EXHIBIT 12.1

The Dow Chemical Company and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

	For the year ended December 31
In millions, except ratio (Unaudited)	2008			2007			2006			2005			2004
Income before Income Taxes and Minority Interests	$	1,321		$	4,229		$	4,972		$	6,399		$	3,796
Add (deduct):
Equity in earnings of nonconsolidated affiliates		(787	)		(1,122	)		(959	)		(964	)		(923	)
Distributed income of earnings of nonconsolidated affiliates		836			774			616			495			370
Capitalized interest		(97	)		(85	)		(73	)		(56	)		(48	)
Amortization of capitalized interest		84			79			70			70			65
Preferred security dividends		(63	)		(81	)		(77	)		(65	)		(54	)
Adjusted earnings	$	1,294		$	3,794		$	4,549		$	5,879		$	3,206
Fixed charges:
Interest expense and amortization of debt discount	$	648		$	584		$	616		$	702		$	747
Capitalized interest		97			85			73			56			48
Preferred security dividends		63			81			77			65			54
Rental expense – interest component		120			124			131			133			135
Total fixed charges	$	928		$	874		$	897		$	956		$	984
Earnings available for the payment of fixed charges	$	2,222		$	4,668		$	5,446		$	6,835		$	4,190
Ratio of earnings to fixed charges		2.4			5.3			6.1			7.2			4.3

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