Exhibit 99.1 Dow 2024 Investor Day Agenda Clear Financial Advancing Value Executing Dow’s Path2Zero Priorities to Advance Growth Strategic Vision Value Growth Presentations Presentation Panel Discussion Presentation Jim Fitterling Packaging & Specialty Plastics Jim Fitterling Jeff Tate Karen S. Carter Chair and CEO Chair and CEO CFO President, P&SP John Sampson Industrial Intermediates & Infrastructure Senior VP, Operations, Jane Palmieri Manufacturing & Engineering President, II&I Dan Futter Pankaj Gupta Chief Commercial Officer Vice President, Industrial Solutions Performance Materials & Coatings Brendy Lange President, PM&C Joanne Sekella Vice President, Coatings & Performance Monomers MobilityScience Jon Penrice President, MobilityScience

Advancing Value Growth Jim Fitterling

What You Will See and Hear Today ▪ Delivering on our commitments while driving industry leadership ▪ Leveraging our advantaged portfolio for growth in attractive market verticals ▪ Maintaining our disciplined and balanced capital allocation priorities to maximize value growth ▪ Driving underlying earnings growth by transforming and optimizing how we meet our customers’ needs ▪ Advancing our ambition profitably with transparency and accountability Dow is well-positioned to deliver long-term sustainable growth and enhance shareholder value

Driving Sustainable Growth and Enhancing Shareholder Value ✓ Delivering on Our Commitments ▪ Leveraging Our Advantaged Portfolio for Growth ▪ Maintaining Our Disciplined and Balanced Capital Allocation ▪ Driving Underlying Earnings Growth ▪ Advancing Our Ambition Profitably

Delivering on Our Commitments Since Spin 1 Cumulative FCF generation; average FCF Industry-leading cash flow generation ~$22B 2 yield is >2x the dividend yield since Spin Average CapEx as a percent of D&A; in line with our target to keep average CapEx Our Commitments: Disciplined and balanced capital allocation ~65% at or below D&A over the cycle ✓ Balanced capital allocation to maximize shareholder 1 Average Operating ROIC between Low-risk profitable growth ~12% value 2019-2023; above WACC of 10% ✓ Financial and operational 1 discipline through the Operating net income returned; Attractive shareholder remuneration ~90% economic cycle reduced share count by >45MM shares ✓ Best-owner mindset 1 Reduction in net debt and underfunded Strong credit profile across the cycle ~$9B ✓ Driving sustainability pension liabilities since Spin leadership in our industry ✓ Culture of benchmarking Mid-cycle EBITDA impact from near- Robust organic growth investments ~$0.8B and enhanced transparency term growth investments Cash from select infrastructure Best-owner mindset divestiture in 2020; >$1B additional >$0.9B expected in 2024 1.See appendix for definition of Non-GAAP measures 2.Since Spin: April 1, 2019 through 1Q24

A Proven Playbook Across the Macroeconomic Cycle Operational and Financial Discipline Robust Cash Generation Through the Cycle Investment-grade credit profile; ~$13B of Maintain strong financial flexibility committed liquidity including cash Operating $12.4 2 2 EBITDA ($B) Maximize cash flow ~80% cash flow conversion since Spin CFFO Maintain cost discipline $1B cost savings actions in 2023 ($B) $9.3 Reduced by ~$1B; including low er share count, Lowered cash commitments interest, pension and JV cash contributions $7.3 $5.6 Capturing Value Growth $7.5 $7.1 $5.4 $6.3 Investments to drive >$3B/year in underlying $5.7 Advance disciplined organic growth earnings grow th $5.2 Leverage strategically advantaged Positioning and flexibility are key differentiators feedstocks Capitalize on presence in attractive Global scale and diverse product portfolio to end markets capitalize on market trends grow ing >GDP 2019 2020 2021 2022 2023 Innovate with our materials science >1,000 new innovative products commercialized Global expertise in 2023 ~2.6% ~(3.0)% ~6.2% ~3.0% ~2.7% GDP Growth 1 Rate (%) 1.S&P Global 2.See appendix for definition of Non-GAAP measures

Driving Sustainable Growth and Enhancing Enterprise Value ▪ Delivering on Our Commitments ✓ Leveraging Our Advantaged Portfolio for Growth ▪ Maintaining Our Disciplined and Balanced Capital Allocation ▪ Driving Underlying Earnings Growth ▪ Advancing Our Ambition Profitably

Industry Trends Enable >$800B Addressable Market by Mid-Decade Packaging Infrastructure PE Demand Growing ~1.2-1.4x GDP Global Inf rastructure and Construction Spend to Leading Positions 1 Market Verticals with Recy cled Demand >2x GDP Increase ~$2T by 2030 ~3% Packaging & Specialty Plastics 250-300 Forecast Transportation Actual $0.8 Circular #1 High-Pressure Technology Solutions Packaging 200-250 Residential $0.7 Capacity Including LD, EVA, ~4% Ionomers, Acid Copolymer ~30% Energy $0.3 150-175 Low GHG Emissions #3 Total Ethylene and PE 130-135 Commercial ~120 $0.3 & Offices Water Industrial Solutions $0.2 Conventional Infrastructure Other Non- #1 Purified Ethylene Oxide $0.2 Residential #1 Ethylene Amines ~40% 2023A 2025E 2030E 2040E 2050E Industrial $0.1 #1 Ethanol Amines Volumes in MM of MT Source: OECD, Nexant, S&P Global, IEA, Industry interviews, Dow internal Source: S&P Global analysis; assumes 2.5% global GDP growth 2023-2050 Polyurethanes #1 Propylene Oxide Consumer Mobility Consumer #1 Propylene Glycol Spending Growing at ~4% CAGR Global EV Demand Driv ing Supported by Rising Middle Class Light Vehicle Production Growth #1 Polyols ~20% ~$80T Consumer Solutions 70 97 65 92 90 5.4 #1 Silicones 60 ~$60T 55 4.6 Mobility 50 45 4.2 48 Coatings & Monomers 40 ~10% 35 #1 Acrylic Binders 24 15 30 #1 Waterborne Additives 2023 2025 2030 2023 2025 2030 Middle-Class Population (B) Light Vehicle (MM units) BEV & PHEV (MM units) Total Consumer Spending($ T) Sources: Statista; Dow internal analysis Source: S&P Global - Mobility 1.Average 2021-2023 % of Total Dow Revenue excluding Corporate and Hydrocarbons & Energy

Global Scale in Attractive Market Verticals 1 Reporting Segments & Business Units 2023 Net Sales by Area Key Differentiators ▪ Diverse product portfolio enables full-system solutions and unique go-to-market strategy Packaging & Specialty Plastics ▪ Proprietary technologies enable tailored solutions ~$23.1B ▪ Breakthrough upstream innovation (i.e., FCDh, EDH, Packaging and Specialty Hydrocarbons & Energy Plastics e-cracking) ▪ World-leading purified EO capacity to capture growth in pharma, cleaning and energy Industrial Intermediates & ~$12.5B Infrastructure ▪ PU chemistry reduces emissions in electric vehicles and improves energy efficiency in building and Polyurethanes & Industrial Solutions Construction Chemicals construction ▪ Robust innovation pipeline and application expertise ▪ Differentiated silicones applications for electronics, Performance Materials & Coatings ~$8.5B mobility and personal care end markets ▪ Broad sustainability toolkit enables next-gen coatings Coatings & Performance Consumer Solutions Monomers solutions U.S. and Canada LAA EMEAI APAC ▪ World-scale assets with upstream integration Net Sales Employees Manufacturing Sites Global Reach ~35,900 98 31 countries 2023 ~$45B in which Dow manuf actures products 1.Excludes Corporate Feedstock and Site Integration

Strategically Advantaged Feedstocks % of Dow The Americas Global Production Capacity USGC Feedstock Optimization $/BoE Oil-to-Gas Key Measure of Dow’s Feedstock Advantage Max Ethane & Propane Capabilities Spread 100% ▪ Dow’s portfolio of ethane-based crackers is Dow Industry advantaged vs. global naphtha-based competitors Cost 50% ▪ Devon partnership provides a structural Dow Advantaged hedge for natural gas prices Industry Americas Alberta AECO Basis vs. 65% $/MMBtu Advantage Henry Hub ▪ Canada - NG and NGL prices to remain 0% globally advantaged Ethane Max Propane Max % Ethylene ▪ Argentina - Highly competitive natural gas European Feedstock Optionality ‘22 Energy prices Crisis Widest Feedstock Flexibility Range vs. Industry Dow 100% Industry Europe and the Middle East Dow $/t 50% Propane-to- Naphtha ▪ Dow’s LPG capability greatly exceeds peers EMEAI Industry Adv antaged Naphtha Spread and provides a cost advantage as ProNap 30% spreads to remain wide and favor propane 0% ▪ Greater EQUATE provides cost-advantage Naphtha Range LPG Range Propane % Ethylene Adv antaged APAC 5% and is positioned to serve Asian markets Dow’s strategically advantaged feedstock positioning and flexibility are key earnings differentiators Sources: Dow, Hodson, IHS, CEFIC

Driving Sustainable Growth and Enhancing Enterprise Value ▪ Delivering on Our Commitments ▪ Leveraging Our Advantaged Portfolio for Growth ✓ Maintaining Our Disciplined and Balanced Capital Allocation ▪ Driving Underlying Earnings Growth ▪ Advancing Our Ambition Profitably

Capital Allocation Priorities Drive Financial Flexibility Capital Allocation Priorities Remain Consistent Enhanced Financial Flexibility ▪ Reduced net debt and pension liabilities by ~$9B Safely and reliably run our operations since Spin Organic investments with CapEx ≤D&A and ▪ No substantive debt maturities until 2027 and operating ROIC >13% across the economic cycle ~99% of all long-term debt is at fixed rates Strong investment-grade credit profile of ▪ ~$13B of committed liquidity including cash 2.0x-2.5x rating agency adj. net debt-to-EBITDA ▪ Maintained strong investment-grade credit ratings Dividend policy targeting ~45% of operating ▪ Lowered cash commitments by ~$1B since Spin net income ▪ Expect >$1.5B in unique-to-Dow cash flow levers Share repurchases with dividend to meet while maintaining a best-owner mindset 65% of operating net income; covering dilution

Disciplined Organic Growth Investments Implementing Pipeline of High-Value Organic Growth Projects Focused Investments Across Our Portfolio ▪ On track to deliver >$3B/year in incremental earnings by 2030 and reduce Scope 1 & 2 emissions by ~15% vs. 2020 ▪ Near-term growth investments since 2021 have added ~$800MM/year incremental mid-cycle EBITDA: Consumer Solutions Packaging & - Strategic early cycle growth investments in high-value Specialty products and attractive end markets Plastics Industrial - Focused on areas of our portfolio with greater demand Solutions resiliency through the economic cycle - Further leveraging our low-cost position and feedstock flexibility to optimize margin capture Polyurethanes & Coatings & Construction Performance Chemicals Monomers ▪ By mid-decade, we expect the remaining near-term growth investments to deliver ~$1.2B/year of EBITDA Market Growth ▪ By 2030, we expect to deliver ~$1B/year of EBITDA from the 1. 2021-2023 Average Fort Saskatchewan Path2Zero project and >$0.5B/year from 2. See appendix for definition of Non-GAAP measures Bubble Size: Revenue 2021-2023 Average Transform the Waste 1,2 Op. EBITDA Margins (%)

Driving Sustainable Growth and Enhancing Enterprise Value ▪ Delivering on Our Commitments ▪ Leveraging Our Advantaged Portfolio for Growth ▪ Maintaining Our Disciplined and Balanced Capital Allocation ✓ Driving Underlying Earnings Growth ▪ Advancing Our Ambition Profitably

Dow’s Path2Zero Project Drives Profitable Growth and Decarbonization Organic Growth Investments 45 Aligned with Decarbonization Roadmap 2005-2020 Dow ▪ Deliver higher-return, lower-risk, faster-payback growth CO e â 15% | Volume á ~30% 2 40 Current projects across our portfolio Today Emissions ▪ Invest prudently in downcycle to leverage lower cost inputs 35 2020-2030 1 and be ready to capture up-cycle growth CO e â 15% | Volume á ~20% 2 Total CO e â ~30% since 2005 2 30 ▪ Derisk our investments through value-add projects that Olefins complement Dow’s capabilities 25 ▪ Keep CapEx spending at or below D&A across the economic cycle while targeting >13% operating ROIC over the cycle By 2050 20 Decarbonize and Energy Grow Capacity Phased Approach to Decarbonize & Grow 15 ▪ Increased use of clean energy with >1 GW of Path2Zero renewable power Purchased 10 Power and ▪ Phased emissions reduction plans for top 25 Steam manufacturing sites 5 Close remaining gap ▪ Pilot and develop next generation technology, including Other Scope 1 & 2 Carbon Emissions (MM MTA) with new technologies FCDh, EDH, e-cracking and nuclear energy 0 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 By 2030, we expect to grow capacity by 20%, EBITDA by >$3B/year and reduce Scope 1 & Scope 2 emissions by ~15% vs. 2020 levels 1. Volume growth represents ethylene capacity as of December 2019, excludes JVs

