EXHIBIT 21

Subsidiaries of The Dow Chemical Company
At December 31, 2008
				Location*	% Ownership
	This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
The Dow Chemical Company				Delaware
	Americas Styrenics LLC (1)			Delaware	50
	Arabian Chemical Company (Latex) Ltd. (1)			Saudi Arabia	50
	Arabian Chemical Company (Polystyrene) Limited (1)			Saudi Arabia	50
	ARAKAWA Europe GmbH			Germany	60
	Buildscape, LLC			Delaware	100
	CanStates Holdings Inc.			Oklahoma	100
		ANGUS Chemical Company		Delaware	100
	CD Polymers Inc.			Delaware	100
	Centen Ag Inc.			Delaware	100
		Dow AgroSciences LLC (9)		Delaware	39
		DowBrands Inc. (17)		Delaware	8
		Mycogen Corporation (16)		California	12
	Chemars Inc.			Delaware	100
	Chemars III LLC			Delaware	100
	Chemtech II L.P. (8)			Delaware	22
	DC Partnership Management Inc.			Delaware	100
		DowBrands L.P. (6)		Delaware	42
	DCOMCO, Inc.			Delaware	100
	Denmerco Inc.			Delaware	100
	Dexco Polymers Operating Company LLC (1)			Texas	50
		Dexco Polymers L.P. (1) (23)		Texas	1
	Diamond Capital Management Inc.			Delaware	100
	DML Holding Inc. (36)			Delaware	89
	DMM Financial LLC			Delaware	100
		MTD Pipeline LLC (1)		Delaware	50
	Dofinco, Inc.			Delaware	100
	Dow Capital International LLC			Delaware	100
	Dow Chemical (Australia) Limited			Australia	100
		Dow Australia Superannuation Fund A Pty Limited		Australia	100
		Polystyrene Australia Pty Ltd (1)		Australia	50
	Dow Chemical (China) Investment Company Limited			China	100
		Dow Chemical (China) Company Limited		China	100
		Dow Chemical (Guangzhou) Company Limited		China	100
		Dow Chemical (Shanghai) Company Limited		China	100
		Dow Chemical (Zhangjiagang) Company Limited (13)		China	85
		Dow S/B Latex (Zhangjiagang) Co. Ltd. (12)		China	61
		Guangdong Zhongshan Amerchol Specialty Chemicals		China	90
		SAL Petrochemical (Zhangjiagang) Company Limited (15)		China	10
		Zhejiang Pacific Chemical Corporation		China	100
	Dow Chemical Delaware Corp.			Delaware	100
		Chemtech II L.P. (8)		Delaware	73
			Chemtech Portfolio Inc. (11)	Texas	33
			Chemtech Portfolio II Inc.	Michigan	100
	Dow Chemical (Hong Kong) Limited			Hong Kong	100
	Dow Chemical International Ltd.			Delaware	100
		Calvin Capital LLC		Delaware	100
		Dow Chemical Thailand Ltd.		Thailand	100
		Dow International Holdings Company (27)		Delaware	1
		Pacific Plastics (Thailand) Limited (47)		Thailand	51
		Petroquimica-Dow S.A. (Petrodow)		Chile	100
	Dow Chemical Korea Limited (40)			Korea	86

276

Dow Chemical (NZ) Limited					New Zealand	100
Dow Chemical Pacific Limited					Hong Kong	100
Dow Chemical Pacific (Singapore) Private Limited					Singapore	100
	Dow Chemical International  Pvt. Ltd. (32)				India	99
	Dow Chemical (Malaysia) Sdn. Bhd.				Malaysia	100
	Dow Financial Holdings Singapore Pte Ltd.				Singapore	100
		Dow Chemical (Zhangjiagang) Company Limited (13)			China	15
		Dow S/B Latex (Zhangjiagang) Co. Ltd. (12)			China	39
		SAL Petrochemical (Zhangjiagang) Company Limited (15)			China	90
	G.Z. Holdings Pte. Ltd.				Singapore	100
	PT Dow Chemical Indonesia (18)				Indonesia	15
	S.H.A. Holdings Pte.  Ltd.				Singapore	100
Dow Chemical (Singapore) Private Limited					Singapore	100
	Dow Chemical International  Pvt. Ltd. (32)				India	1
Dow Chemical Taiwan Limited					Taiwan	100
Dow Chemical Telecommunications Corp.					Delaware	100
Dow Credit Corporation					Delaware	100
Dow Customs & Trade Inc.					Delaware	100
Dow Deutschland Inc.					Delaware/Germany	100
	Dow Chemical Inter-American Limited				Delaware	100
		Dow Quimica de Colombia S.A. (5)			Colombia	10
Dow Deutschland Management Inc.					Delaware	100
Dow Engineering Company					Delaware	100
	Dow Engineering, Inc.				Michigan	100
Dow Environmental Inc.					Delaware	100
Dow Financial Services Inc.					Delaware	100
Dow Global Technologies Inc.					Delaware	100
	Chemtech Portfolio Inc. (11)				Texas	67
	Dow Petrochemicals Holding LLC (48)				Delaware	25
		Daulat Holdco LLC			Delaware	100
			K-D Petrochemicals C.V. (1) (55)		Netherlands	1
		K-Dow Petrochemicals GmbH (1)			Switzerland	50
			K-D Petrochemicals C.V. (1) (55)		Netherlands	47
	Dow Technology Investments LLC (43)				Delaware	50
Dow Holdings LLC					Delaware	100
	Dow Corning Corporation (1)				Michigan	50
	Dow Hydrocarbons and Resources LLC				Delaware	100
		Cayuse Pipeline, Inc.			Texas	100
		Dow Intrastate Gas Company			Louisiana	100
		Dow Pipeline Company			Texas	100
		K/D/S Promix, LLC (1)			Texas	50
		Midland Pipeline Corp.			Delaware	100
			Fort Saskatchewan Ethylene Storage Corporation (1)		Canada	50
				Fort Saskatchewan Ethylene Storage Limited Partnership (1) (14)	Canada	1
	DowBrands L.P. (6)				Delaware	58
Dow Internacional Mexicana S.A. de C.V.					Mexico	100
Dow International B.V.					Netherlands	100
Dow International Financial Services					Ireland	100
	Dow Capital Public Limited Company				Ireland	100
Dow International Holdings Company (27)					Delaware	72
	DC Spectrum Holding C.V. (44)				Netherlands	99
		Coöperatieve DC Prisma Holding U.A. (45)			Netherlands	99

