Corteva : 1Q 2020 Earnings Presentation

1Q 2020 Earnings Conference Call

May 7, 2020

Safe Harbor Regarding Forward-Looking Statements

Forward-Looking Statements

This presentation contains certain estimates and forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like "plans," "expects," "will," "anticipates," "believes," "intends," "projects," "estimates" or other words of similar meaning. All statements that address expectations or

projections about the future, including statements about Corteva's strategy for growth, product development, regulatory approval, market position, anticipated benefits of recent acquisitions, timing of

anticipated benefits from restructuring actions, outcome of contingencies, such as litigation and environmental matters, expenditures, and financial results, as well as expected benefits from, the separation of Corteva from DuPont, are forward-looking statements.

Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward-looking statements also involve risks and uncertainties, many of which are beyond Corteva's control. While the list of factors presented below 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 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 Corteva's business, results of operations and financial condition. Some of the important factors that could cause Corteva's actual results to differ materially from those projected in any such forward-looking statements include: (i) failure to successfully develop and commercialize Corteva's pipeline; (ii) effect of competition and consolidation in Corteva's industry; (iii) failure to obtain or maintain the necessary regulatory approvals for some Corteva's products; (iv) failure to enforce Corteva's intellectual property rights or defend against intellectual property claims asserted by others; (v) effect of competition from manufacturers of generic products; (vi) impact of Corteva's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (vii) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (viii) effect of the degree of public understanding and acceptance or perceived public acceptance of Corteva's biotechnology and other agricultural products; (ix) effect of changes in agricultural and related policies of governments and international organizations; (x) effect of industrial espionage and other disruptions to Corteva's supply chain, information technology or network systems; (xi) competitor's establishment of an intermediary platform for distribution of Corteva's products; (xii) effect of volatility in Corteva's input costs; (xiii) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to Corteva; (xiv) failure of Corteva's customers to pay their debts to Corteva, including customer financing programs; (xv) failure to realize the anticipated benefits of the internal reorganizations taken by DowDuPont in connection with the spin-off of Corteva, including failure to benefit from significant cost synergies; (xvi) risks related to the indemnification obligations of legacy EID liabilities in connection with the separation of Corteva; (xvii) increases in pension and other post-employment benefit plan funding obligations; (xviii) effect of compliance with environmental laws and requirements and adverse judgments on litigation; (xix) risks related to Corteva's global operations; (xx) effect of climate change and unpredictable seasonal and weather factors; (xxi) effect of counterfeit products; (xxii) failure to effectively manage acquisitions, divestitures, alliances and other portfolio actions; (xxiii) risks related to non-cash charges from impairment of goodwill or intangibles assets; (xxiv) risks related to COVID-19; (xxv) risks related to oil and commodity markets; (xxvi) risks related to COVID-19; (xxvii) risks related to oil and commodity markets, and (xxvi) other risks related to Corteva's Separation from DowDuPont.

Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement or other estimate, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva's management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement or other estimate, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements or other estimates is included in the "Risk Factors" section of Corteva's Annual Report on Form 10-K, as modified by subsequent reports on Forms 10-Q and Current Reports on Form 8-K.

2

A Reminder About Non-GAAP Financial Measures and Pro Forma Financial Information

Corteva Unaudited Pro Forma Financial Information

In order to provide the most meaningful comparison of results of operations, supplemental unaudited pro forma financial information for the first quarter of 2019 has been included in this presentation. This presentation presents the pro forma results of Corteva, after giving effect to events that are (1) directly attributable to the merger of DuPont and Dow, debt retirement transactions related to paying off or retiring portions of Historical DuPont's existing debt liabilities, and the separation and distribution to DowDuPont stockholders of all the outstanding shares of Corteva common stock; (2) factually supportable and (3) with respect to the pro forma statements of income, expected to have a continuing impact on the consolidated results. Refer to Corteva's Form 10 registration statement filed on May 6, 2019, which can be found on the investors section of the Corteva website, for further details on the above transactions. The pro forma financial statements were prepared in accordance with Article 11 of Regulation S-X, and are presented for informational purposes only, and do not purport to represent what the results of operations would have been had the above actually occurred on the dates indicated, nor do they purport to project the results of operations for any future period or as of any future date.

Regulation G (Non-GAAP Financial Measures)

This is earnings release includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. These measures may include organic sales, organic growth (including by segment and region), operating EBITDA, pro forma operating EBITDA, operating EBITDA margin, pro forma operating EBITDA margin, operating earnings per share, pro forma operating earnings per share, base tax rate and pro forma base tax rate. Management believes that these non-GAAP measures 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 for these non-GAAP measures to U.S. GAAP are provided in the Selected Financial Information and Non-GAAP Measures starting on page A-6 of the Financial Statement Schedules. For first quarter 2019, these non-GAAP measures are being reconciled to a pro forma GAAP financial measure prepared and presented in accordance with Article 11 of Regulation S-X. Reconciliations for these non-GAAP measures to their most directly attributable U.S. GAAP measure are provided on slides 19 - 24 of this presentation.

