Dow Chemical Investor Day Presentation by CEO Andrew Liveris

1. The Earnings Power of The New Dow
Investor Day 2009
Andrew N. Liveris
Chairman & Chief
Executive Officer
November 2009

2. SEC Disclosure Rules
Some of our comments today may include statements about our
expectations for the future. Those expectations involve risks and
uncertainties. Dow cannot guarantee the accuracy of any forecasts or
estimates, and we do not plan to update any forward-looking statements
if our expectations change. If you would like more information on the
risks involved in forward-looking statements, please see our annual report
and our SEC filings.
In addition, some of our comments may reference non-GAAP financial
measures. Where available, a reconciliation to the most directly
comparable GAAP financial measures and other associated disclosures
are provided on the internet at www.dow.com in the Financial Reports
page of the Investor Relations section.

3. The Right Elements are in Place to …
• >10% revenue growth with new portfolio
Drive GROWTH • EBITDA margins moving from 12% to 20%
• Enabled by science-based innovation
Accelerate • ~$2.5 billion in cost savings by 2011
Enhanced Earnings • Earnings power of >$10 per share
Reward • Substantial cash flow to reinvest and
Shareholders reward shareholders

4. 2009 Accomplishments
OPERATIONAL FINANCIAL STRATEGIC
Structural and cost Financial discipline The right portfolio,
synergies are ahead has been our the right strategy,
of schedule hallmark the right people

5. 2009 Accomplishments
OPERATIONAL OPERATIONAL
• Achieved >$1 B structural
cost savings YTD
• Integrated Rohm and Haas
and exceeded annual
acquisition synergy run rate
target
• Right-sized Basics footprint
Structural and cost
synergies are ahead
of schedule

6. 2009 Accomplishments
OPERATIONAL FINANCIAL
• Delivered consistently
positive operating earnings
and YTD cash flow
• Eliminated high cost
preferred shares at par
• Paid off bridge ahead of
schedule
Structural and cost
synergies are ahead • Reduced capex 50% to $1.4 B
of schedule

7. 2009 Accomplishments
OPERATIONAL STRATEGIC
• Successfully integrated
Rohm and Haas
• Divested >$3 B of non-core
assets
• Completed enterprise-wide
strategic review
Structural and cost • Record R&D spend > capex
synergies are ahead
of schedule

8. 2009 Accomplishments
OPERATIONAL FINANCIAL STRATEGIC
• Achieved >$1 B structural • Delivered consistently • Successfully integrated
cost savings YTD positive operating Rohm and Haas
earnings and YTD
• Integrated Rohm and Haas cash flow • Divested >$3 B of
and exceeded annual non-core assets
acquisition synergy • Eliminated high cost
preferred shares at par • Completed enterprise-wide
run rate target strategic review
• Paid off bridge ahead
• Right-sized Basics of schedule • Record R&D spend
footprint > capex
• Reduced capex 50%
to $1.4 B

9. Agenda
• Enhanced Earnings Power
• Strengthened Financial Profile
• CEO Priorities

10. The Old Dow
Focus Business Results(1)
30%
Capital Intensive •
• Operational excellence
Operational excellence
•
• Product integration
Product integration
•
• Focused execution
Focused execution
EBITDA as a % of Sales
Ag Sciences
20%
Performance
Chemicals
Average 12% Basic Plastics
Basics
10% Basic
Chem Performance Plastics
0%
0% 20% 40% 60% 80% 100%
Sales
(1) Based on 2008 heritage Dow results, excluding Hydrocarbons & Energy and Corporate.

11. Dow’s Business Model – Three Integrated Parts
Highly Differentiated
Health & Agricultural Sciences
Market Driven Electronic & Specialty Materials
Technology Differentiation
Coatings & Infrastructure
Performance Systems
Performance
Performance Products
Basic Plastics
Basics Basic Chemicals
Hydrocarbons & Energy
Customer Intimacy

12. The New Dow – Improvement in Normalized Earnings
>$10
Growth Synergies/Innovation
Restructuring and Cost Synergies
Equity Earnings Growth
$ / Share
$4.00 - $4.50 Basics
Health and Agricultural Sciences
Performance Products and
Performance Systems
~$1.25
$0.44 Dow Advanced Materials
Divestitures
3Q 2009 Run ~2012 Earnings
YTD Rate(1) Power
(1) Run rate estimate based on third quarter 2009 operating earnings and synergy run rate achieved by end of quarter.

