Subsidiaries of The Dow Chemical Company		EXHIBIT 21
				At December 31, 2011
					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
	Advanced Electrolyte Technologies LLC (1)				Delaware	50
	Arabian Chemical Company (Latex) Ltd. (1)				Saudi Arabia	50
	Arabian Chemical Company (Polystyrene) Limited (1)				Saudi Arabia	50
	Battleground Water Company (72)				Texas	9
	Buildscape, Inc.				Florida	100
	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 (11)			Delaware	39
		DowBrands Inc. (16)			Delaware	8
		Liana Limited (20)			Delaware	2
		Mycogen Corporation (15)			California	12
	Chemars III LLC				Delaware	100
	Chemtech II L.P. (10)				Delaware	22
	DC Partnership Management Inc.				Delaware	100
		DowBrands L.P. (8)			Delaware	42
	DCOMCO, Inc.				Delaware	100
	Denmerco Inc.				Delaware	100
	Diamond Capital Management Inc.				Delaware	100
	Dofinco, Inc.				Delaware	100
	Dow Business Services LLC				Delaware	100
	Dow Capital International LLC				Delaware	100
	Dow Chemical (Australia) Limited				Australia	100
		Dow Australia Superannuation Fund A Pty Limited			Australia	100
	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			China	100
		Guangdong Zhongshan Amerchol Specialty Chemicals Co., Ltd.			China	90
		Zhejiang Pacific Chemical Corporation			China	100
	Dow Chemical China Holdings Pte. Ltd.				Singapore	100
	Dow Chemical Delaware Corp.				Delaware	100
		Chemtech II L.P. (10)			Delaware	73
			Chemtech Portfolio Inc. (13)		Texas	33
			Chemtech Portfolio II Inc.		Michigan	100
	Dow Chemical International Ltd.				Delaware	100
		Dow Chemical Thailand Ltd.			Thailand	100

				Subsidiaries of The Dow Chemical Company		EXHIBIT 21
				At December 31, 2011
					Location*	% Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
		Dow International Holdings Company (24)			Delaware	1
		Dow International Holdings S.A. (76)			Switzerland	1
		Pacific Plastics (Thailand) Limited (42)			Thailand	51
		Petroquimica-Dow S.A. (Petrodow)			Chile	100
	Dow Chemical Korea Limited (35)				Korea	86
	Dow Chemical (NZ) Limited				New Zealand	100
	Dow Chemical Pacific Limited				Hong Kong	100
	Dow Chemical Pacific (Singapore) Private Limited				Singapore	100
		A-Tec Chemical Pte. Ltd.			Singapore	100
			A-Tec Chemical Science (Beijing) Company Limited		China	100
		Dow Chemical (Malaysia) Sdn. Bhd.			Malaysia	100
		Dow Chemical International Pvt. Ltd. (28)			India	99
		PT Dow Indonesia (64)			Indonesia	99
	Dow Chemical (Singapore) Private Limited				Singapore	100
		Dow Chemical International Pvt. Ltd. (28)			India	1
		PT Dow Indonesia (64)			Indonesia	1
	Dow Chemical Taiwan Limited				Taiwan	100
	Dow Chemical Telecommunications Corp.				Delaware	100
	Dow Credit Corporation				Delaware	100
	Dow Customs & Trade LLC				Delaware	100
	Dow Deutschland Inc.				Delaware	100
		Dow Chemical Inter-American Limited			Delaware	100
			Dow Quimica de Colombia S.A. (7)		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 LLC				Delaware	100
		Chemtech Portfolio Inc. (13)			Texas	67
			Stonehenge Community Development XVII, LLC		Delaware	99
		Dow Petrochemicals Holding LLC (43)			Delaware	25
			Daulat Holdco LLC		Delaware	100
			K-Dow Petrochemicals GmbH (1)		Switzerland	50
		Dow Technology Investments LLC (38)			Delaware	50
	Dow Holdings LLC				Delaware	100
		Dow Corning Corporation (3)			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

Subsidiaries of The Dow Chemical Company

EXHIBIT 21

At December 31, 2011

Location*

% Ownership

This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.

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 (2) (14)

Canada

1

DowBrands L.P. (8)

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 (24)

Delaware

72

DC Spectrum Holding C.V. (39)

Netherlands

99

Coöperatieve DC Prisma Holding U.A. (40)

Netherlands

99

Dow Dutch Holding B.V.

Netherlands

100

DC Galaxy Holding C.V. (41)

Netherlands

1

Dow Europe Finance I B.V.

Netherlands

100

Dow International Holdings S.A. (76)

Switzerland

99

3243424 Nova Scotia Company

Canada

100

DC Galaxy Holding C.V. (41)

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

Dow Austria Gesellschaft m.b.H

Austria

100

Dow Bahrain Holding W.L.L. (48)

Bahrain

90

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. (12)

Belgium

99

Valuepark Terneuzen Beheer B.V. (1)

Netherlands

50

Valuepark Terneuzen C.V. (1) (27)

Netherlands

1

Dow Beteiligungsgesellschaft mbH & Co. KG

Germany

100

Dow Olefinverbund GmbH (45)

Germany

5

Dow Chemical Company Limited

United Kingdom

100

Ascot Group Pension Trustees Limited

United Kingdom

100

Autothane Limited

United Kingdom

100

Cromarty Petroleum Company Limited (1)

United Kingdom

50

Dow Chemical Services UK Limited

United Kingdom

100

Dow Services Trustees UK Limited

United Kingdom

100

Haltermann Pension Trustees Limited

United Kingdom

100

Hyperlast Limited

United Kingdom

100

ALH Rail Coatings Limited (1)

