Dow Inc. · NYSE:DOW

Dow — J.P. Morgan Virtual Industrials Conference 2020

17 slides from Dow's conference presentation, Mar 10, 2020

1. Slide 1: Dow - J.P. Morgan Virtual Industrials Conference

   DOW Howard Ungerleider, President and Chief Financial Officer J.P. Morgan Virtual Industrials Conference March 10, 2020

2. Slide 2: Delivering on Our Priorities

   DELIVERING ON OUR PRIORITIES PROFITABLE DISCIPLINED CAPITAL LOW-COST BEST OWNER GROWTH ALLOCATION OPERATING MODEL MINDSET Consistent progress on the priorities laid out at our Investor Day in 2018 2

3. Slide 3: Substantial Progress Delivered Amidst a Challenging Macro

   SUBSTANTIAL PROGRESS DELIVERED AMIDST A CHALLENGING MACRO FINANCIAL GOALS OUTLINED AT INVESTOR DAY 2018 OUR PROGRESS TO DATE Profitable Growth, Enhance Customer-Centricity  Wave 1 growth projects to contribute $200-$350MM of EBITDA ~$250MM of EBITDA in 2019  Prioritize lower-risk, incremental grow

4. Slide 4: Prudent Deleveraging & Liability Management Actions Taken Since Spin

   PRUDENT DELEVERAGING & LIABILITY MANAGEMENT ACTIONS TAKEN SINCE SPIN Liquidity & Debt Overview Recent Deleveraging & Liability Mgmt Actions  Paid down >$3B of gross debt in 2019 End-2019 Liquidity Revolver ($5B) Bilateral Lines ($2.8B)[1]  Interest expense in FY19 was >$100MM lower YoY  Extended

5. Slide 5: Significant FCF Potential, Several Near-Term Actions in Focus

   SIGNIFICANT FCF POTENTIAL, SEVERAL NEAR-TERM ACTIONS IN FOCUS Base Case Highlights ~$4B of FCF Potential in 2020 ~$1B of FCF Upside Potentials Base Case Cash Upsides/Downsides vs. 2019  Recover tax paid on pre- (>10% FCF Yield at Today’s 2012 Nova judgment 0.1 Market Cap) 0.8 1.0  Reach settlement

6. Slide 6: Culture of Benchmarking: Summary of Observations

   CULTURE OF BENCHMARKING: SUMMARY OF OBSERVATIONS Segment FY19 Benchmarking: Strengths & Gaps  FY19 YoY Adj. Op. EBITDA decline significantly less than peers  Adj. Op. EBITDA per pound polyolefin capacity ahead of peers; advantage widened P&SP  Adj. Op. EBITDA margin was among highest in the peer

7. Slide 7: FY19 Benchmarking Update

   : oe a hi FY19 BENCHMARKING UPDATE ry. hs - —

8. Slide 8: Benchmarking Peers – Consistent with Investor Day 2018

   BENCHMARKING PEERS – CONSISTENT WITH INVESTOR DAY 2018 P&SP Chemicals Polyolefins Olefins & Polyolefins Corporate II&I Intermediates & Derivatives Corporate Corporate Corporate PM&C(1) Coatings, Silicones Ind Sp. and Acetyl Corporate Silicones Adhesives, Specialties Benchmarking conducted against se

9. Slide 9: Packaging & Specialty Plastics

   PACKAGING & SPECIALTY PLASTICS BENCHMARKING SNAPSHOT on a Pro Forma Basis (1,2,3,4,5,6) FY19 UPDATE & INVESTOR DAY 2018 Adj. Op. EBITDA Adj. Op. EBITDA Free Cash Conversion SG&A + R&D CORE STRENGTHS Growth (TTM) Margin (TTM) (FY) (FY, as a % of Sales) FOCUS AREAS FY19 vs. Investor Investor Investor

10. Slide 10: Return on Polyolefin Capacity

    RETURN ON POLYOLEFIN CAPACITY Op. EBITDA Per Pound Dow’s P&SP Returns Polyolefins Capacity1 (cpp) Remain Ahead of Peers 22 • Full feedstock-to-polymer integration 21 delivers enhanced value 19 • Differentiated portfolio delivers margin 14 resiliency 12 • Functional Polymers portfolio dampens trends

11. Slide 11: Industrial Intermediates & Infrastructure

    INDUSTRIAL INTERMEDIATES & INFRASTRUCTURE BENCHMARKING SNAPSHOT on a Pro Forma Basis (1,2,3,4,5) FY19 UPDATE & INVESTOR DAY 2018 Adj. Op. EBITDA Adj. Op. EBITDA Free Cash Conversion SG&A + R&D CORE STRENGTHS Growth (TTM) Margin (TTM) (FY) (FY, as a % of Sales) FOCUS AREAS FY19 vs. Investor Investor

12. Slide 12: Performance Materials & Coatings

    PERFORMANCE MATERIALS & COATINGS BENCHMARKING SNAPSHOT on a Pro Forma Basis (1,2,3,4,5,6) FY19 UPDATE & INVESTOR DAY 2018 Adj. Op. EBITDA Adj. Op. EBITDA Free Cash Conversion SG&A + R&D CORE STRENGTHS Margin (TTM) (FY) (FY, as a % of Sales) FOCUS AREAS Growth (TTM) FY19 vs. Investor Investor Investo

13. Slide 13: Thank You

    THANK YOU

14. Slide 14: General Comments

    GENERAL COMMENTS Separation from DowDuPont On April 1, 2019, DowDuPont Inc. ("DowDuPont" and effective June 3, 2019, n/k/a DuPont de Nemours, Inc. or "DuPont") completed the separation of its materials science business and Dow Inc. became the direct parent company of The Dow Chemical Company and its

15. Slide 15: Safe Harbor

    SAFE HARBOR Cautionary Statement about Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27Aof the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amen

16. Slide 16: Non-GAAP & Definitions

    NON-GAAP & DEFINITIONS Trademarks The Dow Diamond, logo and all products, unless otherwise noted, denoted with ™, ℠ or ® are trademarks, service marks or registered trademarks of The Dow Chemical Company or its respective subsidiaries or affiliates. Solely for convenience, the trademarks, service ma

17. Slide 17: Free Cash Conversion Reconciliation

    FREE CASH CONVERSION RECONCILIATION Free Cash Conversion for the Twelve Months Ended Dec 31, 2019 Pack. & Perf. Spec. Ind. Interm. Materials & In millions, except per share amounts (Unaudited) Plastics & Infrast. Coatings Pro forma Operating EBIT $ 2,904 $ 845 $ 918 + Depreciation and amortization $

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