13. Earnings Power:
Dow Advanced Materials Portfolio Advanced Materials
Electronic and Specialty Materials
2008 Sales(1): $5.7B | Growth: GDP x 2 Leading Industry Positions
Electronics (66% in Asia)
#1 CMP Pads
#2 CMP Slurries
#1 Display Technologies
#1 Metallization
#2 Photolithography Materials
Specialty Materials
#1 RO membranes & Ion Exchange Resins
#1 Specialty cellulosics & biocides
#1-2 Ingredients supplier to home &
personal care
EBITDA MARGIN(2): 27% NORMALIZED EBITDA MARGIN: ~30%
(1) 2008 sales reflect pro forma data of Dow and Rohm and Haas combined.
(2) EBITDA margin shown represents the range or the average margin for 2007, 2008 and the 9 months ended September 30, 2009.

14. Earnings Power:
Dow Advanced Materials Portfolio Advanced Materials
Key Drivers of Profitability
Electronic Materials
Interconnect Semiconductor Display
Technologies Technologies Technologies
• Growth driven by trends toward miniaturization, faster processing, multi-
functional devices
• Production base continues to shift to Asia
• >30% sales CAGR from 2008-2013 in smartphones and mini notebooks
Specialty Materials
Water & Process Solutions
• Addressable industry growing from $5 billion today to >$10 billion by 2020
• Technologies to reduce the cost of desalination and reuse 35% by 2012
• Innovation pipeline features breakthrough ultrafiltration technologies
(1) 2008 sales reflect pro forma data of Dow and Rohm and Haas combined.
(2) EBITDA margin shown represents the range or the average margin for 2007, 2008 and the 9 months ended September 30, 2009.

15. Earnings Power:
Dow Advanced Materials Portfolio Advanced Materials
Coatings and Infrastructure
2008 Sales(1): $6.2B | Growth: GDP x 1.5 Leading Industry Positions
#1 Architectural Binders
#1 Architectural Additives
#1 Acrylic & Styrene Acrylic
Emulsions
#1 Epoxy Resins, Additives and
Solvents Infrastructure
#1 XPS Foam Insulation and
cellulose based products
EBITDA MARGIN(2): 14% NORMALIZED EBITDA MARGIN: ~18-22%
(1) 2008 sales reflect pro forma data of Dow and Rohm and Haas combined.
(2) EBITDA margin shown represents the range or the average margin for 2007, 2008 and the 9 months ended September 30, 2009.

16. Earnings Power:
Dow Advanced Materials Portfolio Advanced Materials
Key Drivers of Profitability
Dow Coating Materials
• Largest portfolio of coatings raw Broadest Technology Portfolio Available
materials and broadest range of
chemistries Waterborne Emulsions
Epoxy Resins
50%
22%
Additives 12%
• Robust innovation pipeline Glycol Ethers 4%
Solvents 3%
aligned to consumer preferences Dispersants 3%
for low- and zero-VOC coatings Paraloids
Other
3%
3%
• Customer-centric model, expanding
in emerging geographies
Dow Building & Construction
Industry
• Significant growth drivers tied to regulatory 25%
Buildings
requirements and consumer preferences for 48%
energy efficiency & lower environmental impact
• Integrated systems approach Transportation 27%
(1) 2008 sales reflect pro forma data of Dow and Rohm and Haas combined.
(2) EBITDA margin shown represents the range or the average margin for 2007, 2008 and the 9 months ended September 30, 2009.