277

Dow Dutch Holding B.V.							Netherlands	100
	DC Galaxy Holding C.V. (46)						Netherlands	1
	Dow Europe Finance I B.V.						Netherlands	100
	Dow International Holdings S.A.						Switzerland	100
		DC Galaxy Holding C.V. (46)					Netherlands	99
			Dow Europe Holding B.V.				Netherlands	100
				BASF DOW HPPO B.V. (1)			Netherlands	50
				BASF DOW HPPO Technology B.V. (1)			Netherlands	50
				Control Securities Finance (Consecfin) B.V.			Netherlands	100
				DC Finance Canada B.V.			Netherlands	100
				Domaluna B.V.			Netherlands	100
				Dow Austria Gesellschaft m.b.H			Austria	100
				Dow Belgium B.V.B.A.			Belgium	100
				Dow Benelux B.V.			Netherlands	100
					Dow Netwerk B.V.		Netherlands	100
					Emergo Finance C.V. (1)		Netherlands	50
					Polyol Belgium B.V.B.A. (10)		Belgium	99
					Valuepark Terneuzen Beheer B.V. (1)		Netherlands	50
						Valuepark Terneuzen C.V. (1) (31)	Netherlands	1
				Dow Beteiligungsgesellschaft mbH & Co. KG			Germany	100
					Dow Olefinverbund GmbH (50)		Germany	5
				Dow Chemical Company Limited			United Kingdom	100
					Autothane Limited		United Kingdom	100
					Cromarty Petroleum Company Limited (1)		United Kingdom	50
					Hyperlast Limited		United Kingdom	100
						ALH Rail Coatings Limited (1)	United Kingdom	50
						Hypertec Print Services Limited	United Kingdom	100
						Xitrack Limited (1)	United Kingdom	50
				Dow Chemical Iberica S.L.			Spain	99
					Terminal de Atraque de Productos Petroquimicos AIE (1)		Spain	50
					Transformadora de Etileno A.I.E. (1)		Spain	50
				Dow Chemical Korea Limited (40)			Korea	14
				Dow Chemical OOO			Russia	100
				Dow Chemical Romania S.R.L.			Romania	100
				Dow Europe GmbH			Switzerland	100
					Advanced Design Concepts GmbH (1)		Germany	50
					Dolpa S.a.r.l.		Luxembourg	100
					Dow-GACL Solventure LTD (1)		India	50
					Dow Chemical IMEA GmbH		Switzerland	100
					Dow Contract Services FZE		Dubai	100
					Dow Egypt Services Limited (49)		Egypt	25
					Dow Mideast Systems S.A.E. (JSC) (2)		Egypt	1
				Dow France S.A.S.			France	100
					UPPC S.A.R.L. (54)		France	25
				Dow Hellas A.E.			Greece	100
				Dow Hungary Kft. (29)			Hungary	99
				Dow InterBranch B.V.			Netherlands	100
					Dow Danmark A/S		Denmark	100
					Dow Hungary Kft. (29)		Hungary	1
					Dow Mideast Systems S.A.E. (JSC) (2)		Egypt	1
					Dow Norge A/S		Norway	100
					Dow Saudi Arabia Company (41)		Saudi Arabia	15

