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Dow’s fundamental aim is to maximize long-term shareholder value, which means shaping a company that will endure – a company able to find socially, environmentally and financially sustainable ways to deliver on its shareholder commitment; a company focused on tomorrow. Our 2004 Corporate Report examines Dow’s performance from the perspective of all of the Company’s stakeholders: investors, employees, customers and the communities where we live and work. In issuing this report, we are mindful that sound business performance generally correlates with sound performance in other areas. For example, a company that is financially strong is able to give a fair return to its investors … to provide good, well-paying jobs and benefits to its employees … to offer a broad tax base and philanthropy to its communities … to fund pensions and healthcare coverage for its retirees … and to invest in new products and new technology for its customers. In other words, strong financial performance drives a cycle of wealth creation with benefits that go well beyond those who own the stock of a company. We are also aware that companies are often in a position to reach beyond the bottom line; for example, by setting high standards in how they operate. As a global company, Dow operates 165 manufacturing sites in 37 countries. Not surprisingly, each country has its own set of rules and regulations governing the operation of our plants. Some are more stringent than others. Our standard is a global standard, which means that if Dow’s standard goes above and beyond the rules of a particular country, we will abide by our own higher standard, because we believe it is the best and safest way to operate. As a company that serves customers in 175 countries and whose products touch people’s lives every day – in food, sanitation, packaging, medicine, electronics, transportation and much more – we believe that sustainability hinges on carefully balancing economic, environmental and social interests. Our products are valuable because of that balance. Our plastics make cars lighter and more durable and allow them to use less energy. Our membrane technology turns sea water into drinking water. Our coatings enable electronics to be smarter, smaller and lighter. Our chemicals are found in medicines of all kinds, and many life-saving medical devices would not be possible without the materials we make. Our business is science. Those of us at Dow are reminded every day of our roots in chemistry. We know first-hand the pivotal role chemistry has played – and continues to play – in improving people’s lives. We also know that the science of chemistry and the industry of chemicals are often disconnected in the public mind and that the latter is frequently viewed with suspicion. We hope that this report will help those interested in our Company understand that sustainability is a high priority at Dow, and the balance of economic, environmental and social priorities is factored into every aspect of our Company’s strategy, with the ultimate objective of meeting our responsibilities to all of our stakeholders. Andrew Liveris President and Chief Executive Officer February 9, 2005
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