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EXHIBIT 21


SUBSIDIARIES OF THE DOW CHEMICAL COMPANY
At December 31, 1999

 
   Location of
Incorporation
or Organization*
   Percent
Ownership
The Dow Chemical Company   Delaware    
   Arabian Chemical Company Limited (1)   Saudi Arabia   50
   Arabian Chemical Company (Latex) Ltd. (1)   Saudi Arabia   50
   Arakawa Europe GmbH   Germany   60
   CanStates Holdings, Inc   Oklahoma   100
      ANGUS Chemical Company   Delaware   100
         ANGUS Chemical (Singapore) PTE, Ltd.   Singapore   100
         ANGUS Chemie GmbH   Germany   100
         ANGUS International (FSC), Ltd.   Barbados   100
   CD Polymers Inc.   Delaware   100
      Cargill Dow Polymers LLC (1)   Delaware   50
   Centen Ag Inc.   Delaware   100
      Dow AgroSciences LLC (11)   Delaware   43
      Mycogen Corporation (18)   California   13
   Chemars Inc.   Delaware   100
   DC Partnership Management Inc.   Delaware   100
      DowBrands L.P. (6)   Delaware   42
   DCOMCO, Inc.   Delaware   100
   DCU/LB Trust (1)   California   50
   Denmerco Inc.   Delaware   100
   Dexco Polymers (1)   Texas   50
   Diamond Capital Management Inc.   Delaware   100
   Diamond Technology Partnership Company (7)   Delaware   88
      Chemtech Portfolio Inc. (12)   Texas   70
   Dofinco, Inc.   Delaware   100
   Dow Austria Ges. mbH   Austria   100
   Dow Centroamerica, Sociedad Anonima   Costa Rica   100
   Dow Centroamerica S.A.   Guatemala   100
   Dow Chemical (Australia) Limited   Australia   100
      Dow Australia Superannuation Fund A Pty Limited   Australia   100
      Dow Australia Superannuation Fund B Pty Limited   Australia   100
      Polystyrene Australia Pty Ltd (1)   Australia   50
   Dow Chemical Canada Inc.   Canada   100
      1069284 Ontario Inc.   Canada   100
      Dow Pipeline Ltd.   Canada   100
      DowBrands Canada Inc.   Canada   100
         DBCI Financial LLC   Delaware   100
         Emerald Financial SrL   Barbados   100
           Dow International Financial Services   Ireland   100
              Dow Capital Public Limited Company   Ireland   100
         Maple Capital Resources Inc.   British Virgin Islands   100
           Dow Capital B.V.   Netherlands   100
         Modeland International Holdings Inc.   Barbados   100

88

           Dow Quimica S.A.   Brazil   100
              Branco Dow Compostos de Engenharia S.A. (1)   Brazil   50
              Dow Especialidades Quimicas Ltda.   Brazil   100
              Dow Quimica do Nordeste LTDA.   Brazil   100
              EDN-Estireno do Nordeste S.A.   Brazil   91
                 EDN-Distribuidora do Nordeste Ltda.   Brazil   100
                 EDN-Poliestireno do sul Limitada   Brazil   100
              Isopol Produtos Quimicos S.A.   Brazil   51
              Keytil Sociedad Anonima   Uruguay   100
              Primera-Industria e Comercio Ltda.   Brazil   100
      Fort Saskatchewan Ethylene Storage Limited
         Partnership (1)		   Canada   50
      H-D Tech Inc. (1)   Canada   50
   Dow Chemical (China) Investment Company Ltd.   China   100
      Dow Distribution Center (Zhangjiagang) Co., Ltd. (15)   China   10
      Dow S/B Latex (Zhangjiagang) Co. Ltd. (14)   China   10
      SAL Petrochemical (Zhangjiagang) Company
         Limited (1) (17)		   China   10
   Dow Chemical (China) Ltd.   Delaware   100
   Dow Chemical Company Limited   United Kingdom   100
      Cromarty Petroleum Company Limited (1)   United Kingdom   50
   Dow Chemical Delaware Corp.   Delaware   100
      Chemtech II L.P. (8)   Delaware   73
         Chemtech Portfolio Inc. (12)   Texas   30
         Chemtech Portfolio II Inc.   Michigan   100
   Dow Chemical (Hong Kong) Limited   Hong Kong   100
   Dow Chemical (India) Holdings Private Limited   India   100
      Dow Chemical International Private Limited   India   100
   Dow Chemical International Ltd.   Delaware   100
      Dow Chemical Thailand Limited   Thailand   100
      Petroquimica-Dow S.A. (Petrodow)   Chile   70
   Dow Chemical Japan Limited (10)   Japan   89
      Dow Polyurethanes Japan Ltd.   Japan   100
   Dow Chemical Korea Limited   Korea   100
   Dow Chemical (NZ) Limited   New Zealand   100
   Dow Chemical Pacific Limited   Hong Kong   100
      Ulsan Pacific Chemical Corporation (13)   Korea   80
   Dow Chemical Pacific (Singapore) Private Limited   Singapore   100
      Dow Chemical (Guangzhou) Company Limited   China   100
      Dow Financial Holdings Singapore Pte Ltd.   Singapore   100
         Dow Distribution Center (Zhangjiagang) Co., Ltd. (15)   China   90
         Dow S/B Latex (Zhangjiagang) Co. Ltd. (14)   China   90
         SAL Petrochemical (Zhangjiagang) Company
           Limited (1) (17)		   China   40
      G.Z. Holdings Pte. Ltd.   Singapore   100
      P.T. Pacific Indomas Plastic Indonesia (22)   Indonesia   1
      S.H.A. Holdings Pte. Ltd.   Singapore   100
   Dow Chemical (Singapore) Private Limited   Singapore   100