United Kingdom

50

			Subsidiaries of The Dow Chemical Company		EXHIBIT 21
			At December 31, 2011
				Location*	% Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
			Hypertec Print Services Limited	United Kingdom	100
			Xitrack Limited (1)	United Kingdom	50
		Suter Limited		United Kingdom	100
	Dow Chemical East Africa Limited (78)			Kenya	90
	Dow Chemical Iberica S.L.			Spain	99
		Terminal de Atraque de Productos Petroquimicos, A.I.E. (1)		Spain	50
		Transformadora de Etileno A.I.E. (1)		Spain	50
	Dow Chemical Korea Limited (35)			Korea	14
	Dow Chemical OOO			Russia	100
	Dow Chemical Romania S.R.L.			Romania	100
	Dow Chemical West Africa Limited			Ghana	100
	Dow Deutschland Verwaltungs Vertriebs GmbH			Germany	100
		Dow Deutschland Vertriebs GmbH & Co. OHG (75)		Germany	30
	Dow Europe GmbH			Switzerland	100
		Dolpa S.a.r.l.		Luxembourg	100
		Dow-GACL SolVenture Limited (1)		India	50
		Dow Chemical IMEA GmbH		Switzerland	100
		Dow Contract Services FZE		Dubai	100
		Dow Egypt Services Limited (44)		Egypt	25
		Dow International Finance S.a.r.l.		Luxembourg	100
		Dow Mideast Systems S.A.E. (JSC) (4)		Egypt	1
	Dow France S.A.S.			France	100
	Dow Hellas A.E.			Greece	100
	Dow Hungary Kft.			Hungary	100
	Dow InterBranch B.V.			Netherlands	100
		Business Process Service Center Terneuzen B.V.		Netherlands	100
		Dow Bahrain Holding W.L.L. (48)		Bahrain	10
		Dow Chemical East Africa Limited (78)		Kenya	10
		Dow Danmark A/S		Denmark	100
		Dow Mideast Systems S.A.E. (JSC) (4)		Egypt	1
		Dow Norge A/S		Norway	100
		Dow Saudi Arabia Company (36)		Saudi Arabia	15
		Dow Turkiye Kimya Sanayi ve Ticaret Limited Sirketi (5)		Turkey	1
		Dow Zwijndrecht B.V.B.A. (21)		Belgium	1
		Santa Vitoria Acucar e Alcool Ltda. (2)		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) (4)			Egypt	98
		Dow Egypt Services Limited (44)		Egypt	75
	Dow Olefinverbund GmbH (45)			Germany	95

				Subsidiaries of The Dow Chemical Company		EXHIBIT 21
				At December 31, 2011
					Location*	% Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
			ANGUS Chemie GmbH		Germany	100
				Dow Stade Produktions GmbH & Co. OHG (31)	Germany	30
				Dow Wolff Cellulosics GmbH & Co. OHG (37)	Germany	50
			Dow AgroSciences GmbH		Germany	100
			Dow Deutschland Anlagengesellschaft mbH		Germany	100
				Dow Wolff Cellulosics GmbH	Germany	100
				UPPC GmbH	Germany	100
			Dow MF Verwaltungs GmbH		Germany	100
				Dow MF Produktion GmbH & Co. OHG (73)	Germany	30
			Dow Pipeline Gesellschaft mbH & Co. KG		Germany	80
			Dow Pipeline Verwaltungsgesellschaft mbH		Germany	80
			SAFECHEM Europe GmbH		Germany	100
				Dow Deutschland Vertriebs GmbH & Co. OHG (75)	Germany	70
				Dow MF Produktion GmbH & Co. OHG (73)	Germany	70
				Dow Stade Produktions GmbH & Co. OHG (31)	Germany	70
				Dow Wolff Cellulosics GmbH & Co. OHG (37)	Germany	50
		Dow Plastics and Chemicals Holding B.V.			Netherlands	100
		Dow Polska Sp.z.o.o.			Poland	100
		Dow Portugal - Produtos Quimicos, Unipessoal, Lda.			Portugal	100
		Dow Saudi Arabia Company (36)			Saudi Arabia	85
		Dow Saudi Arabia Holding B.V.			Netherlands	100
		Dow Saudi Arabia Product Marketing BV			Netherlands	100
		Dow Southern Africa (Pty) Ltd			South Africa	100
		Dow Suomi OY			Finland	100
		Dow Sverige AB			Sweden	100
		Dow Turkiye Kimya Sanayi ve Ticaret Limited Sirketi (5)			Turkey	99
		Dow (Wilton) Limited			United Kingdom	100
		Dow Zwijndrecht B.V.B.A. (21)			Belgium	99
		Edulan A/S			Denmark	100
		HPPO Holding & Finance C.V. (1)			Netherlands	50
		MEGlobal B.V. (1)			Netherlands	50
		MTP HPJV C.V. (2)			Netherlands	50
		MTP HPJV Management B.V. (2)			Netherlands	50
		Polyol Belgium B.V.B.A. (12)			Belgium	1
		Rohm and Haas Nederland B.V.			Netherlands	100
		RUS Polyurethanes Holding B.V.			Netherlands	58
			Dow Izolan OOO (46)		Russia	100
			Dow Izolan Ukraine LLC (47)		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

