The Dow Chemical Company “The Materials Science Company” 2211 H.H. Dow Way Dow Ecosystem Midland, MI 48674 Phone: 1-989-636-1000; www.dow.com

Outside Relationships Outside Relationships Dow Inc. and The Dow Chemical Company (Delaware Corporation) Securities Regulation and Regulators Regulators Capital Suppliers Customers Debt Structure Equity Structure Stock Exchange Customers Suppliers Capital Bond Debt ( $25.4 Billion @ 12/31/2019) Credit Ratings (Long Term Debt): Fitch (BBB+), Moody’s (Baa2), S&P (BBB-) Mkt Cap: Listing Rules Public Debt Financing $36.48B Common Stock Share Repurchase Program Common Stock Securities Holders Commercial Common Stock Regulators Loans 5-Year Competitive Advance Commercial Paper and Short-Term 2020 Senior Unsecured Notes: 2022 Senior Notes: $1.372B 2024 Senior Unsecured Notes: Authorized Amount: $3 Billion (No Expiry) Authorized Shares: 5 Billion Repurchases Significant Commercial Interest Rate Revolver: $5B (Floating Rate) Notes Payable: $586M (Avg. 6.30%) $76M (Avg. 8.44%) (Avg. 3.50%) $1.397B (Avg. 3.37%) Banks 2019 Repurchases: $500 Million Outstanding Shares: 748,771,240 Equity Shareholders US Securities Derivative and Foreign Term Loan Facility: $2B Bilateral Revolving Credit Facilities 2021 Senior Unsecured Notes: 2023 Senior Unsecured Notes: 2025+ Senior Unsecured Notes: Subjects of Currency Capital Institutional and Exchange Counterparties (Floating Rate) (11): $2.428B (Floating Rate) $174M (Avg. 8.95%) $325M (Avg. 7.64%) $9.482B (Avg. 5.70%) Remaining Authority: $2.5 Billion Recordholders: 81,546 Regulation Swaps 67.75% Commission Crude Oil Property and and Litigation Commercial Liana Limited The and Natural Casualty Subsidiaries New York Customers Insurance and Litigation Gas Hedges Governance Corporate Matters (Captive Vanguard Stock Reinsurance Group Banks Business Board of Directors Finance Research and Development Human Resources Legal Information and Digital Operations, Feedstocks and Energy Insurance Exchange Union Carbide Samuel R. Allen (C, G) Wesley G. Bush (A, EHS) Jacqueline C. Hinman (A, EHS) Manufacturing, Company) 7.67% Regulation Finance Asbestos- New Product Innovation Human Resources Policies Real Estate Engineering, and EHS Related Ajay Banga (C, G) Richard K. Davis (A, G) Global IT Strategy Global Feedstocks Professional Professional Capital Joint Ventures Ruth G. Shaw (C, EHS) Public Affairs New Product Supply and Trading Research & Litigation (Retired from Service April 2020) M&A Transactions Services Services Jacqueline K. Barton (EHS) Jeff M. Fettig (C, G). Commercialization Human Resources Practices Management Digital Capabilities Operations Leadership Deloitte & Environmental SCG-Dow Group Government Affairs Contract 6.96% James A. Bell (A, G) Jim Fitterling Daniel W. Yohannes (A, EHS) Throughput Experimentation Team Commodity Risk Touche Protection (50% JV) and Analysis Management Polyethylene, Information Technology Talent Cyber Security and Management (Audit Services) SSgA Pollution Committees Audit (A), Compensation and Leadership Development (C), Polystyrene, Employment Law Risk Management Funds Corporate Governance(G), and Environment, Health, Safety & Technology (EHS) Kirkland & Ellis Control Styrene, Latex and Business Services Corporate Development Management Manufacturing (Litigation) Greenhouse Specialty Corporate Strategy Recruiting Environmental Energy Operations Executive Officers Purchasing Reporting and Excellence 4.88% Gas Emissions Elastomers Proceedings Chief Executive Officer: Jim Fitterling SVP, Operations—Manufacturing, Engineering and Key Strategic Tracks Advanced Analytics Orrick BlackRock Generation, Integrated Supply Chain Business and Tort (Litigation) EQUATE President and Chief Financial Officer: Environment, Health and Safety Operations: Peter Holicki