Databook 051210

THE DOW OF TOMORROW
The Right Strategy
The Right Focus
The Right Portfolio
The Right People
The Dow Chemical Company

The Right Pipeline
The Dow of Tomorrow –

Here Today
HERE TODAY
2010 Databook

Midland, MI 48674 U.S.A. The Dow Chemical Company
2010 Databook
Investor Relations
(800) 422 8193
(989) 636 1463
IR@dow.com Form No. 161-00750
VISION
X To be the most profitable and respected science-driven chemical
company in the world
MISSION
X To passionately innovate what is essential to human progress
by providing sustainable solutions to our customers
CORPORATE STRATEGY
X To preferentially invest in a portfolio of technology-integrated,
market-driven performance businesses that create value for our
stockholders and growth for our customers
X To manage a portfolio of asset-integrated, building-block
businesses to generate value for our downstream portfolio
VALUES
X Integrity
X Respect for People
X Protecting Our Planet
STRATEGIC THEMES
X Financial Discipline
X Sustainability
X Performance Culture
X Profitable Growth
The forward-looking statements contained in this document involve risks and uncertainties TABLE OF CONTENTS
that may affect the Company’s operations, markets, products, services, prices and other
factors as discussed more fully elsewhere and in filings with the U.S. Securities and
Exchange Commission. These risks and uncertainties include, but are not limited to, 2 Selected Pro Forma Historical
economic, competitive, legal, governmental and technological factors. Accordingly, there is
no assurance that the Company’s expectations will be realized. The Company assumes no
Segment Information
obligation to provide revisions to any forward-looking statements should circumstances 4 Our Strategy
change, except as otherwise required by securities and other applicable laws. References
to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated 10 Our Geographic Reach
subsidiaries, unless otherwise expressly noted.
References to Advanced Materials or Advanced Materials Division mean the businesses
14 Innovation
comprised within the Electronic and Specialty Materials, and Coatings and Infrastructure 20 Sustainability
operating segments.
The financial or other data and information related to or used to create statements in this 24 Chemistry Flow
document regarding industry leading or leadership positions, or comparisons of products,
portfolios, or industry positions to competitors was obtained from publicly available sources.
26 Dow at a Glance
®
™ Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow 86 Joint Ventures
unless otherwise specifically noted.
94 Appendix
®
™ Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow unless otherwise specifically noted.
THANK YOU FOR YOUR INTEREST IN THE DOW CHEMICAL COMPANY.
This databook – our second edition – continues our pledge to give you ongoing transparency
about our strategy and our businesses. In the pages that follow, you will get a clear view
of how we are structured to grow and prosper in the years ahead. You will gain a better
understanding of the three integrated business models and the distinct role each of them
plays in our strategy. And you will see how we are deliberately liberating resources in some
areas so we can make smart, strategic investments in our market-driven businesses.
Our strategy is clear. We will preferentially invest in a portfolio of technology-integrated,

market-driven performance businesses that create value for our stockholders and growth for
our customers. That means that, as we go forward, we will invest in projects and businesses
that align with the societal and cultural megatrends of tomorrow. Those megatrends are
highlighted in this databook and you can see how – and why – we are responding to them
with our unique capabilities and technologies. We will also manage a portfolio of asset-
integrated, building block businesses to generate value for our downstream portfolio.
Our integration provides a distinct competitive advantage that we intend to preserve.
Dow has a great future ahead of it. With our rich pipeline of products, deep research
and development capabilities, and unparalleled geographic and market reach, we have
redefined how we are growing. We have a renewed focus on innovation and a rebuilt
growth engine in order to provide value to our stockholders by building a stronger,
more stable earnings profile. We invite you to join us on that journey.
Andrew Liveris
President, Chief Executive Officer
and Chairman of the Board
April 26, 2010
28 34 42 48 58 68 76 82
Electronic Coatings and Health and Performance Performance Basic Basic Hydrocarbons
and Infrastructure Agricultural Systems Products Plastics Chemicals and Energy
Specialty Sciences
Materials
2010 Databook 1
Selected Pro Forma Historical Segment Information1,4
$ in millions (Unaudited) Q1’07 Q2’07 Q3’07 Q4’07 2007 Q1’08 Q2’08 Q3’08 Q4’08 2008 Q1’09 Q2’09 Q3’09 Q4’09 2009
Sales by Operating Segment

Electronic and $ 1,090 $ 1,148 $ 1,291 $ 1,348 $ 4,877 $ 1,444 $ 1,583 $ 1,473 $ 1,229 $ 5,729 $ 971 $ 1,164 $ 1,256 $ 1,223 $ 4,614
Specialty Materials
Coatings and 1,233 1,427 1,389 1,252 5,301 1,509 1,780 1,711 1,219 6,219 1,038 1,242 1,330 1,178 4,788
Infrastructure
Health and 1,045 1,097 807 890 3,839 1,326 1,368 995 920 4,609 1,461 1,204 796 1,076 4,537
Agricultural Sciences
Performance Systems 1,696 1,853 1,830 1,930 7,309 2,062 2,356 2,180 1,630 8,228 1,281 1,458 1,538 1,577 5,854
Performance Products 3,354 3,386 3,496 3,511 13,747 3,364 3,562 3,614 2,587 13,127 2,014 2,085 2,420 2,604 9,123
Basic Plastics 3,232 3,494 3,619 3,822 14,167 3,807 4,114 3,849 2,470 14,240 2,029 2,371 2,636 2,889 9,925
Basic Chemicals 948 1,109 1,133 1,244 4,434 1,200 1,254 1,115 696 4,265 585 586 568 728 2,467
Hydrocarbons 1,612 1,623 1,828 2,042 7,105 2,165 2,618 2,611 1,574 8,968 988 910 1,209 1,134 4,241
and Energy
Corporate 352 284 366 478 1,480 418 278 291 552 1,539 443 302 293 57 1,095
Total $14,562 $15,421 $15,759 $16,517 $62,259 $17,295 $18,913 $17,839 $12,877 $66,924 $10,810 $11,322 $12,046 $12,466 $46,644
EBITDA2 by Operating Segment

Electronic and $ 352 $ 378 $ 366 $ 366 $ 1,462 $ 409 $ 492 $ 390 $ 274 $ 1,565 $ 93 $ 158 $ 407 $ 402 $ 1,060
Specialty Materials
Coatings and 168 220 208 112 708 178 218 192 66 654 121 25 213 108 467
Infrastructure
Health and 310 228 47 (1) 584 356 356 95 85 892 363 140 5 69 577
Performance Systems 243 244 215 18 720 199 210 106 (241) 274 103 212 207 153 675
Performance Products 618 475 498 399 1,990 454 327 315 (32) 1,064 147 212 438 302 1,099
Basic Plastics 752 670 773 609 2,804 609 589 650 (102) 1,746 122 405 590 548 1,665
Basic Chemicals 171 204 238 339 952 218 108 128 (176) 278 (5) (107) 195 20 103
Hydrocarbons — (1) — (44) (45) — — (1) (69) (70) — (65) 457 (1) 391
and Energy
Corporate (204) (162) (279) (245) (890) (81) (219) (263) (529) (1,092) (178) (384) (275) (255) (1,092)
Total $2,410 $2,256 $2,066 $1,553 $8,285 $2,342 $2,081 $1,612 $(724) $5,311 $ 766 $ 596 $2,237 $1,346 $ 4,945
Certain Items Increasing (Reducing) EBITDA 3 by Operating Segment

Electronic and $4 $ 5 $ (6) $ (25) $ (22) $ 2 $ 81 $ (4) $ (17) $ 62 $ (29) $(143) — — $(172)
Specialty Materials
Coatings and — — — (19) (19) — (10) (2) (27) (39) (1) (253) — — (254)
Infrastructure
Health and — — (50) (77) (127) — — (29) (20) (49) — 15 — — 15
Performance Systems — — — (155) (155) — (2) (5) (280) (287) — (30) 1 — (29)
Performance Products — — — (59) (59) — — (63) (54) (117) — (95) 140 (2) 43
Basic Plastics — — — (96) (96) — — (13) (181) (194) — (1) — (65) (66)
Basic Chemicals — — — (7) (7) — — (21) (117) (138) — (75) 187 6 118
Hydrocarbons — — — (44) (44) — — (36) (34) (70) — (65) 457 — 392

and Energy
Corporate 1 (13) (83) (95) (190) (12) (70) (50) (652) (784) (150) (310) (103) (60) (623)
Total $5 $(8) $(139) $(577) $(719) $(10) $(1) $(223) $(1,382) $(1,616) $(180) $(957) $682 $(121) $(576)
1
All periods presented include pro forma data except Q2’09, Q3’09 and Q4‘09. The unaudited pro forma historical segment information for each period in 2007, 2008 and the three months
ended March 31, 2009, reflects the combination of Dow and Rohm and Haas Company (“Rohm and Haas” or “ROH”), assuming the acquisition of Rohm and Haas had been consummated on
January 1, 2007; the treatment of Dow’s Calcium Chloride business as discontinued operations; and the impact of increased depreciation and amortization expense resulting from the fair
valuation of assets acquired from Rohm and Haas.
2 The Dow Chemical Company

EBITDA by Operating Segment Excluding Certain Items

Electronic and $ 348 $ 373 $ 372 $ 391 $ 1,484 $ 407 $ 411 $ 394 $291 $1,503 $122 $ 301 $ 407 $ 402 $1,232
Specialty Materials
Coatings and 168 220 208 131 727 178 228 194 93 693 122 278 213 108 721
Infrastructure
Health and 310 228 97 76 711 356 356 124 105 941 363 125 5 69 562
Performance Systems 243 244 215 173 875 199 212 111 39 561 103 242 206 153 704
Performance Products 618 475 498 458 2,049 454 327 378 22 1,181 147 307 298 304 1,056
Basic Plastics 752 670 773 705 2,900 609 589 663 79 1,940 122 406 590 613 1,731
Basic Chemicals 171 204 238 346 959 218 108 149 (59) 416 (5) (32) 8 14 (15)
Hydrocarbons — (1) — — (1) — — 35 (35) — — — — (1) (1)

and Energy
Corporate (205) (149) (196) (150) (700) (69) (149) (213) 123 (308) (28) (74) (172) (195) (469)
Total $2,405 $2,264 $2,205 $2,130 $9,004 $2,352 $2,082 $1,835 $658 $6,927 $946 $1,553 $1,555 $1,467 $5,521
Equity in Earnings (Losses) of Nonconsolidated Affiliates by Operating Segment

Electronic and $ 97 $ 93 $ 87 $ 89 $ 366 $ 83 $181 $114 $ 87 $465 $ 5 $ 58 $ 94 $133 $290
Specialty Materials
Coatings and — 1 1 — 2 — — 2 — 2 1 1 1 — 3
Infrastructure
Health and — — 1 3 4 1 2 1 — 4 1 — 2 (1) 2
Performance Systems 4 2 2 2 10 2 3 2 (9) (2) (3) 6 3 (2) 4
Performance Products 20 21 14 1 56 11 23 21 (3) 52 1 7 19 4 31
Basic Plastics 75 60 51 49 235 60 43 62 (50) 115 23 35 55 (1) 112
Basic Chemicals 69 75 111 131 386 99 71 58 (14) 214 40 9 45 69 163
Hydrocarbons 15 12 35 25 87 22 16 12 (9) 41 (2) 6 11 18 33

and Energy
Corporate (1) — — (1) (2) (1) (1) — (6) (8) (1) — (6) (1) (8)
Total $279 $264 $302 $299 $1,144 $277 $338 $272 $(4) $883 $65 $122 $224 $219 $630
Pro Forma Full Year Depreciation and Amortization and Combined Historical Capital Expenditures by Operating Segment
Depreciation and Amortization 2007 2008 2009 Capital Expenditures 2007 2008 2009
Electronic and Specialty Materials $ 466 $ 518 $ 565 Electronic and Specialty Materials $ 384 $ 454 $ 193
Coatings and Infrastructure 414 475 479 Coatings and Infrastructure 221 237 152
Health and Agricultural Sciences 144 146 146 Health and Agricultural Sciences 117 192 167
Performance Systems 335 346 342 Performance Systems 268 356 140
Performance Products 628 563 573 Performance Products 564 590 242
Basic Plastics 626 648 542 Basic Plastics 176 186 57
Basic Chemicals 288 302 275 Basic Chemicals 259 258 182
Hydrocarbons and Energy — — — Hydrocarbons and Energy 413 389 296
Corporate 205 215 153 Corporate 127 134 50
Total $3,106 $3,213 $3,075 Total $2,529 $2,796 $1,479

2
Dow defines EBITDA as earnings before interest, income taxes, depreciation and amortization. A reconciliation of pro forma EBITDA to pro forma “Income (Loss) from Continuing
Operations before Income Taxes” is provided in the Appendix.
3
A description of Certain Items affecting results is provided in the Appendix.
4
The unaudited pro forma historical segment information is not necessarily indicative of the results of operations that would have actually occurred had the acquisition been
completed as of the dates indicated, nor is it indicative of the future operating results of the combined company. The unaudited pro forma historical segment information does not
reflect future events that may occur after the acquisition of Rohm and Haas, including the potential realization of operating cost savings (synergies) or restructuring activities or other
costs related to the planned integration of Rohm and Haas, and does not consider potential impacts of current market conditions on revenues, expense efficiencies or asset dispositions
(with the exception of the sale of Dow’s Calcium Chloride business).
2010 Databook 3
The Dow of Tomorrow – Here Today
Reshaped. Rebuilt. Reinvigorated. OUR STRATEGIC GOAL: CREATE VALUE FOR OUR
STOCKHOLDERS AND GROWTH FOR OUR CUSTOMERS
The Dow Chemical Company is a new enterprise today. We
We’ll accomplish this goal – today and tomorrow – through our
have redefined what it means to be a chemical company in the strategy by investing in science-based innovation and by sharpening
21st century by creating a reshaped, rebuilt and reinvigorated our customer focus to create brands and technologies that will deliver
organization to meet the opportunities of tomorrow. higher growth and significantly improved earnings in the years ahead.
– Preferentially invest in a portfolio of technology-integrated,
Ever since our formation 113 years ago, Dow has been one of
market-driven performance businesses. The greatest example of
the world’s true catalysts for change and renewal. Steeped in the this is our acquisition in 2009 of specialty and advanced materials
grand institutions of science and chemistry, we have continually producer Rohm and Haas. Two-thirds of the Company’s portfolio
sought new ways to serve the world around us. Because of our is now comprised of Advanced Materials, Performance Products
and Systems, and Health and Agricultural Sciences. But we are also
strong desire to push beyond what’s expected, we have given the
investing in smaller bolt-on acquisitions that add key capabilities
world new discoveries and breakthroughs. We have developed and technologies in fast-growing areas such as coatings, water,
novel technologies and unique products. We have created electronics and agriculture.
inventions and innovations that breach the boundary between – Manage a portfolio of asset-integrated building block businesses
the impossible and the possible. to generate value for our downstream portfolio. Even as we seek
new partners for our Basic franchise, we are committed to preserving
Dow has had an unwavering belief through the years that to the unique integration advantage we have with these assets.
create value for all of our stockholders we must preferentially – Invest in innovation and leverage our immense research and
invest in businesses and technologies that allow us to solve some development (R&D) pipeline to create a unique, science-based
of the world’s greatest challenges. That steadfast principle has and customer-driven R&D powerhouse. Dow’s already strong
Our Strategy
R&D capabilities have been increased with the addition of the

literally transformed our Company. unique, value-adding capabilities of Rohm and Haas. We will
invest another $1.6 billion in R&D in 2010, as we did in 2009.1
The latest example was the 2009 acquisition of specialty and
advanced materials producer Rohm and Haas. By combining the – Maintain the trademark financial discipline that Dow has become
known for with the aim to preserve our financial flexibility by
two organizations, we have created a new Company that is even managing costs and operations, reducing debt, and increasing
stronger and better suited to face the global economic and market operating earnings to achieve a higher rate of return on capital
conditions and opportunities ahead. And with a business portfolio and equity.
shifted decidedly toward higher-value, higher-margin products, – Create a market- and customer-focused culture that brings
we are now positioned to increase value for our stockholders by specialty solutions and materials to the value chain. We have
the right people and the right science-based, application-specific
delivering improved margins, greater earnings predictability and technology to provide our customers the innovative solutions and
enhanced growth opportunities. specialty materials they need to be competitive in the marketplace
and grow their businesses.
Along with our hallmark financial discipline, Dow today truly is
a reshaped, rebuilt and reinvigorated Company. We have our
eyes on the future and are committed to providing our customers
and society solutions that not only improve lives, but also help us
Preferentially Invest in Our Performance
fulfill our vision to be the most profitable and respected science- and Market-Driven Businesses
driven chemical company in the world.
+
Manage a Portfolio of
Asset-Integrated Building Blocks
+
Leverage Our Immense R&D Capabilities
4 The Dow Chemical Company 1

2009 R&D investment was $1.6 billion on a pro forma basis.
Ascending Dow’s Three Business Model Summits
MARKET-DRIVEN
Consistently higher earnings $4.00 to
growth and margins $4.50 EPS
in ~ 2012
~ 18 –30%
PERFORMANCE EBITDA Margins2
1.5 –2x GDP
~ 15 –18% Health and Agricultural

BASICS EBITDA Margins2 Sciences
1.1–1.3x GDP
Electronic and Specialty
Materials
~ 12 – 15% Performance Systems
EBITDA Margins2 Coatings and Infrastructure
1–1.3x GDP Performance Products
Basic Plastics Elevated:

• Technology differentiation
Basic Chemicals • Customer centricity
Hydrocarbons and Energy • Innovation
• Emerging geographies
• Business independence
OUR GOAL: IMPROVE OUR EARNINGS CONSISTENCY AND DELIVER THE EARNINGS GROWTH
OF A PERFORMANCE-BASED AND MARKET-DRIVEN COMPANY
As Dow continues to transform its earnings profile to one characterized by higher, more stable earnings and
growth, we are readjusting the way we view – and grow – our businesses. We will have a strong bias to
fund and grow our performance and market-driven businesses. At the same time, we are strengthening our
basics businesses by continuing to seek strategic joint ventures that will allow them to grow.
Underpinning it all is a renewed emphasis on leveraging our immense R&D pipeline to fuel organic growth in
the industries with the highest growth opportunities. By focusing on megatrends, we can ensure Dow’s unique
science capabilities and technologies are aimed at providing innovative products where they are needed most.
FOCUS ON HIGH-GROWTH MEGATRENDS

e and Trans En e r g y
Co n
su m e r is m
lt h a
nd Nut ri
tur po ea
tio
uc
H
n
st r
r ta
I nf ra
t io n
– Construction and – Alternative Energy – Electronics and – Agriculture

Transportation and Feedstocks Communications – Functional Foods
– Coatings – Energy Production – Home and Personal Care – Healthcare
– Water and Efficiency – Furnishings
– Energy Storage
2
Normalized EBITDA margin. EBITDA margin is defined as EBITDA as a percentage of Sales. 2010 Databook 5
Dow’s Business Model – Three Integrated Parts
Highly Differentiated
Market-Driven
Health and Agricultural Sciences
Performance
Basics Electronic and Specialty Materials
Technology Differentiation
Coatings and Infrastructure
Performance Systems
Performance Products
Basic Plastics
Basic Chemicals
Building Blocks
Our Strategy
Hydrocarbons and Energy
Customer Intimacy
Dow is increasingly focused on its higher-margin, higher-growth businesses where technology is the key
differentiator. The recent acquisition of Rohm and Haas, for example, shifted Dow’s portfolio so that it is
now two-thirds performance-based and market-driven where our science and R&D capabilities will fuel
future growth. Today, we operate three integrated business models.
At the top are Health and Agricultural Sciences and Electronic and Specialty Materials. These are highly
differentiated, technology-rich, market-driven businesses with high customer intimacy. Coatings and
Infrastructure and Performance Systems consist of industry-leading, technology-driven businesses with
unmatched R&D capabilities to develop and deliver next generation, functional solutions. Performance
Products contains industry-leading products offering superior performance at a competitive cost, as well
as building blocks to fuel growth in our downstream market-driven businesses.
Our basics businesses are world-class franchises that depend on affordable and secure feedstocks to deliver
basic chemicals and plastics to customers around the globe, as well as a unique integration advantage to
our downstream performance portfolio.
1
Performance portfolio includes Electronic and Specialty Materials, Coatings and Infrastructure, Health and Agricultural Sciences,
Performance Systems and Performance Products. Basics portfolio includes Basic Plastics, Basic Chemicals, and Hydrocarbons and Energy.
2
Excludes Hydrocarbons and Energy; Corporate; and certain specialty latex, acrylic acid and esters assets required to be divested as
6 The Dow Chemical Company part of the Rohm and Haas acquisition.
All the Elements Are in Place…The Right Strategy, The Right Portfolio,
The Right Focus, The Right Innovation Pipeline, The Right Geographic Balance
and The Right Cost Structure
As we look ahead, we are confident that we have all of the right elements in place to improve our earnings
consistency and deliver higher earnings growth of a performance-based and market-driven company.
THE RIGHT STRATEGY

Our strategy to preferentially invest in a portfolio of technology-integrated, market-driven businesses is the
right one to create long-term value for all of our stockholders and growth for our customers. This strategy is
already creating businesses and brands that are delivering higher margins and more consistent profitability.
THE RIGHT PORTFOLIO

Our three integrated business models demonstrate the strength Performance and market-driven businesses
of our strategy by showcasing our increasing emphasis on higher- now comprise two-thirds of Dow’s portfolio.
T
growth, higher-margin and technology-rich businesses, while
preserving our unique integration strength that provides us the
building blocks to create sustainable growth in our performance-
2009 Pro Forma Sales1
based and market-driven businesses. At Dow, we will have divested
over $5 billion of non-strategic businesses during 2009 and 2010, Performance Portfolio
liberating even more resources for our strategic investments. The Basics Portfolio
most recent divestiture transaction is the pending sale of Styron
Division3 announced in the first quarter of 2010. The discipline of
portfolio management is alive and well at Dow.
The combined Dow and Rohm and Haas portfolios are creating Dow’s products sell across a 2009 Pro Forma Sales by Key Industry 2
significant acquisition growth synergies from cross-selling broad range of key industries
opportunities, new business opportunities and new specialty positioned for growth. Consumer and Institutional Goods 22%
T
material solutions for customers. We are targeting an acquisition Construction 17%
growth synergy run-rate of $2 billion by the end of 2012. Agriculture 12%
2.0
Electronics and Entertainment 10%
Growth Synergy Target
Industrial Markets 9%
Food 8%
1.5 $2 billion
Transportation 6%
Growth Synergy Year-end Run-Rate
Healthcare and Medical 3%
1.0 Paper and Publishing 3%

Utilities 2%
Mining 1%
0.5 All Other (including Third-Party 7%
$500 million
Distribution)
$340 million
0.0
2009 2010 target 2012 target
3
The Styron transaction is expected to close in the second quarter of 2010 subject to completion of customary conditions and regulatory approvals. Businesses and products
in Styron include: Styrenics – polystyrene (PS), acrylonitrile butadiene styrene (ABS), styrene acrylonitrile (SAN) and expandable polystyrene (EPS); Emulsion Polymers
(paper and carpet latex); Polycarbonate (PC) and Compounds & Blends; Synthetic Rubber; and Automotive Plastics including PULSE™ engineering resins, MAGNUM™
acrylonitrile butadiene styrene, INSPiRE™ performance polymers, and VELVEX™ reinforced elastomer. Also included will be some styrene monomer assets. 2010 Databook 7
THE RIGHT FOCUS

Dow is building its business by focusing on four emerging social and economic megatrends that represent not
only the greatest societal need but also the greatest business opportunity. Those four megatrends are:
infrastructure and transportation, energy, consumerism, and health and nutrition. We’re aligning our
R&D and investments to these trends and delivering practical solutions to solve some of the world’s
most intractable problems such as the need for clean water, affordable energy and increased food resources.
THE RIGHT INNOVATION PIPELINE

In 2009, Dow invested $1.6 billion1 in research and development, and we intend to invest at that same
level in 2010. That kind of deep, world-class investment is targeted at those areas where we can provide
real solutions to real problems. Our aim is nothing short of ensuring we provide the world practical
solutions that build off our already strong scientific legacy. During the last four years, this focus has
allowed us to triple the net present value (NPV) of our innovation pipeline to $30 billion.
e and Trans
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m
I nf ra
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ris
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H&
su
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erg
Our Strategy
En
En e r g y
T
I&
$30 Billion Pipeline NPV,

with >500 Projects
su m e r i s m
Co n
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1
Pro forma basis.