Fort Saskatchewan Path2Zero Project Execution 1 World’s First Cracker and Derivatives Complex with Net-Zero Emissions ▪ Fort Saskatchewan Path2Zero project CapEx of ~$6.5B; net cash deployment of ~$5B including cash and tax incentives 1Q23 Fluor - FEED partner ✓ ▪ Expect to add ~$1B EBITDA/year by 2030 with Op. ROIC in line with TX-9 (>15% since start-up) 2Q23 Linde - Industrial gas partner ✓ ▪ Commercialization of low-/zero-emissions products (>3MM MTA) to drive further economic 3Q23 FEED completed ✓ upside Board of Directors approved FID ▪ Capital intensity expected to be lower than TX-9, driven by engineering efficiencies, site ✓ Secured gov ernment subsidies and incentiv es 4Q23 ✓ optimizations, larger scale facilities and improved construction techniques ✓ Program labor agreement established ✓ 100% of long-lead-time equipment ordered Majority of ethane supply secured and 1 Alberta Feedstock Cost Advantage Circular Hydrogen Enables Net-Zero Emissions 1Q24 ✓ hedged 100% of currency risk Existing Site and Infrastructure 2Q24 Commenced construction ✓ Existing Assets Brownfield Investments Complete detailed design and ~2025 Derivatives Derivatives Asia equipment procurement Europe Industry Cracker Cracker Phase 1 - Adds ~1,300 KTA of net-zero Average Off-gas Off-gas H2 H2 Scope 1 & 2 emissions ethylene/PE and Canada Circular Circular ~2027 Auto-Thermal Reformer (ATR) USGC retrofits existing cracker (FS1) to remove shifts cracker off-gas to H and CO 2 2 ~1MM MTA of current emissions Middle East CO2 CO 2 Adjacent 3rd Party CO Infrastructure 2 Phase 2 - Adds ~600 KTA of net-zero Industry Ethylene Capacity (MM MT) ~2029 Scope 1 & 2 emissions ethylene/PE Source: Dow analysis based on 3rd party 2023 data 1.Net-zero Scope 1 & 2 greenhouse gas emissions Industry Cash Cost ($/mt)

Driving Value Growth by Transforming Plastic Waste Competitive Innovations and Technologies Value Chain Collaborations Differentiated Solutions Waste Collection Advanced and Mechanical Recycling Design for Recyclability and Bio-Based Feedstocks Collaborative global platform w ith customers and brand ow ners to design, pilot and test solutions, enabling brands to quickly bring to market sustainable solutions. Meeting Increasing Customer Demand RENUVA Mattress Recycling Program turns end-of-life polyurethane mattresses into polyols for use in new mattresses and other applications. Ecolibrium bio-based technology from Dow supports Crocs reducing the CO impact Partnerships and Funds in manufacturing process. Collaboration w ith LVMH Beauty on the use of bio-based and circular plastics for cosmetic packaging w ith SURLYN REN and CIR Ionomers. Commercialize 3MM MTA of circular and renewable solutions and generate >$0.5B/year of EBITDA by ~2030

Our Earnings Growth Levers Incremental Earnings Enabled by 1 On Track to Deliver Increased Underlying EBITDA by >$3B/year by 2030 Growth Investments ▪ Since 2021, our grow th investments have added Peak ~$15B ~$800MM/year of incremental mid-cycle EBITDA ▪ Near-term grow th investments expected to deliver an incremental $1.2B/year of EBITDA by Peak >$12B mid-decade >$0.5B M id-cycle ~$1.0B Implemented Growth ▪ Fort Saskatchew an Path2Zero expected to drive Investments Added ~$1.2B $1B/year of underlying EBITDA grow th by 2030 1 ~$800MM/year Trough ~$9B (2021-2023) M id-cycle▪ On track to generate >$500MM in underlying EBITDA/year through Transform the Waste Innovation-Driven Growth Trough <$6B ▪ Pilot and develop next-gen process technologies across our portfolio, including EDH and e-cracking ▪ R&D innovation projects command an average 800 bps higher margins and drive our operating EBITDA margin above our benchmarking peer group median Op. EBITDA Op. EBITDA Near-Term Fort Transform Op. EBITDA ▪ Product innovation is simultaneously driving more Avg 2018-2020 Avg 2021-2023 Grow th Saskatchew an the Waste ~2030 sustainable and better performing solutions: Investments Path2Zero - VORATRON Adhesives for EV batteries Global - DOWSIL TC-3035 S thermal gel for electronics GDP Growth ~1.0% ~4.0% ~2.5-3.0% 2 Rate (%) - DURATRA CK R-100 polymer emulsions for 1.Mid-cycle EBITDA road markings 2.S&P Global

Driving Sustainable Growth and Enhancing Enterprise Value ▪ Delivering on Our Commitments ▪ Leveraging Our Advantaged Portfolio for Growth ▪ Maintaining Our Disciplined and Balanced Capital Allocation ▪ Driving Underlying Earnings Growth ✓ Advancing Our Ambition Profitably

Dow’s Ambition Unlocks Value AMBITION To be the most innovative, customer-centric, inclusive and sustainable materials science company in the world OUR AMBITION IN ACTION INNOVATIVE INCLUSIVE SUSTAINABLE CUSTOMER-CENTRIC ® Great Place To Work and FORTUNE Ov er 90% of Dow R&D Innov ation Commercialized >1,000 new, innov ativ e, named Dow one of the 25 World’s Best Projects deliv er sustainability benef its high-perf ormance products in 2023 Workplaces in 2023 without compromising perf ormance Recognized at annual U.S. Enhanced disclosures f or Board of Director Named to the Dow Jones On av erage, new products command qualif ications, enterprise risk management Sustainability World Index Customer Experience Awards 800 bps higher margins and leadership succession planning f or 23rd y ear with 3 Gold winners, including top-scoring entry f or “Digital Transf ormation” Launched reduced-carbon, bio-based and Improved global representation of Named a CDP Supplier circular Propy lene Gly col DEC, REN and rd women to 29.8% and U.S. ethnic minorities Engagement Leader f or the 3 CIR with ISCC Plus certif ication in Europe to 28.1% in 2023 y ear f or addressing climate change Achiev ed highest Customer Experience (CX) satisfaction Receiv ed a record 12 Edison Awards in score since inception of our Invested ~$34MM in corporate + f oundation Recognized with 2 Business 2024 – more than any company ev er in a annual CX surv ey in 2018 + in-kind contributions aligned to our long- Intelligence Group (BIG) single y ear term strategy Sustainability Awards

Dow: A Compelling Investment Opportunity SUSTAINABILITY- INCREASING INDUSTRY- ATTRACTIVE DISCIPLINED ... LEADING CASH SHAREHOLDER DRIVEN VALUE SHAREHOLDER CAPITAL REMUNERATION CREATION VALUE ALLOCATION GENERATION Strategically Maintain our assets to Returned ~90% of Reducing Scope 1 & 2 Top-quartile cost advantaged cost operate safely and operating net income GHG emissions by ~30% structure 1 position reliably (Priority #1) since Spin by 2030 Leadership positions in Financial flexibility to Reduced our yearly Industry-leading Building world’s first key market verticals cover all capital cash flow commitments dividend policy net-zero emissions growing above GDP allocation priorities by ~$1B since Spin yields ~5% petchem complex Reduced share count by Unlocking >$3B/year of >45MM since Spin; Strong investment- >$1.5B of unique-to- Advancing circular underlying earnings by grade profile Dow cash flow levers ~$1.2B remaining in the solutions growth 2030 current buyback program 1.vs. 2005 levels Maintain Increase underlying Return 65% of net 2.0x-2.5x adjusted Financial targets industry-leading EBITDA by operating income rating agency over the economic >13% ROIC cash generation >$3B/year to shareholders net debt-to-EBITDA cycle:

Packaging & Specialty Plastics Karen S. Carter

P&SP consistently delivers strong financial results across the cycle, driven by our competitive advantages The market is growing while shifting toward circular and low-emission solutions, creating an opportunity for Packaging & Specialty value growth Plastics A Formidable Franchise Driving Our strategic actions will lead to top and bottom-line growth, resulting in Value Growth >$2B/year of incremental EBITDA by 2030

Packaging & Specialty Plastics – Business Overview Track Record of Strong Financial Performance 2023 Financials and 3-Year Range Key Competitive Advantage Key Market Drivers $23.1B▪ Diverse portfolio of differentiated solutions >$350B Addressable Market ~1.3-1.5x GDP Growth ~$23.1B ~$29.3B Net Sales ▪ Process, catalyst and product ▪ Continued growth and urbanization in developed innovation $2.7B / 12% economies​ ~$2.7B ~$6.6B ▪ Cost-advantaged feedstocks Op. EBIT/Op. EBIT (%) ~12% ~24% ▪ Increasing per capita consumption due to ▪ Operational excellence at a growing middle class in emerging geographies $4.0B / 17% low cost ~$4.0B▪ On-the-go lifestyles driving demand for lighter- ~$8.0B ▪ Global scale and flexibility Op. EBITDA/Op. EBITDA (%) ~17% ~28% weight and high-performance materials ▪ Leading voice in industry ▪ Consumers and regulations influencing the need for circular and low-emission solutions Asia Pacif ic Hy drocarbons EMEAI & Energy Net Sales by Net Sales by Key Product Region Consumer & Hygiene & Groups Packaging Infrastructure Mobility Durable Goods Medical Poly ethy lene Functional Poly mers Latin America U.S. and Canada

A Strong Foundation of Competitive Advantage Low-Cost ▪ Global scale serving local markets ▪ Integrated sites maximizing productivity and operational excellence ▪ Cost-advantaged feedstocks 1 Geographically Cost Advantaged Our cost advantage vs. geographic averages allow us to w in globally Dow Position Regional Average Latin America Dow Latin America Europe Dow Europe Dow Canada USGC Dow USGC Industry Ethylene Capacity (MM MT) 1.Dow analysis based on 3rd party 2023 data Industry Cash Cost ($/MT)

A Strong Foundation of Competitive Advantage Low-Cost Flexible ▪ Global scale serving local markets▪ Feedstock flexibility ▪ Integrated sites maximizing ▪ Innovative technology across our broad productivity and operational excellence process portfolio ▪ Cost advantaged feedstocks▪ Proprietary Solution PE technology enabling tailored resins at scale 1 Geographically Cost Advantaged Unique Process Technologies Our cost advantage vs. geographic averages Our broad range of process technologies on highly allow us to w in globally flexible assets enable maximum value capture Dow Position Regional Average Dow Solution Latin America Industry Solution Dow Latin America Dow Gas Phase Europe Dow Europe Industry Gas Phase Dow Canada USGC Industry Slurry Dow USGC Dow High Pressure Industry High Pressure Industry Ethylene Capacity (MM mt) 1.Dow analysis based on 3rd party 2023 data. Industry Cash Cost ($/mt)

A Strong Foundation of Competitive Advantage Low-Cost Flexible Differentiated ▪ Global scale serving local markets▪ Feedstock flexibility ▪ Product and catalyst innovation ▪ Integrated sites maximizing ▪ Innovative technology across our broad ▪ Deep industry, market and application productivity and operational excellence process portfolio expertise ▪ Cost advantaged feedstocks▪ Proprietary Solution PE technology ▪ Diverse product portfolio and unique enabling tailored resins at scale go-to-market strategy 1 2 Geographically Cost Advantaged Unique Process Technologies Benchmarking Strength Our cost advantage vs. geographic averages Our broad range of process technologies on highly Our product portfolio and go-to-market strategy allow us to w in globally flexible assets enable maximum value capture delivers outperformance vs. our peers Dow Position Regional Average 19 5 cpp 17 Dow Solution Latin America 9 cpp 14 Industry Solution 14 cpp Dow Latin America 16 cpp Dow Gas Phase Europe Dow Europe Industry Gas Phase Dow Canada 8 USGC Industry Slurry 4 1 Dow USGC Dow High Pressure 2019 2023 Dow Lyondell Borealis Dow Lyondell Borealis Industry High Pressure Polyolefins Polyolefins Industry Ethylene Capacity (MM mt) P&SP O&P P&SP O&P 2.Op. EBITDA/lb excludes equity earnings; for full benchmarking details, see 1Q24 Earnings material 1.Dow analysis based on 3rd party 2023 data. Industry Cash Cost ($/mt) Op. EBITDA Per Pound Polyolefins Capacity (cpp)

A Strong Foundation of Competitive Advantage Low-Cost Flexible Differentiated ▪ Global scale serving local markets▪ Feedstock flexibility ▪ Product and catalyst innovation ▪ Integrated sites maximizing ▪ Innovative technology across our broad ▪ Deep industry, market and application productivity and operational excellence process portfolio expertise ▪ Cost-advantaged feedstocks▪ Proprietary Solution PE technology ▪ Diverse product portfolio and unique enabling tailored resins at scale go-to-market strategy 1 2 Geographically Cost Advantaged Unique Process Technologies Benchmarking Strength Our cost advantage vs. geographic averages Our broad range of process technologies on highly Our product portfolio and go-to-market strategy allow us to w in globally flexible assets enable maximum value capture delivers outperformance vs. our peers Dow Position Regional Average 19 5 cpp 17 Dow Solution Latin America 9 cpp 14 Industry Solution 14 cpp Dow Latin America 16 cpp Dow Gas Phase Europe Dow Europe Industry Gas Phase Dow Canada 8 USGC Industry Slurry 4 1 Dow USGC Dow High Pressure 2019 2023 Dow Lyondell Borealis Dow Lyondell Borealis Industry High Pressure Polyolefins Polyolefins Industry Ethylene Capacity (MM MT) P&SP O&P P&SP O&P 2.Op. EBITDA/lb excludes equity earnings; for full benchmarking details, see 1Q24 Earnings material 1.Dow analysis based on 3rd party 2023 data Industry Cash Cost ($/MT) Op. EBITDA Per Pound Polyolefins Capacity (cpp)

