Dow Chemical Company Investor Presentation — March 2020

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Howard Ungerleider, President and Chief Financial Officer

J.P . Morgan Virtual Industrials Conference

March 10, 2020DOW2DELIVERING ONOURPRIORITIES

GROWTHDISCIPLINED CAPITAL

OPERATING MODELBEST OWNER

Consistent progress on the priorities laid out at our Investor Day in 20183SUBSTANTIAL PROGRESS DELIVERED AMIDST ACHALLENGING MACRO

Low-Cost Operating ModelProfitable Growth, Enhance Customer-Centricity

Disciplined Capital Allocation, Strong Credit Profile, Focus on Cash

Wave 1 growth projects to contribute $200- $350MM of EBITDA

Prioritize lower -risk, incremental growth projects

Enhance ‘Digital Dow’

Complete cost synergy realization

Deliver ~$300MM of stranded cost savings by end of 2020Strong investment -grade credit profile across the cycle

Maintain CapEx at or below D&A

Higher free cash flow generation

~90% EBITDA -to-CFFO conversion

~65% of Op. Net Income returned to shareholders across the cycle

Best Owner Mindset, Benchmarking, Enhanced Disclosures

Shifted profit metric from Op. EBITDA to Op. EBIT

Enhanced disclosures and transparency

Incremental portfolio management

Culture of benchmarking FINANCIAL GOALS OUTLINED ATINVESTOR DAY2018 OURPROGRESS TODATE

~$250MM of EBITDA in 2019

Silicones de -bottlenecks, Ind. Solutions expansions, USGC, W. Canada

~$3B of revenue through new e- commerce portal

$1.365B program completed

>$160MM savings 2019; $140MM on track for 2020Gross debt reduced by >$3B in 2019; next major maturity 2H231