Midland, MI; London, England; Beijing, China - June 18, 2008

LP Oxo^SM SELECTOR^SM Technology, which is cooperatively offered by Dow Technology Licensing, a business unit of The Dow Chemical Company and its consolidated affiliates (Dow), and Davy Process Technology Limited, a Johnson Matthey company, has been selected by Lihuayi Group in China for a new 250 KTA facility in The People’s Republic of China. Slated to produce 140 KTA 2-ethyl hexanol, 85 KTA normal Butanol and 24.4 KTA iso-Butanol, the plant will be built in Dongying City, Shangdong Province and is due on-stream in 2010.

At the contract signing ceremony on April 17, Dr. Molly Zhang, business vice president of Dow Technology Licensing welcomed The Lihuayi Group as the 24th licensee of LP Oxo Technology worldwide. “We are honored to play such a key role in helping Lihuayi create value with products that are welcomed by the growing China market,” Zhang said. “We are continuously improving our technologies to give our clients a long-term competitive advantage that addresses their specific needs. This agreement marks the first step in our collaboration with Lihuayi Group, and we look forward to a long and mutually successful relationship.”

Dr. David Tomlinson, president of Davy Process Technology, also stressed the value of long-term collaboration. “The strong performance of LP Oxo Technology, in addition to the long history of collaboration between Davy and Dow, delivers tremendous value to our clients. That our technology has maintained a majority share in the world’s Oxo alcohols production since it was introduced more than 30 years ago shows that the industry’s confidence in our technology and superior service continues,” said Tomlinson.

“Dow and Davy have rich experience and outstanding performance in China,” said Mr. Xu Yunting, chairman & CEO of Lihuayi Group. “Selecting their state-of-the-art LP Oxo^SM SELECTOR^SM Technology will help us develop a more competitive value chain. Meanwhile, we hope to establish a long-term and cooperative relationship with Dow and Davy through mutual benefit and reciprocity by expanding the cooperation to other areas and achieving harmony and win-win development.”

For three decades, Dow Technology Licensing has offered leading process and catalyst technologies to the petrochemical industry in China. Within the past two years, 11 licensees in China have selected Dow technologies, including UNIPOL™ Polypropylene Technology, METEOR™ EO/EG Process and Mass-ABS Technology.

About LP Oxo^SM SELECTOR^SM Technology

LP Oxo^SM SELECTOR Technology is a low-pressure hydroformylation process that uses propylene and synthesis gas (a mixture of hydrogen and carbon monoxide) to produce normal- and iso-butyraldehydes. These butyraldehydes are then converted into 2-ethylhexanol (2EH) and normal- and iso-butanol. For more than 30 years, Davy and Dow have co-marketed and delivered LP Oxo Technology licenses and services. To date, 32 projects have been implemented in 15 countries, on four continents. LP Oxo Technology is recognized as the world’s leading licensed Oxo technology, contributing to more than 85 percent of the world’s licensed propylene based Oxo capacity.

About Davy Process Technology

Davy Process Technology has a global business in petrochemicals technology development and technology licensing. The company has headquarters in London, and its Technology Centre is in Stockton-on-Tees. It owns a range of proprietary process technologies such as Methanol, Gas Conversion Technologies, Butanediol, Natural Detergent Alcohols, Oxo Alcohols, Industrial Amines, Ethyl Acetate and Propylene Glycol. For further information, visit the company’s website at www.davyprotech.com.

About Dow

Dow Technology Licensing (DTL) is a business unit of Dow that markets technologies owned by The Dow Chemical Company and its consolidated affiliates. DTL offers a portfolio of leading process and catalyst technologies to the petrochemical industry around the world. Our focus on research and development ensure the long term competitive advantages of our customers. The local dedicated client teams and technical resources provide timely comprehensive services to our customers. More information about Dow Technology Licensing can be found at www.dow.com/licensing

About Lihuayi Group

Lihuayi Group is a large cross-industrial, diversified enterprise group as well as the largest local petrochemical enterprise in crude oil processing capacity in China. Listed among the top 500 enterprises in China as well as the excellent enterprises in China, Lihuayi Group consists of more than 10 subsidiaries, which are involved in petrochemical, pharmaceutical, textile & garment and thermopower business, etc. In 2007, Lihuayi Group reached RMB 10.8 billion in revenue. To obtain more information about Lihuayi Group, please visit the company’s website at www.lihuayi.com

For Editorial Information:

Doug Brinklow
The Dow Chemical Company
(989) 636-2320