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Dow Reports Fourth Quarter And Full-Year Results

Dow will host a live Webcast of its fourth quarter earnings conference call with investors to discuss its results, business outlook and other matters today at 9:00 a.m. ET on www.dow.com.

(1)     “Adjusted earnings per share” is defined as earnings per share excluding the impact of “Certain Items.” See Supplemental Information at the end of the release for a description of these items, as well as a reconciliation of adjusted earnings per share to “Earnings per common share - diluted.”
(2) EBITDA is defined as earnings (i.e., “Net Income”) before interest, income taxes, depreciation and amortization. A reconciliation of EBITDA to "Net Income (Loss) Available for The Dow Chemical Company Common Stockholders" is provided following the Operating Segments table.
(3) Adjusted EBITDA is defined as EBITDA excluding the impact of “Certain Items.”
(4) Adjusted EBITDA margin is defined as EBITDA excluding the impact of Certain Items as a percentage of reported sales.
(5) “Adjusted sales” is defined as “Net Sales” excluding sales related to prior-period divestitures.
(6) “Adjusted volume” is defined as reported volume excluding the impact of prior-period divestitures.
(7) “Adjusted price” is defined as reported price excluding the impact of prior-period divestitures.

®™* Trademark of The Dow Chemical Company ("Dow") or an affiliated company of Dow

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