							Subsidiaries of The Dow Chemical Company		EXHIBIT 21
							At December 31, 2011
								Location*	% Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
					Terneuzen Partnership Services B.V.			Netherlands	100
						Valuepark Terneuzen C.V. (1) (27)		Netherlands	49
			Dow Netherlands Investments LLC					Delaware	100
				Coöperatieve DC Prisma Holding U.A. (40)				Netherlands	1
		Dow Netherlands Holdings LLC						Delaware	100
			DC Spectrum Holding C.V. (39)					Netherlands	1
		DowBrands Inc. (16)						Delaware	79
	Dow International Technology Corporation							Delaware	100
	Dow Kakoh Kabushiki Kaisha							Japan	65
	Dow Chemical Kuwait B.V.							Netherlands	100
	Dow Peru S.A. (26)							Peru	91
	Dow Petrochemicals Holding LLC (43)							Delaware	25
	Dow Quimica Argentina S.A. (22)							Argentina	76
	Dow Quimica Chilena S.A. (23)							Chile	89
	Dow Quimica de Colombia S.A. (7)							Colombia	90
	Dow Quimica Mexicana S.A. de C.V. (18)							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
	Dow Trent Limited							United Kingdom	100
		Dow UK Limited						United Kingdom	100
	Dow Venezuela, C.A. (9)							Venezuela	46
	Dow Verwaltungsgesellschaft mbH							Germany	100
	Dow-Mitsui Chlor-Alkali LLC (2)							Delaware	50
	DSL Holdings Inc.							Delaware	100
		Dow Reichhold Specialty Latex LLC (1)						Delaware	50
	DW Dexco Investment LLC							Delaware	100
	Essex Chemical Corporation							New Jersey	100
	Essex Specialty Products LLC							New Jersey	100
		American Mortell Corporation						Texas	100
			Mortell Company					Delaware	100
		Dow Chemical (Wuhan) Company Limited						China	100
		Dow International Holdings Company (24)						Delaware	8
		GWN Holding, Inc. (32)						Delaware	25
	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

									Subsidiaries of The Dow Chemical Company		EXHIBIT 21
									At December 31, 2011
										Location*	% Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
	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. (32)									Delaware	61
		Rohm and Haas Canada Investments Inc.								Canada	99
			3243425 Nova Scotia Company							Canada	100
				Daulat Canada Holding LP (79)						Canada	1
				Dow Canada Holding LP (77)						Canada	1
				Rohm and Haas Canada LP (56)						Canada	1
			Dow Canada Holding LP (77)							Canada	99
				Daulat Canada Holding LP (79)						Canada	99
					3229809 Nova Scotia Company					Canada	100
						Dow Investment Argentina S.A. (49)				Argentina	97
							PBBPolisur S.A. (30)			Argentina	72
						PBBPolisur S.A. (30)				Argentina	28
					Dow Investment Argentina S.A. (49)					Argentina	3
					SD Group Service Co., Ltd. (1)					Thailand	50
						Siam Polyethylene Company Limited (1) (74)				Thailand	2
					Siam Polyethylene Company Limited (1) (74)					Thailand	49
				Dow Chemical Canada ULC						Canada	100
					3229897 Nova Scotia Company					Canada	100
					Dow Chemical Finance Canada ULC					Canada	100
						Modeland International Holdings Inc. (25)				Barbados	59
							Dow Brasil S.A.			Brazil	100
								Branco Dow Compostos de Engenharia 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 (2) (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
			Rohm and Haas Canada LP (56)							Canada	99
	Ifco Inc.									Delaware	100
		Chemtech II L.P. (10)								Delaware	5
	Intarsia Corporation									Delaware	99
	Ion Holdings LLC (17)									Delaware	60
		Ion Investments S.a.r.l.								Luxembourg	100

							Subsidiaries of The Dow Chemical Company		EXHIBIT 21
							At December 31, 2011
								Location*	% Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
	Liana Limited (20)							Delaware	94
		Dorinco Insurance (Ireland) Limited						Ireland	100
		Dorinco Reinsurance Company						Michigan	100
		Dorintal Reinsurance Limited						Vermont	100
			100 Independence Mall West LLC					Delaware	100
	Pacific Plastics (Thailand) Limited (42)							Thailand	49
	Rofan Services Inc.							Delaware	100
		Dow AgroSciences LLC (11)						Delaware	10
		DowBrands Inc. (16)						Delaware	2
		H Hotel Holding LLC						Delaware	100
		Ion Holdings LLC (17)						Delaware	40
		Liana Limited (20)						Delaware	1
		Mycogen Corporation (15)						California	88
			Dow AgroSciences LLC (11)					Delaware	51
				Alsan Research (1)				Iowa	50
				DAS Agricultural Investment Holding Company Ltd.				Mauritius	100
					Dow AgroSciences India Pvt. Ltd. (29)			India	1
					Dow AgroSciences (China) Company Limited			China	100
				Dintec Agrichemicals LLC (1)				Delaware	50
				Dow AgroSciences Agricultural Products Limited				Mauritius	100
					Dow AgroSciences India Pvt. Ltd. (29)			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
					Dow AgroSciences A.S.			Turkey	100
					Dow AgroSciences Argentina S.A. (19)			Argentina	89
						Dow AgroSciences Bolivia S.A. (33)		Bolivia	1
						Dow AgroSciences Paraguay S.A. (34)		Paraguay	1
					Dow AgroSciences Asia Sdn. Bhd.			Malaysia	100
					Dow AgroSciences Australia Limited			Australia	100
						HRZ Wheats Pty Ltd (1)		Australia	50
					Dow AgroSciences Bolivia S.A. (33)			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

						Subsidiaries of The Dow Chemical Company		EXHIBIT 21
						At December 31, 2011
							Location*	% Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
			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
				Dow AgroSciences Sementes & Biotecnologia Brasil 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 OOO				Russia	100
			Dow AgroSciences Pacific Limited				Hong Kong	100
			Dow AgroSciences Paraguay S.A. (34)				Paraguay	99
				Dow AgroSciences Bolivia S.A. (33)			Bolivia	1
			Dow AgroSciences Polska Sp z.o.o.				Poland	100
			Dow AgroSciences S.A.S.				France	100
				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.		Hungary	100
			Dow AgroSciences Vertriebsgesellschaft m.b.H.				Austria	100
			Dow Chemical Japan Limited				Japan	100
			Dow Venezuela, C.A. (9)				Venezuela	54
			Fedea S.A. (1)				Argentina	50
			Forratec Argentina S.A. (1)				Argentina	50
			JV Agro S.A. (1)				Argentina	50
			P.T. Dow AgroSciences Indonesia				Indonesia	95
			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 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. (16)						Delaware	11
	Liana Limited (20)						Delaware	3
	Mycogen Crop Protection, Inc.						California	100
		Mycogen S.A. de C.V. (6)					Mexico	99
	Mycogen Plant Science, Inc.						Delaware	100

