Dow Chemical Company Investor Presentation — April 2021

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PerformanceQuarterly Highlights

OutlookPositioned for Long -term

2Double -digit gains in Net Sales and Op. EBIT both YoY and sequentially

Net Sales up in all segments and regions

YoY and sequential sales increase led by pricing gains in all segments

Volume in -line YoY –gains in construction, mobility, electronics and

consumer durables end markets, offset by supply constraints from Uri

Op. EBIT up >$700MM; led by Packaging & Specialty Plastics and

Industrial Intermediates & Infrastructure

Generated >$750MM of cash flow from operating activities –

continuing operations1, excluding the $1B elective pension contribution

2021 cash tailwind of ~$350MM YoY will be provided to Dow by Sadara

debt reprofiling; Sadara expected to be cash flow self -sufficient 1Q| 2021 H IGHLIGHTS

1 Cash used for operating activities –continuing operations was $228 million in the quarter.Y-o-YOp. EBIT ↑ 112%; Margin ↑ 760bps

Driven by margin improvement and increased

equity earningsQ-o-QOp. EBIT ↑ 57%; Margins ↑500bps

Local price gains in industrial and consumer

packaging, and flexible, food and beverage

packaging; margin uplift in H&E1Q21 O PERATING SEGMENT PERFORMANCE

1Q20 4Q20 1Q2112.6%15.2%20.2%580 780 1,228

0%200 00%400 00%600 00%800 00%100 000%120 000%140 000%

1Q20 4Q20 1Q21REVENUE ($MM) Op. EBIT ($MM) &Op. EBIT Margin %Y-o-YSales ↑ 32%; Volume ↑ 5%; Price ↑ 24%

Strong supply/demand fundamentals; local

price gains in all regions, volume growth in

both businesses and most regionsQ-o-QSales ↑ 19%; Volume ↓1%; Price ↑ 19%