Dow Chemical Company Investor Presentation — January 2020

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January 29, 20202AGENDA

Financial OverviewQuarterly Highlights & Segment Results

2019 Year in Review & 2020 PrioritiesNet Sales of $10.2B –above guidance midpoint

Volume up 2% YoY excluding the Hydrocarbons & Energy

business; demand growth in packaging and construction chemicals

Removed >$35MM of stranded costs

Generated $1.9B of cash flow from operating

activities –continuing operations, up $531MM YoY

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

Paid down >$1B of debt using proceeds from Nova judgment

Returned $611MM to shareholders: $517MM in dividends and $94MM in share repurchases

34Q 2019 H IGHLIGHTS

shareholdersNet Sales by Business

4PACKAGING & S PECIALTY PLASTICS

Financial Performance Snapshot

In millions, except margin percentages4Q19

Net Sales $4,840 $5,898 $(1,058) (18)%

Op.EBIT $648 $839 $(191) (23)%

Op. EBIT Margin 13.4% 14.2% (80) bps

Op.EBIT ex. Eq. Earn. $621 $802 $(181) (23)%

Op. EBIT Margin ex. Eq. Earn. 12.8% 13.6% (80) bpsHydrocarbons

& EnergyPackaging and

CanadaVariances vs. SQLY Pro Forma

Packaging & Specialty Plastics -18% -14% -1% -3% 

Packaging and Specialty Plastics  

Hydrocarbons & Energy  Net Sales by Geographic Region

Above -GDP packaging demand growth & cost savings more than offset by PE margin compression & lower equity earningsNet Sales by Business

5INDUSTRIAL INTERMEDIATES & INFRASTRUCTURE

Financial Performance Snapshot

In millions, except margin percentages4Q19