THE RIGHT GEOGRAPHIC BALANCE
With a broad range of technology-based products and solutions to 2009 Pro Forma Sales
customers in approximately 160 countries, few companies can match by Geography
Dow’s geographic strength. Today, 68 percent of our revenues come
North America 36%
from locations outside the United States; 32 percent of our revenues are
in the emerging geographies where growth rates are often two to Europe, Middle East, Africa 35%
three times global gross domestic product. We estimate that emerging Asia Pacific 18%
geographies will comprise 35 percent of Dow’s sales by 2012.
Latin America 11%
THE RIGHT COST STRUCTURE

Dow’s hallmark financial discipline has served us well through the most
recent economic challenges and has positioned us to fuel our future 68% of sales are
growth. We are focused on reducing debt, increasing operating outside the U.S.
earnings with lower volatility and achieving a higher return on
capital and equity.
We are targeting annual cost savings of up to $2.5 billion by
2011 consisting of Rohm and Haas acquisition cost synergies,
Dow’s restructuring plan announced in December 2008 and
other restructuring costs primarily related to right-sizing our
manufacturing and cost footprint.
$2.5 Billion Targeted Annual Expense Savings

Cost Synergies and Restructuring
Run-Rate Expense Savings

Total: $2.5B
Total: $1.85B
Total: $1.7B $1.2B
$.65B
$0.6B Total: $1.2B (incremental)
~ $2.5B
$0.5B
$1.3B $1.2B
$1.1B (2009 Actual)
$0.7B
2009 Year-End 2010 Year-End 2009 Actual 2010 Target 2011 and Beyond
Target Annual Expense
Savings
B=billion
Rohm and Haas Acquisition Synergies Other Restructuring Programs Combined Expense Savings for All Programs
2010 Databook 9
Our Geographic Reach
RECENT DEVELOPMENTS TO STRENGTHEN OUR GEOGRAPHIC POSITION

– Established Geographic Leadership Council to take an active role in driving
business development, fortifying government relationships, enhancing customer
interface and participating in people development.
– Dedicated Dow Leaders in key geographies to drive expansion: Asia Pacific
(including leaders in China and India); Europe, Middle East, Africa (including
leaders in Eastern Europe and Kuwait) and Latin America.
NORTH AMERICA:
Investments in higher-margin, higher-
growth businesses
– DOW™ POWERHOUSE™ Solar
Shingle Market Development Facility
– AERIFY™ Diesel Particulate Filter Plant
– Dow Kokam Battery Plant
36% ($16.8 billion)
of 2009 Pro Forma Sales
27% ($1.5 billion)
of Dow’s Share of 2009 JV Sales
LATIN AMERICA:
Above-average growth and major
opportunities from sustainable chemistry
– World-scale industrial park
to make polyethylene from
Brazilian sugarcane
– Growth-driving region for
Dow AgroSciences
– Doubled agrochemicals capacity
in Argentina
– New Leadership in Energy and
Environmental Design (LEED)-
certified corporate office in São
Paulo, as well as commercial center
in Peru to propel growth
11% ($5.2 billion)
8% ($0.5 billion)

S S S
New investment in Thailand Dow and the King Abdullah University of Science Shanghai Dow Center recently
to fuel growth in Asia Pacific. and Technology (KAUST) establish a multi-year, celebrated its one-year anniversary
multi-million dollar R&D program in Saudi Arabia. as Asia Pacific Headquarters.
EUROPE, MIDDLE EAST, AFRICA:

Significant growth opportunities in
performance businesses and further
options for advantaged feedstocks
– Innovation opportunities through
unparalleled concentration of
top customers, leading machine
manufacturers and top academia
– JVs facilitate access to affordable
feedstock and energy: doubled
EQUATE capacity
– Polyurethanes growth fueled
by recently completed world-
scale propylene oxide plant,
the first based on innovative
HPPO1 technology
35% ($16.4 billion)
27% ($1.5 billion)
ASIA PACIFIC:
Accelerated growth in performance
businesses to capitalize on megatrends
in rapidly emerging markets
– Thailand JV with new product
capabilities (HPPO and Specialty
Elastomers) to fuel downstream
performance products growth
– R&D centers in key growth markets
in China, India and Korea
– Increased footprint in Vietnam
18% ($8.2 billion)
38% ($2.2 billion)
1
Hydrogen Peroxide to Propylene Oxide (HPPO) technology jointly developed with BASF. 2010 Databook 11
Strong Presence in Emerging Geographies
STRONG GROWTH IN EMERGING GEOGRAPHIES

– Double-digit growth rates
– Burgeoning consumerism
– Infrastructure development
– Fast population growth
Projected 2012
2009 Pro Forma Sales
2008 Pro Forma Sales
Emerging 28% 32% 35%

Geographies
Developed
Geographies
2009 Pro Forma Sales In Emerging Geographies

By Operating Segment 1
Electronic and Specialty Materials

Basic Chemicals
Basic Plastics
Performance Systems
POSITIONED FOR GROWTH IN KEY INDUSTRIES
Healthcare and Medical Transportation Food Utilities
Electronics and Consumer and

Entertainment Industrial Markets Construction Agriculture Institutional Goods

Excludes Hydrocarbons and Energy, and Corporate.
S S S
Shanghai Dow Center Sugarcane in Brazil Dow Izolan in Russia
Emerging Geographies Showcase
Greater China Brazil Eastern Europe (including Russia)

China’s chemical industry is expected to Strong agriculture and infrastructure Leveraging global capabilities, Dow is well
become as large as that of the U.S. within development provide growth opportunities positioned to capture this rising domestic
the next five years. for Dow’s Performance businesses. demand, stemming from the region’s ~ 6%
GDP growth in the next five years.
KEY FACTS KEY FACTS
– 2009 Pro Forma Sales: $3.7 billion – 2009 Pro Forma Sales: $2.3 billion KEY FACTS
– 2009 Pro Forma Sales: $2.4 billion
– ~ 3,800 employees – ~ 2,300 employees
(led by Turkey, Poland and Russia)
– Dow opened Hong Kong office in 1957 and – Dow presence in Brazil for over
– ~ 600 employees
Mainland China (Guangzhou) office in 1979 50 years
– 50-year Dow presence in the region
STRATEGIC HIGHLIGHTS STRATEGIC HIGHLIGHTS
– Aggressive growth in Advanced Materials, – Strong agriculture business presence STRATEGIC HIGHLIGHTS
and Performance Products and Systems – Large consumer base of 500 million
• Agromen Tecnologia corn
people with improving living standards
• Significant Electronic Materials footprint business acquisition
and increasing spending power
in Mainland China and Taiwan
• Industry-leading germplasm
– State-of-the-art technology and
• Coatings capacity expansion and
• Key growth area for agricultural integrated chemistry providing a
infrastructure opportunities across
chemical product launches product mix that addresses current
the geography
and future demands
– Key mega-project to manufacture
• Exploring and building new growth options
polyethylene from ethanol derived – Strong sales and technical workforce
in alternative energy (wind and solar)
from sugarcane with local market expertise and an
– Fully integrated Shanghai Dow Center and extensive customer and supplier network
– Plentiful renewable energy and raw
innovation capabilities to fuel growth in throughout the region
material sources create opportunities
China, the rest of Asia Pacific and the world
for reducing Dow’s footprint, providing – Strategic joint venture partners and
• Unique Customer Innovation Center green chemistry products and driving business partnerships in the key countries
where Dow scientists and customers sustainable development
• Startup of world-class polyurethane
collaborate in the innovation process from
• Oil and gas extraction applications systems manufacturing facility in Russia
idea conception to commercialization
• Energy efficiency (e.g., insulation – Manufacturing hub in Turkey with
• Powered by 500 scientists and
materials) production facilities for Advanced
researchers across 80 integrated labs
Materials and Performance Products
• Alternative energy, particularly
– Strengthening in-market supply and
solar and wind – Potential for further industry growth
manufacturing capabilities
given enormous untapped hydrocarbons
– Major opportunities in coatings, oil and
• Network of 20 manufacturing plants reserves: approximately 30% of the
gas, construction, infrastructure, personal
close to market within Greater China world’s gas reserves and about 10%
care, food and automotive as a result of
of the world’s oil reserves
• World-scale coal-to-chemicals mega- pre-salt oil discovery and government-led
project continues to progress infrastructure investments
2010 Databook 13
Innovation
Innovation

At Dow, we never lose sight of the difference between invention and innovation. Invention is the initial
spark, but innovation is the art of perfecting the invention into something that satisfies customers.
Innovation transforms knowledge into new products, creates value and fuels growth.
As the leading global producer of specialty materials, Dow has the creativity, knowledge and insight to invent
and the resources, discipline and skill to innovate. Our progress is obvious: it took 10 years to increase
the value of our innovation pipeline from $5 billion in 1997 to $10 billion in 2007. But in the last four years, we
have tripled the value of the innovation pipeline to $30 billion. And more important, that value is distributed
across our business portfolio, providing a rich, deep and diverse innovation pipeline.
R&D Pipeline Valuation
NPV Risk Adjusted NPV
R&D Pipeline Valuation 2010 Pipeline Valuation 2010 Pipeline Valuation

($ in billions) by Business Portfolio by Stage
($ in billions) ($ in billions)
30 8.2 17.8
28 X Today, we calculate the X Dow applies a risk adjustment
7.3 value of the R&D Growth factor to each project in our
7.1 Playbook at $30 billion. pipeline based on the stage of
That is six times higher development. For instance,
than it was in 1997. projects in Exploration are
6.0
discounted using a greater
risk factor than a project in
the Development stage.
17 4.6
13
3.0 6.4
10 10 6.0
5.6
8 2.2 2.3
3.3 3.6
5 5 1.4
0.6
N/A
97 07 08 09 10
Agricultural
Sciences
Advanced
Materials1
Performance2
Basics3
Corporate4
Exploration5
Development6
Implementation7
1
Advanced Materials Division is comprised of the Electronic and Specialty Materials and Coatings and Infrastructure operating segments.
2
Performance is comprised of the Performance Systems and Performance Products operating segments.
3
Basics is comprised of the Basic Plastics, Basic Chemicals and Hydrocarbons and Energy operating segments.
4
Corporate refl ects the value of projects being pursued by Core R&D and the Corporate Innovation Fund.
5
Exploration: Project stage in which concepts/ideas are shaped and analyzed and early-phase technical validation is conducted.
6
Development: Project stage in which key technical challenges are resolved and critical performance attributes are proven.
7
Implementation: Project stage in which findings from the Development stage are tested at commercial scale and the technology is prepared for launch. 2010 Databook 15
Innovation
R&D Collaborations Propel Innovation
X By collaborating with premier institutions

throughout the world, Dow is able to catalyze
Exelixis Plant Science innovation to develop material solutions and
Portland, Oregon disruptive technologies. These are just a few
• Maize genomic and enabling examples of Dow’s collaborations.
technology research Soybean Collaboration with
Mertec LLC, M.S. Technologies LLC
West Point, Iowa
• Soybean germplasm
University of California – Berkeley
University of Lyon
Berkeley, California
Lyon, France
• Sustainable Products & Sustainable
• Thermoset Resins
Solutions Program
Sichuan University
Sichuan Province, China
• Advanced Polymer Science
Northwestern University
Evanston, Illinois
• Methane Challenge &
Catalysis Research ETH
Zurich, Switzerland
• Advanced Materials
Oak Ridge National Laboratory

Oak Ridge, Tennessee
• Hydrocarbon Separation Technology
California Institute of Technology Victorian AgriBiosciences Centre
Pasadena, California Melbourne, Australia
• Next Generation Solar Cells • Xenogenomics R&D and
leverage technology
In 2009, Dow invested $1.6 billion1 in research and development have teamed up with the world-class scientists at the California
(R&D). By comparison, the sum of the R&D budgets for every Institute of Technology to jointly develop the next generation of
Innovation
chemistry department in the United States is only $1.4 billion. affordable, thin-film photovoltaics based on materials that are more
However, our goal is not to spend the most – it is to be the most abundant in the Earth’s crust. And our joint work with Oak Ridge
productive. A stringent R&D pipeline management system helps National Laboratory will lead to advances in a number of energy-
ensure our research activities are not only aligned with global related technologies.
megatrends, but are also supported by solid business cases. In But we are more than large – we are unified. All Dow businesses
this way, our innovation engine is generating the solutions that share the common bases of chemistry, chemical engineering and
meet the most vital needs of our customers and of the world. material science, and it is this that drives our competitive advantage.
As large as we are, we simply cannot invent everything ourselves. This leads to synergies among our businesses and R&D portfolios
So we extend our reach by forming collaborations and by working that could never happen if we were merely a conglomeration of
with premier institutions throughout the world. Most recently, we disparate businesses.

Pro forma basis.
Patent Progress
Intellectual Property Average Technology Relevance
Disclosures Priority Patent Applications2

1500 Dow W The Patent Asset Index™3
ranked Dow #1 in Patent Quality
BASF
in the Chemical Industry – with
1200 Syngenta the highest level of Technology
Relevance™ and Competitive
Bayer
Impact™. That means that
900 DSM our patents are referenced
more often than any other
DuPont
company’s patents – a true
600 Solvay measure of the importance and
influence of our discoveries.
AkzoNobel
300 Mitsubishi
Sumitomo
0
0.0 0.5 1.0 1.5 2.0 2.5
04 05 06 07 08 09
Our R&D is leading to more discoveries that are recognized for quality in the industry.
METRICS
Historical measurements for R&D are important. R&D spending as At Dow, we have developed our own metrics – metrics that we
a percent of sales, new product sales or new product vitality, and believe measure the success and strength of our innovation efforts.
number of patents are indicators of the strength of our innovative – Productivity: We look at the fraction of new product sales
R&D pipeline. However useful these traditional metrics are, we do not divided by the fraction of R&D spending as a percentage
believe they are adequate on their own to measure R&D success. of sales as a measure of productivity.
For instance, R&D spending as a percent of sales is a measure of – Margins: We look at the margin of our new product sales to ensure
how much is spent on R&D, not a measure of R&D productivity. that the products we are introducing are increasing margins.
New product sales do not measure margins, and do not distinguish
between upgrades to existing products and disruptive technologies. – Competitive Advantage: We look at patent advantaged sales –
And patents are a measure of invention, not innovation – a large patent a quantifiable measure of how differentiated our products are
portfolio does not guarantee that current sales are protected. and how well our inventions are translating into sales.
Historic Metric Disadvantage Dow Metric Advantage

% New Product Sales
R&D as % of Sales Maximizes spending, not productivity. Measures productivity.
R&D as % of Sales
New products are accountable for

New Product Sales Says nothing about margins. Margin on New Products
expanding earnings.
Number of Patents Does not ensure patents create a competitive advantage. Patent Advantaged Sales Ensures patents are protecting sales.
2
Includes heritage ROH data.
3
The Patent Asset Index was created by Professor Holger Ernst of the WHU – Otto Beisheim School of Management.
™ Patent Asset Index, Technology Relevance and Competitive Impact are trademarks of PatentSight GmbH. 2010 Databook 17
Innovation
THE VALUE OF TECHNOLOGY INTEGRATION #1 in High Throughput R&D #1 in Emulsion Polymers

Today, the future of Dow is in technology integration. Dow has always
had a productive franchise in basic plastics and commodity chemicals.
The addition of Rohm and Haas has allowed downstream expansion
and a renewed focus on the entire value chain, allowing us to create
unique earnings opportunities.
For example, Dow is a world leader in olefins and polyolefins, and our Rapid Innovation with Exceptional Performance
game-changing Olefin Block Copolymer (OBC) technology recently won New binders and additives that solve key unmet needs:
a prestigious R&D 100 Award for Materials. We have used these OBC – stain resistance – weatherability
building blocks to create new elastomers, such as INFUSE™, that we – blocking resistance – scrub resistance
sell to our customers, who, in turn, use INFUSE™ elastomers to produce – durability – low VOCs with no detriment to performance
formulated products. We have had great success with this model. Our
X
acquisition of Rohm and Haas has added downstream businesses to our Dow’s expertise in high throughput research
has enabled significant advancements in ultra
portfolio – for instance, adhesives – that are a perfect match for these low-VOC architectural paints.
elastomers. Our award-winning OBC technology can now be utilized
in-house to create high-value adhesives, selling for nearly ten times the
Today‘s Dow can decide where our building blocks are used. We have the
price of a typical basic plastic.
option to keep some materials proprietary to preferentially enable our
downstream businesses. Or, we can maximize volume by offering our
materials to the entire industry. Our participation in the entire value
Unique Building Block chain gives us a unique and unprecedented ability to introduce and
Our award-winning Olefin Block leverage our technologies how and where we choose.
Copolymer technology can be used Higher-Value
to produce elastomers, or we can Formulations Even more important has been our ability to find technology integration
choose to further differentiate our in unlikely areas of R&D. With the acquisition of Rohm and Haas, we
higher-value adhesives formulations. expected to find growth synergies in coatings and plastic additives, but
T
Performance what we did not expect were synergies in areas such as electronics.
Systems
But we have found that the unification of the chemistry and materials
Adhesives expertise of the two companies occurs even in businesses that are
new to Dow.
In Dow Electronic Materials, the photoresist business provides
INFUSE OBCs important technologies for the production of semiconductors
Olefin Block for electronic devices. Device features are becoming so small that
Copolymer microscopic defects – 2,000 times smaller than the width of a human
Innovation
hair – can lower production yields to the point where the product can
no longer be produced economically. Producing a product that will
Another example is in our coatings portfolio. The world-class
allow electronics customers to drive down cost while also providing
emulsion polymer and hard shell-soft polymer science developed
improved performance requires precise knowledge of the mechanisms
by Rohm and Haas, combined with the state-of-the-art, high
of the polymers used in photoresists.
throughput capabilities and biocide and surfactant technology
developed by Dow, have allowed our R&D scientists to address Dow’s extensive understanding of solubility and formulation, developed
a key need in infrastructure: low and ultra-low volatile organic through more than ten years of cutting-edge, high throughput research,
compound (VOC) coatings. has allowed our scientists to develop the next generation of photoresist
materials at an extremely rapid rate – and speed is the key to success in the
In a few short months, we have merged these tremendous technology
electronics industry. This surprising and powerful example of an unexpected
talent pools and have been able to develop best-in-class formulations
synergy between Dow capability and Rohm and Haas technical success has
with optimized wear, weatherability, aesthetics and low odor. These
resulted in the latest innovations for immersion photoresists.
new products are already in the hands of our customers for evaluation
and commercialization. This speaks volumes to the power of our We expect that the best is yet to come. In our first year as a combined
combined technology integration. entity, we have seen impressive progress. The combination of world-
class scientific talent, unified technologies and strength throughout
the entire value chain will continue to support and drive our innovative
efforts. And we will indeed prove to be the world’s most innovative
materials and specialty chemicals company.
PIPELINE EXAMPLES
Each of our business portfolios features a robust pipeline of for Dow, and they address current and emerging customer trends.
exciting innovations that address the key global megatrends: These trends include reducing greenhouse gas emissions, increasing
infrastructure and transportation, energy, consumerism, and fuel efficiency, expanding the viability of solar energy, enabling
health and nutrition. When combined with our close partnerships “green” cleaners, delivering clean and safe water, and powering the
with customers, our innovations are poised to address the global next generation of faster and more functional consumer electronics.
shifts in customer and market behaviors that will define how we
We have a healthy pipeline of innovations, with multiple R&D
all live, work and play in the next 20 to 30 years.
programs in various stages of development. Below are several
From solar to electronics to building and construction to automotive, examples of projects in the pipeline of two business portfolios
Dow’s presence in so many end-markets makes us uniquely suited (Advanced Materials and Performance) that feature some of our
to address a wide range of demands that require the materials and most exciting innovations. These are just a few of the more than
formulation expertise that only a company of our depth and breadth 500 projects in our innovation pipeline. The Dow AgroSciences’
can provide. Our innovations represent tremendous potential value pipeline is shown in the Health and Agricultural Sciences chapter.
Advanced Materials Technology Pipeline Examples

Exploration1
X Breakthrough Water Filtration Development 2
W Ultra Filtration Module Implementation3
X Enzyme Stability in Laundry
Technology
X Breakthrough Insulation X THERMAX™ Wall
X High-Efficiency Anti-Fouling Systems
X Breakthrough Ion Exchange Resin Technology Coatings W Ultra Low-VOC
X Differentiated Polyurethane X High-Performance Epoxy Resins for Pipeline Coatings
Dispersion Acrylic Hybrids Coatings X 193 nm Immersion Resist
W Breakthrough Technology for X Control Release Delivery in Pharmaceutical
Circuit Board Metallization Applications
Performance Products and Systems Technology

Exploration Pipeline Examples
W New Formulations for Development
Advanced Power Delivery Implementation
X Photovoltaic Encapsulant Films
X New Solutions for X AERIFY™ Diesel Particulate Filter
X Breakthrough Technology for CO2
Thermoset Composites Enhanced Oil Recovery W Innovative Solutions
X Novel Polyurethane Elastomers for Engineering, for Concentrated
X Breakthrough Anionic Surfactants
Industrial and Flow Assurance Applications Solar Power Plants
X Next Generation Epoxy Resins
X High-Temperature Resistant Drilling Fluids X Appliance Insulation
W Crash Durable Adhesives for Energy Efficiency
X Differentiated Offerings on Bedding and for Automotive Weld
Furniture Applications X Advanced Solutions for Wind Energy
Replacement
X CO2 Capture from Flue Gas X Specialty Food Packaging Solutions
X Next Generation Polyolefin Elastomer
Block Copolymers
1
Exploration: Project stage in which concepts/ideas are shaped and analyzed and early-phase technical validation is conducted.
2
Development: Project stage in which key technical challenges are resolved and critical performance attributes are proven.
3
Implementation: Project stage in which findings from the Development stage are tested at commercial scale and the technology is prepared for launch.
2010 Databook 19
Science for a Sustainable World
Sustainability

There is only one planet earth, with limited resources. So everything we do, and how we do it, has an impact.
As the world’s population rises and new economies emerge, society requires novel solutions to meet its most
basic needs, including energy, water, housing, food, health and transportation.
Those solutions simply can’t happen without the right chemistry. So we put some of the world’s best
scientists and engineers to work solving global challenges. We focus our innovation engine on delivering new
technologies that enable our customers to meet society’s greatest needs, while at the same time, reducing our
own footprint.
Renewable energy, water purification, crop productivity – from harnessing the power of the sun to enabling
more energy-efficient buildings – Dow is committed to protecting our planet. This commitment unlocks
opportunities that are good for business and good for the world.
Recent Recognitions
– Six U.S. Presidential Green Chemistry Challenge Awards
– Named to the Dow Jones Sustainability World Index for the ninth time
– A+ Rating for Global Reporting Initiative report
– POWERHOUSE™ Solar Shingle named one of TIME magazine’s “50 Best Inventions of 2009”
– POWERHOUSE™ Solar Shingle won the GLOBE Foundation award for “Environmental Excellence in
Emerging Technology”
– Institution of Chemical Engineers Innovation and Excellence Award for Hydrogen Peroxide to Propylene
Oxide (HPPO) production technology jointly developed with BASF
– American Chemical Society Heroes of Chemistry award for water purification technology impact on society
2015 Sustainability Goals and Progress

To ensure accountability and success, we report progress every quarter against our 2015 Sustainability Goals. X Targets and combined performance
2010 marks our mid-point year from the 2005 baseline, with significant milestones already achieved and were recalibrated in 2009 to reflect
the acquisition of Rohm and Haas.
many more to come.
SUSTAINABLE CHEMISTRY
GOAL: Double the percentage of sales to 10% for products that are advantaged by sustainable chemistry X Our results dropped from 5.6% to 3.6%
in 2008 due to low operating rates that
Smart Solutions for Today: impacted operational resource efficiency.
Zero trans-fat Omega-9 canola and sunflower oils from Dow AgroSciences are meeting consumer demand for
healthier foods by reducing “bad fat” from fried foods by up to 80 percent. On the renewable energy front,
Dow’s AIRSTONE™ epoxy-based systems use superior chemistry to deliver more strength with less weight
than polyester-based composites for longer, more efficient wind turbine blades. Our waterborne coatings
technologies make the world’s roadway and runway markings safer with highly reflective properties and lower
volatile organic compound emissions than solvent-borne coatings.
2010 Databook 21
Science for a Sustainable World
BREAKTHROUGHS TO WORLD CHALLENGES

GOAL: Achieve at least three breakthroughs that will Millions of People Served with Treated
significantly help solve world challenges Water Residential Applications
Innovations for Tomorrow: Actual
We measure breakthroughs to world challenges by the number of 2015 Goal
lives impacted. From energy and climate change, to water, food, 59.4
housing and health, our innovation engine focuses on solutions W This estimate is of the number of
that improve lives while protecting the planet. For example, Dow people served with water made
Water and Process Solutions is committed to reducing the cost useful for residential applications
30.0
that came from saltwater, brackish
for desalination and water reuse 35 percent between 2005 and
24.1
water and otherwise tainted
2015 through advancements in separation technologies. Our sources. Variables considered
16.6
POWERHOUSE™ solar roof shingles will make harnessing the in the estimate include number
11.7
power of the sun more affordable for households, and SmartStax™ of reverse osmosis (RO) units in
7.9 service, average provision per
all-in-one corn trait platform from Dow AgroSciences will provide
corn farmers increased productivity due to improved pest protection RO unit, region where deployed
and average water usage in the
and a reduced refuge.1 05 06 07 08 09 10 11 12 13 14 15 respective region.
ADDRESSING CLIMATE CHANGE

GOAL: Reduce our greenhouse gas intensity 2.5% per year Greenhouse Gas (GHG) Emissions
(millon metric tons of CO2 -equivalent,
Responsible Operations: Kyoto and non-Kyoto)
Since 1994, Dow has reduced its absolute greenhouse gas emissions
more than 25 percent, far exceeding the targets set by the Kyoto
Protocol. Dow’s insulation products contribute to greater energy
49
47
46
43
41
efficiency, helping to avoid hundreds of millions of metric tons of

Direct and Indirect Absolute
CO2 emissions each year – far outpacing our own emissions on an 05 06 07 08 09 GHG Emission from Operations
annual basis.
Estimated Avoided Emissions
Innovations for Tomorrow: Attributable to Dow Insulation
Dow’s AERIFY™ Diesel Particulate Filters are designed to improve in Service
Sustainability
emissions and diesel engine performance while using fewer raw

materials, and we are capturing CO2 emissions from our pilot plant W These avoided emissions are equivalent
to removing from the road: 10% of the
in West Virginia with advanced amine technology jointly developed
autos in the U.S., 50% of the autos in
with Alstom. Plans are in place to apply the technology to the world’s
224
Germany or 75% of the autos in Japan.

235
244
253
largest coal-fired power plant in Belchatow, Poland thanks to a recent

260
grant from the European Energy Programme for Recovery (EEPR).
1
Refuge is a block or strip of land on insect-resistant biotech crops planted with
22 The Dow Chemical Company conventional crops to prevent pests from developing resistance to the technology.
ENERGY EFFICIENCY AND CONSERVATION CONTRIBUTING TO COMMUNITY SUCCESS
GOAL: Reduce our energy intensity 25% GOAL: Achieve individual community acceptance ratings for 100%
of Dow sites where we have a major presence
Responsible Operations:
Responsible Operations are at the core of our sustainability commitment. Partners for Change:
Through new technology implementation and process improvements, we We are collaborating with local businesses and citizens to help
are constantly using energy more efficiently. Since 1994, Dow has saved create stronger, safer and sustainable communities by establishing
$9.2 billion and 1,700 trillion BTUs due to improved energy intensity. joint goals and plans and taking actions for long-term success.
Working with local communities at strategic sites around the globe,
Energy Intensity
we are measuring community favorability towards Dow based on
(BTUs per pound of production)
the impact we have on their quality of life. Among many outcomes
7,300
from this community success strategy, 100 Dow Brazil employees,

in partnership with local government and non-profit organizations,
participated in International Coastal Cleanup Day on seven beaches
5,666
5,584
5,547
5,412
5,363
of Guaruja, São Paulo.
LOCAL PROTECTION OF HUMAN HEALTH

4,250 AND THE ENVIRONMENT
GOAL: Achieve, on average, a 75% improvement of key
Actual
indicators for Environment, Health & Safety operating
2015 Goal excellence from 2005 baseline
94 05 06 07 08 09 10 11 12 13 14 15 Our Drive to Zero campaign is designed to eliminate all on-the-job
injuries and includes real-time tracking of key statistics to help
Smart Solutions for Today:
raise safety awareness and performance across the Company.
Dow is one of the largest producers of innovative products that
Despite challenging economic times, our fourth quarter of 2009
reduce energy use, including building insulation applications,
performance was our best on record.
solutions for fuel-efficient vehicles, technology to enable wind
power, and thermal fluids that transfer solar power into energy. Injury and Illness Rate
(recordable incidents per 200,000 work hours)
PRODUCT SAFETY LEADERSHIP
2.57
GOAL: Publish Product Safety Assessments for all products

Before a product is considered for market, it must meet Dow’s
high standards for both human and environmental safety. In
2009, we posted 80 new Product Safety Assessments (PSAs)
on our website, surpassing our 2009 goal of 50, and bringing
the total to 231. Product safety assessments are available to
0.52
0.48
Actual
0.40
0.38
the public on www.dowproductsafety.com.

