UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORTPursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):May 2, 2019

Commission File Number Exact Name of Registrant as Specified in its Charter, Principal Office Address and Telephone Number State of Incorporation or Organization I.R.S. Employer Identification No.

001-38646 Dow Inc. Delaware 30-1128146  2211 H.H. Dow Way, Midland, MI 48674      (989) 636-1000    

001-03433 The Dow Chemical Company Delaware 38-1285128  2211 H.H. Dow Way, Midland, MI 48674      (989) 636-1000    

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:

Registrant Title of each class Trading Symbol(s) Name of each exchange on which registeredDow Inc. Common Stock, par value $0.01 per share DOW New York Stock Exchange

Section 7 - Regulation FDItem 7.01 Regulation FD Disclosure.

On May 2, 2019, Dow Inc. issued a press release and related presentation, attached as Exhibits 99.1 and 99.2, respectively, and incorporated herein by reference, announcing results for DowDuPont Inc.'s Materials Science Division for the first quarter of 2019.

The information contained in this report, including Exhibits 99.1 and 99.2 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities ofSection 18. Furthermore, the information contained in this report shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.

Section 9 - Financial Statements and ExhibitsItem 9.01 Financial Statements and Exhibits.

(d) Exhibits. The exhibits listed on the Exhibit Index are incorporated herein by reference.

Exhibit No. Exhibit Description99.1 Press release issued by Dow Inc. on May 2, 2019, announcing results for DowDuPont Inc.'s Materials Science Division for the first quarter of 2019.99.2 Dow Inc. first quarter 2019 Conference Call Presentation dated May 2, 2019.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DOW INC.THE DOW CHEMICAL COMPANY

Date: May 2, 2019

/s/ RONALD C. EDMONDSRonald C. EdmondsController and Vice President of Controllers and Tax

Exhibit 99.1

First Quarter 2019 Results forMaterials Science Division¹ of DowDuPont

• Net Sales Decreased 10% to $10.8B, In-Line with Guidance• Op. EBITDA Declined 24% to $1.9B, In-Line with Guidance• Delivered >$125MM of Cost Synergy Savings; Cost Synergy Run-Rate of $1.365B

First Quarter Financial HighlightsNet sales decreased 10 percent to $10.8 billion, in-line with the division’s modeling guidance. This compares to net sales of $12.0 billion in the year-ago period.

• Volume grew 1 percent from the year-ago period, as gains in Industrial Intermediates & Infrastructure (up 6 percent) and Performance Materials & Coatings (up 1 percent) more than offset a decline inPackaging & Specialty Plastics (down 2 percent), which was driven by lower sales of Hydrocarbons & Energy co-products.

• Local price declined 9 percent from the year-ago period, with declines in all segments except Performance Materials & Coatings, which was flat. The decrease was primarily driven by lower polyethylene,isocyanates, and hydrocarbon co-products. Currency decreased sales by 2 percent, driven primarily by Europe, Middle East & Africa (EMEA) and Asia Pacific.

• Equity losses for the quarter were $10 million, compared to equity earnings of $208 million in the year-ago period. The reduction was primarily driven by margin compression in monoethylene glycol(MEG) and polyethylene at the Kuwait joint ventures and isocyanates at the Sadara joint venture.

• Operating EBITDA 2 was $1.9 billion, down 24 percent from the year-ago period and in-line with the division’s modeling guidance. Margin compression in polyethylene, isocyanates and siloxanes as wellas lower equity earnings more than offset: volume gains, including in silicones, polyurethanes and packaging applications; cost synergy savings; and contributions from new capacity on the U.S. GulfCoast.

• The division achieved year-over-year cost synergy savings of more than $125 million in the quarter and since merger close has now delivered nearly $1 billion of cumulative savings. The division exitedthe first quarter at a $1.365 billion annual cost synergy run-rate.

• In addition to the previously announced $3 billion open share repurchase program, on April 11, 2019 the Dow Board of Directors declared a dividend of $0.70 per share to be paid on June 14, 2019 tostockholders of record as of May 31, 2019, which reconfirms Dow's commitment to an industry-leading dividend to its shareholders.

CEO Quote“We successfully separated from DowDuPont on April 1, and are moving forward as the new Dow - a materials science leader well positioned to operate more productively, invest more prudently, grow moreprofitably and deliver higher returns to shareholders,” said Jim Fitterling, chief executive officer of Dow. “In the quarter, Dow showed its resilience. We achieved demand growth in differentiated silicones,polyurethane systems and packaging. We also continued to streamline our cost structure, delivering more than $125 million of cost synergies in the quarter and reaching a $1.365 billion cost synergy run-rate. We have nearly $400 million of additional cost synergy savings to deliver, as well as more than $200 million of remaining stranded cost removal, as separation of all three DowDuPont divisions iscompleted. These operational levers helped us moderate the impact of margin compression and discrete headwinds in our intermediate products.”

(1) Dow Inc. successfully separated from DowDuPont Inc. on April 1, 2019. Further details for the Materials Science Division may be found in the DowDuPont Inc. earnings release (“DWDP Release”) filed May 2, 2019, which includes a reconciliation of non-GAAP measures.(2) Operating EBITDA is defined as earnings (i.e., “Income from continuing operations before income taxes”) before interest, depreciation, amortization and foreign exchange gains (losses), excluding the impact of significant items. All GAAP and non-GAAP measures as reported by DowDuPont Inc. See the supplemental information at the end of this release for a reconciliation.

