LAUNCH OF COVATION BIOMATERIALS: DELIVERING INNOVATIVE, HIGH-PERFORMANCE, BIO-BASED MATERIALS AT SCALE

NEWARK,Del.,June 1,2022 -- Covation Biomaterials,a leading global company offering bio-based solutions,launched today as an independent business,following the acquisition of DuPont Biomaterials by the Huafon Group.

Proudly combining decades of world-class science and engineering expertise with new investment and manufacturing capabilities,Covation Biomaterials is creating the sustainable building blocks for customers to make innovative and high-performance,bio-based products accessible globally.

"As a supplier of bio-based materials solutions,we are an important gateway into a more circular economy. Sustainable supply chains must begin with sustainable materials and our science allows our customers to end their overreliance on petroleum," said Michael Saltzberg,CEO - Covation Biomaterials.

"By collaborating with forward-thinking value chain partners and brands globally,we will continue to push the boundaries of innovation and sustainability to deliver high-performance biomaterials at scale. We are thrilled to be joining the Huafon Group,a highly successful materials company that is uniquely positioned to expand the reach of our current products and help us accelerate the introduction of new offerings and technologies to the market," Michael said.

Covation Biomaterials improves product performance,protects the environment and partners to turn passion into progress. Together,Covation Biomaterials and its customers find new ways to use science and engineering to meet the growing global demand for sustainable materials today and in the future. The new company builds on a decades-long legacy and successful suite of products currently available in the market,including:

Sorona®,a partially bio-based polymer that answers the global call for sustainably sourced carpets and fabrics,bridging the personal and societal at a defining moment in our ecological stewardship. Sorona® is ideal for creating attractive,high-performance apparel and soft,durable carpeting;

Susterra®,a 100% plant-based,high-performance building block that reduces the need for petroleum-based components while enhancing end-product attributes. Its applications range from footwear and outdoor apparel to coatings,inks and functional fluids; and

Zemea®,a plant-based and biodegradable material that helps brands reach sustainability goals without compromising quality or performance. Available in multiple formulations,Zemea® meets exacting standards in a variety of high-volume markets,from personal care and home care,to pharmaceuticals,to enhancing flavors and foods.

Covation Biomaterials has a rich product pipeline of exciting bio-based solutions that it will bring to the market.

"We have long admired the work by this team of biomaterials scientists and developers,who are developing industry-leading,sustainable materials available at scale," said Feifeng You,vice president - the Huafon Group and Chairman of the Board - Covation.

"The addition of Covation Biomaterials to the Huafon Group will bring bio-based materials to an even larger global customer base and drive the materials sector toward a sustainable future. We are excited for the bright future of this business," Feifeng said.

About Covation Biomaterials

Founded in 2022,in Newark,Delaware,Covation Biomaterials is a leading global innovator offering a product portfolio of high-performance,sustainable solutions. The company builds on its rich DuPont legacy of groundbreaking scientific innovation and continues to deliver novel solutions at scale across multiple industries,including apparel,carpeting,cosmetics,food and packaging. Through product lines such as Sorona®,Susterra® and Zemea®,the mission of Covation Biomaterials is to deliver the sustainable building blocks that will enable customers to provide bio-based products accessible to everyone.

About the Huafon Group

Founded in 1991,headquartered in Ruian,China,Huafon Group has been innovating to provide new material solutions globally in multiple industries by promoting sustainability,safety,technology and quality. Huafon Group is one of the largest manufacturers of polyurethane (PU) materials in the world with broad product portfolio in adipic acid,polyester polyols,spandex filament,microfiber material,TPU,polyamide etc. By 2021,Huafon Group has more than 14,000 employees and owns multiple subsidiary companies globally in chemical,metals,finance,logistics,information technology and trade.

Covation,Covation Biomaterials,Sorona®,Susterra®,and Zemea®,are trademarks of Covation Biomaterials LLC or its affiliates. For more information about Covation Biomaterials,please visit CovationBio.com and follow us on LinkedIn

Huafon is a trademark of Huafon Group. Co.,Ltd. or its affiliates. For more information about Huafon Group,please visit Huafeng.com

Contact:

Alexa Raab

Alexa.raab@covationbio.com