0.29
2015 Goal
Cumulative Product
Safety Assessments 850 0.12
94 05 06 07 08 09 10 11 12 13 14 15
231
Actual
154
2015 Goal
87
9
0
05 06 07 08 09 10 11 12 13 14 15
2010 Databook 23
Chemistry Flow 1
HYDROCARBONS AND ENERGY comonomer 2 PERFORMANCE PRODUCTS

Polyethylene Ethylene Glycol AMINES
Ethylene Vinyl Acetate

PERFORMANCE
MONOMERS
Ethylene Oxide
feedstocks3
POLYGLYCOLS,
SURFACTANTS
AND FLUIDS
Acrylic Acid
HPPO and Propylene Glycol

Conventional
OXYGENATED
Propylene Oxide
SOLVENTS
Propylene Oxo Alcohols
Polypropylene
Allyl/
Epicholorohydrin
Butene
Butylene Oxide
natural gas
EPOXY
Phenol/Acetone
Bisphenol A
Benzene/
Toluene/Xylene
Styrene Styrenics POLYURETHANES
EMULSION
Butadiene POLYMERS
CHLOR-ALKALI
Polycarbonate
Caustic Soda Caustic Sales

electricity
Isocyanates
Phosgene
Vinyl Chloride
Chlorine
brine
Chlorinated Organics
1
Chemistry Flow is meant to show some of the key olefins, monomers, polymers and
Hydrogen H2 Sales building blocks and is not all-inclusive.
2
Octene is the major comonomer used in the production of DOWLEX™ polyethylene resins.
Hexene and butene are also used as comonomers in polyethylene resin production.
Feedstocks primarily consist of ethane, propane, butane and naphtha.
PERFORMANCE SYSTEMS HEALTH AND AGRICULTURAL SCIENCES
Polyethylene Chlorine
Dow Wire and Cable
Allyl Coproducts
Ethylene Agricultural Chemicals
Amines
Comonomers
Chlorine Dow Elastomers

Acrylics
COATINGS AND INFRASTRUCTURE
Isocyanates
Amines
Polyols Dow Formulated
Systems Cellulose Derivatives
Epoxy
Epoxy
Oxygenated Solvents
Polyurethane
Polyglycols
Performance Fluids Dow Automotive
Polyolefins
Systems Polyolefin Dispersions
Propylene Oxide Dow Coating Materials

Propylene Glycol
Specialty Monomers
ELECTRONIC AND SPECIALTY MATERIALS
Surfactants
Epoxy Vinyl Acetate Monomers
Polyurethane Dow Electronic Materials
Acrylics
Caustic Soda Cellulose Derivatives

Propylene Oxide Acrylics
Dow Building
Ethylene Oxide Polyolefins and Construction
Styrene Polyurethane
Allyl/Epichlorohydrin
Specialty Materials
Propylene Polyurethane
Vinyl Chloride Polyolefins Dow Adhesives and

Acrylics
Functional Polymers
Acrylics
Specialty Monomers
2010 Databook 25
Dow at a Glance1

2009 PRO FORMA SALES BY GLOBAL BUSINESS UNIT Electronic and Specialty Materials develops and markets customized
materials using advanced technology and unique chemistries for
specialty applications ranging from semiconductors and liquid crystal
Specialty Materials 67% displays (LCD) to water processing, microbial protection and cellulosics
$4.6 billion in pharmaceuticals and food. Our continuous innovation and rapid new
Dow Electronic Materials 33%
product development position enable us to maximize opportunities in
emerging geographies and high growth industries.

2009 PRO FORMA SALES BY GLOBAL BUSINESS UNIT Coatings and Infrastructure is comprised of an industry-leading portfolio of
businesses utilizing advanced technology to deliver products ranging from
Dow Coating Materials 44%
low-VOC coatings to construction insulation to next generation adhesives.
Dow Building and Construction 26%
With unmatched R&D capabilities, a broad range of chemistries and
$4.8 billion Dow Adhesives and 19%
Functional Polymers extensive geographic reach, this segment is well positioned to capitalize
All Other2 11% on emerging market trends.

2009 PRO FORMA SALES BY GLOBAL BUSINESS UNIT With sales in more than 130 countries and manufacturing sites around
the world, Health and Agricultural Sciences is a global leader with product
lines in agricultural chemicals, urban pest management, healthy oils and
Dow AgroSciences 98% plant biotechnology. A unique set of competitive biological and chemical
$4.5 billion
AgroFresh 2% capabilities has yielded a robust pipeline of innovative new products to
serve the world’s growing population and demand for food and grains.
Performance Systems
2009 PRO FORMA SALES BY GLOBAL BUSINESS UNIT Performance Systems is a set of technology-driven businesses providing
materials-enabled solutions for diverse specialty applications such as civil
Dow Elastomers 38%
engineering, consumer durables, oil and gas, automotive, wind energy,
Dow Formulated Systems 21%
and wire and cable. By working closely with customers, these businesses
$5.9 billion Dow Automotive Systems 20%
develop innovative, functional solutions to meet specific needs such as
Dow Wire and Cable 18%
enhanced durability, recyclability, reduced processing costs and shortened
Dow Oil and Gas/Other 3%
development time.
1
Excludes 2009 pro forma sales of Hydrocarbons and Energy of $4.2 billion and Corporate of $1.1 billion.
Includes the Powder Coatings business and sales related to certain specialty latex assets required to be divested as part of the Rohm and Haas acquisition.
2009 PRO FORMA SALES BY GLOBAL BUSINESS UNIT Performance Products is a set of product-centric businesses offering superior
product performance at a competitive cost. As the world’s largest producer
Polyurethanes 32%
of propylene oxide, polyether polyols, and epoxy resins and intermediates,
Oxygenated Solvents 13%
the Performance Products businesses have a deep understanding of market
Emulsion Polymers 11%
trends across a range of industries. By leveraging existing products and
Performance Monomers 11%
customers, they are building critical mass in select downstream markets.
$9.1 billion Polyglycols, Surfactants 10%
and Fluids Enhanced application development and a focus on geographies will drive
Epoxy 8%
future growth.
Amines 8%
All Other3 7%
Basic Plastics
2009 PRO FORMA SALES BY GLOBAL BUSINESS UNIT Basic Plastics is the world’s leading producer of polyethylene (PE); a
leading supplier of polypropylene, polycarbonate and polystyrene; and
Polyethylene 71%
a leader in polypropylene catalyst and process technology. Our world-class
Styrenics 13%
expertise in polymers and material science is recognized industry-wide,
$9.9 billion Polypropylene 10%
and our PE process is the most licensed in the world. With highly productive
Polycarbonate 5%
and scalable operations and channels to market in almost 100 countries,
All Other (Including Licensing) 1%
Basic Plastics is well positioned to maximize growth opportunities.
Basic Chemicals
2009 PRO FORMA SALES BY GLOBAL BUSINESS UNIT Basic Chemicals is the largest global producer of chlorine, caustic soda,
purified ethylene oxide and chlorinated organics. Combining best-in-class
technology with significant economies of scale, Basic Chemicals supplies
Chlor-Alkali/Chlor-Vinyl 66%
cost-advantaged building blocks for our Performance businesses. Long-
$2.5 billion EO/EG4 19%
term relationships with partners who have access to advantaged feedstocks
Chlorinated Organics 15%
and market channels provide an additional competitive edge.
3
Includes Dow Haltermann, SAFECHEM, and sales related to certain acrylic acid and esters assets required to be divested as part of the Rohm and Haas acquisition.
4
EO/EG=Ethylene Oxide/Ethylene Glycol 2010 Databook 27
Selected Pro Forma Historical Segment Information for Electronic and Specialty Materials1
Sales $1,090 $1,148 $1,291 $1,348 $4,877 $1,444 $1,583 $1,473 $1,229 $5,729 $971 $1,164 $1,256 $1,223 $4,614
EBITDA 2 $352 $378 $366 $366 $1,462 $409 $492 $390 $274 $1,565 $93 $158 $407 $402 $1,060
Certain Items Increasing $4 $5 $(6) $(25) $(22) $2 $81 $(4) $(17) $62 $(29) $(143) — — $(172)
(Reducing) EBITDA 3
EBITDA Excluding $348 $373 $372 $391 $1,484 $407 $411 $394 $291 $1,503 $122 $301 $407 $402 $1,232
Certain Items
Depreciation and — — — — $466 — — — — $518 — — — — $565

Amortization
Equity in Earnings of $97 $93 $87 $89 $366 $83 $181 $114 $87 $465 $5 $58 $94 $133 $290
Nonconsolidated Affiliates
Capital Expenditures — — — — $384 — — — — $454 — — — — $193

1
All periods shown include pro forma data except Q2’09, Q3’09 and Q4’09.
2
EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. A reconciliation of pro forma EBITDA to pro forma
“Income (Loss) from Continuing Operations Before Income Taxes” is provided in the Appendix.
3

Dow Electronic Materials | Specialty Materials
X Customized materials having advanced technology, unique chemistries

for specialty applications and strong positions in emerging geographies
ELEMENTS OF MARKET SUCCESS 2009 PRO FORMA SALES

– Industry leadership position in key electronic
materials segments, including #1 or #2 position in:
Geography
chemical mechanical planarization pads/slurries,
semiconductor photolithography materials and North America 28%
metallization for circuit boards Europe, Middle East, Africa 29%
– Broadest portfolio of enabling water purification Asia Pacific 38%
components, including #1 positions in reverse osmosis
membranes and ion exchange resins Latin America 5%
– Strong positions in high-growth industries, including water,

electronics, food, pharmaceuticals and personal care
– Customer intimacy model in which product development Key Industry
evolves with customers’ changing needs
– Deep application knowledge that facilitates world-class
Consumer and Institutional Goods 16%
technical service
Utilities 11%
– Speed of technology and new product development
to meet rapidly changing market demands Construction 9%
ELEMENTS OF PROFITABILITY Industrial Markets 8%
– Expansion into faster growing markets that value innovation Paper and Publishing 3%
– Continuous innovation to maintain leading-edge Agriculture 2%

technologies for rapidly changing industry dynamics Food 2%
and customer needs
Transportation 2%
– Geographic presence of physical and intellectual assets
Mining 1%
to enhance customer intimacy
All Other 3%
– Close and multi-faceted collaboration with customers
who value innovative, customized solutions and speed
– Accelerated investments to maximize new opportunities
and customer growth
– Strong intellectual property to provide the next generation
Global Business Unit
of solutions
Specialty Materials 67%
– Opportunistic bolt-on acquisitions to supplement organic
growth and broaden technology platforms Dow Electronic Materials 33%
2010 Databook 29
Dow Electronic Materials
Innovative Next Generation Technology Applications
Dow Electronic Materials develops and markets highly sophisticated materials used in the electronic materials
segment of the global electronics value chain. The business, with a significant presence and operations
throughout Asia Pacific, delivers cutting-edge technology, provides strong technical support and closely
partners with industry leading customers to develop next generation materials. Its key end-use applications
include a broad range of consumer electronics from personal computers to television monitors, cellular
phones, global positioning systems, automobile safety systems and avionics.
Dow Electronic Materials is comprised of four principal business 2009 PRO FORMA SALES
units, each serving one or more key segments in the electronic
materials space.
Geography
– Semiconductor Technologies (ST) serves the integrated circuit
fabrication industry with a wide range of technologies used by North America 18%
nearly all of the industry’s top semiconductor manufacturers. Europe, Middle East, Africa 10%
– Interconnect Technologies (IT) serves the printed circuit board, Asia Pacific 72%
electronic finishing, industrial finishing and photovoltaic (PV)
industries with advanced metallization technologies that improve
performance of electronics, enable high-density circuits and
increase solar cell efficiency.
– Display Technologies (DT) serves the large and growing market
for liquid crystal displays (LCD), including the emerging area Global Business Unit
of Organic Light Emitting Diodes (OLED), providing technology Semiconductor Technologies 45%
differentiation in multi-functional and light guide films, LED
backlight-optimized films and display chemicals. Interconnect Technologies 32%
– Growth Technologies (GT) serves as a technology and commercial Display Technologies 17%
incubation center that focuses on emerging technologies. Growth Technologies 6%
High-Growth, Technology-Intensive Market Segments
Market Segment Technologies
Semiconductor Integrated Circuit Fabrication for Polishing pads, advanced copper slurries and conditioners
Technologies Memory and Logic #1 global leader in combined pads and slurries
Immersion 193 nm photoresists, antireflectants and developers

#2 global leader in photolithography materials
Interconnect Printed Circuit Board, Electronics Metallization, imaging and photovoltaic materials
Technologies and Industrial Finishing, PV #1 global leader in metallization
Display Technologies Flat Panel Display Materials Brightness films, diffusers, multi-functional films, TFT
(thin film transistor) photoresists, OLED materials
Growth New and Emerging Technologies Advanced integrated circuit packaging, metalorganic precursors
Technologies and optical and ceramic materials

KEY COMPETITORS RECENT STRATEGIC ACHIEVEMENTS
– Cabot Microelectronics, DuPont, Enthone, JSR, – Acquired Gracel Display in 2008, strengthening position in
MacDermid, Nissan Brewer, Shin-Etsu, Shinwa, OLED materials, an emerging segment for Display Technologies
Sumitomo, Teijin DuPont, TOK
– Launched the Advanced Packaging business unit within
Growth Technologies in 2009, targeting leading positions in
KEY R&D INNOVATIONS metallization, imaging and assembly for the semiconductor
packaging sector
– EPIC™ photoresists and AR™ antireflectants, designed
for the latest immersion lithography processes
– IC1000™ AT next generation CMP pads, including defect Major Plants and Locations ST IT DT GT
reduction, long-life and slurry reduction pads
DongGuan, Hong Kong,
– VISIONPAD™ CMP Pad series, combining the benefits of • • •
Shanghai and Suzhou, China
hard and soft pads into a single product
Kyoto, Mie and Osaka, Japan •
– Negative passivation layer technology for next generation Sasakami, Japan • • •
LCD televisions
Tokyo, Japan • • •
– ENLIGHT™ light induced plating technology for photovoltaic
Cheonan, South Korea • •
cell manufacturing
Seoul, South Korea • • • •
– Emissive Materials for OLED Display Technology
Hsinchu, Taiwan •
– ACuPLANE™ Copper Barrier CMP Solution, which combines
Taoyuan Hsien, Taiwan • •
the EcoVision™ 4000 CMP Pad and ACuPLANE™ 5000 Series
slurries to deliver a “tunable” CMP system Dzierzoniow, Poland •
– OptiVision™ CMP pads, which reduce defectivity and cost of Littau/Lucerne, Switzerland • •
ownership for advanced nodes Coventry, United Kingdom •
– Chrome Gleam™ 3C trivalent chrome plating, a hexavalent Newark, Delaware •

chrome-free, safer alternative for plating on plastics Marlborough, Massachusetts • • • •
– InterVia™ Photodielectric 8023 for advanced semiconductor North Andover, Massachusetts •
packaging applications
Market Growth Opportunities
CMP Pads and Slurries Photolithography Materials

– Dow is the #1 global leader in CMP (chemical mechanical – Photoresist and antireflectant wins with leading Asian memory
planarization) consumables and logic manufacturers
– Dow has multiple technology engagements and joint – Dow is developing photoresist and ancillary products for application
development agreements with top-tier semiconductor customers at or below 22 nm
Projected Addressable Market Growth Projected Addressable Market Growth
880
>10% >10% >10% >10%
CAGR 704
CAGR CAGR CAGR
528
352
176
0 0
2009 2012 2009 2012 2009 2012 2009 2012

CMP Pads CMP Slurries Photoresist Organic Antireflectants
Source: Gartner and Dow Electronic Materials Source: Gartner and Dow Electronic Materials
2010 Databook 31
Specialty Materials
Unique Chemistries for Innovative Solutions
Specialty Materials is an exciting portfolio of businesses characterized by a vast global footprint, a broad
array of unique chemistries, multi-functional ingredients and technology capabilities. These technology
capabilities enable Specialty Materials to develop innovative solutions that address modern societal
needs for sufficient and clean water, air and energy, material preservation and improved healthcare,
disease prevention, nutrition and wellness. Its global footprint and geographic reach provide multiple
opportunities for value growth, with a solid position in developed economies as well as the critical mass
in emerging economies to aggressively pursue growth opportunities. Specialty Materials consists of the
following five global businesses:
DOW WATER AND PROCESS SOLUTIONS are used in formulations across a broad variety of regulated and
Dow Water and Process Solutions develops cost-effective technologies industrial applications, geographies and market segments, including:
for water purification, desalination and separation solutions for food and nutrition, pharmaceuticals and other specialty industrial
specialty applications. This business has the #1 position in reverse applications. With its global manufacturing base (9 sites, 15 facilities),
osmosis membranes and ion exchange resins. It is positioned to Dow Wolff Cellulosics has the most customer appealing asset footprint
address rapidly rising demand for clean water due to increasing global among its competitors providing a broad portfolio of technologies.
population and urbanization. Adding to its 11 sites, Dow Water and
Process Solutions is currently constructing its Water Technology DOW HOME AND PERSONAL CARE
Development Center in Tarragona, Spain, and is involved with KAUST
Dow Home and Personal Care markets a broad range of technology-
to jointly design a state-of-the-art R&D Center in Jeddah, Saudi
based solutions for a variety of end-use applications sold into
Arabia. The center, a key component of the business’ aggressive
household, institutional, and personal care markets around the world.
growth objectives, is designed to accelerate the commercialization
This business brings extensive application capabilities, market insights,
of Dow’s water treatment technologies, which help enable the
innovative technologies, and sustainable solutions that enable our
production of clean drinking water from various water sources,
customers to meet and anticipate consumer needs. Combined with
including seawater.
access to Dow’s global manufacturing base, technical centers in the
Key Growth Opportunities U.S., India, Singapore and China, and a rich innovation pipeline, the
business is poised to both address and deliver solutions for key societal
By 2015, five billion people will live in areas of significant trends and the continued demand for wellness and convenience.
water stress. Dow Water and Process Solutions’ addressable
market is projected to double by 2020.
PERFORMANCE MATERIALS
Today (in billions) By 2020 (in billions) Performance Materials brings together a number of specialty
businesses that are active in a broad array of markets with a diverse
Dow Dow offering of very unique products used as performance enhancers,
~$1 ~$3.5 process aids, intermediates, catalysts and additives. These include
ANGUS™ Chemical and PRIMENE™ specialty amines for paint,
metal working fluids, life sciences, pharmaceuticals, personal
Addressable market Addressable market care, fuel additives and lubricants; and Sodium Borohydride and
>$5 >$10 Acima Specialty Chemicals products for bleaching, new energy and
polyurethane foam applications. Also part of this group is Specialty
Polymers – with acrolein derivatives, divinylbenzene, quaternaries
and hydrocarbon resins. The Performance Materials businesses
DOW WOLFF CELLULOSICS deliver original, customized solutions with unique chemistries that
position customers for success. These product families have strong
Dow Wolff Cellulosics is the largest producer with the broadest market recognition and a differentiated position across multiple
product offering for both regulated and non-regulated cellulosic application segments.
applications with an established leadership position in cellulose ethers
and related chemistries. This business provides high-performance
cellulose ethers as well as companion chemistries. Its technologies

DOW MICROBIAL CONTROL 2009 PRO FORMA SALES
Dow Microbial Control has the #1 position in specialty biocides and
offers the most complete portfolio of antimicrobial solutions
globally – including products and specialty formulated products – Geography
that can deliver unmatched solutions and expertise and sustainable North America 33%
products for process and materials preservation as well as hygiene
Europe, Middle East, Africa 39%
and infection control benefits in a wide variety of industry segments.
Dow Microbial Control’s value creation and competitive advantage Asia Pacific 20%
ultimately come from its intellectual property estate, leveraging Latin America 8%
its regulatory positions and know-how, as well as its established
portfolio of offerings including formulations, antimicrobial control
expertise, microbiological methodology, formulation science and
products delivery.
Key Industry
KEY R&D INNOVATIONS Consumer and Institutional Goods 24%
– DOW FILMTEC™ BW30HR-440i and BW30XFR-400/34i – Utilities 17%

allow demineralization and other water treatment systems Construction 13%
to operate more consistently and with less cleaning
and maintenance.
– Metal-Free Floor Polish – Zinc-free polymer meets green
labeling requirements and delivers a high-gloss finish equal Paper and Publishing 5%
to conventional floor polish polymers. Food 4%
– SatinFX™ Delivery System – Enables simple and cost-effective way Agriculture 3%

to encapsulate hydrophobic and hydrophilic active ingredients Transportation 3%
without specialized equipment.
Mining 1%
– VINYZENE™ IT 3020 CPF Antimicrobial and VINYZENE™ IT
All Other 5%
4008 CPF Antimicrobial – Phthalate-free antimicrobial additives
protecting long term against fungal attack, preventing staining
and embrittlement plus improving color stability.
– METHOCEL™ gluten replacement – Plant-based food ingredient Global Business
that mimics the water-absorbing capacity of gluten, making
the handling of gluten-free batters and dough easier and more Dow Wolff Cellulosics 28%
consistent and allowing manufacturers to make gluten-free Dow Water and Process Solutions 24%
products without having to compromise on taste or texture.
Performance Materials 19%
Dow Home and Personal Care 19%
ELEMENTS OF MARKET SUCCESS AND PROFITABILITY
Dow Microbial Control 10%
– Intimate understanding of current and future customer needs
– Identification and deep understanding of opportunities in
high-value market segments
– Market-driven innovation based on unique chemistries
and technologies
– Leading positions in multiple industries and end-markets
experiencing high growth driven by key global megatrends
– Rich innovation pipeline with multiple opportunities for
cross-fertilization
2010 Databook 33
Selected Pro Forma Historical Segment Information for Coatings and Infrastructure1
Sales $1,233 $1,427 $1,389 $1,252 $5,301 $1,509 $1,780 $1,711 $1,219 $6,219 $1,038 $1,242 $1,330 $1,178 $4,788
2
EBITDA $168 $220 $208 $112 $708 $178 $218 $192 $66 $654 $121 $25 $213 $108 $467
Certain Items Increasing

— — — $(19) $(19) — $(10) $(2) $(27) $(39) $(1) $(253) — — $(254)
(Reducing) EBITDA3
EBITDA Excluding
$168 $220 $208 $131 $727 $178 $228 $194 $93 $693 $122 $278 $213 $108 $721
Certain Items
Depreciation and
— — — — $414 — — — — $475 — — — — $479
Amortization
Equity in Earnings of
— $1 $1 — $2 — — $2 — $2 $1 $1 $1 — $3

1
2
EBITDA is defined as earnings before interest, income taxes, depreciation and amortization. A reconciliation of pro forma
EBITDA to pro forma “Income (Loss) from Continuing Operations Before Income Taxes” is provided in the Appendix.
3

Dow Coating Materials | Dow Building and Construction |
Dow Adhesives and Functional Polymers
X Industry-leading portfolio with a broad range of chemistries, extensive geographic

reach, technology-advanced product offerings and deep application expertise

– Industry-leading position in coatings – largest and broadest
range of chemistries (acrylics, cellulosics, polyurethanes,
epoxies and water-soluble), global insight and R&D capabilities Geography
North America 47%
– Extensive building and construction portfolio – insulation,
housewrap, sealant and adhesive products and systems, as Europe, Middle East, Africa 29%
well as construction chemical solutions Asia Pacific 18%
– Integrated adhesives technology platform – providing Latin America 6%
performance and protection for consumer packaging and
consumer goods, tailored to meet specific regional needs
– Market-centric, with strong sales support, customer service
and technical expertise locally in each geography Key Industry1
– Accelerated innovation created by leveraging application Construction 60%
expertise and a powerhouse R&D organization
– Positioned for emerging market trends, including more
stringent energy standards for buildings, coatings solutions
with low volatile organic compounds and other product Transportation 4%
offerings with environmentally preferred technologies Paper and Publishing 4%
– Unmatched R&D capabilities, with technical centers located Food 3%
around the world, providing unparalleled technical support
Mining 1%
and leading-edge product development
All Other 1%
ELEMENTS OF PROFITABILITY
– Combined strengths of Dow and Rohm and Haas provide a
broad portfolio of chemistries with application expertise, product Global Business Unit
innovation and strong channels to market
Dow Coating Materials 44%
– Capital investment and bolt-on acquisitions to expand
presence in emerging geographies Dow Building and Construction 26%
Dow Adhesives and Functional Polymers 19%
– Easy-to-access portfolio, allowing customers to easily
collaborate with Dow on new or enhanced formulations All Other 2 11%
– Global supply chain to ensure reliable and cost-efficient

supply anywhere in the world
1
Excludes sales of certain specialty latex assets required to be divested as part of the Rohm and Haas acquisition.
2
Includes the Powder Coatings business and sales related to certain specialty latex assets required to be divested as part of the Rohm and Haas acquisition. 2010 Databook 35
Dow Coating Materials
Enabling the Coatings Innovations of Tomorrow
Dow Coating Materials is the world’s largest supplier of raw 2009 Pro Forma Sales by Geography
materials for the coatings industry. The business combines the
North America 43%
leading architectural coatings position of heritage Rohm and Haas
with the strong industrial coatings presence for which Dow has
long been known. Not only does combining these two portfolios Asia Pacific 23%
make strategic sense, it also positions Dow Coating Materials Latin America 8%
to capture growth and drive innovation across the worldwide

coatings industry.
Offering the broadest range of chemistries for the architectural

and industrial coatings industry, Dow Coating Materials is
known the world over for delivering innovative customer solutions Broad Market Participation
across every major technology platform: Architectural Markets 64%
– Binders – Acrylic waterborne, epoxy resins, vinyl acrylics, Industrial Markets 36%
polyurethanes, styrene acrylic, solvent-based acrylic
– Additives – HASE modifiers, surfactants, HEUR
modifiers, cellulosic modifiers, biocides, opaque
polymers/opacifiers, dispersants
– Solvents – Oxygenated solvents, glycol ethers, Broadest Technology Portfolio Available
acetic/propionic esters
Waterborne Emulsions 53%
Additives 20%
Epoxy Resins 17%
– Largest portfolio of coatings raw materials and the greatest
Glycol Ethers 4%
breadth of technologies to provide market-driven solutions
across all coatings segments Solvents 3%
– Largest R&D commitment in the industry, coupled with Solution Acrylics 3%

deep application expertise
– Local collaboration, networked with an unparalleled
worldwide science and technology capability, enables
our customers to access global markets, distribution and
insight, while addressing unique local issues
MARKET TRENDS DRIVING GROWTH
– Dedicated to using sustainable processes without
compromising performance – Improving sustainability and lowering volatile organic compounds
(VOCs), while advancing performance and cost advantages
– Accelerated growth in emerging geographies, with
investments in a regional emulsion latex company primarily – Enhancing environmental durability and performance
servicing Scandinavia and Russia; expansions of emulsion – Reducing application, manufacturing and processing costs
plants in China and India; capacity expansions in Brazil,
Russia and Mexico – Enabling smart coatings that respond to external stimuli
– Low-cost manufacturing base through vertical integration to

raw materials and the largest global coatings manufacturing
network in the industry

