Overarching Objective

3/19/2002


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Table of Contents

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Overarching Objective

Clear, Focused Financial Objectives

Addressing Issues Upfront

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Operating Rates: Basic Building Blocks

Controlling our Destiny

Cash Flow History ($ Billions)

Debt as a Percent of Total Capital

Cash Flow Management

Union Carbide Asbestos Issue

Constancy of Purpose

Accelerated Implementation

Accelerated Implementation

Accelerated Implementation

A Powerful Portfolio

Dow’s Global Business Model: A Differentiating Way of Doing Business

An Integrated and Powerful Portfolio

A Balanced Portfolio

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Strong Performance Portfolio

Productivity AND Value Growth

Three Keys to Unlocking Value

The Carbide Merger

Cost Synergy Update

Growth Synergies: UCAR Emulsion Systems

M&A Integration Process

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Ascot

Celotex

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Six Sigma EBIT Contribution

Optimizing Integration

Innovation

DowNet

New Businesses

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Culture

Comprehensive People Strategy

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Earnings Growth Acceleration Potential Margin Recovery

Dow Earnings Potential

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The Case for Investment

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Author: Gateway