Outlook 4Q17 vs. 4Q16 Net Sales Op. EBITDA (incl. Equity Earnings) Agriculture Up ~10% ~$225MM Performance Materials & Coatings Up high-single-digits percent Up mid-teens percent Industrial Intermediates & Infrastructure Up high-teens percent Up 10-11% Packaging & Specialty Plastics Up ~10% Up low-single-digits percent Electronics & Imaging Down mid-single-digits percent Up low-single-digits percent Nutrition & Biosciences Up high-single-digits percent Up 10-11% Transportation & Advanced Polymers Up mid-single-digits percent Up mid-teens percent Safety & Construction Up mid-single-digits percent Up low-twenties percent 1. Portfolios realigned just 12 days after merger close 2. Completed all remedy actions required to close merger 3. Established remuneration program; returned ~$2B of cash to our owners in 4Q17 4. Exceeding cost synergy commitments; increased to $3.3B 5. Accelerated spin timing: Materials Science by end of 1Q19; Agriculture and Specialty Products by June 1, 2019 Operational Discipline and Commercial Excellence Deliv rs Double-Digit Top- and Bottom-line Growth in DowDuPont. All rights reserved.

39 Comprehensive Growth Investments 14 Sadara Full commercial operations achieved; produced >4B lbs. of product YoY Meeting sustainable urbanization and growing middle class demand in emerging geos U.S. Gulf Coast TX-9 and ELITE started up in 2017 NORDEL and LDPE in startup phase in 1Q18; remaining units on track to come online throughout 2018 Second wave of investments on track to begin coming online in 2020 Launched Enlist cotton in U.S. in 2017; Enlist corn in NA for 2018 season Acquired Granular, enhancing digital solutions for customers Expect to launch 21 new products in the next 5 years Electronics & Imaging New CMP pad capacity in Taiwan, product available in 2H18; further solidifies market leadership Nutrition & Biosciences Probiotics capacity expansion to meet growing consumer demand, with first products available in early 4Q 2018 Increased pace of new product development to meet growing demand Transportation & Advanced Polymers Additional extrusion capacity to meet growing trends in the automotive space Agriculture Materials Science Specialty Products 2018 DowDuPont. All rights reserved.

40 Outlook 15 Macros bode well for DowDuPont s products and technology portfolio Ag fundamentals remain soft; self-help cost savings and innovation deliver top- and bottom-line growth for DowDuPont Packaging fundamentals remain healthy globally; measured pace of capacity adds reduces duration and severity of supply/demand imbalance Market Outlook Global economic expansion gaining momentum particular strength in developed economies Consumer and business confidence; employment/wage growth; manufacturing and infrastructure investment activity Early signs point to U.S. tax reform as catalyst for capital investments Sustainable urbanization and growing middle class continues to drive growth in emerging regions Macro Outlook 2018 DowDuPont. All rights reserved.

41 Priorities Going Forward 16 Deliver operating and financial plan Continued focus on earnings, margin and volume growth Deliver growth projects, launch innovations and focus on manufacturing excellence Achieve synergy commitments Achieve enhanced $3.3 billion cost synergy run-rate in 3Q19 Advance growth synergies playbook Stand and spin the intended companies Complete carve-out activities based on portfolio realignments Stand-up each intended company as soon as possible Separate Materials Science by end of 1Q19; Agriculture and Specialty Products by June 1, DowDuPont. All rights reserved.

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43 18 1Q18 Segment Expectations 1 1Q17 on a pro forma basis 2 Ag segment expectations provided for periods beyond 1Q18. Segments Key Sales and Operating EBITDA Outlook Drivers (1Q18 vs. 1Q171) Safety & Construction Sales to be up by the mid-single digits percent on currency and volume gains from Tyvek and filtration. Operating EBITDA estimated to increase by low-twenties percent on lower pension/opeb costs, improved plant performance and cost synergies, partly offset by higher raw material costs. Transportation & Advanced Polymers Sales to rise by the high-single digits percent due to volume gains and local price. Operating EBITDA projected to increase by the low-twenties percent on gains from volume, currency, synergies and lower pension/opeb expense. Nutrition & Biosciences Sales expected to increase low-teens percent on benefits from portfolio-related actions (FMC acquisition), volume growth and currency. Operating EBITDA expected to grow in the high-teens percent range on benefits from portfolio, volume growth, lower pension/opeb costs and cost synergies. Electronics & Imaging Sales expected to be about flat with year-ago period as volume growth will be offset by a negative impact from portfolio- related actions. Operating EBITDA expected to increase mid-teens percent on volume growth, lower pension/opeb costs and cost synergies. Agriculture2 Full year sales expected to be up mid-single digits percent and full year operating EBITDA expected to be up high-teens percent driven by new product introductions, cost synergy delivery and lower pension/opeb costs. First half sales and operating EBITDA expected to be about equal to last year, which is in line with the estimated corn area planted in North America in 2018, and reflective of the challenging price environment. Due to timing of seed deliveries, anticipate about 45 percent of the first half results landing in the first quarter and 55 percent landing in the second quarter. Refer in conjunction with Slide 10 Packaging & Specialty Plastics Sales growth supported by new capacity from both the U.S. Gulf Coast & Sadara growth projects. Op. EBITDA up modestly as earnings contribution from new capacity and pricing gains are partly offset by higher feedstock and continued startup costs (~40MM in 1Q18). 1Q18 equity earnings expected to improve (up ~$20MM), driven by ramp up in Sadara volume. Industrial Intermediates & Infrastructure Sales and Op. EBITDA growth on pricing momentum and volume gains supported by tight supply-demand fundamentals partly offset by higher turnaround activity. Isocyanates markets remain tight but with gradual improving supply. Polyol margins under pressure from higher feedstock costs. 1Q18 equity earnings expected to improve (up ~$30MM), driven by ramp up in Sadara volume. PDH downtime total impact $60-$80MM headwind (2/3rd in this segment). Perf. Materials & Coatings Sales up on pricing momentum supported by strong market demand. Op. EBITDA expected to increase slightly as improved volume/mix and pricing gains are partly offset by lower equity earnings (~$50-$60MM decrease due to absence of one time customer settlement at HSC in 1Q17). 1Q18 HSC total gross equity earnings are expected to be $20-30MM. PDH downtime total impact $60-$80MM headwind (1/3rd in this segment) DowDuPont. All rights reserved.