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First Quarter Segment Highlights

Performance Materials & CoatingsPerformance Materials & Coatings net sales were $2.3 billion, down 2 percent versus the year-ago period. Volume increased 1 percent, with growth in Asia Pacific and EMEA, and price was flat with theyear-ago period. Currency decreased sales by 3 percent.

Consumer Solutions sales were flat with the year-ago period as gains in volume and local price were offset by currency headwinds in EMEA and Asia Pacific. The business reported local price and volumeincreases in all regions for its differentiated silicones products. These gains were partially offset by year-over-year price declines in siloxanes intermediates.

Coatings & Performance Monomers reported a sales decline on lower volume, local price and currency, in part due to shedding of lower margin business and weather-related delays to seasonal demand inthe U.S. & Canada and EMEA regions.

Operating EBITDA was $481 million, down 18 percent from operating EBITDA of $586 million in the year-ago period, primarily due to lower prices for siloxanes and shipping restrictions from a PerformanceMonomers facility in Deer Park, Texas, due to a fire at a nearby third-party storage and terminal facility.

Industrial Intermediates & InfrastructureIndustrial Intermediates & Infrastructure net sales were $3.4 billion, down 8 percent versus the year-ago period. Volume grew 6 percent, with gains in all regions. Local price declined 11 percent withdecreases in all regions and both businesses. Currency decreased sales by 3 percent.

Polyurethanes & CAV sales declined, primarily driven by lower year-over-year isocyanates pricing, which were partially offset by higher volumes in all regions.

Industrial Solutions reported lower sales in all regions, driven by lower local price and currency headwinds in most regions. The business grew volume, driven by gains in EMEA and U.S. & Canada forindustrial and oil and gas applications, as well as on strong demand for de-icing fluids, lubricants and fuels.

Equity losses for the segment were $48 million, compared with equity earnings of $149 million in the year-ago period. The year-over-year decline was driven by increased equity losses from the Sadara jointventure, driven by margin compression in isocyanates products, as well as lower margins for MEG produced by the Kuwait joint ventures.

Operating EBITDA was $448 million, down 31 percent from operating EBITDA of $654 million in the year-ago period. The decline in earnings was primarily due to lower equity earnings, as well as margincompression in isocyanates products.

Packaging & Specialty PlasticsPackaging & Specialty Plastics net sales were $5.1 billion, down 15 percent versus the year-ago period. Volume contracted 2 percent, driven primarily by higher ethane feedstock usage in the United States,which reduced sales of Hydrocarbons & Energy co-products. Local price declined 11 percent, driven by reduced polyethylene product prices and lower prices for Hydrocarbons & Energy co-products.Currency decreased sales 2 percent.

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The Packaging and Specialty Plastics business grew volume on higher demand in Asia Pacific and EMEA, supported by new capacity adds. End-market growth was led by Industrial & Consumer Packagingand Flexible Food & Specialty Packaging.

Hydrocarbons & Energy volume declined, primarily due to increased ethylene integration from the startup of new downstream assets and higher ethane feedstock usage, which led to reduced co-productproduction.

Equity earnings were $38 million, compared with $59 million in the year-ago period. The decline was driven by lower earnings from the Kuwait joint ventures due to lower polyethylene pricing and increasedturnaround costs.

Operating EBITDA was $993 million, down 24 percent from operating EBITDA of $1.3 billion in the year-ago period. Cost synergies, increased supply from growth projects and lower commissioning andstartup costs were more than offset by margin compression across polyethylene products and reduced equity earnings.

Outlook“Building on the solid fundamentals of our business, we expect our core value chains to continue to improve sequentially. This is driven by normalization of inventory levels, seasonal demand uptick andongoing strength in consumer care, packaging and infrastructure sectors. Taken together, we expect these factors to be margin and demand tailwinds,” said Fitterling.

“We expect some discrete headwinds in the second quarter - most notably, seasonal planned turnaround and maintenance activity, which is $200 million higher versus the prior quarter. Sequentially, pricingis beginning to increase in our key intermediates. And as oil prices continue to firm, we expect it will be constructive for earnings as the year progresses. Additionally, we are continuing to progress our costsynergies, with nearly $400 million of additional savings yet to realize, as well as more than $200 million of stranded cost removal between now and the end of next year.”

Conference CallDow will host a live webcast today at 9:00 a.m. ET to discuss the Materials Science Division’s financial results within DowDuPont as well as Dow’s outlook. The slide presentation that accompanies theconference call will be posted on the Dow Investor Relations events and presentations page. A replay of the webcast will also be available on the investor events and presentations page of www.dow.com.

About DowDow (NYSE: DOW) combines one of the broadest technology sets in the industry with asset integration, focused innovation and global scale to achieve profitable growth and become the most innovative,customer centric, inclusive and sustainable materials science company. Dow’s portfolio of performance materials, industrial intermediates and plastics businesses delivers a broad range of differentiatedscience-based products and solutions for our customers in high-growth segments, such as packaging,

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infrastructure and consumer care. Dow operates 113 manufacturing sites in 31 countries and employs approximately 37,000 people. Dow delivered pro forma sales of approximately $50 billion in 2018.References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.

