Post on 03-Jul-2015
description
Paul Schickler, President, DuPont Pioneer
November 12, 2014
MORGAN STANLEY GLOBAL CHEMICALS CONFERENCE
Forward-Looking Statements
This document contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,”
"believes," “intends,” “estimates,” “anticipates” or other words of similar meaning. All statements that address expectations or
projections about the future, including statements about the company'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, are forward looking
statements. 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 the company’s actual results to differ
materially from those projected in any such forward-looking statements are: fluctuations in energy and raw material prices; failure to
develop and market new products and optimally manage product life cycles; significant litigation and environmental matters; failure to
appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; global
economic and capital markets conditions, such as inflation, interest and currency exchange rates; business or supply disruptions;
security threats, such as acts of sabotage, terrorism or war, weather events and natural disasters; ability to protect and enforce the
company's intellectual property rights; successful integration of acquired businesses and separation of underperforming or non-
strategic assets or businesses and successful completion of the proposed spinoff of the Performance Chemicals segment including
ability to fully realize the expected benefits of the proposed spinoff. The company undertakes no duty to update any forward-looking
statements as a result of future developments or new information.
Developing Markets Total developing markets is comprised of Developing Asia, Developing Europe, Middle East & Africa, and Latin America. A detailed
list of all developing countries is available on the Earnings News Release link on the Investor Center website at www.dupont.com.
2
DuPont is a Science Company
DuPont has a 200-year record of creating value for customers and owners by
connecting science to the marketplace to create novel solutions the world
needs. Today, DuPont is creating higher growth and higher value for
shareholders by leveraging advanced science and technology, market and
value chain knowledge, global scale, and disciplined management to drive its
next great era of innovation.
3
1
These Three Strategic Priorities Position DuPont For The Next
Wave Of Innovation And Growth
Path to Future Growth
Agriculture &
Nutrition Extend our leadership
across the high-value,
science-driven
segments of the
Agriculture and Food
value chain
Advanced
Materials Strengthen and grow
our leading position in
differentiated high-
value materials and
leverage new sciences
Bio-Based
Industrials Develop world-
leading industrial
biotechnology
capabilities to create
transformational new
bio-based businesses
• Seeds
• Agricultural Chemicals
• Specialty Food
Ingredients
• Enzymes
• Biofuels
• Biomaterials
• Advanced Polymers
• Protective Materials
• Electronic Materials
• Alternative Energy
DuPont’s Strategy To Build Higher Growth, Higher Value
4
DuPont Delivers Productivity and Profitability for
Growers and Food Companies
DuPont holistically addresses the challenge of feeding the world • Improving agricultural productivity and animal feed efficiencies • Enhancing the nutritional value of food • Protecting food and reducing waste
Ag Productivity
• Integrated seed solutions
• Germplasm / traits
• Seed-applied technologies
• Crop protection
• Decision services
Bio-based Industrials • Biofuels, biomaterials and
biochemicals
• Enzymes
Nutrition Solutions
• Specialty ingredients (enzymes
cultures, probiotics, soy protein,
emulsifiers, texturants, etc.)
• Animal nutrition
Food Protection / Packaging Solutions • Antimicrobials, antioxidants,
diagnostics • Specialty packaging resins
(sealants, adhesives)
5
Unique Capabilities Across the Ag and Food Value Chain
2030 2020
3.25
2009
1.85
Other
North America
Asia-Pacific
Europe
4.88
Emerging Middle Class (Billions)
3 B
1+
B
0.32
0.34
0.66
0.53
0.48
0.33
0.70
1.74
3.23
0.68
0.32
0.65
750
800
850
900
950
1000
2007
2008
2009
2010
2011
2012
2013
2014
Production Consumption
Million MT
Global Demand Growth for Grain
Global Corn
6
Long-term, Sustainable Demand Remains Intact
Data Source: United Nations, OECD and USDA.
