Dear Stakeholders, As we approach our 125th anniversary in May this year, I can’t help but reflect on the incredible journey that has made Dow the company we are today: an industry leader with global scale and an advantaged portfolio delivering sustainable solutions that enable us to tackle some of the world’s greatest challenges. The increasing demand for sustainable, low-carbon and circular products presents a compelling business opportunity for Dow, one we are capitalizing on as we advance our strategy to decarbonize our footprint, grow earnings, and further enhance value for all our stakeholders. 2021 was a monumental year for Team Dow. We proved resilient amidst continued uncertainty from the COVID-19 pandemic and weather-related disruptions that impacted our industry and broader economies around the globe. We overcame these challenges to deliver strong financial and operating performance, while continuing to advance our ambition and maintaining the well-being and safety of our team and communities. I am tremendously proud of Team Dow’s dedication and hard work to continuously deliver for our customers and drive value for our shareholders. RECORD PERFORMANCE In 2021, our strong execution resulted in record sales and earnings performance . We delivered net income of $6.4 billion and GAAP earnings per share was $8.38. Our ability to capture strong demand – coupled with tight supply/demand balances – supported net sales of $55 billion, up 43% year-over-year, with gains across every region and operating segment. Our continued focus on cost management and operating discipline also drove operating EBIT of $9.5 billion, up $6.8 billion, and operating EBIT margins expanded by 1,030 basis points to 17.3%. Cash flow from operations improved to $7.1 billion, which enabled us to execute on our balanced and disciplined capital allocation approach: • CapEx was $1.5 billion and r eturn on invested capital (ROIC) reached 22% as we continued to prioritize higher-return, lower-risk and faster-payback projects . • We further improved our strong balance sheet , reducing gross debt by $2.4 billion, achieving credit rating and outlook upgrades, and we now have no substantive debt maturities due until 2026. We also successfully reprofiled Sadara’s debt, resulting in greater than $2 billion in lower Sadara guarantees. • We returned $3.1 billion to shareholders , supported by $2.1 billion in dividends as well as $1 billion in share repurchases. In addition to these strong results, Team Dow remains well-positioned by our competitive advantages and through continued execution of our financial and operating playbook. A SUSTAINABLE FUTURE As we look ahead, one thing is clear: We are creating a more sustainable world. Protecting our environment is critical and will require sustainability commitments from both the public and private sectors to achieve the Paris Agreement targets. Environmental, social and governance (ESG) investing continues to accelerate, and consumers are increasingly demanding more sustainable products and solutions. At Dow, we have always been and will continue to be a leader in this sustainable world. Across our four market verticals – packaging, infrastructure, consumer and mobility – sustainability is a key driver of growth. We see our total addressable market expanding from $650 billion to over $800 billion as we build on our long history of sustainability and our innovative portfolio to solve many of the world’s biggest challenges, including waste reduction, improved energy efficiency, and safer, higher-performing, and more circular and sustainable consumer products. DECARBONIZE AND GROW EARNINGS Recognizing this opportunity, we laid out a pathway during our Investor Day in October 2021 to decarbonize our asset footprint and grow earnings , creating value for all stakeholders. 3 2021 | Dow Annual Report CEO Letter Corporate Governance 2021 Highlights Overview & Financial Highlights Delivered record operating EBIT of $9.5B and net sales of $55B Generated $ 7.1B of cash flow from operations Decreased gross debt by $2.4B