EMEA
23%
Asia Pacific
45% Latin
America
5%
North
America
27%
Electronic & Functional Materials Overview
Advanced technologies that enable
next-generation smart devices for high-
growth, technology-intensive
electronics and display markets
Performance-enhancing solutions that
enable customers to differentiate their
products in pharma, food, water,
energy and personal care markets
Specialty, enabling material solutions
for high-growth markets that demand
speed, agility and customer focus
Value Proposition 2011 Sales by Geography
LTM Sales: $4.4B
LTM Adj. EBITDA1: $1.1B
Sales Growth: 2x GDP
Target EBITDA Margin: ~25%
Normalized Targets
Mobile connectivity and display technology
Energy exploration and production
New classes of drugs to treat diseases
Performance differentiation for personal care products
Healthier foods and improved nutrition
Key Market Drivers Market Environment & Outlook
Mobile communications pulling market into recovery
Consumer demand for vivid, multi-functional touch screens driving growth
Demand for technology that maintains the integrity of oil and gas reservoirs
New ways to turn insoluble active ingredients into effective medicines
Drive to develop healthier options for foods
Differentiated solutions for all skin/hair types
Leadership
EMEA
23%
Asia Pacific
45% Latin
America
5%
North
America
27%
Howard Ungerleider Executive Vice President
1 As reported, excluding unusuals.
77% of Electronic Materials
sales in Asia Pacific
Electronic & Functional Materials: Highlights and Priorities
2012 Key Achievements Strategic Imperatives
Opened Technology Center in Korea serving global display
technologies business and semiconductor-related research
Acquired Lightscape Materials – specialty phosphor technology IP
Launched IKONIC™ polishing pad platform designed to deliver the
highest performance levels for leading-edge CMP applications
Opened new Electronic Materials production facility in China
New microbial solutions for shale gas production
Launched silver-based SILVADUR™ Antimicrobials to keep
garments smelling fresh by controlling odor-causing bacteria
Collaborating with Bend Research to improve drug solubility
Optimized footprint
and global cost-
competitive
manufacturing
position
Strengthen leadership positions in technology-intensive
industries through innovation
Continue upgrading portfolio by prioritizing the best
technologies in the fastest-growing segments
Monetize innovation for weight management; active
ingredient solubilization; mono-dose home care;
sun/skin care; and broad microbial control
Leverage close to customer investments in Asia Pacific
Expand innovations in semiconductor and interconnect
businesses and display technologies
Collaborative,
customer-driven
materials
research
Focus on faster-
growing,
technology-
oriented
applications
Path to Normalized Margin Target
and Higher ROC Innovation
Innovation Operational
Excellence
End Market
Differentiation
®™ Trademark of The Dow Chemical Company ("Dow") or an affiliated company of Dow unless otherwise specifically noted.
VISIONPAD™
Polishing Pad
ACuPLANE™
Slurry
EPIC™
Photoresists
MICROFILL™
Electrolytic Copper
METHOCELTM
Gluten-Free
Solution
EMEA
32%
Asia Pacific
20% Latin
America
7%
North
America
41%
Coatings & Infrastructure Overview
Largest integrated coating materials portfolio for architectural and industrial paint and coatings formulators worldwide
Broadest portfolio of purification and separation technologies for industrial and infrastructure solutions
Leading position in building products and technologies that insulate, protect and enhance the building envelope for maximum energy efficiency and performance
Market-centric organization with strong customer sales and technical support across all geographic areas
LTM Sales: $6.9B
LTM Adj. EBITDA1: $1.1B
Sales Growth: 1.5x GDP
Target EBITDA Margin: ~20-25%
Normalized Targets
New construction
Remodeling spend
Industrial coatings
Water demand
Energy-efficiency trends
Key Market Drivers Market Environment & Outlook
Population growth, urbanization and growing affluence in emerging economies
Continued improvements in North America from market bottom
Non-residential and infrastructure market growth
European markets remain weak
Weakness in polysilicon value chain (Dow Corning)
