Dow Chemical Company Investor Presentation — March 2017

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TheDow Chemical Company

J.P.Morgan Aviation, Transportation & Industrials Conference

President and Chief Operating Officer

March 13, 2017Some of our comments today include statements about our expectations for the future. Those expectations

involve risks and uncertainties. Dow cannot guarantee the accuracy of any forecasts or estimates, and we do not

plan to update any forward -looking statements if our expectations change. If you would like more information on

the risks involved in forward -looking statements, please see our Annual Report and our SEC filings.

In addition, some of our comments reference non -GAAP financial measures. Where available, presentation of and

reconciliation to the most directly comparable GAAP financial measures and other associated disclosures are

provided on the Internet at www.dow.com/investors.SEC Disclosure Rules

2™Trademark of The Dow Chemical Company or an affiliated company of Dow.

Operating earnings per share is defined as earnings per share excluding the impact of “Certain Items.” See Supplemental Infor mation at the end of the earnings release for a description of these items, as well as a reconciliation of operating earnings pe r share to “Earnings per

common share –diluted.”

“EBITDA” is defined as earnings (i.e., “Net Income”) before interest, income taxes, depreciation and amortization.

“Operating EBITDA” is defined as EBITDA excluding the impact of Certain Items.

“Operating Cash Flow” is calculated as Cash from Operating Activities, excluding the pretax impacts of the K -Dow arbitration awa rd and Urethanes settlements