Contact Information

Investors: Media:Neal Sheorey Kyle Bandlownrsheorey@dow.com kbandlow@dow.com +1 989-636-6347 +1 989-638-2417

Cautionary Statement about Forward-Looking Statements

This presentation contains “forward-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. In this context, forward-lookingstatements often address expected future business and financial performance, financial condition, and other matters, and often contain words such as “believe,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “seek,” “should,” “strategy,”“will,” “will be,” “will continue,” “will likely result,” “would,” “target” and similar expressions, and variations or negatives of these words. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actualresults to differ materially from the forward-looking statements.

Forward-looking statements include, but are not limited to, expectations as to future sales of Dow’s products; the ability to protect Dow’s intellectual property in the United States and abroad; estimates regarding Dow’s capital requirements and need for and availability of financing;estimates of Dow’s expenses, future revenues and profitability; estimates of the size of the markets for Dow’s products and services and Dow’s ability to compete in such markets; expectations related to the rate and degree of market acceptance of Dow’s products; the outcome ofcertain Dow contingencies, such as litigation and environmental matters; estimates of the success of competing technologies that may become available and expectations regarding the the benefits and costs associated with each of the foregoing.

Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Forward-looking statements are based on certain assumptions and expectations of future events which may not be realized and speak only as of the date the statements weremade. In addition, forward-looking statements also involve risks, uncertainties and other factors that are beyond Dow’s control that could cause Dow’s actual results to differ materially from those projected, anticipated or implied in the forward-looking statements. These factorsinclude, but are not limited to: fluctuations in energy and raw material prices; failure to develop and market new products and optimally manage product life cycles; significant litigation and environmental matters; failure to appropriately manage process safety and productstewardship issues; changes in laws and regulations or political conditions; 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; securitythreats, such as acts of sabotage, terrorism or war, weather events and natural disasters; ability to protect, defend and enforce Dow’s intellectual property rights; increased competition; changes in relationships with Dow’s significant customers and suppliers; unanticipatedexpenses such as litigation or legal settlement expenses; unanticipated business disruptions; Dow’s ability to predict, identify and interpret changes in consumer preferences and demand; Dow’s ability to complete proposed divestitures or acquisitions; Dow’s ability to realize theexpected benefits of acquisitions if they are completed; the availability of financing to Dow in the future and the terms and conditions of such financing; and disruptions in Dow’s information technology networks and systems. Additionally, there may be other risks and uncertaintiesthat Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business.

Risks related to achieving the anticipated benefits of our separation from DowDuPont Inc. include, but are not limited to, a number of conditions including risks outside the control of Dow including risks related to (i) our inability to achieve some or all of the benefits that we expect toreceive from the separations, (ii) certain tax risks associated with the separations and distributions, (iii) our inability to make necessary changes to operate as a stand-alone company following the separations and distributions, (iv) the failure of our pro forma financial information tobe a reliable indicator of our future results, (v) our inability to enjoy the same benefits of diversity, leverage and market reputation that we enjoyed as a combined company, (vi) restrictions under the intellectual property cross-license agreements, (vii) our inability to receive third-party consents required under the separation agreement, (viii) our customers, suppliers and others' perception of our financial stability on a stand-alone basis, (ix) non-compete restrictions under the separation agreement, (x) receipt of less favorable terms in the commercialagreements we will enter into with DuPont and Corteva than we would have received from an unaffiliated third party and (xi) our indemnification of DuPont and/or Corteva for certain liabilities.

Where, in any forward-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 faith and believed to have a reasonable basis, but therecan be no assurance that the expectation or belief will result or be achieved or accomplished. For a more detailed discussion of Dow’s risks and uncertainties, see the “Risk Factors” contained in Dow’s registration statement on Form 10, as amended, filed with the Securities andExchange Commission.

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Selected Financial Results for Materials Science Division of DowDuPont 1

Net Sales by Segment Three Months Ended

In millions (Unaudited) Mar 31, 2019 Mar 31, 2018Performance Materials & Coatings $ 2,255 $ 2,304Industrial Intermediates & Infrastructure 3,402 3,715Packaging & Specialty Plastics 5,110 6,010Total Materials Science Division $ 10,767 $ 12,029

Net Sales Variance by Segment Three Months Ended Mar 31, 2019Local Price & Product

Mix Currency Volume Portfolio / Other TotalPercent change from prior year

Performance Materials & Coatings — % (3)% 1 % —% (2)%Industrial Intermediates & Infrastructure (11) (3) 6 — (8)Packaging & Specialty Plastics (11) (2) (2) — (15)Total Materials Science Division (9)% (2)% 1 % —% (10)%

Operating EBITDA by Segment 2 Three Months Ended

In millions (Unaudited) Mar 31, 2019 Mar 31, 2018Performance Materials & Coatings $ 481 $ 586Industrial Intermediates & Infrastructure 448 654Packaging & Specialty Plastics 993 1,301Total Materials Science Division $ 1,922 $ 2,541     

Depreciation and Amortization by Segment Three Months Ended

In millions (Unaudited) Mar 31, 2019 Mar 31, 2018Performance Materials & Coatings $ 212 $ 214Industrial Intermediates & Infrastructure 159 158Packaging & Specialty Plastics 323 315Total Materials Science Division $ 694 $ 687     

