Dow Chemical Company Investor Presentation — October 2019

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October 24, 20192AGENDA

Financial SummarySegment Results

OutlookQuarterly Highlights

Delivering on 2019 PrioritiesNet Sales of $10.8B –in-line with guidance

Demand growth YoY in packaging, polyurethanes and

silicones applications; volume ex-H&E up 1% YoY

Grew earnings sequentially, with notable Op. EBIT margin expansion in P&SP (190 bps YoY , 100 bps QoQ)

Completed cost synergy program and delivered additional stranded cost removal

Generated $1.8B of cash flow from operating activities –

continuing operations, up $1.6B YoY

Returned $0.6B to shareholders: $0.5B in dividends, $0.1B in share repurchases

33Q 2019 H IGHLIGHTS

Synergy ProgramNet Sales by Business

4PACKAGING & S PECIALTY PLASTICS

Financial Performance Snapshot

In millions, except margin percentages3Q19

Net Sales $5,062 $6,157 $(1,095) (18)%

Op.EBIT $798 $857 $(59) (7)%

Op. EBIT Margin 15.8% 13.9% 190 bps

Op.EBIT ex. Eq. Earn. $775 $774 $1 -

Op. EBIT Margin ex. Eq. Earn. 15.3% 12.6% 270 bpsHydrocarbons

and Specialty Plastics

APACLAAU.S. & CanadaVariances vs. SQLY Pro Forma

Packaging & Specialty Plastics -18% -13% -1% -4% 

Packaging and Specialty Plastics  

Hydrocarbons & Energy  Net Sales by Geographic Region

Packaging demand growth, Op. EBIT margin expansion & new capacity contributions more than offset lower equity earningsNet Sales by Business

5INDUSTRIAL INTERMEDIATES & INFRASTRUCTURE

Financial Performance Snapshot

In millions, except margin percentages3Q19