Corteva is not able to reconcile its forward-lookingnon-GAAP financial measures to their most comparable U.S. GAAP financial measures, as it is unable to predict with reasonable certainty items outside of the company's control, such as Significant Items, without unreasonable effort. For Significant Items reported in the periods presented, refer to page A-8 of the Financial Statement Schedules. Beginning January 1, 2020, the company presents accelerated prepaid royalty amortization expense as a significant item. Accelerated prepaid royalty amortization represents the noncash charge associated with the recognition of upfront payments made to Monsanto in connection with the Company's non-exclusive license in the United States and Canada for Monsanto's Genuity® Roundup Ready 2 Yield® Roundup Ready 2 Xtend® herbicide tolerance traits. During the five-yearramp-up period of Enlist E3TM, Corteva is expected to significantly reduce the volume of products with the Roundup Ready 2 Yield® and Roundup Ready 2 Xtend® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform after the completion of the ramp-up.

Organic sales is defined as price and volume and excludes currency and portfolio impacts. Operating EBITDA is defined as earnings (i.e., income from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits, net and foreign exchange gains (losses), excluding the impact of significant items (including goodwill impairment charges). Non-operating benefits, net consists of non-operating pension and other post-employment benefit (OPEB) credits, tax indemnification adjustments, environmental remediation and legal costs associated with legacy businesses and sites of Historical DuPont. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. Operating EBITDA margin is defined as Operating EBITDA as a percentage of net sales. Operating earnings per share are defined as "Earnings per common share from continuing operations - diluted" excluding the after-tax impact of significant items (including goodwill impairment charges), the after-tax impact of non-operating benefits, net, and the after-tax impact of amortization expense associated with intangible assets existing as of the Separation from DowDuPont. Although amortization of the Company'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. Base tax rate is defined as the effective tax rate excluding the impacts of foreign exchange gains (losses), non-operating benefits, net, amortization of intangibles as of the Separation from DowDuPont, and significant items (including goodwill impairment charges). The first quarter of 2019 is on a pro forma basis as discussed above in the paragraph 'Corteva Unaudited Pro Forma Financial Information'.

3

Our COVID-19 Response

Employee Safety & Security	Customer Support & Supply Resilience	Government & Community Outreach
❑Mobilized global crisis management teams	❑Leveraging multi-source supply chain strategy to	❑Partnering with Global Giving for international grant
❑Cancelled in-person internal and external	ensure reliable product supply	funding
meetings	❑Secured essential industry classification to ensure	❑Donating over $1 million to food security agencies
❑Instituted travel bans in early March	business continuity	and providing support to disaster relief
	organizations
❑Migrated more than 50 percent of employees to	❑Suspended large customer and promotional events
❑Collaborating with MercyOne Hospitals to conduct
work from home	❑Expanding the use of digital marketing tools to
COVID-19 testing at our Johnston, IA research labs
❑Reduced manufacturing sites to essential	facilitate customer training and product knowledge
transfer	❑Donating personal protective equipment and hand
personnel
	sanitizer to hospitals and health care professionals
❑Deployed personal protective equipment for field	❑Providing agronomic services remotely - currently
❑Providing educational materials for children through
teams and essential site employees	conducting drone flights to help U.S. growers do
seed counts and scouting through a service called	Corteva Grows
❑Working aggressively to avoid layoffs, broad
Corteva Flight - over 1,000 pilots doing flights	❑Working with agriculture organizations to secure
furloughs, or pay reductions due to this crisis
❑Secured first electronic Crop Protection	government financial aid for farmer customers
❑Offering benefit enhancements (e.g., no cost
registrations	❑Providing input to government officials on restart
COVID-19 testing, access to Telehealth)
	planning and safety measures

Focused on employee safety, business continuity, and emerging strong

4

1Q 2020 Performance Highlights

	Net Sales
	$4.0B
$3.4B	Reported
16%
	Organic(2)
	20%
1Q'19	1Q'20

Operating EBITDA(1), (2)
$ in millions		Op.
	$794
	EBITDA(2)
$518		Growth
		53%
1Q'19 (3)	1Q'20

Highlights

Reported net sales up 16% with double digit organic growth(2)in both reporting segments and across all regions

Earnings improved on strong early demand for seed in North America(4)and Europe and improved pricing for new Seed and Crop Protection products

Sales Growth by Segment
Seed		Crop Protection
Reported	25%	Reported	5%
Organic(2)	27%	Organic(2)	10%