Operating EBIT by Segment 3 Three Months Ended

In millions (Unaudited) Mar 31, 2019 Mar 31, 2018Performance Materials & Coatings $ 269 $ 372Industrial Intermediates & Infrastructure 289 496Packaging & Specialty Plastics 670 986Total Materials Science Division $ 1,228 $ 1,854     

Equity in Earnings (Losses) of Nonconsolidated Affiliates by Segment Three Months Ended

In millions (Unaudited) Mar 31, 2019 Mar 31, 2018Performance Materials & Coatings $ — $ —Industrial Intermediates & Infrastructure (48) 149Packaging & Specialty Plastics 38 59Total Materials Science Division $ (10) $ 2081. Dow Inc. successfully separated from DowDuPont Inc. on April 1, 2019. Further details for the Materials Science Division may be found in the DowDuPont Inc. earnings release ("DWDP Release") filed May 2, 2019, which includes a reconciliation of non-GAAP measures.2. DowDuPont uses Operating EBITDA as its measure of profit/loss for segment reporting. DowDuPont defines Operating EBITDA as earnings (i.e., “Income from continuing operations before income taxes”) before interest, depreciation, amortization and foreign exchange gains (losses), excluding theimpact of significant items.

3. Operating EBIT is defined as earnings (i.e., “Income from continuing operations before income taxes”) before interest and foreign exchange gains (losses), excluding the impact of significant items.

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Exhibit 99.2 1Q 2019 RESULTS FOR MATERIALS SCIENCE DIVISION OF DOWDUPONT May 2, 2019

 

AGENDA Quarterly Highlights Segment Results Financial Overview Outlook 2

 

1Q 2019 HIGHLIGHTS . Net sales of $10.8B, in-line with guidance  Volume grew 1%; excluding H&E, volume up 3%  Local price declined 9%; currency decreased sales by 2% . Op. EBITDA of $1.9B, in-line with guidance . Delivered >$125MM of YoY cost synergy savings  $1.365B cost synergy run-rate  Eliminated first $40MM of stranded costs . Announced initial shareholder return plans, including $3B open share repurchase program and 2Q dividend of $0.70 per share . Successfully separated from DWDP; began trading as independent company 3

 

PERFORMANCE MATERIALS & COATINGS Net Sales by Business Coatings & Financial Performance Snapshot 1Q19 1Q18 B/(W) Consumer Perf. Net Sales ($MM) $2,255 $2,304 $(49) (2)% Solutions Monomers Op. EBITDA ($MM) $481 $586 $(105) (18)% Op. EBITDA Margin (%) 21.3% 25.4% (410) bps Variances vs. SQLY Net Sales by Geographic Region Local Op. EMEA Sales Price FX Volume EBIT U.S. & Canada Performance Materials & Coatings -2% – -3% +1% $ Consumer Solutions - # $ # $ $ $ $ $ $ APAC Coatings & Perf. Monomers LAA Silicones growth more than offset by lower prices for siloxanes 4

 

INDUSTRIAL INTERMEDIATES & INFRASTRUCTURE Net Sales by Business Financial Performance Snapshot 1Q19 1Q18 B/(W) Net Sales ($MM) $3,402 $3,715 $(313) (8)% Industrial Solutions Op. EBITDA ($MM) $448 $654 $(206) (31)% Op. EBITDA Margin (%) 13.2% 17.6% (440) bps Op. EBITDA ex. Eq. Earn. ($MM) $496 $505 $(9) (2)% Polyurethanes Op. EBITDA Margin ex. Eq. Earn. (%) 14.6% 13.6% 100 bps & CAV Variances vs. SQLY Net Sales by Geographic Region Local Op. Price EBIT Sales FX Volume U.S. & EMEA Ind. Intermediates & Infrastructure -8% -11% -3% +6% $ Canada Industrial Solutions $ $ $ # $ $ $ $ # $ LAA Polyurethanes & CAV APAC Profit decline driven by compressed margins for MEG and isocyanates 5

 

PACKAGING & SPECIALTY PLASTICS Net Sales by Business Financial Performance Snapshot 1Q19 1Q18 B/(W) Hydrocarbons Net Sales ($MM) $5,110 $6,010 $(900) (15)% Packaging & Energy and Op. EBITDA ($MM) $993 $1,301 $(308) (24)% Specialty Op. EBITDA Margin (%) 19.4% 21.6% (220) Bps Plastics Op. EBITDA ex. Eq. Earn. ($MM) $955 $1,242 $(287) (23)% Op. EBITDA Margin ex. Eq. Earn. (%) 18.7% 20.7% (200) bps Variances vs. SQLY Net Sales by Geographic Region Local Op. Price EBIT Sales FX Volume U.S. & EMEA Packaging & Specialty Plastics -15% -11% -2% -2% $ Canada Packaging and Specialty Plastics $ $ $ # $ $ $ $ $ Hydrocarbons & Energy n/a LAA APAC Contributions from cost synergies and USGC growth projects more than offset by PE margin compression 6

 

