Comment

Andrew N. Liveris, Dow’s chairman and chief executive officer, stated:

“This was a good quarter … a quarter in which our entire organization responded with speed and discipline to an unprecedented run-up in feedstock and energy costs, raising price to mitigate much of the $1.7 billion year over year increase. And our focus on price did not come at the expense of volume. Volume gains were reported in all operating segments, a testament to our price/volume management capabilities.”

	3 Months Ended Dec. 31				12 Months Ended Dec. 31
(In millions, except for per share amounts)	2007		2006		2007		2006
Net Sales	$	14,227	$	12,236	$	53,513	$	49,124
Net Income	$	472	$	975	$	2,887	$	3,724
Earnings per Common Share	$	0.49	$	1.00	$	2.99	$	3.82
Earnings per Common Share Excluding Certain Items	$	0.84	$	0.98	$	3.76	$	4.25

Review of Fourth Quarter Results

The Dow Chemical Company (NYSE: DOW) reported sales of $14.2 billion for the fourth quarter of 2007, 16 percent higher than in the same period last year, setting a new quarterly sales record.

Net income for the quarter was $472 million, reflecting the impact of net after-tax charges of $334 million related to restructuring activities and purchased in-process research and development related to recent acquisitions, partially offset by a reduction in the provision for income taxes related to a change in the legal ownership structure of EQUATE. This compares to net income of $975 million in the fourth quarter of 2006, which included a net gain of $21 million for certain items (see supplemental table at the end of the release for a description of these items). Dow reported earnings for the current quarter of $0.49 per share, including a $0.35 per share charge for the items referenced above. This compares with earnings in the fourth quarter of 2006 of $1.00 per share, including a net benefit of $0.02 per share for the items referenced above.

Year over year, volume was up 4 percent, with all operating segments showing increases. Stronger demand in Europe, Asia Pacific, Latin America and India, Middle East and Africa (“IMEA”) more than offset continued softness in North America. Price was 12 percent higher than the fourth quarter of 2006, with increases in all operating segments. These price gains largely offset significant increases in purchased feedstock and energy costs, which were 31 percent higher than the same period last year.

Selling, Administrative and Research and Development (“SARD”) expenses increased 11 percent year over year, including the addition of SARD expenses in recently acquired Performance businesses. The increase also reflects a disciplined investment strategy to build markets, expand product offerings, and establish brands in several of Dow’s high value, market-facing businesses.

Equity earnings were $294 million, up 21 percent year over year including record quarterly contributions from EQUATE, MEGlobal and Compañía Mega.

“This was a good quarter … a quarter in which our entire organization responded with speed and discipline to an unprecedented run-up in feedstock and energy costs, raising price to mitigate much of the $1.7 billion year over year increase. And our focus on price did not come at the expense of volume,” said Andrew N. Liveris, Dow’s chairman and chief executive officer.

“Volume gains were reported in all operating segments, a testament to our price/volume management capabilities. Higher equity earnings, including strong contributions from companies with advantaged feedstocks, underscored the value of joint ventures in our overall strategy. With two-thirds of our sales outside of the United States, we were well placed to capture growth opportunities around the world.”

Performance Plastics

In the Performance Plastics segment, fourth quarter sales of $3.97 billion represented a 12 percent increase over the same period last year. Price and volume both increased 6 percent, with gains in every geographic area outside North America. Polyurethanes posted volume gains reflecting recent acquisitions in Europe and strong sales in Asia Pacific. Dow Epoxy reported strong demand globally for industrial coatings, but saw lower demand in North America for architectural coatings used in housing, and building and construction applications. Dow Automotive showed price and volume gains globally, driven by growth in foam applications as manufacturers responded to consumer demand for thicker and firmer seats. The Specialty Plastics and Elastomers business posted increases in price and volume, led by growth in Asia Pacific for polymers used in information technology equipment. Demand for telecommunications fiber optic cables in the Wire and Cable business increased as well. Fourth quarter EBIT⁽¹⁾ for the Performance Plastics segment was $158 million, including charges of $184 million for restructuring. This compares with EBIT of $347 million in the fourth quarter of 2006, which included a charge of $85 million related to a loss contingency for a fine imposed by the European Commission associated with synthetic rubber industry matters.