Op. EBITDA Margin(2)Improvement

Op.	> 450 basis point
EBITDA 20.1%	improvement due to	(4)
Margin(2)	strong North America
and Europe demand

Delivered spending efficiencies in SG&A and R&D in the quarter

Currency impact, primarily in Brazil and Europe, reduced earnings by $50 million

Double digit net sales and Operating EBITDA(2)growth

1. Income from Continuing Ops was $112 million and $281 million for the quarter ended March 31, 2019 and 2020, respectively, ayear-over-year growth of 151%
2. Organic sales, Operating EBITDA and Operating EBITDA Margin arenon-GAAP measures. See slide 3 for further discussion.
3. First quarter 2019 is on a pro forma basis and was determined in accordance with Article 11 of RegulationS-X.
4. North America is defined as U.S. and Canada.

5

Progress on Five Priorities for Shareholder Value Creation

1Q 2020 Highlights

01

Instill a strong culture

02	03
Drive disciplined	Develop innovative
capital allocation	solutions

04

Attain best-in-class cost structure

05

Deliver above- market growth

• Organization highly engaged in implementing spending reduction actions
• Cross-functionalteam launched to drive cash preservation
• Announced new Chief Technology Officer
• Announced new Chief Sustainability Officer

• Strong balance sheet and liquidity position
• Declared quarterly dividend of $0.13/share
• Executed $50 million in share repurchases(1)under the authorized program
• Examining proactive cash contribution to the primary U.S. pension plan

• Strong volume and price gains for Qrome® and PowerCore Ultra corn products
• Received first approvals for Inatreq™ fungicide in Europe
• Delivered greater than $20 million in earnings improvement from new Crop Protection products in the quarter, remain on track to deliver $100 million for full year

• Realized merger cost synergies of approximately $70 million for the quarter
• On track to deliver $200 million in merger cost synergies for full year
• Reduced R&D costs by 6 percent
• SG&A as percent of net sales down approximately 260 basis points(3)

• Organic sales(2)up double digits in every region
• Pioneer brand corn seed deliveries up approximately 60 percent for the quarter versus last year
• Delivered greater than 4 percent year-over-year price improvement in corn seed products

1. Date of last share repurchase in first quarter 2020 was March 10, 2020.
2. Organic sales is anon-GAAP measures. See slide 3 for further discussion.
3. First quarter 2019 is on a pro forma basis and was determined in accordance with Article 11 of RegulationS-X.

6

1Q 2020 Regional Net Sales Highlights

North America	Europe, Middle	Latin America	Asia Pacific
	East, Africa
Net Sales

		$1.77B
			Reported
$1.39B			27%
			Organic(1)
			28%
1Q'19		1Q'20
Volume	Price	Currency	Portfolio
26%	2%	- %	(1)%

		$1.47B
$1.36B			Reported
			8%
			Organic (1)
			11%
1Q'19		1Q'20
Volume	Price	Currency	Portfolio
9%	2%	(3)%	- %

			Reported				Reported
$0.37B		$0.43B	19%	$0.28B		$0.29B	5%
		Organic (1)		Organic (1)
			30%				10%
1Q'19		1Q'20		1Q'19		1Q'20
Volume	Price	Currency	Portfolio	Volume	Price	Currency	Portfolio
19%	11%	(11)%	- %	8%	2%	(3)%	(2)%

Regional Highlights
Acreage rebound	Early demand

Currency devaluation

Operational resilience

USDA Prospective Plantings report indicates strong corn and soybean acreage rebound

Favorable weather and strong demand drove early corn seed deliveries

Price improvement highlights impact from new products, including Qrome®corn seed and Lumialza™ seed treatment

Strong spring campaign and early demand from customers to secure product due to COVID-19 concerns

Strong demand for new products such as ArylexTMherbicide

Continued benefit from route to market improvements across Europe

Strong demand for new products, including PowerCore Ultra®corn seed, IsoclastTMinsecticide drove both volume and price

Pricing improvement from seed technology mix offset by unfavorable currency impact from Brazilian Real

Early impacts from pandemic largely mitigated

Continued demand for spinosyns insecticides in Crop Protection

Strong start in South Asia for corn

(1) Organic sales growth is a non-GAAP measure. See slide 3 for further discussion.