1Q 2019 FINANCIAL HIGHLIGHTS DWDP MatCo Division – YoY Operating EBITDA ($B) Recon Key Drivers in the Quarter $0.74 • >$125MM of YoY cost synergy $2.5 savings • Growth in silicones, polyurethanes $1.9 systems and packaging applications 1Q19 1Q18 • Contribution from USGC Cost Equity Earnings Currency USGC Synergies Margin Margin investments Siloxanes PE Margin PE Investments Isocyanates Core Growth Core Compression Compression Compression Financial Summary (MatCo basis, unless otherwise noted) 1Q19 1Q18 B/(W) • Margin compression in polyethylene, isocyanates and Net Sales ($MM) $10,767 $12,029 $(1,262) siloxanes Equity Earnings ($MM) $(10) $208 $(218) Operating EBITDA ($MM) $1,922 $2,541 $(619) Operating EBITDA Margin (%) 17.9% 21.1% (320) bps • JV equity earnings margin Operating EBITDA Margin ex. Equity Earnings (%) 17.9% 19.4% (150) bps compression, driven primarily by Operating EBIT ($MM) $1,228 $1,854 $(626) MEG and isocyanates pricing Operating EBIT Margin (%) 11.4% 15.4% (400) bps Operating EBIT Margin ex. Equity Earnings (%) 11.5% 13.7% (220) Bps • Strengthening U.S. Dollar Free Cash Flow (New Dow basis)(1) ~$0.6B ~$0.8B(2) ~$(0.2)B (2) Adjusted for impact of ASU 2016-15 related to reclassification of A/R (1) All figures are preliminary estimates. securitization conduits. 7

 

PRINCIPAL JOINT VENTURE DETAILS Dow’s Proportionate Share of Principal JV Financial Results 1Q 2019 1Q 2018 Kuwait Thai Kuwait Thai $ millions (unaudited) Sadara JVs JVs Sadara JVs JVs EBITDA $27 $128 $34 $96 $272 $53 EBIT $(58) $93 $24 $5 $238 $43 Net Income $(120) $81 $21 $(50) $212 $39 (i.e., Equity Earnings to Dow) EBITDA in Excess of Eq. Earnings $147 $47 $13 $146 $60 $14 Net Debt $4,853 $1,955 $340 $5,085 $1,695 $362 • Kuwait JVs: Decline in Asia MEG spreads (>40%) Key Drivers of • Sadara: Margin compression in isocyanates (MDI and TDI) in both APAC and EMEA YoY Changes • Thai JVs: Reduced cracker and PE margins YoY 8

 

BRIDGE TO PRELIMINARY PRO FORMA FINANCIALS(1) & OTHER REPORTING CHANGES 1 Profit Metric 2 Transfer at Market 3 Service Agreements • Shifting to Op. EBIT as profit metric • Shifting to mkt-based internal transfers • Will incorporate arms-length manufacturing, supply and service • Op. EBIT will include impact of FX • Will change operating segment results, agreements with DuPont and Corteva but be neutral to total EBITDA & EBIT Performance Materials Industrial Intermediates & In millions USD Packaging & Specialty Plastics Corporate & Coatings Infrastructure 1Q18 1Q19 2Q18 1Q18 1Q19 2Q18 1Q18 1Q19 2Q18 1Q18 1Q19 2Q18 MatCo Op. $586 $481 $535 $654 $448 $682 $1,301 $993 $1,330 N/A N/A N/A EBITDA(2) Mkt-Based $ - $ - $ - ~$(55) ~$(60) ~$(25) ~$55 ~$60 ~$25 N/A N/A N/A Internal Xfrs Service ~$5 ~$5 ~$5 ~$10 ~$5 ~$5 $ - $ - $ - N/A N/A N/A Agreements Other ~$(10) ~$5 ~$(25) $ - ~$25 ~$(10) ~$(40) $ - ~$(80) N/A N/A N/A Adjustments(3) Pro Forma Op. ~$580 ~$490 ~$510 ~$610 ~$420 ~$650 ~$1,320 ~$1,050 ~$1,270 ~$(80) ~$(80) ~$(80) EBITDA Pro Forma ~$220 ~$220 ~$220 ~$150 ~$140 ~$150 ~$350 ~$360 ~$340 ~$10 ~$10 ~$10 D&A Pro Forma Op. ~$360 ~$270 ~$290 ~$460 ~$280 ~$500 ~$970 ~$690 ~$930 ~$(90) ~$(90) ~$(90) EBIT (3) Includes adjs. to reflect intercompany sales between heritage DuPont Ethylene and Ethylene (1) Prelim. estimates. Numbers are subject to change. See final values in a voluntary 8-K filing to be made in 2Q19. Co-Polymer business as trade sales and portfolio changes, as well as allocation of stranded (2) Materials Science Division operating segments within DowDuPont. 9 costs.

 

2Q 2019 MODELING GUIDANCE Stable-to-expanding margins sequentially, offset by seasonal turnaround spending and a one-time item Revenue $11.0B – $11.5B Depreciation & Amortization $720MM – $750MM Operational Tax Rate 20 – 23% Net Interest Expense (net of Int. Income) $220MM – $240MM Net Income Attrib. to Non-Controlling Int. $30MM – $40MM Share Count ~750MM Sales Drivers Op. EBIT Drivers (2Q19 vs. 1Q19 Pro Forma) (2Q19 vs. 1Q19 Pro Forma) Performance • Healthy silicones demand continues • Higher expense for planned turnaround at U.K. “pillar” facility (~$40MM headwind) Materials & • Seasonal uptick in coatings demand • Expect Performance Monomers shipping restrictions to continue due to limitations caused by a fire Coatings • Sales up 3% - 5% at a the third-party storage and terminal facility near the Deer Park, Texas, site (~$40MM headwind) Industrial • Continued GDP+ growth in PU Systems • Higher expense for planned turnaround at an acetic acid facility in Texas (~$30MM headwind) Intermediates & applications • Flat equity earnings Infrastructure • Sales up 3% - 5% • Continued solid demand, particularly in • Higher expense for planned turnaround at an ethylene facility in Germany (~$130MM headwind) Packaging & Functional Polymers • Slightly higher equity earnings (~$20MM tailwind) from improved Greater Equate volumes Specialty Plastics • Sales up 3% - 5% Corporate • Sales of $65 - $75MM • Op. EBITDA of $(65) – $(85)MM and Op. EBIT of $(75) – $(95)MM 10