							Subsidiaries of The Dow Chemical Company		EXHIBIT 21
							At December 31, 2011
								Location*	% Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
				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. (19)			Argentina	11
					Duo Maize B.V.			Netherlands	100
					Mycogen S.A. de C.V. (6)			Mexico	1
					Mycogen Seeds-Puerto Rico Corporation			Delaware	100
					Pfister Seeds LLC			Delaware	100
					Prairie Brand Seeds LLC			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
	Rohm and Haas Company							Delaware	100
		AgroFresh Inc.						Illinois	100
		Charles Lennig & Company LLC						Delaware	100
			Rohm and Haas Australia Pty. Ltd. (50)					Australia	1
			Rohm and Haas Chile Limitada. (51)					Chile	1
			Rohm and Haas Colombia Ltda (52)					Colombia	5
		Rohm and Haas Argentina S.R.L. (53)						Argentina	10
		Rohm and Haas Australia Pty. Ltd. (50)						Australia	99
		Rohm and Haas Chemicals LLC (54)						Delaware	23
			CVD Incorporated					Delaware	100
			Morton Intermediate Company					Delaware	100
				Rohm and Haas Electronic Materials Taiwan Ltd.				Taiwan	100
			Morton International Co., Ltd.					Japan	100
			Morton International, LLC					Indiana	100
			Nichigo-Morton Co., Ltd. (1)					Japan	50
			Rohm and Haas Credit LLC					Delaware	100
				Rohm and Haas Capital Corporation				Delaware	100
				Rohm and Haas Equity Corporation (55)				Delaware	83
					GWN Holding, Inc.			Delaware	8
					ROH Venture GmbH			Germany	100
						StoHaas Management GmbH (1)		Germany	50
						StoHaas Monomer GmbH & Co. KG (1)		Germany	50
					Rohm and Haas (Far East) Limited			Hong Kong	100
					Rohm and Haas Asia, Inc.			Delaware	100
					Rohm and Haas Chemical (Thailand) Limited			Thailand	100
					Rohm and Haas China, Inc.			Delaware	100

						Subsidiaries of The Dow Chemical Company					EXHIBIT 21
						At December 31, 2011
										Location*	% Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
		Beijing Eastern Rohm and Haas Company, Limited (BERHC)								China	60
		Rohm and Haas International Trading (Shanghai) Co. Ltd.								China	100
		Shanghai Eastern Rohm and Haas Company Ltd.								China	59
	Rohm and Haas Denmark Investments LLC									Delaware	100
		Rohm and Haas European Holding ApS (58)								Denmark	1
			Rohm and Haas Denmark A/S							Denmark	100
				Rohm and Haas Denmark Finance A/S						Denmark	100
					Acima AG fur Chemische Industrie					Switzerland	100
					P.T. Rohm and Haas Indonesia (60)					Indonesia	99
					RH DK ChemiHaas Holding ApS					Denmark	100
					RH DK Korea FPD Holdings ApS					Denmark	100
						SKC Haas Display Films Co., Ltd.				Korea	51
							SKC Haas Display Films (USA) LLC			Delaware	100
							SKC Haas Display Films Japan K.K.			Japan	100
							SKC Haas Display Films Taiwan Ltd.			Taiwan	100
							SKC Haas Polska Sp.z o. o.			Poland	100
							SKC New Material (Suzhou) Co., Ltd.			China	100
					RH DK Korea OLED Holdings ApS					Denmark	100
						Dow Chemical OLED Ltd. (80)				Korea	27
						Rohm and Haas Electronic Materials Korea Ltd. (81)				Korea	27
					RH DK Mexico Holding ApS					Denmark	100
						Rohm and Haas Mexico, S. de R.L. de C.V. (61)				Mexico	99
					RH DK Vietnam Holdings ApS					Denmark	100
						Rohm and Haas Vietnam Co., Ltd.				Vietnam	100
					Rohm and Haas (India) Pvt. Ltd. (59)					India	1
					Rohm and Haas (UK) Holdings Ltd.					United Kingdom	100
						Morton International Limited				United Kingdom	100
							Rohm and Haas Electronic Materials Europe Ltd.			United Kingdom	100
								Shipley Chemicals Limited		United Kingdom	100
							Rohm and Haas UK Investment Ltd.			United Kingdom	100
								Rohm and Haas (UK) Limited		United Kingdom	100
									Lennig Chemicals Limited	United Kingdom	100
									Rohm and Haas (Scotland) Limited	United Kingdom	100
									Rohm and Haas Electronic Materials AB	Sweden	100
									Rohm and Haas Electronic Materials Holdings UK Ltd.	United Kingdom	100
					Rohm and Haas Argentina S.R.L. (53)					Argentina	90
					Rohm and Haas Bermuda Partner I GP (62)					Bermuda	46
						Rohm and Haas Denmark Bermuda GP ApS				Denmark	100
							Rohm and Haas Bermuda GP (63)			Bermuda	47
								Rohm and Haas Denmark Holding Company ApS		Denmark	100
									Finndisp Ltd.	Russia	100