7

Delivering Above-Market Growth Against an Uncertain Backdrop

Seed Delivery Pace(1)

U.S. Pioneer Brand Corn Deliveries

2018

2019

2020

Deliveries on final 3 days of 1Q'20 generated ~$100 million in earnings

Q1 Q2

17-Mar24-Mar31-Mar7-Apr14-Apr21-Apr28-Apr

First Half Momentum

North America planted acreage up year- over-year consistent with expectations

Strong product performance and new technology offerings

Weather conditions conducive to strong start to North America planting

Responsive, direct route-to-market in key countries allows quick pivots

Second Half Uncertainties

Impact of softening global commodity prices on row crop acreage level and allocation in 2020 season

Continued currency devaluation, particularly the Brazilian Real

Timing and amount of government stimulus and impact on grower liquidity

Seasonal weather conditions

Shifts in corn and soybean consumption (e.g., China, feed demand, and ethanol)

ahead of 2021 season

Focused on demand creation and preparing for second half uncertainties

(1) Represents year-to-date seed deliveries recognized in the Pioneer corn brand in the United States.

8

1Q 2020 Segment Performance Highlights

Crop Protection

($ in millions)	1Q 2020	vPY
Net Sales - Reported	$1,501	+5%
Net Sales - Organic(1)		+10%
Operating EBITDA	$238	+8%
Operating EBITDA Margin	15.9%	+50bps

Crop Protection Operating EBITDA Bridge ($ in millions)

Seed

($ in millions)	1Q 2020	vPY
Net Sales	- Reported	$2,455	+25%
Net Sales	- Organic(1)		+27%
Operating EBITDA	$581	+79%
Operating EBITDA Margin	23.7%	+715bps

Seed Operating EBITDA Bridge ($ in millions)

220

238

581

325

1Q'19(2)	Portfolio	Currency	Volume	Price Production	Non-	Other	1Q'20
				Costs(3)	Production
					Costs(4)

1. Organic sales is anon-GAAP measure. Refer to slide 3 for further details.
2. First quarter 2019 is on a pro forma basis and was determined in accordance with Article 11 of RegulationS-X.
3. Production costs are net of synergies realized in the period.
4. Non-ProductionCosts includes costs such as selling, leveraged function costs and product development, net of synergies realized in the period.

1Q'19(2)	Portfolio	Currency	Volume	Price	Production	Non-	Other	1Q'20
Production
					Costs(3)
						Costs(4)

9

Keeping Our Supply Chains Open Through Crisis

Ingredient & Raw Material Sourcing

• Disruptions occurred in many supply chains, especially China and India
• Supply chain design sufficient to buffer major impacts: ~80%(1)multi-sourced with ~65%(1)coming from the U.S.
• Strong restart of China industrial manufacturing positive toon-going resiliency
• Expect minimal impact from reduced crude oil prices

Logistics

• Increasing logistical complexities due to state and national restrictions
• Rapid response to deploy effective WHO and CDC protocols to ensure safety
• Managing border crossing challenges and some capacity challenges, particularly air freight, to mitigate impacts

Plant Operations

• Manufacturing plants are continuing priority operations, even in most severely impacted regions
• Many Crop Protection formulation and packaging plants are in close proximity to the customer
• Seed production facilities are regionally located enabling ahigh-level of customer service

Supply chain resilient in the face of COVID-19 disruptions

(1) Represents percentage of total Crop Protection sales.

10

Liquidity Underpinned by Strong Balance Sheet

1Prudent Management of Capital Structure

• Maintain A- credit profile(1)to support differentiated business model

2Diverse set of tools for intra-year working capital financing

• $5B Commercial Paper Program
• $1.3B Repurchase Facility

3Robust Liquidity Position at March 31, 2020

$0.3B

Uncommitted

Credit Lines~$2BCash

~$8(2),(3)

Billion

$6B Credit

Facilities(3)

4Cash Preservation Actions

• Accelerating working capital productivity actions
• Driving targeted spending actions
• Optimizing capital expenditures toward the lower end of previous range

Bolstering balance sheet through cash preservation actions

1. Rating expressed using S&P nomenclature.
2. Does not include $1.3B repurchase facility or $5B commercial paper program.
3. Does not reflect the $500 million draw down in 1Q'20.

11

Suspending Full Year 2020 Guidance Due to COVID-19 Uncertainty

1H 2020 Growth

Organic Sales(1)Growth +6%

• U.S. planted area: +13 million acres (~40% corn)
• Global corn pricing: +2%
• U.S. soybean pricing: down lowsingle-digit
• Crop Protection new product sales +$120 million,ex-currency(1)

Currency

• Expect ~$150 million Operating EBITDA(1)impact in 1H'20, before pricing actions

Managing Costs

Productivity/Synergies

• Committed to delivering $230 million infull-year synergy and productivity commitments - about 50% realized in
  1H'20

Costs of Goods

• $150 millionfull-year headwind on seed unit costs and higher royalties

Targeted Spending Actions

• Expect annualized savings of approximately $100 million as a result of spending actions partially offsetting higher commissions on volume improvement and ERP costs

2H Uncertainties

Currency Exposure

• ~30% of 2H net sales are concentrated in Brazil, which are heavily weighted to December

2021 Corn Acreage Uncertainty

• 4Q deliveries

Focusing on first half execution and preparing for second half uncertainties

(1) Organic sales and Operating EBITDA are non-GAAP measures. See slide 3 for further discussion.

