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

	Three Months Ended March 31						For the Years Ended December 31
In millions, except ratio (Unaudited)		2011			2010			2010			2009			2008			2007			2006
Income from Continuing Operations Before Income Taxes	$	841		$	655		$	2,802		$	469		$	1,277		$	4,192		$	4,938
Add (deduct):
Equity in earnings of nonconsolidated affiliates		(298	)		(304	)		(1,112	)		(630	)		(787	)		(1,122	)		(959	)
Distributed income of earnings of nonconsolidated affiliates		508			292			668			690			836			774			616
Capitalized interest		(24	)		(17	)		(72	)		(61	)		(97	)		(85	)		(73	)
Amortization of capitalized interest		25			24			95			91			84			79			70
Preferred security dividends		-			-			-			(20	)		(63	)		(81	)		(77	)
Adjusted earnings	$	1,052		$	650		$	2,381		$	539		$	1,250		$	3,757		$	4,515
Fixed charges:
Interest expense and amortization of debt discount		377			376			1,473			1,571			648			584			616
Capitalized interest		24			17			72			61			97			85			73
Preferred security dividends		-			-			-			20			63			81			77
Rental expense – interest component		23			25			95			107			120			124			131
Total fixed charges	$	424		$	418		$	1,640		$	1,759		$	928		$	874		$	897
Earnings available for the payment of fixed charges	$	1,476		$	1,068		$	4,021		$	2,298		$	2,178		$	4,631		$	5,412
Ratio of earnings to fixed charges		3.5			2.6			2.5			1.3			2.3			5.3			6.0
Earnings required for combined fixed charges and preferred stock dividends:
Preferred stock dividends	$	85		$	85		$	340		$	312			-			-			-
Adjustment to pretax basis (at 35 percent)		46			46			183			168			-			-			-
	$	131		$	131		$	523		$	480		$	-		$	-		$	-
Combined fixed charges and preferred stock dividend requirements	$	555		$	549		$	2,163		$	2,239		$	928		$	874		$	897
Ratio of earnings to combined fixed charges and preferred stock dividend requirements		2.7			1.9			1.9			1.0			2.3			5.3			6.0

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