		Subsidiaries of The Dow Chemical Company								EXHIBIT 21
		At December 31, 2011
									Location*	% Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
					Limited Liability Company "Rohm and Haas"				Russia	100
					Limited Liability Company "Rohm & Haas Khimicheskiye Tekhnologii"				Russia	100
					Rohm and Haas B.V.				Netherlands	100
					Rohm and Haas Espana Production Holding, S.L.				Spain	100
						Rohm and Haas Espana, S.L.			Spain	100
					Rohm and Haas Europe Sales ApS				Denmark	100
						Rohm and Haas International SNC (68)			France	1
					Rohm and Haas Europe Services ApS				Denmark	100
					Rohm and Haas Europe Trading ApS				Denmark	100
						RH Deutschland Produktion Holding GmbH			Germany	100
						RH Switzerland Production Holding GmbH			Switzerland	100
							Rohm and Haas Electronic Materials Schweiz GmbH		Switzerland	100
						Rohm and Haas Deutschland Produktion GmbH & Co. KG			Germany	100
						Rohm and Haas Nordiska AB			Sweden	100
						Rohm and Haas South Africa (PTY) Limited			South Africa	100
					Rohm and Haas France Finance SAS				France	100
					Rohm and Haas Italia S.r.l.				Italy	100
					Rohm and Haas Kimya Sanayi Limited Sirketi (65)				Turkey	99
					Rohm and Haas Kimya Ticaret Limited Sirketi (66)				Turkey	99
					Rohm and Haas Kimyasal Urunler Uretim Dagitim ve Ticaret A.S. (67)				Turkey	59
					Rohm and Haas International SNC (68)				France	99
						Rohm and Haas France Production Holding SAS			France	100
							Rohm and Haas France S.A.S.		France	100
								Morton International S.A.S.	France	100
								Rohm and Haas Electronic Materials SAS	France	100
					Rohm and Haas Polska Sp. z o.o.				Poland	100
	Rohm and Haas Bermuda Partner II GP (69)								Bermuda	99
		Rohm and Haas Bermuda GP (63)							Bermuda	53
	Rohm and Haas Chemicals Singapore Pte. Ltd.								Singapore	100
	Rohm and Haas China Holding ApS								Denmark	100
		Rohm and Haas (China) Holding Co., Ltd.							China	100
	Rohm and Haas China Investment Holding Company Ltd								Mauritius	100
	Rohm and Haas Denmark Bermuda Holding Company ApS								Denmark	100
		RH Asia Holding GmbH							Switzerland	100
			Rohm and Haas Electronic Materials Asia Limited						Hong Kong	100
				RH Denmark Dongguan Holding Company ApS					Denmark	100
				Rohm and Haas Electronic Materials (Shanghai) Ltd.					China	100
				Rohm and Haas Electronic Materials Singapore Pte. Ltd. (70)					Singapore	50
			Rohm and Haas Electronic Materials Singapore Pte. Ltd. (70)						Singapore	50
		Rohm and Haas Bermuda Partner I GP (62)							Bermuda	53
	Rohm and Haas Denmark China Investment ApS								Denmark	100

							Subsidiaries of The Dow Chemical Company		EXHIBIT 21
							At December 31, 2011
								Location*	% Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
							PT. Rohm and Haas Indonesia (60)	Indonesia	1
							Rohm and Haas Bermuda Partner I GP (62)	Bermuda	1
							Rohm and Haas Bermuda Partner II GP (69)	Bermuda	1
							Rohm and Haas Latinoamerica, S. de R.L. de C.V. (71)	Mexico	1
							Rohm and Haas Mexico, S. de R.L. de C.V. (61)	Mexico	1
							Rohm and Haas Shanghai Chemical Industry Co., Ltd.	China	100
						Rohm and Haas Finland Oy		Finland	100
						Rohm and Haas HK Dongguan Holding Limited		Hong Kong	100
							Rohm and Haas Electronic Materials (Dongguan) Co., Ltd.	China	100
						Rohm and Haas India Investment ApS		Denmark	100
							Rohm and Haas (India) Pvt. Ltd. (59)	India	99
						Rohm and Haas Kimya Sanayi Limited Sirketi (65)		Turkey	1
						Rohm and Haas Kimya Ticaret Limited Sirketi (66)		Turkey	1
						Rohm and Haas Kimyasal Urunler Uretim Dagitim ve Ticaret A.S. (67)		Turkey	1
						Rohm and Haas Latinoamerica, S. de R.L. de C.V. (71)		Mexico	99
						Rohm and Haas Singapore (Pte.) Ltd.		Singapore	100
				Rohm and Haas European Holding ApS (58)				Denmark	99
				Rohm and Haas Korea Co., Ltd.				Korea	100
				Rohm and Haas Malaysia Sdn Bhd				Malaysia	100
				Rohm and Haas Texas Incorporated				Texas	100
					Battleground Water Company (72)			Texas	52
					ROH Monomer Holding Company			Delaware	100
					Rohm and Haas Investment Holdings Inc. (57)			Delaware	30
		Rohm and Haas Equity Corporation (55)						Delaware	12
		Rohm and Haas Wood Treatment LLC						Delaware	100
	Rohm and Haas Chile Limitada. (51)							Chile	99
	Rohm and Haas Colombia Ltda (52)							Colombia	95
	Rohm and Haas de Venezuela, C.A.							Venezuela	100
	Rohm and Haas Electronic Materials K.K.							Japan	100
		LeaRonal Japan Y.K.						Japan	100
		Rohm and Haas Japan Kabushiki Kaisha						Japan	100
			Japan Acrylic Chemical Co., Ltd.					Japan	100
	Rohm and Haas Equity Corporation (55)							Delaware	2
	Rohm and Haas Holdings LLC							Delaware	100
		Rohm and Haas Chemicals LLC (54)						Delaware	76
		Rohm and Haas Electronic Materials Holdings, Inc.						Delaware	100
			Rohm and Haas Electronic Materials CMP Inc.					Delaware	100
				Rohm and Haas Electronic Materials CMP Asia Inc.				Delaware	80
					Nitta Haas Trading Company			Japan	100
					Rohm and Haas Electronic Materials CMP Korea Ltd.			Korea	100
					Rohm and Haas Electronic Materials CMP Sdn. Bhd.			Malaysia	100

Subsidiaries of The Dow Chemical Company

EXHIBIT 21

At December 31, 2011

Location*

% Ownership

This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.

