3Q 2022 Results

CASH CONVERSION AND FREE CASH FLOW RECONCILIATION Reconciliation of Cash Flow Conversion Three Months Ended In millions (Unaudited) Sep 30, 2021 Dec 31, 2021 Mar 31, 2022 Jun 30, 2022 Cash provided by operating activities - continuing operations (GAAP) Operating EBITDA (non-GAAP) $ 2,719 $ 2,557 $ 1,612 $ 1,856 $ Sep 30, 2022 1,940 $ 3,611 $ 2,920 $ 3,171 $ 3,059 $ 1,863 Cash Flow Conversion (non-GAAP) 1 75.3% 87.6% 50.8% 60.7 % 104.1 % Cash Flow Conversion - trailing twelve months ("TTM") basis (non-GAAP) 54.9% 57.1% 67.1% 68.5 % 72.3% 1. Cash Flow Conversion is defined as "Cash provided by operating activities - continuing operations" divided by Operating EBITDA. Reconciliation of Free Cash Flow Three Months Ended Nine Months Ended In millions (Unaudited) Dec 31, 2019 Dec 31, 2020 Sep 30, 2021 Dec 31, 2021 Mar 31, 2022 Jun 30, 2022 Sep 30, 2022 Sep 30, 2022 Sep 30, 2021 Cash provided by operating activities - continuing operations (GAAP) Capital expenditures $ 1,920 $ 1,656 $ 2,719 $ 2,557 $ 1,612 $ 1,856 $ 1,940 $ 5,408 $ 4,512 (577) (297) (413) (466) (315) (457) (452) (1,224) (1,035) Free Cash Flow (non-GAAP) 1 $ 1,343 $ 1,359 $ 2,306 $ 2,091 $ 1,297 $ 1,399 $ Free Cash Flow - trailing twelve months ("TTM") basis (non-GAAP) 2 End of period market capitalization Free Cash Flow Yield (non-GAAP) 4 $ 3,752 $ 5,000 $ 4,836 $ 5,568 $ 7,382 $ 7,093 $ 1,488 $ 6,275 4,184 $ 3,477 3 $ 40,582 $ 9% 41,247 $ 12% 42,572 $ 11% 41,701 $ 13% 46,395 $ 16% 37,065 $ 19% 30,916 20% 1. Free Cash Flow is defined as "Cash provided by operating activities - continuing operations", less capital expenditures. Under this definition, Free Cash Flow represents the cash generated by the Company from operations after investing in its asset base. Free Cash Flow, combined with cash balances and other sources of liquidity, represent the cash available to fund obligations and provide returns to shareholders. Free Cash Flow is an integral financial measure used in the Company's financial planning process. 2. Free Cash Flow in the first quarter of 2021 reflects a $1 billion elective pension contribution. 3. Calculated as the period-end share price of Dow Inc. times the period-end shares outstanding of Dow Inc. 4. Free Cash Flow Yield is defined as Free Cash Flow divided by market capitalization. DOW 21

View entire presentation