278

	Dow Turkiye Kimya Sanayi ve Ticaret Ltd Sti (3)			Turkey	1
	Dow Zwijndrecht B.V.B.A. (24)			Belgium	1
	Santa Vitoria Acucar e Alcool Ltda. (1)			Brazil	50
Dow Italia s.r.l.				Italy	100
	Dow AgroSciences Italia s.r.l.			Italy	100
	Dow Italia Divisione Commerciale s.r.l			Italy	100
Dow Mideast Systems S.A.E. (JSC) (2)				Egypt	98
		Dow Egypt Services Limited (49)		Egypt	75
Dow Olefinverbund GmbH (50)				Germany	95
	ANGUS Chemie GmbH			Germany	100
		Dow Deutschland GmbH & Co OHG (35)		Germany	30
		Dow Wolff Cellulosics GmbH & Co OHG (42)		Germany	50
	Dow AgroSciences GmbH			Germany	100
	Dow Automotive (Deutschland) GmbH			Germany	100
		Dow Deutschland GmbH & Co OHG (35)		Germany	35
	Dow Deutschland Anlagengesellschaft mbH			Germany	100
		Dow Wolff Cellulosics GmbH		Germany	100
			Probis GmbH	Germany	100
		UPPC GmbH		Germany	100
			UPPC Ltd.	United Kingdom	100
			UPPC S.A.R.L. (54)	France	75
	Dow Pipeline Gesellschaft mbH & Co. KG			Germany	80
	Dow Pipeline Verwaltungsgesellschaft mbH			Germany	80
	Haltermann Products GmbH			Germany	100
	SAFECHEM Europe GmbH			Germany	100
		Dow Deutschland GmbH & Co OHG (35)		Germany	35
		Dow Wolff Cellulosics GmbH & Co OHG (42)		Germany	50
Dow Plastics and Chemicals Holding B.V.				Netherlands	100
	K-D Petrochemicals C.V. (1) (55)			Netherlands	1
Dow Polska Sp.z.o.o.				Poland	100
Dow Portugal - Produtos Quimicos, Unipessoal, Lda.				Portugal	100
Dow Real Estate Terneuzen B.V.				Netherlands	100
Dow Saudi Arabia Company (41)				Saudi Arabia	85
Dow Southern Africa (Pty) Ltd				South Africa	100
Dow Suomi OY				Finland	100
Dow Sverige AB				Sweden	100
Dow Turkiye Kimya Sanayi ve Ticaret Ltd Sti (3)				Turkey	99
Dow (Wilton) Limited				United Kingdom	100
Dow Zwijndrecht B.V.B.A. (24)				Belgium	99
Edulan A/S				Denmark	100
	Edulan UK Limited			United Kingdom	100
Haltermann B.V.B.A.				Belgium	100
HPPO Holding & Finance C.V. (1)				Netherlands	50
K-Dow Petrochemicals EU B.V.				Netherlands	100
	K-Dow Petrochemicals Belgium B.V.B.A.			Belgium	100
	K-Dow Petrochemicals Iberica S.L.			Spain	100
	K-Dow Petrochemicals Netherlands B.V.			Netherlands	100
MEGlobal B.V. (1)				Netherlands	50
MTP HPJV C.V. (1)				Netherlands	50
MTP HPJV Management B.V. (1)				Netherlands	50
Oman Petrochemical Industries Company LLC (1)				Oman	50
Polyol Belgium B.V.B.A. (10)				Belgium	1

279

						RUS Polyurethanes Holding B.V.		Netherlands	58
							Dow Izolan OOO (52)	Russia	100
							Dow Izolan Ukraine LLC (53)	Ukraine	100
						UC Investment B.V.		Netherlands	100
							EQUATE Marketing Company E.C. (1)	Bahrain	50
				Rofan Automation and Information Systems B.V.				Netherlands	100
				Terneuzen Partnership Services B.V.				Netherlands	100
					Valuepark Terneuzen C.V. (1) (31)			Netherlands	49
		Dow Netherlands Investments LLC						Delaware	100
			Coöperatieve DC Prisma Holding U.A. (45)					Netherlands	1
	Dow Netherlands Holdings LLC							Delaware	100
		DC Spectrum Holding C.V. (44)						Netherlands	1
	DowBrands Inc. (17)							Delaware	79
Dow International Technology Corporation								Delaware	100
Dow Kakoh Kabushiki Kaisha								Japan	65
Dow Pacific Holdings B.V.								Netherlands	100
Dow Petrochemicals Holding LLC (48)								Delaware	25
Dow Quimica Argentina S.A. (25)								Argentina	87
Dow Quimica Chilena S.A. (26)								Chile	89
Dow Quimica de Colombia S.A. (5)								Colombia	90
Dow Quimica Mexicana S.A. de C.V. (21)								Mexico	85
Dow Roofing Systems LLC								Delaware	100
Dow South Africa Holdings (Pty) Ltd.								South Africa	100
	Sentrachem Limited							South Africa	100
		Cisvaal (Proprietary) Limited						South Africa	100
		Minchem International Inc.						South Africa	100
		South African Polymer Holdings (PTY)  Ltd.						South Africa	100
Dow Trading S.A.								Switzerland	100
Dow Trent Limited								United Kingdom	100
	Dow UK Limited							United Kingdom	100
		Haltermann Limited						United Kingdom	100
			Ascot Investments Limited					United Kingdom	100
				Ascot Chemicals Limited				United Kingdom	100
			Haltermann Pension Trustees Limited					United Kingdom	100
			Suter Limited					United Kingdom	100
Dow Venezuela, C.A. (7)								Venezuela	36
Dow Verwaltungsgesellschaft mbH								Germany	100
DSL Holdings Inc.								Delaware	100
	Dow Reichhold Specialty Latex LLC (1)							Delaware	50
DW Dexco Investment LLC								Delaware	100
	Dexco Polymers L.P. (1) (23)							Texas	49
Equipolymers B.V. (1)								Netherlands	50
Essex Chemical Corporation								New Jersey	100
Essex Specialty Products LLC								New Jersey	100
	American Mortell Corporation							Texas	100
		Mortell Company						Delaware	100
	Anabond Essex India Private Limited (1)							India	50
	Dow International Holdings Company (27)							Delaware	8
	Essex de Hermosillo, S.A. DE C.V.							Mexico	100
	GWN Holding, Inc. (37)							Delaware	27
	Wuhan Essex Chemical Co., Ltd.							China	100
Fenex Biopharmaceuticals Inc.								Delaware	100

