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
2
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
3
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
5
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