EXHIBIT 12.1
The Dow Chemical Company and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Stock Dividend Requirements
	Three Months Ended March 31						For the Year Ended December 31
In millions, except ratio (Unaudited)	2010			2009			2009			2008			2007			2006			2005
Income (Loss) from Continuing Operations Before     Income Taxes	$	655		$	(1	)	$	469		$	1,277		$	4,192		$	4,938		$	6,363
Add (deduct):
Equity in earnings of nonconsolidated affiliates		(304	)		(65	)		(630	)		(787	)		(1,122	)		(959	)		(964	)
Distributed income of earnings of  nonconsolidated affiliates		292			561			690			836			774			616			495
Capitalized interest		(17	)		(25	)		(61	)		(97	)		(85	)		(73	)		(56	)
Amortization of capitalized interest		24			23			91			84			79			70			70
Preferred security dividends		-			(10	)		(20	)		(63	)		(81	)		(77	)		(65	)
Adjusted earnings	$	650		$	483		$	539		$	1,250		$	3,757		$	4,515		$	5,843
Fixed charges:
Interest expense and amortization of debt        discount		376			154			1,571			648			584			616			702
Capitalized interest		17			25			61			97			85			73			56
Preferred security dividends		-			10			20			63			81			77			65
Rental expense – interest component		25			26			107			120			124			131			133
Total fixed charges	$	418		$	215		$	1,759		$	928		$	874		$	897		$	956
Earnings available for the payment of     fixed charges	$	1,068		$	698		$	2,298		$	2,178		$	4,631		$	5,412		$	6,799
Ratio of earnings to fixed charges		2.6			3.2			1.3			2.3			5.3			6.0			7.1
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends	$	85			-			312			-			-			-			-
Adjustment to pretax basis (at 35 percent)		46			-			168			-			-			-			-
	$	131		$	-		$	480		$	-		$	-		$	-		$	-
Combined fixed charges and preferred stock     dividend requirements	$	549		$	215		$	2,239		$	928		$	874		$	897		$	956
Ratio of earnings to combined fixed charges and     preferred stock dividend requirements		1.9			3.2			1.0			2.3			5.3			6.0			7.1

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