280

FilmTec Corporation								Delaware	100
	OMEX Overseas Holdings Inc.							Virgin Islands	100
		Zhejiang OMEX Environmental Engineering Co., Ltd.						China	100
Flexible Products Company								Georgia	100
	Flexible Products Company of Canada, Inc							Canada	100
Forbanco Inc.								Delaware	100
General Latex and Chemical Corporation								Massachusetts	100
GNS Enterprises, LLC								Georgia	100
GNS Technologies, LLC								Georgia	100
Great Western Pipeline Company, Inc.								California	100
GWN Holding, Inc. (37)								Delaware	66
	Dow Canada Holding LP							Canada	100
		Daulat Canada Holding LP (51)						Canada	50
		Dow Canada Holding B.V.						Netherlands	100
			3229809 Nova Scotia Company					Canada	100
				Dow Investment Argentina S.A.				Argentina	100
					PBBPolisur S.A. (34)			Argentina	72
				PBBPolisur S.A. (34)				Argentina	28
			Dow Canadian Holding BV					Netherlands	100
				Daulat Canada Holding LP				Canada	50
					K-D Petrochemicals C.V. (1) (55)			Netherlands	1
			K-Dow Canada ULC					Canada	100
				Dow Chemical Finance Canada Inc.				Canada	100
					Modeland International Holdings Inc. (28)			Barbados	59
						Dow Brasil S.A.		Brazil	100
							Branco Dow Compostos de Engenharia S.A.	Brazil	100
							Cambricos de Uruguay S.A.	Uruguay	100
							Dopec Industria E Comercio Ltda.	Brazil	100
							Dow Especialidades Quimicas Ltda.	Brazil	100
							Dow Brasil Sudeste Industrial Ltda.	Brazil	100
							Keytil Sociedad Anonima	Uruguay	100
				Fort Saskatchewan Ethylene Storage Limited Partnership (1) (14)				Canada	49
				H-D Tech Inc. (1)				Canada	50
				MEGlobal Canada Inc (1)				Canada	50
				Pétromont and Company, Limited Partnership (1)				Canada	50
				Pétromont Inc. (1)				Canada	50
Ifco Inc.								Delaware	100
	Chemtech II L.P. (8)							Delaware	5
Ion Holdings LLC (20)								Delaware	60
	Ion Investments S.a.r.l.							Luxembourg	100
		Tornado Finance V.O.F.						Netherlands	60
Intarsia Corporation								Delaware	99
Joliet Marine Terminal Trust Estate (1)								Illinois	50
Liana Limited								Delaware	100
	Dorinco Insurance (Ireland) Limited							Ireland	100
	Dorinco Reinsurance Company							Michigan	100
	Dorintal Reinsurance Limited							Bermuda	100
	Timber Insurance Limited							Bermuda	100
LG DOW Polycarbonate Limited (1)								Korea	50
Pacific Plastics (Thailand) Limited (47)								Thailand	49
Productos Quimicos Peruanos S.A. (30)								Peru	91
PT Dow Chemical Indonesia (18)								Indonesia	85

281

Ramses Acquisition Corp.						Delaware	100
Raven Group Ltd.						Delaware	100
RavenWorks Ltd.						Delaware	100
Rofan Services Inc.						Delaware	100
	Dow AgroSciences LLC (9)					Delaware	10
	DowBrands Inc. (17)					Delaware	2
	Ion Holdings LLC (20)					Delaware	40
	Mycogen Corporation (16)					California	88
		Dow AgroSciences LLC (9)				Delaware	51
			Alsan Research (1)			Iowa	50
			Bayer DAS (Private) Limited (1)			Pakistan	50
			DAS Agricultural Investment Holding Company Ltd.			Mauritius	100
				Dow AgroSciences India Pvt. Ltd. (33)		India	1
				Nantong DAS Chemical Co., Ltd.		China	100
			DERe Insurance Company			Vermont	100
			Dintec Agrichemicals LLC (1)			Delaware	50
			Dow AgroSciences Agricultural Products Limited			Mauritius	100
				Dow AgroSciences India Pvt. Ltd. (33)		India	99
			Dow AgroSciences B.V.			Netherlands	100
				Ambito DAS S.A. (1)		Argentina	50
				ChacoDAS S.A. (1)		Argentina	50
				DASER AGRO S.A. (1)		Argentina	50
				Desab S.A. (1)		Argentina	50
				Dintec Agroquimica Produtos Quimicos, Lda.		Portugal	66
				Distribuidora de Agroquimicos del Sureste de la Republica S.A. de C.V. (1)		Mexico	50
				Dow AgroSciences A.S.		Turkey	100
				Dow AgroSciences Argentina S.A. (22)		Argentina	89
					Dow AgroSciences Bolivia S.A. (38)	Bolivia	1
					Dow AgroSciences Paraguay S.A. (39)	Paraguay	1
				Dow AgroSciences Asia Sdn. Bhd.		Malaysia	100
				Dow AgroSciences Australia Limited		Australia	100
				Dow AgroSciences Bolivia S.A. (38)		Bolivia	98
				Dow AgroSciences Canada Inc.		Canada	100
				Dow AgroSciences Chile S.A.		Chile	100
				Dow AgroSciences Costa Rica S.A.		Costa Rica	100
				Dow AgroSciences Danmark A/S		Denmark	100
				Dow AgroSciences de Colombia S.A.		Colombia	100
				Dow AgroSciences de Mexico S.A. de C.V.		Mexico	100
				Dow AgroSciences Export S.A.S.		France	100
				Dow AgroSciences Guatemala S.A.		Guatemala	100
				Dow AgroSciences Iberica S.A.		Spain	100
				Dow AgroSciences Industrial Ltda.		Brazil	100
					Agromen Technolgia Ltda.	Brazil	100
				Dow AgroSciences Limited		United Kingdom	100
				Dow AgroSciences (Malaysia) Sdn Bhd		Malaysia	100
				Dow AgroSciences (NZ) Limited		New Zealand	100
				Dow AgroSciences Pacific Limited		Hong Kong	100
				Dow AgroSciences Paraguay S.A. (39)		Paraguay	99
					Dow AgroSciences Bolivia S.A. (38)	Bolivia	1
				Dow AgroSciences Polska Sp z.o.o.		Poland	100
					Dow AgroSciences Hungary KFT (19)	Hungary	1
				Dow AgroSciences S.A.S.		France	100