Positioning for Growth in High-Value End Markets 1 Key End Markets Driving Growth Global Polyethylene Demand (MM MT) 3-6% Packaging ~3% 250-300 Actual Forecast 200-250 3-6% Hygiene & Medical ~4% 150-175 Consumer & 3-6% 130-135 Durable Goods ~120 4-6% Infrastructure 3-5% Mobility 2023 2025 2030 2040 2050 Source: OECD, Nexant, S&P Global Commodity Insights, IEA, Industry interviews, Dow internal analysis; assumes 2.5% global GDP growth 2023-2050 1. Based on internal data and third-party sources (S&P, CMA, Smithers, Townsend); data based on near-term expectations from 2023-2030

Growth Shifting to Circular and Low-Emission Solutions Global Polyethylene Demand (MM MT) ~3% Emerging Trends 250-300 Actual Forecast Circular Solutions 200-250 New and Evolving Regulations ~4% Low GHG 150-175 Changing Consumer Preferences Emissions and Brand Commitments 130-135 ~120 Waste as an Alternate Feedstock Conventional Disruptions Across the Value Chain 2023 2025 2030 2040 2050 Source: OECD, Nexant, S&P Global Commodity Insights, IEA, Industry interviews, Dow internal analysis; assumes 2.5% global GDP growth 2023-2050 Our industry leadership and competitive advantages creates a unique opportunity for value growth in low-emission and circular solutions Note: Circular Solutions counts molecules of recycled content only; Circular Solutions includes mechanical and advanced recycling and bio-based feedstocks; low-GHG emissions uses fossil feedstock with decarbonized process (e.g., CCUS)

Maximizing Value Through Key Strategic Actions Strategic Actions 01 02 03 04 Deliver Invest to Transform the Decarbonize Breakthrough Grow Waste Innovation

1. INVEST TO GROW: Maximizing Returns Through the Cycle Focus Areas Key Actions Invest to Grow ▪ Increase feedstock flexibility to strengthen our low-cost advantage, Feedstock ▪ Expand LPG in Europe to enhance enabling profitable growth Flexibility feedstock flexibility, reducing cost ▪ Upgrade our footprint to capture high- value growth ▪ Invest in assets, adding new Asset capabilities to produce higher ▪ Expand cost-efficient capacity to Upgrades value products supply increasing demand Decarbonize ▪ Improve reliability and expand Capacity production capacity to meet Expansions Transform the Waste growing demand Deliver Breakthrough Innovation Note: LPG: Liquefied Petroleum Gas

2. DECARBONIZE: World’s First Net-Zero Scope 1 & 2 Emissions Complex Leading the Industry in Decarbonization, with a First-Mover Advantage Invest to Grow 1 Top Brand CO Commitments Market Drivers Value Levers 2 Decarbonize 100% 25% Expands ethylene Growing Global and PE capacity Demand 40% 100% by 15% globally ▪ Fort Saskatchewan Path2Zero (P2Z) fully operational by 2030 39% 100% Delivers best-in-class 100% 40% Innovative ▪ Expands capacity and extends low- resins with latest Technologies cost advantage process technology 50% 100% 20% 50% ▪ Capture value upside by monetizing 80% Extends low-cost low-emission solutions, decarbonizing 100% 10% feedstock advantage Affordability 20% of our global ethylene footprint at scale 100% 42% Captures Transform the Waste CO Reduction Target Year 2 Low-Emission additional value across Solutions 2025 2030 Post 2030 the ethylene chain Deliver Breakthrough Innovation 1.Commitments are based on brand owner Scope 3 emissions of which Dow’s Scope 1 & 2 emissions are contributors; baseline year may vary from between companies Source: Ellen MacArthur Foundation, SBTi database, company websites/reports

3. TRANSFORM THE WASTE: 3MM MTA of Circular and Renewable Solutions Combining Strengths to Accelerate Impact Invest to Grow Top Brand Recycled Plastic Partnership Spotlight 1 Content Commitments Decarbonize 25% 50% Transform the Waste 25% 50% Forming End-to-End Circularity Partnership 25% Access to waste Supply at scale Differentiated ▪ Scale circular feedstock supply in region with delivering technology through direct investments and strategic 50% largest plastic 200 KTA of accelerated by partnerships waste supply circular products integration 15% ▪ Deliver next-generation technologies 30% – Dissolution and gasification ▪ Commercialize 3MM MTA of circular 5% and renewable solutions through AR, Dissolution Technology JDA 50% MR and biobased materials Transform Innovate Accelerate Recycled Content hard-to-recycle novel technology PCR in Targets Year waste into circular with lower GHG packaging Deliver Breakthrough Innovation 2025 2030 PE emissions applications 1. Source: Ellen MacArthur Foundation, SBTi database, company websites/reports Note: AR: Advance Recycling, MR: Mechanical Recycling, GHG: Greenhouse Gas

4. DELIVER BREAKTHROUGH INNOVATION: Enabling Our Competitive Advantage Innovating to Meet the Value Chain’s Evolving Demands Invest to Grow Strategic Actions Highlights Decarbonize INNATE high- performance resins Transform the Waste Invest to increase PCR Grow incorporation and design Deliver Breakthrough Innovation for recyclability ▪ Innovate new catalysts, expanding production capabilities and improving EDH technology Decarbonize product performance reduces GHG intensity ▪ Advance process technology, delivering low cost and high efficiency REVOLOOP Transform recycled resins meet ▪ Develop solutions, capturing new and sustainability and the Waste growing markets performance requirements Note: PCR: post-consumer recycled content, EDH: ethane dehydrogenation

P&SP – A Formidable Franchise Driving Value Growth Our Strategic Actions Will Deliver >$2B/year Incremental EBITDA by 2030 P&SP consistently delivers strong Implemented Growth financial results across the cycle, Investments Added Peak >$10B 1 ~$0.4B/year driven by our competitive (2021-2023) advantages Mid-cycle >$0.5B ~$1.0B Peak ~$8B ~$0.6B Trough >$6B Mid-cycle Circular & The market is growing while shifting Renewable Fort toward circular and low-emission Solutions Saskatchewan solutions, creating an opportunity Path2Zero Trough ~$4B Near-Term Growth for value growth Inv estments Our strategic actions will lead to top and bottom-line growth, Operating Operating Invest to Transform EBITDA EBITDA resulting in >$2B/year Decarbonize Grow the Waste Avg 2021-2023 ~2030 incremental EBITDA by 2030 1.Mid-cycle EBITDA

II&I is a diverse and innovative derivatives portfolio that benefits from leading positions and global reach It is poised to take full advantage of the energy transition with more sustainable and efficient products across end markets Industrial Intermediates & Infrastructure Our strategic actions and productivity A Diverse, Higher-Value initiatives will drive ~$250MM/year of Derivatives Portfolio incremental mid-cycle EBITDA by mid-decade

II&I – A Diverse and Higher-Value Derivatives Portfolio Value Creation Through Integration and Market Participation II&I Segment Highlights ~$200B Addressable Market ~1.3-1.5x GDP Growth 2023 Financials and 3-Year Range # 1 Alkoxylates Energy $12.5B Americas ~$12.5B ~$16.9B Net Sales # 1 Amines Pharma Globally Purified $0.1B / 1% Ethylene EO ~$0.1B ~$2.3B # Op. EBIT/Op. EBIT (%) 1 ~1% ~14% Agriculture Solvents Globally $0.6B / 5% # # 3 1 ~$0.6B ~$2.9B # 1 Industrial Globally Globally Glycol Ethers Op. EBITDA/Op. EBITDA (%) ~17% ~5% Globally Asia Pacific EMEAI Industrial Solutions # 1 Mobility Polyol Propylene PO Globally Net Net # # # 5 1 1 Sales by Consumer PG Sales by Globally Globally Region Globally Business Polyurethanes Latin & Construction U.S. and # America 5 MDI Building & Construction Chemicals Canada Benzene Aniline Globally # 2 Infrastructure Brine Chlorine Caustic LAA and EUR Leading Integrated Global Formulation Producer Positions Reach Expertise Industrial Solutions Polyurethanes and Construction Chemicals Chemical Integration Source: Dow and consultant estimates; position rankings based on similar chemistry mix SYSTEMS SYSTEMS

DRAFT Industrial Solutions Pankaj Gupta

Cost-advantaged and integrated portfolio upgrades and further diversifies ethylene footprint Serving attractive end markets with growth driven by energy transition, sustainability and digitalization Industrial Solutions Well-Positioned to Capture Growth Higher-return, lower-risk growth investments to deliver ~$175MM/year of mid-cycle EBITDA by mid-decade

Industrial Solutions – Business Overview Well-Positioned to Capture Growth 2023 Financials and 3-Year Range $4.2B ▪ World-leading producer of purified ethylene oxide and derivatives ~$4.2B ~$5.7B Net Sales ▪ Cost-advantaged and integrated portfolio $0.3B / 6% ▪ Strong customer relationships and ~$0.3B ~$0.9B technical expertise Op. EBIT/Op. EBIT (%) ~6% ~16% ▪ Award-winning innovation and AI/digital solutions $0.4B / 10% ~$1.1B ~$0.4B Op. EBITDA/Op. EBITDA (%) Supported by Long-Term Growth Trends ~19% ~10% Renew able Energy Energy Upgrade and Further Diversify Transition Decarbonization Dow’s Integrated Ethylene Footprint ~2X GDP Energy Efficiency Aging Population Alkoxylates Purified Pharmaceuticals and Ethylene Consumer Health Health and Comfort Amines Focus Oxide ~2X GDP (pEO) Safer Materials Solvents # 1 Sustainable Urbanization Globally Glycol Ethers Surfactants Grow ing Middle Class (Consumer and Industrial) Ethylene Glycol ~1.5X GDP Regulatory Compliance

Cost-Advantaged and Integrated Portfolio Upgrades and Further Diversifies Ethylene Footprint Higher Returns Advantaged Portfolio Attractive Applications ▪ Purified EO derivatives margins remain ▪ Cost-advantaged portfolio tilted to ▪ Market participation requires strong resilient; no significant additions for higher-value purified EO derivatives customer relationships and technical global purified EO capacity know-how ▪ Dow participation in MEG market ▪ MEG market pressured from recent through Kuwait JVs with low-cost ▪ Selectively investing in higher-growth industry supply additions and lower positions in the Middle East, USGC and and higher-margin applications to operating rates Canada providing geographic diversity deliver innovative, sustainable solutions Consistently Advantaged Margins for Diverse Slate of Purified EO Derivatives Serving Broad Range of Applications Purified EO Derivatives vs. MEG with Minimum MEG with Close Customer Collaboration 1 USGC EO Capacity Splits Cash Margin Spread vs. MEG $/LB ENERGY 2 USGC Industry CONSUMER PHARMA/ Gas Treating 0.60 ’22-’23 Health/Hygiene HEALTH Carbon Capture Avg. Detergents Excipients Enhanced Oil Electronics Digestive Health Recovery 0.40 ’18-’21 INDUSTRIAL Avg. ~2/3 of industry 95% of Dow capacity MOBILITY AGRIGULTURE Cleaning capacity tied to in higher-value 0.20 producing MEG derivatives Deicing Fluids Food and Feed Coatings Fuel Markers Crop Defense Lubricants Thermal Mgmt. Purified EO Derivatives MEG 0.00 2018 2019 2020 2021 2022 2023 2024 1.Source: Dow and consultant estimates; excludes JVs 2.Industry: BASF, Croda, Eastman, Equistar, Formosa, Gulf Coast Ventures

Energy Transition, Sustainability and Digitalization Drive Earnings Growth Emerging trends in end-markets growing faster than GDP ~$3B carbon capture Data Center ~$1B addressable ~$15B market by 2027 EV Batteries Carbon Capture Cooling solvents market by 2030 driven by AI, 5G and cloud market driven by localizing EV battery supply >10% CAGR >20% CAGR for Liquid Cooling >15% CAGR UCARSOL Amines and DOWFROST Fluids Related Technology MOBILITYSCIENCE ▪ Reduces power usage Early leader in emerging Utilizes CO in final product 2 by ~30% CO capture enabling Blue 2 providing an alternative to H and other forms of 2 ▪ 5-10x benefit from power CO sequestration 2 precombustion density increase Pharmaceuticals and Specialty and Enhanced Oil ~$3B enhanced oil ~$5B addressable market ~$3B market by 2027 Consumer Health Sustainable Production by 2026 recovery additive market driven by aging population Cleaning​ >8% CAGR >4% CAGR >6% CAGR TERGITOL Surfactants ELEVATE Additives CARBOWAX SENTRY ▪ Safer materials▪ ~20% lower CO 2 Polyethylene glycols are proven osmotic laxative ▪ Readily biodegradable▪ ~30% more oil production backed by leading efficiency ▪ High-performance consumer brands standards▪ ~50% less water usage Enabled by award-winning innovation and AI/digital solutions

Higher Return Investments to Deliver $175MM/Year of Mid-Cycle EBITDA by Mid-Decade Increasing Alkoxylation Capacity by 70% Since Spin Through High-Value Investments ▪ Increased supply ~750 KTA Plaquemine EO Restart: availability and operating By end of 2Q24 rates in 2H24 ~550 KTA ~425 KTA ▪ Consumer and carbon Alkoxylates and capture end markets Specialty Amines: ▪ ~125 KTA capacity USGC / Europe ▪ ~$100MM/year of mid- (’21, ’22, ’23) cycle EBTIDA Spin Today Mid-Decade Brownfield Investments at Existing Locations ▪ Pharma, consumer, industrial cleaning Alkoxylates: end markets Seadrift and Terneuzen Terneuzen, the Netherlands ▪ ~200 KTA capacity (online mid-decade) Tarragona, Spain ▪ ~$175MM/year mid-cycle Seadrift, Plaquemine EBITDA Texas and St. Charles, Louisiana Complete In progress Key Growth Initiatives 2H24 Recovery First Wave Second Wave