Implementation Compensation Fund Storage, Litigation Power Operations Interpublic Petrochemical Howard Ungerleider SVP, Corporate Development: Torsten Kraef Accounting/Finance Facilities Management Environment, Health Advisors Handling, Enterprise Risk Membership in Group Co. KSCC SVP, Research & Development and Chief Technology and Safety 4.19% Transportation, President, Feedstocks & Energy: Jack Broodo Management Benefits IP Management American (Advertising) (42.5% JV) Officer: A.N. Sreeram Corporate Tax Treatment, President, Performance Materials & Coatings: Global Information Steam Operations Chemistry Geode Capital Internal General Counsel and Secretary: Amy E. Wilson Corporate American Consumption: Mauro Gregorio Accounting Strategic Planning Systems Council Chemistry Management Disposal and Employee Experience Governance Ethylene, Chief Human Resources & Inclusion Officer: Karen S. Operations Council, 1.47% Remediation of President, Industrial Intermediates & Infrastructure: Jane including Polyethylene and Carter Financial Controls New Business Incubation Performance and Hazardous Palmieri Securities Law Carbon Reduction and ExxonMobil, Ethylene Glycol Vice President, Chief Information and Digital Officer: Dow Business Services Chevron and Substances Corporate Security Diversity and Inclusion Compliance Productivity Sustainability End Markets: President, Packaging & Specialty Plastics: Diego Donoso Melanie Kalmar Treasury Shell and Waste Monoethylene Glycol, (Lobbying Materials Diethylene Glycol, Services and Polyethylene US and Canada: Midlands , Michigan (HQ); Pack Studio Locations in Every Geography; 35 Manufacturing Sites (including Kentucky, Louisiana, Michigan, Texas, and Alberta) regarding Use of Plastic Waste Terephthalate Resins Chlorine, Operations Key Offices and Asia Pacific: 19 Manufacturing Sites in 10 Countries (including China and Thailand) Pack Studio Locations Plastics and Pyrolysis Oil Plastics Waste) Bans on Ethylene, Manufacturing Sites Europe, Middle East, Africa, and India: 37 Manufacturing Sites in 15 Countries (including Germany, Spain, United Kingdom) in Every Geography Feedstock Kuwait Styrene Single-Use Polyethylene, Latin America: 18 Manufacturing Sites in 4 Countries (including Argentina and Brazil) Supplies (Used for Key Recycling Company Plastics and and Other Food Packaging) Collaborations (42.5% JV) Plastic Straws Feedstock PACKAGING AND SPECIALTY PLASTICS INDUSTRIAL INTERMEDIATES AND INFRASTRUCTURE PERFORMANCE MATERIALS & COATINGS Fuenix Ecogy Styrene Monomer Renewable and Utensils Supplies Group Plastics to Customers in Food and Specialty Packaging, 2 Net Sales: $20.2B (36% of Total) 2 Net Sales: $13.44B (13% of Total) 2 Net Sales: $8.92B (51% of Total) Naphtha Produce and Market Ethylene Oxide and Propylene Oxide Derivatives to Uses Dows Acrylics-, Cellulosics- and Silicone-Based (Plastic Waste The Kuwait Industrial and Consumer Packaging, Health and Hygiene, 0 Operating EBIT: $2.904B 0 Operating EBIT: $845M 0 Operating EBIT: $918M Feedstock Serve Appliances, Coatings, Adhesives, Lubricants, Building and Technology Platforms to Serve Architectural and Industrial Recycling) Caps, Closures and Pipe Applications, Consumer 1 Equity Earnings: $162M 1 Equity Earnings: -$241 1 Equity Earnings: $5M Supplies (Used to Olefins Marketing Construction, Infrastructure, and Oil and Gas Market Segments Coatings, Home Care, and Personal Care End Markets Durables, Automotive, and Infrastructure Markets 9 9 13% Decline from 2018 Sales 9 Company KSCC Services 16% Decline from 2018 Sales 9% Decline from 2018 Sales Produce UPM Biofuels (42.5% JV) Polyethylene for (Plastic Waste Illustration: Upstream Outside of Food Packaging) Ethylene and Hydrocarbons & Energy Packaging and Specialty Plastics Industrial Solutions Polyurethanes & Construction Chemicals Coatings & Performance Monomers Consumer Solutions Recycling) and Downstream Value the Middle Ethylene Glycol Produces Intermediate Chemicals Needed for Manufacturing Processes Enhance Performance of Paint and Coatings, Performance Silicone for Consumer Goods, Acrylics for Home Chain Production East (Sadara Produces Ethylene for Use in Packaging Polyurethanes, Chlor-Alkali and Vinyl, and Construction Industry’s Broadest Polyolefin Product Portfolio for Plastics (e.g., Minimize Friction and Heat, Manage Oil and Water Interface, and Acrylics-Based Building Blocks to Produce and Personal Cleaning, and Silicone Feedstocks for Adhesion, Processes pays Marketing and Specialties Products Segment Chemicals Key Company Data Sadara Fee) Facilitate Dissolvability, and Enable Product Identification) Personal and Home Care Products Surface, and Dispersing Crude Oil- Natural Chemical (as of 12/31/2019) Key Markets Key Markets Key Markets Key Markets Key Markets Key Markets Based Gas-Based Company Operating Results Share Information Raw Material Sourcing (35% JV) Applications Applications and Markets Competitors Applications and Markets Applications and Markets Applications Competitors Applications and Markets Competitors Internal Competitors Competitors Competitors Crude Oil Natural Gas and Markets and Markets Personal Care, NYSE Symbol: DOW Consumption: Adhesives Industrial Specialty Agriculture Crop Infrastructure Aircraft Deicing Textiles and Electrical and Net Sales: $42.95B Extraction Extraction Borealis BASF Arkema Acrylic Binders for Arkema Color Elkem Crude Oil Chlorine, Ethylene, Chevron Phillips Applications Using Protection Applications Fluids Transportation High-Voltage Natural Gas Automotive Architectural Paints Cosmetics, Cost of Sales: $36.7B Share Price: $53.83 and Propylene and Purchaser of Chemical Polyolefin Alumina Construction Insulations Aircraft Deicing Lubricant Additives and Coatings Baby Care, (12/17/2020) Naphtha Aromatics Feedstocks Caps, Closures Elastomers, ExxonMobil Eastman Ashland BASF Momentive Solvents for Pulp and Paper Caulks and Home Care and SG&A: $1.59M End Markets: ExxonMobil and Pipe Ethylene Industrial Coatings Lamp and Market Cap: $41.298B Coatings Paper, Sealants Specialty Crude Oil Natural Gas Polyethylene, Applications Copolymers, and INEOS Appliances BASF and Paper Celanese Luminaire Shin-Etsu Refinement Refinement Transportation and Hexion Cement-Based Applications Net Income: -$1.36B (12/18/20) Ethylene Oxide, INEOS Ethylene Adhesives Modules Construction Heat Transfer Utilities Automotive Tile Adhesives with a Key Feedstocks Feedstocks Propylene Oxide Propylene Diene Lanxess Covestro Dispersants Assembly Sales in US and Canada Annual Dividend: $2.10 Energy for Use in Cosmetics Fluids for Huntsman Bedding Concrete Solutions Evonik Focus on Hair Wacker Chemie Derivatives, and LyondellBasell Monomer (EPDM) Products for (36%), Europe Middle Natural Gas Natural Gas Global Operations Concentrated Impact Modifiers Care, Skin EPS: -$1.84 Isocyanates Elastomers Building and Elastomeric Roof Eastman Oil and Gas Liquids Feedstocks Liquids Electrical LyondellBasell Solar Power Energy Markets, z Care, Sun East & India (34%), and INEOS Inks and Paints LyondellBasell (e.g., ethane and Feedstocks (e.g., SABIC Transmission and e.g., Exploration, Construction Coatings Map Ta Phut Irrigation Pipe Care, Paints and Inks Asia Pacific and Latin naphtha) propane) Distribution Construction Production, Flooring Industrial Non- Huntsman Opacifiers and Balance Sheet Items Olefins Photovoltaic NOVA Surfactants for Wacker Chemie Cleansing, as America (30%) Ethane and Propane Sales Shell Transmission,Consumer LyondellBasell SolutionsWovens Solvents for Footwear well as Fabric, Release Liners Naphtha Sales Company (32.77% Production of Food and Supply Encapsulants Plasters and INEOS Architectural and Electronics Refining, Mining, Dish, Floor, Total Assets: $60.52B JV) Hydrocarbon Chain Packaging SABIC Heat Transfer Renders Industrial Applications Resources Dow Chemical Sinopec Sporting Goods Processing and Gas SABIC Hard Surface Specialty Films Propylene and Hydro- Monomers for Fluids Olin Footwear Processing to Roof Tiles and Plastic Additives and Air Care and Tapes 36,500 Employees Current Assets: $16.82B Chemical Processing Ethylene Carbons Use in Dow Telecom Food Preservation Optimize Supply, Hydraulic Fluids Siding Processing Aids Applications Crack Ethane and Crack Propane Chemicals’ Health and Infrastructure Fuel Markers Sasol 109 Manufacturing Sites and Energy Improve Sport Grounds and Owens-Corning Sporting Goods Naphtha (break (break into Derivative Hygiene Infrastructure Protective and Investments: $5.06B Raw Materials Feedstocks Toys and Infant Home and Efficiencies and Tape Joint Commercial and in 31 Countries into smaller smaller Businesses Shell Functional Coatings molecules) molecules) Supplies and Other Housewares Products Personal Care Manage Emissions Packaging Compounds Yantai Wanhua Glazing 3D Printing R&D Expense: $765M Raw Rheology Modifiers Property: $21.00B Ethylene Propylene For Patents (3,700 US; and Materials Major Products Major Products Major Products Major Products Major Products Polymerization Polymerization Hydrocarbons Supplies Major Products 19,100 Foreign) (add catalyst to link (add catalyst to link Acetone UCAR Deicing TERGITOL and Rheology Specialty Propylene AQUASET ACOUSTICRYL Foam Cell Intangibles: $17.66B and Energy Acrylics Ethylene Vinyl Polyolefin Aniline RHOPLEX Adhesives and Granulation and Silicone molecules together molecules together Ethylene Derivatives Fluids Amine Solvents Glycol Aromatics Co- Acetate Plastomers TRITON Modifiers Acrylic Liquid-Applied Promoters Acrylic Resin Sealants Binders Elastomers Cash Flow Items to form to form Natural Gas Surfactants Thermosetting Sound Total Liabilities: $46.43B polymers/resins) polymers/resins) Products Butyl Glycol Isopropano- Caustic Soda Bio-Based Resins FORMASHIELD TAMOL Antifoams and Oils Solubility From Operations: $5.93B Methacrylic Ethers lamines Polyurethane Damping Polyethylene Polypropylene Butane Plasticizers Resin Additives Methyl Isobutyl Surfactants TERGITOL and Acrylic Binder Dispersants Surfactants Enhancers Propylene Acid Copolymer Ethylene Systems Technology Polymers and From Investing: -$2.19B Current Liabilities:$10.68B Packaging and Modifiers VERSENE Low-VOC Polyalkylene TRITON Coatings and Resins Dichloride Acrylates Vinyl Acetate Emollients Aerospace Resin Conversion Resin Conversion Condensate and Special Copolymers Chelants Solvents Surfactants High Quality Other Utilities Glycol CARBOWAX RHOPLEX and Monomers Controlled Release From Financing: -$4.09 (melt resins, cool (melt resins, cool Plastics Semi- Toluene ACROSOL Impact Opacifiers Composites Long Term Debt:$15.98B Benzene Polyethylene Ethanolamines Methoxypoly- SENTRY Methylene PRIMAL Acrylic Coupling Agents and then chop and then chop Ethane Feedstocks Elastomers Conductive Demulsifiers Diisocyanate Rheology Modifiers Capex: -$1.96B Polyethylene Diphenyl Emulsion Weatherable Reagents Surfactants and resulting block into resulting block into and Other & Jacketing Ethylene Oxide ethylene Glycol Modifiers and Crosslinkers Total Equity: $14.09B pellets (nurdles)) pellets (nurdles)) Scale Inhibitors Water Clarifiers Diisocyanate Polymers MAINCOTE Acrylic Solvents Naphtha High Density Glycol AVANSE EVOLV3D Printing Year End Cash: 2.37B Raw Power Ethylene Compound UCON Fluids Higher Glycols Acrylic Epoxy Capstock Resins, Gels and Nurdles Sales Nurdles Sales Butadiene Drilling and Vinyl Chloride