282

					Dow AgroSciences Distribution S.A.S.		France	100
				Dow AgroSciences s.r.o.			Czech Republic	100
				Dow AgroSciences Sverige A/B			Sweden	100
				Dow AgroSciences Taiwan Ltd.			Taiwan	100
				Dow AgroSciences Technology GmbH			Switzerland	100
					Dow AgroSciences Switzerland S.A.		Switzerland	100
						Dow AgroSciences Hungary KFT (19)	Hungary	99
				Dow AgroSciences Uruguay S.A.			Uruguay	100
				Dow AgroSciences Vertriebsgesellschaft m.b.H.			Austria	100
				Dow Chemical Japan Limited			Japan	100
				Dow Venezuela, C.A. (7)			Venezuela	54
				Fedea S.A. (1)			Argentina	50
				I.C.R. - Intermedi Chimici Ravenna s.r.l. (1)			Italy	50
				JV Agro S.A. (1)			Argentina	50
				P.T. Dow AgroSciences Indonesia			Indonesia	95
				Pentec - Produtos Quimicos, Lda. (1)			Portugal	50
				Rindes y Cultivos - DAS S.A. (1)			Argentina	50
				Terramar JV S.A. (1)			Argentina	50
				Ubajay-DAS S.A. (1)			Argentina	50
			Dow AgroSciences Barbados Limited				Barbados	100
			Dow AgroSciences China Ltd.				Delaware	100
			Dow AgroSciences International Ltd.				Delaware	100
				Dow AgroSciences (Thailand) Limited			Thailand	100
			Dow AgroSciences Southern Africa (Proprietary) Limited				South Africa	100
				Sanachem Zimbabwe (Pvt) Ltd.			Zimbabwe	100
		DowBrands Inc. (17)					Delaware	11
		Mycogen Crop Protection, Inc.					California	100
			Mycogen S.A. de C.V. (4)				Mexico	99
		Mycogen Plant Science, Inc.					Delaware	100
			Agrigenetics, Inc.				Delaware	100
				Agrigenetics Molokai LLC			Hawaii	100
				Brodbeck Seeds LLC			Delaware	100
				Dairyland Seed Co., Inc.			Wisconsin	100
				Dow AgroSciences Argentina S.A. (22)			Argentina	11
				Duo Maize B.V.			Netherlands	100
				Mycogen S.A. de C.V. (4)			Mexico	1
				Mycogen Seeds-Puerto Rico Corporation			Delaware	100
				Renze Seeds LLC			Delaware	100
				Texas Triumph Seed Co., Inc.			Texas	100
					Monterey Seed Company, Inc.		Texas	100
		Phytogen Seed Company, LLC					Delaware	54
	Wenben Inc.						Delaware	100
SD Group Service Co., Ltd. (1)							Thailand	50
Sentrachem US, Inc.							Delaware	100
	Hampshire Holdings, Inc.						Delaware	100
		Hampshire Chemical Corp.					Delaware	100
Siam Polystyrene Company Limited (1)							Thailand	50
Siam Styrene Monomer Co., Ltd. (1)							Thailand	50
Siam Synthetic Latex Company Limited (1)							Thailand	50
Styron Asia Limited							Hong Kong	100
Sumitomo Dow Limited. (1)							Japan	50
TCM Technologies Inc.							Delaware	100

