Dow Chemical Company Investor Presentation — July 2020

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July 23, 20202AGENDA

Addressing Current Market ConditionsQuarterly Highlights

Competitively Advantaged for Growth▪COVID -19 significantly impacted the Company’s financial results for the quarter

▪Net Sales of $8.4B –near high end of guidance range

▪Demand for consumer durable goods significantly impacted by extended

pandemic -related lockdowns; gradual economic improvements beginning across

most industries and geographies

➢Volume growth in food packaging, health and hygiene, home care and pharma

➢7% volume growth in packaging applications vs. prior quarter

➢3% volume growth in Asia Pacific vs. SQLY –leading the global demand recovery

▪Generated $1.6B of cash flow from operating activities –continuing operations

including $526MM release of working capital

▪Delivered $639MM increase in cash flow from ops. YoY including working capital

improvement and $461MM ethylene reservation payment from Olin

▪Strong cash flow conversion track record of 110% TTM

▪Paid down ~$600MM of debt –improving debt maturity profile with net debt

reduction of ~$740MM year -to-date

▪Returned $516MM to shareholders with industry -leading dividend

committed liquidity Net debt reduced

year -to-date2Q 2020 H IGHLIGHTS

cash conversion TTMADVANCING OUR AMBITION FORLONG-TERM VALUE CREATION

Committed to leading inclusion, diversity & racial equality Industry -leading user of clean energy technologies

New Sustainability Targets: plastics & carbon neutralityMobilityScience™ improves customer experience

52Q20 O PERATING SEGMENT PERFORMANCE

•Sales declined 23% vs. SQLY; volume was flat as growth in consumer staple packaging end -