12

1Q 2020 Regional Net Sales Highlights - Crop Protection

Global Net Sales

		$1.5B
$1.4B
		Reported
			5%
		Organic(1)
			10%
Q1'19		Q1'20
Volume	Price	Currency	Portfolio
10%	- %	(4)%	(1)%

	North		Reported Organic(1)
	America(2)	1%	1%
			Q1 2019	Q1 2020
	Net Sales ($MM)	$479	$475
	Volume	Price	Currency	Portfolio
	5%	(4)%	- %	(2)%

Volume growth due to strong demand for EnlistTMherbicide

Pricing reflects timing of grower incentive discount recognition

	Reported Organic(1)
EMEA(3)	5%	9%
	Q1 2019	Q1 2020
Net Sales ($MM)	$560	$586

Volume	Price	Currency	Portfolio
9%	- %	(4)%	- %

Latin	Reported	Organic(1)
America		17%	30%
		Q1 2019	Q1 2020
Net Sales ($MM)	$187	$218
Volume	Price	Currency	Portfolio
24%	6%	(13)%	- %

Strong demand for new products, including IsoclastTMinsecticide, including $20 million of sales that typically occur in 2Q

Pricing improvement offset by currency impact from Brazilian Real

Asia		Reported Organic(1)
Pacific		9%	14%
		Q1 2019	Q1 2020
Net Sales ($MM)	$203	$222
Volume	Price	Currency Portfolio
13%	1%	(2)%	(3)%

1. Organic sales growth is anon-GAAP measure. See slide 3 for further discussion.
2. North America is defined as U.S. and Canada.
3. EMEA Is defined as Europe, Middle East and Africa.

Continued penetration of new products, including ArylexTMherbicide and early spring and strong demand due to perceived supply concerns drove volumes

Unfavorable currency impact from Euro

Volume growth due to continued strong demand for insecticides, including spinosyns

Ramp-up of new technology, including PyraxaltTMinsecticide and RinskorTMherbicide

14

1Q 2020 Regional Net Sales Highlights - Seed

	Global Net Sales
		$2.5B
$2.0B			Reported
			25%
			Organic(1)
			27%
Q1'19		Q1'20
Volume	Price	Currency	Portfolio
22%	5%	(2)%	- %

1. Organic sales growth is anon-GAAP measure. See slide 3 for further discussion.
2. North America is defined as U.S. and Canada.
3. EMEA Is defined as Europe, Middle East and Africa.

North		Reported Organic(1)
America(2)	41%	41%
		Q1 2019	Q1 2020
Net Sales ($MM)	$913	$1,290
Volume	Price	Currency	Portfolio
37%	4%	- %	- %

Higher seed volume on early deliveries due to improved conditions and anticipated recovery of planted area

New products, including Qrome®, and proprietary seed treatment driving price

		Reported	Organic(1)
EMEA(3)		10%	13%
		Q1 2019	Q1 2020
Net Sales ($MM)	$804	$881
Volume	Price	Currency	Portfolio
10%	3%	(3)%	- %

Volume growth on increased shipments due to favorable conditions and perceived supply concerns from COVID-19 Improved pricing from route-to-market changes in Eastern Europe offset by currency due to the Euro

Latin	Reported	Organic(1)
America		21%	30%
		Q1 2019	Q1 2020
Net Sales ($MM)	$178	$216
Volume	Price	Currency	Portfolio
14%	16%		(9)%	- %

Continued penetration of PowerCore Ultra® in corn led to improved pricing and volume improvement from share gains in Brazil Safrinha

Unfavorable currency impact from Brazilian Real

Asia	Reported Organic(1)
Pacific	6%	2%
	Q1 2019	Q1 2020
Net Sales ($MM)	$72	$68

Volume Price Currency Portfolio

(7)% 5% (4)% - %

Volume declines due to dry weather and COVID-19 disruptions

Pricing gains due to strong demand for corn in South Asia

15

1Q 2020 Highlights

($'s in millions, except EPS)	1Q 2019(1)	1Q 2020	Change
Net Sales	$3,396	$3,956	16%
GAAP Income from Continuing Operations After Income Taxes	$112	$281	151%
Operating EBITDA(2)	$518	$794	53%
Operating EBITDA Margin(2)	15.3%	20.1%	~480 bps
GAAP EPS from Continuing Operations	$0.14	$0.36	157%
Operating EPS(2)	$0.33	$0.59	79%