17. Earnings Power:
Health and Agricultural Sciences
Health and
Agricultural
Sciences
Health and Agricultural Sciences
2008 Sales(1): $4.6B | Growth: GDP x 1.5 Leading Industry Positions
#1 Green Chemistry/Insecticides
• Sentricon
• Spinosad
• Spinetoram
#1 Silage Corn and Omega-9
naturally stable oils
EBITDA MARGIN(2): 18% NORMALIZED EBITDA MARGIN: 25%
(1) 2008 sales reflect pro forma data of Dow and Rohm and Haas combined.
(2) EBITDA margin shown represents the range or the average margin for 2007, 2008 and the 9 months ended September 30, 2009.

18. Earnings Power:
Health and Agricultural Sciences
Health and
Agricultural
Sciences
Key Drivers of Profitability
• $1 billion corn business and >10% share in U.S. corn
• Shift from 90/10 to
Dow AgroSciences Herbicide
50/50 portfolio of Ag
Tolerant Trait (DHT) Technology
Chemicals / Seeds, 60%
Targets for Share of U.S. Acres Soybeans
Traits & Oils
40% Corn
• Ag Chem pipeline full
with high-value 20%
Cotton
solutions for the next
10 years and 0%
proprietary
formulations 50%
SmartStax™ and HERCULEX®
Traits Share of U.S. Corn Acres HERCULEX®
• Seeds, Traits & Oils 40% +
>20% sales CAGR SmartStax™
30%
2008 to 2016 HERCULEX®
20% +
• SmartStax + DHT SmartStax™
10% launch
contribute >50% HERCULEX®
EBITDA margin 0%
2007 2010E 2012E
(1) 2008 sales reflect pro forma data of Dow and Rohm and Haas combined.
(2) EBITDA margin shown represents the range or the average margin for 2007, 2008 and the 9 months ended September 30, 2009.

19. Earnings Power:
Performance Systems Performance
Systems
Performance Systems
2008 Sales(1): $8.2B | Growth: GDP x 1.3 Leading Industry Positions
#1 Automotive glass bonding
#1 Specialty high
performance sealants
#1 Wire & Cable compounds
#2 Polyurethane systems
EBITDA MARGIN(2): 11% NORMALIZED EBITDA MARGIN: ~15-18%
(1) 2008 sales reflect pro forma data of Dow and Rohm and Haas combined.
(2) EBITDA margin shown represents the range or the average margin for 2007, 2008 and the 9 months ended September 30, 2009.

20. Earnings Power:
Performance Systems Performance
Systems
Key Drivers of Profitability
• Tailor-made formulations and flexible delivery systems
• Strong growth drivers tied to infrastructure investments, energy
conservation, and automotive safety and light-weighting
• Bolt-on acquisitions continue to add value
Differentiated Solutions Diesel Particulate Filter
Drive Higher Margins
Gross Margin % Spread (Systems vs.
Demand Growth
t
en
em
ov
pr
m
ti
Components)
in
po
ge
ta
en
rc
pe
10
1Q 2007 1Q 2008 1Q 2009 2009 2014 2019
(1) 2008 sales reflect pro forma data of Dow and Rohm and Haas combined.
(2) EBITDA margin shown represents the range or the average margin for 2007, 2008 and the 9 months ended September 30, 2009.

21. Earnings Power:
Performance Products Performance
Products
Performance Products
2008 Sales(1): $13.1B | Growth: GDP x 1.1 Leading Industry Positions
#1 Polyols
#1 LER and Epichlorohydrin
#1 E- and P-Series Glycol Ethers
#1 Ethylene Amines and
Ethylene Oxide Amines
#2 Performance Fluids
EBITDA MARGIN(2): 12% NORMALIZED EBITDA MARGIN: ~15%
(1) 2008 sales reflect pro forma data of Dow and Rohm and Haas combined.
(2) EBITDA margin shown represents the range or the average margin for 2007, 2008 and the 9 months ended September 30, 2009.