Performance Chemicals

Sales in Performance Chemicals rose to $2.13 billion for the fourth quarter of 2007, an increase of 6 percent compared with $2.00 billion posted in the same period last year. Globally, price was up 4 percent while volume increased 2 percent. Price was up in all geographic areas and across all businesses. Volume was up in Europe, Latin America and IMEA. Designed Polymers showed price and volume gains globally, due in part to gains in the food, pharmaceutical and paint industries served by Dow Wolff Cellulosics. Demand for biocides used in oilfield applications was up as well, as oil extraction activities in North America and Latin America increased. In Specialty Chemicals, industry conditions for acrylic monomers remained very challenging, due to a rapid increase in propylene costs and lower demand, as customers drew down inventory levels. While earnings at Dow Corning remained strong, an extended outage at OPTIMAL unfavorably impacted equity earnings for the segment. Performance Chemicals reported EBIT of $124 million for the fourth quarter, which included restructuring charges of $85 million and a $2 million favorable adjustment to purchased in-process research and development. In the same period last year, EBIT was $293 million, which included a restructuring charge of $1 million.

Agricultural Sciences

The Agricultural Sciences segment posted record fourth quarter sales of $864 million, 6 percent higher than the same period in 2006, reflecting both organic growth and growth from acquisitions. Volume was up 2 percent and price up 4 percent, with price gains in all geographic areas and volume increases in Latin America, Asia Pacific and Europe. Seed sales increased substantially from the same period last year due to strong farm commodity prices, increasing demand for biofuels, higher 2007 farm incomes and grower confidence. Herbicide sales in Latin America grew significantly compared with the same period last year, while new products penoxsulam and aminopyralid continued to ramp-up. Integration of new acquisitions Agromen, MTI and Duo Maize are progressing well. The business continued to make strategic investments to accelerate new product development and commercialization. Fourth quarter EBIT for Agricultural Sciences was a loss of $38 million, which included restructuring charges of $77 million. This compares with EBIT of $38 million in the fourth quarter of 2006.

Basic Plastics

Basic Plastics sales rose 18 percent in the fourth quarter to $3.49 billion from $2.94 billion in the same period last year. Price increased 17 percent and volume increased 1 percent. Price was up in all geographic areas and across all polymer families. Polyethylene and Polypropylene posted double-digit price gains in Europe, IMEA, Latin America and North America. Volume in the segment was up in Asia Pacific, Europe and Latin America, more than offsetting a decline in North America. Volume gains were achieved despite the sale of Polyethylene and Polypropylene assets in South Africa and the shut down of Polystyrene and Polyethylene capacity in Sarnia, Canada, in 2006. Polyethylene reported growth in specialty packaging applications, while underlying demand for Polypropylene was down due to slowdowns in the housing and automotive sectors in North America. Polystyrene saw margin expansion in the quarter due to a moderation in benzene costs. Disciplined price and volume management across the segment helped to overcome substantial increases in feedstock and energy costs. Equity earnings were down $11 million year over year due to lower earnings at Equipolymers and Siam Polyethylene, which offset very strong results at EQUATE. EBIT for the Basic Plastics segment was $394 million, including restructuring charges of $88 million. In the same period last year, EBIT was $461 million.

(1) Earnings before interest, income taxes and minority interests (“EBIT”). A reconciliation of EBIT to “Net Income Available for Common Stockholders” is provided following the Operating Segments table.

Supplemental Information

Description of Certain Items Affecting Results

Fourth Quarters of 2007 and 2006

In December 2007, the Company’s Board of Directors approved a restructuring plan that includes the shut down of a number of assets and organizational changes within targeted support functions to enhance the efficiency and cost effectiveness of the Company’s global operations. As a result, the Company recorded restructuring charges totaling $590 million in the fourth quarter of 2007. The charges included asset write-downs and write-offs of $422 million, costs associated with exit or disposal activities of $82 million and severance costs of $86 million. In addition, in the fourth quarter of 2007 the Company recorded an $8 million favorable adjustment to restructuring charges originally recorded in the third quarter of 2006. The net impact of the charges is shown as “Restructuring charges” in the consolidated statements of income. Also in the fourth quarter of 2007, the Company recorded a favorable $2 million adjustment to purchased in-process R&D, originally recorded in the third quarter of 2007 related to the acquisition of Wolff Walsrode. In December 2007, the Company changed the legal ownership structure of its 42.5% interest in EQUATE Petrochemical Company K.S.C. As a consequence, the Company recorded a $113 million reduction in the provision for income taxes in the fourth quarter of 2007.