EMEA
32%
Asia Pacific
20% Latin
America
7%
North
America
41%
Howard Ungerleider Executive Vice President
Value Proposition 2011 Sales by Geography Leadership
1 As reported, excluding unusuals.
Innovate Grow Optimize
Coatings & Infrastructure: Highlights and Priorities
2012 Key Achievements Strategic Imperatives
Introduction of breakthrough stain blocking technology for
architectural coatings
Development of next-generation epoxy coatings for pipeline
applications in the oil and gas industry
New low-cost performance monomer capacity in Saudi Arabia
Successful launch of award-winning polymeric fire retardant via
global licensees, making it the industry standard for polystyrene foam
insulation
Introduction of DOW™ FILMTEC™ ECO line of reverse osmosis
elements that filter brackish water with 30% less energy
Surpassed sales targets for newly launched GREAT STUFF™
PESTBLOCK™ Insulating Foam Sealant
Capitalize on global manufacturing capability and
integration to create top-line growth
Accelerate the commercialization of select high-
value innovations – hiding platform, flame-
retardant technology, roof coatings, membranes
and ultra filtration
Improve asset utilization and operational discipline
Leverage regional commercial and technical
resources to support growth in emerging
economies
Path to Normalized Margin Target
and Higher ROC Innovation
Expand customer
value with
differentiated
technologies and
innovations
Drive growth by
utilizing
competitive
positions
Optimize portfolio
and envelope
management
®™ Trademark of The Dow Chemical Company ("Dow") or an affiliated company of Dow unless otherwise specifically noted.
STYROFOAMTM Brand
XPS Foam Insulation
DOW™ FILMTEC™
ECO Line
FASTRACKTM
Technology for
Traffic Paint
EMEA
23%
Asia Pacific
12% Latin
America
27%
North
America
38%
Agricultural Sciences Overview
Harnessing innovation and science
to enable farmers to increase yields
Full portfolio of farmer solutions with
both biotech innovations and novel
crop protection products
Driving growth with the launch and
market penetration of differentiated
solutions
Collaboration and licensing
agreements strengthen technology
platform
Value Proposition 2011 Sales by Geography
LTM Sales: $6.2B
LTM Adj. EBITDA1: $1.0B
Sales Growth: 1.5x GDP
Target EBITDA Margin: ~25%
Normalized Targets
Bill Weideman CFO and Executive VP Finance,
Executive Oversight, Dow AgroSciences
Agricultural commodity prices
Net farm income
Global population growth
Increased wealth in developing world – change of diet
Water scarcity and diminishing arable land
Glyphosate-resistant weeds
Key Market Drivers Market Environment & Outlook
Strong industry demand from commodity
prices and farmer profitability
High crop commodity prices provide an
incentive to adopt new yield-maximizing
solutions
High planted acreage in Northern and
Southern Hemispheres
Leadership
EMEA
23%
Asia Pacific
12% Latin
America
27%
North
America
38%
1 As reported, excluding unusuals.
Agricultural Sciences: Highlights and Priorities
2012 Key Achievements Strategic Imperatives
Achieved 3QYTD sales record for Agricultural Sciences and both
business platforms (+12%)
Launched Refuge Advanced®, POWERCORE™ and Sulfoxaflor2
Enlist™ registration received in Canada for corn and soybeans
Corn hybrids containing SmartStax® Insect Protection outperformed
competitors in the U.S.
Launched strategic relationship with The Royal Barenbrug Group
for the development and commercialization of advanced
germplasm in forage seeds
Received U.S. patent for Enlist™ in soybeans and cotton
Launch of weed
control system
Increased market penetration with SmartStax®, Refuge
Advanced®, POWERCORE™ and healthy oils
Successful launch of Enlist™ Weed Control System as
the solution for hard-to-control and glyphosate-resistant
weeds
Commercialization of R&D pipelines
Strengthen channel access and technology penetration
Accelerate innovation using both organic R&D
investment and third-party collaborations
Achieve $1B corn seed and trait business
Path to Normalized Margin Target
and Higher ROC Innovation
Gains in major
geographies for
key crops
Product sales on
track to exceed
target
Enlist Seed
Share
New Crop
Protection
®™ Trademark of The Dow Chemical Company ("Dow") or an affiliated company of Dow unless otherwise specifically noted.
™Enlist, Enlist Duo and Colex-D are trademarks of Dow AgroSciences LLC. Components of the Enlist Weed Control System
have not yet received regulatory approvals; approvals are pending.
®REFUGE ADVANCED and the REFUGE ADVANCED logo are registered trademarks of Dow AgroSciences LLC
SMARTSTAX and POWERCORE multi-event technology developed by Dow AgroSciences LLC and Monsanto.