22. Earnings Power:
Performance Products Performance
Products
Key Drivers of Profitability
• Leading industry positions
• Strong supply network and R&D capabilities
• Building blocks maintain low-cost position and retain flexibility to
fuel growth in downstream Performance derivatives
• Highly diverse portfolio of product lines, marketed to a broad
collection of end-uses
• Targeted application development to further differentiate product
offerings
• Electronic & Specialty Materials
Target Market
• Coatings & Infrastructure Segments
• Performance Systems
Sell into Differentiated,
Higher Margin Market Segments
Component Sales into
Fuel growth in Downstream Core Markets
Performance Businesses
(1) 2008 sales reflect pro forma data of Dow and Rohm and Haas combined.
(2) EBITDA margin shown represents the range or the average margin for 2007, 2008 and the 9 months ended September 30, 2009.

23. Performance
Innovation-Based Businesses Yield Advanced Health and
Agricultural
Products and
Materials Performance
Higher Margins and Higher Growth Sciences Systems
Revenue Growth Normalized
SEGMENT (2009-2012 CAGR) EBITDA Margin
Electronic and Specialty Materials 10 – 15% ~ 30%
Coatings and Infrastructure 5 – 8% ~ 18 - 22%
Health and Agricultural Sciences 7 – 10% ~ 25%
Performance Systems 13 – 17% ~ 15 - 18%
Performance Products 10 – 15% ~ 15%

24. Earnings Power:
Basics Basics
Basic Plastics
2008 Sales(1): $14.2B | Growth: GDP x 1.3 Leading Industry Positions
#1 Polyethylene
• Dow is a producer of every
major PE resin
• PE makes up one-third of
total world polymer demand
• Most commonly used
plastic in the world
EBITDA MARGIN(2): 14-20% NORMALIZED EBITDA MARGIN: ~15%
(1) 2008 sales reflect pro forma data of Dow and Rohm and Haas combined.
(2) EBITDA margin shown represents the range or the average margin for 2007, 2008 and the 9 months ended September 30, 2009.

25. Earnings Power:
Basics Basics
Key Drivers of Profitability
Basic Plastics Top Polyethylene Producers: 2008
In thousands of metric tons
8,000
• Competitive cost position 7,000
6,000
5,000
• Differentiated product slate 4,000
3,000
• Leading process technology 2,000
1,000
0
Dow Exxon-Mobil Lyondell SABIC Chevron Sinopec Ineos
Basell Phillips
• PE demand grows at >GDP rates across the cycle
Comparison of GDP and Polyethylene Growth - Global
8% 3.0
Annual Change (%)
PE/GDP Multiple
6%
2.0
4%
1.0
2%
0% 0.0
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Global PE Demand (CMAI) Average PE/GDP Multiple
Global GDP (Global Insight) Annual PE/GDP Multiple
(1) 2008 sales reflect pro forma data of Dow and Rohm and Haas combined.
(2) EBITDA margin shown represents the range or the average margin for 2007, 2008 and the 9 months ended September 30, 2009.

26. Earnings Power:
Dow Ethylene Advantaged Versus the Industry Basics
More than $200/MT leverage to ethylene peak yields upside to EPS of > $1.40
More than $200/MT leverage to ethylene peak yields upside to EPS of > $1.40
U.S. Natural Gas is highly discounted Dow versus Industry Feedstock
to crude on an energy basis Flexibility - 2009
Crude Oil to Natural Gas Price Ratio (bbl/MMBTU)
20 100%
Source: Dow
18
16
75%
Percentage of total feedslate
14
12
10 50%
8
6
25%
4
2
0 0%
1990 1995 2000 2005 2010 North Latin Europe
Forecast America Canada United America Latin Industry Europe
Industry States Industry America
Light Feed Flexibility Heavy Feed
Source: Dow

27. Earnings Power:
Basics Basics
Basic Chemicals
2008 Sales(1): $4.3B | Growth: GDP Leading Industry Positions
#1 Chlor-Alkali
World leader in purified EO
Successful asset light
partnership (MEGlobal)
EBITDA MARGIN(2): 10% NORMALIZED EBITDA MARGIN: ~12-15%
(1) 2008 sales reflect pro forma data of Dow and Rohm and Haas combined.
(2) EBITDA margin shown represents the range or the average margin for 2007, 2008 and the 9 months ended September 30, 2009.

