Microsoft PowerPoint Presentation

4/1/2003

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Table of Contents

Strategic Direction

Strategy: Basics

Strategy: Performance

Low Cost Integrated Producer

Significant Portfolio Improvements

Strategy: Value Growth

Largest Polymer: Polyethylene

Polyethylene Industry Growth

Top Polyethylene Producers

The Leader in PE Technologies

Dow Polyethylene Capacity

Dow Polyethylene Conversion Cost50% Improvement Since 1992

Near-Term Upside Potential

Near-Term Focus

Near-Term Focus

Near-Term Focus

Near-Term Focus

Near-Term Focus

Near-Term Focus

Near-Term Focus

Near-Term Focus

Near-Term Focus

Near-Term Focus

Financial Performance

Earnings Improvement

Price Net of Hydrocarbons

Global Industry Operating Rates:Building Blocks

Earnings Potential

Total Shareholder Return

The Case for Investment

Author: Doug Warner