Dow Inc. and Subsidiaries The Dow Chemical Company and Subsidiaries ANNUAL REPORT ON FORM 10-K For the fiscal year ended December 31, 2021 TABLE OF CONTENTS PAGE PART I Item 1. Business. 6 Item 1A. Risk Factors. 21 Item 1B. Unresolved Staff Comments. 25 Item 2. Properties. 26 Item 3. Legal Proceedings. 27 Item 4. Mine Safety Disclosures. 27 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 28 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 29 Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 68 Item 8. Financial Statements and Supplementary Data. 69 Dow Inc. and Subsidiaries: Consolidated Statements of Income. 73 Consolidated Statements of Comprehensive Income. 74 Consolidated Balance Sheets. 75 Consolidated Statements of Cash Flows. 76 Consolidated Statements of Equity. 77 The Dow Chemical Company and Subsidiaries: Consolidated Statements of Income. 78 Consolidated Statements of Comprehensive Income. 79 Consolidated Balance Sheets. 80 Consolidated Statements of Cash Flows. 81 Consolidated Statements of Equity. 82 Dow Inc. and Subsidiaries and The Dow Chemical Company and Subsidiaries: Notes to the Consolidated Financial Statements. 83 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 157 Item 9A. Controls and Procedures. 157 Item 9B. Other Information. 160 PART III Item 10. Directors, Executive Officers and Corporate Governance. 161 Item 11. Executive Compensation. 161 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 161 Item 13. Certain Relationships and Related Transactions, and Director Independence. 161 Item 14. Principal Accounting Fees and Services. 162 PART IV Item 15. Exhibits, Financial Statement Schedules. 163 Item 16. Form 10-K Summary. 166 SIGNATURES 168 3