In the fourth quarter of 2006, earnings were favorably impacted by a reduction in Union Carbide’s asbestos liability of $177 million. Earnings in the fourth quarter of 2006 were unfavorably impacted by the recognition of a loss contingency of $85 million for a fine imposed by the European Commission related to synthetic rubber industry matters (included in “Sundry income - net”), and an adjustment of $12 million to the third quarter 2006 “Restructuring charges” described below.

A table showing the impact of these items by operating segment is included with the Operating Segments tables.

The following table summarizes the impact of certain items recorded in the three-month periods ended December 31, 2007 and 2006, and previously described in this section:

Certain Items Impacting Results	Pretax Impact (1)						Impact on Net Income (2)						Impact on EPS (3)
	Three Months Ended						Three Months Ended						Three Months Ended
In millions, except per share amounts	Dec. 31, 2007			Dec. 31, 2006			Dec. 31, 2007			Dec. 31, 2006			Dec. 31, 2007			Dec. 31, 2006
Restructuring charges	$	(582	)	$	(12	)	$	(436	)	$	(7	)	$	(0.46	)	$	(0.01	)
Purchased in-process research and development charges	2			—			(11		)	—			(0.01		)	—
Asbestos-related credit	—			177			—			112			—			0.12
Loss contingency related to EC fine	—			(85		)	—			(84		)	—			(0.09		)
Change in EQUATE legal ownership structure	—			—			113			—			0.12			—
Total	$	(580	)	$	80		$	(334	)	$	21		$	(0.35	)	$	0.02

(1)Impact on “Income before Income Taxes and Minority Interests”

(2)Impact on “Net Income Available for Common Stockholders”

(3)Impact on “Earnings per common share — diluted”

Years ended December 31, 2007 and 2006

In addition to the items described above for the fourth quarter of 2007, earnings for 2007 were unfavorably impacted by pretax charges totaling $59 million in the third quarter for purchased in-process research and development related to the acquisition of assets of Agromen, Exelixis, Duo Maize and Maize Technologies International and the acquisition of Wolff Walsrode, all in 2007. Earnings in 2007 were further impacted by a charge of $362 million against the provision for income taxes related to a change in German tax law enacted in August 2007, which reduced the German income tax rate, resulting in a reduction in the value of the Company’s net deferred tax assets in Germany.

In addition to the items described above for the fourth quarter of 2006, earnings for 2006 included pretax restructuring charges totaling $579 million in the third quarter associated with plans to shut down a number of assets around the world as part of the Company’s drive to improve the competitiveness of its global operations. The charges included asset write-downs and write-offs of $327 million, costs associated with exit or disposal activities of $171 million and severance costs of $81 million. The impact of these charges is shown as “Restructuring charges” and is reflected in the results of various segments.

A table showing the impact of these items by operating segment is included with the Operating Segments tables.

The following table summarizes the impact of certain items recorded in the twelve-month periods ended December 31, 2007 and 2006, and previously described in this section:

Certain Items Impacting Results	Pretax Impact (1)						Impact on Net Income (2)						Impact on EPS (3)
	Twelve Months Ended						Twelve Months Ended						Twelve Months Ended
In millions, except per share amounts	Dec. 31, 2007			Dec. 31, 2006			Dec. 31, 2007			Dec. 31, 2006			Dec. 31, 2007			Dec. 31, 2006
Restructuring charges	$	(578	)	$	(591	)	$	(436	)	$	(445	)	$	(0.46	)	$	(0.46	)
Purchased in-process research and development charges	(57		)	—			(50		)	—			(0.05		)	—
Asbestos-related credit	—			177			—			112			—			0.12
Loss contingency related to EC fine	—			(85		)	—			(84		)	—			(0.09		)
German tax law change	—			—			(362		)	—			(0.38		)	—
Change in EQUATE legal ownership structure	—			—			113			—			0.12			—
Total	$	(635	)	$	(499	)	$	(735	)	$	(417	)	$	(0.77	)	$	(0.43	)

(1) Impact on “Income before Income Taxes and Minority Interests”

(2) Impact on “Net Income Available for Common Stockholders”

(3) Impact on “Earnings per common share — diluted”