283

Texas LNG Holdings LLC			Delaware	100
Union Carbide Corporation			New York	100
	Amerchol Corporation		Delaware	100
	Benefit Capital Management Corporation		Delaware	100
	Calidria Corporation		Delaware	100
	Carbide Chemical (Thailand) Limited		Thailand	100
		Excellent Quality (Thailand) Company Limited	Thailand	100
	Catalysts, Adsorbents & Process Systems, Inc.		Maryland	100
	Chemicals Marine Fleet, Inc.		Delaware	100
	DML Holding Inc. (36)		Delaware	11
	Dow International Holdings Company (27)		Delaware	19
	Dow Petrochemicals Holding LLC (48)		Delaware	25
	Dow Quimica Argentina S.A. (25)		Argentina	12
	Dow Quimica Mexicana S.A. de C.V. (21)		Mexico	15
	Dow Venezuela, C.A. (7)		Venezuela	10
	Global Industrial Corporation		New York	100
	GWN Holding, Inc. (37)		Delaware	7
	Industrias Carlisil, S.A.		Mexico	100
	K-Dow Petrochemicals UC Sub C, Inc.		Delaware	100
		Univation Technologies, LLC (1)	Delaware	50
	KTI Chemicals, Inc.		Delaware	100
	Modeland International Holdings Inc. (28)		Barbados	41
	Nippon Unicar Company Limited (1)		Japan	50
	OPTIMAL Chemicals (Malaysia) Sdn. Bhd. (1)		Malaysia	50
	P.T. Union Carbide Indonesia		Indonesia	100
	Seadrift Pipeline Corporation		Delaware	100
	Servicios de Quimicos Agricolas, S. A.		Mexico	100
	South Charleston Sewage Treatment Company		West Virginia	100
	UC Finco Inc.		Delaware	100
	UCAR Emulsion Systems International, Inc.		Delaware	100
		UCAR Emulsion Systems FZE	Dubai	100
	UCAR Interam Inc.		Delaware	100
	UCAR Louisiana Pipeline Company		Delaware	100
	UCAR Pipeline Incorporated		Delaware	100
	UCMG LLC		Delaware	100
		OPTIMAL Glycols (Malaysia) Sdn. Bhd. (1)	Malaysia	50
	Umetco Minerals Corporation		Delaware	100
		Australia and New Zealand Exploration Company	Delaware	100
		Blue Creek Coal Company, Inc.	Delaware	100
		Predate Properties (Pty) Ltd.	South Africa	100
		Umetco Minerals Exploration Corporation	Delaware	100
	Union Carbide Asia Limited		Hong Kong	100
		Union Carbide (Guangdong Zhongshan) Company Limited	China	75
	Union Carbide Asia Pacific, Inc.		Delaware	100
	Union Carbide Caribe LLC		Delaware	100
	Union Carbide Chemicals & Plastics Technology LLC		Delaware	100
		Dow Petrochemicals Holding LLC (48)	Delaware	25
		Dow Technology Investments LLC (43)	Delaware	50
	Union Carbide Comercial Nicaragua, S.A.		Nicaragua	100
	Union Carbide Customer Services Pte. Ltd.		Singapore	100
	Union Carbide Ethylene Oxide/Glycol Company		Delaware	100
	Union Carbide Inter-America, Inc. (Delaware)		Delaware	100

284

		Dow Quimica Chilena S.A. (26)	Chile	10
		Productos Quimicos Peruanos S.A. (30)	Peru	9
	Union Carbide Middle East Limited		Delaware	100
	Union Carbide Pan America, Inc.		Delaware	100
		Dow Quimica Argentina S.A. (25)	Argentina	1
		Dow Quimica Chilena S.A. (26)	Chile	1
	Union Carbide Philippines (Far East), Inc.		Philippines	100
	Union Carbide Polyolefins Development Company, Inc.		Delaware	100
	Union Carbide South Africa (Proprietary) Limited		South Africa	100
	Union Carbide Subsidiary Q Inc.		Delaware	100
	Union Carbide Wire & Cable Company, Inc.		Delaware	100
	Union Polymers Sdn. Bhd.		Malaysia	90
	UNISON Transformer Services, Inc.		Delaware	100
	Westbridge Insurance Ltd.		Bermuda	100
U.S. Laboratories, Inc.			Ohio	100
	Administrative Business Systems, Inc.		Ohio	100
	Poly-Carb, Inc.		Ohio	100
Warbler I LLC			Delaware	100
Yokkaichi MDI Limited (1)			Japan	50
*Location of incorporation or organization.  Primary location of organization is reported for partnerships.

