Dow Chemical Company Investor Presentation — October 2021

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PerformanceQuarterly Highlights

OutlookDisciplined Value

3. 4.Achieved top-and bottom -line growth , both YoY and QoQ

Team Dow delivered safely despite hurricane -driven supply disruptions

Net Sales up 53% YoY and 7% QoQ, with gains in all operating segments

Price increased 50% YoY and 5% QoQ with gains in all businesses,

segments and regions

Volume up 2% YoY and QoQ on continued underlying end- market

Op. EBIT of $2.9B, up >$2.1B YoY and $58MM sequentially

Generated $2.7B of cash flow from operating activities –continuing

operations; up $958MM YoY and $698MM sequentially

Proactive liability management actions further improved the Company’s

debt maturity profile and reduced annual interest expense by >$60MM

Returned $518MM to shareholders through industry -leading dividend

and $400MM in share repurchases

33Q| 2021 H IGHLIGHTS

shareholdersY-o-YOp. EBIT ↑202%; Margin ↑1,110 bps

Price gains in both businesses and all regions

led to margin improvement in core businessesQ-o-QOp. EBIT ↓3%; Margins ↓300 bps

Decline due to higher raw material

43Q21 O PERATING SEGMENT PERFORMANCE

3Q20 2Q21 3Q2114.2%28.3% 25.3%647 2,014 1,954

0%500 00%100 000%150 000%200 000%

3Q20 2Q21 3Q21REVENUE ($MM) Op. EBIT ($MM) &Op. EBIT Margin %Y-o-YSales ↑69%; Volume ↑5%; Price ↑ 63%

Price gains in both businesses and all regions;

volume growth in energy and olefinsQ-o-QSales ↑9%; Volume ↑3%; Price ↑ 6%

Local price gains and strong demand for

Y-o-YOp. EBIT ↑ 586%; Margin ↑1,250 bps