The Dow Chemical Company and Subsidiaries EXHIBIT 12.1

Computation of Ratio of Earnings to Fixed Charges and Combined

Fixed Charges and Preferred Stock Dividend Requirements

	Six Months Ended June 30						For the Year Ended December 31
In millions, except ratio (Unaudited)		2010			2009			2009			2008			2007			2006			2005
Income (Loss) from Continuing Operations Before Income Taxes	$	1,445		$	(684	)	$	469		$	1,277		$	4,192		$	4,938		$	6,363
Add (deduct):
Equity in earnings of nonconsolidated affiliates		(548	)		(187	)		(630	)		(787	)		(1,122	)		(959	)		(964	)
Distributed income of earnings of nonconsolidated affiliates		405			617			690			836			774			616			495
Capitalized interest		(32	)		(45	)		(61	)		(97	)		(85	)		(73	)		(56	)
Amortization of capitalized interest		48			45			91			84			79			70			70
Preferred security dividends		-			(20	)		(20	)		(63	)		(81	)		(77	)		(65	)
Adjusted earnings	$	1,318		$	(274	)	$	539		$	1,250		$	3,757		$	4,515		$	5,843
Fixed charges:
Interest expense and amortization of debt discount		743			679			1,571			648			584			616			702
Capitalized interest		32			45			61			97			85			73			56
Preferred security dividends		-			20			20			63			81			77			65
Rental expense – interest component		47			54			107			120			124			131			133
Total fixed charges	$	822		$	798		$	1,759		$	928		$	874		$	897		$	956
Earnings available for the payment of fixed charges	$	2,140		$	524		$	2,298		$	2,178		$	4,631		$	5,412		$	6,799
Ratio of earnings to fixed charges (1)		2.6			-			1.3			2.3			5.3			6.0			7.1
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends	$	170			142			312			-			-			-			-
Adjustment to pretax basis (at 35 percent)		92			76			168			-			-			-			-
	$	262		$	218		$	480		$	-		$	-		$	-		$	-
Combined fixed charges and preferred stock dividend requirements	$	1,084		$	1,016		$	2,239		$	928		$	874		$	897		$	956
Ratio of earnings to combined fixed charges and preferred stock dividend requirements (1)		2.0			-			1.0			2.3			5.3			6.0			7.1

(1) For the six-month period ended June 30, 2009, the Company’s earnings were insufficient to cover fixed charges by $274 million and insufficient to cover fixed charges and preferred stock dividend requirements by $492 million. The six-month period ended June 30, 2009 included restructuring charges of $681 million, a one-time increase in cost of sales related to fair valuation of Rohm and Haas inventories of $209 million and acquisition-related costs of $134 million.

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