Growth Priorities in Agriculture
Brazil
Central and
Eastern Europe
Western Canada
India China
Genetic Improvement
Optimum® AcreMax® Optimum® AQUAmax®
EncircaSM Services T Series soybeans Plenish® soybeans^
Rynaxypyr®
Cyazypyr®
Fungicides
Lumigen™ Seed Sense
Solutions
Extending our Global Reach
Innovative Products and Services
Next Gen Soy Hybrid Rice
Hybrid Wheat
Africa
*Optimum® GLY Herbicide Tolerance and LibertyLink® Herbicide Tolerance for canola
Optimum® Leptra™ ^ DP4114
Canola HT*
7
Strong Market Positions Today, Attractive Growth Opportunities
Innovation – Leading Insect Control Solutions in
Corn
Optimum® AcreMax®
Family of Products DP4114 Optimum® Leptra® ^
Insect Protection
• Maximize yield by protecting the potential of
our superior genetics
• Multiple modes of action for enhanced
protection against lepidopteran pests
including earworm and fall armyworm
• Enhanced trait durability
• Limited, stewarded 2014 launch in the
Southern US; strong yield performance with
good grain quality
Expected to represent about 70%
of Pioneer NA corn volume in 2015
North America launch expected
early in the 2nd
half of this decade*
Small, introductory launch
expected in Brazil in 2015*
Optimum® Leptra™ hybrid Control hybrid
• Enables additional triple-stack product
options with enhanced yield performance
and strong agronomics
• Strong efficacy and performance in 2014
research trials
• Molecular stack of proven Herculex® trait Bt
proteins
• US and Canada cultivation approvals in
place
• Multiple options to manage field-by-field
insect control needs
• Multiple modes of action for protection
against above and below ground insects
• Expanding lineup of triple-stack products
• Simplified refuge management
• High-yielding Pioneer genetics
*Pending regulatory approvals 8
Tailored Options for Insect Control
Innovation – Optimum® AQUAmax® hybrids
9
Continues to Deliver Rain or Shine
Optimum® AQUAmax® Hybrids
• Exceptional performance in water-limited
environments AND
• Top-end yield potential under favorable
conditions
• Planted on about 10 million acres in 2014
• Optimum® AQUAmax® hybrids have delivered
year after year across a wide variety of
environments since 2011
• Tested in over 50,000 on-farm comparisons
since introduction in 2011
• Continues to outperform competitive drought
products
• Available in a wide-range of trait options
• Targeted for the Western corn belt and areas
prone to chronic drought stress
• Native trait technology can be leveraged outside
of the US (e.g. Ukraine and France)
AQUAmax vs. All Competitors
2011-2014
Source: From 2011 to 2014, Optimum® AQUAmax® products were grown in on-farm against competitive hybrids (+/- 4 CRM) in 5,262 comparisons in water limited environments and 47,705 comparisons in favorable growing conditions.
Water limited environments are those in which the water supply/demand ratio during flowering or grain fill was less than 0.66 on a 0-1 scale (1=adequate moisture as determined by Pioneer) using Pioneer's proprietary EnClass® system
and in which the average yield of the commercially available hybrids was less than 150 bu/acre. Moisture levels were measured at the nearest weather station. Favorable growing conditions are locations where yield levels were at or
above 150 bu/acre on average, regardless of moisture levels. Product performance in water-limited environments is variable and depends on many factors such as the severity and timing of moisture deficiency, heat stress,
soil type, management practices and environmental stress as well as disease and pest pressures. All hybrids may exhibit reduced yield under water and heat stress. Individual results may vary. Product performance is
variable and subject to any number of environmental, disease and pest pressures.
Innovation - 2014 North America Corn Performance
Strong Corn Performance
In Grower Fields
• Performance advantage in top-end yield
environments with many +300 bpa yields
• Optimum® AQUAmax® hybrids continue to
perform rain or shine
• Promising 2014 class of new genetics with an
improving triple stack lineup
• Outstanding performance in Western and
Southern corn belt (113 and 118 maturities)
• Strength in 7 million acre silage market with
growing BMR lineup
• New insect protection event DP4114 performing
well in research trials
• Convenience of Optimum® AcreMax® insect
protection in about 70% of 2015 volume
• Comparisons represent on-farm side-by-side
results from growers fields
10
Performance Leadership Under This Season’s High-yielding Conditions
Source: 2014 Pioneer on-farm trial database as of October 28, 2014. Customer comparisons based on 2014 yield results including data from weigh wagon and PKP trials for all
Pioneer® brand hybrids against all competitors. Individual results may vary. All data weighted by comparisons within 4CRM and adjusted to 15% moisture. Product
performance is variable and subject to any number of environmental, disease and pest pressures.