Industrial Solutions – Well-Positioned to Capture Growth Cost-advantaged and integrated portfolio upgrades and further diversifies ethylene footprint Serving attractive end markets with growth driven by energy transition, sustainability and digitalization Higher-return, lower-risk growth investments to deliver ~$175MM/year of mid-cycle EBITDA by mid-decade

Polyurethanes & Construction Chemicals Jane Palmieri

Relentless pursuit of efficiency and productivity Targeted capital investments in downstream capabilities for margin resiliency Innovation for sustainability as PU Polyurethanes & chemistries remain essential to the energy transition and decarbonization Construction Chemicals: Focused Prioritization Throughout Well-positioned to capture recovery in the Cycle consumer durables demand

Polyurethanes & Construction Chemicals – Business Overview Attractive End-Market Exposure Growing Greater than GDP 2023 Financials and 3-Year Range Application Highlight W hy Dow W ins $8.3B Appliances ~$11.7B Higher energy label ratings ~$8.3B Net Sales Consumer Furniture, Bedding, Mattresses Safer materials and Mattresses, recycle content $(0.1)B / (2)% Pillows, Footwear, Low-density pillows Less material, support and ~$(0.1)B ~$1.5B Appliances and footwear Op. EBIT/Op. EBIT (%) comfort maintained ~(2)% ~13% 2X impact performance of $0.2B / 3% Elastomer safety barriers Industrial polypropylene ~$0.2B ~$1.9B Elastomers, Best-in-class insulation Op. EBITDA/Op. EBITDA (%) Refrigerated transport ~3% ~16% Adhesiv es and performance Sealants, Pipe Insulation Running tracks, playgrounds Enable PCR content Leading Positions Serving Diverse Markets Improv ed fire resistance Building & Insulating panels Equiv alent insulation Construction 25% less additiv e needed, Building Insulation, Cement additiv es Mobility # 1 lower cost in use and CF Propylene Glycol Roof ing, Concrete Globally Additiv es, Dry Mix Cool roofs 20% energy sav ings B&C Consumer Mortar, Flooring # Driv er experience Acoustics (NVH) 1 Propylene Oxide IC to E v ehicle platforms management Mobility Globally Seat Cushioning, Industrial Retard thermal runaway EV battery pottants Acoustics, # Battery Assembly Circularity aligned to 1 Polyols Vehicle seating EoL Vehicle Directive Globally Innovative Solutions for Attractive Verticals

Relentless Pursuit of Efficiency, Productivity and Improved Reliability Optimizing Footprint Improving Efficiency ▪ Focusing participation on highest-returning PO derivatives across the globe Recent cost out Working capital enhancements - Reducing high-cost global PO capacity by ~25% through efforts will reduce through digital tools enabled record shutdown of end-of-life assets by 2025 headcount by ~10% low inventory each of last 2 years ▪ Key contributor to Dow’s sustainability goals with CO 2 from 4Q 2022 levels and down >25% from 2018 emissions reduction ▪ Shut down 8 polyol and systems sites since 2019 representing ~10% of Dow’s global capacity Investing in Digital to Enhance Productivity, CX and EX Rancho New Award-winning Predictive Ribaforada Cucamonga LaPorte Guangzhou Germany Intelligence platform uses Systems Systems MMDI Systems Systems advanced analytics and machine learning to 2019 2020 2021 2022 2023 2024 2025 revolutionize the polyurethane formulation process and Altona Ningbo Tertre Nankang Freeport Polyols Polyols Polyols Polyols PO accelerate time to market of (partial) differentiated solutions = PO/Polyols = MMDI = Combination Polyol/MDI Remaining efficiency and reliability investments to deliver ~$50MM/year additional EBITDA by mid-decade

Targeted Capital Investments in Downstream Capabilities for Margin Resiliency Positioning Dow for growth when the recovery emerges across markets Improved MDI position with a more efficient world-scale distillation asset in Freeport, enabling exit from our LaPorte site Start-up Mid-2023 Strengthening our differentiated portfolio Capital-efficient capacity expansion in and footprint through Thailand to serve more resilient PG demand targeted growth Start-up April 2024 investments Investments in LAA Caustic, site infrastructure and sustainability footprint, technology and efficiency upgrades Start-ups in 2023 and 2024 $25MM/year of mid-cycle EBITDA from growth investments after 2024

PU Innovation Remains Essential to Decarbonization Mobility Consumer Construction Chemicals Automotive >$650MM 80 KTA $2B Roof Coatings Food and Fragrance Foam Systems addressable market total market in 2030 global liquid-applied technology market, grow ing >75% circularity on polyol ~$330MM at 4% CAGR addressable market >60% circularity on MDI SPECFLEX CIR Poly urethane Sustainable Propy lene Gly col RHOPLEX and PRIMAL Acry lic Renewable Lower Carbon Traceability Resource Energy Cooling Circularity Lightweighting Reduced Use Feedstock Footprint Efficiency Efficiency Costs Furniture and >$800MM ~$5B $5B Cement Additives EV Batteries Bedding Polyurethane market total addressable global dry mix additives opportunity market market, grow ing at 4% CAGR VORATRON Poly urethanes Poly ols powered by RENUVA WALOCEL Cellulose Ethers Electrification Sustainability Autonomous Circularity Recycled Content Lower GWP Carbon Reduction Formulation Expertise

Well-Positioned to Capture Recovery in Durables and Construction Demand Inflation YoY 30Y Mortgage Rates and Home % Payments % Income Global 10 9 30 U.S. Past Recoveries Indicate Likely Coiled Spring 7.3 28 Home Payments % Income 8 8 26 30Y Mortgage Rate 7 24 5.6 6 22 ▪ Positive early demand signals in 2024 24 6 20 5 3.1 18 - Inventory levels normalizing in consumer durables and 4 16 4 construction value chains after period of extensive 14 2 3 12 destocking 2 10 0 Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Jan- Sep-18 Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 16 17 18 19 20 21 22 23 24 - Slowing rate of inflation ▪ Full recovery tied to meaningful reduction in inflation and Inventory Levels YoY Existing and New Home Sales 7.0 1100 Furniture interest rates 6.5 Building Materials 1000 ▪ Return to healthy demand expected to drive “bullwhip” 6.0 900 surge in demand for suppliers, similar to previous recoveries 5.5 800 ▪ Dow has sufficient market reach and headspace to capitalize 5.0 664 -4.7 700 on a rapid return in demand 4.5 600 4.0 -11.8 4.38 Existing Home Sales (MM) 500 3.5 New Home Sales (K) 3.0 400 Jun-14 Dec-15 Jun-17 Dec-18 Jun-20 Dec-21 Jun-23 Apr-23 Apr-22 Apr-21 Apr-20 Apr-19 Positioned to capitalize on recovery in the chemicals value chain and drive revenue and earnings growth Leading Indicators

II&I – A Diverse and Higher-Value Derivatives Portfolio Positioned for Growth and Near-Term Cycle Upside II&I is a diverse and innovative derivatives portfolio that benefits from leading positions Implemented Growth and global reach with the following areas Investments Added 1 ~$150MM/year Peak ~$3.2B of strategic focus: (2021-2023) Peak ~$2.9B Polyurethanes and Industrial Solutions ~$175MM M id-cycle Construction Chemicals ~$75MM M id-cycle Innovating for Trough ~$1.3B consumer, Relentless pursuit Trough <$1.0B pharma and Polyurethanes and Industrial of efficiency and mobility end Construction Chemicals Solutions productivity markets, including energy transition Robust in- Targeted capital progress ​growth investments in investment downstream Operating Near-Term Grow th Investments Operating pipeline of lower- EBITDA EBITDA capabilities for risk, higher-return Avg 2021-2023 ~2030 margin resiliency 1.Mid-cycle EBITDA projects

World’s leading silicones and acrylics coatings franchises with cost- advantaged upstream integration Focused on attractive markets growing above GDP linked to secular trends in Performance Materials & mobility, electronics and sustainability Coatings Strategically Advantaged for Growth Structural actions and higher-return, faster-payback projects will lift mid- cycle earnings by ~$325MM/year by mid-decade

PM&C – Strategically Advantaged for Growth 2023 Financials and 3-Year Range Performance Materials & Coatings Segment $8.5B Net Sales ~$10.8B ~$8.5B $0.2B / 3% ~$0.2B ~$1.3B Op. EBIT/Op. EBIT (%) ~3% ~12% $1B / 12% ~$1.0B ~$2.1B Op. EBITDA/Op. EBITDA (%) ~12% ~20% Asia Pacific EMEAI Net Key Differentiators >1.5X GDP Growth Sales by Region ~$100B Total Addressable Market World’s leading silicones and acrylics coatings franchises with upstream Latin U.S. and America Canada integration ▪ E-Mobility Coatings & Broad portfolio of sustainable Performance Monomers ▪ Autonomous and Connected Devices innovation backed by strong ▪ Green Building relationship with key brand owners Net Sales by ▪ Energy Transition Business Competitive cost position in selected ▪ Sustainable Materials and Circularity markets Consumer Solutions

Coatings & Performance Monomers Joanne Sekella

Leading global positions in acrylic binders and waterborne additives Commercial and operational excellence through capital discipline and purposeful asset management Coatings & Performance Monomers Industry-leading Acrylic Coatings Franchise Well-positioned to grow earnings as housing market recovers

Coatings & Performance Monomers – Business Overview 2023 Financials and 3-Year Range Key Market Drivers Why Dow Wins $3.3B Enabling Growth 1-1.5X Global GDP ~70% captive Global footprint in monomers demand target markets ~$3.3B ~$4.1B Net Sales ▪ Existing home sales, new home builds $0.1B / 2% ▪ Lower carbon emissions World leader in acrylic Strong North ~$0.1B ~$0.2B binders and America position Op. EBIT/Op. EBIT (%) ~2%▪ Autonomous mobility and road safety ~5% w aterborne coatings Flexible and ▪ Consumer health and safety $0.3B / 9% Strategic customer B2B integrated supply relationships ~$0.3B ~$0.4B chain ▪ Renewable and circular solutions Op. EBITDA/Op. EBITDA (%) ~9% ~11% Key Attractive End Markets Delivering Next-Generation Sustainability Solutions Biocide-free Recyclable, re-pulpable and bio-based latex paper packaging Architectural Silicon Metal Site Replacing materials Sustainable monomers of concern chemistry Pavement Markings Paper Packaging

Architectural Coatings Leadership, Cost Discipline Accelerate Growth Paint Solutions = ~2/3 of Business Partnerships with Leading Brands Evolving Market Landscape AkzoNobel Water ▪ Supply of existing home sales and new home builds Asian Paints Pigment and primary drivers for paint demand Behr Benjamin Moore ▪ Current industry forecasts call for steady demand Opaque Polymer Jotun trajectory toward pre-pandemic levels KP Nippon Paint Additives ▪ Cost and asset management over past 4 years well PPG position Dow for uplift as macros and interest rates RPM Binder improve Container and Other Sherwin-Williams Paint Demand Correlation to Existing Home Sales¹ Key Value Drivers 2 1) Strong Global Footprint 2) Broadest Product 3) Innovating to Meet R = 0.81 and NA Leadership Portfolio Industry Trends ▪ >30 manufacturing sites ▪ Global leader in ▪ Enabling sustainability globally w aterborne additives ▪ Improving performance ▪ 10 technical centers ▪ Global leader in acrylic covering every major binders ▪ Faster, easier application geography ▪ Expanding bio-based and ▪ Delivering new functionality 1.American Coatings Association Industry Pulse series, April 2024 sustainability solutions Improving macro and moderating interest rate levels to unlock significant top- and bottom-line uplift Gallon Demand (millions) Existing Home Sales (000s)

Targeted Innovation and Capital Investment for Growth Pavement Markings Paper Packaging Industry Trends RHOBARR 99% Driver safety and Autonomous vehicle Barrier Paper Fiber compatibility regulatory compliance Recovery Coatings ▪ 65-70% thinner water- Easy application/quick-dry Durability based barrier coating ▪ Enables recy clability and 70% re-pulpability while Raw Material Sustainability/VOC maintaining superior Reduction perf ormance reduction Growth Path Forward Growth Path Forward Global addressable BLUEWAVE grow th investment (start-up Global addressable Strong presence in North America market for paper in 2025) enables additional global capacity market for road w ith additional grow th opportunities $4B $4B barrier coatings for to meet future demand; affirms leadership markings in EMEAI and APAC packaging position in dispersion barrier coatings Millions of Miles of Roads Painted Globally, New Capacity, Product Launches to Meet Growing in Every Major Geography Global Demand

Industry-Leading Acrylic Coatings Franchise Strategic Targeted Commercial and Operational Sustainable Chemistries Relationships Innovation Excellence Broad suite of sustainable Leveraging partnerships with Capital and cost discipline chemistries to meet leading global brand owners to and purposeful asset deliver market-driven growing demand for management to unlock Enhanced Focused Sustainable Resource Market innovation across end markets greater performance and additional growth across Innovation Participation Allocation growing above GDP increased sustainability cycle Focused growth investments to drive ~$25MM/year of incremental EBITDA by mid-decade

DRAFT Consumer Solutions Brendy Lange

Industry-leading scale and integration combined with a best-in-class downstream portfolio drive customer- centered innovation Increasing demand for silicones as essential materials in attractive end Consumer Solutions markets growing above 1.5X GDP World-Leading Silicones Franchise Well-Positioned for Sustainable Growth Enhanced market participation, focused growth investments and innovation pipeline to drive ~$300MM/year of incremental EBITDA by mid-decade