Financial Statements (Note A)

The Dow Chemical Company and Subsidiaries

Consolidated Statements of Income

	Three Months Ended					Twelve Months Ended
	Dec. 31,			Dec. 31,		Dec. 31,		Dec. 31,
In millions, except per share amounts (Unaudited)	2007			2006		2007		2006
Net Sales	$	14,227		$	12,236	$	53,513	$	49,124
Cost of sales	12,533			10,499		46,400		41,526
Research and development expenses	354			308		1,305		1,164
Selling, general and administrative expenses	493			453		1,864		1,663
Amortization of intangibles	21			13		72		50
Restructuring charges (Note B)	582			12		578		591
Purchased in-process research and development charges (credit) (Note C)	(2		)	—		57		—
Asbestos-related credit (Note D)	—			177		—		177
Equity in earnings of nonconsolidated affiliates	294			242		1,122		959
Sundry income - net	62			50		324		137
Interest income	29			57		130		185
Interest expense and amortization of debt discount	161			154		584		616
Income before Income Taxes and Minority Interests	470			1,323		4,229		4,972
Provision (Credit) for income taxes (Note E)	(27		)	324		1,244		1,155
Minority interests’ share in income	25			24		98		93
Net Income Available for Common Stockholders	$	472		$	975	$	2,887	$	3,724
Share Data
Earnings per common share - basic	$	0.50		$	1.02	$	3.03	$	3.87
Earnings per common share - diluted	$	0.49		$	1.00	$	2.99	$	3.82
Common stock dividends declared per share of common stock	$	0.42		$	0.375	$	1.635	$	1.50
Weighted-average common shares outstanding - basic	945.4			958.5		953.1		962.3
Weighted-average common shares outstanding - diluted	957.5			971.1		965.6		974.4
Depreciation	$	520		$	486	$	1,959	$	1,904
Capital Expenditures	$	764		$	657	$	2,075	$	1,775

Notes to the Consolidated Financial Statements:

Note A: The unaudited consolidated financial statements reflect all adjustments which, in the opinion of management, are considered necessary for a fair presentation of the results for the periods covered. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2006. Except as otherwise indicated by the context, the terms “Company” and “Dow” as used herein mean The Dow Chemical Company and its consolidated subsidiaries.

Note B: In August 2006, Dow’s Board of Directors approved a plan to shut down a number of assets around the world as the Company continues its drive to improve the competitiveness of its global operations. As a result, the Company recorded restructuring charges totaling $591 million in 2006. The charges included asset write-downs and write-offs, severance costs, contract termination fees, costs for asbestos abatement and environmental remediation, and pension curtailment costs and termination benefits associated with Dow’s defined benefit plans. In the fourth quarter of 2007, the Company recorded an $8 million favorable adjustment to the 2006 restructuring charges.

In December 2007, Dow’s Board of Directors approved a restructuring plan that includes the shut down of a number of assets and organizational changes within targeted support functions to enhance the efficiency and cost effectiveness of the Company’s global operations. As a result, the Company recorded restructuring charges totaling $590 million in the fourth quarter of 2007. The charges included asset write-downs and write-offs, severance costs, contract termination fees, and costs for environmental remediation.

Note C: During the third quarter of 2007, pretax charges totaling $59 million were recorded for estimated values assigned to purchased in-process research and development. $50 million was related to recent acquisitions within the Agricultural Sciences segment; $9 million was related to the acquisition of Wolff Walsrode on June 30, 2007. In the fourth quarter of 2007, the Company recorded a $2 million adjustment to the charges.

Note D: In December 2006, Union Carbide reduced its asbestos-related liability $177 million based on a new study completed in the fourth quarter by Analysis, Research & Planning Corporation using historical claims data for Union Carbide and Amchem.

Note E: In August 2007, a change in German tax law, which included a reduction in the German income tax rate, was enacted. As a result, the Company adjusted the value of its net deferred tax assets in Germany and recorded a charge of $362 million against the provision for income taxes in the third quarter of 2007.

In December 2007, the Company changed the legal ownership structure of EQUATE Petrochemical Company K.S.C., a 42.5 percent joint venture, resulting in a $113 reduction of the provision for income taxes in the fourth quarter of 2007.