Double and Triple Stacks vs. All
Competitors
Innovation – New Corn Genetics
Promising Class of New Genetics
• Industry leading genetic diversity, improved yield
and agronomic performance protected by
leading trait options
• 2014 class of new genetics are expected to
represent about 20% of 2015 sales volume
• New genetics since 2012 are expected to
represent about 60% of 2015 sales volume
• New classes locally tested and advanced from
about 1,300 corn IMPACT™ trials annually
11
New, Higher-yielding Genetics Create Pricing Opportunity
2014 Class vs. All Competitors
Source: 2014 Pioneer on-farm trial database as of October 28, 2014. Customer comparisons based on 2014 yield results including data from weigh wagon and PKP trials
compared against all competitors. Includes all new Pioneer hybrids released in 2014 vs. competitor brand hybrids tested in 2014. Individual results may vary. All data weighted
by comparisons within 4CRM and adjusted to 15% moisture. Product performance is variable and subject to any number of environmental, disease and pest pressures.
Innovation – New Technology for Soybean and
Canola growers
Pioneer® brand T Series Soybeans Optimum® GLY Canola Plenish® High Oleic Soybeans^
• Soy-based solution with 20% less saturated
fat than commodity soybean oil
• Yields on par with Pioneer® brand elite
commercial varieties
• Expanded contracting options for growers in
2015
• Import approval received in markets that
represent about 90% of US soybean exports
Expect T Series mix to be
about double in 2015
Developed through proprietary gene
shuffling technology
Biotech soybeans with consumer
benefits
• Provide growers increased application
flexibility
• Offered in combination with Pioneer
Protector® traits
• Expected availability later this decade,
pending regulatory approvals
• Out-licensing agreement recently signed
with Crop Production Services (CPS)
• Strong defensive traits
• Varieties containing the Genuity® Roundup
Ready 2 Yield® trait are expected to be
about 10% of volume in 2015
• Newest Pioneer genetics with improved field
emergence
• 2015 expected launch of native technology
for increased flexibility and high tolerance to
sulfonylurea herbicides
*Pending regulatory approvals 12
Technology Advancements in Oilseeds
Innovation - 2014 North America Soybean Performance
Pioneer® brand 2014 soybean class Pioneer® brand T Series soybeans
• Solid competitive performance of T Series soybean varieties
• Promising 2014 T Series class of new genetics
• T Series expected to double in 2015 to nearly two-thirds of volume
• Genuity® Roundup Ready 2 Yield® expected to double in 2015 to about 10% of volume
13
High Yield Protected By Defensive Trait Packages
Source: 2014 Pioneer on-farm trial database as of October 28, 2014. Customer comparisons based on 2014 yield results including data from weigh wagon and PKP trials for all
Pioneer® brand varieties compared against all competitors. Individual results may vary. All data weighted by comparison within 3RM. Product performance is variable and
subject to any number of environmental, disease and pest pressures.
PROFITABILITY RISK MANAGEMENT
SUSTAINABILITY CONVENIENCE
Innovation - EncircaSM Services
Helping Growers Unlock The Full Potential Of Their Land
Addressing the most critical
challenges growers face
*According to an independent Forecastwatch.com report, Schneider Electric, DTN/The Progressive Farmer's parent company, has delivered the industry's most accurate
temperature and precipitation forecasts for the last seven consecutive years. This same forecast technology is used in DTN’s solutions including the DTN Ag Weather Network,
which contains over 2,000 individual weather stations. 14
Strategic Collaborations Enhance Services
The largest and most accurate Ag Weather