Consumer Solutions – Business Overview 2023 Financials and 3-Year Range Why Dow Wins $5.2B World-class silicones franchise Si Global footprint in target markets ~$5.2B Net Sales ~$6.7B $0.1B / 3% In-depth market and industry Captive sustainable silicon metal ~$0.1B ~$1.1B expertise Op. EBIT/Op. EBIT (%) ~3% ~17% $0.7B / 13% 70% of sales through digital Broad portfolio of downstream B2B ~$0.7B ~$1.7B channels innovation Op. EBITDA/Op. EBITDA (%) ~13% ~25% Strong Demand Drivers Leading Scale and Integration Seat at the Design Table 1 >1.5X GDP Growth Largest Silicones Producer Unmatched Downstream Portfolio E-Mobility Autonomous and Building & Consumer & Connectivity Mobility Infrastructure Electronics Natural Silicon Siloxanes Specialty Resources Metal Silicones Green Energy Sustainable Materials Industrial Personal Care Home Care Building Transition and Circularity 1.Based on annual sales Well-positioned to capitalize on growing demand

Competitively Advantaged for Sustainable Earnings Growth 1 Largest Silicones Producer with Global Reach and Seat at the Design Table Industry-Leading Back-Integration ▪ Averages ~2 new product launches per week ▪ Low cost and supply ▪ The only producer with reliability world-scale siloxanes facilities ▪ >90% innovation projects delivering sustainability benefits in the U.S., Europe and China ▪ Low-carbon captive silicon ▪ Widely recognized via external prestigious innovation ▪ Balanced and diversified metal – 50% lower than awards downstream portfolio 2 the industry average World’s First Recyclable Silicone Self- Sealing Tire Solution World’s First Silicone-Based Luxury Synthetic Materials External Business Partner of the Year Award (2022) Silicon Metal Sites (2) Silicon Metal JVs (2) • • Siloxanes Sites (3) High-Value Downstream Sites (15) • • 10-Year Partnership Award (2023) 1.Based on annual sales 2.Ecoinvent Industry average 2021 Sustainable Innovation to Increase Target Market Leveraging Our World-Leading Manufacturing Footprint Participation and Expand Addressable Market and Operational Excellence to Capture Demand Growth

Broad Portfolio to Meet Increasing Demand for Silicones in Light Vehicles Increased Silicone Value in Industry Trends Global Light Vehicle Production Our Value Proposition Light Vehicle Applications Light Vehicle Production Silicone Value in Outgrow ing Light CAGR 1.3% Lightweight Light Vehicle Applications One Dow Vehicle CAGR 8% Production by Approach 12 100 5X 90 10 Electrification 80 70 8 Value Chain Close collaboration 60 with OEMs and Tiers Partnership 50 6 Decarbonize and $10B 40 Circularity 4 30 Total 20 Addressable 2 10 Market Leading Broad differentiated 0 0 portfolio of engineered Autonomous and Sustainable 2022 2023 2024 2025 2026 2027 2028 2029 2030 2023 2030 Innovation silicone materials Connectivity 2 1 ICE HYBRID BEV 2023 2030 Source: Oct 2023 IHS Source: Dow Internal Estimate World’s Leader in Airbag Leading in Power Electronics, Battery World’s First Recyclable Silicone LuxSense World’s First Silicone- 3 Coating and Bonding Assembly and ADAS Self-Sealing Tire Solution Based Luxury Synthetic Materials 1. ICE: Internal Combustion Engine 2. BEV: Battery Electric Vehicle 3. ADAS: Advanced Driver Assistance Systems In Millions In Billion $

Expanding Growth Through Innovation for a Connected World Our Value Proposition Industry Trends Data Centers and AR/VR Driving Electronics Recovery Growth Driven by Innovation and Performance STABLE Silicone Thermal Enhanced Soaring high-speed computing Management Materials to dissipate 9% Product (AI), storage capacity heat as chip power increases from Performance (server/cloud) and connectivity 6% 100-200W to 500-800W 5% 4% $10B Improved FLEXIBLE Silicone Protection Total Reliability Compact design of consumer Materials to cover all electrical Addressable and devices (thinner, lighter, 0% modules and components Market -1% Efficiency foldable, wearable) -5% DURABLE Silicone Assembly -7% Rising concern of energy Mobile AR/VR Data Sustainable Materials to offer decades of Display consumption (efficiency, Phones Center Solutions warranty to renewable renewable energy) CAGR (2023-2028) 2023 vs. 2022 energy systems and devices Source: Prismark 2024 Q1 Report Source: Dow Internal Estimate World’s First Solventless Silicone Pressure Sensitive Best-in-Class Dispensable Thermal World-Leading Silicone Total Widely Used Protectives for Power, Renewable Adhesives for Electronic Devices Assembly Gel for Optical Communication Solutions for OLED Display Energy Conversion and Storage Systems

Capturing Silicone Demand Driven by Sustainability in Building & Infrastructure Increased Silicone Value in Industry Trends Zero-Carbon Buildings Our Value Proposition Construction Market Global Construction Spending Specialty Silicone Zero-Carbon Buildings to Reach 16%-25% 50+ years of expertise Use Outgrow ing CAGR 6% of Total Number of Buildings by 2030 Proven Reduce CO 2 in weathersealing and Market 25000 30% Performance Emissions structural glazing CAGR 10% 25% 20000 20% 15000 Renovation, 15% Enabling better thermal Design with $12B 10000 performance Prefabrication, 10% Performance Total of windows and façades and Multi-Usage 5% Addressable 5000 Market 0% 0 2020 2030 Reducing maintenance 2023 2030 Lower Life- Circularity STEPS: Stated Policies and façade refurbishment Infrastructure APS: Announced Pledges Scenario Cycle Costs Commercial expenses NZE: Net Zero Scenario Residential 1 Sources: S&P (April 2024) Source: Dow Internal Estimate Source: IEA Climate Scenarios 3 Leading Provider of Silicone Sealants 70% of the Top 20 Iconic World First-Ever Carbon-Neutral Meeting Climate and Durability 2 Buildings Use Dow Sealants Silicone Service for Façades Requirements in Infrastructure Used in High-Performance Buildings 1. World Energy Outlook – International Energy Agency (2023) 2. Top 20 tallest building in the world as ranked by CTBUH, the Council on Tall Buildings and Urban Habitat 3. Verified by PAS 2060: Internationally recognized carbon neutrality standard In Billion $ % of Total Number of Buildings

Focused Capital Investment Unlocking High-Value Downstream Growth Higher-Return, Faster-Payback Growth Capital Projects Fast-Growing Markets 2021-2023 2024-2026 $10B $12B $10B >2X GDP Building & >2X GDP Consumer & >2.5X GDP Mobility Infrastructure Electronics ~$300 MM Richer Product Mix ~$230 MM ~$220 MM ~3X Downstream Silicones Value vs. Siloxanes ~$200 MM Downstream Silicones Price/KG 1 Growth Capital Investment Runrate EBITDA/year Upstream Siloxane Price/KG 2017 2018 2019 2020 2021 2022 2023 2024 Q1 ~220 KTA of new downstream capacity Upstream Siloxanes Price ($/KG) High-value Downstream Silicones Price ($/KG) starting up between 2021-2026 Source: Dow Internal Estimate 1.Mid-cycle EBITDA Focused growth investments and sustainable innovation to drive ~$300MM/year of incremental EBITDA by mid-decade

PM&C – Strategically Advantaged for Growth Strategic Areas of Focus Earnings at Cycle Bottom, Returning to Growth Trajectory Implemented Growth Investments Added 1 ~$250MM/year Peak ~$2.4B (2021-2023) Focus on Attractive Capitalize on ~$500MM Peak ~$2.1B ~$300MM Mid-cycle Markets and Higher-Return Growth Geographies Capital Investment ~$25MM (2021-2026) Mid-cycle Growing Above Trough ~$1.3B 1.5X GDP Trough ~$1.0B Consumer Coatings & Solutions Performance Monomers Commercialize Maintain Operational Sustainable Innovation Excellence and Pipeline to Expand Maximize Industry- Op. EBITDA Op. EBITDA Near-Term Growth Investments Avg 2021-2023 ~2030 Addressable Market Leading Footprint 1. Mid-cycle EBITDA

Jon Penrice

Mobility Is an Attractive Growth Opportunity Global Light Vehicle Production Key Trends Driving Change in Mobility 100 90 80 Electrification Up to 300% increase 22% 70 in Dow product demand 60 for BEV and Hybrid Automotive OEM Back 50 Integration 40 6% 30 Total Addressable $75B 20 Market Circularity and Decarbonization -12% 10 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 Technology Disruption ICE HYBRID BEV ICE: Internal Combustion Engine BEV: Battery Electric Vehicle Source: Oct 2023 IHS Dow materials science relevant to all vehicle types – BEV, hybrids and ICE Lightw eighting Acoustics Comfort and Aesthetics Battery Systems Electronics Sustainability 72 In Millions

Dow’s Path2Zero Jim Fitterling, Dan Futter, John Sampson

Growing Earnings and Navigating the Climate and Energy Transition ▪ Enables a high-value portfolio of low- emissions products at differentiated pricing Uniquely ▪ Deepens partnerships with customers to Our Approach to Decarbonize & Grow Positioned to support their decarbonization journey Win with Differentiated, ▪ Protects and extends our feedstock advantage Low-GHG- ▪ Reduces our exposure to regulatory uncertainty Emissions and carbon price risk Optimizing our Portfolio ▪ Maintains optionality to accelerate where we Increasing use manufacturing facilities Investing in next-gen can capture additional value and processes for of clean energy manufacturing sustainability and steam technology ▪ Driving higher-return, lower-risk, faster- payback growth projects ▪ Investing prudently in downcycle, to lock in Developing low -GHG-emission Building a value-generating Disciplined Scope 3 decarbonization pathw ay products and services lower cost inputs and be ready to capture up- Organic cycle growth Growth ▪ Investing in value-add trends that complement Investments Dow’s capabilities to derisk projects ▪ Maintaining CapEx spending at or below D&A while targeting >13% ROIC over the cycle

Ft. Saskatchewan Path2Zero Builds on TX-9’s World-Class Performance Performance Comparison of Global Cracker P2Z Project Enhances Our Cost-Advantaged Footprint and 1 New Builds 2017-2022 Adds Zero-Emissions Capacity ▪ Demonstrated ~20% lower capital cost per ton and >65% lower Dow’s Ethylene Footprint in the Americas conversion cost than Dow fleet ▪ Consistently running at >110% of expanded nameplate capacity Alberta: Low-cost position outside hurricane risk zone ▪ TX-9 emits ~60% less CO /MT than average cracker in Dow fleet 2 ▪ Delivering >15% ROIC since start-up in 2017 Investment puts >70% of Dow’s ethylene capacity in cost-advantaged Americas Attribute by Dow’s Other New Quartile TX-9 Crackers Production Cost 1st 2nd Existing Site and Infrastructure Existing Assets Brownfield Investments Net Cash Margin 1st 2nd Derivatives Derivatives Olefins Capability Utilization 1st 3rd Cracker Cracker Reliability Indicator 1st 3rd Off-gas Off-gas H2 H 2 Circular Circular Auto-Thermal Reformer (ATR) Energy 1st 2nd shifts cracker off-gas to H and CO 2 2 CO 2 CO 2 GHG Emissions 1st 2nd Adjacent 3rd Party CO Infrastructure 2 2022 HSB Solomon Associates LLC 1.Net-zero Scope 1 & 2 greenhouse gas emissions TX-9 demonstrates leading capital efficiency, operational performance and emissions reduction

Low-Emissions Market Opportunities and Supply/Demand Dynamics Market Relative Consumption Volume Opportunity Willingness to Pay Per Tonne of Emissions by Market Pilots and Business Models > >$ $1 100 00 /ton /T $50 $50 -1 -1 00 0/ton 0/T <$ <5 $0 5/ton 0/T ▪ 60% of largest 100 Consumer Initial sales of low- Goods customers have emission products emissions reduction Automotive targets Durable PU Caustic and Tracelight Goods Construction & Infrastructure▪ 15 KT potential Industrial ▪ First agreement in 2023 at ~$50/T CO e 2 ▪ Significant increase in DCS Carbon-Neutral Sealants customers with Relative consumption volume ▪ $25MM potential Willingness to Pay Per Ton of CO2 by Market Source: Material Economics/McKinsey published Scope 3 ▪ First agreement in 2024 at ~$90/T CO e 2 Supply/Demand of reduction targets Low Emissions Chemistry 350 Emerging opportunity for GHG emission 300 Fort Saskatchew an Path2Zero accounting mechanism that helps represents <2% of likely market 250 companies monetize investment demand in 2030 ▪ Limited supply availability 200 over next 10 years – Dow participating in collaboration efforts 150 Dow will have a first- with customers and external experts 100 mover advantage ▪ Generate value from low-emissions 50 0 investments and accelerate decarbonization 2020 2025 2030 2035 Supply Demand Source: Dow analysis based on largest customers S3.1 commitments MT