89

   Dow Chemical Taiwan Limited   Republic of China   100
   Dow Chemical Telecommunications Corp.   Delaware   100
   Dow Credit Corporation   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 Anlagengesellschaft mbH & Co.
         OHG (9)		   Germany   99
      Dow Deutschland Anlagengesellschaft mbH   Germany   100
         Dow Deutschland Anlagengesellschaft mbH & Co.
           OHG (9)		   Germany   1
      Dow Hungary Kft.   Hungary   100
      Dow Portugal Produtos Quimicos S.A.   Portugal   100
      Dow Turkiye A.S. (3)   Turkey   5
      Epoxital S.R.L. (1)   Italy   50
      Safechem Umwelt Service GmbH   Germany   100
   Dow Engineering Company   Delaware   100
      Dow Engineering, Inc.   Michigan   100
   Dow Environmental Inc.   Delaware   100
   Dow Europe Holding N.V.   Netherlands   100
      Buna Sow Leuna Olefinverbund GmbH (24)   Germany   80
         BSL Pipeline Gesellschaft mbH & Co. KG (24)   Germany   80
         BSL Pipeline Verwaltungsgesellschaft mbh (24)   Germany   80
      Dow Belgium, N.V.   Belgium   100
         Dow International Service Center, B.V.B.A   Belgium   100
      Dow Benelux N.V.   Netherlands   100
         C&P Botlek International B.V.   Netherlands   100
           C&P Botlek International C.V. (4)   Netherlands   10
         C&P Botlek International C.V. (4)   Netherlands   90
         Inkoopcombinatie ELSTA V.O.F. (1)   Netherlands   50
         Polyol Belgium, N.V.   Belgium   100
         Rofan Automation and Information Systems B.V.   Netherlands   100
      Dow Chemical Iberica S.A.   Spain   99
         DowBrands Espanola S.A.   Spain   100
      Dow France S.A.   France   100
         Dow Synthetic Elastomers S.A.S.   France   100
      Dow InterBranch B.V.   Netherlands   100
         Dow Danmark A/S   Denmark   100
         Dow Norge A/S   Norway   100
      Dow Italia S.p.A.   Italy   100
      Dow Mideast Systems (JSC) (2)   Egypt   1
      Dow Polska Sp.z.o.o.   Poland   100
      Dow Southern Africa (Pty) Ltd.   South Africa   100
      Dow Suomi OY   Finland   100
      Dow Sverige AB   Sweden   100
   Dow Europe S.A.   Switzerland   100
      Dow Export S.A.   Switzerland   100
      Dow Mideast Systems (JSC) (2)   Egypt   1

