Press Information

2211 H. H. Dow Way

Midland, MI 48674

dow.com

Dow outlines targeted actions to deliver $1B in cost savings in 2023

• Proactive actions will optimize Dow’s cost structure in response to near-term
macroeconomic uncertainty, while maintaining long-term value creation focus
• Company continues its Decarbonize and Grow strategy as well as its disciplined
and balanced approach to capital allocation

MIDLAND, Mich. – January 26, 2023 – Dow Inc. (NYSE: DOW) today outlined a series of
targeted actions aligned to its previously stated plan to achieve $1 billion in cost savings in
2023. The proactive actions will further optimize the Company’s cost structure in response to
near-term macroeconomic uncertainty, while maintaining its long-term competitiveness across
the economic cycle.

Specifically, Dow expects to realize $1 billion in cost savings in 2023 through:

• Structural improvements of $500 million, maintaining a low cost-to-serve operating model:

o Optimizing labor and services costs, including a global workforce reduction of
approximately 2,000 roles;
o Shutting down select assets, while further evaluating Dow’s global asset base,
particularly in Europe, to ensure long-term competitiveness and enhance cost
efficiency; and
o Increasing productivity via end-to-end process improvements.

• Operating expense reductions of $500 million, focused on near-term cash flow:

o Decreasing turnaround spending, with a continued focus on maintaining safety and
reliability;
o Reducing purchased raw materials, logistics and utilities costs; and
o Aligning spending levels to the macroeconomic environment.

“We are taking these actions to further optimize our cost structure and prioritize business
operations toward our most competitive, cost-advantaged and growth-oriented markets, while
also navigating macro uncertainties and challenging energy markets, particularly in Europe,”
said Jim Fitterling, Dow chairman and CEO. “We remain committed to capitalizing on our long-
term growth opportunities in a disciplined and balanced manner, and these actions further
position us to advance our Decarbonize and Grow strategy and strengthen our competitive
position.”

The Company will record a charge of $550 million to $725 million in the first quarter of 2023 for
costs associated with these activities, which primarily include severance and related benefit
costs; costs associated with exit and disposal activities; and asset write-downs and write-offs.

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Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow
Longer-term, Dow remains on track to grow its underlying EBITDA by greater than $3 billion by
2030 while reducing its carbon emissions by 30 percent versus its 2005 baseline as it
progresses on its path to carbon neutrality by 2050.

As Dow implements the actions announced today, the Company will engage local stakeholders
in each region and in compliance with local regulations and consultation processes.

About Dow
Dow (NYSE: DOW) combines global breadth; asset integration and scale; focused innovation
and materials science expertise; leading business positions; and environmental, social and
governance leadership to achieve profitable growth and help deliver a sustainable future. The
Company's ambition is to become the most innovative, customer centric, inclusive and
sustainable materials science company in the world. Dow's portfolio of plastics, industrial
intermediates, coatings and silicones businesses delivers a broad range of differentiated,
science-based products and solutions for its customers in high-growth market segments, such
as packaging, infrastructure, mobility and consumer applications. Dow operates manufacturing
sites in 31 countries and employs approximately 37,800 people. Dow delivered sales of
approximately $57 billion in 2022. References to Dow or the Company mean Dow Inc. and its
subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on
Twitter.
###

For further information, please contact:

INVESTORS: MEDIA:
Pankaj Gupta Kyle Bandlow
+1 989-638-5265 +1 989-638-2417
[email protected] [email protected]

Cautionary Statement about Forward-Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the federal securities laws, including
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such
statements often address expected future business and financial performance, financial condition, and other matters, and often contain
words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,”
“should,” “strategy,” "target," “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or
negatives of these words or phrases.

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties
and other factors that are beyond Dow’s control, which may cause actual results to differ materially from those projected, anticipated
or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are
not limited to: sales of Dow’s products; Dow’s expenses, future revenues and profitability; the continuing global and regional economic
impacts of the coronavirus disease 2019 (“COVID-19”) pandemic and other public health-related risks and events on Dow’s business;
any sanction, export restrictions, supply chain disruptions or increased economic uncertainty related to the ongoing conflict between
Russia and Ukraine; capital requirements and need for and availability of financing; unexpected barriers in the development of
technology, including with respect to Dow's contemplated capital and operating projects; Dow's ability to realize its commitment to
carbon neutrality on the contemplated timeframe; size of the markets for Dow’s products and services and ability to compete in such
markets; failure to develop and market new products and optimally manage product life cycles; the rate and degree of market
acceptance of Dow’s products; significant litigation and environmental matters and related contingencies and unexpected expenses;
the success of competing technologies that are or may become available; the ability to protect Dow’s intellectual property in the United
States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as
workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs

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Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow
associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product
stewardship; changes in relationships with Dow’s significant customers and suppliers; changes in consumer preferences and demand;
changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions, such
as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply
disruptions; security threats, such as acts of sabotage, terrorism or war including the ongoing conflict between Russia and Ukraine;
weather events and natural disasters; and disruptions in Dow’s information technology networks and systems; and risks related to
Dow’s separation from DowDuPont Inc. such as Dow’s obligation to indemnify DuPont de Nemours, Inc. and/or Corteva, Inc. for
certain liabilities.

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or
belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable
basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion
of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements
is included in the section titled “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the year ended December
31, 2021 and the Company’s subsequent Quarterly Reports on Form 10-Q. These are not the only risks and uncertainties that Dow
faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to
have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material
adverse effect on Dow’s business. Dow Inc. and TDCC assume no obligation to update or revise publicly any forward-looking
statements whether because of new information, future events, or otherwise, except as required by securities and other applicable
laws.

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Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow

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Trademark of The Dow Chemical Company (“Dow”) or an affiliated company of Dow