Dow Chemical Company Investor Presentation — January 2022

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PerformanceQuarterly & Full Year

Value Creation Priorities1. 2.

2▪Delivered top-and bottom -line growth YoY

▪Net Sales up 34% YoY with gains in every operating segment, business

➢Price increased 39% YoY , with gains across all operating segments, businesses

➢Volume declined 4% YoY driven by supply and global logistic constraints

▪Operating EBIT of $2.3B, up $1.2B YoY due to margin expansion and

higher equity earnings

▪Generated $2.6B of cash flow from operating activities –continuing

operations, up $901MM YoY

➢Cash flow conversion of 88% in the quarter

▪Returned $912MM to shareholders, including $512MM in dividend and

$400MM in share repurchases

34Q | 2021 H IGHLIGHTS

shareholders2021 | FULL-YEARFINANCIAL & ESG P ERFORMANCE HIGHLIGHTS

4Team Dow delivered record financial and operating performance and advanced our ambition to generate value for all our stakeho ldersDelivered record

Electively contributed

plansas we continue to prioritize higher -return,

faster -payback, lower -risk growth projectsGenerated

Outlined clear path to decarbonize

our footprint and grow earnings by

>$3B Announced plan to build world’s first net-zero carbon

emissions ethylene and derivatives complex in

Ft. Saskatchewan, Alberta , while tripling the site’s

ethylene and derivatives capacity

1From 2005 baselineDecreased gross debt by

and reprofiled Sadara debt,

lowering Dow guarantees by

Reduced net interest

Financial Highlights ESG Performance