The Dow Chemical Company and Subsidiaries
Consolidated Balance Sheets

	Dec. 31,			Dec. 31,
In millions (Unaudited)	2007			2006
Assets
Current Assets
Cash and cash equivalents	$	1,736		$	2,757
Marketable securities and interest-bearing deposits	1			153
Accounts and notes receivable:
Trade (net of allowance for doubtful receivables - 2007: $118; 2006: $122)	5,944			4,988
Other	3,740			3,060
Inventories	6,885			6,058
Deferred income tax assets - current	348			193
Total current assets	18,654			17,209
Investments
Investment in nonconsolidated affiliates	3,089			2,735
Other investments	2,489			2,143
Noncurrent receivables	385			288
Total investments	5,963			5,166
Property
Property	47,708			44,381
Less accumulated depreciation	33,320			30,659
Net property	14,388			13,722
Other Assets
Goodwill	3,572			3,242
Other intangible assets (net of accumulated amortization - 2007: $721; 2006: $620)	781			457
Deferred income tax assets - noncurrent	2,126			4,006
Asbestos-related insurance receivables - noncurrent	696			725
Deferred charges and other assets	2,621			1,054
Total other assets	9,796			9,484
Total Assets	$	48,801		$	45,581

Liabilities and Stockholders’ Equity
Current Liabilities
Notes payable	$	1,548		$	219
Long-term debt due within one year	586			1,291
Accounts payable:
Trade	4,555			3,825
Other	1,981			1,849
Income taxes payable	728			569
Deferred income tax liabilities - current	117			251
Dividends payable	418			382
Accrued and other current liabilities	2,512			2,215
Total current liabilities	12,445			10,601
Long-Term Debt	7,581			8,036
Other Noncurrent Liabilities
Deferred income tax liabilities - noncurrent	854			999
Pension and other postretirement benefits - noncurrent	3,014			3,094
Asbestos-related liabilities - noncurrent	1,001			1,079
Other noncurrent obligations	3,103			3,342
Total other noncurrent liabilities	7,972			8,514
Minority Interest in Subsidiaries	414			365
Preferred Securities of Subsidiaries	1,000			1,000
Stockholders’ Equity
Common stock	2,453			2,453
Additional paid-in capital	902			830
Retained earnings	18,004			16,987
Accumulated other comprehensive loss	(170		)	(2,235		)
Treasury stock at cost	(1,800		)	(970		)
Net stockholders’ equity	19,389			17,065
Total Liabilities and Stockholders’ Equity	$	48,801		$	45,581
See Notes to the Consolidated Financial Statements.

The Dow Chemical Company and Subsidiaries

Operating Segments

	Three Months Ended						Twelve Months Ended
	Dec. 31,			Dec. 31,			Dec. 31,			Dec. 31,
In millions (Unaudited)	2007			2006			2007			2006
Sales by operating segment
Performance Plastics	$	3,968		$	3,546		$	15,116		$	13,944
Performance Chemicals	2,126			1,999			8,351			7,867
Agricultural Sciences	864			814			3,779			3,399
Basic Plastics	3,488			2,944			12,878			11,833
Basic Chemicals	1,630			1,315			5,863			5,560
Hydrocarbons and Energy	2,042			1,562			7,105			6,205
Unallocated and Other	109			56			421			316
Total	$	14,227		$	12,236		$	53,513		$	49,124
EBIT(1) by operating segment
Performance Plastics	$	158		$	347		$	1,390		$	1,629
Performance Chemicals	124			293			949			1,242
Agricultural Sciences	(38		)	38			467			415
Basic Plastics	394			461			2,006			2,022
Basic Chemicals	309			194			813			689
Hydrocarbons and Energy	(44		)	—			(45		)	—
Unallocated and Other	(301		)	87			(897		)	(594		)
Total	$	602		$	1,420		$	4,683		$	5,403
Certain items (reducing) increasing EBIT by operating segment (2)
Performance Plastics	$	(184	)	$	(85	)	$	(180	)	$	(327	)
Performance Chemicals	(83		)	(1		)	(92		)	(12		)
Agricultural Sciences	(77		)	—			(127		)	—
Basic Plastics	(88		)	—			(88		)	(16		)
Basic Chemicals	(7		)	(19		)	(7		)	(184		)
Hydrocarbons and Energy	(44		)	—			(44		)	—
Unallocated and Other	(97		)	185			(97		)	40
Total	$	(580	)	$	80		$	(635	)	$	(499	)
Equity in earnings of nonconsolidated affiliates by operating segment (included in EBIT)
Performance Plastics	$	13		$	8		$	68		$	89
Performance Chemicals	83			93			382			368
Agricultural Sciences	3			—			4			1
Basic Plastics	35			46			176			173
Basic Chemicals	135			78			405			241
Hydrocarbons and Energy	25			17			87			85
Unallocated and Other	—			—			—			2
Total	$	294		$	242		$	1,122		$	959

