Cash Flow History ($ Billions)

Sources 1999 2000 2001

Net Income 1.3 1.5 (0.4)

Depr. & Amort. 1.3 1.3 1.8

Divestitures 0.1 0.3 0.4

Other Sources 1.0 0.1 0.6

Applications

Dividends 0.8 0.8 1.1

Capital Spending 1.4 1.3 1.6

Acquisitions/Investments 1.0 1.5 2.8

Dow Stock Repurchase 0.4 --- ---

Net Working Capital/Misc. (0.5) 1.0 (1.5)

Surplus/Shortfall 0.6 (1.4) (1.6)

1999 and 2000 is pre-merger Dow; 2001 is post-merger Dow

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