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Dow is expected to deliver in a host of different ways. Shareholders expect a solid return on their investment. Customers expect a reliable supply of high-quality products – as well as innovative solutions that afford them a competitive advantage. Employees expect a safe work environment that is stimulating, rewarding, inclusive and fair. The communities in which we operate expect us to be good neighbors – operating safely, providing employment opportunities and supporting local needs. And society at large expects us to deliver on our promise – to constantly improve what is essential to human progress – in a manner that is ethical, conscientious and responsible.

Once again in 2004, Dow people worked hard to meet these expectations – providing products and services to more than 35,000 customers; delivering strong financial results; and maintaining solid standards of ethical, social and environmental performance the world over.

• We achieved record sales of $40.2 billion in 2004, earned $2.93 per share and strengthened our balance sheet through a $1.3 billion reduction in net debt, despite a staggering $3.4 billion increase in feedstock and energy costs. These results owed much to our continued commitment to financial discipline and our ongoing drive for cost efficiencies across every part of the Company.
• In 2004, 63 percent of our sales and almost half of our $13.8 billion in fixed assets were outside the United States. Geographic balance is considered a key strength of our Company, enabling us not only to access cost-advantaged feedstocks, but also to serve regional markets directly and respond effectively and efficiently to the expanding base of our global customers.

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