1Q 2020 Net Sales Bridge ($ in millions)

3,956

3,396

1Q 2019	North	(2)	Latin	(2)	EMEA	(2)	Asia	(2)	Portfolio	Currency	1Q 2020
America	America		Pacific

1Q 2020 Operating EBITDA (2)Bridge ($ in millions)

794

518

1Q 2019 (1)Portfolio Currency Volume	Price	Production	Non-	Other	1Q 2020
		Costs(3)	Production
			Costs(4)

Earnings and Margin Improvement Over Prior Year

1. First quarter 2019 is on a pro forma basis and was determined in accordance with Article 11 of RegulationS-X.
2. Organic sales, Operating EBITDA, Operating EBITDA margin and Operating earnings per share arenon-GAAP measures. See slide 3 for further discussion.
3. Production costs are net of synergies realized in the period.
4. Non-ProductionCosts includes costs such as selling, leveraged function costs and product development, net of synergies realized in the period.

16

1Q 2020 Operating EPS(1)Variance

Operating EPS(1)Bridge ($)

$0.05	($0.01 )	($0.06 )		$0.59
$0.31			$0.02

$0.33($0.05 )

												4		5			6
			1			2		3
	Q1'19(2)	Currency	Volume/Price	Costs	Change in Base Tax	EGL(3)	Other/Portfolio	Q1'20
											Rate (1)

Currency

1

• Currency headwinds predominately from Brazilian Real and Euro

Change in Base Tax Rate(1)

4

• Q1'20 Base Income Tax Rate: 21.6%
• Q1'19 Base Income Tax Rate: 20.7%

Volume/Price

• Growth led by North America where favorable weather conditions and higher anticipated planted area led to increased seed deliveries

EGL(3)

• Exchange losses due to currency devaluation for the Ukrainian Hryvnia, Argentine Peso and Mexican Peso

2

5

Costs

• Continued realization ofmerger-related synergies
• On-goingproductivity actions

Other

• Lower depreciation expense partially offset by divestitures completed in 2019

3

6

Growth in every region and cost productivity drove earnings per share improvement

1. Operating earnings per share and base tax rate arenon-GAAP measures. See slide 3 for further discussion. GAAP EPS for the first quarter 2019 and 2020 was $0.14 and $0.36, respectively.
2. First quarter 2019 is on a pro forma basis and was determined in accordance with Article 11 of RegulationS-X.
3. EGL is defined as Exchange Gain / (Loss)

17

2020 Key Assumptions Update

Factor

January 30 Guidance

Q1 2020 Trend

1H 2020 Indication

Currency

North America Market Rebound

Global Corn Seed Price

U.S. Soybean Seed Price

New Crop Protection Products

• Assumed 4.25 BRL/USD
• Will use financial hedging and pricing actions to mitigate currency movements
• 11+ million acre recovery driving volume (Segment split - 65% Seed/ 35% Crop Protection)
• Replant tailwind on pricing (1 % in corn, 2 % in soybeans)
• Up low single digits
• Downmid-single digit percent
• Net sales increaseyear-over-year of $250 million
• $50 million in incremental royalties

▪Operating EBITDA(1)impacted negatively

by currency devaluation

▪$50 million headwind in the quarter

▪Partially offset by pricing

▪+13 million acre recovery with ~40% going to

corn

▪Strong seed invoicing and early deliveries on

favorable conditions

▪Up 4 percent globally year-over-year

▪Early invoicing suggests competitive price

environment

▪Internal discipline

▪Delivered ~$70 million in net sales increase

in the quarter, ex-currency(1)

▪Delivered approx. $70 million in

synergies/productivity

▪Expect currency headwinds of ~$150 million in

earnings, led by BRL, CAD and MXN

▪Partially offset by pricing

▪+13 million acre recovery with ~40% going to

corn

▪Too early to evaluate replant tailwind as

majority is soybeans and will be recognized in

3Q 2020

▪Up low-single digit percent globally year-

over-year

▪Down low single-digit percent in the U.S.

▪Expect ~$120 million in net sales increase

in the first half, ex-currency(1)

▪Expect ~$115 million in merger-related

cost synergies and productivity

Cost of Goods Sold

SG&A and R&D

• Seed COGS increased by $100 million
• Merger cost synergies and productivity
• ERP costs expected to be $50 million
• R&D costs expected to increase $50 million

▪Seed COGS increased in the quarter due to
	impact of unfavorable yields
▪	SG&A costs up on higher commissions,
	while R&D costs decreased
▪	SG&A as % of net sales down 260 bps

▪COGS headwinds on unfavorable yields

and higher royalty costs tracking as

expected

▪Expect ~$50 million increase in SG&A on higher

commissions

▪Spending actions partially offset higher

(1) Organic sales growth and Operating EBITDA are non-GAAP measures. See slide 3 for further discussion.