Rohm and Haas Electronic Materials CMP Europe GmbH

Germany

100

Rohm and Haas Electronic Materials CMP Holdings, Inc.

Delaware

100

Rohm and Haas International Holdings Inc.

Delaware

100

Rohm and Haas Asia Holdings B.V.

Netherlands

100

Dow Chemical OLED Ltd. (80)

Korea

73

Rohm and Haas Electronic Materials Asia-Pacific Co., Ltd.

Taiwan

100

Rohm and Haas Electronic Materials Korea Ltd. (81)

Korea

73

Rohm and Haas Japan Holdings Y.K.

Japan

100

Nitta Haas Incorporated (2)

Japan

50

Rodel Particles, Inc.

Japan

100

Rohm and Haas Taiwan, Inc.

Taiwan

100

Rohm and Haas Electronic Materials LLC

Delaware

100

Rohm and Haas Equity Corporation (55)

Delaware

3

Rohm and Haas Latin America, Inc.

Delaware

100

Rohm and Haas Chemicals LLC (54)

Delaware

1

Rohm and Haas Investment Holdings Inc. (57)

Delaware

70

Rohm and Haas New Zealand Limited

New Zealand

100

Rohm and Haas Philippines, Inc.

Philippines

100

Rohm and Haas Quimica Ltda.

Brazil

100

Rohm and Haas Southeast Asia, Inc.

Delaware

100

SAFECHEM North America LLC

Delaware

100

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

TCM Technologies Inc.

Delaware

100

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

Dow International Holdings Company (24)

Delaware

19

Dow Petrochemicals Holding LLC (43)

Delaware

25

Dow Quimica Argentina S.A. (22)

Argentina

23

Dow Quimica Mexicana S.A. de C.V. (18)

Mexico

15

			Subsidiaries of The Dow Chemical Company		EXHIBIT 21
			At December 31, 2011
				Location*	% Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
	Global Industrial Corporation			New York	100
	GWN Holding, Inc. (32)			Delaware	6
	Industrias Carlisil, S.A.			Mexico	100
	Modeland International Holdings Inc. (25)			Barbados	41
	Nippon Unicar Company Limited (1)			Japan	50
	PT Union Carbide Indonesia (82)			Indonesia	99
	Peñuelas Technology Park LLC			Delaware	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
	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
		PT Union Carbide Indonesia (82)		Indonesia	1
	Union Carbide Chemicals & Plastics Technology LLC			Delaware	100
		Dow Petrochemicals Holding LLC (43)		Delaware	25
		Dow Technology Investments LLC (38)		Delaware	50
	Union Carbide Customer Services Pte. Ltd.			Singapore	100
	Union Carbide Ethylene Oxide/Glycol Company			Delaware	100
	Union Carbide Inter-America, Inc.			Delaware	100
		Dow Peru S.A. (26)		Peru	9
		Dow Quimica Chilena S.A. (23)		Chile	10
	Union Carbide Middle East Limited			Delaware	100
	Union Carbide Pan America, Inc.			Delaware	100
		Dow Quimica Argentina S.A. (22)		Argentina	1
		Dow Quimica Chilena S.A. (23)		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

				Subsidiaries of The Dow Chemical Company		EXHIBIT 21
				At December 31, 2011
					Location*	% Ownership
This list includes companies for which the effective ownership by The Dow Chemical Company is 50 percent or more.
		Union Carbide Subsidiary C, Inc.			Delaware	100
			Univation Technologies, LLC (1)		Delaware	50
		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
	*Location of incorporation or organization. Primary location of organization is reported for partnerships.

	Subsidiaries of The Dow Chemical Company	EXHIBIT 21
	At December 31, 2011
(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 Annual Report on 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)	These companies are 50%-owned, consolidated affiliates of The Dow Chemical Company. Subsidiaries of these companies, if any, are not listed in this Exhibit 21.
(3)	Dow Corning Corporation is a 50%-owned, nonconsolidated affiliate of The Dow Chemical Company and is accounted for on the equity basis. As a significant subsidiary, separate financial statements for Dow Corning Corporation are presented in this Annual Report on Form 10-K pursuant to Rule 3-09 of Regulation S-X. Subsidiaries of Dow Corning Corporation, if any, are not listed in this Exhibit 21.
(4)	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%.
(5)	The Dow Chemical Company effective ownership of Dow Turkiye Kimya Sanayi ve Ticaret Ltd Sirketi is 100% of which Dow Europe Holding B.V. owns 99.9988% and Dow InterBranch B.V. owns 0.0012%.
(6)	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%.
(7)	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%.
(8)	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%.
(9)	The Dow Chemical Company effective ownership of Dow Venezuela, C.A. is 100% of which Dow AgroSciences B.V. owns 53.84% and The Dow Chemical Company owns 46.16%.
(10)	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%.
(11)	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%.
(12)	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%.
(13)	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%.
(14)	The Dow Chemical Company effective ownership of Fort Saskatchewan Ethylene Storage Limited Partnership is 50% of which Dow Chemical 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 Mycogen Corporation is 100% of which Rofan Services Inc. owns 88.11% and Centen Ag Inc. owns 11.89%.
(16)	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%.
(17)	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%.
(18)	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%.
(19)	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%.
(20)	The Dow Chemical Company effective ownership of Liana Limited is 100% of which The Dow Chemical Company owns 93.985%, Mycogen Corporation owns 3.0075%, Centen Ag Inc. owns 2.4436% and Rofan Services Inc. owns 0.5639%.
(21)	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%.
(22)	The Dow Chemical Company effective ownership of Dow Quimica Argentina S.A. is 100% of which The Dow Chemical Company owns 76.70%, Union Carbide Corporation owns 23.20% and Union Carbide Pan America, Inc. owns 0.10%.
(23)	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. owns 10.16% and Union Carbide Pan America, Inc. owns 0.03%.
(24)	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%.
(25)	The Dow Chemical Company effective ownership of Modeland International Holdings Inc. is 100% of which Dow Chemical Finance Canada ULC owns 59.1% and Union Carbide Corporation owns 40.9%.