Network*
• DTN Ag Weather Network
Most granular view of soils and topography
• USDA-ARS
• University of Missouri
Improved crop and nitrogen models
• Data generated by 8 Midwest land-grant
universities
Seamless transfer of data for real-time insights
• John Deere
• AGCO
• Raven Industries
Strong grower adoption
• EncircaSM View – 13,000+ Users
• EncircaSM Yield Nitrogen Management
Service – About 300,000 acres invoiced so
far
Innovation - EncircaSM Yield – Nitrogen Management
Service
Scalable Sub-field Management Offers The Next Inflection in Crop Productivity
Example field, Willmar, MN
Source: DuPont Pioneer, in collaboration with University of
Missouri & USDA-ARS
15
Personalized Input Management Solutions
• Based on sub-field level Environmental
Response Units (ERUs)
• Customized Nitrogen recommendations by ERU
• Managing by specific productivity potential to:
• Improve Low Productivity ERUs
• Optimize Medium Productivity ERUs
• Maximize High Productivity ERUs
• Opportunity to improve profitability by as much
as $50-60 per acre through better nitrogen
management
• $10 per acre service fee
• Tailored by a local Certified Services Agent
(CSA)
• Most accurate, local weather data informed by
the DTN Ag Weather Network improves
probability of success
Innovation – Lumigen™ Seed Sense Solutions
DuPont™ Dermacor®
Insecticide Seed Treatment DuPont™ Lumivia™
Insecticide Seed Treatment DuPont™ Lumiderm™
Insecticide Seed Treatment
• Offers enhanced protection from
cutworms and flea beetles
• Residual control of insects up to 35
days after seedling
• Superb early season vigor
2014 Initial Launch in Brazil for
soybeans on over 3 million acres 2014 Initial Launch in
Canada for Canola
• Improved yield advantage
• Offering enhanced protection from
wireworm, black cutworm, white grubs
and fall armyworm
• Available in the US exclusively on the
newest Pioneer hybrids as part of the
Pioneer Premium Seed Treatment
program
• Supports emergency registration in
Brazil for control of Helicoverpa in
soybeans
• Excellent above and below ground
insect control to protect plant vigor
• Pursuing expansion to other crops
and markets
2015 Planned Launch in the
United States for Corn
16
Extending DuPont Science Into Seed Treatment
Corn 40*
Soybeans 33*
Canola 9*
Corn 19
Soybeans 30**
Corn 8
Sunflower 14
Oilseed Rape 3
Corn 36
Corn 12
Rice 42
Corn 14
Global Reach – Key Growth Markets
17
Note: Millions of hectares harvested. USDA 2014/15 estimate. * US & Canada show hectares planted ** Soybean hectares represent Brazil only.
Expect ~ 50% of Our Growth Over Next Five Years Outside of NA
Global Reach - Brazil
Growth Drivers
• Corn and soybean strategy
Corn – 15 million hectares
Soybeans – 30 million hectares
• Rapid grower adoption of technology
• Leading Pioneer germplasm
• Local customer focus and route-to-market
• Investments in production and distribution capacity
• Small, introductory launch of Leptra™ insect protection
expected in 2015, pending regulatory approvals
• Adoption of DuPont™ Dermacor® insecticide seed
treatment in soybeans
• DuPont™ Dermacor® insecticide seed treatment for
corn, pending regulatory approval
18
Global Reach – Central and Eastern Europe
Growth Drivers
• Multi-crop strategy
Corn – 8 million hectares
Sunflower – 14 million hectares
Oilseed rape – 3 million hectares
• Long history and local knowledge
• Recent investments in local research and production
capacity
• Leading market position in corn today
• Optimum® AQUAmax™ hybrids launched in 2014
• Pioneer® brand hybrids with the DuPont™ ExpressSun™
trait
• Pioneer MAXIMUS® oilseed rape semi-dwarf hybrids
19
Global Reach - India
Growth Drivers
• Multi-crop strategy
• Rice – 42 million hectares
• Corn – 12 million hectares
• Mustard and Millet
• Long history and local knowledge