commissions

18

Corteva

Non-GAAP Calculation of Corteva Operating EBITDA

			Three Months Ended March 31,
			2020		2019
	In millions		As Reported		Pro Forma
	Income from continuing operations, net of tax (GAAP) 1	$	281	$	112
	Provision for (benefit from) income taxes		127		(20)
	Income from continuing operations before income taxes	$	408	$	92
	+ Depreciation and Amortization		283		258
	- Interest income		(18)		(16)
	+ Interest expense		10		14
	+ / - Exchange losses, net		61		27
	+ / - Non-operating benefits, net		(73)		(42)
	+ Significant items charge		123		185
	Corteva Operating EBITDA (Non-GAAP)2	$	794	$	518

1. Pro forma income from continuing operations, net of tax, has been prepared in accordance with Article 11 of Regulation S-X and is considered the most directly comparable GAAP measure to Pro Forma Operating EBIT DA.

2. Corteva Operating EBIT DA is defined as earnings (i.e., income from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs) - net and foreign exchange gains (losses), excluding the impact of significant items. Non-operating benefits (costs) - net consists of non-operating pension and other post -employment benefit (OPEB) credits (costs), tax indemnification adjustments, environmental remediation and legal costs associated with Historical DuPont businesses and sites. T ax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the T ax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense.

19

Corteva

Segment Information

Net sales by segment

	In millions		Three Months Ended March 31,
			2020		2019
	Seed	$	2,455	$	1,967
	Crop Protection		1,501		1,429
	Total net sales	$	3,956	$	3,396

Corteva Operating EBITDA

			Three Months Ended March 31,
			2020		2019
	In millions		As Reported		Pro Forma
	Seed	$	581	$	325
	Crop Protection		238		220
	Corporate		(25)		(27)
	Corteva Operating EBITDA (Non-GAAP)1	$	794	$	518

1. Corteva Operating EBIT DA is defined as earnings (i.e., income from continuing operations before income taxes) before interest, depreciation, amortization, non-operating benefits (costs) - net and foreign exchange gains (losses), excluding the impact of significant items. Non-operating benefits (costs) - net consists of non-operating pension and other post -employment benefit (OPEB) credits (costs), tax indemnification adjustments, environmental remediation and legal costs associated with Historical DuPont businesses and sites. T ax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the T ax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense.

Operating EBITDA margin

		Three Months Ended March 31,
		2020	2019
		As Reported	Pro Forma
	Seed	23.7%	16.5%
	Crop Protection	15.9%	15.4%
	Total Operating EBITDA margin (Non-GAAP)2,3	20.1%	15.3%

2. Operating EBIT DA margin is Operating EBIT DA as a percentage of net sales.

3. Operating EBIT DA margin %'s for Corporate are not presented separately above as they are not meaningful; however, the results are included in the T otal margin %'s above.

20

Corteva significant items (Pretax)

			Three Months Ended March 31,
			2020		2019
	In millions		As Reported		Pro Forma
	Seed
	Loss on divestiture		-		(24)
	Restructuring and asset-related charges - net		(10)		(27)
	Total Seed		(10)		(51)
	Crop Protection
	Loss on divestiture		(53)		-
	Restructuring and asset-related charges - net		(18)		(23)
	Total Crop Protection		(71)		(23)
	Corporate
	Integration costs		-		(100)
	Restructuring and asset-related charges - net		(42)		(11)
	Total Corporate		(42)		(111)
	Total significant items by segment (Pretax)		(123)		(185)
	Total tax impact of significant items		23		92
	Tax only significant items		(19)		-
	Total significant items charge, net of tax 1	$	(119)	$	(93)

1. Refer to page A-8 of the Financial Statement Schedules for further information on significant items, including tax only items.

21

Corteva

Segment Information - Price, Volume Currency Analysis

Region

						Q1 2020 vs. Q1 2019					Percent Change Due To:
			Net S ales Change (GAAP)		Organic Change (Non-GAAP)		Local Price &			Portfolio /
		$	(millions)		%		$ (millions)		%		Product Mix	Volume	Currency	Other
	North America1	$		373		27%	$	380		28%	2%	26%	0%	-1%
	EM EA1			103		8%		154		11%	2%	9%	-3%	0%
	Latin America			69		19%		110		30%	11%	19%	-11%	0%
	Asia Pacific			15		5%		28		10%	2%	8%	-3%	-2%
	Rest of World			187		9%		292		15%	4%	11%	-5%	-1%
	Total	$		560		16%	$	672		20%	3%	17%	-3%	-1%