KEY R&D INNOVATIONS – PRIMAL™ SG-380 – High-performance, semi-gloss acrylic binder
that includes optimized polymer particle morphology and ambient
– HYDROTECH™ Technology – High-performance,
cure technology, allowing formulators to create a new level of
environmentally advanced, water-based binder option
performance for both interior and exterior decorative paints
for low-VOC decorative gloss coatings, responding to
regulatory requirements restricting VOC emissions in – Designed Diffusion Technology – Enhances film formation
architectural coatings and accelerates early property development of waterborne latex
coatings so that coatings formulators and end users have the
– ECOSURF™ SA Surfactants – New generation of innovative
option to lower VOCs, improve line productivity and reduce
biodegradable, nonionic surfactants
energy requirements
– RENUVA™ Renewable Resource Technology – Natural
oil-based polyols for differentiated performance
KEY COMPETITORS
– AVANSE™ Acrylic Resin Technology – Product platform
– Arkema, BASF, Celanese, Eastman, Hexion, Huntsman,
allowing paint and coatings manufacturers to provide tough,
Nan Ya, Wacker
durable coatings that meet the most stringent VOC and
environmental standards
– RHOPLEX™ EZ Clean 200 – 100 percent acrylic binder
designed for premium interior flat and satin broad wall
paints requiring high resistance to household stains
Market Growth Opportunities
Low-/Ultra Low-VOC Coatings
Customer Evaluation
– Reduction of VOCs in paint has been an industry trend for
many years
In Development
Commercial
– Industry resurgence – and stronger market pull – driven by
regulation, labeling and consumer demand
Low-/Ultra Low-VOC Coatings
– Key technical challenge – delivering lower VOC and key
performance properties that customers demand High-Performance, Low-VOC Capable Binders • • •
– Dow’s revolutionary, high-throughput R&D capabilities High-Performance, Ultra Low-VOC Capable Binders • •
are accelerating innovations Advanced Low-Odor Binders • • •
– Several innovations have been commercially launched, Hybrid High-Gloss Binders • •

with many more in development and evaluation Advanced Rheology Modifiers • •
– Global Addressable Market Opportunity: $800 million
– Dow’s Share: >$160 million
– Launch: 2009–2012
2010 Databook 37
Dow Building and Construction
On the Forefront of Energy Trends and Industry Needs
Dow Building and Construction is comprised of several business units that offer extensive lines of industry-
leading insulation, weatherization, and construction chemical products, systems and solutions. In 2010 the
business group expanded to include Dow Solar Solutions, home to the revolutionary DOW™ POWERHOUSE™
Solar Shingle.
The business group holds a competitive advantage thanks to its strong brands and leadership in demand
creation, ability to manage complex value chains and expertise in using building codes and regulations to
drive business.
The drive to improve energy performance in the building sector is a key disruptive trend that will significantly
shift the behavior and dynamics of the industry – providing strong opportunities for chemistry-enabled
solutions. Against this backdrop, Dow Building and Construction will build a portfolio of sustainable, branded
offerings with attractive and profitable growth.
Dow Construction Chemicals

2009 Pro Forma Sales by Geography1 Formed in 2009, Dow Construction Chemicals combines the
capabilities of heritage Rohm and Haas and Dow Wolff Cellulosics
North America 56% businesses to offer proven chemistry, coupled with deep market
Europe, Middle East, Africa 30% knowledge, and application/materials science expertise that help
differentiate customers’ construction materials, and advance the
Asia Pacific 13%
performance of buildings and infrastructures worldwide. The business
Latin America 1% provides additive and formulation solutions to manufacturers of
construction products such as elastomeric roof coatings, external
insulation finishing systems (EIFS), specialty cements, insulation,
caulks and sealants.
LEADING TECHNOLOGY POSITIONS
– #1 global position in extruded polystyrene (XPS) foam insulation ELEMENTS OF MARKET SUCCESS AND PROFITABILITY
– #1 position in one-component foams in retail (namely – Broad technology portfolio

North America) – Strong regulatory and certification knowledge
– #1 global position in cellulosic-based construction – Responsive technical service and support
chemical additives
– #1 position in North America in acrylic-based WIDE RANGE OF ACRYLIC- AND
construction chemicals CELLULOSIC-BASED TECHNOLOGIES
– Leading position in weatherization Dow Construction Chemicals offers a wide range of products for
making caulks, sealants, cement modifiers, structural adhesives,
– First-mover into solar shingles
elastomeric roof coatings, EIFS additives applications, insulation
binders, and roof tile and siding coatings. Our products can also
MARKET TRENDS DRIVING GROWTH be found in applications like tile adhesives and grouts, cement
– Increasing standards and codes for buildings, especially for plasters, gypsum plasters, fillers and joint compounds, and concrete.
energy conservation Among our industry-leading brands:
– Building industry demand for lower labor costs, lower maintenance – AQUASET™ Acrylic Thermosetting Resins
costs and increased performance
– RHOPLEX™ Aqueous Acrylic Polymer Emulsions
– Drive to reduce greenhouse gas (GHG) emissions
– METHOCEL™ Cellulose Ethers
– Aged infrastructure and increased urbanization
– CELLOSIZE™ Hydroxyethyl Cellulose

Excludes Dow Wolff Cellulosics.
Dow Building Solutions – Launched THERMAX™ Wall System
The building sector alone accounts for 40% of all energy – Launched External Insulation Finishing Systems (EIFS) in China
consumption and GHG emissions worldwide, and in the U.S.,
buildings account for 48% of energy consumption. Statistics show Dow Solar Solutions
that building insulation is the most cost-effective approach to CO2
abatement and reducing energy consumption in buildings. Dow Dow Solar Solutions is focused on developing the next generation
Building Solutions is a market leader in delivering insulation and of solar energy products and expanding Dow’s commitment to solve
weatherization solutions that improve the energy efficiency of global energy challenges.
building applications and reduce energy costs.
RECENT DEVELOPMENTS
U.S. Energy Consumption – October 2009: DOW™ POWERHOUSE™ Solar Shingle introduced
as the first in a portfolio of building-related, solar energy-generating
Buildings 48% products. Since its introduction, the shingle has been hailed as
Transportation 27% revolutionary, including being named one of the “50 Best Inventions
of 2009” by TIME magazine. The shingle will be available in limited
Industry 25%
amounts by mid-2010 and projected to be more widely available
Source: U.S. Energy Information Administration
in 2011 as production scale up begins.
– February 2010: Dow announced that Midland, Michigan has
been identified as the preferred site for the first full-scale
ELEMENTS OF MARKET SUCCESS AND PROFITABILITY production facility for its solar shingle, subject to finalizing
– Valued brands, including STYROFOAM™ Brand local, state and federal funding. Later in the month, the
Insulation, world renown for exceptional thermal and Michigan Economic Growth Authority (MEGA) and Michigan
moisture-resistant properties Economic Development Corporation granted Dow a MEGA Job
Creation Tax Credit, which includes incentives for future job
– Strong channels to market in commercial, residential, and creation in Michigan related to Dow Solar Solutions’ planned
retail/DIY (Do-It-Yourself) full-scale production facility.
– Building science expertise, deep understanding of regional – March 2010: DOW™ POWERHOUSE™ Solar Shingle receives a
market needs and codes, as well as strong regulatory and 2010 GLOBE Foundation award for “Environmental Excellence in
certification knowledge Emerging Technology.”
– Broad technology portfolio, offering customers differentiated
insulation components and systems STRONG VALUE PROPOSITION
The DOW™ POWERHOUSE™ Solar Shingle is a roofing product
STRONG LINE OF INSULATION AND that is also a solar collector, giving rise to the first practical – and
WEATHERIZATION SOLUTIONS
neighborhood friendly – rooftop integrated solar solution for homes
Our extensive portfolio of products and systems helps reduce a home with asphalt shingles. The shingle is the solar panel, and the solar
or building’s energy consumption, and prevent air infiltration and panel is the shingle – making it truly seamless when incorporated
moisture intrusion. Among our most recognizable brands: into rooftops with standard asphalt shingles.
– GREAT STUFF™ Insulating Foam Sealants – Can be installed on rooftops by roofers and incorporated with
asphalt materials
– THERMAX™ Insulating Products
– Allows great flexibility in how the solar arrays can be designed
– STYROFOAM™ Brand Insulation Products
into homes
– Eliminates on-roof wiring and minimizes through-roof penetrations
RECENT STRATEGIC INVESTMENTS
– Utilizes CIGS-based (Copper Indium Gallium diSelenide)
– Investment/conversion of North America’s production facilities for
photovoltaic cells that are lightweight, flexible and high efficiency
STYROFOAM™ Brand Insulation to new zero ozone-depleting,
foaming-agent technology – Provides homeowners an affordable solar option
– Launched STYROFOAM™ Brand Structural Insulated Sheathing (SIS)
2010 Databook 39
Dow Adhesives and Functional Polymers
The Preferred Local Adhesives Partner Around the World
Dow Adhesives and Functional Polymers (AFP) is a portfolio of 2009 PRO FORMA SALES
differentiated specialty polymer businesses offering leading market
solutions serving the flexible packaging industry, pressure-sensitive
Geography
adhesives, and a diverse range of functional polymers applications,
including transportation, building and construction, personal care, North America 35%
thermal imaging, textiles and nonwovens, leather and photovoltaics. Europe, Middle East, Africa 35%
Asia Pacific 21%

With its integrated technology platform, application expertise,
formulation capabilities and global presence, AFP is uniquely Latin America 9%
positioned to serve its customers in a tailored, timely and

efficient manner.
AFP’s deep understanding of acrylic and polyurethane technology, Key Industry

market-centric application know-how, molecular science and Consumer and Institutional Goods 50%
engineering provide it with a unique technology platform
Paper and Publishing 20%
focused on enabling the next generation of adhesives.
With more than 40 R&D facilities and technical centers worldwide
Transportation 7%
(including sites of Dow Coating Materials, from which AFP sources
Food 2%
pressure-sensitive adhesives) and a pipeline of significant research
Construction 2%
projects for future growth, AFP makes its solutions relevant to
current and emerging market needs globally.
THE AFP PORTFOLIO COMMITMENT TO SUSTAINABILITY

AFP serves the needs of a diverse market, providing customized, Committed to sustainability as a catalyst for growth and innovation,
affordable, high-performance solutions in packaging, tape, labels AFP proactively drives sustainability metrics across three core
and textiles. The foundation of its success depends on AFP’s business dimensions:
commitment to maintaining a collaborative relationship with its
– Products – collaborating with customers to improve their life
customers, understanding and anticipating their needs, and offering
cycle within a Cradle-to-Cradle® framework. Successes include:
more environmentally advanced solutions than those of the competition.
delivering the first bio-based adhesives for food packaging;
The business is a leading technology partner with science capabilities in water-based adhesives with performance properties and
acrylic technology and molecular engineering in polyurethane and affordability equal to solvent-based adhesives; specialty pressure-
polyesters. This expertise is core to AFP’s ability to deliver the sensitive adhesives for graphic arts, tape and labels and
innovative technologies of tomorrow. transportation adhesives
AFP’s customer and market-centric, customized technical application – Technology – designing new high performance bonding materials
know-how allows it to deliver tailored solutions that meet relevant to enable renewable solutions, such as photovoltaic panels
market needs with a high level of customer intimacy.
– Operations – reducing energy and water consumption and CO2
AFP’s profitability is enhanced by its local presence, with dedicated emissions and optimizing freight and transportation
technical service around the world and an extensive R&D team with
specialized skills and experience. Additionally, the business has a strong
and growing share in high value, niche markets, especially in the area
of sustainable solutions.
40 The Dow Chemical Company ®

Cradle-to-Cradle is a trademark of McDonough Braungart Design Chemistry, LLC.
Manufacturing Only
KEY R&D INNOVATIONS
Manufacturing and
R&D and Technical

Technical Centers
– Won 2009 Ringier Technology Innovation Award for ROBOND™
Center Only
L-260 water-based flexible packaging adhesive
– MEGUM™ adhesives, combining top performance and
Major Plants and Locations1
exceptional reliability in rubber-to-metal bonds with an
improved environmental profile West Alexandria, Ohio •
– ROBOND™ Prohesion water-based adhesives with solvent- Parona, Italy •

like capabilities Ringwood, Illinois •
– Environmentally friendly, sustainable breakthroughs for textile Taloja, India •

and non-woven products Mozzate, Italy •
– THIXON™ high performance rubber-to-metal bonding agents Toluca, Mexico •
that feature no reportable levels of lead and other heavy metals, Zarate, Argentina •
chlorinated solvents or ozone-depleting chemicals
Geelong, Australia •
– ADCOTE™ adhesives for solar energy backsheet films and
Shanghai, China and Singapore •
laminations, offering extended durability, resistance to adverse
weather conditions, strong bonds on a wide range of challenging Barranquilla, Colombia •
substrates, and flexibility for extreme temperature changes Valbonne, France •
– New technology for the solventless flexible-packaging adhesives Frankfurt, Germany •
area, built from soybean oil for improved performance Buffalo Grove, Illinois •
– New formaldehyde-free technology: high-performance, sustainable, Midland, Michigan •
cost-effective chemistry
Spring House, Pennsylvania •
Bremen, Germany •
MARKET TRENDS DRIVING GROWTH 1
AFP also leverages Dow Coating Materials’ emulsions manufacturing
network for the sourcing of pressure-sensitive adhesives.
– Sustainability and market pull for renewable raw materials and
high-performance, water-based and solventless solutions
– Growing consumption in emerging geographies
– Food and healthcare growth
– Solar energy adoption and growth
KEY COMPETITORS
– Ashland, BASF, Bostik (Total Petrochemical), Coim, Cytec,
HB Fuller, Henkel, Lord, Sumei
2010 Databook 41
Selected Pro Forma Historical Segment Information for Health and Agricultural Sciences1
Sales $1,045 $1,097 $807 $890 $3,839 $1,326 $1,368 $995 $920 $4,609 $1,461 $1,204 $796 $1,076 $4,537
2
EBITDA $310 $228 $47 $(1) $584 $356 $356 $95 $85 $892 $363 $140 $5 $69 $577

— — $(50) $(77) $(127) — — $(29) $(20) $(49) — $15 — — $15
(Reducing) EBITDA3
EBITDA Excluding
$310 $228 $97 $76 $711 $356 $356 $124 $105 $941 $363 $125 $5 $69 $562
Certain Items
Depreciation and
— — — — $144 — — — — $146 — — — — $146
Amortization
— — $1 $3 $4 $1 $2 $1 — $4 $1 — $2 $(1) $2

1
2
3

Dow AgroSciences | AgroFresh
X Global technology leader in the agriculture industry with a track

record of success and well-positioned for future growth
– Research-based, technology-focused business developing 2009 PRO FORMA SALES

both chemical and biological solutions for agriculture and
improved health
– Global leader with product lines in agricultural
chemicals, urban pest management, healthy oils
and plant biotechnology Dow AgroSciences 98%
– Robust pipeline of innovative new products AgroFresh 2%
– Entering a period of significant technology-driven growth

led by SmartStax ™ traits co-developed with Monsanto,
Dow AgroSciences herbicide tolerant trait technology (DHT),
Omega-9 Healthy Oils and many new, novel chemistries
RECENT STRATEGIC BOLT-ONS FOR CHANNEL ACCESS
AND TECHNOLOGY PENETRATION
Broad Geographic Reach with Sales in Over 130 Countries Agromen Tecnologia (Brazil) – corn
and R&D and Manufacturing Sites Around the World1
Recent Strategic Seed and Trait-related Bolt-on Acquisitions Duo Maize (The Netherlands) – corn germplasm
R&D Sites
Manufacturing Sites
MTI MTI (Austria) – corn seed and breeding program
Triumph Seed (Texas) – sunflower, corn

and sorghum
Dairyland Seed (Wisconsin) and Bio-Plant

Research Ltd. (Illinois) – corn, soybean and alfalfa
Renze Seeds (Iowa) – corn and soybean

North America:
27 R&D sites
17 manufacturing sites
Brodbeck Seeds (Indiana) – corn, soybean
Europe, Middle East, Africa:
and wheat
11 R&D sites
6 manufacturing sites Asia Pacific:
Latin America: 4 R&D sites
7 R&D sites 4 manufacturing sites Südwestsaat GbR (Europe) – hybrid maize
16 manufacturing sites
Pfister Seeds (Illinois) – corn
Hyland Seeds (Canada) – corn
1
Dots represent locations, not the number of sites in each location. 2010 Databook 43
Growth Through Technology Leadership
Agricultural Sciences is a technology-driven business with a unique set of competitive

biological and chemical capabilities providing innovative technologies for crop protection, pest and
vegetation management, seeds, traits, and agricultural biotechnology to serve the world’s growing
population and demand for food and grains.
The business strategy is to achieve a balance of biological- and chemical-based solutions through
innovation, organic growth, bolt-on acquisitions, strategic collaborations, and licensing of Dow
AgroSciences’ leading insect protection traits and other technologies.
ELEMENTS OF MARKET SUCCESS 2009 PRO FORMA SALES1

– Diverse agricultural chemicals portfolio with leading-edge
insecticide, herbicide, fungicide and fumigant solutions
for growers Geography
– Broad geographic reach with growing positions in North America 39%
emerging regions Europe, Middle East, Africa 25%
– Customer-focused product development, linking real Asia Pacific 13%
grower problems with real solutions
Latin America 23%
– Long record of technology success through innovative
crop-protection products and novel formulations to deliver
customer-valued solutions
– Industry-leading HERCULEX® Insect Protection traits, Key Product Lines
providing superior insect protection unmatched by other
Herbicides 52%
in-plant technologies
Insecticides 20%
– Pipeline of biological solutions containing game-
changing technology Seeds/Traits 14%
Fungicides 10%
ELEMENTS OF PROFITABILITY Other 4%
– Growth through innovative new products
– Successful segmentation of market offerings with
leading brands ACTIVE PORTFOLIO MANAGEMENT
– Diverse channels to market for rich technology platform Divestitures

2006
– Cost competitiveness Propanil herbicide
– Strategic bolt-on acquisitions 2008
Zoxamide fungicide
2010
Thifluzamide fungicide
Tebufenozide insecticide
Permanent Plant Shutdowns
2008
Lauterbourg, France

Excludes AgroFresh.
Agricultural Chemicals Projected Sales Growth of New
Agricultural Chemical Products
KEY NEW PRODUCT LAUNCHES DRIVING GROWTH
Aminopyralid range and pasture herbicide
• Advancement in weed control – global product launches
continue to ramp up with success
Pyroxsulam cereal herbicide
• Key extension of cereal herbicide franchise in Europe
Penoxsulam rice herbicide
• Product launches continue with expansion into new crop
markets and formulations
Spinetoram insecticide
• Extends “greener” insecticides and opens new market space 2008 2013
Actual Projected
Robust Pipeline of Chemical Solutions Builds for the Future
– Novel Delivery Systems (NDS) for competitive advantage – Promising fungicide and herbicide leads in field trials
through proprietary formulations and mixtures – Next generation herbicide candidate provides excellent
– Sulfoxaflor sap-feeding insecticide addresses needs unmet broadleaf weed control
by biotech solutions
Discovery Development
NDS
Herbicide NDS
Fungicide Herbicide Sulfoxaflor

Fungicide
Sap-Feeding
Herbicide NDS NDS
Insecticide
Fungicide
Chewing Insecticide Insecticide Herbicide
NDS Insecticide
Insecticide
Future Product Launches in High-Value Crop Segments

Product Characteristics Projected Launch / Registration Date
Sulfoxaflor sap-feeding insecticide Broad sap-feeding spectrum 2012 launch
Outstanding performance on key diseases

Two novel fungicides Post-2014 launch
such as septoria
New broadleaf herbicide Multiple crop segments Mid-decade registration
2010 Databook 45
Growth Through Technology Leadership
Seeds, Traits and Oils Dow AgroSciences Herbicide Tolerant Trait Technology (DHT)
A PROVEN TRACK RECORD OF INNOVATION – Superior new weed control technology that sustains the simple
AND TECHNOLOGY LEADERSHIP glyphosate cropping system growers prefer by controlling
glyphosate-resistant and other hard-to-control broadleaf
SmartStax ™ multi-event technology developed by weeds through additional herbicide modes of action
Dow AgroSciences and Monsanto
– Provides robust tolerance to 2,4-D in corn, cotton and soybeans

and also offers tolerance to glufosinate and the “fop”2 class
– Delivers multiple modes of action for the broadest spectrum of herbicides
of insect control ever available by combining the insect
– Will be available in a wide variety of elite germplasm and stacked
protection technologies of Dow AgroSciences’ HERCULEX® I
with industry leading traits, including SmartStax ™
and HERCULEX® RW with Monsanto’s YieldGard VT PRO™
and YieldGard VT Rootworm/RR2® and bringing together – Anticipated launches3: corn introduction expected in 2012/2013,
Monsanto’s Roundup Ready 2® technology with LibertyLink® soybeans in 2013/2014 and cotton in 2015
herbicide tolerance
– Dual-effective dose reduces the likelihood of insect resistance DHT corn treated with quizalofop
to give farmers the benefit of increased productivity
– Dow AgroSciences’ SmartStax ™ hybrids reduce the refuge1
requirement from 20 percent to 5 percent in the Corn Belt and Conventional corn treated
with quizalofop
from 50 percent to 20 percent in cotton-growing regions to
maximize yields
DHT soy treated with 2,4-D
– Expected to boost yields from first-generation trait products.
Launched in the U.S. in 2010.
TRAIT FUNCTION Conventional soy treated with 2,4-D
HERCULEX ® XTRA
Above-Ground Insect Control
HERCULEX® I Primary: Corn Borer Resistance EXZACT™ Precision Technology
Below-Ground Insect Control
HERCULEX® RW Primary: Rootworm Resistance
– An innovative breakthrough that will shape the future
® Weed Control of agriculture
LibertyLink Mode: Glufosinate Tolerance
– EXZACT™ Precision Technology provides multiple methods to
Genuity™ VT Triple PRO™
improve crops through precise genome modification, including
Below-Ground Insect Control
YieldGard VT Rootworm/RR2® Primary: Rootworm Resistance
add, delete and edit functions
Weed Control – The EXZACT toolkit will establish a new industry standard
Roundup Ready 2® Technology Mode: Glyphosate Tolerance for developing improved plants
Above-Ground Insect Control
YieldGard VT PRO™ Primary: Corn Borer Resistance
SmartStax™ Multiple modes of action Healthier Oils – Improving Diets Around the World
Industry-Standard Trait Platform Above- and below-ground insect
and weed control
– Numerous restaurants and companies in the food service
and food manufacturing industries are switching to next
generation Omega-9 Canola and Sunflower Oils made from
Dow AgroSciences NEXERA™ Canola and Sunflower seeds.
1
Refuge is a block or strip of land on insect-resistant biotech crops planted with These oils are zero trans fat, low in saturated fat, and uniquely
conventional crops to prevent pests from developing resistance to the technology.
2
Fop is short for a particular class of grass herbicides. high in monounsaturated (heart-healthy) fat.
3
Estimated launch subject to timing of regulatory approvals.
™® HERCULEX and the HERCULEX Shield Logo, ExZact and the ExZact Logo, the Omega-9 Oils Logo,
Nexera, WideStrike and the WideStrike Logo, the Agromen Logo, the Duo Maize Logo, MTI, Triumph,
Dairyland Seed and the Dairyland Seed Logo, Renze and the Renze Logo, the Brodbeck Seeds Logo, the
Südwestsaat Logo, the Pfister Seeds Logo, Hyland Seeds and the Hyland Seeds Logo are trademarks
46 The Dow Chemical Company of Dow AgroSciences, LLC, and certain affiliated companies of Dow AgroSciences, LLC.
– Soybean collaboration with Mertec LLC, M.S. Technologies LLC
WideStrike® Insect Protection combines Dow AgroSciences’ proprietary technologies with
Mertec’s soybean germplasm. These will be available first to
– A cotton-protection innovation from Dow AgroSciences using in- U.S. soybean growers with an option to expand globally
plant technology to give season-long protection against a broad – Cotton license agreement with Syngenta to allow Dow
spectrum of yield-robbing pests. This two-gene insect protection AgroSciences licenses to a number of VipCOT™ cotton
trait is a powerful, multiple-gene combination and is sold in varieties and access to COT102 cotton transgenic event
PhytoGen® brand cotton seed varieties.
– Collaboration with World Wide Wheat to develop and
commercialize advanced germplasm and traits in wheat
RECENT KEY REGULATORY APPROVALS to bring the next generation of wheat to market
– Japan, Korea, Taiwan and Mexico import approvals
– Global research alliance with Australia’s Victoria Province
for SmartStax ™
will improve crop yields to meet growing global demands for
– U.S. and Canadian registration for SmartStax ™ food, feed and energy
– Approval for cultivation of HERCULEX® I corn in Brazil – Commercial license to Sangamo BioSciences’ zinc
finger technology in order to commercialize products
– Approval for WideStrike® Insect Protection technology in incorporating or developed from plant cells using
cotton in Brazil Sangamo’s zinc finger DNA-binding protein (ZFP™)
technology, in agricultural crops, industrial products
RECENT KEY REGULATORY SUBMISSIONS and plant-derived biopharmaceuticals
– SmartStax ™ Refuge in a Bag (RIB) in the U.S. and Canada – Trait development agreement with Keygene N.V. to
combine experience and technologies to develop traits
– DHT corn in the U.S.
for improved yield in tomatoes
– DHT soybeans in the U.S.
– Research and commercial license option with Agrisoma
Biosciences to expand use of Engineered Tract Loci (ETL)
KEY LICENSING AGREEMENTS AND COLLABORATIONS technology into field crops
– Soybean commercial cross-licensing agreement with DuPont – Research and license agreement with Chromatin Inc. to
to deliver expanded herbicide-tolerant soybeans create novel technology platform for development of next
generation traits in corn, soybeans and canola
– Corn traits agreement with Syngenta to cross license
respective corn traits for commercialization within branded – Research collaboration with Donald Danforth Plant Science
seed businesses, bringing greater choice and flexibility Center to study how EXZACT™ Precision Technology can
to growers help improve root crop cassava
Pipeline of Biological Solutions Containing Game-Changing Technology

– Value-added traits and biological solutions to shape the future – Agronomic traits focused on yield enhancement from stress
– SmartStax ™ and Dow AgroSciences herbicide tolerant trait – Meeting demands for next generation of healthier oils with
technology (DHT) launches to fuel growth in corn business high-performance varieties
Discovery Development Launch
Healthier Oil Trait DHT Trait

Healthier Oil Trait
Stress Trait New Venture Insect Trait DHT Trait 2 SmartStax ™
Nutrition Trait
Healthier Oil Trait SmartStax ™ RIB
™® SmartStax, the SmartStax logo, YieldGard VT Pro, YieldGard VT Rootworm/RR2, Roundup Ready 2, Genuity and VT Triple Pro are trademarks of Monsanto Technology, LLC.
HERCULEX insect protection technology developed by Dow AgroSciences and Pioneer Hi-Bred International. VipCOT is a trademark of Syngenta.
LibertyLink is a registered trademark of Bayer CropScience AG. ZFP is a trademark of Sangamo Biosciences, Inc. 2010 Databook 47
Selected Pro Forma Historical Segment Information for Performance Systems1
Sales $1,696 $1,853 $1,830 $1,930 $7,309 $2,062 $2,356 $2,180 $1,630 $8,228 $1,281 $1,458 $1,538 $1,577 $5,854
2
EBITDA $243 $244 $215 $18 $720 $199 $210 $106 $(241) $274 $103 $212 $207 $153 $675
Certain Items
Increasing (Reducing) — — — $(155) $(155) — $(2) $(5) $(280) $(287) — $(30) $1 — $(29)
EBITDA 3
EBITDA Excluding
$243 $244 $215 $173 $875 $199 $212 $111 $39 $561 $103 $242 $206 $153 $704
Certain Items
Depreciation
— — — — $335 — — — — $346 — — — — $342
and Amortization
Equity in Earnings
of Nonconsolidated $4 $2 $2 $2 $10 $2 $3 $2 $(9) $(2) $(3) $6 $3 $(2) $4
Affiliates

1
2
3

Performance Systems
Dow Elastomers | Dow Formulated Systems | Dow Wire and Cable |
Dow Automotive Systems | Dow Oil and Gas
X Customer-centric, market-focused businesses driven by technology

