CREATING THE NEW DOW

CREATING THE NEW DOW

JIM FITTERLING

Chief Executive Officer, Dow Chief Operating Officer, Materials Science Division, DowDuPont

WE ARE SQUARELY FOCUSED ON MAXIMIZING SHAREHOLDER VALUE

WHAT YOU WILL SEE & HEAR TODAY ? Substantial changes are underway ? mindset, cost structure and organization ? New Dow has a bright future ? streamlined, focused and positioned to win ? Our resource allocation will reflect an unbiased, best-owner mindset ? We will deliver best-owner performance based on benchmarking ? We will provide greater granularity on our businesses

The New Dow Will Be DIFFERENT and BETTER

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THE NEW DOW: A COMPELLING INVESTMENT OPPORTUNITY

HIGHER EARNINGS & CASH FLOW

HIGHER VALUE

? Reduced cost structure ? Suite of low-risk growth projects ? Cycle discipline ? Lower Capex ? Higher EBITDA-to-CFFO conversion

? Greater financial & capital discipline ? Streamlined, focused portfolio ? Lower volatility vs. peers ? Higher ROIC ? Higher free cash flow

$2B to >$3B EBITDA Upside

vs. 2Q18 TTM

>13% ROIC

Target Across the Cycle

$3-4B FCF Upside

vs. 2Q18 TTM

Attractive Shareholder Returns

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THE NEW DOW: WE ARE MAKING CHANGES

THE CATALYST FOR CHANGE

TRANSACTION RATIONALE ? Create market leaders ? Best-owner business alignment ? Best-in-class performance ? Drive sharper focus ? Streamline cost structures ? Maximize shareholder value

THE `NEW DOW'

Streamlined, focused portfolio & business model Right-sizing cost structure, reducing layers Unbiased, lower-risk, higher-return resource &

capex allocation

Culture of benchmarking & increased granularity Renewed Board & management

New Dow is committed to driving higher ROIC, free cash flow and maximizing shareholder value

4

THE NEW DOW: WE ARE MAKING CHANGES

THE CATALYST FOR CHANGE

TRANSACTION RATIONALE ? Create market leaders ? Best-owner business alignment ? Best-in-class performance ? Drive sharper focus ? Streamline cost structures ? Maximize shareholder value

THE `NEW DOW'

Streamlined, focused portfolio & business model Right-sizing cost structure, reducing layers Unbiased, lower-risk, higher-return resource &

capex allocation

Culture of benchmarking & increased granularity Renewed Board & management

New Dow is committed to driving higher ROIC, free cash flow and maximizing shareholder value

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