	Subsidiaries of The Dow Chemical Company	EXHIBIT 21
	At December 31, 2011
(26)	The Dow Chemical Company effective ownership of Dow Peru S.A. is 100% of which The Dow Chemical Company owns 91.2076% and Union Carbide Inter-America, Inc. owns 8.7924%.
(27)	The Dow Chemical Company effective ownership of Valuepark Terneuzen C.V. is 50% of which Terneuzen Partnership Services B.V. owns 49.8172% and Valuepark Terneuzen Beheer B.V. owns 0.3656%. (Dow Benelux B.V. owns 50% of Valuepark Terneuzen Beheer BV).
(28)	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%.
(29)	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%.
(30)	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%.
(31)	The Dow Chemical Company effective ownership of Dow Stade Produktions GmbH & Co. OHG is 100% of which SAFECHEM Europe GmbH owns 70% and ANGUS Chemie GmbH owns 30%. Dow Europe Holding B.V acts as a general partner with 0% capital participation.
(32)	The Dow Chemical Company effective ownership of GWN Holding, Inc. is 100% of which The Dow Chemical Company owns 60.7324%, Essex Specialty Products LLC owns 24.6760%, Rohm and Haas Equity Corporation owns 8.2817% and Union Carbide Corporation owns 6.3099%.
(33)	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%.
(34)	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%.
(35)	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%.
(36)	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%.
(37)	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.
(38)	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%.
(39)	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%.
(40)	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%.
(41)	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%.
(42)	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%.
(43)	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%.
(44)	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%.
(45)	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%.
(46)	The Dow Chemical Company effective ownership of Dow Izolan OOO is 58% via its ownership interest in RUS Polyurethanes Holding B.V.
(47)	The Dow Chemical Company effective ownership of Dow Izolan Ukraine LLC is 58% via its ownership interest in RUS Polyurethanes Holding B.V.
(48)	The Dow Chemical Company effective ownership of Dow Bahrain Holding W.L.L. is 100% of which Dow Europe Holding B.V. owns 90% and Dow InterBranch B.V. owns 10%.
(49)	The Dow Chemical Company effective ownership of Dow Investment Argentina S.A. is 100% of which 3229809 Nova Scotia Company owns 97% and Daulat Canada Holding LP owns 3%.
(50)	The Dow Chemical Company effective ownership of Rohm and Haas Australia Pty. Ltd. is 100% of which Rohm and Haas Company owns 99.9999% and Charles Lennig & Company LLC owns .0001%.
(51)	The Dow Chemical Company effective ownership of Rohm and Haas Chile Limitada is 100% of which Rohm and Haas Company owns 99% and Charles Lennig & Company LLC owns 1%.