Seed

						Q1 2020 vs. Q1 2019					Percent Change Due To:
			Net S ales Change (GAAP)		Organic Change (Non-GAAP)		Local Price &			Portfolio /
		$	(millions)		%		$ (millions)		%		Product Mix	Volume	Currency	Other
	North America1	$		377		41%	$	375		41%	4%	37%	0%	0%
	EM EA1
			77		10%		105		13%	3%	10%	-3%	0%
	Latin America			38		21%		54		30%	16%	14%	-9%	0%
	Asia Pacific			(4)		-6%		(1)		-2%	5%	-7%	-4%	0%
	Rest of World			111		11%		158		15%	6%	9%	-4%	0%
	Total	$		488		25%	$	533		27%	5%	22%	-2%	0%

Crop Protection

						Q1 2020 vs. Q1 2019					Percent Change Due To:
			Net S ales Change (GAAP)		Organic Change (Non-GAAP)		Local Price &			Portfolio /
		$	(millions)		%		$ (millions)		%		Product Mix	Volume	Currency	Other
	North America1	$		(4)		-1%	$	5		1%	-4%	5%	0%	-2%
	EM EA1			26		5%		49		9%	0%	9%	-4%	0%
	Latin America			31		17%		56		30%	6%	24%	-13%	0%
	Asia Pacific			19		9%		30		14%	1%	13%	-2%	-3%
	Rest of World			76		8%		135		14%	1%	13%	-5%	-1%
	Total	$		72		5%	$	140		10%	0%	10%	-4%	-1%

1. North America is defined as U.S. and Canada. EMEA is defined as Europe, Middle East and Africa.

22

Corteva

Non-GAAP Calculation of Corteva Operating EPS

					Three Months Ended March 31,
			2020		2019		2020		2019
			$ (millions)		$ (millions)		EPS (diluted)		EPS (diluted)
			As Reported		Pro Forma		As Reported		Pro Forma
	Net income from continuing operations attributable to Corteva (GAAP)	$	271	$	104	$	0.36	$	0.14
	Less: Non-operating benefits - net, after tax2		57		31		0.08		0.04
	Less: Amortization of intangibles (existing as of Separation), after tax		(114)		(81)		(0.15)		(0.11)
	Less: Significant items charge, after tax		(119)		(93)		(0.16)		(0.12)
	Operating Earnings (Non-GAAP)1	$	447	$	247	$	0.59	$	0.33

1. Operating earnings is defined as net income from continuing operations attributable to Corteva excluding the after-tax impact of significant items, non-operating benefits - net, and amortization of intangible assets (existing as of Separation). Although amortization of intangible assets (existing as of Separation) 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.

2. Non-operating benefits - net consists of non-operating pension and other post -employment benefit (OPEB) (benefits) costs, tax indeminfication adjustments, environmental remediation and legal costs associated with legacy EID businesses and sites. T ax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the T ax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense.

23

Corteva

Non-GAAP Calculation of Corteva Base Tax Rate

			Three Months Ended March 31,
			2020		2019
			As Reported		Pro Forma
	Income from continuing operations before income taxes (GAAP)	$	408	$	92
	Add: Significant items - charge		123		185
	Non-operating benefits - net		(73)		(42)
	Amortization of intangibles (existing as of Separation)		163		101
	Less: Exchange losses, net 2		(61)		(27)
	Income from continuing operations before income taxes, significant
	items, non-operating benefits - net, amortization of intangibles
	(existing as of S eparation), and exchange losses, net (Non-GAAP)	$	682	$	363
	Provision for (benefit from) income taxes on continuing operations
	(GAAP)	$	127	$	(20)
	Add: Tax benefits on significant items charge		4		92
	Tax expenses on non-operating benefits - net		(16)		(11)
	Tax benefits on amortization of intangibles (existing as of Separation)		49		20
	Tax expenses on exchange gains (losses), net		(17)		(6)
	significant items, non-operating benefits - net, amortization of
	intangibles (existing as of S eparation), and exchange losses, net
	(Non-GAAP)	$	147	$	75
	Effective income tax rate (GAAP)		31.1%		-21.7%
	Significant items, non-operating benefits, and amortization of intangibles
	(existing as of Separation) effect		-4.7%		45.8%
	Tax rate from continuing operations before significant items, non-operating
	benefits - net, and amortization of intangibles (existing as of Separation)		26.4%		24.1%
	Exchange losses, net effect		-4.8%		-3.4%
	Base income tax rate from continuing operations (Non-GAAP)1		21.6%		20.7%

1. Base income tax rate is defined as the effective income tax rate less the effect of exchange gains (losses), significant items, amortization of intangibles (existing as of Separation), andnon-operating benefits - net .
2. Refer to pageA-12 of the Financial Statement Schedules for further information on exchange gains (losses).

24