– Sophisticated technology- and materials-enabled solutions
for diverse, specialty applications such as civil engineering, Geography
consumer durables, oil and gas, automotive, wind energy and
wire and cable North America 27%
– Full-service supplier, working closely with customers to develop Europe, Middle East, Africa 39%
functional solutions that meet their needs Asia Pacific 25%
– Global technical service network that is located close to Latin America 9%
the customer
– Rapid product development, serviced through local development
laboratories and versatile production facilities
Key Industry
– Marketing expertise that drives faster commercialization
of customer solutions Transportation 31%
– Targeted, bolt-on acquisitions that accelerate growth in Construction 17%

markets, technologies and channels Electronics and Entertainment 17%
Utilities 5%
– Penetration into specialty market segments that are
Food 5%
differentiated, high-value and high-growth
– Tailor-made formulations that are valued by customers
for their performance in specialized applications Mining 3%
– Flexible delivery systems that can be adjusted to meet
customers’ specific packaging needs Paper and Publishing 1%
– Solutions that improve customers’ products through All Other (including Third-Party 6%
enhanced recyclability, reduced processing costs and Distribution)
shortened development time

Dow Elastomers 38%
Dow Formulated Systems 21%
Dow Automotive Systems 20%
Dow Wire and Cable 18%
Dow Oil and Gas/Other 3%
2010 Databook 49
Dow Elastomers
Versatility That Customers Demand
Dow Elastomers offers a unique set of elastomers, specialty films and 2009 PRO FORMA SALES
plastic additive products for customers worldwide. The business is
focused on delivering innovative solutions that allow for differentiated
Geography
participation in multiple industries and applications. The business
offers a broad range of performance elastomers and plastomers, North America 39%
specialty copolymers, specialty resins, films and plastic additives. Europe, Middle East, Africa 30%
Asia Pacific 25%
ELEMENTS OF MARKET SUCCESS
Latin America 6%
– Industry-leading provider of polyolefin elastomers, specialty
Performance Systems
resins, films and plastic additives to customers worldwide

– Continuous investment in innovation
• Delivering a portfolio of technologically advanced materials Key Industry
such as the recently introduced VERSIFY™ Plastomers and Transportation 29%
Elastomers, INFUSE™ Olefin Block Copolymers, PARALOID™
SURECEL™ Foam Cell Stabilizer and ADVASTAB™ PVC Consumer and Institutional Goods 17%
Heat Stabilizers Construction 16%
• Meeting requirements of a wide range of market segments Food 13%

such as transportation, construction, health and hygiene, Healthcare and Medical 3%
specialty packaging and adhesives
– Responsive to market trends and customer needs
– Expertise in material science polymer processing
and formulation
All Other (including Third-Party 14%
– Global reach to penetrate new markets with novel Distribution)
elastomer, specialty resin, films and plastic additive offerings
– Strong focus on sustainable, energy saving and
• Markets/applications served by elastomers and plastomers
recyclable solutions
continue to grow at a pace greater than the global GDP
RECENT INVESTMENTS FOR GROWTH • Differentiated and novel plastic additives technologies
specifically formulated to deliver lowest formulated costs
– The SCG-Dow Group – Joint Venture with Siam Cement Group
and lowest life cycle costs
announced the start of construction of a specialty elastomers
production facility in the Map Ta Phut Industrial Estate in Rayong – Diversified market participation minimizing exposure to specific
Province, Thailand – operations are expected to commence in 2011 segment performance
– Gebze, Turkey – Recent start-up of a world-class acrylic polymer – Robust and proven innovation capability exemplified by
plant to provide products specifically formulated for the rapidly INFUSE™ Olefin Block Copolymers, PARALOID™ SURECEL™
growing Eastern European region Foam Cell Stabilizer and ADVASTAB™ NEO Thermal Stabilizers
– Truly differentiated product offering, protected by a strong
intellectual property position, continues to provide consistent
– Solutions approach allows Dow to be positioned as the preferred value to Dow
supplier across growing market segments globally
– Broad range of products and material science capabilities
– Growth through: including formulation science and application development
• Preferred olefin-based elastomers versus traditional – A solutions provider to the packaging industry value chain
elastomers due to their superior processability, lower with a differentiated portfolio of resins and films for specialty
weight and recyclability packaging applications

Joint Venture
Singapore
Germany
Scotland
in China
Turkey
France
Spain
KEY R&D INNOVATIONS
U.S.
Major Plants and Locations
– INFUSE™ Olefin Block Copolymers (OBC) platform
AFFINITY™ GA Polyolefin Elastomers •
unveiled in 2007 with nine new products launched
AFFINITY™ Polyolefin Elastomers • • in 2009. INFUSE OBCs exhibit unique properties such
Elastomers
INFUSE™ OBCs • as outstanding balance

ENGAGE™ Elastomers • • of flexibility and high
temperature resistance,
NORDEL™ IP Hydrocarbon Rubber •
excellent elastic and
VERSIFY™ Plastomers and Elastomers • compression set properties
Very Low Density Polyethylene (VLDPE) • at room and elevated
temperatures, fast set-up
AMPLIFY™ Functional Polymers •
in processing, and improved abrasion resistance.
INTEGRAL™ Adhesive Films •
Specialty Packaging and Films
NYLOPACK™ Barrier Films • INFUSE™ Addressable Market

($ in billions)
OPTICITE™ Label Film •
PRIMACOR™ Copolymers • • $12
PROCITE™ Window Envelope Films • •
SARANEX™ Barrier Films • •
SARAN™ Resins •
$4
TRENCHCOAT™ Protective Films •
Specialty Elastomers INFUSE™
TYBRITE™ PO Films •
Market Segment Addressable Market
TRYCITE™ PS Films •
ADVALUBE™ and ADVAWAX™ – PARALOID™ SURECEL™ Foam Cell Stabilizer
•
Specialty Lubricants was launched in early 2009. SURECEL™ represents
ADVAPAK™ and ADVASTAB™ a breakthrough processing aid technology for
•
Thermal Stabilizers use in the production of free foam PVC sheet.
Plastic Additives
PARALOID™ Acrylic Impact Modifiers • • • • Foamed PVC is gaining market share as a more
durable, wood replacement in exterior trim and
PARALOID™ Impact Modifiers • •
decking applications. SURECEL™ produces a more
PARALOID™ Processing Aids • • • • uniform, smaller-cell structure which allows foam
PARALOID™ SURECEL™ manufacturers to produce lower-density boards at
• •
Foam Cell Stabilizer a substantially lower raw material cost.
TYRIN™ Chlorinated Polyethylene •
KEY RAW MATERIALS
ACTIVE PORTFOLIO MANAGEMENT – Ethylene, octene, butene, propylene, ethylidene
norbornene (ENB), butadiene, vinyldiene chloride
(VDC), acrylic acid, chlorine, butyl acrylate, methyl
2008 methacrylate, styrene, butanol, acetone and tin
Seadrift, Texas – NORDEL™ MG hydrocarbon rubber plant
2009 KEY COMPETITORS
Louisville, Kentucky – methacrylate butadiene styrene
– Elastomers: DSM, ExxonMobil, Lanxess, Lion, Mitsui
(MBS) modifiers
– Specialty Packaging and Films: DuPont, ExxonMobil,
KEY APPLICATIONS Kureha, Mitsui, Multiplastics, Solvay
– Adhesives, automotive and transportation, building and construction, – Plastic Additives: Akdenniz, Arkema, Artek Aterian
waterproofing, consumer solutions, footwear, health and hygiene, Holding, Baerlocher, Kaneka, LG, Yunntinic
packaging and photovoltaics
2010 Databook 51
Dow Formulated Systems
Formulation Expertise and Innovative Technologies Deliver Tailor-Made Solutions to Customers
Dow Formulated Systems is a global industry leader in the development of fully formulated polyurethane
and epoxy systems providing its customers worldwide with innovative tailor-made solutions through
its Alternative Energy & Composites, Energy Efficiency, Industrial Castings and Adhesives, Infrastructure
Life Preservation and Leisure & Lifestyle businesses. Meeting customers’ needs in their local areas, Dow
Formulated Systems operates a unique global network of 30 Systems Houses.
Dow Formulated Systems businesses address customers’ needs:

– Energy Efficiency and thermal insulation, particularly in construction and district heating
– Alternative Energy, particularly for applications in the wind industry
Performance Systems
– Infrastructure Life Preservation, including roads, bridges and sewage/water pipe rehabilitation
and oil pipes
– Leisure & Lifestyle, particularly for footwear and carpet flooring and artificial turf
– Industrial Castings and Adhesives, leveraging both polyurethane- and epoxy-based technologies
and solutions
2009 PRO FORMA SALES KEY STRATEGIC ELEMENTS

Innovative technology and material science capabilities:
Geography – Combined (polyurethane and epoxy) formulation and
application technologies
North America 18%
– Customer-centric and market-focused business model
providing best-in-class service
Asia Pacific 17%
– Global network of 30 Systems Houses and over 300
Latin America 7%
technically trained experts located close to the customers’
operations and markets
Successful acquisitions and joint ventures to leverage strong

Key Industry technology base and increase capabilities offering globally:
Construction 46% – Strategic investments in emerging geographies to capture

growth opportunities
– Integrated strategy with Dow Polyurethanes and Dow
Epoxy businesses
Utilities 7%
Transportation 2%
All Other 5%

FPO
KEY INNOVATIVE SOLUTIONS RECENT STRATEGIC ACHIEVEMENTS

Dow VORATHERM™ – Dow Formulated Systems and E.A. Juffali & Brothers
Foam formulations provide panel producers with formed a business alliance to combine their highly competitive
excellent thermal insulation and fire resistance offering of innovative polyurethane systems and service in
the Middle East with the construction in Saudi Arabia of a
modern and highly competitive manufacturing plant for the
Dow Poly-Carb FLEXOGRID™ production of polyol blends
Full solutions to prevent infrastructure decay – The Dow Izolan joint venture inaugurated its new, large
and enhance safety of bridges, highways and and state-of-the-art manufacturing plant in Vladimir, Russia
other infrastructures – Dow Formulated Systems announced a global commercial
alliance with RS Technik Group to combine the Company’s
Dow Hyperlast ETNAFLOW™ high performance resin systems with the cured-in-place pipe
Portable mixing plant: Sustainable solution for technology developed by RS Technik
insulation of offshore oil pipeline coatings
RECENT ACQUISITIONS
Dow XiTRACK™ Geocomposite Technology – Hyperlast: polyurethanes elastomers systems
A three-dimensional ballast reinforcement – Edulan: rigid foam and elastomer technologies
solution that combines polyurethane technology
– Poly-Carb, GNS Technologies: infrastructure and
with advanced computer modeling simulation to
civil engineering solutions
ensure ballast stability for the life of the track
– UPPC: composites for wind energy blades and
Dow HYPOL™ Prepolymers waterborne systems
By enabling foams, gels, coatings and elastomers
to hold up to 20 times their weight of aqueous
liquid, HYPOL™ Prepolymers can enhance the Dow Formulated Systems Locations
performance in applications as diverse as hearing
protection, scrub pads, air care solutions and
breathable and waterproof products
Dow VORAMER™ Binders

Safe and cushioned surfaces for athletic
facilities, running tracks, playgrounds
and other applications that protect against
shock absorption
Dow and RS Technik CITYLINER™

Sewage pipes rehabilitation via cured-in-place
non-invasive technology
Polyurethane Systems Hub Centers

Dow AIRSTONE™ Polyurethane Systems Production and Service Centers
Innovative systems for wind, engineered Epoxy Systems Production and Service Centers
to make wind blades stronger, lighter and Service Centers
easier to produce
2010 Databook 53
Dow Wire and Cable
Keeping the Lights On and People Connected
Dow Wire and Cable (DWC) is a leading provider of technology-

driven solutions for global electrical, power and telecommunications
2009 Pro Forma Sales by Geography
applications. Leveraging its 60+ years of experience in power,
telecommunications and specialty wire and cable industries, DWC North America 25%
helps keep the lights on and people connected. Europe, Middle East, Africa 14%
Asia Pacific 54%
With manufacturing locations in North America, Europe and Asia
Pacific, combined with technical service, R&D and commercial hubs Latin America 7%
in all regions, DWC is well poised to service both the mature market
Performance Systems
locations as well as emerging geographies where infrastructure

development is taking place.
– Proprietary technology, process knowledge and know-how
Applications Deliverables Products
– Broad product offering of polyolefins augmented by new
Utilities Electricity Cables, connectors, technology and proprietary specialty oils, epoxies, specialty
transmission oils and lubricants elastomers and silicone
and distribution
– Branded offering is key differentiator in the industry –
product quality, performance history, exceptional level of
technical service, product development, breadth of offering
and a global production and R&D footprint
Automotive Electrical, data Cables and – Strong customer relationships
and video connectors
– Positions in emerging geographies for long-term,
end-market growth
KEY R&D INNOVATIONS

Personal electronics Electrical Cables and plugs – PVC Plasticizers and Products – Leveraging renewable feedstock
and appliances technology and specialty chemical process technology to develop
non-phthalate solutions
– Advanced Power Delivery – Partnering with Electric Power
Research Institute to develop novel electrical insulation technology,
enabling step-change improvement in dielectric strength
– Transformer Fluids – Leveraging feedstock technology to develop
Building and construction Electrical, voice, Cables and “green” transformer fluid solutions with higher flashpoints
data and video connectors
– iFLEX for Personal Electronics and Appliances – Utilizing
unique polymer feedstock technology and state-of-the-art
flame retardant capabilities to develop safer, more flexible
halogen-free formulations
– Accessories for Power Applications – Utilizing novel polymer
Telecommunications Voice, data Cables, conduit blends and cross-linking technology to revolutionize power
and cell phones and video and connectors accessories manufacturing

POSITIONED FOR LONG-TERM GROWTH MARKET GROWTH OPPORTUNITIES
Coupling the vast array of technologies and assets within Dow, Infrastructure development and energy are driving significant
the business is developing new solutions to meet the future needs growth and need for advanced polyolefin solutions within the electrical
of the entire value chain. and telecommunications applications:
Accessories $5 billion
Dow Wire
and Cable Polymers $10 billion
Technology-Driven Additives $25 billion
Solutions
Metals $90 billion
Total Industry Opportunity $130 billion

Testing and
Interaction Among Cable-Makers DWC Today $1 billion
Certification
Agencies All Elements in the Value-Added
Value Chain Products Addressable Market $6 billion
Assured Performance
– Transmission and distribution infrastructure growth in emerging

markets and replacement in mature markets
End-Users
• Infrastructure is a key focus in the emerging geography of India
Optimized System
Value/ Life and DWC is poised to play a major role in this development. In
Cycle Costs India, DWC recently introduced the DOW ENDURANCE™ family
of semiconductive and insulation materials for medium-voltage,
high-voltage and extra-high-voltage cable constructions that are
made to last for decades of service
Global Power Wire and Cable Demand Growth – Demand for renewable energy sources requiring new approach and
(metric tons in thousands)
investment in infrastructure
CAGR: 5.2%
– Broadband growth (voice, data and video) driving significant
CAGR: 4.0% investment in fiber optics and cell towers
KEY COMPETITORS
– Borealis, ExxonMobil, Hanuha, Ineos, LG, LyondellBasell,
Pandanaplast, Repsol
Conductor
1996 1998 2000 2002 2004 2006 2008 2010 2012
Source: CRU Data, April 2009
2010 Databook 55
Dow Automotive Systems
Driven By Results
Dow Automotive Systems is a leading provider of polyurethanes, MARKET GROWTH OPPORTUNITIES

elastomers, films, fluids, adhesives, emissions solutions and acoustic- – Recovery in the automotive industry with strong growth
management materials to the global transportation industry. By working predicted in the emerging markets
collaboratively with passenger vehicle, commercial transportation and – Marketplace shift to smaller, lighter and other more
aftermarket customers, Dow Automotive Systems is developing industry- energy-efficient technologies
leading solutions to address a wide range of critical market needs – Emissions legislation drives growth in diesel and gas filters
– increasing energy efficiency, improving safety and health, reducing
exhaust emissions and enhancing vehicle quality and appeal. Light Vehicle Production Projected Growth
Performance Systems
Emerging Markets (11% CAGR )

ELEMENTS OF MARKET SUCCESS AND PROFITABILITY Developed Markets (7% CAGR)
– Innovative technologies for differentiated solutions Light Vehicle Builds
– Extensive geographic reach in mature markets and positioned
for growth in emerging geographies
– Application development and advanced engineering expertise
to provide value-add solutions to customers
– Economies of scale and efficient operations through
optimization of assets
2009 2010 2011 2012 2013
– Growing positions in high value market segments including Source: CSM
commercial transportation and aftermarket
– Leading global positions in glass bonding, structural adhesives Particulate Filter Global Market Growth
and polyurethanes systems applications
Market Segment Size Market Segment Size
(liters in millions) ($ in billions)
160 $4.5
KEY R&D INNOVATIONS
X The particulate filter market segment
140 $4.0
– AERIFY™ particulate filters will help improve fuel economy has an average growth rate of 8%
and meet new emission regulations – first commercial plant per year over the next decade $3.5
120
is under construction $3.0
100
– BETAFOAM™ acoustical foam for 3D cavity-filling and sealing $2.5
80
for noise reduction $2.0
60
– SPECFLEX™ semi-flexible polyurethane foam systems for enhanced $1.5
structural strength to absorb energy, while providing better acoustics 40 $1.0
– VORACTIV™ polyols result in low volatile organic compound 20 $0.5

foams which reduce in-plant and in-vehicle emissions
– IMPAXX™ energy absorbing foam for better safety in doors, 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
bumper systems and other areas Source: PSR, CSM, Dow estimates
– BETASEAL™ UV-resistant Uni-wipe system providing up to

75% glass prep time reduction KEY COMPETITORS
– BETAMATE™ crash durable adhesives offer increased stiffness – Bayer, BASF, Borealis, Corning, Eftec, Henkel, Ibiden,
and improved crash resistance to meet safety and weight reduction LyondellBasell, Nitto, NGK, SABIC, Sika
performance criteria in today’s vehicle body construction
LEADING GLOBAL POSITIONS
– #1 in OEM glass bonding, aftermarket glass bonding, structural
bonding, polyurethanes systems applications

Dow Oil and Gas
Fueling the Chemistry of Possibility
As the world’s energy demands increase, Dow Oil and Gas continues
to discover breakthrough solutions to meet the emerging needs of
the oil and gas industry. With more than 65 years of gas-treating
experience and over 40 years in oil production chemistry, Dow Oil North America 38%
and Gas is a world-leading chemistry solutions provider, addressing the Europe, Middle East, Africa 36%
increasingly difficult industry challenges with innovative chemistries Asia Pacific 14%
and technologies. We help our customers achieve the most effective, Latin America 12%
efficient, and environmentally sustainable performance for all their
exploration, production, refining and gas processing needs.
Custom chemistry solutions, combined with advanced simulation

capabilities and an experienced technical support team, enable
MARKET GROWTH OPPORTUNITIES
Dow Oil and Gas to help reduce contaminants and emissions,
increase energy efficiency, reduce maintenance costs and improve Changing global demand for energy, declining output from
maturing fields, development of new infrastructure projects
yields. From delivering proven performance in world-scale plants to
and increasingly stringent environmental regulations are driving
developing new industry solutions backed by best-in-class support, transformation in the oil and gas industry:
Dow Oil and Gas brings our customers the essential elements for
– Fossil fuels will still dominate the world’s energy sources for the
their success. foreseeable future, requiring additional recovery from existing
fields and additional recovery from harder-to-produce reservoirs
KEY R&D INNOVATIONS – 75% of the world’s oil reserves are controlled by National Oil
Dow Oil and Gas is developing innovative new chemistries and Companies (NOCs) in the Middle East, Latin America, Russia,
technologies to meet the changing needs of the global oil and Africa and Asia
gas industry: – Today’s technology can only extract about 50% of the oil in
– Drilling fluids to enable production in extreme environments a reservoir; new Dow chemistries and enhanced oil recovery
techniques will be used to increase production
– Stimulation materials, such as lightweight, high-strength
proppants, to increase production in higher-pressure wells – The easy oil is gone – wells must be drilled deeper, horizontally
and under higher temperature and pressure
– Production chemistry to improve production in producing wells
– Regulations on contaminants have gotten stricter, while
– Enhanced oil recovery proprietary Dow system to enhance CO2
concentrations have gotten higher and become more difficult
conformance and increase overall oil production
to remove
– UCARSOL™ and SELEXOL™ solvents for acid gas removal
– Legislation around the world is enacting more stringent
to improve capacity, increase energy efficiency, meet stricter
regulations on sulfur and contaminant removal
environmental requirements and process the more contaminated
gas of today – Regulations to decrease emissions of greenhouse gases –
including CO2 and methane – have strengthened around
– Advanced CO2 Capture Technology to remove the greenhouse
the world
gas from the flue gases of power plants
2010 Databook 57
Selected Pro Forma Historical Segment Information for Performance Products1
Sales $3,354 $3,386 $3,496 $3,511 $13,747 $3,364 $3,562 $3,614 $2,587 $13,127 $2,014 $2,085 $2,420 $2,604 $9,123
2
EBITDA $618 $475 $498 $399 $1,990 $454 $327 $315 $(32) $1,064 $147 $212 $438 $302 $1,099

— — — $(59) $(59) — — $(63) $(54) $(117) — $(95) $140 $(2) $43
(Reducing) EBITDA3
EBITDA Excluding
$618 $475 $498 $458 $2,049 $454 $327 $378 $22 $1,181 $147 $307 $298 $304 $1,056
Certain Items
Depreciation and
— — — — $628 — — — — $563 — — — — $573
Amortization
$20 $21 $14 $1 $56 $11 $23 $21 $(3) $52 $1 $7 $19 $4 $31

1
2
3

Polyurethanes | Oxygenated Solvents | Amines | Epoxy | Performance Monomers |
Polyglycols, Surfactants and Fluids
X Building blocks and product-centric businesses with industry-leading positions

– Leading positions: world’s largest producer of propylene
oxide and polyether polyols; world’s largest producer of Geography
epoxy resins and intermediates; and a leading producer North America 34%
of performance solvents, monomers and intermediates
– Product-centric businesses that offer superior product
Asia Pacific 21%
performance at a competitive cost
Latin America 11%
– Key building blocks to fuel downstream growth in market-
driven businesses
– Positioned for growth by focusing on markets and Key Industry1
geographies and driving enhanced application development Consumer and Institutional Goods 26%
– Deep understanding of market trends across a range Industrial Markets 18%
of industries, which complements broad product and
technology offerings Construction 18%
– Building critical mass in selected downstream markets
by leveraging existing products and customers Electronics and Entertainment 6%
Transportation 3%
ELEMENTS OF PROFITABILITY Healthcare and Medical 2%
– Back-integration into feedstocks, supporting a low-cost Agriculture 2%
manufacturing base and consistent, reliable product supply
Utilities 1%
– Investments in more efficient production technologies that Food 1%
reduce waste, improve product quality and lower costs
Mining 1%
– Development of differentiated products that are proactively
responding to environmental regulations, maintaining a
Distribution)
low cost-to-serve and competing in a fast-changing
business environment
– Strong supply network and R&D capabilities in fast-growing Global Business Unit
geographies, such as China Polyurethanes 32%
Oxygenated Solvents 13%
Emulsion Polymers 11%
Performance Monomers 11%
Polyglycols, Surfactants and Fluids 10%
Epoxy 8%
Amines 8%
2
1
All Other 7%
Excludes sales of certain acrylic acid and esters assets required to be divested as part of the
Rohm and Haas acquisition.
2
Includes Dow Haltermann, SAFECHEM, and sales related to certain acrylic acid and esters assets
required to be divested as part of the Rohm and Haas acquisition. 2010 Databook 59
Polyurethanes
Powering Growth of Dow’s Performance Businesses
Dow Polyurethanes is the world’s largest producer of propylene oxide (PO) and polyether polyols, and is a
leading producer of quality aromatic isocyanates such as methylene diphenyl diisocyanate (MDI) and toluene
diisocyanate (TDI). For over 60 years, Dow has been a global leader in the development and formulation of
differentiated polyols and formulated systems, which create a broad range of rigid, semi-rigid and flexible
foams, adhesives, sealants, coatings, elastomers, binders and compact components used in a variety of
consumer products and industrial applications.
Dow Polyurethanes’ strong global franchise is focused on low cost-to-serve across the entire value chain. This
strategy fuels the growth of Dow’s Performance and Advanced Materials businesses, including Dow Formulated
Systems, Dow Automotive Systems, Dow Coating Materials, Dow Adhesives and Functional Polymers, and
Dow Building and Construction.
Fueling Growth in Downstream Performance Businesses LEADING INDUSTRY POSITIONS

Target Market Segment – #1 Propylene oxide producer
Sell into Differentiated, – #1 Polyether polyols producer

Key Building Blocks Higher-Margin
PO, Polyols, TDI, MDI Market Segments
– Expansive, global network of world-scale integrated
Component Sales into assets with low cost-to-serve, competitive positions
Core Markets in PO, PG, polyols and isocyanates
X Electronic and Specialty Materials – Broad supply capabilities to fuel growth of
X Coatings and Infrastructure Dow’s downstream Performance and Advanced
X Performance Systems Materials businesses
– Investments in optimizing existing production processes
and in developing new, highly efficient processes to improve
cost-competitive position
– Allocation of critical resources to Dow Formulated Systems
– 60+ years of knowledge and experience in business to strengthen market positions in growth industries
polyurethanes chemistry and deliver local service capabilities to targeted customers
– Strong application technology and local, – Strong differentiated polyols and formulations offering
best-in-class service capabilities
– Leading positions in PO and polyether polyols,
which allow a reliable, quality supply of downstream
tailor-made solutions and technical expertise 2009 Pro Forma Sales by Geography
– World-class research and development facilities with North America 19%
innovation leadership in technologies that improve energy
efficiency, infrastructure rehabilitation and maintenance
Asia Pacific 24%
KEY COMPETITORS Latin America 20%
– BASF, Bayer Material Science, Borsodchem, Huntsman

Polyurethanes, LyondellBasell, Mitsui, NPU, Repsol, Shell,
Yantai Wanhua

KEY R&D INNOVATIONS RECENT STRATEGIC ACHIEVEMENTS
– Solutions for Health and Comfortable Living 2008
• VORANOL™ VORACTIV™ polyols limit VOC emissions – Hydrogen Peroxide to Propylene Oxide (HPPO) facility
in foams located at BASF Antwerp, Belgium site – Joint venture
between Dow and BASF for world’s largest commercial-scale
• Specialty foams – high resiliency (HR) and viscoelastic
propylene oxide plant based on the innovative, cost-leading
(VE) that provide improved comfort and support in “all
production technology jointly developed by Dow and BASF
foam” mattresses
that reduces wastewater by 70 to 80 percent and energy use
– Renewable Raw Materials – RENUVA™ Renewable by 35 percent
Resource Technology enables the creation of a wide range
– World-scale Propylene Oxide and Hydrogen Peroxide (HP)
of everyday products that contain high levels of renewable
facility near Map Ta Phut, Thailand – The SCG-Dow Group
content with the performance customers expect
joint venture broke ground on the PO plant. A separate joint
venture between Dow and S.A. (Solvay) broke ground on
the HP plant. Integrated HP and PO plants provide the
Polyols
essential materials to continue growth of Dow’s Performance