90

      Dow Turkiye A.S. (3)   Turkey   1
   Dow Factoring Company S.A.   Switzerland   100
   Dow Financial Holdings Inc.   Delaware   100
      Dow Holdings Inc.   Delaware   100
         Dow Corning Corporation (1)   Michigan   50
         Dow Hydrocarbons and Resources Inc.   Delaware   100
           Cayuse Pipeline, Inc.   Texas   100
           Dow Intrastate Gas Company   Louisiana   100
           Dow Pipeline Company   Texas   100
           Midland Pipeline Corp.   Delaware   100
              Fort Saskatchewan Ethylene Storage Corporation (1)   Canada   50
      DowBrands L.P. (6)   Delaware   58
   Dow Financial Services Inc.   Delaware   100
   Dow Hellas A.E.   Greece   100
   Dow International B.V.   Netherlands   100
   Dow Investment Argentina S.A.   Argentina   100
      Petroquimica Bahia Blanca S.A.I.C.   Argentina   63
      Polisur S.A.   Argentina   70
   Dow Kakoh Kabushiki Kaisha   Japan   65
   Dow Mideast Systems (JSC) (2)   Egypt   98
   Dow Quimica Argentina S.A.   Argentina   100
   Dow Quimica Chilena S.A.   Chile   100
   Dow Quimica de Colombia S.A. (5)   Colombia   90
   Dow Quimica Latin America S.A.   Uruguay   100
   Dow Quimica Mexicana S.A. de C.V.   Mexico   100
      Dow Internacional Mexicana S.A. de C.V.   Mexico   100
   Dow South Africa Holdings (Pty.) Ltd.   South Africa   100
      Sentrachem Limited   South Africa   100
         Academy Plastic Specialists (Pty) Ltd.   South Africa   100
         African Amines (Pty) Ltd. (1)   South Africa   50
         Aquachlor (Pty) Ltd. (1)   South Africa   50
         Chrome International SA (Pty) Ltd. (1)   South Africa   50
         Cisvaal (Pty) Ltd.   South Africa   100
           Jakkalsbessie Beleggings (EDMS) Bpk.   South Africa   100
         Farm-Ag Ltd.   South Africa   100
           Peskor (Pty) Ltd.   South Africa   100
         Fedsen (Pty) Ltd. (1)   South Africa   50
         IFIC Holdings Ltd.   Virgin Islands   100
           Minchem International Inc.   South Africa   100
           Sanachem Holdings Inc.   Panama   100
              Agrofarm Israel Ltd.   Israel   100
              Chemexport Inc. (1)   Cayman Islands   50
              Sanachem Brasil Comercial Ltda.   Brazil   100
              Sanachem International Ltd.   United Kingdom   100
              Sanachem Italia SpA   Italy   100
              Sanachem USA, Inc.   Delaware   100
                 Alsan Research (1)   Iowa   50

91

              Velsimex, S.A. DE C.V. (1)   Mexico   50
           Sentrachem International Holdings Ltd.   Jersey Channel Islands   100
              NCP Holdings Ltd.   Jersey Channel Islands   100
         Invesen Finance (Pty) Ltd.   South Africa   100
         Mega Plastics Properties (Pty) Ltd.   South Africa   100
         Nedchem Finance (Pty) Ltd. (1)   South Africa   50
         Orchem (Pty) Ltd.   South Africa   70
         PGM Chemicals (Pty) Ltd.   South Africa   100
         Plastomark (Pty) Ltd.   South Africa   100
         Profinans (EDMS) Beperk (1)   South Africa   50
         Safripol (Pty) Ltd.   South Africa   100
           South African Polymer Holdings (Pty) Limited   South Africa   100
         Salt and Chemicals (Pty) Ltd.   Namibia   100
         Sanachem (Pty) Ltd.   Australia   100
         SENDURB (Pty) Ltd.   South Africa   100
         Senmin (Pty) Ltd.   South Africa   100
         Sentrachem Gardens (Pty) Ltd.   South Africa   100
         Sentrachem Pty Limited   Australia   100
         Singer and Hersch Industrial Development (Pty) Ltd.   South Africa   100
         Surechem (Jersey) Insurance Company Limited   Jersey Channel Islands   100
         Syntheta (Pty) Ltd.   South Africa   100
           Randjespark Property Holdings (Pty.) Ltd.   South Africa   100
         The Synthetic Latex Company (Pty.) Ltd.   South Africa   51
         Walvis Bay Salt Refiners (Pty) Ltd.   Namibia   100
   Dow Trading PRC Inc.   Delaware   100
   Dow Trading S.A.   Switzerland   100
   Dow Turkiye A.S. (3)   Turkey   94
   Dow Venezuela, C.A.   Venezuela   100
      CV Services Ltd.   Cayman Islands   100
   Dow-United Technologies Composite Products, Inc. (1)   Delaware   50
   DowBrands Inc. (19)   Delaware   79
   El Dorado Terminals Company (1)   New Jersey   50
   Essex Chemical Corporation   New Jersey   100
   Essex Specialty Products, Inc.   New Jersey   100
      American Mortell Corporation   Texas   100
         Mortell Company   Delaware   100
      Anabond Essex India Private Limited (1)   India   50
      Diamond Technology Partnership Company (7)   Delaware   12
      Essex Do Brasil Industria E Comercio Ltda.   Brazil   100
      Essex de Hermosillo, S.A. DE C.V. (1)   Mexico   50
      Essex Specialty Products, Inc., Canada   Canada   100
      Essex Specialty Products Korea Limited   Korea   100
      Expandite-Essex Pty. Limited (1)   Australia   50
      Gurit-Essex AG (1)   Switzerland   50
      Sound Alliance LLC   Delaware   60
      Wuhan Essex-Tigers Chemical Co., Ltd.   China   51
   Etoxilados del Plata S.A.   Argentina   100
   FilmTec Corporation   Delaware   100