SMARTSTAX, the SMARTSTAX Logo and POWERCORE are trademarks of Monsanto Technology, LLC
1 subject to regulatory approval, 2 s.18 launch.
EMEA
35%
Asia Pacific
22% Latin
America
12%
North
America
31%
Performance Materials Overview
Leading industry positions with global
reach and access to large, attractive
end-markets
Diverse products and applications
with broad adjacency opportunities
Innovative growth engine for Dow and
our customers
Full-service supplier with global
technical service network close to
customers
Value Proposition 2011 Sales by Geography
LTM Sales: $13.8B
LTM Adj. EBITDA1: $1.7B
Sales Growth: 1.1-1.3x GDP
Target EBITDA Margin: 15-18%
Normalized Targets
Construction
Transportation
Consumer goods
Energy
Pharmaceuticals
Oil and gas
Consumer durables
Key Market Drivers Market Environment & Outlook
At or above GDP growth in construction,
appliances, insulation and furniture
Light vehicle production growth slows from
2012 levels
Increasing demand for food production and
health for surfactants and PEGs
Leadership
EMEA
35%
Asia Pacific
22% Latin
America
12%
North
America
31%
Joe Harlan Executive Vice President
1 As reported, excluding unusuals.
Operational
Excellence
Performance Materials: Highlights and Priorities
2012 Key Achievements Strategic Imperatives
New polyurethane systems house opened in Saudi Arabia
New propylene glycol plant in Map Ta Phut, Thailand, on track for
start-up by YE2012
Launched more than 40 products across the portfolio, capitalizing
on high-value industry opportunities
Differentiated and broadened customer base through addition of
100 new customers in the year
Dow and Sadara project progressed via announcement of
marketing and sales agreement
Completion of PDH unit and
Sadara delivers next level of
earnings growth
Maximize benefits of low-cost position and integration to
outperform the market in asset utilization and gain share
Implement selective reformulations and line extensions
to earn a premium for differentiation
Accelerate innovation pipeline commercialization,
concentrating resources on highest near-term returns
Leverage Dow’s leading EO position across portfolio
Improve upon foundation of operational excellence
Grow differentiated downstream franchises
Path to Normalized Margin Target
and Higher ROC Innovation
Leverage low- cost technology
position to outperform
market in asset utilization and
growth
Strategic investments in production facilities and R&D to optimize
assets and efficiencies
Integration
Projects
Next-Gen BETAMATE™
Brand Family
NEPTUNE™ Flow
Assurance Insulation
Next-Gen Viscoelastic
Foam Solutions Epoxy PROLOGIC™
HS 8000 Series
PASCAL™ Appliance
Technology UCON™ Oil Soluble
PAG Solutions UCARSOL™ Shale H for
Gas Treating
Concentrated
Solar Power
Portfolio
Optimization
®™ Trademark of The Dow Chemical Company ("Dow") or an affiliated company of Dow unless otherwise specifically noted.
