Midland, MI - April 07, 2008

The Dow Chemical Company today released an updated version of its Joint Venture White Paper, which provides greater clarity around the Company’s joint venture activities.

The Paper has a specific focus on the Company’s principal joint ventures, numbering around a dozen in total, which last year accounted for approximately 90 percent of Dow’s equity earnings and cash distributions from nonconsolidated affiliates.

The significance to Dow of its joint venture activities – as contributors to current earnings and cash flow, as well as vehicles for future value growth – has risen markedly in recent years.

In 2007, the Company’s nonconsolidated affiliates contributed equity earnings of more than $1 billion, a 17 percent increase from the previous year, while cash distributions (principally dividends) increased 35 percent to $837 million.  Dow’s return on its average investment in nonconsolidated affilitiates was 39 percent, consistent with the level of recent years.

Dow formed its first joint venture, Dow Corning Corporation, in 1943. Today, joint ventures are an integral part of the Company’s business model, providing access to key markets, growth geographies, new technologies and advantaged feedstocks, while at the same time lowering capital investment and reducing risk.

Joint Venture White Paper (Updated April 2008)

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For Editorial Information:

Bob Plishka
The Dow Chemical Company
989-638-2288