92

   Forbanco Inc.   Delaware   100
   Great Western Pipeline Company, Inc.   California   100
   Ifco Inc.   Delaware   100
      Chemtech II L.P. (8)   Delaware   7
   Ion Holdings LLC   Delaware   60
      Ion Investments S.a.r.l.   Luxembourg   100
         Tornado Finance V.O.F.   Netherlands   60
   INCA International S.p.A.   Italy   80
   Intarsia Corporation   Delaware   80
   Joliet Marine Terminal Trust Estate (1)   Illinois   50
   Liana Limited   Delaware   100
      Dorinco Insurance (Ireland) Ltd.   Ireland   100
      Dorinco Reinsurance Company   Michigan   100
      Dorintal Reinsurance Limited   Bermuda   100
      Timber Insurance Limited   Bermuda   100
   LG Dow Polycarbonate Limited   Korea   50
   P.T. Dow Polymers Indonesia   Indonesia   100
   P.T. Pacific Indomas Plastic Indonesia (22)   Indonesia   99
   Petrochemical Investment Company (1)   Cayman Islands   50
   Productos Quimicos Peruanos S.A.   Peru   100
   Quixtor Technologies Corporation   Delaware   100
   Raven Group Ltd.   Delaware   85
   RavenWorks Ltd.   Delaware   85
   Rofan Services Inc.   Delaware   100
      DH Compounding Company (1)   Delaware   50
      Dow AgroSciences LLC (11)   Delaware   6
      Ion Holdings LLC   Delaware   40
      Mycogen Corporation (18)   California   87
         Dinamilho Carol Produtos Agricolas Ltda.   Brazil   100
         Dow AgroSciences LLC (11)   Delaware   51
           Advanced AgriTraits LLC   Delaware   84
           D.E. United (Private) Limited (1)   Pakistan   50
           DERe Insurance Company   Vermont   100
           Dintec Agrichemicals (1)   Indiana   50
           Dow AgroSciences Agricultural Products Limited   Mauritius   100
              DE-NOCIL Crop Protection Limited   India   51
           Dow AgroSciences B.V.   Netherlands   100
              Agrodea S.A. (1)   Argentina   50
              ChacoDAS S.A. (1)   Argentina   50
              DAS Ihara K.K. (1)   Japan   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 (Malaysia) Sdn Bhd   Malaysia   100
              Dow AgroSciences (NZ) Limited   New Zealand   100
              Dow AgroSciences A.S.   Turkey   100
              Dow AgroSciences Argentina S.A.   Argentina   100

