3Q 2022 Results

FY 2022 MODELING CONSIDERATIONS & LATEST UPDATES [POSITIVE/NEGATIVE] Cash Flow Considerations in 2022 Dividends from Operating EBIT Drivers vs. FY21 ~$900MM (up ~$600MM YoY) Equity Companies Equity Earnings Down $600-700MM YOY (net of T/As) Pension ~$250MM (~$1B lower YoY) Pension Expense ~$FLAT YOY Corporate Turnaround Costs Op. EBIT of ~$(275)MM and Op. EBITDA of ~$(250)MM ~+$100MM YoY incl. JVs Liability Management Executed $750MM make whole call in 2Q22 CapEx ~$1.9B Other Income Statement Considerations 2020 Restructuring Program ~$175MM cash outflow (~$75MM lower YoY) Digital Initiative ~$250MM cash outflow (~$100MM higher YoY) Net Interest Expense ~$525MM D&A ~$2.8B Net Income Attrib. ~$100MM (reduction to reported Net Income) to Non-Controlling Int. Favorable Year-End Share Count ~710MM Op. Tax Rate 21%-25% DOW What We are Watching Year-Over-Year Market Drivers Elevated oil price and oil-gas spreads, cost interventions, and infrastructure spending Inflationary pressures on raw materials and energy, supply chain constraints, foreign exchange impact, consumer confidence, COVID lockdowns, geopolitical dynamics 12

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