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(1)	These companies are 50%-owned, nonconsolidated affiliates of The Dow Chemical Company and are accounted for on the equity basis. Separate financial statements for these companies are not included in this Form 10-K. These companies are not controlled, directly or indirectly, by The Dow Chemical Company. Subsidiaries of these companies, if any, are not listed in this Exhibit 21.
(2)	The Dow Chemical Company effective ownership of Dow Mideast Systems S.A.E. (JSC) is 100% of which Dow Europe Holding B.V. owns 99.96%, Dow Europe GmbH owns 0.020% and Dow InterBranch B.V. owns 0.020%.
(3)	The Dow Chemical Company effective ownership of Dow Turkiye Kimya Sanayi ve Ticaret Ltd Sti is 100% of which Dow Europe Holding B.V. owns 99.9988% and Dow InterBranch B.V. owns 0.0012%.
(4)	The Dow Chemical Company effective ownership of Mycogen S.A. de C.V. is 100% of which Mycogen Crop Protection, Inc. owns 99% and Agrigenetics, Inc. owns 1%.
(5)	The Dow Chemical Company effective ownership of Dow Quimica de Colombia S.A. is 100% of which The Dow Chemical Company owns 90% and Dow Chemical Inter-American Limited owns 10%.
(6)	The Dow Chemical Company effective ownership of DowBrands L.P. is 100% of which Dow Holdings LLC owns 58% and DC Partnership Management Inc. owns 42%.
(7)	The Dow Chemical Company effective ownership of Dow Venezuela, C.A. is 100% of which Dow AgroSciences B.V. owns 53.84%, The Dow Chemical Company owns 36.06% and Union Carbide Corporation owns 10.1%.
(8)	The Dow Chemical Company effective ownership of Chemtech II L.P. is 100% of which Dow Chemical Delaware Corp. owns 72.46%, The Dow Chemical Company owns 22.39% and Ifco Inc. owns 5.15%.
(9)	The Dow Chemical Company effective ownership of Dow AgroSciences LLC is 100% of which Mycogen Corporation owns 51%, Centen Ag Inc. owns 38.91% and Rofan Services Inc. owns 10.09%.
(10)	The Dow Chemical Company effective ownership of Polyol Belgium B.V.B.A. is 100% of which Dow Benelux B.V. owns 99.5% and Dow Europe Holding B.V. owns 0.5%.
(11)	The Dow Chemical Company effective ownership of Chemtech Portfolio Inc. is 100% of which Dow Global Technologies Inc. owns 66.82% and Chemtech II L.P. owns 33.18% .
(12)	The Dow Chemical Company effective ownership of Dow S/B Latex (Zhangjiagang) Co. Ltd. is 100% of which Dow Chemical (China) Investment Company Limited owns 61.16% and Dow Financial Holdings Singapore Pte Ltd. owns 38.84%.
(13)	The Dow Chemical Company effective ownership of Dow Chemical (Zhangjiagang) Company Limited is 100% of which Dow Chemical (China) Investment Company Limited owns 85.36% and Dow Financial Holdings Singapore Pte Ltd. owns 14.64%.
(14)	The Dow Chemical Company effective ownership of Fort Saskatchewan Ethylene Storage Limited Partnership is 50% of which K-Dow Canada ULC owns 49.9% and Fort Saskatchewan Ethylene Storage Corporation owns 0.2%. (Midland Pipeline Corp. owns 50% of Fort Saskatchewan Ethylene Storage Corporation.)
(15)	The Dow Chemical Company effective ownership of SAL Petrochemical (Zhangjiagang) Company Limited is 100% of which Dow Financial Holdings Singapore Pte Ltd. owns 90% and Dow Chemical (China) Investment Company Limited owns 10%.
(16)	The Dow Chemical Company effective ownership of Mycogen Corporation is 100% of which Rofan Services Inc. owns 88.11% and Centen Ag Inc. owns 11.89%.
(17)	The Dow Chemical Company effective ownership of DowBrands Inc. is 100% of which Dow International Holdings Company owns 79%, Mycogen Corporation owns 11%, Centen Ag Inc. owns 8% and Rofan Services Inc. owns 2%.
(18)	The Dow Chemical Company effective ownership of PT Dow Chemical Indonesia is 100% of which The Dow Chemical Company owns 84.5991% and Dow Chemical Pacific (Singapore) Private Limited owns 15.4009%.
(19)	The Dow Chemical Company effective ownership of Dow AgroSciences Hungary KFT is 100% of which Dow AgroSciences Switzerland S.A. owns 99.97% and Dow AgroSciences Polska Sp z.o.o. owns 0.03%.
(20)	The Dow Chemical Company effective ownership of Ion Holdings LLC is 100% of which The Dow Chemical Company owns 60% and Rofan Services Inc. owns 40%.
(21)	The Dow Chemical Company effective ownership of Dow Quimica Mexicana S.A. de C.V. is 100% of which The Dow Chemical Company owns 84.58% and Union Carbide Corporation owns 15.42%.
(22)	The Dow Chemical Company effective ownership of Dow AgroSciences Argentina S.A. is 100% of which Dow AgroSciences B.V. owns 89.13% and Agrigenetics, Inc. owns 10.87%.
(23)	The Dow Chemical Company effective ownership of Dexco Polymers L.P. is 50% of which DW Dexco Investment LLC owns 49.5% and Dexco Polymers Operating Company LLC owns 1%. (The Dow Chemical Company owns 50% of Dexco Polymers Operating Company LLC).
(24)	The Dow Chemical Company effective ownership of Dow Zwijndrecht B.V.B.A. is 100% of which Dow Europe Holding B.V. owns 99.65% and Dow InterBranch B.V. owns 0.35%.