MDI
TDI
PO
PG
Major Plants and Locations businesses in the Asia Pacific region. The plant will utilize
Altona, Australia • • HPPO technology developed jointly by Dow and BASF
Belgium (Antwerp, Tertre) • • – Acquired remaining interest of Pacific Plastics (Thailand)
Brazil (Aratu, Camacari, Guaruja) • • • • Ltd. Joint Venture of The SCG-Dow Group to enable further
investment in polyols and polyurethane systems
Cartagena, Colombia •
Estarreja, Portugal • – MDI expansion in Freeport, Texas
Freeport, Texas • • • • 2009
Germany (Boehlen, Stade) • • • – Polyols capacity expansion in Terneuzen, The Netherlands
LaPorte, Texas •
– Specialty Polyols capability expansion in Freeport, Texas
Map Ta Phut, Thailand •
– MDI expansion in Estarreja, Portugal
Nan Kang, Taiwan •
Ningbo, China •
RECENT PERMANENT PLANT SHUTDOWNS
Plaquemine, Louisiana • •
2006
San Lorenzo, Argentina • Porto Marghera, Italy – TDI plant; Freeport, Texas - TDI train;
Tarragona, Spain • LaPorte, Texas - PMDI plant; Elie, Canada - WOODSTALK™
The Netherlands (Terneuzen, Delfzijl) • • Fiberboard production plant
Yeosu, South Korea • 2008

Sarnia, Canada – Polyols plant; Yokkaichi, Japan - MMDI facilities
2010
Freeport, Texas – TDI plant
2010 Databook 61
Oxygenated Solvents
Your Single Source
Dow Oxygenated Solvents is the leading supplier of a comprehensive product range that delivers
sustainable solvent solutions through the world’s broadest and largest portfolio of performance
chemicals. Dow’s Oxygenated Solvents portfolio includes: alcohols, esters, acids, aldehydes, ketones
and ethylene and propylene-based glycol ethers. This extensive product offering is focused on the
coatings, cleaning, electronics, inks, mining and reaction intermediates industries.
ELEMENTS OF MARKET SUCCESS AND PROFITABILITY 2009 PRO FORMA SALES

– World’s largest and broadest oxygenated solvents offering

with over 60 products in roughly 20 product families
Geography
– Solid business relationships with customers built on
North America 38%
reliability, experience and commitment to the industry
– Global reach is unmatched in the market
Asia Pacific 33%
– Competitive low cost position and key raw material integration,
Latin America 8%
low cost supply chain service program and economies of scale
– Highly cost-effective and experienced business
organization focused on customer success
– Preferred supplier of choice offering the number one Key Industry
product in most product families
Construction 43%
– Innovative solutions comprising the latest advances in
products and technology platforms
RECENT STRATEGIC ACHIEVEMENTS Electronics and Entertainment 7%

Agriculture 6%
– State-of-the-art new propylene oxide-based glycol ethers
facility opened in Zhangjiagang, China in 2009 to supply Healthcare and Medical 5%
customers in established markets of Japan, Korea and Mining 4%
Taiwan, as well as a number of customers in China
Food 1%
– New phenolic glycol ethers plant in Freeport, Texas to
provide new most effective technology
Distribution)
– Significant capital investment at Texas City Operations
demonstrating our commitment to the region and securing
Global Reach a Key Strength
reliable supply to meet our customers’ solvent requirements
KEY COMPETITORS
– BASF, Eastman, ExxonMobil, INEOS, LyondellBasell,
OXEA, Sasol, Shell
KEY RAW MATERIALS

– Propylene, propylene oxide, ethylene, ethylene oxide, natural
gas, acetic acid, methanol, ethanol, phenol and hexanol
Terminal
Manufacturing

Amines
A Proven Track Record
Amines are a family of functional chemicals with a broad range 2009 PRO FORMA SALES
of properties and are used in a variety of applications.
Ethanolamines (EOA) are chemical intermediates for which the Geography

value proposition is hard to beat. This group of products are safe, North America 47%
cost-effective water-soluble bases that react readily with acids.
Applications include agricultural chemicals, metal working fluids,
Asia Pacific 24%
chemical intermediates, personal care products, detergents,
Latin America 5%
surfactants and others.
Ethyleneamines (EA) are critical chemical intermediates covering

a wide variety of applications including paper additives, oil
and lube additives, epoxy curing agents, corrosion inhibitors, Key Industry
polyamide resins and others. Consumer and Institutional Goods 28%
Isopropanolamines are essential ingredients in metalworking Industrial Markets 25%

fluids, personal care products, dyes and pigments, polyurethane, Construction 15%
polyethylene, rubber, agricultural and gas treating operations. Agriculture 15%
VERSENE™ chelants are used to effectively control metal ions in a Paper and Publishing 7%
variety of applications including pulp and paper processing, water Transportation 6%
treatment, metal finishing, textile treatments and cleaning solutions. Healthcare and Medical 2%
RECENT STRATEGIC ACHIEVEMENTS
Food 1%
Since 2006, Dow has revitalized the Amines business to achieve an
integrated and market-driven model while achieving lower cost and
greater sustainability:
– Low cost-to-serve position driven by manufacturing
– Consolidated manufacturing grid down from 10 to 7 locations
technology, vertical integration and economies of scale
– Transformed the Ethyleneamines business
– Strong global relationships with customers and channel
• Rationalized an old unit with uncompetitive technology based partners across diverse markets and products
upon ethylenedichloride chemistry
– Market-driven product offerings
• Expanded our existing operations with most effective
technology via reductive amination chemistry along the – State-of-the-art assets
ethylene oxide chain
– Advantaged process chemistry
• Built a state-of-the-art trans-amination unit to selectively
deliver a market-driven product mix. Dow is the only producer
in the world commercially practicing this chemistry KEY RAW MATERIALS
As a result of these revitalization steps, Dow has: – Amines – Caustic, propylene oxide, ethylene oxide, ammonia,
methylamine
– Reduced energy intensity in EA by ~ 60%
– Chelants – Hydrogen cyanide (HCN), sodium cyanide (NaCN),
– Reduced total organic compound discharge at Hahnville,
formaldehyde, ethyleneamines, caustic
Louisiana site by ~ 50%
– Eliminated 250 million lbs/year of waste salt generation
LEADING INDUSTRY POSITIONS
– #1 Ethanolamine producer
KEY COMPETITORS
– #1 Ethyleneamine producer
– Akzo, BASF, Huntsman, Ineos
– #1 Specialty isopropanolamine producer
2010 Databook 63
Epoxy
World’s Largest Producer of Epoxy Resins and Intermediates
Dow Epoxy is the world’s largest producer of epoxy resins and intermediates and is a recognized leader in
the industry with strong positions worldwide in a number of major application areas, including coatings,
adhesives, electrical laminates, civil engineering and composites. Dow is creating the next generation of
epoxy resins to meet the changing market needs faster and better than ever.

– Technology leadership with a strong commitment to product and
technology innovation, material science and application expertise Geography

– Product expertise and global presence to enhance the North America 37%
competitiveness of its customers
– Broad product mix and leading global producer of epoxy resins,
Asia Pacific 32%
intermediates and specialty resins
Latin America 5%
– Cost competitiveness through back-integration into feedstocks
– Economies of scale across the value chain, ensuring reliable
product delivery across the globe
– Innovative process technologies with lower capital intensity Key Industry
and increased energy efficiency
– Leading supply network and market-focused R&D capabilities Electronics and Entertainment 20%
in China, the fastest growing geography for epoxy products
Utilities 11%
– Proprietary glycerine-to-epichlorohydrin process technology –
Construction 7%
less capital intensive, cuts chlorine consumption in half, and
lessens environmental footprint Consumer and Institutional Goods 5%
Transportation 4%
KEY R&D INNOVATIONS Paper and Publishing 3%
– D.E.R.™ High-Performance Solutions – high-temperature, All Other (including Third-Party 19%
high-durability solutions Distribution)
– PROLOGIC™ Specialty Solutions for electronics – high-temperature

resistance and cutting-edge, halogen-free solutions Unmatched Global Reach and Positions in China
– FORTEGRA™ Toughening Agents – nano-toughening,
self-assembling solutions; specific solutions for composites
and electronics
– A brand new series of Epoxy Solutions – ultra-low viscosities
combined with high thermo-mechanical properties; outstanding
vehicle for nano-fillers; initial implementations foreseen in
electronics and composites
LEADING INDUSTRY POSITIONS

– #1 Epoxy Resins and Intermediates producer
Epoxy Manufacturing Site

KEY COMPETITORS Customer Technical Service Center
– Bohui, Hexion, Huntsman, Nanya, Solvay R&D Center/Global Application Development Center

Performance Monomers
Critical Building Blocks
Dow Performance Monomers is a combination of Rohm and Haas’ legacy Primary Materials business
and Dow’s Acrylic Monomers and Vinyl Acetate Monomers businesses. Dow has the most robust
monomer portfolio in the world. Our products are critical building blocks used by Dow’s Advanced
Materials businesses as well as a variety of external markets.
2009 PRO FORMA SALES KEY COMPETITORS

– Acrylates – Arkema, BASF, Formosa, Nippon Shokubai
Geography – Methacrylates – Evonik, Lucite, Mitsubishi Rayon,
North America 40% Sumitomo Chemical
Europe, Middle East, Africa 40% – Vinyl Acetate Monomers – Celanese, Chang Chun Group,
China Petrochemical, LyondellBasell
Asia Pacific 11%
Latin America 9%
PRIMARY LOCATIONS
– Texas – Bayport, Deer Park, Freeport, Texas City
– Louisiana – St. Charles
KEY PRODUCTS – Mexico – Cangrejera
– Acrylates – Butyl acrylate, ethyl acrylate, methyl acrylate, – Germany – Marl, Boehlen
2-ethyl hexyl acrylate, glacial acrylic acid, hydroxy ethyl
acrylate and hydroxy propyl acrylate – Jubail, Saudi Arabia – Saudi Acrylic Monomer Company
(SAMCo) joint venture
– Methacrylates – Methyl methacrylate, butyl methacrylate,
glacial methacrylic acid, glycidyl methacrylate, hydroxy ethyl
Acrylic Acid and Purified Acid Applications
methacrylate and hydroxy propyl methacrylate
– Vinyl Acetate Monomer – Vinyl acetate monomer
X Coatings
Crude
Acrylic Esters X Home and
KEY RAW MATERIALS Acrylic Acid Personal Care
– Acrylates – Propylene and ethylene

– Methacrylates – Ethylene X Adhesives
– Vinyl Acetate Monomers – Acetic acid and ethylene X Inks
Purified X Plastics and polymers
Acrylic Acid X Superabsorbent polymers
KEY APPLICATIONS X Water treatment flocculants
X Woven and nonwoven textiles

– Acrylates – Super absorbents, water treatment,
flocculants, detergents
– Methacrylates – Acrylic sheet, coatings, molding
compounds, impact modifiers
– Vinyl Acetate Monomers – Paints, adhesives, textiles,
automotive and architectural safety glass
2010 Databook 65
Polyglycols, Surfactants and Fluids
Well-Established Brands of Trusted Solutions
The Polyglycols, Surfactants and Fluids business includes synthetic fluids and lubricants, heat transfer fluids,
aircraft deicing fluids, DiPhenol oxide and a combination of specialty chemical products. Dow is the polyglycol
industry leader, offering an unsurpassed range of polyglycols. Each polyglycol has unique properties with
excellent solvency and lubricity, a wide range of viscocities, low color and odor, low ash, chemical stability and
low flammability. Dow surfactants products, familiar anionic and nonionic products increase the cleaning and
wetting properties of household cleaners and enhance industrial cleaning formulations.
Dow has been in the heat transfer fluid industry for over 75 years and is an industry leader with the broadest
line of thermal fluids. The broad product line of synthetic polyalkylene glycol (PAG)-based formulated fluids and
lubricants and base stocks have performance advantages that exceed those of petroleum, animal and vegetable
oils. These products can be varied to a degree not possible with natural oils and lubricants.
ELEMENTS OF PROFITABILITY 2009 PRO FORMA SALES

– Strong global reach to capitalize on high-market growth rates
in emerging economies
Geography
– Innovative chemistry and commitment to product application
North America 52%
development with a broad range of performance attributes
– Low-cost business model with access to raw materials, logistics
and manufacturing expertise Asia Pacific 16%
Latin America 6%
– Leading brands and channel access

– Highly diverse portfolio of product lines marketed to a broad Key Industry
collection of end-uses
– Strong brand name recognition and a trusted, reliable supplier
Transportation 11%
to customers
– Technology and manufacturing leadership producing high-
quality products with outstanding performance attributes Food 5%
– Niche-oriented solutions containing specific characteristics Consumer and Institutional Goods 4%

for customer formulations and logistics Utilities 3%
– Wide product slate of sustainable solutions Construction 2%

Mining 1%
KEY RAW MATERIALS All Other (including Third-Party 27%
Distribution)
– Polyglycols, Surfactants and Fluids – Ethylene oxide, propylene
oxide, butylene oxide, nonyl phenol, propylene glycol, ethylene
glycol, phenol LEADING INDUSTRY POSITIONS
– Broadest line of thermal fluids
– #1 Polyglycol producer
KEY COMPETITORS
– BASF, Clairant, Cognis, Huntsman, Solutia

MARKET GROWTH OPPORTUNITIES Power Produced by DOWTHERM™ Fluids Plants Worldwide
(MW=megawatts)
– A boom in construction of concentrating solar power
5,000 MW
plants that require large amounts of performance fluids
X Worldwide Concentrating Solar Power
to operate
(CSP) capacity is expanding rapidly,
– Shift in global lubricants industry from low-price/ and Dow is the leading heat transfer
fluid supplier.
low-performance mineral oils to high-performance
synthetic lubricants
– Worldwide growth in bioethanol and other fermentation
requiring polyglycol defoamers
– Rapid growth in photovoltaic power driving the need
for new silicone wafer-cutting fluid technology
– Regulatory and environmental pressures for new, more
0 MW 114 MW 250 MW
sustainable and environmentally friendly surfactants,
lubricants and heat transfer fluids
2006 2007-08 2009 2020
Dow Fills Potential

Addressable
Market
KEY R&D INNOVATIONS
Product Properties Applications

DOW SYMBIO™ – Non-toxic to aquatic life – Wider range of hydraulics – from car
base fluids & bio-hydraulic fluids – Major components readily biodegradable brakes to elevators to dockside cranes
– Practically non-toxic to fish and aquatic invertebrates – Hydraulic equipment used in

UCON TRIDENT™ AW
by U.S. Fish & Wildlife Service criteria infrastructure and near waterways
anhydrous fluids
– Readily biodegradable that are environmentally sensitive
– Fire-resistant, water glycol hydraulic fluid

UCON ADVANTA™ – Readily biodegradable – Steel, aluminum and die-casting
Hydrolube Concentrate – Offers improved fire resistance while protecting industries
equipment under severe operating conditions
– Protection for homes, boats, recreational

– Made from plant-derived, bio-renewable ingredients vehicles, pools or spas against cold
DOWFROST™ RVR – Biodegradable temperature pipe bursts
– Safe for incidental contact by people, pets or wildlife – Sold exclusively in 3,800 Wal-Mart
stores across North America
– Paints and coatings
– Biodegradable nonionic surfactants made with
ECOSURF™ SA – Household, industrial and
seed oil-based materials
series nonionic surfactants institutional cleaners
– Compatible with a wide range of solvents
– Textiles
– High performance – Hard surface cleaners
ECOSURF™ EH – Excellent environmental profile – Textile processing
specialty surfactants – Readily biodegradable – Inks, paints and coatings
– Low aquatic toxicity – Agricultural chemicals
2010 Databook 67
Selected Pro Forma Historical Segment Information for Basic Plastics1
Sales $3,232 $3,494 $3,619 $3,822 $14,167 $3,807 $4,114 $3,849 $2,470 $14,240 $2,029 $2,371 $2,636 $2,889 $9,925
EBITDA 2 $752 $670 $773 $609 $2,804 $609 $589 $650 $(102) $1,746 $122 $405 $590 $548 $1,665

— — — $(96) $(96) — — $(13) $(181) $(194) — $(1) — $(65) $(66)
(Reducing) EBITDA 3
EBITDA Excluding
$752 $670 $773 $705 $2,900 $609 $589 $663 $79 $1,940 $122 $406 $590 $613 $1,731
Certain Items
Depreciation and
— — — — $626 — — — — $648 — — — — $542
Amortization
$75 $60 $51 $49 $235 $60 $43 $62 $(50) $115 $23 $35 $55 $(1) $112

1
2
3

Basic Plastics
Polyethylene | Polypropylene | Styrenics | Polycarbonate
X Polymers with leading franchise positions and state-of-the-art technology

– Franchise business positions – world’s leading producer
of polyethylene (PE), a leading supplier of polypropylene,
Geography
polycarbonate, polystyrene and a leader in polypropylene
catalyst and process technology North America 30%
– Vast global reach with sales, marketing, application Europe, Middle East, Africa 37%
development, technical service and channels-to-market Asia Pacific 15%
in nearly 100 countries
Latin America 18%
– Differentiated slate of products, including customized
product offerings and specialty compounds and blends
– Strong positions in emerging geographies, supplying global
manufacturing centers for consumer goods Key Industry
– Deep customer relationships, with close cooperation to Consumer and Institutional Goods 46%
develop customized solutions and deliver technical service
Food 22%
– Unparalleled technology and R&D, including the most Electronics and Entertainment 8%
licensed PE process in the world, state-of-the-art catalysis
technology and world-class expertise in polymer and Construction 6%
material science Healthcare and Medical 6%
Agriculture 3%
ELEMENTS OF PROFITABILITY Industrial Markets 2%
– Back integration into feedstocks, working closely with All Other (including Third-Party 7%
Dow’s world-class Hydrocarbons and Energy business Distribution)
– Active price/volume management, using best-in-class
pricing tools that measure real-time value
– Operational excellence, with integrated facilities that Global Business Unit
are scale-efficient and highly productive Polyethylene 71%
– Business model that has established strong-performing Styrenics 13%
joint ventures in the Middle East and Asia Pacific
Polypropylene 10%
Polycarbonate 5%
All Other (Including Licensing) 1%
2010 Databook 69
Polyethylene
Number One Producer of the Number One Polymer
Dow is the world’s leading producer of polyethylene (PE), the world’s most commonly used plastic.
The Company’s #1 position is achieved by leveraging its leading manufacturing process technology and
product development expertise, with extensive market knowledge, application development and strong
customer relationships.
Dow is a producer of every major PE resin, including Low Density PE (LDPE), High Density PE (HDPE),
and Linear Low Density PE (LLDPE), and operating every major production process (UNIPOL™ gas phase,
proprietary solution process, high pressure and slurry processes).
2009 Global Polymer Demand Top Ten Polyethylene Producers: 2009

(thousands of metric tons)
Polyethylene (PE) 38%
Basic Plastics
HDPE 17%
7,628
7,445
LLDPE 11%
LDPE 10% 00
5,478
Polypropylene (PP) 25%
4,885
Polyvinyl Chloride (PVC) 18%
67
3,400
3,281
3,086
3,055
Polyethylene Terephthalate (PET) 8%
2,648
2,535
Polystyrene (PS) 5%
3
Acrylonitrile Butadiene Styrene (ABS) 4%
Propylene Carbonate (PC) 2%
00
Ineos
Braskem
NPC- Iran
Dow
Exxon-
Mobil
Lyondell-
Basell
SABIC
Sinopec
Chevron
Phillips
Borealis
MARKET TRENDS DRIVING GROWTH
Source: CMAI, Dow
– The most commonly used plastic in the world, PE makes up over
1/3 of total global polymer demand
– PE demand grows at above-GDP rates across the cycle, particularly PE Demand Growth and GDP Growth
in emerging regions where per capita consumption of plastics is PE/GDP Ratio = 1.4 during 1995−2009
growing dramatically
200
Global PE Demand (CMAI)
LLDPE Consumption
(lbs per person) Global GDP (Global Insight)
180
31.8
160
1995=100
19.8
140
120
5.7 6.0 6.6
100
U.S./Canada
Global
Latin America
China
Western Europe
80
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09

ELEMENTS OF PROFITABILITY 2009 PRO FORMA SALES
– Active price/volume management
– Unparalleled technology and R&D Geography
• Process technology: Dow’s proprietary solution PE technology and North America 35%
UNIPOL™ Gas Phase PE technology – the most licensed process Europe, Middle East, Africa 32%
in the world (licensed through the Univation joint venture)
Asia Pacific 11%
• State-of-the-art catalysis technology: INSITE™ and high Latin America 22%
efficiency Ziegler-Natta Catalyst technology for PE, high
throughput catalyst discovery and development capability
• World-class expertise in polymer science, material science
and modeling technology Key Industry
– Operational excellence through integrated production complexes Consumer and Institutional Goods 55%
and a high level of employee productivity
Food 26%
– Competitive cost position driven by integration to ethylene
Construction 6%
and feedstocks; total low cost-to-serve, including manufacturing,
integrated supply chain, process technology, and other operating Healthcare and Medical 5%
costs; and critical mass and economies of scale Agriculture 4%
ELEMENTS OF MARKET SUCCESS Distribution)
– Leading market franchise – largest plastics portfolio in
the industry with sales, marketing, application development,
Gas Phase PE
Slurry HDPE
Solution PE
technical service and channels-to-market in nearly 100 countries
LDPE
– Differentiated slate of products serving customers in nearly all
markets, and a strong presence in fast-growing emerging regions
Seadrift, Texas •
– Deep customer knowledge and long-term relationships that
Freeport, Texas • •
facilitate a dampening of the traditional industry cycle
Plaquemine, Louisiana • •
ACTIVE PORTFOLIO MANAGEMENT St. Charles, Louisiana •
Divestitures Prentiss, Alberta, Canada •
Fort Saskatchewan, Alberta, Canada •
2006
Safripol, South Africa Talcahuano, Chile •
2007 Bahía Blanca, Argentina • • • •
Cubatao, Brazil Schkopau, Germany •
Leuna, Germany •
Tarragona, Spain • •
2006
Sarnia, Canada Tessenderlo, Belgium •
2009 Terneuzen, The Netherlands • •
Freeport, Texas Shuaiba, Kuwait1 •
Map Ta Phut Industrial Estate,
Rayong Province, Thailand2 •
1
Production site of EQUATE Petrochemical Company K.S.C. and The Kuwait Olefins
Company K.S.C. joint ventures.
2
Production site of Siam Polyethylene Company Ltd. of The SCG-Dow Group joint venture.
2010 Databook 71
Polyethylene
Number One Producer of the Number One Polymer
RECENT NEW PRODUCTS/INNOVATION EXAMPLES KEY JOINT VENTURES

– DOWLEX™ NG (Next Generation) Linear Low Density – EQUATE Petrochemical Company K.S.C.
Polyethylene Resins for film products
– The Kuwait Olefins Company K.S.C.
– ATTANE™ NG Ultra Low Density Polyethylene Resins for
– Siam Polyethylene Company Ltd. of The SCG-Dow Group
film products
– CONTINUUM™ EP High Density Polyethylene Resins for
KEY RAW MATERIALS
blow molding
– Ethylene
– DOW™ HEALTH+™ Polymers platform for both rigid
packaging and health and hygiene marketplace applications – Comonomers (octene, hexene, butene)
– ELITE™ Resins for monofilament applications

– Hexene-based Polyethylene Resins for rotomolding applications
Basic Plastics
APPLICATIONS OF KEY PRODUCTS
Product Key Properties Applications

ASPUN™ Fiber Grade Resin Differentiated performance in staple fiber and nonwoven materials: – Durable and consumer goods
– Cloth-like haptics for nonwovens (like medical drapes and gowns) (e.g., housewares)
– Low melting point, making ASPUN ideal for thermal bonding applications – Health hygiene (e.g., diapers)
ATTANE™ Ultra Low Compared to traditional LLDPE resins, ATTANETM offers: – Food and specialty packaging, especially for
Density Polyethylene Resin – Greater low-temperature flexibility and crack resistance frozen foods, fresh produce and bakery items
– Excellent optics – Industrial packaging, such as heavy-duty
shipping sacks
CONTINUUM™ Bimodal Pipe-grade HDPE resins that exceed industry standards – Pressure and non-pressure pipes (e.g.,
Polyethylene Resin for natural gas, potable water, irrigation)
– Rigid packaging such as bottles and drums
DOW™ HEALTH+™ Resins Combines clarity and stiffness of LDPE with the toughness and rigidity of – Medical equipment and devices
HDPE, all with exceptional quality and lot-to-lot consistency
DOW™ HDPE High Density HDPE provides advantageous properties, depending upon the processing: – Retail bags and sacks
Polyethylene Resin – Blow molding: excellent combination of stiffness and environmental – Heavy-duty shipping sacks
stress crack resistance – Caps and closures, and other
– Extrusion (pipes): superior toughness and stress crack resistance, rigid packaging
plus opportunity to downgauge – Corrugated plastic pipes and
– Injection molding: powerful combination of strength and processability non-pressure pipes
DOW™ LDPE Low Density Superior clarity and stiffness, as well as downgauging possibilities – Food and specialty packaging, especially
Polyethylene Resin for dry foods and fresh produce
– Heavy-duty shipping sacks
– Caps and closures, and other rigid packaging
DOW™ LLDPE – Exhibits higher tensile strength and impact/puncture resistance than LDPE – Flexible tubing and hoses
– Flexible and elongates under stress – Plastic bags and wrap
– Good resistance to chemicals and ultraviolet radiation
DOWLEX™ – High-performance – Food and specialty packaging, especially for

Polyethylene Resin – Excellent environmental profile dry foods and fresh produce
– Readily biodegradable – Medical equipment and devices
– Low aquatic toxicity – Shrink films, especially for pallets and silage
– Caps and closures, and other rigid packaging
Polypropylene
From the Conventional to the Innovative
Dow is a leader in polypropylene catalyst and process technology, 2009 PRO FORMA SALES
offering an extensive line of traditional polypropylene resins to a wide
variety of industries, including automotive, consumer durables, rigid
Geography
and flexible packaging, health and hygiene, compounding and fibers.
North America 40%
Dow polypropylene resins deliver optimal performance and cover
a wide range of product applications in the areas of film, injection Europe, Middle East, Africa 52%
and blow molding, sheet extrusion and thermoforming. Dow’s Asia Pacific 3%
line of polypropylene resins includes homopolymers for stiffness, Latin America 5%
impact copolymers offering impact resistance over a wide range of
temperatures, and random copolymers for clarity and sealability.
ELEMENTS OF MARKET SUCCESS AND PROFITABILITY Key Industry

– Strong technology capability Consumer and Institutional Goods 66%
• Process technology: UNIPOL™ polypropylene technology is Healthcare and Medical 14%

the second most licensed polypropylene technology in the world Food 11%
• State-of-the-art catalysis technology: SHAC™ catalyst Electronics and Entertainment 2%
technology for polypropylene
Construction 1%
• Full range of polypropylene resins including homopolymers, Agriculture 1%
impact copolymers and random copolymers
• Strong R&D – High throughput capabilities Distribution)
• Global basic plastics commercial infrastructure
SHAC Catalyst
Polypropylene
RECENT NEW PRODUCTS/INNOVATION EXAMPLES

– Four new INSPIRE™ Performance Polymers with differentiated Major Plants and Locations
grades for specific rigid packaging and thermoforming applications Seadrift, Texas •
– New CONSISTA™ D7000 Donor designed for high-melt flow Freeport, Texas •
applications optimizes the manufacturing process while improving
Schkopau, Germany •
the quality of the end product
Wesseling, Germany •
KEY COMPETITORS St. Charles, Louisiana •
– Borealis, ExxonMobil, INEOS, LyondellBasell, Reliance, SABIC, Total

KEY PRODUCTS
– Homopolymer polypropylene resins, impact copolymer
polypropylene resins, random copolymer polypropylene
resins, INSPIRE™ performance polymers
APPLICATIONS OF KEY PRODUCTS
Product Key Properties Applications

DOW™ Polypropylene High stiffness/hardness, good clarity and gloss, moisture barrier, impact – Thin-wall containers and serviceware
resistance, and consistent processability – Food and specialty packaging and bottles
– Toys
INSPIRE™ High-performance, high-potential polymers offering innovation – Rigid packaging

Performance Polymers opportunities, processing improvements and production opportunities – Thermoforming applications
2010 Databook 73
Styrenics
Over 70 Years and Going Strong
Dow has been at the forefront of styrene-based product development since the launch of STYRON™ polystyrene
resins over 70 years ago. Polystyrene products are well known for their performance in an array of applications from
packaging and food service, to consumer electronics, large appliances, portable appliances, building and construction.
In the first quarter of 2010, Dow announced the sale of the Styron Division. Dow’s Styrenics businesses (Polystyrene,
ABS/SAN and Expandable Polystyrene) were aligned with Styron. The transaction is expected to close during the
second quarter of 2010, subject to completion of customary conditions and regulatory approvals.