EMEA
31%
Asia Pacific
17% Latin
America
17%
North
America
35%
Performance Plastics Overview
Portfolio geared toward faster-growing,
higher-margin sectors
Global leader in packaging materials
and polyolefin elastomers
Leading global provider to the electrical
and telecommunications industry
Polymer and formulation science
enables market participation growth
from customers that demand
differentiated solutions
Value Proposition 2011 Sales by Geography
LTM Sales: $14.5B
LTM Adj. EBITDA1: $2.9B
Sales Growth: 1.4x GDP
Target EBITDA Margin: 20-25%
Normalized Targets
Global GDP
Increased non-durable consumer
spending
New automotive builds
Oil-to-gas spread
Key Market Drivers Market Environment & Outlook
Leadership
EMEA
31%
Asia Pacific
17% Latin
America
17%
North
America
35%
Jim Fitterling Executive Vice President
Strong global demand for flexible food packaging
Emerging market discretionary spending will
continue to drive growth in disposable packaging
Favorable underground utility trends in power
markets; growth in LTE for telecommunications
Continued preference for soft-touch aesthetics in
household products, toys and consumer durables
Aging populations will grow demand in hygiene
market; new demands for softness
1 As reported, excluding unusuals.
Cycle
Dynamics
Feedstock
Advantage
Performance Plastics: Highlights and Priorities
2012 Key Achievements Strategic Imperatives
Market Orientation: Deploy global reach and technology
to meet the needs of specialized end-market applications,
with strong focus on emerging market opportunities
Enhanced Collaboration: Partnerships with converters,
brand owners, designers, value chain influencers,
equipment manufacturers and retailers to drive innovation
Technology Integration: Leverage technology backbone
across vast end-markets; rapidly proliferate proven
technologies across the globe
Path to Normalized Margin Target
and Higher ROC
Record YTD sales and EBITDA for Dow Elastomers
Dow Elastomers announces plans for new NORDEL™ production
facility to meet growing customer demand
Electrical & Telecommunications recognized with 2012 North America
Product Line Strategy Award from Frost & Sullivan
Introduced new ENLIGHT™ Polyolefin Back Encapsulant Composite
Films, which enable improved solar cell performance
Launched 42 new products year-to-date, showcasing commitment to
innovation and rapid commercialization of new material solutions
INFUSE™ OBC receives 2012 Innovation Award from ICIS
Innovation
Demand on
pace to outstrip
supply by 2014
Global cost-
competitive
manufacturing
position
Global franchise
focused on faster-
growing, technology-
oriented applications
Market
Access &
Differentiation
®™ Trademark of The Dow Chemical Company ("Dow") or an affiliated company of Dow unless otherwise specifically noted.
EMEA
53%
Asia Pacific
3% Latin
America
4%
North
America
40%
Feedstocks & Energy Overview
Competitive advantage through
feedstock integration and flexibility
enable downstream businesses
Strategic JV partnerships reduce
capital intensity
World’s largest and most experienced
ethylene producer
70% of Dow’s ethylene capacity is
located in cost-advantaged regions
Operational excellence and reliability
to enable cost competitiveness
Value Proposition 2011 Sales by Geography
LTM Sales: $11.0B
LTM Adj. EBITDA1: $700MM
Sales Growth: 1x GDP
Target EBITDA Margin: 8-12%
Normalized Targets
Jim Fitterling Executive Vice President
Ethylene industry operating rates
Oil-to-gas price ratio
Consumer and institutional
goods (MEG)
Chemicals, alumina and pulp
and paper (caustic soda)
Key Market Drivers Market Environment & Outlook
Continued high and volatile oil prices
Natural gas prices to rise modestly from 2012, but
capped by economics of coal substitution
Increasing supply of ethane and propane
feedstocks from U.S. shale gas advantage
Growth in chlorine chain and new capacity could
loosen caustic balances from current levels
PVC chain continues slow and mixed recovery
Leadership
EMEA
53%
Asia Pacific
3% Latin
America
4%
North
America
40%
1 As reported, excluding unusuals.
Envelope
Management
Reduced
Earnings
Volatility
USGC Cycle
Dynamics
Equity-Light
Partnerships
2012 Key Achievements Strategic Imperatives
St. Charles, Louisiana, cracker on track to restart by year-end,
contributing $150MM EBITDA in 2013
Continued progress towards start up of Dow-Mitsui
Chlor-Alkali JV
In-licensed UOP technology and Board authorization for new,
world-scale propylene production facility to be constructed in
Freeport, Texas (PDH)
Announced new, world-scale ethylene production plant to be
located at Dow Texas Operations in Freeport
Minimize feedstock cost using scale, infrastructure and
flexibility advantage to crack lowest-cost option
Maintain foundation of operational excellence,
particularly in an environment of rising operating rates
Implement strategic feedstock flexibility and monomer
capacity expansion projects
Strong complement of strategic JV partnerships
Reliable and low-cost supply of chemical building blocks
to downstream derivatives
Effective envelope management and integration
Path to Normalized Margin Target and
Higher ROC (downstream): Hydrocarbons
Replace
purchased
feedstocks with
cost-advantaged
production
Global operating
rates for ethylene
exceed 90% by
2014
Expand capacity
without increasing
exposure to
non-core markets
Feedstocks & Energy: Highlights and Priorities
Effective chlorine
and EO envelope
management and
integration
Maximization
of merchant
market and JV
participation
Reduced exposure
to volatile end-
markets, resulting
from recent right-
sizing actions
Path to Normalized Margin Target and
Higher ROC: Chlor-Alkali & Vinyl and EO/EG
Partnerships