A message from Dow Chairman and CEO

The past year was a notable one for Dow. We delivered solid financial results. We set the groundwork for our transformational growth agenda. And, by combining the power of science and technology with the Human Element, we took another significant stride toward our vision of being the largest, most profitable, most respected chemical company in the world.

In creating that vision, we intentionally set the bar high … recognizing that our obligations—to our stockholders, to our employees, to the communities in which we operate and to our customers—are also high. At Dow, we not only accept those obligations, we use them as the fulcrum to lift ourselves and our Company to new heights of performance, sharply focused on the triple bottom line of people, planet and profits.

We well know the critical importance of addressing each of those elements. They are the pillars on which future success rests. Take any one away—weaken any single pillar—and we risk damaging the whole.

Our decision to sign the U.N. Global Compact in 2007 underscores our resolve to ensure those pillars remain strong. In this case, we will expand our pacesetting sustainability efforts and collaborate with like-minded stakeholders on some of the most pressing issues facing the planet and its people. Dow is already making significant contributions in areas such as clean water, health care, affordable housing, alternative energy and climate change. And through our groundbreaking 2015 goals, we’ve pledged to do even more by connecting chemistry and innovation with the principles of sustainability to create new opportunity, new promise and new hope—as well as to bring new business opportunities for our Company.

For Dow, sustainability is not only about strengthening the pillars of people and planet, it is also about profits. Which is why we’re transforming … establishing ourselves as an earnings-growth company that is more predictable in its profitability. We took meaningful steps toward that goal in 2007 and we will make even greater progress through the year ahead—creating significant long-term value for our stockholders while delivering on our promise to constantly improve what is essential to human progress.

We thank you for your continued interest in Dow and we welcome your comments on how we can continue to improve our performance in everything we do.

Andrew N. Liveris
President, Chief Executive Officer and Chairman of the Board
February 14, 2008

Dow’s Executive Leadership Team

(at March 2, 2008)
Back row, left to right: William F. Banholzer, Julie Fasone Holder, Gregory M. Freiwald, Juan R. Luciano, David E. Kepler, Charles J. Kalil
Seated, left to right: Michael R. Gambrell, Heinz Haller, Andrew N. Liveris, Geoffery E. Merszei, Carol A. Dudley

Andrew N. Liveris
President, Chief Executive Officer and Chairman of the Board

William F. Banholzer
Executive Vice President and Chief Technology Officer

Carol A. Dudley
Corporate Vice President, Market Facing Businesses, Licensing and New Business Development

Julie Fasone Holder
Corporate Vice President, Chief Marketing, Sales and Reputation Officer

Gregory M. Freiwald
Corporate Vice President, Human Resources, Corporate Affairs and Aviation

Michael R. Gambrell
Executive Vice President, Basic Plastics and Chemicals, Manufacturing and Engineering

Heinz Haller
Executive Vice President, Performance Plastics and Chemicals

Charles J. Kalil
Executive Vice President, General Counsel and Corporate Secretary

David E. Kepler
Executive Vice President, Chief Sustainability Officer, Chief Information Officer, Corporate Director of Shared Services

Juan R. Luciano
Business Group President, Hydrocarbons and Energy

Geoffery E. Merszei
Executive Vice President and Chief Financial Officer

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