28. Earnings Power:
Basics Basics
Key Drivers of Profitability
Basic Chemicals
• Right-sizing footprint to match downstream derivative demand
• Chlorine integration provides competitive advantage
• Purified EO a key feedstock for downstream Performance businesses
Chlorine
Production
Ethylene
Dichloride Vinyl and EDC
Sales
and Vinyl
Chloride
Chlor-Alkali HCI
Polyure-
thanes,
Epoxy Resins, By-Product
Chlorinated Recovery
CL/NaOH
Organics, and
and Re-Use
Agricultural
Chemicals
Major Consuming Environmental
Caustic Sales Businesses Operations
(1) 2008 sales reflect pro forma data of Dow and Rohm and Haas combined.
(2) EBITDA margin shown represents the range or the average margin for 2007, 2008 and the 9 months ended September 30, 2009.

29. Earnings Power:
Basics Basics
Hydrocarbons and Energy
2008 Sales(1): $9.0B
Top Global Ethylene Producers (2008)
Capacity to produce, thousands of metric tons Source: CMAI
10,000
7,500
5,000
2,500
0
Dow SABIC Exxon- LyondellBasell Shell Sinopec
Mobil
Top Global Propylene Consumers in
Non-Polypropylene Applications (2008)
Capacity to produce, thousands of metric tons Source: CMAI
4,000
Non-polypropylene applications:
- are specialty in nature
3,000
- are higher value-add
- feature higher growth rates
2,000
Leading Industry Positions 1,000
0
#1 Ethylene Dow
incl. ROH
BASF Sinopec LyondellBasell INEOS Shell
(1) 2008 sales reflect pro forma data of Dow and Rohm and Haas combined.
(2) EBITDA margin shown represents the range or the average margin for 2007, 2008 and the 9 months ended September 30, 2009.

30. Performance
Margin Expansion: Advanced Health and
Agricultural
Products and Basics
Materials Performance
The Horsepower of the New Portfolio Sciences
Systems
Heritage Portfolio(1) Portfolio Earnings Power Potential
40% 40%
Electronic and Specialty Materials
30% 30%
Health and Ag Sciences
EBITDA as a % of Sales
EBITDA as a % of Sales
Coatings and Infrastructure
Average 20% Performance Systems
Ag Sciences
20% 20%
Performance Performance Products
Chemicals Basic Plastics
Average 12% Basic Plastics Basic Chem
Basic Performance
10% Chem Plastics 10%
0% 0%
0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%
Sales Sales
(1) Represents 2008 data for heritage Dow

31. Performance
Advanced Health and
Products and
The Power of Geographies in Dow Materials
Agricultural
Sciences
Performance
Basics
Systems

32. Performance
Advanced Health and
Products and
The Power of Geographies in Dow Materials
Agricultural
Sciences
Performance
Basics
Systems
% of 2008 pro forma sales
Europe
North America 36% of sales
38% of sales
Asia Pacific
IMEA
13% of sales
3% of sales
Latin America
The Dow Chemical Company 10% of sales
Emerging Market Sales
20
*
GR
16
Sales ($ billions)
Emerging
CA
Emerging
%
12 (35%)
11
(28%)
8
Developed
4
2012
2008
2004* 2008
Estimate
*Heritage Dow

33. Earnings Power:
Equity Earnings Potential >$1 B Annually Equity Earnings
Growth
Quarterly Average Proportionate EBITDA
Equity Earnings of Nonconsolidated Affiliates of Principal Joint Ventures
($ millions) ($ millions)
$300 $1,800
$250 $1,500
$200 $1,200
$150 $900
$100 $600
$50 $300
$0 $0
2001 2002 2003 2004 2005 2006 2007 2008 1Q09 2Q09 3Q09 2003 2004 2005 2006 2007 2008
Equity Earnings EBITDA in excess of equity earnings

