We plan to improve our underlying EBITDA by more than $3 billion across the economic cycle, driven by: • $2 billion in EBITDA fr om our higher- return, lower-risk, faster-payback capital and operating investments; • $1 billion in EBITDA fr om our investment at our Fort Saskatchewan site in Alberta to create the world’s first net-zero carbon emissions ethylene and derivatives cracker complex while more than tripling the ethylene and downstream derivative capacity at the site; and, • $600 million fr om our efficiency programs, with our restructuring program achieving its $300 million run-rate this year and our digital investments already yielding results. These investments will enable Dow to capture increasing demand for low-carbon products at differentiated prices as we support our customers’ efforts to reduce their carbon emissions. Upside from a faster economic recovery, innovating new, lower-carbon technologies and incremental uplift from sustainability- driven opportunities will create additional earnings growth for Dow. Decarbonizing our assets is a critical part of our plan to reduce emissions by a total of 30% by 2030 (versus our 2005 baseline) and achieve zero-carbon emissions by 2050. We will take a phased, site- by-site approach to replace end-of-life assets with carbon-efficient technologies that lower emissions while expanding capacity , starting with our investment in Alberta. OUR DISCIPLINED AND BALANCED APPROACH Importantly, we will execute our plan in a disciplined and balanced approach . Across the economic cycle, we’ll maintain CapEx at or below D&A – aligned to the macroeconomic environment, our affordability, and return targets greater than 13%. At the same time, we will continue to reward our shareholders and expect to return 65% of net income to our owners across the economic cycle while maintaining a strong balance sheet and our best-owner mindset, strategically allocating resources to the highest-return opportunities. VALUE FOR ALL STAKEHOLDERS 2021 was a historic year for our company, and I’m confident in our path to become the most innovative, customer-centric, inclusive, and sustainable , zero-carbon emissions materials science company. I’m pleased with our progress: • Our innovation pipeline r emains strong and in 2021, we commercialized nearly 2,000 new products and solutions that are simultaneously better performing and more sustainable. • W e’re becoming more customer-centric through implementation of digital technologies. For example, our digital sales on dow.com have now reached $4 billion, and our investments in high- throughput research, AI and machine learning have sped up experimental productivity by up to 100 times. • Dow was the only materials science company to earn a place on the Great Place to Work ® and Fortune 100 Best Companies to Work For ® list in 2021. • W e outlined our clear path to zero- carbon emissions, and we remained committed to transparency by raising the bar in our climate and circularity reporting through the launch of our first consolidated ESG report, INtersections. I would like to close by thanking our customers, suppliers and partners for their collaboration ... our shareholders for their support ... and Team Dow for their hard work in 2021. As we enter our company’s 125th year, we are eager to continue working together to deliver a sustainable future for the world through our materials science expertise. Best regards, Jim Fitterling Chairman and Chief Executive Officer Dow Inc. 4 2021 | Dow Annual Report CONSISTENT PRIORITIES DISCIPLINED CAPITAL ALLOCATION LOWER-COST OPERATING MODEL PROFITABLE GROWTH BEST-OWNER MINDSET ESG LEADERSHIP These investments will enable Dow to capture increasing demand for low-carbon products at differentiated prices as we support our customers’ efforts to reduce their carbon emissions.