• Hybrid Rice Technology
• Unique route-to-market – Pioneer Pravatka and mobile
outreach
• Multi-crop Research Centers with focus on molecular
breeding, native traits and drought tolerance
• DuPont Knowledge Center
20
Global Reach - China
Growth Drivers
• 36 million hectare corn market
• Aligned with China’s goals in agriculture
• Modernization and mechanization of Chinese
agriculture
• Leading the professionalization of the Chinese seed
industry
• Local investments in breeding (established in 1998)
• Industry leading molecular breeding technology center
• State-of-the-art production facilities
• Professional sales channel
21
Right Product Right Acre
22
Appendix 1: 2014 On-farm Performance
23
24
Source: 2014 Pioneer on-farm trial database as of October 28, 2014. Customer comparisons based on 2014 yield results including data from weigh wagon and PKP trials for all Pioneer® brand hybrids against all competitors. Pioneer area leader package consists of a representative selection of the higher volume hybrids estimated for 2015. Individual results may vary. All data weighted by comparisons within 4CRM and adjusted to 15% moisture. Product performance is variable and subject to any number of environmental, disease and pest pressures
2014 Area Top Volume Leaders Package vs. All
Competitors (Corn)
Northeast Indiana Yld. Adv. / % Wins • P0157AMX (AMX/LL/RR2) + 13.9 85% • P0496AMX (AMX/LL/RR2) + 6.6 77% • P0506AM (AM/LL/RR2) + 18.8 95% • P0636AM (AM/LL/RR2) +0.5 50% • P1197AM (AM/LL/RR2) + 16.1 93%
N Wisconsin, NE Minnesota Yld. Adv. / % Wins • P9526AMX (AMX/LL/RR2) + 14.7 93% • P9644AMX (AMX/LL/RR2) + 9.0 67% • P9807AM (AM/LL/RR2) + 6.9 66% • P0157AMX (AMX/LL/RR2) + 8.6 73% • P0533AM1 (AM1/LL/RR2) + 15.4 85%
NC, W Nebraska Yld. Adv. / % Wins • P0302CHR (RW/HX1/LL/RR2) + 11.7 82% • P0419AMX (AMX/LL/RR2) + 9.6 74% • P0832AMX (AMX/LL/RR2) + 12.5 85% • P1151AMX (AMX/LL/RR2) + 14.6 89% • P1266AM (AM/LL/RR2) + 8.4 75%
DE, MD, NJ, East PA Yld. Adv. / % Wins • P0210AM (AM/LL/RR2) + 15.8 79% • P0506AM (AM/LL/RR2) + 16.7 82% • P0604AM (AM/LL/RR2) + 20.7 100% • P1105AM (AM/LL/RR2) + 8.2 65% • P1197AM (AM/LL/RR2) + 17.0 86%
Northwest Iowa Yld. Adv. / % Wins • P0157AMX (AMX/LL/RR2) + 17.8 86% • P0193AMX (AMX/LL/RR2) + 6.4 71% • P0297AMXT (AMXT/LL/RR2) + 13.9 80% • P0506AM (AM/LL/RR2)) + 12.0 75% • P0533AM1 (AM1/LL/RR2) + 8.0 68%
Southeast Nebraska Yld. Adv. / % Wins • P1105AM (AM/LL/RR2) + 12.6 78% • P1151AM (AM/LL/RR2) + 5.4 63% • P1197CHR (RW/HX1/LL/RR2) + 18.9 87% • P1602AM (AM/LL/RR2) + 12.3 84% • P1690CHR (RW/HX1/LL/RR2) + 24.5 93%
2.6 mm Acres 2.1 mm Acres
1.9 mm Acres
2.4 mm Acres
2.6 mm Acres 1.1 mm Acres
Northern Illinois Yld. Adv. / % Wins • P0419AMX (AMX/LL/RR2) + 6.3 59% • P0496AMX (AMX/LL/RR2) + 10.8 73% • P0636AMX (AMX/LL/RR2) + 13.5 80% • P1142AMX (AMX/LL/RR2) + 6.5 62% • P1197CHR (RW/HX1/LL/RR2) + 13.1 78%
North Mississippi Delta Yld. Adv. / % Wins • P1257YHR (YGCB/HX1/LL/RR2) + 15.2 80% • P1319HR (HX1/LL/RR2) + 5.7 59% • P1602YHR (YGCB/HX1/LL/RR2) + 9.1 66% • P1637YHR (YGCB/HX1/LL/RR2) + 6.1 62% • P1794VYHR (AVBL/YGCB/HX1/LL/RR2) + 6.3 61%
1.1 mm Acres 2.4 mm Acres
2014 Area Top Volume Leaders Package vs. All
Competitors (Soybeans)
25
Source: 2014 Pioneer on-farm trial database as of October 28, 2014. Customer comparisons based on 2014 yield results including data from weigh wagon and PKP trials compared against all competitors in the area indicated. Individual results may vary. Pioneer area leader package consists of a representative selection of the higher volume varieties estimated for 2013. All data weighted by comparison within 3RM. All soybean products listed contain the Roundup Ready® trait. Product performance is variable and subject to any number of environmental, disease and pest pressures.