34. Earnings Power:
Cost Control and Acquisition Cost Synergies
Restructuring
and Cost
Synergies
Total Achieved Savings Run Rate 3Q09: $1.4 B
2-Year Target
Rohm and Haas
Acquisition $876 $1,300
Synergies
Dow
Restructuring $404 $750
Programs
Other
Actions $100 $450
$ millions
TOTAL: ~$2.5 B
~$650 million higher net EBITDA impact in 2010 vs. 2009
~$650 million higher net EBITDA impact in 2010 vs. 2009

35. Earnings Power:
Acquisition Growth Synergies: Already Moving the Needle Growth Synergies/
Innovation
$2 billion revenue run rate >$230 million run rate at 3Q09
target by 2012
Asia
Pacific
North
America
Latin Europe
America
IMEA
Captured Growth Synergies
(Annualized through 3Q09)

36. Earnings Power:
Innovation: Addressing Mega Trends – Growth Opportunities Growth Synergies/
Innovation
HEALTH & TRANSPORTATION &
ENERGY CONSUMERISM
NUTRITION INFRASTRUCTURE
SmartStax™ / Battery Value CMP Diesel Particulate
DHT Chain Technologies Filters
Ag Chem Building Wall Home Water
Pipeline System Care Filtration
Traits / Healthier Alternative Low VOC
Energy Electronics Architectural
Diets (Omegas)
Coatings

37. Earnings Power:
Dow Innovation: Solving World’s Most Pressing Problems Growth Synergies/
Innovation
• Dow’s innovation pipeline holds Dow’s Pipeline NPV: $28 B
significant market potential
Infrastructure &
• Innovation pipeline is aligned Transportation
with global megatrends
• Portfolio management ensures
that innovations are supported
Consumerism
by solid business cases
Health &
Nutrition
Energy

38. The New Dow – Improvement in Normalized Earnings
>$10
Growth Synergies/Innovation
Restructuring and Cost Synergies
Equity Earnings Growth
$ / Share
$4.00 - $4.50 Basics
Health and Agricultural Sciences
Performance Products and
Performance Systems
~$1.25
$0.44 Dow Advanced Materials
Divestitures
3Q 2009 Run ~2012 Earnings
YTD Rate(1) Power
(1) Run rate estimate based on third quarter 2009 operating earnings and synergy run rate achieved by end of quarter.

39. The New Dow – Improvement in Normalized Earnings
10
8
$ / share
6
Average: $3.50 - $5.50
(2009 - 2015)
4
Average: $1.86 Average: $2.20
(1993 - 1997) (2002 - 2005)
1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014
EPS (History) EPS (Forecast) Normalized EPS

40. Agenda
• Enhanced Earnings Power
• Strengthened Financial Profile
• CEO Priorities

41. Returning to Lower Debt Levels
60% 6.0x
5.0x
50%
4.0x
40% 3.0x
2.0x
30%
1.0x
20% 0.0x
2001
2002
2003
2004
2005
2006
2007
2008
1996
1997
1998
1999
2000
3Q09
Current
Net Debt / Total Capital Net Debt / EBITDA

42. 2010 Divestment Plan: $2 B Target, $12 B of Options
Target of $5-6 B in divestitures 2009-2010
2009 YTD = $3.4 B achieved
3 concurrent paths in 2010, with $12 B of options

43. 2010 Divestment Plan: $2 B Target, $12 B of Options
Path 1 • Styron Corporation
$3.5 B in Assets: • 10-15 other businesses
2009 YTD = $3.4 B achieved
• Targeted Portfolio • Don't fit long term growth profile
Management
• Will not successfully compete
• Scope and carve out internally for resources
process already underway
• Timing spread throughout 2010
• Non-strategic
• Size of each varies between
• Stand alone $100 M to $300 M

44. 2010 Divestment Plan: $2 B Target, $12 B of Options
Target of $5-6 B in divestitures 2009-2010
2009 YTD = $3.4 B achieved
3 concurrent paths in 2010, with $12 B of options
Path 1 • Styron Corporation Path 2
$3.5 B in Assets: • 10-15 other businesses Kuwait
resolution
• Targeted Portfolio • Don't fit long term growth profile
Management • Will not successfully compete
options
• Scope and carve out internally for resources
process already underway • Timing spread throughout 2010
• Non-strategic • Size of each varies between
• Stand alone $100 M to $300 M

