Dow Chemical Company Investor Presentation — April 2022

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April 21, 2022•Quarterly Results

•Operating Segment Performance

•Well -Positioned to Create

Significant ValueAGENDA

2Delivered top-and bottom -line growth , both YoY and QoQ

Net sales up 28% YoY , with gains in all operating segments,

businesses and regions

Local price increased 28% YoY and 2% QoQ

Volume up 3% YoY and 5% QoQ

Operating EBIT up $865MM YoY with gains in all

Generated $1.6B of cash flow from operating activities –

continuing operations

Returned $1.1B to shareholders , including $513MM in dividends

and $600MM in share repurchases

New $3B share repurchase program

Minority stake in constructing new LNG import terminal in Germany,

satisfying up to 15% of their current natural gas demand

31Q 2022 P ERFORMANCE HIGHLIGHTS

SHAREHOLDERS41Q 2022 O PERATING SEGMENT PERFORMANCE

Y-o-YOp. EBIT flat; Margins ↓400 bps

Price gains in the U.S. & Canada and Latin

America partly offset by higher input

costs in all regionsQ-o-QOp. EBIT ↓14%; Margins ↓390 bps

Results due to higher raw material and

energy costs primarily in Europe 6,082 7,189 7,627

1Q21 4Q21 1Q2220.2% 20.1% 16.2%1,228 1,442 1,234

0%500 00%100 000%150 000%200 000%

1Q21 4Q21 1Q22REVENUE ($MM) Op. EBIT ($MM) &Op. EBIT Margin %Y-o-YSales ↑25%; Volume ↑4%; Price ↑ 24%

Price gains in both businesses and all regions;

volume growth in energy sales, olefins,

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