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Mediakit 2017


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DuPont/Dow Proceed with Equality Merger Proposal; Receive DOJĺs Clearance

 |  Subj: Mergers and acquisitions

DuPont/Dow Proposed Merger of Equals

DuPont andáTheáDow ChemicaláCompany have announced thatáthey have reached aáproposed agreement withátheáAntitrust Division ofátheáUnited States Department ofáJustice (DOJ) thatáwillápermit theácompanies toáproceed withátheir proposed merger ofáequals.

Step toáUnite Iconic Companies

Andrew Liveris, Dowĺs chairman andáchief executive officer, said:
ôWe are very pleased thatátheáDOJ has approved this transaction. Withátodayĺs DOJ clearance, we have taken aásignificant step forward inábringing together these two iconic enterprises, andáinátheásubsequent intended separation intoáthree leading, independent innovation-based science companies thatáwillágenerate significant benefits foráallástakeholders.ö

Ed Breen, chair andáchief executive officer ofáDuPont, said:
ôWitháthis review completed, we are onátrack toáclose our procompetitive merger ináaámanner thatámaintains theástrategic logic andávalue creation potentialáofátheátransaction. Going forward, theáintended subsequent spin-offs are expected toáunlock significant value foráshareholders, asáwe execute our plan foráeach company toábe aágrowth-oriented leader ináattractive segments where globaláchallenges are generating strong demand forátheir distinctive offerings.ö

Proposed Agreement

Ľ Ináconnection withátheáproposed agreement andáconsistent withácommitments already made toáobtain theáEuropean Commissionĺs regulatory approval, DuPont willádivest certain parts ofáits crop protection portfolio andáDow willádivest its globaláEthylene Acrylic Acid copolymers andáionomers business.
Ľ Theáproposed agreement withátheáDOJ, which remains subject toácourt approval, does notárequire theácompanies toámake any additionaládivestitures.
Ľ Witháthis agreement, no further approvals are required inátheáU.áS. forátheámerger toáclose.

Merger Transaction

Theácompanies reiterated thatátheámerger transaction is expected toágenerate cost synergies ofáapproximately $3ábillion andágrowth synergies ofáapproximately $1ábillion.

Multiple Clearances

Toádate, Dow andáDuPont have obtained clearance inámany jurisdictions, including approvals inátheáU.áS., Europe, BraziláandáChina. Theácompanies are working constructively witháregulators inátheáremaining jurisdictions toáobtain clearance forátheámerger andáare making progress ináfulfilling theárequirements ofátheáconditionaláapprovals thatáhave already been received.

Theácompanies reaffirmed their expectation toáclose theámerger ináAugust 2017, withátheáintended spin-offs toáoccur withiná18ámonths ofáclosing.


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