 

IMPROVING VALUE CHAIN FUNDAMENTALS Consumer Indicators Pointing Higher Naphtha-Ethane Spread is Widening . Industrial Production US +3.7% . China +5.3% year-over-year . EU -1.1% 15 75 Auto Production . US: Up . & month-over-month . EU: Down China: Down ) ) U.S. Rig Count / Brent Oil . +2% YOY . ~$70 barrel 10 50 bbl mmbtu Single Family Housing Starts . US : Down . ($/ month-over-month . EU : Down (YoY) China : Down ($/ 5 25 USGC USGC Ethane Brent Crude Oil CrudeBrent Consumer Confidence . US : Up . EuropeNaphtha month-over-month . EU : Up China: Up 0 0 Sources: IMF / World Bank and OECD Global Annual Economic Outlook, IHS-Markit Strategy Council, Oxford Economics, Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 Goldman Sachs and Capital Economics Prices are Stabilizing, Potentially Inflecting Ethane Futures Have Come Down 40 APAC Siloxanes Global Integrated 35 PE Margins(1) October 23, 2018 30 APAC pMDI 25 cents cents gallon / Source: Dow Source: Dow, IHS-Markit2 Source: Liquidity Partners April 23, 2019 20 (1) Representative of Dow’s product and geographic mix. (2) Copyright 2019, IHS Markit. Used with written permission from IHS Markit. All rights reserved. 11

 

CONSUMER-DRIVEN DEMAND GROWTH Robust Silicones Demand Continues to Grown PE Sales Volume by ~20% Over Last 2 Years PU Systems Growing at ~1.5X GDP Displace Volatile Merchant Siloxanes Sales 100% 8% 2x GDP 6% Avg: 4.5% 4% Differentiated Use Growing at >1.5x Global GDP 2% 0% 2016 2017 2018 2019E 2020E 2021E 2022E 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 0% 1H17 2H17 1H18 2H18 1Q19 Differentiated Use Merchant Sales PE Sales Volume (incl. Sadara sales) PU Systems YoY Volume Growth Source: Dow 12

 

NEAR-TERM PRIORITIES PROFITABLE DISCIPLINED CAPITAL LOW-COST OPERATING GROWTH ALLOCATION MODEL BEST OWNER MINDSET Capitalize on growth and Prioritize lower-risk, faster- Achieve best-in-class Implement most value- value-add materials science payback projects, with capex cost structures creating strategies opportunities ≤ D&A Deliver cost synergy run-rate Enhance customer-centricity Maintain and improve by end of 1Q19 ($1.365B); and speed of innovation leadership positions in Achieve ~$600MM of YoY Culture of benchmarking through ‘Digital Dow’ core markets savings in 2019 Complete USGC investments; Reach next level of Enhanced disclosure Higher ROIC, FCF & returns to advance next brownfield productivity through (capacities, market-based shareholders increments ‘Digital Dow’ transfer pricing) 13

 

 

APPENDIX

 

2Q 2019 MODELING GUIDANCE: YEAR-OVER-YEAR Revenue $11.0B – $11.5B Depreciation & Amortization $720MM – $750MM Operational Tax Rate 20 – 23% YoY Synergy Savings Realized >$125MM Net Income Attrib. to Non-Controlling Int. $30MM – $40MM YoY Stranded Cost Removal >$30MM Share Count ~750MM Net Interest Expense (net of Int. Income) $220MM – $240MM Sales Drivers Op. EBIT Drivers (2Q19 vs. 2Q18 Pro Forma) (2Q19 vs. 2Q18 Pro Forma) • Lower siloxane pricing • Lower siloxane margins (~$100MM headwind) Performance • Healthy silicones demand • Higher expense for planned turnaround at U.K. “pillar” facility (~$40MM headwind) Materials & • Seasonal uptick in coatings demand • Expect Performance Monomers shipping restrictions to continue due to limitations caused by a fire Coatings • Sales down 7% - 9% at a the third-party storage and terminal facility near the Deer Park, Texas, site (~$50MM headwind) • Currency (~$20MM headwind) • Lower isocyanates pricing • Loss of “fly-up” isocyanates margins that benefited 2Q18 (~$110MM headwind) Industrial • Continued GDP+ growth in PU Systems • Equity earnings expected to be down YoY (~$150MM headwind) due to lower Asia MEG price Intermediates & applications • Currency (~$20MM headwind) Infrastructure • Sales down 7% - 9% • Lower polyethylene pricing • Lower integrated polyethylene margins are forecasted in all geographic regions • Continued solid demand, particularly in • Equity earnings are expected to be down (~$50MM headwind) on lower Polyethylene margins Packaging & Functional Polymers • Currency (~$50MM headwind) Specialty Plastics • Sales down 13% - 15%; driven by lighter • Synergy savings and contributions from USGC capacity additions (project incremental YoY feedslates and lower co-product sales production of ~300MM lbs.) will help offset some of these headwinds Corporate • Sales of $65 - $75MM • Op. EBITDA of $(65) – $(85)MM and Op. EBIT of $(75) – $(95)MM 16