Technology Materials Copolymer Polyethylene Solutions Polyether Acrylic Binders Hybrid Compounds for Powders SILASTIC Silicone Propane Glycol Ethers Completion Monomer Metrics Supplies Resins CARBOWAX CARBOWAX Polyols Dichloride Thermoplastic Fluids, Emulsions Elastomers SENTRY Fluids Frothing WALOCEL Methacrylates Rheology Downstream Manufacturing Low Density Wire and Cable UCARTHERM SENTRY EVOQUE Pre- and and Dispersions 78% Pro Forma Operating EBITDA-to-Cash Flow For Packaging Heat Transfer Polyethylene Heat Transfer Polyethylene Separating Propylene DOW Latex Cellulose Modifiers Octene Steam EPDM Polyethylene Insulation Composite Processing Thermosetting Formulating and DOWSIL Silicone Melt Nurdles Melt Nurdles Fluids Glycol Fluids Glycol Agents Oxide Powder Fibers Conversion Ratio and Specialty Polymer Aids Materials Processing Aids Rubber Products Liquid Nurdles Liquid Nurdles Plastics Completed $1.365B Cost Synergy Program; 2020 Mold Liquid into Mold Liquid into Ethylene and Natural Gas Plastic Packaging and Specialty Ethylene Oxide and Propylene Oxide Raw Materials Supplies Raw Materials Supplies Ethylene Oxide and Propylene Oxide Raw Materials Operating Expense Reduction Target of $500 million Finished Goods Finished Goods Aliphatic Electricity Ethylene and Propylene and Electric Products Sales (e.g., Plastic Bottles, Bags, Derivatives, Polyurethane, and for Polyurethane and for Coatings and Derivatives, Polyurethane, and Supplies for Sales of Sales of Intermediate Solvent Sales Propylene Supplies Paid down $3B in debt in 2019 Intermediate Goods (auto parts, Sales Power Supplies Clamshell Containers, and Drinking Straws) Construction Chemicals Sales Construction Chemicals Performance Monomers Construction Chemicals Sales Consumer Solutions Goods (beverage industrial fibers, food Butane bottles, cups, milk containers, margarine Caps, Industrial Home Performance Downstream Derivative Plastics Food and Health Building and Home and Paint and Recent/Interesting Developments jugs, plastic bags, containers, yogurt Electric Consumer Infra- Closures and and Food Agricultural Materials & Oil and Gas Sporting Paper six-pack rings, and pots, syrup bottles, Ethylene Businesses of Dow Customers Specialty and Chemicals Construction Airlines Transportation Personal Ink Dow Inc. wholly owns The Dow Chemical Company. They were Consumer Personal Preservation Companies Businesses Goods Producers tubing) prescription bottles, Chemical Company Utilities Durables structure and Pipe Customers Coatings Care Companies spun off DowDuPont in April 2019, at which time Dow became a plastic bottle caps) Packaging Hygiene Companies Hexene Automotive Applications Packaging Care Customers public company and was added to the 30-company Dow Jones Consumer Products Industrial Average Octene Manufacturing Power Raw For For Aqueous Raw For Coatings & Acetic Acrylic Methyl For Hydrochloric Acid Platinum In July 2020, Dow announced it will cut its workforce by 6% Incorporate into Incorporate into Energy Natural Gas Propylene Carbon Cellulose Cell Electric Hydrogen Cell Generation Materials Industrial Ethylene Propylene Polyurethanes Aniline Hydrochloric Benzene Ethylene Materials Performance Acid Acid Methacrylate Styrene Consumer Silica Consumer Goods Consumer Goods Propylene Suppliers Producers Styrene Monoxide Chlorine Effluent Power Peroxide Cellulose Silicon Effluent Dow’s third quarter 2020 revenue of $9.712 billion declined 10% or as Packaging or as Packaging Companies Suppliers Solutions & Construction Acid Suppliers Monomers Acetone Propylene Butyl Acrylate Solutions Methanol Sales of Sales of Chlorine Metal year over year Finished Goods Finished Goods © 2020 90% of the products consumers use contain plastic End Consumers End Consumers www.onepagethinking.net December 2020