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(25)	The Dow Chemical Company effective ownership of Dow Quimica Argentina S.A. is 100% of which The Dow Chemical Company owns 87.89%, Union Carbide Corporation owns 11.99% and Union Carbide Pan America, Inc. owns 0.12%.
(26)	The Dow Chemical Company effective ownership of Dow Quimica Chilena S.A. is 100% of which The Dow Chemical Company owns 89.81%, Union Carbide Inter-America, Inc. (Delaware) owns 10.16% and Union Carbide Pan America, Inc. owns 0.03%.
(27)	The Dow Chemical Company effective ownership of Dow International Holdings Company is 100% of which The Dow Chemical Company owns 72.0268%, Union Carbide Corporation owns 19.1341%, Essex Specialty Products LLC owns 8.7988% and Dow Chemical International Ltd owns 0.0403%.
(28)	The Dow Chemical Company effective ownership of Modeland International Holdings Inc. is 100% of which Dow Chemical Finance Canada Inc. owns 59.1% and Union Carbide Corporation owns 40.9%.
(29)	The Dow Chemical Company effective ownership of Dow Hungary Kft. is 100% of which Dow Europe Holding B.V. owns 99.98% and Dow InterBranch B.V. owns 0.02%.
(30)	The Dow Chemical Company effective ownership of Productos Quimicos Peruanos S.A. is 100% of which The Dow Chemical Company owns 91.21% and Union Carbide Inter-America, Inc. (Delaware) owns 8.79%.
(31)	The Dow Chemical Company effective ownership of Valuepark Terneuzen C.V. is 50% of which Terneuzen Partnership Services B.V. owns 49.82% and Valuepark Terneuzen Beheer B.V. owns 0.36%. (Dow Benelux B.V. owns 50% of Valuepark Terneuzen Beheer BV).
(32)	The Dow Chemical Company effective ownership of Dow Chemical International Pvt. Ltd. is 100% of which Dow Chemical Pacific (Singapore) Private Limited owns 99.99% and Dow Chemical (Singapore) Private Limited owns 0.01%.
(33)	The Dow Chemical Company effective ownership of Dow AgroSciences India Pvt. Ltd. is 100% of which Dow AgroSciences Agricultural Products Limited owns 99.99% and DAS Agricultural Investment Holding Company Ltd. owns 0.01%.
(34)	The Dow Chemical Company effective ownership of PBBPolisur S.A. is 100% of which Dow Investment Argentina S.A. owns 72% and 3229809 Nova Scotia Company owns 28%.
(35)	The Dow Chemical Company effective ownership of Dow Deutschland GmbH & Co OHG is 100% of which Dow Automotive (Deutschland) GmbH owns 35%, SAFECHEM Europe GmbH owns 35% and ANGUS Chemie GmbH owns 30%.
(36)	The Dow Chemical Company effective ownership of DML Holding Inc. is 100% of which The Dow Chemical Company owns 88.84% and Union Carbide Corporation owns 11.16%.
(37)	The Dow Chemical Company effective ownership of GWN Holding, Inc. is 100% of which The Dow Chemical Company owns 66.23%, Essex Specialty Products LLC owns 26.93% and Union Carbide Corporation owns 6.84%.
(38)	The Dow Chemical Company effective ownership of Dow AgroSciences Bolivia S.A. is 100% of which Dow AgroSciences B.V. owns 99%, Dow AgroSciences Argentina S.A. owns 0.5% and Dow AgroSciences Paraguay S.A. owns 0.5%.
(39)	The Dow Chemical Company effective ownership of Dow AgroSciences Paraguay S.A. is 100% of which Dow AgroSciences B.V. owns 99.99% and Dow AgroSciences Argentina S.A. owns 0.01%.
(40)	The Dow Chemical Company effective ownership of Dow Chemical Korea Limited is 100% of which The Dow Chemical Company owns 85.82% and Dow Europe Holding B.V. owns 14.18%.
(41)	The Dow Chemical Company effective ownership of Dow Saudi Arabia Company is 100% of which Dow Europe Holding B.V. owns 85% and Dow Interbranch B.V. owns 15%.
(42)	The Dow Chemical Company effective ownership of Dow Wolff Cellulosics GmbH & Co OHG is 100% of which ANGUS Chemie GmbH owns 50% and SAFECHEM Europe GmbH owns 50%. Dow Europe Holding B.V. acts as general partner with 0% capital participation.
(43)	The Dow Chemical Company effective ownership of Dow Technology Investments LLC is 100% of which Dow Global Technologies Inc. owns 50% and Union Carbide Chemicals & Plastics Technology LLC owns 50%.
(44)	The Dow Chemical Company effective ownership of DC Spectrum Holding C.V. is 100% of which Dow International Holdings Company owns 99.999% and Dow Netherlands Holdings LLC owns 0.001%.
(45)	The Dow Chemical Company effective ownership of Coöperatieve DC Prisma Holding U.A. is 100% of which DC Spectrum Holding C.V. owns 99.999% and Dow Netherlands Investments LLC owns .001%.
(46)	The Dow Chemical Company effective ownership of DC Galaxy Holding C.V. is 100% of which Dow International Holdings S.A. owns 99.928% and Dow Dutch Holding B.V. owns 0.072%.
(47)	The Dow Chemical Company effective ownership of Pacific Plastics (Thailand) Limited is 100% of which Dow Chemical International Ltd. owns 51% and The Dow Chemical Company owns 49%.

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(48)	The Dow Chemical Company effective ownership of Dow Petrochemicals Holding LLC is 100% of which The Dow Chemical Company owns 25%, Dow Global Technologies Inc. owns 25%, Union Carbide Corporation owns 25% and Union Carbide Chemicals & Plastics Technology LLC owns 25%.
(49)	The Dow Chemical Company effective ownership of Dow Egypt Services Limited is 100% of which Dow Mideast Systems S.A.E. (JSC) owns 75% and Dow Europe GmbH owns 25%.
(50)	The Dow Chemical Company effective ownership of Dow Olefinverbund GmbH is 100% of which Dow Europe Holding B.V. owns 95% and Dow Beteiligungsgesellschaft mbH & Co. KG owns 5%.
(51)	The Dow Chemical Company effective ownership of Daulat Canada Holding LP is 100% of which Dow Canada Holding LP owns 50% and Dow Canadian Holding BV owns 50%.
(52)	The Dow Chemical Company  effective ownership of Dow Izolan OOO is 58% via its ownership interest in RUS Polyurethanes Holding B.V.
(53)	The Dow Chemical Company effective ownership of Dow Izolan Ukraine LLC is 58% via its ownership interest in RUS Polyurethanes Holding B.V.
(54)	The Dow Chemical Company effective ownership of UPPC S.A.R.L. is 100% of which UPPC GmbH owns 75% and Dow France S.A.S. owns 25%.
(55)	The Dow Chemical Company effective ownership of K-D Petrochemicals C.V. is 50% of which Daulat Holdco LLC owns .00058011%, Dow Plastics and Chemicals Holding B.V. owns .00058011%, Daulat Canada Holding LP owns .00058011% and K-Dow Petrochemicals GmbH owns 99.99651933% (Dow Petrochemicals Holding LLC owns 50% of K-Dow Petrochemicals GmbH.)

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