93

              Dow AgroSciences Asia Sdn Bhd   Malaysia   100
              Dow AgroSciences Australia Limited   Australia   100
              Dow AgroSciences Bolivia S.A.   Bolivia   100
              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.   France   100
              Dow AgroSciences GmbH   Germany   100
              Dow AgroSciences Guatemala S.A.   Guatemala   100
              Dow AgroSciences Iberica S.A.   Spain   100
              Dow AgroSciences Industrial Ltda.   Brazil   100
              Dow AgroSciences Limited   United Kingdom   100
              Dow AgroSciences Pacific Limited   Hong Kong   100
              Dow AgroSciences Paraguay S.A.   Paraguay   100
              Dow AgroSciences Polska Sp. z.o.o.   Poland   100
              Dow AgroSciences S.A.   France   100
              Dow AgroSciences s.r.o.   Czech Republic   100
              Dow AgroSciences Southern Africa (Pty.) Ltd.   South Africa   100
              Dow AgroSciences Sverige A/B   Sweden   100
              Dow AgroSciences Taiwan Ltd.   Republic of China   100
              Dow AgroSciences Uruguay S.A.   Uruguay   100
              Dow AgroSciences Venezuela C.A.   Venezuela   100
              Dow AgroSciences Vertriebsgesellschaft GmbH   Austria   100
              Dow Chemical Japan Limited (10)   Japan   11
              Fedea S.A. (1)   Argentina   50
              I.C.R.—Intermedi Chimici Ravenna S.p.A. (1)   Italy   50
              JV Agro S.A. (1)   Argentina   50
              Lima Delta Ltd. (1)   Israel   50
              P.T. Pacific Chemicals Indonesia   Indonesia   80
              Pentec—Productos Quimicos, Lda. (1)   Portugal   50
              Zoo-Agro de Venezuela, C.A. (1)   Venezuela   50
           Dow AgroSciences Barbados Limited   Barbados   100
           Dow AgroSciences China Ltd.   Delaware   100
           Dow AgroSciences International Ltd.   Delaware   100
              Dow AgroSciences (Thailand) Ltd.   Thailand   100
           DowBrands Inc. (19)   Delaware   21
           OCI DAS Co., Ltd. (1)   Korea   50
           Sanachem (Proprietary) Ltd.   South Africa   100
              Agbro (Proprietary) Ltd.   South Africa   100
              Agroserve (Proprietary) Ltd.   South Africa   100
              Farmpak (Pty) Ltd.   South Africa   100
              Hyperchemicals International (Pty) Ltd.   South Africa   100
              Learstraat Beleggings (EDMS) Bpk.   South Africa   100
              Plant Chemicals Swaziland (Pty) Ltd.   Swaziland   100
              World Trading Company (Pty) Ltd.   South Africa   100

94

         Mycogen Crop Protection, Inc.   California   100
           Mycogen Far East Asia Corporation   California   100
           Mycogen S.A. de C.V.   Mexico   100
           Parasitix Corporation   California   100
         Mycogen Plant Science, Inc.   Delaware   100
           Agrigenetics, Inc.   Delaware   100
              M.V.B. (20)   France   60
              Mycogen Canada Inc.   Canada   100
              Mycogen Seeds—Puerto Rico Corporation   California   100
              Mycoyen S.A.   Argentina   100
                 Corporacion de Inversiones Frutihorticolas S.A.   Argentina   100
              V.M.O. S.A.S. (21)   France   50
              Verneuil Holdings S.A. (1) (23)   France   35
                 M.V.B. (20)   France   40
                 V.M.O. S.A.S. (21)   France   50
         Mycosub/BA, Inc.   Delaware   100
           MJT BA L.P. (1)   California   50
         Mycosub/BH, Inc   Delaware   100
           MJT BH/BT L.P. (1)   California   50
         Phytogen Seed Company, LLC   Delaware   51
      Wenben Inc.   Delaware   100
         Dupont Dow Elastomers L.L.C. (1)   Delaware   50
   Scotdril Midland Inc.   Michigan   100
      Scotdril Offshore Company (16)   United Kingdom   2
   Scotdril Offshore Company (16)   United Kingdom   98
   Sentrachem US, Inc.   Delaware   100
      Hampshire Holdings, Inc.   Delaware   100
         Hampshire Chemical Corp.   Delaware   100
           Hampshire Chemical AB   Sweden   100
           Hampshire Chemical Finance Corp.   Delaware   100
   Styron Asia Limited (1)   Hong Kong   50
   Sumitomo Dow Ltd. (1)   Japan   50
   TCM Technologies Inc.   Delaware   100
   Ulsan Pacific Chemical Corporation (13)   Korea   20
   Yokkaichi MDI Limited (1)   Japan   50
   Zhejiang Pacific Chemical Corporation   China   100
*
Primary location of organization is reported for partnerships.

(1)
These companies are 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 (JSC) is 100% of which The Dow Chemical Company owns 98%, Dow Europe Holding N.V. owns 1% and Dow Europe S.A. owns 1%.

(3)
The Dow Chemical Company effective ownership of Dow Turkiye A.S. is 100% of which The Dow Chemical Company owns 94%, Dow Deutschland Inc. owns 5% and Dow Europe S.A. owns 1%.