– Low-cost position
– Operational excellence through integration Geography
Basic Plastics
– Strong technology capability North America 1%
– Innovative products for specialized performance Europe, Middle East, Africa 54%
Asia Pacific 35%
KEY R&D INNOVATIONS Latin America 10%
– High-density foam technology provides a step-change in
light-weighting versus established foaming technology
– Polystyrene bottles for dairy applications, allowing for
polymer substitution and downgauging Key Industry
– Ultra-low gloss ABS, fitting needs of higher-value Electronics and Entertainment 40%
growing market segments like transportation Food 22%
Construction 10%
ACTIVE PORTFOLIO MANAGEMENT Consumer and Institutional Goods 2%
Permanent Plant Shutdowns Transportation 1%
2006–2009 All Other (including Third-Party 25%
– Sarnia, Canada Distribution)
– Altona, Australia
Polystyrene
– Barry, United Kingdom Feedstock

Internal
– Terneuzen, The Netherlands

Polystyrene Major Plants and Locations
– Bilbao, Spain
– Riverside, Missouri
Lavrion, Greece •
KEY COMPETITORS Merak, Indonesia •
– BASF, Formosa, Idemitsu, Ineos, Kumho, Nova, Midland, Michigan •

Polimeri Europa, SABIC, Supreme, Synthos, Total Tessenderlo, Belgium •
Tsing Yi, Hong Kong •
Zhangjiagang, China •
Americas Styrenics1 •
2
Map Ta Phut Industrial Estate, Rayong Province, Thailand •
1
Production sites of Americas Styrenics joint venture are in Allyn’s Point, Connecticut; Cartagena,
Colombia; Guaruja, Brazil; Hanging Rock, Ohio; Joliet, Illinois; Marietta, Ohio; Torrance, California.
2
Production site of Siam Polystyrene Company Ltd. of The SCG-Dow Group.

Polycarbonate
Clearly Superior
Dow is a leading global supplier of polycarbonate and has a wide range of compounds and blends that
meet tough application standards across many markets, particularly when temperature resistance, impact
resistance and optics are critical. Dow has a flexible and responsive supply position to leverage strengths
across geographies and markets.
MARKET GROWTH OPPORTUNITIES 2009 PRO FORMA SALES

– High-growth demand for medical devices due to
an aging population Geography
– Two times GDP growth in consumer electronics North America 23%
KEY STRATEGIC ELEMENTS
Asia Pacific 31%
– Alignment with Styron1, which provides global scale and
Latin America 2%
broad geographic reach, a leadership position in its flagship
products, and a robust innovation pipeline
– Strong positions in Asia Pacific in-line with global
manufacturing centers for consumer electronics Key Industry
– Differentiated product slate with specialty compounds Electronics and Entertainment 52%
and unique product offerings
– Low capital-cost model with manufacturing through joint
ventures in Asia Pacific
Construction 5%
– Proven process technology with best-in-class conversion costs
Transportation 2%
KEY R&D INNOVATIONS All Other (including Third-Party 13%

Distribution)
– Glass-reinforced, ignition-resistant polycarbonate
compound for residential electrical smart meters
Polycarbonate
– Transparent near infrared-blocking specialty polycarbonate,

Compounds
and Blends
which helps block the sun’s near infrared rays, thereby

reducing the heat generated in buildings with transparent
roofing while maintaining visible light transmission Major Plants and Locations
– EMERGE™ PC/ABS 7570EP delivers enhanced appearance Stade, Germany •
and excellent technical performance, such as high-gloss and Freeport, Texas •
weld-free surfaces in television front housings Terneuzen, The Netherlands •
Hsinchu, Taiwan •
RECENT STRATEGIC ACHIEVEMENTS 2
Yeosu, Korea •
– Launch of CALIBRE™ 302V-6 LD extrusion-grade polycarbonate Nihama, Japan3 •
resin, the premier polycarbonate offering from Styron 2
Production site of LG Dow Polycarbonate Ltd. joint venture.
for extruded sheet used in the LED signage and lighting 3
Production site of Sumitomo Dow Ltd. joint venture.
marketplace. Developed with proprietary diffusion aid
technology, the new resin will allow customers to utilize
polycarbonate more efficiently in LED back-lit sign face
and channel letter applications
1
Polycarbonate is aligned with the Styron Division. In the first quarter of 2010, Dow announced the sale of the Styron Division. The transaction
is expected to close during the second quarter of 2010, subject to completion of customary conditions and regulatory approvals. 2010 Databook 75
Selected Pro Forma Historical Segment Information for Basic Chemicals1
Sales $948 $1,109 $1,133 $1,244 $4,434 $1,200 $1,254 $1,115 $696 $4,265 $585 $586 $568 $728 $2,467
EBITDA 2 $171 $204 $238 $339 $952 $218 $108 $128 $(176) $278 $(5) $(107) $195 $20 $103

— — — $(7) $(7) — — $(21) $(117) $(138) — $(75) $187 $6 $118
(Reducing) EBITDA 3
EBITDA Excluding
$171 $204 $238 $346 $959 $218 $108 $149 $(59) $416 $(5) $(32) $8 $14 $(15)
Certain Items
Depreciation and
— — — — $288 — — — — $302 — — — — $275
Amortization
Nonconsolidated $69 $75 $111 $131 $386 $99 $71 $58 $(14) $214 $40 $9 $45 $69 $163
Affiliates

1
2
3

Basic Chemicals
Ethylene Oxide/Ethylene Glycol | Chlor-Alkali/Chlor-Vinyl
X Cost-advantaged chemical building blocks for the Performance businesses

– Significant scale and reach – world’s largest global producer
of chlorine, caustic soda, purified ethylene oxide (EO) and
Geography
chlorinated organics
North America 56%
– Highly integrated operations with all chlorine and a
majority of EO used within Dow, primarily by the Europe, Middle East, Africa 28%
performance businesses Asia Pacific 6%
– Best-in-class technologies, including METEOR™ technology Latin America 10%
for EO production
– History of operational excellence in a landscape where
cost and scale drive competitiveness
Key Industry
ELEMENTS OF PROFITABILITY Construction 26%
– Low-cost manufacturing base featuring tremendous Industrial Markets 24%
economies of scale
Food 11%
– Highly integrated and efficient operations that recycle Consumer and Institutional Goods 10%
and reuse by-products from downstream chemical
processes, reducing raw material costs and providing Paper and Publishing 7%
more sustainable manufacturing Healthcare and Medical 2%
– Merchant market sales of core chemicals, including caustic Mining 2%

soda, vinyl chloride monomer and chlorinated organics Electronics and Entertainment 1%
– Business model that has built strong, lasting relationships Transportation 1%
with partners who have access to advantaged feedstocks
and market channels
Distribution)
– Active interventions to right-size Basic Chemicals’ assets
with downstream derivative demand

Chlor-Alkali/Chlor-Vinyl 66%
EO/EG 19%
Chlorinated Organics 15%
2010 Databook 77
Ethylene Oxide/Ethylene Glycol
Powerful Feedstock Performance + Powerful Partnerships
The Ethylene Oxide/Ethylene Glycol (EO/EG) business unit provides competitive advantage to
Dow through low-cost ethylene oxide feedstock supply for downstream derivatives. More than
half of the ethylene oxide produced by Dow is used by other Dow businesses to produce materials for
automotive components, brake fluids, furnishings, paints, aircraft and runway deicers, coatings for
safety glass, cosmetics and personal care products.
Joint ventures play an integral role in the EO/EG business structure by providing a distinct competitive
advantage through low-cost raw materials integration and extensive geographic reach. These include
Dow’s ownership stakes in the leading ethylene glycol producer and market franchise – MEGlobal –
and the EQUATE manufacturing joint venture.
Basic Chemicals

– Low-cost feedstock business for high-value downstream
derivatives
– METEOR™ (Most Effective Technology for Ethylene Oxide Geography
Reaction) process and catalyst technology provides lower North America 46%
capital requirements for the production of ethylene oxide,
higher ethylene yield and lower operational costs to support
downstream derivatives Asia Pacific 7%
– Significant scale and geographic reach – world’s largest

global producer of purified ethylene oxide
– Leading ethylene glycol market franchise through 50
percent joint venture ownership of MEGlobal Key Industry
Food 50%
– Low-cost manufacturing base featuring tremendous
Transportation 5%
economies of scale
– Best-in-class process and catalyst technology
Mining 4%
– Joint venture model for monoethylene glycol
business participation Construction 3%
KEY COMPETITORS All Other (including Third-Party 5%

Distribution)
– BASF, Formosa Group, Royal Dutch/Shell, SABIC
ACTIVE PORTFOLIO MANAGEMENT

KEY JOINT VENTURES
Business Transformation
MEGlobal™ 2004
Formation of MEGlobal
EQUATE Petrochemical Company K.S.C. 2009
Conversion of Terneuzen, The Netherlands, to EO only
2010
Shutdown of Wilton, United Kingdom, EO/EG
2011
Planned conversion of Hahnville, Louisiana, to EO only
78 The Dow Chemical Company ™ MEGlobal is a trademark of MEGlobal B.V.

2009 Major MEG/DEG Capacity Positions1 KEY PRODUCTS
(thousands of metric tons)
– Purified EO, monoethylene glycol (MEG), diethylene
3,558 glycol (DEG), triethylene glycol (TEG), tetra ethylene
EQUATE glycol (TTEG)
2,994
1,105
Dow
2,366 MEGlobal
1,143
Purified EO
1,345
Glycols
1,100
854 747 Major Plants and Locations
1,310
510 455
Seadrift, Texas • •
Plaquemine, Louisiana •
MEGlobal 2
SABIC
Nan Ya
Shell
Honam
Reliance
BASF
Mitsubishi
Ineos
Hahnville, Louisiana4 • •
1
Terneuzen, The Netherlands •
Joint venture capacity represented on a 100% basis.
5
2
Dow and EQUATE MEG and DEG are marketed through MEGlobal. Fort Saskatchewan, Alberta, Canada •
Source: PCI/MEGlobal estimates.
5
Prentiss, Alberta, Canada •
2009 Top Ten World Ethylene Oxide Producers3 Shuaiba, Kuwait 6
•
(thousands of metric tons) 4
Shutdown of MEG/DEG capability at Hahnville, Louisiana will commence in early 2011.
5
1500 1,408 Production site of MEGlobal joint venture.
6
Production site of EQUATE Petrochemical Company K.S.C. joint venture.
1,210 1,190
975 930
1000 925
730
621
535 515
500
0
YANPET
Reliance
MEGlobal
Dow
SHARQ
Nan Ya
JUPC
Honam PC
Ineos
Shell Chemical
3
Ethylene Oxide Equivalent basis
Source: CMAI
Ethylene Oxide/Ethylene Glycol Chemistry Flow
TM
PET for bottles and containers
Ethylene Glycols7 MEG PET for polyester fiber
Coolants
Amines & Glycol Ethers
Ethylene
ETHYLENE
Ethoxylates
Oxygen OXIDE Downstream EO Derivatives
for Performance Businesses
Polyglycols
Polyols
7
Dow and EQUATE MEG and DEG products are marketed through MEGlobal. 2010 Databook 79
Chlor-Alkali/Chlor-Vinyl
Feedstock Scale and Integration = Powerful Competitive Advantage
The Chlor-Alkali/Chlor-Vinyl business units provide powerful 2009 PRO FORMA SALES
competitive advantage to Dow through low-cost chlorine feedstock
supply and integration.
Geography
The Chlor-Alkali business focuses on the production of cost- North America 61%
advantaged chlorine feedstock for Dow’s Performance businesses,
including Dow AgroSciences, Polyurethanes and Epoxies. All of the
Asia Pacific 3%
chlorine produced by Dow is used internally, with over 70 percent
Latin America 13%
consumed by Performance businesses to manufacture materials for
automobiles, furniture, bedding, personal protection equipment,
pharmaceuticals, textiles and electronics.
Basic Chemicals
The Chlor-Vinyl business focuses on the production, supply and Key Industry
marketing of ethylene dichloride (EDC) and vinyl chloride monomer Construction 38%
(VCM). In addition, EDC and VCM production provides the integration Industrial Markets 19%
that allows reuse of the chlorine molecule through hydrochloric Paper and Publishing 11%
acid (HCl) consumption, reducing raw material costs, providing cost
advantages to Dow and enabling a more sustainable approach to
EDC/VCM manufacturing. The Chlor-Vinyl business also manages
the marketing and distribution of caustic soda, a valuable co-product Food 2%
produced in the chlorine manufacturing process. Mining 2%

EDC and VCM are essential to the production of polyvinyl chloride Distribution)
(PVC), a versatile material used in municipal and residential water
piping systems, building and construction materials and life-saving
medical devices. Caustic soda is key to the manufacture of alumina,
pulp and paper, textiles, bleaches and detergents, pharmaceuticals
and agricultural chemicals.
Chlorine Integration: Second Bite of the Apple

X Chlorine Chemistry and Integration Differentiate Dow
Ethylene Dichloride VCM and EDC Sales
– Re-use of chlorine molecule provides significant advantage and Vinyl Chloride
– By-product recovery and re-use reduces raw material costs
HCl
Polyurethanes,
Epoxy Resins,
Chlorine (Cl2 ) By-Product Recovery
Chlorinated Organics,
CHLORINE PRODUCTION Chlor-Alkali
Caustic Soda (NaOH) and Agricultural
and Re-Use
Chemicals
Caustic Sales Major Consuming Environmental

Businesses Operations

ELEMENTS OF MARKET SUCCESS ELEMENTS OF PROFITABILITY
– Significant scale and geographic reach – world’s largest global – Low-cost manufacturing base, featuring tremendous
producer of chlorine, caustic soda and EDC; and second largest economies of scale
global producer of VCM
– Highly integrated and efficient operations that recycle and
– Highly integrated operations – primarily a feedstock engine to reuse by-products from downstream chemical steps, thus
fuel Dow’s Performance businesses reducing raw material costs and enabling a more sustainable
approach to EDC/VCM manufacturing
ACTIVE PORTFOLIO MANAGEMENT – Strong merchant market participation for caustic soda, EDC
and VCM enables reliable supply of chlorine to derivatives
Plant Shutdowns
2006 KEY COMPETITORS
Chlorine, Caustic, EDC/VCM permanent shutdown in
Fort Saskatchewan, Canada – Chlorine and caustic soda – Formosa, Olin, OxyChem, PPG
2009 – EDC/VCM – Formosa, INEOS, OxyVinyls, TOSOH
Chlorine, Caustic permanent shutdown in Oyster Creek, Texas
2011
Planned shutdown of EDC/VCM in Plaquemine, Louisiana KEY RAW MATERIALS
– Chlorine and caustic soda – Power and salt
– EDC/VCM – Chlorine or hydrochloric acid, ethylene
Chlorine
Caustic
VCM
2009 Top Ten Chlorine Producers

EDC
Major Plants and Locations (thousands of metric tons)

Freeport, Texas • • • • 5,396
Plaquemine, Louisiana1 • • • •
Stade, Germany • • •
Schkopau, Germany • • • •
Aratu, Brazil • • 2,664
1
Shutdown of EDC/VCM capacity at Plaquemine, Louisiana
to commence in the third quarter of 2011. 1,661 1,611 1,497
1,452
1,249 1,167 1,145
868
INEOS
AkzoNobel
TOSOH
Dow
Oxy
Olin
PPG
Bayer
FPC
Solvin
Chlor-Alkali/Chlor-Vinyl Chemistry Flow

– All chlorine is consumed internally Source: CMAI 2009 Data
– 70%+ consumed by Dow’s Performance businesses
Epoxy
Chlorine Polyurethanes
Agricultural Products
Salt Mining Propylene Oxide
ELECTRO EDC VCM
CHEMICAL
UNIT
Power Aluminum
Caustic Metals
Soap/Detergent
Pulp/Paper
2010 Databook 81
Selected Pro Forma Historical Segment Information for Hydrocarbons and Energy1
Sales $1,612 $1,623 $1,828 $2,042 $7,105 $2,165 $2,618 $2,611 $1,574 $8,968 $988 $910 $1,209 $1,134 $4,241
EBITDA 2 — $(1) — $(44) $(45) — — $(1) $(69) $(70) — $(65) $457 $(1) $391

— — — $(44) $(44) — — $(36) $(34) $(70) — $(65) $457 — $392
(Reducing) EBITDA 3
EBITDA Excluding
— (1) — — (1) — — $35 $(35) — — — — $(1) $(1)
Certain Items
Depreciation and
— — — — — — — — — — — — — — —
Amortization
$15 $12 $35 $25 $87 $22 $16 $12 $(9) $41 $(2) $6 $11 $18 $33

1
2
3

X Largest global ethylene producer and one of the world’s largest industrial power
producers, with unparalleled scale, reach and feedstock flexibility
Hydrocarbons and Energy purchases and converts crude oil- and natural gas-based raw materials into
the basic chemical building blocks and intermediate products used by almost all of Dow’s downstream
businesses. While the business has significant exposure to the world’s energy markets – with daily
feedstock consumption equivalent to more than 800,000 barrels of crude oil – it is H&E’s unparalleled
scale and global reach that provides it with the agility to respond to sudden changes in market conditions.
This flexibility is key to Dow’s success, particularly for the Basics businesses where cost position is critical
to market competitiveness.
UNPARALLELED SCALE AND REACH

– World’s largest ethylene producer and consumer; key
producer of propylene and benzene
North America 33%
– World’s two largest ethane crackers (both located in
Alberta, Canada) Europe, Middle East, Africa 64%
– One of the world’s largest integrated petrochemicals Asia Pacific 1%

complexes (Terneuzen, The Netherlands) Latin America 2%
– Operates power plants, utilities operations and brine mining,
supplying Dow’s global operations with power, steam, water,
industrial gases and brine
– As one of the world’s largest industrial power producers,
operates over 4,100 megawatts of electrical generation – Superior product integration ranging from feedstocks and
capacity. Most of this capacity is in the form of co-generation, monomers to a myriad of products used by derivative businesses
an extremely efficient means of generating the energy needed
– Advantaged feedstock positions in Canada, Argentina and
to run Dow’s operations, resulting in 20–40 percent less
Middle East
fuel usage
– Unique feedstock flexibility – crackers in the U.S. and Europe
2009 Global Feedstock Flexibility capable of using different feedstocks in response to price
X The value to Dow of this flexibility ranges between $150–$250 million conditions to achieve lower costs and instant cash maximization
per year, depending on market conditions
– Global infrastructure and integration offer a comprehensive
100%
network of mining, storage, pipeline and global production
capabilities, allowing for quick adaptation to market realities
– Commodity risk management – exposure is managed
directly through physical and financial hedging
Percentage of total feedslate
75%
– Operational excellence focused to maximize value through

Light Feed increased asset capability, improved raw material yields,
50% Flexibility reduced energy intensity and enhanced reliability
Heavy Feed
– Energy efficiency and conservation – H&E accounts for 90
percent of Dow’s accrued energy savings since 1994 and 75
25% percent of Dow’s greenhouse gas emission reductions
– New technology – continued improvement of technology;
0%
focused on technology-based alternate business models
relating to emissions reduction and alternative fuels
United States
North America
Industry
Canada
Latin America
Industry
Latin America
Europe Industry
Europe
2010 Databook 83
Competitive Advantage Starts Here
With five ethylene units (crackers) across Germany, Spain and The Netherlands, Hydrocarbons and
Energy (H&E) is the largest ethylene producer in Europe and has a solid pan-European position. In
addition to ethylene, these assets produce propylene, benzene, butadiene, cumene, styrene and – after
completing large investments in Tarragona, Spain in 2007 – produce octene. H&E has three crackers at
Dow’s Terneuzen, The Netherlands site (pictured), one of the world’s largest integrated petrochemicals
complexes. The cracker complex has industry-leading capability to swing from naphtha feedstock to
liquefied petroleum gas, providing Dow’s feedstock flexibility in Europe.
H&E has taken its manufacturing know-how to Argentina. With two ethane-fed crackers at the Bahía
Blanca site that are integrated to natural gas resources, Dow has established a cost position that is
advantaged in the local industry.
Recently, H&E completed a major investment at Freeport, Texas, emphasizing Dow’s commitment
to maintaining the competitiveness and low-cost position of its assets in the U.S. Gulf Coast. With
a network of crackers, industry-leading feedstock flexibility, and significant pipeline and storage
infrastructure in the U.S., H&E can quickly respond to sudden changes in market conditions.
Dow’s ownership in the two largest crackers in the world, including this unit at Fort Saskatchewan,
Alberta, provides Dow with the preeminent position to capture the region’s advantaged feedstock cost
position, known as the “Alberta Advantage.” These sites are integrated into Dow’s supply for the U.S.
and Asia Pacific geographies.
Dow is growing in advantaged feedstock cost regions through its joint ventures. In the Middle East,
the EQUATE joint venture (pictured) recently started a second cracker in Kuwait, effectively doubling
its ethylene capacity. Additionally, Dow and its joint venture partner, The Siam Cement Group, are
currently constructing a second cracker in Thailand that will form the basis of a new petrochemical
complex. These investments facilitate Dow’s expansion into emerging geographies.
The state-of-the-art Boehlen, Germany ethylene unit resulted from Dow’s massive investments in
central Germany. The site has become an important production base to serve growing regions in
Central and Eastern Europe and Russia. In addition to several integrated production facilities there,
H&E has industry-leading pipeline and storage infrastructure that supply building block chemicals
to Dow’s downstream activities in Central and Eastern Europe.

Ethylbenzene/
Power/Steam
Butadiene
Propylene
Ethylene
Benzene
Cumene
Octene
Styrene
Freeport, Texas (2 crackers) • • • KEY PRODUCTS
Midland, Michigan •
– Ethylene, propylene, benzene, butadiene, styrene, cumene,
Plaquemine, Louisiana (2 crackers) • • • • octene, power and steam
St. Charles, Louisiana • • •
Seadrift, Texas • KEY COMPETITORS
South Charleston, West Virginia • – Chevron Phillips Chemical, ExxonMobil, INEOS, LyondellBasell,
Texas City, Texas • National Petroleum Company (Iran), SABIC, Shell, Sinopec
Fort Saskatchewan, Alberta, Canada • •
Joffre, Alberta, Canada 1
• KEY RAW MATERIALS
Bahía Blanca, Argentina (2 crackers) • – Ethane, propane, butane, naphtha, condensate, natural gas
Tarragona, Spain • • •
Boehlen, Germany • • • •
Stade, Germany •
Terneuzen, The Netherlands (3 crackers) • • • • • •
St. James, Louisiana 2 •
3
Shuaiba, Kuwait (2 crackers) • •
Map Ta Phut Industrial Estate,
• • •
Rayong Province, Thailand 4 (2 crackers)
1 Production site of the E3 Cracker co-ownership.
2 Production site of the Americas Styrenics joint venture.
3 Production site of the EQUATE Petrochemical Company K.S.C., The Kuwait Olefi ns Company
and The Kuwait Styrene Company joint ventures.