 

GENERAL COMMENTS & DEFINITIONS General Comments Unless otherwise specified, all financial measures in this presentation, where applicable, exclude significant items. Dow Inc. successfully separated from DowDuPont Inc. on April 1, 2019. Further details for the Materials Science Division may be found in the DowDuPont Inc. earnings release (“DWDP Release”) filed May 2, 2019, which includes a reconciliation of non-GAAP measures. Discussion of results for DowDuPont’s Materials Science Division is based on the combined reported results of the Performance Materials & Coatings segment, the Industrial Intermediates & Infrastructure segment and the Packaging & Specialty Plastics segment. Definitions Pro Forma Operating EBIT is defined as pro forma earnings (i.e., pro forma “income from continuing operations before income taxes”) before interest, excluding the impact of pro forma significant items. Pro forma Operating EBITDA is defined as pro forma earnings (i.e., pro forma “income from continuing operations before income taxes”) before interest, depreciation and amortization, excluding the impact of pro forma significant items. Operating EBIT is defined as earnings (i.e. “Income (Loss) from continuing operations before taxes) before interest and foreign exchange gains (losses), excluding the impact of significant items. Operating EBITDA is defined as earnings (i.e. “Income (Loss) from continuing operations before taxes) before interest, depreciation, amortization, and foreign exchange gains (losses), excluding the impact of significant items. Operating EBIT Margin is defined as Operating EBIT, divided by Net Sales. Operating EBITDA Margin is defined as Operating EBITDA, divided by Net Sales. Free Cash Flow is defined as Cash Flow From Operating Activities - Continuing Less Capital Expenditures. Dow’s Cash Flow From Operating Activities – Continuing is estimated at approximately $1.2B and $1B in 1Q18 and 1Q19, respectively. 1Q18 Cash Flow From Operating Activities - Continuing has been adjusted for the impact of ASU 2016-15 related to the reclassification of proceeds from accounts receivables securitization conduits, which is estimated at $0.4B. Dow’s Capital Expenditures on a continuing operations basis are estimated at approximately $0.4B in both 1Q18 and 1Q19. 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 SCG-Dow Group (Siam Polyethylene Company Limited, Siam Polystyrene Company Limited, Siam Styrene Monomer Co., Ltd., Siam Synthetic Latex Company Limited). 17

 

SAFE HARBOR Cautionary Statement about Forward-Looking Statements This presentation contains “forward-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. In this context, forward-looking statements often address expected future business and financial performance, financial condition, and other matters, and often contain words such as “believe,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “seek,” “should,” “strategy,” “will,” “will be,” “will continue,” “will likely result,” “would,” “target” and similar expressions, and variations or negatives of these words. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Forward-looking statements include, but are not limited to, expectations as to future sales of Dow’s products; the ability to protect Dow’s intellectual property in the United States and abroad; estimates regarding Dow’s capital requirements and need for and availability of financing; estimates of Dow’s expenses, future revenues and profitability; estimates of the size of the markets for Dow’s products and services and Dow’s ability to compete in such markets; expectations related to the rate and degree of market acceptance of Dow’s products; the outcome of certain Dow contingencies, such as litigation and environmental matters; estimates of the success of competing technologies that may become available and expectations regarding the the benefits and costs associated with each of the foregoing. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Forward-looking statements are based on certain assumptions and expectations of future events which may not be realized and speak only as of the date the statements were made. In addition, forward-looking statements also involve risks, uncertainties and other factors that are beyond Dow’s control that could cause Dow’s actual results to differ materially from those projected, anticipated or implied in the forward-looking statements. These factors include, but are not limited to: fluctuations in energy and raw material prices; failure to develop and market new products and optimally manage product life cycles; significant litigation and environmental matters; failure to appropriately manage process safety and product stewardship issues; changes in laws and regulations or political conditions; 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, weather events and natural disasters; ability to protect, defend and enforce Dow’s intellectual property rights; increased competition; changes in relationships with Dow’s significant customers and suppliers; unanticipated expenses such as litigation or legal settlement expenses; unanticipated business disruptions; Dow’s ability to predict, identify and interpret changes in consumer preferences and demand; Dow’s ability to complete proposed divestitures or acquisitions; Dow’s ability to realize the expected benefits of acquisitions if they arecompleted; the availability of financing to Dow in the future and the terms and conditions of such financing; and disruptions in Dow’s information technology networks and systems. Additionally, 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. Effective April 1, 2019, Dow DuPont completed the previously announced separation of its materials science business. The separation was effected by way of a pro rata distribution of all of the then-issued and outstanding shares of Dow common stock to DowDuPont shareholders of record as of the close of business, Eastern Time, on March 21, 2019. Accordingly, effective April 1, 2019, TDCC became a wholly- owned subsidiary of Dow Inc. and DowDuPont no longer beneficially owns any equity interest in Dow Inc. and will no longer consolidate Dow into its financial results. Beginning in the second quarter of 2019, Dow’s consolidated results will reflect the results of Dow Inc. and its consolidated subsidiaries – that is, TDCC after giving effect to the distribution of TDCC’s agricultural sciences business and TDCC’s specialty products business and the receipt of DuPont’s ethylene and ethylene copolymers businesses (other than its ethylene acrylic elastomers business). For additional information on the separation of the materials science business, refer to the Current Report on Form 8-K filed by Dow Inc. on April 2, 2019, that certain Amendment No. 4 to the Registration Statement on Form 10 filed by Dow Inc. on March 8, 2019 and related filing with the SEC. Risks related to achieving the anticipated benefits of our separation from DowDuPont Inc. and include, but are not limited to, a number of conditions including risks outside the control of Dow including risks related to (i) our inability to achieve some or all of the benefits that we expect to receive from the separations, (ii) certain tax risks associated with the separations, (iii) our inability to make necessary changes to operate as a stand-alone company, (iv) the failure of our pro forma financial information to be a reliable indicator of our future results, (v) our inability to enjoy the same benefits of diversity, leverage and market reputation that we enjoyed as a combined company, (vi) restrictions under the intellectual property cross-license agreements, (vii) our inability to receive third-party consents required under the separation agreement, (viii) our customers, suppliers and others' perception of our financial stability on a stand-alone basis, (ix) non-compete restrictions under the separation agreement, (x) receipt of less favorable terms in the commercial agreements we will enter into with DuPont and Corteva than we would have received from an unaffiliated third party and (xi) our indemnification of DuPont and/or Corteva for certain liabilities. Where, in any forward-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 faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. For a more detailed discussion of Dow’s risks and uncertainties, see the “Risk Factors” contained in Dow’s registration statement on Form 10, as amended, filed with the Securities and Exchange Commission. 18

