Dow Chemical Company Investor Presentation — April 2024

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April 25, 20241Q 2024 RESULTS

▪ OPERATING SEGMENT PERFORMANCE

▪ DRIVING GROWTH THROUGH THE CYCLE

▪ ADVANCING SUSTAINABILITY -DRIVEN

VALUE CREATION$10.8B

N E T S A L E S1Q 2024 P ERFORMANCE OVERVIEW

Driving Volume and Value Growth while Maintaining

Operational and Financial Discipline

▪Net sales of $10.8B, down 9% YoY and up 1% QoQ

▪Delivered 2nd consecutive quarter of YoY volume growth; volume up 1%

YoY (up 5% excluding Hydrocarbons & Energy); volume up 1% QoQ

▪Operating EBIT was $674MM, down $34MM YoY and up $115MM QoQ

▪Operating EBITDA was $1.4B, up $38MM YoY and up $178MM QoQ

Delivering on Our Capital Allocation Priorities

▪Cash flow from continuing operations of $460MM; resulting in a 94%

cash flow conversion on a TTM basis

▪Total CapEx for the quarter was $714MM

▪Returned $693MM to shareholders, including $493MM in dividends

and $200MM in share repurchases

Well -positioned to Capture Sustained Value Growth

▪Issued $1.25B of green bonds to support eligible sustainability -driven

growth projects, primarily Fort Saskatchewan Path2Zero

▪Construction has begun at our Path2Zero project in Fort Saskatchewan$674MM

O P E R AT I N G E B I T

O P E R AT I N G C A S H F L O W

R E T U R N E D T O

S H A R E H O L D E R S

31Q 2024 O PERATING SEGMENT PERFORMANCE

Earnings decrease driven

by lower prices, partly offset by

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