A Strategic Investment with Key Value Drivers Driving Efficiency in Construction and The Alberta Feedstock Advantage Engineering to Derisk Investment ▪ Low er capital intensity vs. TX-9 including Fluor - FEED partner 1Q23 decarbonization assets ✓ ▪ Leveraging 3rd party investments to reduce Dow’s Linde - Industrial gas partner 2Q23 ✓ capital outlay FEED completed▪ Focusing on driving cost efficiencies: all long-lead 3Q23 ✓ Asia Europe time equipment items have been secured Board of Directors approved FID ▪ Secured majority of cost-advantaged ethane supply Industry ✓ Secured government subsidies & incentives 4Q23 Average ✓ Program labor agreement established from diversified sources with long-term agreements ✓ ✓ 100% of long-lead-time equipment ordered Canada USGC Partner Role Majority of ethane supply secured and 1Q24 Middle East ✓ hedged 100% of currency risk Auto-Thermal Ref ormer (ATR) and Integrated CO capture/compression 2 Industry Ethylene Capacity (MM MT) Commenced construction 2Q24 ✓ Source: Dow analysis based on 3rd party 2023 data CO2 transportation; Alberta trunk line under contract; long-term adv antaged Complete detailed design and ▪ Ample natural gas in Canada at a discount to USGC ~2025 ethane supply equipment procurement prices, reducing ethane costs ▪ Structurally cheaper NG prices with lower volatility Phase 1 - Adds ~1,300 KTA of net-zero 3rd party logistics f or f inished product than the USGC Scope 1 & 2 emissions ethylene/PE and ~2027 retrofits existing cracker (FS1) to remove ▪ Region has ample ethane supply available to support ~1MM MTA of current emissions our project; Dow has already secured majority of cost- Long-term adv antaged ethane supply advantaged ethane Phase 2 - Adds ~600 KTA of net-zero ~2029 Scope 1 & 2 emissions ethylene/PE Strategic investment targets >13% ROIC while decarbonizing 20% of our global ethylene footprint Industry Cash Cost ($/MT)

DRAFT Clear Financial Priorities to Advance Value Growth Jeff Tate

Clear Financial Priorities to Advance Value Growth Demonstrate Execute Growth Maintain the Continued Levers and Increase Financial Flexibility Shareholder Operational and We Have Built Returns Financial Discipline

Clear Financial Priorities to Advance Value Growth Demonstrate Execute Growth Maintain the Continued Levers and Increase Financial Flexibility Shareholder Operational and We Have Built Returns Financial Discipline

Capital Allocation Framework Remains Consistent Safely and Reliably Running Our Operations Credit Profile Organic Investments Dividend Policy Share Repurchases ▪ Maintain strong ▪ Maintain CapEx ≤D&A ▪ Long-term dividend ▪ Share repurchases and investment-grade credit over the economic cycle payout ratio target dividend target 65% of profile across the across the economic operating net income ▪ Continue to target economic cycle cycle of ~45% of operating over the cycle operating ROIC >13% net income ▪ Target rating agency adj. ▪ Share repurchases to ▪ Invest for growth and a 1 net debt-to-EBITDA of ▪ Grow dividend as cover dilution at a more sustainable and 2.0x – 2.5x; provides ample earnings and FCF expand minimum circular future; with lower- financial flexibility across risk profile the economic cycle Disciplined and balanced capital allocation to maximize shareholder value 1.Based on Moody’s Rating Agency Methodology

Disciplined Delivery on the Targets We Outlined at 2021 Investor Day Disciplined and Balanced Capital Allocation 1 ✓ Returned ~83% of operating net income to shareholders Target returns of 65% of operating net income ✓ Strongest balance sheet in four decades ✓ Added ~$0.8B mid-cycle EBITDA since 2021 Execute on Earnings Growth Levers ✓ On track to deliver remaining >$2.2B by 2030 Deliver >$3B/year in underlying EBITDA growth 1 ✓ Delivered 3-year average operating ROIC of 14% ✓ Completed FID on Fort Saskatchewan Path2Zero; est. 15% operating ROIC Operating Returns on Invested Capital 1 >13% over the cycle ✓ Achieved ~78% 3-year average cash flow conversion ✓ Improved cash flow conversion cycle by eight days since 2020 1 ✓ Delivered 3-year cumulative free cash flow of >$14B Industry-Leading Cash Flow Generation 1.1Q22-1Q24 TTMs

Strong Balance Sheet and Credit Profile No Substantive Debt Maturities Until 2027 Strategic Actions to Strengthen Credit Profile $1.2B $0.7B ▪ Strong investment-grade profile (Baa1, BBB+, BBB) $0.5B $0.1B $0.1B ▪ ~99% of all long-term debt at a fixed rate; average cost of debt of ~5.2% 2024 2025 2026 2027 2028 ▪ Issued Dow’s inaugural Green Bond in 1Q24 with lowest spreads for 10-year and 30-year tenors since Solid Financial Position with Ample Liquidity 1999; ~5-10bps “greenium” ▪ Reduced net debt and pension liabilities by ~$9B Cash and Cash Equivalents since Spin Revolver $3B $5B ▪ Pursued derisking opportunities for pension plans, ~$13B including annuitization and risk transfer of ~$1.7B of Committed A/R pension liabilities in 4Q23 Securitization $1.5B Committed Bilateral Lines $3.4B

Clear Financial Priorities to Advance Value Growth Demonstrate Execute Growth Maintain the Continued Levers and Increase Financial Flexibility Shareholder Operational and We Have Built Returns Financial Discipline

Maintaining a Disciplined Low Cost-to-Serve Mindset Lowering Our Cost Structure Digitally Enabled Operational Improvements ▪ Increase in sales via digital channels: from 20% at 2023 SG&A + R&D (% of Sales) the beginning of 2020 to 39% at the end of 2023 ▪ Customer order touches reduced by >20% Peer Median: 12% ▪ Highest Customer Experience satisfaction score since inception of our survey in 2018 5% ▪ Lead-to-Opportunity conversion has grown 2x since 2021 with higher digital customer engagement Peer 1 DOW Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 ▪ In 2023, >60% of leads originated from digital capabilities vs. <5% pre-COVID ▪ Unlocking up to ~30% in incremental cost savings ▪ Focused on structural II&I P&SP through digital tools in procurement improvements to raw materials, logistics and utility costs ▪ Reduced export lead time by ~25% through real- ▪ >90% of 2,000 impacted roles time order-level visibility with logistics service $1B savings exited by YE23 by segment providers ▪ Rationalized select higher-cost, lower-return assets primarily in ▪ Implementing AI applications on cracker furnaces Polyurethanes and Coatings ▪ Targeting 20% reduction in furnace unplanned PM&C ▪ $1B savings in 2023 events per year and improved repair times by ~2 days

Disciplined Capital Investments to Drive Improved Returns CapEx Expected to Ramp to ~$3B in 2024 and Exceed D&A in 2024-2027 Cash and Tax ▪ Net CapEx of ~$5B, including benefit <$50MM >$100MM/year >$300MM/year Incentives Ft. Saskatchewan of >$1.5B in cash and tax incentives Net CapEx Path2Zero ▪ Expect similar ROIC as TX-9 (>15%) D&A ▪ Growth CapEx to focus on higher- return, lower-risk and faster-payback Growth CapEx projects ▪ Maintenance CapEx supports strong Maintenance cash generation and safe and 2019-2022 2023 2024 2025-2027 2028-2030 CapEx Avg. Avg. Avg. reliable operations Maintenance CapEx Growth CapEx Ft. Saskatchewan Path2Zero Committed to maintaining CapEx within D&A across the cycle

Enhancing Our Financial Position Through Focused Cash Flow Generation Top-Quartile Cash Conversion in the Industry Maintaining Strong Cash Conversion 1 Across the Cycle 2019-2023 Cash Flow Conversion (% of EBITDA) 82% CFFO to ~82% avg. EBITDA (%) 1 conversion Peer 1 DOW Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Further Enhancing Financial Position Since Spin Reduced Cash Commitments by ~$1B Since Spin Reduced JV Cash Cash Interest and Pension Share Contributions Contributions Count 2019 2020 2021 2022 2023 CFFO EBITDA >$1.5B of Unique-to-Dow Cash Flow Levers Struct. NOVA Working Infrastructure Asset Sales Judgment Capital 1. Excludes the impact of the $1B elective pension contribution in 2021

Clear Financial Priorities to Advance Value Growth Demonstrate Execute Growth Maintain the Continued Levers and Increase Financial Flexibility Shareholder Operational and We Have Built Returns Financial Discipline

Near-Term Growth Investments to Deliver Higher Returns Over the Cycle Investing in Higher-Return, Lower-Risk Projects … and Executing Actions that Maximize Returns Return 28% (%) Silicones Growth Coatings Capacity 27% Amines Growth Adding ~$2B/year in mid-cycle EBITDA by mid-decade 2023 Expansion 26% FS-1 Expansion (Canada) 25% Silicones Growth▪ Completed since 2021: ~$800MM 24% Near-Term 23% Silicones Growth Enhanced Feedstock ▪ On track to deliver by mid-decade: Remaining ~$1.2B 2022 22% Flexibility 21% Alkoxylates Investments 20% (U.S. and Europe) 19% Thailand PG ✓ Improved mix of lower-risk, faster-payback investments to 18% Additional Alkoxylates Capacity Expansion 17% Investments maintain market leadership (U.S. and Europe) PE/Functional Polymers 16% Incremental Growth Projects FCDh 15% ✓ Focused on investments that target high-value MDI Distillation 14% applications and end markets 13% Enterprise 13% ROIC Target 12% ✓ Taking strategic actions to commercialize low-to-zero 11% WACC emission solutions 10% 10% 9% ✓ Leveraging long-term contracts with key customers, low- 8% 7% cost position and feedstock flexibility to optimize margin 2022 2023 2024-2026 2021.5 2022.5 2023.5 2024.5 2025.5 capture P&SP II&I PM&C Bubble size: mid-cycle EBITDA

Fort Saskatchewan Path2Zero Project to Add $1B/Year in Mid-Term EBITDA 1 World’s First Cracker and Derivatives Complex with Net-Zero Emissions ▪ Fort Saskatchewan Path2Zero project CapEx of ~$6.5B; net cash deployment of ~$5B including cash and tax incentives 1Q23 Fluor - FEED partner ✓ ▪ Expect to add ~$1B EBITDA/year by 2030 with Op. ROIC in line with TX-9 (>15% since start-up) 2Q23 Linde - Industrial gas partner ✓ ▪ Commercialization of low-/zero-emissions products (>3MM MTA) to drive further economic 3Q23 FEED completed ✓ upside Board of Directors approved FID ▪ Capital intensity expected to be lower than TX-9, driven by engineering efficiencies, site ✓ Secured gov ernment subsidies & incentiv es 4Q23 ✓ optimizations, larger scale facilities, and improved construction techniques ✓ Program labor agreement established ✓ 100% of long-lead-time equipment ordered Majority of ethane supply secured and 1 Alberta Feedstock Cost Advantage Circular Hydrogen Enables Net-Zero Emissions 1Q24 ✓ hedged 100% of currency risk Existing Site and Infrastructure 2Q24 Commenced construction ✓ Existing Assets Brownfield Investments Complete detailed design and ~2025 Derivatives Derivatives Asia equipment procurement Europe Industry Cracker Cracker Phase 1 - Adds ~1,300 KTA of net-zero Average Off-gas H Off-gas H 2 2 Scope 1 & 2 emissions ethylene/PE and Canada Circular Circular ~2027 Auto-Thermal Reformer (ATR) USGC retrofits existing cracker (FS1) to remove shifts cracker off-gas to H and CO 2 2 ~1MM MTA of current emissions Middle East CO 2 CO 2 Adjacent 3rd Party CO Infrastructure 2 Phase 2 - Adds ~600 KTA of net-zero Industry Ethylene Capacity (MM MT) ~2029 Scope 1 & 2 emissions ethylene/PE 1.Net-zero Scope 1 & 2 greenhouse gas emissions Source: Dow analysis based on 3rd party 2023 data Industry Cash Cost ($/MT)

MM MTA Circular Innovations to Grow Long-Term EBITDA >$500MM/Year by 2030 Value Chain Collaborations On Track to Commercialize ~3MM MTA of Circular Solutions by 2030 Waste Collection Advanced and Mechanical Recycling and Bio-Based Feedstocks Mechanical Recycling Advanced Recycling Bio-Based Solutions Partnerships and Funds ~2030 Today

On Track to Deliver >$3B/Year in Underlying EBITDA Growth by 2030 High-Value Growth Investments Drive Incremental Earnings Growth Levers Mitigating Peak ~$15B Structural Macro Headwinds ▪ Implemented ~$800MM/year of Peak >$12B >$0.5B M id-cycle growth investments since 2021 ~$1.0B Implemented Growth ~$1.2B Investments Added ▪ Growing underlying earnings and 1 ~$800MM/year Trough ~$9B M id-cycle (2021-2023) shareholder returns with focused organic investments ▪ Targeted investments in attractive Trough <$6B higher-value end markets such as food packaging, health and hygiene, consumer, pharma, energy and mobility ▪ Through 2030, our growth levers are expected to grow capacity by 20%, improve underlying Op. EBITDA Op. EBITDA Near-term Fort Transform Op. EBITDA earnings by >$3B/year, and Saskatchew an 2018-2020 2021-2023 grow th the Waste ~2030 Path2Zero investments reducing Scope 1 & 2 emissions Global by 15% GDP growth ~2.5-3.0% ~1.0% ~4.0% 2 Rate (%) 1.Mid-cycle EBITDA 2.S&P Global

Financial Flexibility to Drive Leading Shareholder Returns Cash Generation Drives Increased Shareholder Returns Growth, Enabled by Strong Balance Sheet and Liquidity Additional Shareholder Value ▪ Grow the dividend as earnings and FCF expands Share Repurchases▪ Execute share repurchases as earnings expand ▪ Accelerate attractive organic growth investments Dividend Policy ▪ Pursue accretive bolt-on M&A opportunities ▪ Continue to identify unique-to-Dow cash levers Organic Investments Credit Profile 2019-2023 2024-2028

Dow: A Compelling Investment Opportunity Our Financial Targets Proven Operational Playbook ▪ Deliver >$3B/year in underlying EBITDA growth by 2030 ▪ Maintain industry-leading cash generation Demonstrate Execute Growth ▪ Operating ROIC target >13% across the cycle Maintain the Continued Levers and Increase Financial Flexibility Operational and Shareholder ▪ Return 65% of operating net income to We Have Built Financial Discipline Returns shareholders ▪ Target adjusted net debt-to-EBITDA of 2.0x-2.5x

APPENDIX

Reconciliation of Net Income to Operating EBIT and Operating EBITDA Reconciliation of Net income to Operating EBIT and Twelve Months Ended Operating EBITDA In millions (Unaudited) Dec 31, 2020 Dec 31, 2021 Dec 31, 2022 Dec 31, 2023 Net income $ 1,294 $ 6,405 $ 4,640 $ 660 + Provision (credit) for income taxes 777 1,740 1,450 (4) Income before income taxes $ 2,071 $ 8,145 $ 6,090 $ 656 - Interest income 38 55 173 229 + Interest expense and amortization of debt discount 827 731 662 746 - Significant items 145 (712) (11) (1,605) 1 Operating EBIT $ 2,715 $ 9,533 $ 6,590 $ 2,778 + Depreciation and amortization 2,874 2,842 2,758 2,611 2 Operating EBITDA $ 5,589 $ 12,375 $ 9,348 $ 5,389 1. Operating EBIT is defined as earnings (i.e., Income before income taxes ) before interest, excluding the impact of significant items. 2. Operating EBITDA is defined as earnings (i.e., Income before income taxes ) before interest, depreciation and amortization, excluding the impact of significant items.

