Dow Chemical Company Investor Presentation — June 2022

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BERNSTEIN 38THSTRATEGIC

DECISIONS CONFERENCE

Jim Fitterling, Chairman and CEO | June 2, 2022UNIQUELY ADVANTAGED FORLONG-TERM VALUE CREATION

Dow remains well -positioned to continue delivering long-term value for all our stakeholders

Decarbonize and Grow

Investment Opportunity

By 2030, deliver >$3 billion in annual

run-rate EBITDA while reducing

carbon emissions by ~30%1

Near -term investments expected to

deliver >$300 million of incremental

earnings this year; >$2 billion by 2025

World’s first net -zero carbon emissions

cracker complex in Alberta will add

$1B EBITDA of earnings growth

Driving circularity with innovative recycling technologies and low -to zero-

carbon and more sustainable solutions

Maintaining disciplined and balanced

capital allocation , keeping CapEx within

D&A, and targeting ROIC of >13%

2Reaffirming our 2Q22 modeling

guidance from April on resilient demand and advantaged positions

Underlying consumer and industrial

demand strength, with expansions in U.S. retail spending and manufacturing production in April

Continuing to monitor geopolitical

activity, inflation, COVID and global supply chains

Capitalizing on fast -growing demand for

sustainable solutions, elevating our

underlying mid- cycle EBITDA above

pre-pandemic levelsCompetitive advantages, clear growth

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