NE Nebraska Yld. Adv. / % Wins • 92Y83 + 0.7 51% • P31T11R + 1.2 69% • P33T72R + 1.5 64%
NW Ohio Yld. Adv. / % Wins • 931T11R + 4.7 62% • P32T28R2 + 1.0 64% • P33T72R + 3.1 85%
Louisiana Yld. Adv. / % Wins • P47T36R + 1.8 65% • P47T89R + 1.1 58% • P50T64R + 0.4 45%
NW Illinois Yld. Adv. / % Wins • P24T05R + 1.0 60% • P25T51R + 2.3 69% • P32T25R2 + 0.2 46%
S Central Iowa Yld. Adv. / % Wins • P25T51R + 3.2 70% • P28T33R + 0.4 53% • P35T58R + 3.2 74%
1.2 mm Acres
1.9 mm Acres
1.6 mm Acres 2.6 mm Acres
2.7 mm Acres
NW MN, NE SD Yld. Adv. / % Wins • P03T68R2 + 1.4 64% • P05T24R + 3.4 67% • P07T50R + 2.6 80%
4.7 mm Acres
Copyright © 2014 DuPont or its affiliates. All rights reserved. The DuPont Oval Logo, DuPont™, The miracles of science™ and, unless otherwise noted, all products denoted with ™ or ® are registered trademarks or trademarks of E. I. du Pont de Nemours and Company or its affiliates.
Images reproduced by E. I. du Pont de Nemours and Company under license from the National Geographic Society.
26
27
Agrisure Viptera® is a registered trademark of, and used under license from, a Syngenta Group Company. Agrisure® technology incorporated into these seeds is commercialized under a
license from Syngenta Crop Protection AG. Herculex® Insect Protection technology by Dow AgroSciences and Pioneer Hi-Bred. Herculex® and the HX logo are registered trademarks of Dow
AgroSciences LLC. Liberty®, LibertyLink® and the Water Droplet Design are trademarks of Bayer. YieldGard®, the YieldGard Corn Borer design, Genuity®, Roundup®, Roundup Ready® and
Roundup Ready 2 Yield® are registered trademarks of Monsanto Technology LLC used under license. Individual results may vary, and performance may vary from location to location and from
year to year. This result may not be an indicator of results you may obtain as local growing, soil and weather conditions may vary. Growers should evaluate data from multiple locations and
years whenever possible.
Products, benefits and concepts described herein will not be offered for sale or distribution until completion of field testing and applicable regulatory reviews. Pioneer® brand hybrids with event
DP 4114 will not be offered for sale or distribution until completion of field testing and applicable regulatory reviews. Pioneer® brand canola hybrids with glyphosate resistance will not be
offered for sale or distribution until completion of field testing and applicable regulatory reviews.
^ EXPORT APPROVAL NOTICE: This product is fully approved in the United States and Canada. Traits included in these products may or may not be approved in all global markets; therefore,
the combination of these traits and the grain and certain by-products (including oil, dried distillers grain, cobs, and husks) from THESE PRODUCTS MAY NOT BE APPROVED for all markets.
Growers that use this product are required and agree to adhere to the stewardship requirements as outlined in the Pioneer Product Use Guide and product-specific Stewardship Requirements
for this product, which include specific grain disposition requirements. For questions regarding product stewardship and biotech traits please contact your sales representative or refer to
www.pioneer.com/stewardship. Growers are required to discuss trait acceptance and grain channeling policies with their local grain handler prior to delivering grain containing biotech traits.
Always read and follow all precautions and directions provided in product labeling before making in-crop or other applications of any agricultural herbicides or using any other pesticide.
Pioneer is a member of Excellence Through Stewardship® (ETS). Pioneer is a member of Excellence Through Stewardship® (ETS). Pioneer products are commercialized in accordance with
ETS Product Launch Stewardship Guidance and in compliance with the Pioneer policies regarding stewardship of those products. Crops and materials containing biotech traits may only be
exported to or used, processed, or sold in jurisdictions where all necessary regulatory approvals have been granted for those crops and materials. It is a violation of national and international
laws to move materials containing biotech traits across borders into jurisdictions where their import is not permitted. Growers should discuss these issues with their purchaser or grain handler to
confirm the purchaser or handler's position on products being purchased. Excellence Through Stewardship® is a registered trademark of the Biotechnology Industry Organization.
^
^
The DuPont Oval Logo is a registered trademark of DuPont.
®, SM, TM Trademarks and service marks of Pioneer.
© 2014 PHII.