Reconciliation of Loss from Continuing Operations, net of tax to Pro Forma Operating EBIT and Pro Forma Operating EBITDA Reconciliation of Loss from Continuing Operations, net of tax to Pro Forma Operating EBIT Twelve Months Ended and Pro Forma Operating EBITDA In millions (Unaudited) Dec 31, 2019 Loss from continuing operations, net of tax $ (1,717) + Provision for income taxes on continuing operations 470 Loss from continuing operations before income taxes $ (1,247) - Interest income 81 + Interest expense and amortization of debt discount 933 + Pro forma adjustments 65 - Significant items (4,682) 1 Pro forma Operating EBIT $ 4,352 + Pro forma depreciation and amortization 2,938 2 Pro forma Operating EBITDA $ 7,290 1. Pro forma Operating EBIT is defined as earnings (i.e., “Loss from continuing operations before income taxes”) before interest, plus pro forma adjustments, excluding the impact of significant items. 2. Pro forma Operating EBITDA is defined as earnings (i.e., “Loss from continuing operations before income taxes”) before interest, depreciation and amortization, plus pro forma adjustments, excluding the impact of significant items.

Segment Information Net Sales by Segment Twelve Months Ended In millions (Unaudited) Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Packaging & Specialty Plastics $ 23,149 $ 29,260 $ 28,128 Industrial Intermediates & Infrastructure 12,538 16,606 16,851 Performance Materials & Coatings 8,497 10,764 9,672 Corporate 438 272 317 Total $ 44,622 $ 56,902 $ 54,968 Operating EBIT by Segment Twelve Months Ended In millions (Unaudited) Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Packaging & Specialty Plastics $ 2,700 $ 4,110 $ 6,638 Industrial Intermediates & Infrastructure 124 1,418 2,282 Performance Materials & Coatings 219 1,328 866 Corporate (265) (266) (253) Total $ 2,778 $ 6,590 $ 9,533 Depreciation and Amortization by Segment Twelve Months Ended In millions (Unaudited) Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Packaging & Specialty Plastics $ 1,285 $ 1,396 $ 1,358 Industrial Intermediates & Infrastructure 524 550 612 Performance Materials & Coatings 778 789 842 Corporate 24 23 30 Total $ 2,611 $ 2,758 $ 2,842

Segment Information (continued) Operating EBITDA by Segment Twelve Months Ended In millions (Unaudited) Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Packaging & Specialty Plastics $ 3,985 $ 5,506 $ 7,996 Industrial Intermediates & Infrastructure 648 1,968 2,894 Performance Materials & Coatings 997 2,117 1,708 Corporate (241) (243) (223) Total $ 5,389 $ 9,348 $ 12,375 Operating EBIT Margin by Segment Twelve Months Ended In millions (Unaudited) Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Packaging & Specialty Plastics 11.7 % 14.0 % 23.6 % Industrial Intermediates & Infrastructure 1.0 % 8.5 % 13.5 % Performance Materials & Coatings 2.6 % 12.3 % 9.0 % Total 6.2 % 11.6 % 17.3 % Operating EBITDA Margin by Segment Twelve Months Ended In millions (Unaudited) Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Packaging & Specialty Plastics 17.2 % 18.8 % 28.4 % Industrial Intermediates & Infrastructure 5.2 % 11.8 % 17.2 % Performance Materials & Coatings 11.7 % 19.7 % 17.7 % Total 12.1 % 16.4 % 22.5 %

Cash Conversion and Free Cash Flow Reconciliation Reconciliation of Cash Flow Conversion Three Months Ended Twelve Months Ended In millions (Unaudited) Mar 31, 2019 Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Mar 31, 2024 Dec 31, 2019 Dec 31, 2020 Dec 31, 2021 Dec 31, 2022 Dec 31, 2023 Cash provided by operating activities - continuing operations (GAAP) $ 1,043 $ 960 $ 1,790 $ 1,920 $ 460 $ 5,713 $ 6,252 $ 7,069 $ 7,486 $ 5,164 Net income (loss) (GAAP) $ 601 $ 90 $ 347 $ (2,310) $ 538 $ (1,272) $ 1,294 $ 6,405 $ 4,640 $ 660 1 Cash flow from operations to net income (GAAP) 173.5 % 1066.7 % 515.9 % N/A 85.5 % N/A 483.2 % 110.4 % 161.3 % 782.4 % Operating EBITDA (non-GAAP) $ 1,886 $ 1,802 $ 1,856 $ 1,746 $ 1,394 $ 7,290 $ 5,589 $ * 12,375 $ 9,348 $ 5,389 2 Cash Flow Conversion (non-GAAP) 55.3 % 53.3 % 96.4 % 110.0 % 33.0 % 78.4 % 111.9 % 57.1 % 80.1 % 95.8 % Cash Flow Conversion (non-GAAP) 2019-2023 Average 79.2 % Cash Flow Conversion (non-GAAP) 2021-2023 Average 72.7 % 3 Cash Flow Conversion (non-GAAP) Since Spin Average 78.7 % 1. Cash flow from operations to net income is not applicable for the fourth quarter of 2019 and the twelve months ended December 31, 2019 due to a net loss for the periods. 2. Cash Flow Conversion is defined as Cash provided by operating activities - continuing operations divided by Operating EBITDA. 3. Since spin average is calculated from June 30, 2019 - March 31, 2024. Reconciliation of Free Cash Flow Three Months Ended Twelve Months Ended In millions (Unaudited) Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Mar 31, 2024 Dec 31, 2020 Dec 31, 2021 Dec 31, 2022 Dec 31, 2023 Cash provided by operating activities - continuing operations (GAAP) $ 960 $ 1,790 $ 1,920 $ 460 $ 6,252 $ 7,069 $ 7,486 $ 5,164 Capital expenditures (470) (472) (577) (714) (1,252) (1,501) (1,823) (2,356) 1 Free Cash Flow (non-GAAP) $ 490 $ 1,318 $ 1,343 $ (254) $ 5,000 $ 5,568 $ 5,663 $ 2,808 Free Cash Flow - trailing twelve months ( TTM ) basis (non-GAAP) $ 1,461 $ 3,152 $ 3,752 $ 2,463 $ 5,000 $ 5,568 $ 5,663 $ 2,808 2 D5 D5 End of period market capitalization $ 36,648 $ 35,332 $ 40,582 $ 40,737 $ 41,247 $ 41,701 $ 35,519 $ 38,514 3 Free Cash Flow Yield - TTM basis (non-GAAP) 4.0% 8.9% 9.2% 6.0% 12.1% 13.4% 15.9% 7.3% Free Cash Flow Yield - TTM basis (non-GAAP) 2021-2023 Average 12.1% 4 Free Cash Flow Yield - TTM basis (non-GAAP) Since Spin Average 9.6% 1. Free Cash Flow is defined as Cash provided by operating activities - continuing operations , less capital expenditures. 2. Calculated as the period-end share price of Dow Inc. times the period-end shares outstanding of Dow Inc. 3. Free Cash Flow Yield is defined as Free Cash Flow divided by market capitalization. 4. Since spin average is calculated from June 30, 2019 - March 31, 2024.

Cash Conversion and Free Cash Flow Reconciliation (continued) Reconciliation of Cash Flow Conversion Three Months Ended In millions (Unaudited) Mar 31, 2022 Mar 31, 2023 Mar 31, 2024 Cash provided by operating activities - continuing operations (GAAP) $ 1,612 $ 531 $ 460 Cash provided by operating activities - continuing operations - trailing twelve months TTM basis (GAAP) $ 8,909 $ 6,405 $ 5,093 Net income (loss) (GAAP) $ 1,552 $ (73) $ 538 Net income - TTM basis (GAAP) $ 6,951 $ 3,015 $ 1,271 1 Cash flow from operations to net income (GAAP) 103.9 % N/A 85.5 % Operating EBITDA (non-GAAP) $ 3,171 $ 1,356 $ 1,394 Operating EBITDA - TTM basis (non-GAAP) $ 13,275 $ 7,533 $ 5,427 2 Cash Flow Conversion (non-GAAP) 50.8 % 39.2 % 33.0 % Cash Flow Conversion - TTM basis (non-GAAP) 1Q22-1Q24 Average 77.8 % 1. Cash flow from operations to net income is not applicable for the first quarter of 2023 due to a net loss for the period. 2. Cash Flow Conversion is defined as Cash provided by operating activities - continuing operations divided by Operating EBITDA. Reconciliation of Free Cash Flow Three Months Ended In millions (Unaudited) Mar 31, 2022 Mar 31, 2023 Mar 31, 2024 Cash provided by operating activities - continuing operations (GAAP) $ 1,612 $ 531 $ 460 Capital expenditures (315) (440) (714) 1 Free Cash Flow (non-GAAP) $ 1,297 $ 91 $ (254) Free Cash Flow - trailing twelve months basis (non-GAAP) $ 7,382 $ 4,457 $ 2,463 1. Free Cash Flow is defined as Cash provided by operating activities - continuing operations , less capital expenditures.

Reconciliation of Operating Return on Capital (ROC) Reconciliation of Operating Return on Capital (ROC) Three Months Ended In millions (Unaudited) Mar 31, 2024 Dec 31, 2023 Mar 31, 2023 Mar 31, 2022 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Net income (loss) available for Dow Inc. common stockholders (GAAP) $ 516 $ (105) $ (93) $ 1,569 $ 613 $ 1,736 $ 1,236 $ (2,323) - Significant items, after tax 122 (411) (511) (211) 289 124 629 (2,900) Operating Net Income Available for Dow Inc. Common Stockholders (non-GAAP) $ 394 $ 306 $ 418 $ 1,780 $ 324 $ 1,612 $ 607 $ 577 Net income attributable to noncontrolling interests $ 22 $ 10 $ 20 $ (17) $ 34 $ 25 $ 18 $ 13 Gross interest expense 227 225 206 183 188 183 220 237 Imputed interest expense - operating leases 16 16 15 14 14 15 16 22 Tax on gross interest expense (58) (62) (54) (44) (48) (45) (76) (59) Operating Net Operating Profit After Tax (non-GAAP) $ 601 $ 495 $ 605 $ 1,916 $ 512 $ 1,790 $ 785 $ 790 Operating Net Operating Profit After Tax - trailing twelve months ( TTM ) basis (non-GAAP) $ 2,337 $ 2,341 $ 3,953 $ 8,224 $ 5,264 $ 7,510 $ 1,977 $ 3,573 Average Total Capital (non-GAAP) $ 36,421 $ 36,800 $ 35,559 $ 34,095 $ 34,935 $ 33,481 $ 32,785 $ 39,016 1 Operating Return on Capital - TTM basis (non-GAAP) 6.4 % 6.4 % 11.1 % 24.1 % 15.1 % 22.4 % 6.0 % 9.2 % Operating Return on Capital - TTM basis (non-GAAP) 2019-2023 Average 11.7 % Operating Return on Capital - TTM basis (non-GAAP) 2021-2023 Average 14.6 % Operating Return on Capital - TTM basis (non-GAAP) 1Q22-1Q24 Average 13.7 % 1. Operating ROC is defined as net operating profit after tax (excluding significant items) divided by total average capital, also referred to as ROIC. Operating ROC measures how effectively a company has utilized the money invested in its operations.