95

(4)
The Dow Chemical Company effective ownership of C&P Botlek International C.V. is 100% of which Dow Benelux N.V. owns 90% and C&P Botlek International B.V. owns 10%.

(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 Financial Holdings Inc. owns 58% and DC Partnership Management Inc. owns 42%

(7)
The Dow Chemical Company effective ownership of Diamond Technology Partnership Company is 100% of which The Dow Chemical Company owns 88.5% and Essex Specialty Products, Inc. owns 11.5%.

(8)
The Dow Chemical Company effective ownership of Chemtech II L.P. is 80% of which Dow Chemical Delaware Corp. owns 73% and Ifco Inc. owns 7%.

(9)
The Dow Chemical Company effective ownership of Dow Deutschland Anlagengesellschaft mbH & Co. OHG is 100% of which Dow Deutschland Inc. owns 99% and Dow Deutschaland Anlagengesellschaft mbH owns 1%.

(10)
The Dow Chemical Company effective ownership of Dow Chemical Japan Limited is 100% of which The Dow Chemical Company owns 89% and Dow AgroSciences B.V. owns 11%.

(11)
The Dow Chemical Company effective ownership of Dow AgroSciences LLC is 100% of which Rofan Services Inc. owns 6%, Centen Ag Inc. owns 43% and Mycogen Corporation owns 51%.

(12)
The Dow Chemical Company effective ownership of Chemtech Portfolio Inc. is 94% of which Diamond Technology Partnership Company owns 70% and Chemtech II L.P. owns 30% (see note 8 for Chemtech II L.P. effective ownership and note 7 for Diamond Technology Partnership Company).

(13)
The Dow Chemical Company effective ownership of Ulsan Pacific Chemical Corporation is 100% of which Dow Chemical Pacific Limited owns 80% and The Dow Chemical Company owns 20%.

(14)
The Dow Chemical Company effective ownership of Dow S/B Latex (Zhangjiagang) Co. Ltd. is 100% of which Dow Chemical (China) Investment Co. Ltd. owns 10% and Dow Financial Holdings Singapore Pte Ltd. owns 90%.

(15)
The Dow Chemical Company effective ownership of Dow Distribution Center (Zhangjiagang) Co., Ltd. is 100% of which Dow Chemical (China) Investment Company Ltd. owns 10% and Dow Financial Holdings Singapore Pte Ltd. owns 90%.

(16)
The Dow Chemical Company effective ownership of Scotdril Offshore Company is 100% of which The Dow Chemical Company owns 98% and Scotdril Midland Inc. owns 2%

(17)
The Dow Chemical Company effective ownership of SAL Petrochemical (Zhangjiagang) Company Limited is 50% of which Dow Chemical (China) Investment Company Ltd. owns 10% and Dow Financial Holdings Singapore Pte Ltd. owns 40%.

(18)
The Dow Chemical Company effective ownership of Mycogen Corporation is 100% of which Centen Ag Inc. owns 13% and Rofan Services Inc. owns 87%.

(19)
The Dow Chemical Company effective ownership of DowBrands Inc. is 100% of which Dow AgroSciences LLC owns 21% and The Dow Chemical Company owns 79%.

(20)
The Dow Chemical Company effective ownership of M.V.B. is 74% of which Agrigenetics, Inc. owns 60% and Verneuil Holdings S.A. owns 40%. The Dow Chemical Company effective ownership of Verneuil Holdings S.A. is 35%

96

(21)
The Dow Chemical Company effective ownership of V.M.O. S.A.S is 67.5% of which Agrigenetics, Inc. owns 50% and Verneuil Holdings S.A. owns 50%. The Dow Chemical Company effective ownership of Verneuil Holdings S.A. is 35%

(22)
The Dow Chemical Company effective ownership of P.T. Pacific Indomas Plastic Indonesia is 100% of which The Dow Chemical Company owns 99% and Dow Chemical Pacific (Singapore) Private Limited owns 1%

(23)
The subsidiaries of Verneuil Holdings S.A. are included in this Exhibit 21 because a portion of the ownership interest of those subsidaries is held by companies listed elsewhere in this Exhibit 21.

(24)
These companies are not controlled, directly or indirectly, by The Dow Chemical Company.

97


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SUBSIDIARIES OF THE DOW CHEMICAL COMPANY At December 31, 1999