 

SAFE HARBOR (CONTINUED) Non-GAAP Financial Measures This presentation includes information that does not conform to U.S. GAAP and are considered non-GAAP measures. Dow’s management believes that these non-GAAP measures best reflect the ongoing performance of Dow during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of Dow and a more useful comparison of year- over-year results. These non-GAAP measures supplement Dow’s U.S. GAAP disclosures and should not be viewed as an alternative to U.S. GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. This data should be read in conjunction with Dow’s quarterly report on Form 10-Q for the period ended March 31, 2019, filed with the Securities and Exchange Commission. For the definitions and reconciliations of non-GAAP measures presented herein, see slide 17 in the Appendix. Unaudited Pro Forma Financial Information In order to provide the most meaningful comparison of results of operations and results by segment, supplemental unaudited pro forma financial information is provided. The unaudited pro forma financial information has been developed by applying adjustments to the historical consolidated financial statements and accompanying notes of both The Dow Chemical Company (“Historical Dow”) and E. I. du Pont de Nemours & Company (“Historical DuPont”) and has been prepared to illustrate the effects of the merger of Historical Dow and Historical DuPont (the “Merger”) with subsidiaries of DowDuPont, assuming the Merger had been consummated on January 1, 2016. The results for the twelve and three months ended December 31, 2018 and three months ended December 31, 2017, are presented on a U.S. GAAP basis. For all other periods presented, adjustments have been made for (1) the purchase accounting impact, (2) accounting policy alignment, (3) eliminate the effect of events that are directly attributable to the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017 (e.g., one-time transaction costs), (4) eliminate the impact of transactions between Historical Dow and Historical DuPont, and (5) eliminate the effect of consummated divestitures agreed to with certain regulatory agencies as a condition of approval for the Merger. All pro forma adjustments and the assumptions underlying the pro forma adjustments are further described in the accompanying notes, which should be read in conjunction with the unaudited pro forma condensed consolidated financial information. The unaudited pro forma financial information was based on and should be read in conjunction with the separate historical financial statements and accompanying notes contained in each of the Historical Dow and Historical DuPont Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K for the applicable periods. The pro forma financial statements were prepared in accordance with Article 11 of Regulation S-X. The unaudited pro forma adjustments reflected herein are preliminary and based upon available information and certain assumptions that DowDuPont believes are reasonable under the circumstances. The unaudited pro forma financial information has been presented for informationalpurposes only and is not necessarily indicative of what DowDuPont's results of operations actually would have been had the Merger been completed as of January 1, 2016, nor is it indicative of the future operating results of DowDuPont. The unaudited pro forma financial information does not reflect any cost or growth synergies that DowDuPont may achieve as a result of the Merger, future costs to combine the operations of Historical Dow and Historical DuPont or the costs necessary to achieve any cost or growth synergies. Segment Disclaimer Discussion of segment revenue, operating EBITDA and price/volume metrics on a divisional basis for the Materials Science business of DowDuPont is based on the combined results of the Performance Materials & Coatings, Industrial & Infrastructure, and Packaging & Specialty Plastics segments of DowDuPont. Segment disclosure has been presented in this manner for informational purposes only and should not be viewed as an indication of each division’s current or future operating results on a standalone basis following the separation of Dow from DowDuPont. 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 (TDCC) or its respective subsidiaries or affiliates. Solely for convenience, the trademarks, service marks and trade names referred to in this communication may appear without the ™, ℠ or ® symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest 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. 19