Dow Chemical Company Investor Presentation — January 2021

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January 28, 2021AGENDA

Operating Segment Performance Quarterly & Full Year Highlights

Accelerating Our Competitive Advantage

2▪Net Sales of $10.7B –YoY increase of 5% and sequential increase

▪Volume increased 1% YoY reaching pre-pandemic levels in all

▪Generated $1.7B of cash flow from operating activities –

continuing operations and FCF of $1.4B , consistent YoY

▪Equity earnings of $106MM, up $127MM YoY , primarily driven by

improved financial results at Sadara

▪Delivered GAAP net income of $1.3B and operating EBIT of $1.1B

▪Completed the sale of select U.S. Gulf Coast marine and terminal

operations assets –received cash proceeds of $620MM$519MM

shareholdersNet debt reduced

year -to-date4Q 2020 H IGHLIGHTS

342020 Y EAR INREVIEW : ADVANCING OUR PRIORITIES & OUR AMBITIONOUR FINANCIAL PRIORITIES

in packaging applicationsPROFITABLE GROWTH

$6.3 billion in cash flow

free cash flow of $5 billion,

up $1.2 billion year -over-year

Completed TX9 expansion &

>10 debottlenecking projects

to enable higher margin mixDISCIPLINED CAPITAL

ALLOCATIONLOW -COST OPERATING

MODELBEST -OWNER MINDSET

Achieved reduced CapEx

target of $1.25 billion

$2.1 billion returned to

shareholders through

industry -leading dividendReduced net debt by

>$2.6 billion and interest

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