	Subsidiaries of The Dow Chemical Company	EXHIBIT 21
	At December 31, 2011
(52)	The Dow Chemical Company effective ownership of Rohm and Haas Colombia Ltda is 100% of which Rohm and Haas Company owns 94.8999% and Charles Lennig & Company LLC owns 5.1001%.
(53)	The Dow Chemical Company effective ownership of Rohm and Haas Argentina S.R.L. is 100% of which Rohm and Haas Denmark Finance A/S owns 89.9942% and Rohm and Haas Company owns 10.0058%.
(54)	The Dow Chemical Company effective ownership of Rohm and Haas Chemicals LLC is 100% of which Rohm and Haas Holdings LLC owns 76.80153%, Rohm and Haas Company owns 23.13014% and Rohm and Haas Latin America, Inc. owns .06833%.
(55)	The Dow Chemical Company effective ownership of Rohm and Haas Equity Corporation is 100% of which Rohm and Haas Credit LLC owns 82.731264%, Rohm and Haas Chemicals LLC owns 12.666042%, Rohm and Haas Electronic Materials LLC owns 3.031015% and Rohm and Haas Company owns 1.571679%.
(56)	The Dow Chemical Company effective ownership of Rohm and Haas Canada LP is 100% of which Rohm and Haas Canada Investments Inc./Placements Rohm et Haas Canada Inc. owns 99.99% and 3243425 Nova Scotia Company owns .01%.
(57)	The Dow Chemical Company effective ownership of Rohm and Haas Investments Holdings Inc. is 100% of which Rohm and Haas Company owns 70% and Rohm and Haas Texas Incorporated owns 30%.
(58)	The Dow Chemical Company effective ownership of Rohm and Haas European Holding ApS is 100% of which Rohm and Haas Equity Corporation owns 99.999347% and Rohm and Haas Denmark Investments LLC owns .000653%.
(59)	The Dow Chemical Company effective ownership of Rohm and Haas (India) Pvt. Ltd. is 100% of which Rohm and Haas India Investment ApS owns 99.9985% and Rohm and Haas Denmark Finance A/S owns .0015%.
(60)	The Dow Chemical Company effective ownership of PT. Rohm and Haas Indonesia is 100% of which Rohm and Haas Denmark Finance A/S owns 99% and Rohm and Haas Denmark China Investment ApS is 1%.
(61)	The Dow Chemical Company effective ownership Rohm and Haas Mexico, S. de R.L. de C.V. is 100% of which RH DK Mexico Holding ApS owns 99.97% and Rohm and Haas Denmark China Investment ApS owns .03%.
(62)	The Dow Chemical Company effective ownership of Rohm and Haas Bermuda Partner I GP is 100% of which Rohm and Haas Denmark Bermuda Holding Company ApS owns 53.751817%, Rohm and Haas Denmark Finance A/S owns 46.248181% and Rohm and Haas Denmark China ApS owns .000002%.
(63)	The Dow Chemical Company effective ownership of Rohm and Haas Bermuda GP is 100% of which Rohm and Haas Bermuda Partner II GP owns 52.80% and Rohm and Haas Denmark Bermuda GP ApS owns 47.20%.
(64)	The Dow Chemical Company effective ownership of PT Dow Indonesia is 100% of which Dow Chemical Pacific (Singapore) Private Limited owns 99% and Dow Chemical (Singapore) Private Limited owns 1%.
(65)	The Dow Chemical Company effective ownership of Rohm and Haas Kimya Sanayi Limited Sirketi is 100% of which Rohm and Haas Denmark Holding Company ApS owns 99.9992% and Rohm and Haas Denmark Finance A/S owns .0008%.
(66)	The Dow Chemical Company effective ownership of Rohm and Haas Kimya Ticaret Limited Sirketi is 100% of which Rohm and Haas Denmark Holding Company ApS owns 99.9999% and Rohm and Haas Denmark Finance A/S owns .0001%.
(67)	The Dow Chemical Company effective ownership of Rohm and Haas Kimyasal Urunler Uretim Dagitim ve Ticaret A.S. is 60% of which Rohm and Haas Denmark Holding Company ApS owns 59.9993% and Rohm and Haas Denmark Finance A/S owns .0007%.
(68)	The Dow Chemical Company effective ownership of Rohm and Haas International SNC is 100% of which Rohm and Haas Denmark Holding Company ApS owns 99.99999% and Rohm and Haas Europe Sales ApS owns .0001%.
(69)	The Dow Chemical Company effective ownership of Rohm and Haas Bermuda Partner II GP is 100% of which Rohm and Haas Denmark Finance A/S owns 99.999999% and Rohm and Haas Denmark China Investment ApS owns .000001%.
(70)	The Dow Chemical Company effective ownership of Rohm and Haas Electronic Materials Singapore Pte. Ltd. is 100% of which Rohm and Haas Electronic Materials Asia Limited owns 50% and RH Asia Holding GmbH owns 50%.
(71)	The Dow Chemical Company effective ownership of Rohm and Haas Latinoamerica, S. DE R.L. DE C.V. is 100% of which Rohm and Haas Denmark Finance A/S owns 99.999999% and Rohm and Haas Denmark China Investment ApS owns .000001%.
(72)	The Dow Chemical Company effective ownership of Battleground Water Company is 60.61% of which Rohm and Haas Texas Incorporated owns 51.77% and The Dow Chemical Company owns 8.84%.
(73)	The Dow Chemical Company effective ownership of Dow MF Produktion GmbH & Co. OHG is 100% of which SAFECHEM Europe GmbH owns 70% and Dow MF Verwaltungs GmbH owns 30%. Dow Europe Holding B.V. acts as a general partner with 0% capital participation.
(74)	The Dow Chemical Company effective ownership of Siam Polyethylene Company Limited is 50% of which Daulat Canada Holding LP owns 49% and SD Group Service Co. Ltd., which is 50%-owned by The Dow Chemical Company, owns 2%.
(75)	The Dow Chemical Company effective ownership of Dow Deutschland Vertriebs GmbH & Co. OHG is 100% of which SAFECHEM Europe GmbH owns 70% and Dow Deutschland Verwaltungs Vertriebs GmbH owns 30%. Dow Europe Holding B.V. acts as a general partner with 0% capital participation.
(76)	The Dow Chemical Company effective ownership of Dow International Holdings S.A. is 100% of which Dow Dutch Holding B.V. owns 99.7444% and Dow Chemical International Ltd. owns 0.2556%.
(77)	The Dow Chemical Company effective ownership of Dow Canada Holding LP is 100% of which Rohm and Haas Canada Investments Inc. owns 99.9999% and 3243425 Nova Scotia Company owns 0.0001%.

	Subsidiaries of The Dow Chemical Company	EXHIBIT 21
	At December 31, 2011
(78)	The Dow Chemical Company effective ownership of Dow Chemical East Africa Limited is 100% of which Dow Europe Holding B.V. owns 90% and Dow InterBranch B.V. owns 10%.
(79)	The Dow Chemical Company effective ownership of Daulat Canada Holding LP is 100% of which Dow Canada Holding LP owns 99.9999% and 3243425 Nova Scotia Company owns 0.0001%.
(80)	The Dow Chemical Company effective ownership of Dow Chemical OLED Ltd. is 100% of which Rohm and Haas Asia Holdings B.V. owns 73.22% and RH DK Korea OLED Holdings ApS owns 26.78%.
(81)	The Dow Chemical Company effective ownership of Rohm and Haas Electronic Materials Ltd. is 100% of which Rohm and Haas Asia Holdings B.V. owns 73.22% and RH DK Korea OLED Holdings ApS owns 26.78%.
(82)	The Dow Chemical Company effective ownership of PT Union Carbide Indonesia is 100% of which Union Carbide Corporation owns 99.9995% and Union Carbide Asia Pacific, Inc. owns 0.0005%.