Dow Chemical Company Investor Presentation — April 2020

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April 30, 20202AGENDA

Dow’s Response to COVID -19Quarterly Highlights

Points of Distinction:

Dow’s Differentiated StrengthsFinancial Overview & Near -Term OutlookNet Sales of $9.8B –in-line with guidance

Modest volume decline YoY , down 1% (excluding H&E)

Constrained economic activity & COVID -19 containment efforts in Asia

Demand growth in food packaging, health and hygiene & cleaning end-

Generated $1.2B of cash flow from operating activities –continuing

operations, up $193MM YoY

Significantly improved cash flow conversion (Op. EBITDA -to-CFFO) YoY

Executed €2.25B Eurobond issuance –extended debt maturity profile

and reduced financing costs

Recovered $259MM in tax withholdings from the Canadian tax

authority related to the 2019 judgment against Nova Chemicals

Returned $643MM to shareholders: $518MM in dividends and $125MM in share repurchases

31Q 2020 H IGHLIGHTS

cash conversion~$12B

•Our first priority is the safety of our employees –

in response to the COVID -19 pandemic we enabled ~2/3 of

employees to work remotely and enhanced health safety

measures for all our colleagues still operating our plants to support essential end -markets.

•Our crisis management structure is engaged –

ensuring business continuity through safe operations to reliably meet customer demand.

•We are staying close to customers and suppliers –

working to anticipate supply needs and demand challenges; dynamically making operational adjustments to meet evolving market demands.Ensuring Safety &

6•We are committed to putting our assets to work to