(1)

The Company uses EBIT (which Dow defines as earnings before interest, income taxes and minority interests) as its measure of profit/loss for segment reporting purposes. EBIT includes all operating items related to the businesses and excludes items that principally apply to the Company as a whole. A reconciliation of EBIT to “Net Income Available for Common Stockholders” is provided below:

	Three Months Ended					Twelve Months Ended
	Dec. 31,			Dec. 31,		Dec. 31,		Dec. 31,
	2007			2006		2007		2006
EBIT	$	602		$	1,420	$	4,683	$	5,403
+ Interest income	29			57		130		185
- Interest expense and amortization of debt discount	161			154		584		616
- Provision for income taxes	(27		)	324		1,244		1,155
- Minority interests’ share in income	25			24		98		93
Net Income Available for Common Stockholders	$	472		$	975	$	2,887	$	3,724

(2)	See Supplemental Information for a description of certain items affecting results in 2007 and 2006.

The Dow Chemical Company and Subsidiaries

Sales Volume and Price by Operating Segment

	Three Months Ended						Twelve Months Ended
	Dec. 31, 2007						Dec. 31, 2007
Percentage change from prior year	Volume		Price		Total		Volume		Price		Total
Operating segments
Performance Plastics	6	%	6	%	12	%	2	%	6	%	8	%
Performance Chemicals	2	%	4	%	6	%	2	%	4	%	6	%
Agricultural Sciences	2	%	4	%	6	%	9	%	2	%	11	%
Basic Plastics	1	%	17	%	18	%	1	%	8	%	9	%
Basic Chemicals	5	%	19	%	24	%	(1	)%	6	%	5	%
Hydrocarbons and Energy	6	%	25	%	31	%	3	%	12	%	15	%
Total	4	%	12	%	16	%	2	%	7	%	9	%

Sales by Geographic Area

	Three Months Ended				Twelve Months Ended
	Dec. 31,		Dec. 31,		Dec. 31,		Dec. 31,
In millions (Unaudited)	2007		2006		2007		2006
Sales by geographic area(1)
North America	$	5,224	$	4,782	$	20,498	$	20,431
Europe	5,267		4,240		19,614		16,776
Asia Pacific	1,668		1,464		6,186		5,364
Latin America	1,599		1,372		5,745		5,058
India, Middle East and Africa	469		378		1,470		1,495
Total	$	14,227	$	12,236	$	53,513	$	49,124

(1)

Beginning with the earnings release for the second quarter of 2007, the Company is providing a more detailed breakdown of its sales by geographic area. Prior to the change, the geographic breakdown included sales to customers in the United States, Europe (which included the Middle East and Africa) and Rest of World (which included the Indian subcontinent). With the new breakdown, sales to customers in the Indian subcontinent, the Middle East and Africa are reported together on a separate line, and sales to customers in Europe for prior periods have been adjusted to reflect the realignment. North America includes sales to customers in the United States and Canada.

Sales Volume and Price by Geographic Area

	Three Months Ended						Twelve Months Ended
	Dec. 31, 2007						Dec. 31, 2007
Percentage change from prior year	Volume		Price		Total		Volume		Price		Total
Geographic areas
North America	(2	)%	11	%	9	%	(2	)%	2	%	0	%
Europe	6	%	18	%	24	%	5	%	12	%	17	%
Asia Pacific	10	%	4	%	14	%	8	%	7	%	15	%
Latin America	5	%	12	%	17	%	7	%	7	%	14	%
India, Middle East and Africa	18	%	6	%	24	%	(9	)%	7	%	(2	)%
Total	4	%	12	%	16	%	2	%	7	%	9	%

Dow Reports Fourth Quarter and Full-Year Results

Fourth Quarter 2007 Highlights

2007 Full-Year Highlights

Review of Fourth Quarter Results

Review of Results for 2007

Supplemental Information