Company Announcements

Starboard Delivers Letter To Corteva Board Chair

NEW YORK, Jan. 21, 2021 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), one of the largest shareholders of Corteva, Inc. (NYSE: CTVA) ("Corteva" or the "Company"), today announced that it has delivered a letter to Gregory Page, Chairman of the Company's Board of Directors (the "Board").

The full text of Starboard's letter to the Chairman of the Board can be viewed at the following link:
https://www.starboardvalue.com/wp-content/uploads/Starboard_Value_LP_Letter_to_CTVA_Board_01.21.2021.pdf

About Starboard Value LP
Starboard Value LP is a New York-based investment adviser with a focused and differentiated fundamental approach to investing primarily in publicly traded U.S. companies. Starboard seeks to invest in deeply undervalued companies and actively engage with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.

Investor contacts:
Gavin Molinelli, (212) 201-4828
Patrick Sullivan, (212) 845-7947

www.starboardvalue.com

CERTAIN INFORMATION CONCERNING THE PARTICIPANTS

Starboard Value LP, together with the other participants named herein (collectively, "Starboard"), intends to file a preliminary proxy statement and accompanying WHITE proxy card with the Securities and Exchange Commission ("SEC") to be used to solicit votes for the election of its slate of highly-qualified director nominees at the 2021 annual meeting of stockholders of Corteva, Inc., a Delaware corporation (the "Company").

STARBOARD STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.

The participants in the proxy solicitation are anticipated to be Starboard Value and Opportunity Master Fund Ltd ("Starboard V&O Fund"), Starboard Value and Opportunity S LLC ("Starboard S LLC"), Starboard Value and Opportunity C LP ("Starboard C LP"), Starboard Value and Opportunity Master Fund L LP ("Starboard L Master"), Starboard Value L LP ("Starboard L GP"), Starboard Value R LP ("Starboard R LP"), Starboard Value R GP LLC ("Starboard R GP"), Starboard Leaders Alpha II LLC ("Starboard Alpha II LLC"), Starboard Leaders Fund LP ("Starboard Leaders Fund"), Starboard Value A LP ("Starboard A LP"), Starboard Value A GP LLC ("Starboard A GP"), Starboard X Master Fund Ltd ("Starboard X Master"), Starboard G Fund, LP ("Starboard G LP"), Starboard Value G GP, LLC ("Starboard G GP"), Starboard Value LP, Starboard Value GP LLC ("Starboard Value GP"), Starboard Principal Co LP ("Principal Co"), Starboard Principal Co GP LLC ("Principal GP"), Jeffrey C. Smith, Peter A. Feld, Jacques Croisetière, Lisa Crutchfield, David C. Everitt, James L. Gallogly, Janet P. Giesselman, Kerry J. Preete and Susan C. Schnabel.

As of the date hereof, Starboard V&O Fund beneficially owns directly 5,101,985 shares of Common Stock, par value $0.01 per share, of the Company (the "Common Stock"). As of the date hereof, Starboard S LLC directly owns 922,820 shares of Common Stock. As of the date hereof, Starboard C LP directly owns 544,945 shares of Common Stock. As of the date hereof, Starboard L Master directly owns 448,758 shares of Common Stock. Starboard L GP, as the general partner of Starboard L Master, may be deemed the beneficial owner of the 448,758 shares of Common Stock owned by Starboard L Master. Starboard R LP, as the general partner of Starboard C LP, may be deemed the beneficial owner of the 544,945 shares of Common Stock owned by Starboard C LP. Starboard R GP, as the general partner of Starboard R LP and Starboard L GP, may be deemed the beneficial owner of an aggregate of 993,703 shares of Common Stock owned by Starboard C LP and Starboard L Master. As of the date hereof, Starboard Alpha II LLC directly owns 468,446 shares of Common Stock. Starboard Leaders Fund, as a member of Starboard Alpha II LLC, may be deemed the beneficial owner of the 468,446 shares of Common Stock owned by Starboard Alpha II LLC. Starboard A LP, as the general partner of Starboard Leaders Fund and the managing member of Starboard Alpha II LLC, may be deemed the beneficial owner of the 468,446 shares of Common Stock owned by Starboard Alpha II LLC. Starboard A GP, as the general partner of Starboard A LP, may be deemed the beneficial owner of the 468,446 shares owned by Starboard Alpha II LLC. As of the date hereof, Starboard X Master directly owns 911,293 shares of Common Stock. As of the date hereof, Starboard G LP directly owns 4,476,617 shares of Common Stock. Starboard G GP, as the general partner of Starboard G LP, may be deemed the beneficial owner of the 4,476,617 shares of Common Stock owned by Starboard G LP. As of the date hereof, 1,558,735 of Common Stock were held in an account managed by Starboard Value LP (the "Starboard Value LP Account"). Starboard Value LP, as the investment manager of each of Starboard V&O Fund, Starboard C LP, Starboard L Master, Starboard Alpha II LLC, Starboard X Master and Starboard G LP and the Starboard Value LP Account and the manager of Starboard S LLC, may be deemed the beneficial owner of an aggregate of 14,433,599 shares of Common Stock directly owned by Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master, Starboard Alpha II LLC, Starboard X Master, Starboard G LP and held in the Starboard Value LP Account. Each of Starboard Value GP, as the general partner of Starboard Value LP, Principal Co, as a member of Starboard Value GP, Principal GP, as the general partner of Principal Co and Messrs. Smith and Feld, as members of Principal GP and as members of each of the Management Committee of Starboard Value GP and the Management Committee of Principal GP, may be deemed the beneficial owner of 14,433,599 shares of Common Stock directly owned by Starboard V&O Fund, Starboard S LLC, Starboard C LP, Starboard L Master, Starboard Alpha II LLC, Starboard X Master, Starboard G LP and held in the Starboard Value LP Account. As of the date hereof, Mr. Croisetière directly owns 641 shares of Common Stock.  As of the date hereof, Ms. Crutchfield owns directly 418 shares of Common Stock. As of the date hereof, Mr. Everittdirectly owns 1,271 shares of Common Stock. As of the date hereof, Mr. Gallogly directly owns 850 shares of Common Stock. As of the date hereof, Ms. Giesselman directly owns 1,152 shares of Common Stock. As of the date hereof, Ms. Preete directly owns 2,500 shares of Common Stock. As of the date hereof, Ms. Schnabel directly owns 1,000 shares of Common Stock. As of the date hereof, Mr. Smith directly owns 128 shares of Common Stock.  

 

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SOURCE Starboard Value