Dow Chemical Company Investor Presentation — October 2022

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October 20, 2022•Quarterly Results

•Operating Segment Performance

•Strategic Priorities for Long -Term

Value CreationAGENDA

2Net sales were $14.1B

Market conditions in EMEAI led sales and volume declines YoY and QoQ

Strength in higher -margin functional polymers and performance silicones

Local price increased 3% YoY and declined 6% QoQ

U.S. dollar strength impacted sales by 4% YoY and 1% QoQ

Operating EBIT was $1.2B

Margin compression due to higher energy costs primarily in EMEAI

Generated $1.9B of cash flow from operating activities –

continuing operations

Cash conversion of 104% in the quarter

Returned $1.3B to shareholders , including $800MM in share

repurchases and $493MM in dividends in the quarter

33Q 2022 P ERFORMANCE OVERVIEW

SHAREHOLDERS43Q 2022 O PERATING SEGMENT PERFORMANCE

Y-o-YOp. EBIT ↓60%; Margins ↓1460 bps

Results due to lower polyethylene prices

and higher raw material and energy costsQ-o-QOp. EBIT ↓45%; Margins ↓670 bps

Results primarily due to lower local prices and

reduced volumes due to global logistics and

lower demand in EMEAI7,736 8,233 7,327

3Q21 2Q22 3Q2225.3% 17.4% 10.7%1,954

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

3Q21 2Q22 3Q22REVENUE ($MM) Op. EBIT ($MM) &Op. EBIT Margin %Y-o-YSales ↓5%; Volume flat; Price ↓ 2%

Price gains in functional polymers more

than offset by lower polyethylene pricing;

volume remained consistentQ-o-QSales ↓11%; Volume ↓ 3%; Price ↓ 7%

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