4 Production site of The SCG-Dow Group joint venture; Dow and its joint venture partner,
The Siam Cement Group, recently started a second cracker in Thailand that will form the
basis of a new petrochemical complex.
2009 Top Global Propylene Consumers Non-polypropylene applications:

in Non-Polypropylene Applications • are specialty in nature 2009 Top Global Ethylene Producers
(capacity to consume, thousands of metric tons) • are higher value-add (capacity to produce, thousands of metric tons)
• feature higher growth rates
3,761 10,041
8,968
8,159
6,530 6,240
5,442
1,795 1,729
1,565 1,428
1,173
Dow
SABIC
ExxonMobil
LyondellBasell
Shell
Sinopec
Dow
BASF
INEOS
Sinopec
LyondellBasell
Shell
Source: CMAI Source: CMAI
2010 Databook 85
Joint Ventures – The Value of Partnerships
Joint ventures, or nonconsolidated affiliates, play an integral role in Dow’s strategy to dampen earnings
cyclicality and improve earnings growth. In recent years, the financial contribution of our joint ventures
(JVs) has grown significantly. In 2009, equity earnings and cash distributions from nonconsolidated
affiliates were $724 million1 and $699 million, respectively.
This section highlights the Elements of Success that position Dow’s joint ventures to win in the markets
they serve. Particular emphasis is given to Dow’s Principal Joint Ventures, which account for over 90
percent of the Company’s total equity earnings and cash distributions from joint ventures:
– Americas Styrenics LLC – MEGlobal

– Compañía MEGA S.A. – The Kuwait Olefins Company K.S.C.
– Dow Corning Corporation – The OPTIMAL Group of Companies2
– EQUATE Petrochemical Company K.S.C. – The SCG-Dow Group
– Equipolymers – Univation Technologies, LLC
HIDDEN VALUE OF JOINT VENTURES

Equity earnings are included in EBITDA reported for Dow’s operating segments. Since the equity method
of accounting is used to account for nonconsolidated affiliates, interest, income taxes, and depreciation
and amortization expenses of the nonconsolidated affiliates are embedded in equity earnings and are not
reflected elsewhere in Dow’s consolidated financial statements. Therefore, investors who use EBITDA as a
measure of performance may not fully recognize the contribution of our joint ventures.
The graph below illustrates this point using data of Dow’s principal joint ventures. Dow’s proportionate share
of the EBITDA of these joint ventures is significantly greater than their contribution to Dow’s equity earnings,
and investors who calculate EBITDA for the Company might fail to include this additional hidden value.
Proportionate EBITDA of Principal Joint Ventures

($ in millions)
Joint Ventures
$1,800 EBITDA3 in Excess of Equity Earnings
Equity Earnings1
$1,400
$1,000
$600
$200
2003 2004 2005 2006 2007 2008 2009
1
Equity earnings in 2009 excludes an impairment charge of $65 million for Equipolymers and a restructuring charge of $29 million for Dow Corning.
2
On September 30, 2009, the Company completed the sale of its ownership interest in The OPTIMAL Group of Companies.
Dow defines EBITDA as earnings before interest, income taxes, depreciation and amortization.
COMPETITIVENESS 2009 DOW PROPORTIONATE SHARE
Dow has established a number of joint ventures with upstream
partners focused specifically on developing highly competitive, world- All JV Sales
scale production facilities with access to cost-advantaged feedstocks.
North America 27%
Dow brings technology, operational know-how, global reach and
product diversity to these ventures while the partners contribute cost- Europe, Middle East, Africa 27%
advantaged feedstocks, upstream expertise and local/regional market Asia Pacific 38%
presence. This powerful combination gives these joint ventures a
Latin America 8%
significant competitive edge.
OPTIMIZING THE VALUE OF EXISTING DOW ASSETS

Dow has strengthened the market position and future growth
potential of many of its commodity businesses by placing existing
Principal JV Sales in Emerging Geographies
Dow assets into newly formed joint ventures. This carve-out model
retains the value of integration, while reducing capital investment. In Developed Geographies 41%
some cases, it also provides Dow with back integration to feedstocks, Emerging Geographies 59%
expansion of geographic footprint and substantial cash generation.
ACCESS TO GEOGRAPHIC REGIONS

Dow’s joint venture model has helped the Company build its presence
2009 Pro Forma Equity Earnings of Nonconsolidated Affiliates
in several important geographic regions. Partnering with local
by Operating Segment
industry players affords Dow with: access to regions that are either
($ in millions)
restricted by regulation or constrained by well-established supplier
relationships, opportunities to develop brand and market presence,
$800 Electronic and Specialty Materials2 $319
and in-country manufacturing capability that leverages Dow’s
Basic Plastics3 $177
technology and operational expertise.
$700 Basic Chemicals $163
All JV Cash Distributions 1 Hydrocarbons and Energy $33
($ in millions) $600 Performance Products $31
08 Performance Systems $4
20
0 4– $500 Coatings and Infrastructure $3
20 $842 Health and Agricultural Sciences $2
ro m $837
GRf $400
Total $724
CA
%
18 $699
$300
$622
$536 $200
$430 $100
Advanced Performance5 Basics Total6

Materials4
2
Excludes a restructuring charge of $29 million for Dow Corning.
3
Excludes an impairment charge of $65 million for Equipolymers.
4
Advanced Materials includes Electronic and Specialty Materials, and Coatings and Infrastructure.
5
Performance includes Performance Products, Performance Systems, and Health and Agricultural Sciences.
2004 2005 2006 2007 2008 2009 6
Includes equity earnings of $(8) million that were reflected in Corporate.
1
Reflects heritage Dow through Q1’09.
2010 Databook 87
Joint Venture Showcase – The Value of Partnerships
Dow Corning Corporation

Dow Corning is a global leader in silicon-based technology and innovation. The company has two main product
segments, silicones and polycrystalline silicon. Specialty silicone materials are marketed through the Dow Corning
brand and standard silicone products are marketed through the XIAMETER® brand. Polycrystalline silicon is sold
through Dow Corning’s majority owned joint ventures, the Hemlock Semiconductor Group.
Dow Corning silicone materials are used in a variety of industries including construction, electronics, personal
care, paper processing, health care, textiles, automotive, and oil and gas, among others. Dow Corning’s
strategy includes an emphasis on silicone materials that make end-products more efficient and environmentally
sustainable. Dow Corning’s construction adhesives and sealants, for example, help to improve the energy
efficiency of homes and businesses. Dow Corning also has several silicone materials that help make solar
modules more durable while generating more electricity from the sun.
Dow Corning continues to meet increased demand for silicone products and services around the world. In 2010,
the company will open Asia’s largest basic silicones manufacturing site in China, and has recently expanded
manufacturing operations in India. In 2010, the company opened an office in Poland, and has also recently opened
offices in the Middle East, Russia and Vietnam in an effort to expand its geographic footprint while growing the
use of silicones globally.
Hemlock Semiconductor Group is the world’s leading manufacturer of polycrystalline silicon to the solar and
electronics industries. Hemlock Semiconductor is in the midst of several expansions totaling up to $4.5 billion,
including the construction of a new plant in Clarksville, Tennessee. These expansions will continue to increase
the company’s capacity to manufacture polycrystalline silicon. By 2013, Hemlock Semiconductor will have
capacity to manufacture 50,000 metric tons of polycrystalline silicon, five times more than the company
was able to manufacture in 2007.
Dow Corning and Hemlock Semiconductor play a critical role in the solar industry. They provide key raw materials
that make solar technology possible and are investing research and development in materials and solutions
designed to help make solar energy an economically viable and sustainable energy option globally. Dow Corning
currently has three Solar Solutions Application Centers located throughout the globe, and is also currently
building a solar monosilanes manufacturing facility, which will manufacture monosilane, an important raw
material used in thin-film solar cells.
Joint Ventures
Silicone Segment Sales 2009 Dow Corning Sales by Operating Structure

(excludes Polycrystalline Silicon) ($ in billions)
Advanced Interface Markets 23%

Dow Corning Corporation
Auto and Appliance Assembly 20% $5.1
Construction 20%
Life Sciences 18%
Electronics 8% Silicones Polysilicon
$3.8 $1.3
All Other 11%
Specialty Hemlock
Core Products
Chemicals Semiconductor

Dividends from Dow Corning Equity Earnings from Dow Corning
($ in millions) ($ in millions)
09 $369
– 20 $222
$334 $345
$206
05 $316
m 20
fro $253
GR
CA $130
%
49
$90
$45
2005 2006 2007 2008 2009 2005 2006 2007 2008 20091
1
2009 equity earnings for Dow Corning exclude a restructuring charge of $29 million.
HEMLOCK SEMICONDUCTOR GROUP Adding Polysilicon Capacity

to Meet Contracted Demand
– Dow Corning owns 63% of Hemlock Semiconductor (actual and planned capacity in metric tons)
– Long-term supply agreements with customers... a “win/win”
50,000
• Guaranteed, reliable supply of world’s best polysilicon
• Attractive pricing throughout life of contract
36,000
– ~$4 billion in advanced customer deposits
• Up-front customer deposits for a portion of future 27,500
purchase obligations
19,000
– Larger contribution to earnings relative to silicones
– World leader in polysilicon production 10,000
• Ultra-pure polysilicon for semiconductor applications

• High-purity polysilicon for monocrystalline and
multicrystalline solar wafers 2007 2008 2009 2010 2013
Quartz Rock
Metallurgical Silicon
Hemlock Semiconductor Silicon Chemicals
Manufacturing Process
Chemical Vapor Deposition
Sizing/Surface Finishing/ Capture/Recycle Source
Packaging Chemicals
Hemlock Semiconductor
Products
Solar-Grade Silicon Semiconductor-Grade Silicon Semiconductor-Grade Chemicals
Monocrystalline Ingots or Monocrystalline Ingots
Multicrystalline Blocks
Markets Semiconductor Wafers
Photovoltaic Wafers
Solar Cells Semiconductor Chips
Solar Panels Computers, Cell Phones, etc.

Applications
(Power Generation)
SOLAR SEMICONDUCTOR
2010 Databook 89
Joint Venture Showcase – The Value of Partnerships
EQUATE Petrochemical Company Other Principal Joint Ventures

EQUATE Petrochemical Company K.S.C. is a state-of-the-art AMERICAS STYRENICS
petrochemical complex located in Kuwait. EQUATE produces
polyethylene for customers throughout the Middle East, North Americas Styrenics LLC is a leading integrated producer of polystyrene
America, Asia and Europe. The company also manufactures ethylene and styrene monomer, offering solutions and services to customers in a
glycol, which is distributed through MEGlobal, and polypropylene, variety of markets throughout North and South America. It is the third
which is produced on behalf of Dow’s partner in the joint venture, largest styrene monomer producer in North America and the largest
Petrochemical Industries Company (PIC) of the State of Kuwait. producer of polystyrene in North and South America.
Established in 1995, this groundbreaking international joint venture
COMPAÑÍA MEGA S.A.
enjoys the advantages of combining Dow’s leadership in industrial
practices and cutting edge technology with experienced and highly Compañía MEGA S.A. is a regional provider of hydrocarbons for
driven people, valuable infrastructure and feedstock provided by the gas and petrochemical industry. Located in Argentina, MEGA
Kuwait. The company’s competitive position is supported by its processes approximately 13 billion cubic meters of natural gas each
strong feedstock integration, with access to cost-advantaged year. Natural gas is supplied to MEGA from the Neuquen area.
raw materials. Natural gas liquids are separated at MEGA’s Loma de la Lata plant
and then pumped through a 600 kilometer pipeline to the Bahía
To meet ever-increasing worldwide demand for high-quality
Blanca fractionation plant.
petrochemical products, EQUATE has recently completed a multi-
billion dollar expansion project which significantly increased MEGA produces ethane, propane, butane and natural gasoline.
production capacities. This expansion project consisted of a The ethane is supplied to Dow’s site in Bahía Blanca, Argentina
polyethylene expansion at EQUATE as well as the creation of and is used to produce ethylene and polyethylene.
The Kuwait Olefins Company K.S.C. and The Kuwait Styrene
Company K.S.C. EQUIPOLYMERS
Equipolymers is a European leader for the production of polyethylene
POLYETHYLENE EXPANSION terephthalate (PET), a 100 percent recyclable plastic widely used
In June of 2009, EQUATE announced the completion and successful in the manufacture of bottles for carbonated and non-carbonated
start-up of its polyethylene expansion project. This project increased mineral water, soft drinks, food-grade vegetable oil, tea, juices and
EQUATE’s overall polyethylene production capacity to 825,000 metric isotonic beverages.
tons annually of high density polyethylene and linear low density
Equipolymers is the second largest producer of PET resins in Europe1.
polyethylene resins.
The joint venture also produces purified terephthalic acid (PTA),
THE KUWAIT OLEFINS COMPANY K.S.C. which is the key raw material used in the production of PET.
In August of 2008, EQUATE officially announced the start-up of MEGLOBAL

Joint Ventures
operations of The Kuwait Olefins Company’s new ethylene glycol

MEGlobal is a world leader in the manufacture and marketing of
production plant. With a production capacity of 600,000 metric tons
merchant monoethylene glycol (MEG) and diethylene glycol (DEG),
annually, this new plant is the largest single ethylene glycol plant of
collectively known as ethylene glycol (EG), drawing on more than
its kind to utilize Dow METEOR technology.
70 years of global experience and expertise in the development,
On November 20, 2008, EQUATE announced the start-up of manufacturing, supply and marketing of these versatile chemicals.
operations of the new ethylene unit. With a total production capacity MEGlobal produces about 1.0 million metric tons of EG per year, and
of 850,000 metric tons annually, this new unit is a critical part of the markets additional EG in excess of 2.5 million metric tons per year.
overall expansion project and will supply ethylene within the EQUATE With approximately 200 employees worldwide, MEGlobal serves
group of companies for production of polyethylene, ethyl benzene customers around the world and has production facilities in Fort
styrene monomer, and ethylene glycol. Saskatchewan and Prentiss, Alberta, Canada.
MEG is used as a raw material in the manufacture of polyester
fibers (clothing and other textiles), polyethylene terephthalate
(PET) resins, antifreeze formulations and other industrial products.
1
At the end of 2008, Equipolymers announced its intention to divest a plant producing PET and PTA,
located in Ottana, Italy. A transfer agreement was signed in early 2010, and the divestiture is expected
90 The Dow Chemical Company to be completed before the third quarter of 2010.
SCG-DOW GROUP UNIVATION TECHNOLOGIES
The SCG-DOW Group is comprised of four operating joint venture Univation Technologies, LLC is a global leader in the licensing
companies in Thailand that manufacture and supply customers of polyethylene (PE) technology and supply of catalysts for PE
across Asia Pacific with a portfolio of products, including linear low production. The joint venture licenses gas phase UNIPOL™ PE
density polyethylene, polystyrene, styrene monomer and styrene- Process technology and sells the catalysts used to make PE,
butadiene latex. These products are used in the manufacture of a wide spanning a broad range of density, melt index and molecular weight
range of industrial and consumer goods, including food packaging, distribution for applications including packaging film, plastic bags,
disposable drinking cups, foamed insulation, furniture and high-impact bottles, industrial containers, pressure pipe and hose and tubes.
performance parts.
The UNIPOL™ PE Process is used to produce nearly 25 percent of
The SCG-Dow Group recently embarked on a second phase mega- the world’s PE. Its licensed capacity exceeds 21 million metric tons,
project investment in Thailand comprising new investments in and the technology has been implemented in 100 reactor lines
an additional linear low density polyethylene train, a specialty around the world.
elastomers plant and a propylene oxide facility.
PRINCIPAL JOINT VENTURE FINANCIAL DATA1

$ in millions (Unaudited) 2009 2008 2007
Total Dow Share Total Dow Share Total Dow Share
Principal JV Income Statement Data
Net Sales $12,590 $6,020 $15,508 $ 7,313 $13,884 $ 6,532
2
Adjusted Net Sales 10,206 4,966 12,098 5,831 10,837 5,197
3
EBITDA 2,692 1,239 3,424 1,487 3,925 1,708
Depreciation/Amortization 575 261 539 248 552 254
3
Net Income 1,469 671 1,940 809 2,451 1,046
Principal JV Balance Sheet Data

Cash, Cash Equivalents, Marketable Securities 2,833 1,361 2,616 1,199 2,909 1,342
Total Debt 7,697 3,561 7,073 3,247 5,619 2,571
Adjusted Total Debt 4 6,123 2,871 5,489 2,556 4,245 1,969
Total Equity 6,221 2,898 7,097 3,212 6,846 3,074
Principal JV Cash Flow Data

Cash Provided by Operating Activities 3,029 1,458 3,617 1,613 3,902 1,734
Capital Expenditures 1,887 936 2,154 1,030 1,996 936
Principal JV Impact on Dow Financial Statements

Equity Earnings5 681 824 1,072
Cash Distributions Received 647 796 766
Dow Investment Book Value 2,359 2,439 2,488
1
The Kuwait Olefi ns Company K.S.C. was added as a Principal Joint Venture in 2009. Additionally, on September 30, 2009, the Company completed the sale
of its ownership interest in The OPTIMAL Group of Companies (OPTIMAL). The financial data in this section excludes the results of OPTIMAL in the fourth
quarter of 2009. Certain reclassifications have been made to prior years’ amounts to conform to the 2009 presentation.
2
Adjusted Net Sales is equal to Net Sales for these joint ventures less sales to Dow and/or to other Dow joint ventures.
3
EBITDA and Net Income in 2009 exclude a restructuring charge for Dow Corning and an impairment charge for Equipolymers.
4
Adjusted Total Debt is equal to Total Debt for these joint ventures less debt owed to Dow and/or to other Dow joint ventures.
5
Equity earnings in 2009 excludes an impairment charge of $65 million for Equipolymers and a restructuring charge of $29 million for Dow Corning. 2010 Databook 91
Joint Venture Showcase – Fast Facts
LLC
Americas Styrenics Compañía MEGA Dow Corning EQUATE
Formed 2008 1997 1943 1995
Ownership Dow 50% Dow 28% Dow 50% Dow 42.5%

Chevron Repsol YPF 38% Corning, Inc. 50% Petrochemical
Phillips Industries
Petrobras 34%
Chemical Company 42.5%
Company 50%
Boubyan
Petrochemical
Company 9%
Al-Qurain
Petrochemical
Industries
Company 6%
Headquarters The Woodlands, Texas Buenos Aires, Argentina Midland, Michigan Salmiya, Kuwait
Production Facilities 8 manufacturing facilities Loma de la Lata and 47 manufacturing and Shuaiba, Kuwait
in the U.S., Colombia, Bahía Blanca, Argentina warehousing facilities
and Brazil worldwide
Products Styrene Monomer Ethane, propane, butane, Silicon-based products, Polyethylene

Polystyrene natural gasoline technologies and Ethylene
solutions
Ethylene Glycol
Selected Product Styrene monomer: Ethane: 570,000 Not applicable Ethylene: 850,000
Capacities 950,000 metric tons metric tons per year metric tons per year
per year Propane: 390,000 Polyethylene: 825,000
Joint Ventures
Polystyrene: 950,000 metric tons per year metric tons per year
metric tons per year Butane: 264,000 Ethylene glycol:
metric tons per year 500,000 metric
Natural gasoline: tons per year
229,000 metric
tons per year
Employees 500 110 10,000 Over 1,000
Website amstyrenics.com ciamega.com.ar dowcorning.com equate.com
2009 Net Sales1 $1.0 billion $437 million $5.1 billion $1.0 billion
Alignment within Dow’s Basic Plastics Hydrocarbons Electronic and Specialty Basic Plastics and
Operating Segments and Energy Materials Basic Chemicals

SM
The Kuwait
Olefins Company Equipolymers MEGlobal SCG-Dow Group Univation
2004 2004 2004 1988 – 95 1997
Dow 42.5% Dow 50% Dow 50% Dow 49.99% Dow 50%
Petrochemical Petrochemical Petrochemical Siam Cement 49.99% ExxonMobil
Industries Industries Industries Chemical
Others 0.02%
Company 42.5% Company 50% Company 50% Company 50%
Boubyan
Petrochemical
Company 9%
Al-Qurain
Petrochemical
Industries
Company 6%
Salmiya, Kuwait Horgen, Switzerland Dubai, United Bangkok, Thailand Houston, Texas
Arab Emirates
Shuaiba, Kuwait 2 manufacturing and 3 manufacturing facilities Rayong Province 3 technology centers and 3
warehousing facilities in in Alberta, Canada manufacturing facilities
Germany and Italy
Ethylene Polyethylene Monoethylene glycol Styrene monomer, Licensing of the UNIPOLTM PE

Ethylene Glycol terephthalate (MEG) and Diethylene latex, polystyrene Process; UCATTM Conventional
resins (PET) glycol (DEG) and polyethylene Catalysts; XCATTM Metallocene
Catalysts; PRODIGYTM Bimodal
Catalysts; PREMIERTM Products and
Services; UT Deoxo Catalyst
Ethylene: 850,000 PET: 485,000 metric EG: 1,000,000 metric Styrene monomer: Global licensed capacity exceeds
metric tons per year tons per year tons per year 280,000 metric tons 21 million metric tons
Ethylene glycol: 600,000 Markets approximately per year
metric tons per year 3,500,000 metric tons Polyethylene: 300,000
per year metric tons per year
Polystyrene: 135,000
metric tons per year
Staffed by EQUATE 250 230 625 Zero (employees are secondees of

employees the parent organizations)
equate.com equipolymers.com meglobal.biz No JV website available univation.com
$478 million $483 million $1.9 billion $715 million Not disclosed
Basic Plastics, Basic Plastics Basic Chemicals Hydrocarbons and Energy, Basic Plastics
Basic Chemicals and Basic Plastics and
Hydrocarbons and Energy Performance Products
1
Net sales represents total sales of the joint venture, including sales of products to Dow and/or to other Dow joint ventures. 2010 Databook 93
Appendix
Impact of Certain Items on Pro Forma EBITDA1

Impact of Hurricanes $— $— $— $— $— $— $— $(147) $(63) $(210) $(2) $— $— $— $(2)
Gustav and Ike
K-Dow related expenses — — — — — — — — (69) (69) — — — — —
Goodwill impairment — — — — — — — — (239) (239) — — — (7) (7)

losses
Restructuring charges 1 (11) (18) (582) (610) (12) (86) (4) (936) (1,038) (21) (662) — (8) (691)
Purchased in-process — — (59) 2 (57) — — (27) (17) (44) — — — (7) (7)

research and
development charges
Divestiture of 40% equity 4 3 3 3 13 2 85 — — 87 — — — — —

investment in UP
Chemical Company
Transaction, integration — — — — — — — (45) (58) (103) (128) (86) (47) (45) (306)
and other Rohm and Haas
acquisition-related expenses
Pension — — (65) — (65) — — — — — — — — — —
Dow Corning restructuring — — — — — — — — — — (29) — — — (29)
One-time increase in cost — — — — — — — — — — — (209) — — (209)

of sales related to fair
valuation of Rohm and
Haas inventories
Gain on sale of TRN — — — — — — — — — — — — 457 — 457
Gain on sale of OPTIMAL — — — — — — — — — — — — 328 11 339
Loss on early — — — — — — — — — — — — (56) — (56)

extinguishment of debt
Equipolymers impairment — — — — — — — — — — — — — (65) (65)
Total $5 $(8) $(139) $(577) $(719) $(10) $(1) $(223) $(1,382) $(1,616) $(180) $(957) $682 $(121) $(576)
1
The Company uses EBITDA (which Dow defi nes as earnings before interest, income taxes, depreciation and amortization) as its measure of profi t/loss for segment reporting purposes.
EBITDA includes all operating items related to the businesses, except depreciation and amortization, and excludes items that principally apply to the Company as a whole. A reconciliation
of pro forma EBITDA to pro forma “Income (Loss) from Continuing Operations Before Income Taxes” is provided below:
Reconciliation of Pro Forma EBITDA to Pro Forma Income (Loss) from Continuing Operations Before Income Taxes2
$ in millions (Unaudited) Q1’08 Q2’08 Q3’08 Q4’08 2008 Q1’09 Q2’09 Q3’09 Q4’09 2009
EBITDA $2,342 $2,081 $1,612 $(724) $5,311 $766 $596 $2,237 $1,346 $4,945
– Depreciation and Amortization 807 806 799 801 3,213 756 763 752 804 3,075
+ Interest Income 28 30 26 18 102 15 9 6 12 42
– Interest Expense and Amortization 579 435 463 431 1,908 543 525 488 404 1,960
of Debt Discount
Income (Loss) from Continuing Operations $984 $870 $376 $(1,938) $292 $(518) $(683) $1,003 $150 $(48)
Before Income Taxes
2
The unaudited pro forma information in the above schedule reflects the combination of Dow and Rohm and Haas, the impact of increased depreciation and amortization expense
resulting from the fair valuation of assets acquired from Rohm and Haas, and the treatment of Dow’s Calcium Chloride business as discontinued operations.

VISION
X To be the most profitable and respected science-driven chemical
company in the world
MISSION
X To passionately innovate what is essential to human progress
by providing sustainable solutions to our customers
CORPORATE STRATEGY
X To preferentially invest in a portfolio of technology-integrated,
market-driven performance businesses that create value for our
stockholders and growth for our customers
X To manage a portfolio of asset-integrated, building-block
businesses to generate value for our downstream portfolio
VALUES
X Integrity
X Respect for People
X Protecting Our Planet
STRATEGIC THEMES
X Financial Discipline
X Sustainability
X Performance Culture
X Profitable Growth
The forward-looking statements contained in this document involve risks and uncertainties TABLE OF CONTENTS
that may affect the Company’s operations, markets, products, services, prices and other
factors as discussed more fully elsewhere and in filings with the U.S. Securities and
Exchange Commission. These risks and uncertainties include, but are not limited to, 2 Selected Pro Forma Historical
economic, competitive, legal, governmental and technological factors. Accordingly, there is
no assurance that the Company’s expectations will be realized. The Company assumes no
Segment Information
obligation to provide revisions to any forward-looking statements should circumstances 4 Our Strategy
change, except as otherwise required by securities and other applicable laws. References
to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated 10 Our Geographic Reach
subsidiaries, unless otherwise expressly noted.
References to Advanced Materials or Advanced Materials Division mean the businesses
14 Innovation
comprised within the Electronic and Specialty Materials, and Coatings and Infrastructure 20 Sustainability
operating segments.
The financial or other data and information related to or used to create statements in this 24 Chemistry Flow
document regarding industry leading or leadership positions, or comparisons of products,
portfolios, or industry positions to competitors was obtained from publicly available sources.
26 Dow at a Glance
®
™ Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow 86 Joint Ventures
unless otherwise specifically noted.
94 Appendix
®
™ Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow unless otherwise specifically noted.
THE DOW OF TOMORROW
The Right Strategy
The Right Focus
The Right Portfolio
The Right People

The Right Pipeline
The Dow of Tomorrow –

Here Today
HERE TODAY
2010 Databook

Midland, MI 48674 U.S.A. The Dow Chemical Company
2010 Databook
Investor Relations
(800) 422 8193
(989) 636 1463
IR@dow.com Form No. 161-00750

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THE DOW OF TOMORROW

The Right Strategy

The Right Focus

The Right Portfolio

The Right People

The Dow Chemical Company

The Dow of Tomorrow –

The Dow Chemical Company

Our strategy is clear. We will preferentially invest in a portfolio of technology-integrated,

Sales by Operating Segment

EBITDA2 by Operating Segment

Certain Items Increasing (Reducing) EBITDA 3 by Operating Segment

Hydrocarbons — — — (44) (44) — — (36) (34) (70) — (65) 457 — 392

2 The Dow Chemical Company

EBITDA by Operating Segment Excluding Certain Items

Hydrocarbons — (1) — — (1) — — 35 (35) — — — — (1) (1)

Equity in Earnings (Losses) of Nonconsolidated Affiliates by Operating Segment

Performance Products 20 21 14 1 56 11 23 21 (3) 52 1 7 19 4 31

Basic Plastics 75 60 51 49 235 60 43 62 (50) 115 23 35 55 (1) 112

Basic Chemicals 69 75 111 131 386 99 71 58 (14) 214 40 9 45 69 163

Hydrocarbons 15 12 35 25 87 22 16 12 (9) 41 (2) 6 11 18 33

Basic Plastics 626 648 542 Basic Plastics 176 186 57

Hydrocarbons and Energy — — — Hydrocarbons and Energy 413 389 296

Corporate 205 215 153 Corporate 127 134 50

Total $3,106 $3,213 $3,075 Total $2,529 $2,796 $1,479

R&D capabilities have been increased with the addition of the

4 The Dow Chemical Company 1

~ 15 –18% Health and Agricultural

Basic Plastics Elevated:

FOCUS ON HIGH-GROWTH MEGATRENDS

– Construction and – Alternative Energy – Electronics and – Agriculture

Dow’s Business Model – Three Integrated Parts

Coatings and Infrastructure

Hydrocarbons and Energy

THE RIGHT STRATEGY

THE RIGHT PORTFOLIO

Healthcare and Medical 3%

1.0 Paper and Publishing 3%

THE RIGHT FOCUS

THE RIGHT INNOVATION PIPELINE

$30 Billion Pipeline NPV,

8 The Dow Chemical Company

THE RIGHT COST STRUCTURE

$2.5 Billion Targeted Annual Expense Savings

Run-Rate Expense Savings

RECENT DEVELOPMENTS TO STRENGTHEN OUR GEOGRAPHIC POSITION

10 The Dow Chemical Company

EUROPE, MIDDLE EAST, AFRICA:

STRONG GROWTH IN EMERGING GEOGRAPHIES

Emerging 28% 32% 35%

2009 Pro Forma Sales In Emerging Geographies

Electronic and Specialty Materials

POSITIONED FOR GROWTH IN KEY INDUSTRIES

Healthcare and Medical Transportation Food Utilities

Electronics and Consumer and

12 The Dow Chemical Company 1

Shanghai Dow Center Sugarcane in Brazil Dow Izolan in Russia

Emerging Geographies Showcase

Greater China Brazil Eastern Europe (including Russia)

14 The Dow Chemical Company

R&D Pipeline Valuation

NPV Risk Adjusted NPV