Reconciliation of Net Debt Reconciliation of Net Debt In millions (Unaudited) Mar 31, 2024 Dec 31, 2023 Dec 31, 2021 Mar 31, 2019 Notes payable $ 55 $ 62 $ 161 $ 295 Long-term debt due within one year 118 117 231 2,367 Long-term debt 16,170 14,907 14,280 17,158 Gross debt (GAAP) $ 16,343 $ 15,086 $ 14,672 $ 19,820 - Cash and cash equivalents 3,723 2,987 2,988 3,001 - Marketable securities 771 1,300 245 101 Net Debt (non-GAAP) $ 11,849 $ 10,799 $ 11,439 $ 16,718 + Noncontrolling interest $ 492 $ 501 $ 574 + Dow Inc. stockholders' equity 18,425 18,607 18,165 1 $ 30,766 $ 29,907 $ 30,178 Net Capital (non-GAAP) 2 38.5% 36.1% 37.9% Net Debt to Capital Ratio (non-GAAP) 1. Net Capital is defined as Net Debt plus noncontrolling interest plus Dow Inc. stockholders equity. 2. Net Debt to Capital Ratio is defined as Net Debt divided by Net Capital.

Operating Net Income Returned to Shareholders Operating Net Income Returned to Shareholders Three Months Ended Twelve Months Ended In millions (Unaudited) Jun 30, 2019 Sep 30, 2019 Dec 31, 2019 Mar 31, 2024 Dec 31, 2020 Dec 31, 2021 Dec 31, 2022 Dec 31, 2023 Net income (loss) available for Dow Inc. common stockholders (GAAP) $ 75 $ 333 $ (2,323) $ 516 $ 1,225 $ 6,311 $ 4,582 $ 589 - Significant items, after tax (574) (346) (2,900) 122 (8) (459) 10 (1,014) 1 Operating Net Income Available for Dow Inc. Common Stockholders (non-GAAP) $ 649 $ 679 $ 577 $ 394 $ 1,233 $ 6,770 $ 4,572 $ 1,603 $ 517 $ 516 $ 517 $ 493 $ 2,071 $ 2,073 $ 2,006 $ 1,972 Dividends paid to stockholders Share repurchases 305 101 94 200 125 1,000 2,325 625 $ 822 $ 617 $ 611 $ 693 $ 2,196 $ 3,073 $ 4,331 $ 2,597 Return to shareholders 2 Operating Net Income returned to shareholders (non-GAAP) 126.7% 90.9% 105.9% 175.9% 178.1% 45.4% 94.7% 162.0% 3 Cumulative Operating Net Income returned to shareholders (non-GAAP) Since Spin Average 90.7% Cumulative Operating Net Income returned to shareholders (non-GAAP) 2021-2023 Average 77.3% 4 Cumulative Operating Net Income returned to shareholders (non-GAAP) 2019-2023 Average 88.6% 1. Operating Net Income is defined as net income (loss), excluding the after-tax impact of significant items. 2. Operating Net Income returned to shareholders is defined as Return to shareholders (dividends paid to stockholders plus share repurchases) divided by Operating Net Income. 3. Since spin average is calculated from June 30, 2019 - March 31, 2024. 4. 2019-2023 average is calculated from June 30, 2019 - December 31, 2023.

Operating Net Income Returned to Shareholders (continued) Operating Net Income Returned to Shareholders Three Months Ended In millions (Unaudited) Mar 31, 2022 Mar 31, 2023 Mar 31, 2024 Net income (loss) available for Dow Inc. common stockholders (GAAP) $ 1,569 $ (93) $ 516 - Significant items, after tax (170) (508) 122 1 Operating Net Income Available for Dow Inc. Common Stockholders (non-GAAP) $ 1,739 $ 415 $ 394 Operating Net Income Available for Dow Inc. Common Stockholders - trailing twelve months ( TTM ) basis (non-GAAP) $ 7,485 $ 3,248 $ 1,582 Dividends paid to stockholders $ 513 $ 496 $ 493 Share repurchases 600 125 200 Return to shareholders $ 1,113 $ 621 $ 693 Return to shareholders TTM basis $ 3,665 $ 3,839 $ 2,669 2 Operating Net Income returned to shareholders (non-GAAP) 64.0% 149.6% 175.9% Operating Net Income returned to shareholders - TTM basis (non-GAAP) 49.0% 118.2% 168.7% Cumulative Operating Net Income returned to shareholders - TTM basis (non-GAAP) 1Q22-1Q24 Average 82.6% 1. Operating Net Income is defined as net income (loss), excluding the after-tax impact of significant items. 2. Operating Net Income returned to shareholders is defined as Return to shareholders (dividends paid to stockholders plus share repurchases) divided by Operating Net Income.

General Comments Background On April 1, 2019, DowDuPont completed the separation of its materials science business and Dow Inc. became the direct parent company of TDCC, owning all of the outstanding common shares of TDCC. For filings related to the period commencing April 1, 2019 and thereaf ter, TDCC was deemed the predecessor to Dow Inc., and the historical results of TDCC are deemed the historical results of Dow Inc. for periods prior to and including March 31, 2019. The separation was contemplated by the merger of equals transaction effective August 31, 2017, under the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017. TDCC and Historical DuPont each merged with subsidiaries of DowDuPont and, as a result, TDCC and Historical DuPont became subsidiaries of DowDuPont (the “Merger”). Subsequent to the Merger, TDCC and Historical DuPont engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products. Dow Inc. was f ormed as a wholly owned subsidiary of DowDuPont to serve as the holding company for the materials science business. Unaudited Pro Forma Financial Inf ormation In order to prov ide the most meaningful comparison of results of operations and results by segment, supplemental unaudited pro forma financial information has been included in the f ollowing f inancial schedules. The unaudited pro f orma f inancial information is based on the consolidated financial statements of TDCC, adjusted to give effect to the separation from DowDuPont as if it had been consummated on January 1, 2017. For the twelv e months ended December 31, 2019 and 2018, pro f orma adjustments have been made for (1) the margin impact of various manufacturing, supply and service related agreements entered into with DuPont and Cortev a in connection with the separation which prov ide for different pricing than the historical intercompany and intracompany pricing practices of TDCC and Historical DuPont, and (2) the elimination of the impact of ev ents directly attributable to the Merger, internal reorganization and business realignment, separation, distribution and other related transactions (e.g., one-time transaction costs). The unaudited pro f orma f inancial information has been presented for informational purposes only and is not necessarily indicative of what Dow's results of operations actually would hav e been had the separation f rom DowDuPont been completed as of January 1, 2017, nor is it indicative of the future operating results of Dow. The unaudited pro f orma information does not reflect restructuring or integration activities or other costs f ollowing the separation f rom DowDuPont that may be incurred to achieve cost or growth sy nergies of Dow. For further information on the unaudited pro f orma financial information, please refer to the Company's Current Report on Form 8-K dated June 3, 2019. General Comments Unless otherwise specified, all financial measures in this presentation, where applicable, exclude significant items. Trademarks The Dow Diamond, logo and all products, unless otherwise noted, denoted with , ℠ or ® are trademarks, service marks or registered trademarks of The Dow Chemical Company or its respective subsidiaries or af f iliates. Solely for convenience, the trademarks, service marks and trade names referred to in this communication may appear without the , ℠ or ® sy mbols, but such references are not intended to indicate, in any way , that we will not assert, to the f ullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks, service marks and trade names. This presentation may also contain trademarks, service marks and trade names of certain third parties, which are the property of their respective owners. Our use or display of third parties’ trademarks, service marks, trade names or products in this communication is not intended to, and should not be read to, imply a relationship with or endorsement or sponsorship of us.

Safe Harbor Cautionary Statement about Forward-Looking Statements Certain statements in this presentation are “f orward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and of ten contain words or phrases such as “anticipate,” “believ e,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and v ariations or negativ es of these words or phrases. Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other f actors that are beyond Dow’s control, which may cause actual results to dif f er materially from those projected, anticipated or implied in the f orward-looking statements and speak only as of the date the statements were made. These f actors include, but are not limited to: sales of Dow’s products; Dow’s expenses, future revenues and prof itability; any global and regional economic impacts of a pandemic or other public health-related risks and events on Dow’s business; any sanctions, export restrictions, supply chain disruptions or increased economic uncertainty related to the ongoing conflicts between Russia and Ukraine and in the Middle East; capital requirements and need f or and availability of financing; unexpected barriers in the dev elopment of technology, including with respect to Dow's contemplated capital and operating projects; Dow's ability to realize its commitment to carbon neutrality on the contemplated timef rame, including the completion and success of its integrated ethylene cracker and deriv atives facility in Alberta, Canada; size of the markets for Dow’s products and services and ability to compete in such markets; f ailure to dev elop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed div estitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in public sentiment and political leadership; increased concerns about plastics in the env ironment and lack of a circular economy for plastics at scale; changes in consumer preferences and demand; changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions , such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, including the ongoing conf licts between Russia and Ukraine and in the Middle East; weather ev ents and natural disasters; disruptions in Dow’s inf ormation technology networks and systems, including the impact of cyberattacks; and risks related to Dow’s separation from DowDuPont Inc. such as Dow’s obligation to indemnif y DuPont de Nemours, Inc. and/or Corteva, Inc. for certain liabilities. Where, in any f orward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good f aith and believ ed to hav e a reasonable basis, but there can be no assurance that the expectation or belief will result or be achiev ed or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” contained in the Company’s Annual Report on Form 10-K f or the year ended December 31, 2023. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow’s business. Dow Inc. and The Dow Chemical Company and its consolidated subsidiaries assume no obligation to update or rev ise publicly any forward-looking statements whether because of new inf ormation, future events, or otherwise, except as required by securities and other applicable laws.

Non-GAAP & Definitions Non-GAAP Financial Measures This presentation includes information that does not conform to GAAP and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company's segments, including allocating resources. Dow's management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year-over-year results. These non-GAAP measures supplement the Company's GAAP disclosures and should not be viewed as alternatives to GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Dow does not provide forward-looking GAAP financial measures or a reconciliation of forward-looking non-GAAP financial measures to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of pending litigation, unusual gains and losses, foreign currency exchange gains or losses and potential future asset impairments, as well as discrete taxable events, without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP results for the guidance period. Definitions Operating EBIT is defined as earnings (i.e. “Income before income taxes”) before interest, excluding the impact of significant items. Pro Forma Operating EBIT is defined as earnings (i.e., “Loss from continuing operations before income taxes”) before interest , plus pro forma adjustments, excluding the impact of significant items. Operating EBITDA is defined as earnings (i.e. “Income before income taxes”) before interest, depreciation and amortization, excluding the impact of significant items. Pro Forma Operating EBITDA is defined as earnings (i.e., “Loss from continuing operations before income taxes”) before interest, depreciation and amortization, plus pro forma adjustments, excluding the impact of significant items. Operating EBIT Margin is defined as Operating EBIT as a percentage of net sales. Adjusted Operating EBIT is defined as Operating EBIT less equity earnings (losses). Adjusted Operating EBIT Margin is defined as Operating EBIT less equity earnings (losses), divided by net sales. Adjusted Operating EBITDA is defined as Operating EBITDA less equity earnings (losses). Adjusted Operating EBITDA Margin is defined as Adjusted Operating EBITDA divided by net sales., excluding certain transactions with nonconsolidated affiliates. Operating Earnings Per Share is defined as Earnings (loss) per common share - diluted“, excluding the after-tax impact of significant items. Operational Tax Rate is defined as the effective tax rate (i.e., GAAP “Provision (credit) for income taxes” divided by “Income (loss) before income taxes”), excluding the impact of significant items. Cash f lows from operating activities - continuing operations, excluding the impact of Accounting Standards Update 2016 15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ( ASU 2016-15 ), is defined as cash provided by (used in) operating activities - continuing operations, excluding the impact of ASU 2016-15 and related interpretive guidance. Management believes this non-GAAP financial measure is relevant and meaningful as it presents cash flows from operating activities inclusive of all trade accounts receivable collection activity, which Dow utilizes in support of its operating activities. Free Cash Flow is defined as Cash flows from operating activities - continuing operations - excluding impact of ASU 2016-15 less capital expenditures. Under this definition, Free Cash Flow represents the cash generated by Dow f rom operations after investing in its asset base. Free Cash Flow, combined with cash balances and other sources of liquidity, represent the cash available to fund obligations and provide returns to shareholders. Free Cash Flow is an integral f inancial measure used in Dow's financial planning process. Free Cash Flow Yield is defined as Free Cash Flow divided by market capitalization. Shareholder Remuneration is defined as dividends paid to stockholders plus purchases of treasury stock. Shareholder Yield is defined as Shareholder Remuneration divided by market capitalization. Cash Flow Conversion is defined as “Cash provided by (used for) operating activities – continuing operations” divided by Operating EBITDA. Management believes Cash Flow Conversion is an important financial metric as it helps the Company determine how efficiently it is converting its earnings to cash flow. Free Cash Conversion at an operating segment level is defined as Adjusted Operating EBITDA less capital expenditures divided by Adjusted Operating EBITDA. Operating Net Income is defined as net income (loss), excluding the after-tax impact of significant items. Operating Return on Capital (ROC) is defined as net operating profit after tax, excluding the impact of significant items, divided by total average capital, also referred to as ROIC. Net operating profit after tax (excluding significant items) is a net income measure the Company uses in presentations to investors that excludes net income attributable to noncontrolling interests, and interest expense, exclusive of the significant items. Net Debt is defined as “Notes payable” plus “Long-term debt due within one year” plus “Long-term debt” less “Cash and cash equivalents” and “Marketable securities.” Kuwait Joint Ventures (JVs) refers to EQUATE Petrochemical Company K.S.C.C., The Kuwait Olefins Company K.S.C.C., and The Kuwait Styrene Company K.S.C.C. Thai Joint Ventures (JVs) refers to Map Ta Phut Olefins Company Limited and The SCGC-Dow Group (Siam Polyethylene Company Limited, Siam Polystyrene Company Limited, Siam Styrene Monomer Co., Ltd., Siam Sy nthetic Latex Company Limited).