45. 2010 Divestment Plan: $2 B Target, $12 B of Options
Target of $5-6 B in divestitures 2009-2010
2009 YTD = $3.4 B achieved
3 concurrent paths in 2010, with $12 B of options
Path 1 • Styron Corporation Path 2 Path 3
$3.5 B in Assets: • 10-15 other businesses Kuwait New Asset
resolution Light Deal(s)
• Targeted Portfolio • Don't fit long term growth profile
Management • Will not successfully compete
options
• Scope and carve out internally for resources
process already underway • Timing spread throughout 2010
• Non-strategic • Size of each varies between
• Stand alone $100 M to $300 M

46. Enhanced Financial Performance
Average Return on Capital Average Return on Equity Earnings per Share
14% $4.50
20%
19%
12%
$2.20
1995-2005 2006-2016 1995-2005 2006-2016 Average Average
(2002-2005) (2009-2015)

47. Sources and Uses of Cash
>$20 B in Cash From Operations and Half Returned to Shareholders
>$20 B in Cash From Operations and Half Returned to Shareholders
$ billions
$3.0
$20.5 $(1.7)
$(0.9)
2004-2008
$(9.1)
$1.8
$2.8
$2.4 $(10.2) $(2.2)
$(0.8)
Beginning Cash From Asset Acquisitions Investments Capex Shareholder Stock Change Other Ending
Period Operations Sales (Net) Remuneration Issuance in Debt Period
Cash Cash
1/1/04 12/31/08

48. Early Cycle Upside & Balanced Use of Cash
>$35 B in Cash From Use of Cash
Operations 2010 - 2015 2010 - 2015
$12
$10
• Invest for Growth
• Shareholder Remuneration
EBITDA, $ billions
$8
• Reduction of Financial
$6 Obligations
$4
$2
$0
2012
2009
1995
2004
1993
2001

49. Agenda
• Enhancing Earnings Power
• Strengthened Financial Profile
• CEO Priorities

50. 2010 CEO Priorities
OPERATIONAL FINANCIAL STRATEGIC
• Fixed cost reductions / • Maintain investment • R&D spend of ~$1.6 B
synergies ($2.5 B run rate) grade rating • Growth synergies
• Working capital discipline • Pay down debt (Debt / Total (>$500 M run rate)
($500 M reduction) Capital of 45%) • Portfolio mgmt continued
• Capex ($1.6 B) • Operating cash flow ($1.5 B) (asset sales of >$2 B)
• Non-strategic divestments • The right asset light strategy
>$2 B • Enhanced geographic focus

51. 2010 CEO Priorities
OPERATIONAL OPERATIONAL
• Fixed cost reductions /
synergies ($2.5 B run rate)
• Working capital discipline
($500 M reduction)
• Capex ($1.6 B)
Structural and cost
synergies are ahead
of schedule

52. 2010 CEO Priorities
OPERATIONAL FINANCIAL
• Maintain investment
grade rating
• Pay down debt (Debt / Total
Capital of 45%)
• Operating cash flow ($1.5 B)
• Non-strategic divestments
Structural and cost >$2 B
synergies are ahead
of schedule

53. 2010 CEO Priorities
OPERATIONAL STRATEGIC
• R&D spend of ~$1.6 B
• Growth synergies (>$500 M
run rate)
• Portfolio mgmt continued
(asset sales of >$2 B)
• The right asset light strategy
Structural and cost
synergies are ahead • Enhanced geographic focus
of schedule

54. The Right Elements are in Place to …
• Early cycle exposure to economic
recovery
Drive GROWTH
• Optimized cost structure
provides strong leverage
• Polyethylene upside
Accelerate
Enhanced Earnings • Greater share of higher growth,
higher margin performance
businesses
• Renewed focus on innovation
Reward
Shareholders • Stronger positions in emerging
geographies and markets

55. The Dow Chemical Company
Investor Day 2009