Sustainability Report 2019

Sustainability
Report
2019
Introduction Our Business Sustainability Overview Environmental Impact Our People Global Citizenship Our Supply Chain Governance Additional Information
Table of Contents
Introduction Energy......................................................... 30 Our Supply Chain
Contents.................................................................. 2 Emissions.................................................... 32 Approach.............................................. 66
About This Report................................................... 3 Water........................................................... 35 Transportation Stewardship................. 68
Message from Our Chief Sustainability Officer....... 4 Waste........................................................... 39 Procurement/Logistics......................... 70
Q&A with Our Chairman and CEO.......................... 5
New Targets............................................................. 9 Our People Governance
Approach..................................................... 41 Values................................................... 73
Our Business Inclusion & Diversity.................................... 42 Ethics.................................................... 74
Company Highlights.............................................. 10 Benefits....................................................... 46 Oversight.............................................. 77
Business Overview................................................ 12 Learning & Development............................. 48 Defined Benefit Plan Obligations......... 78
Risk Management................................ 79
Talent Attraction & Management................. 49
Sustainability Overview Materiality............................................. 83
Sustainability Priorities.......................................... 17 Employee Health & Safety........................... 52
Stakeholder Engagement..................... 85
Focus Areas........................................................... 18
Global Citizenship
2025 Sustainability Goal Updates......................... 23 Additional Information
Focus Areas................................................. 60
Alignment to UN Sustainable Report Information............................... 88
Advancing Sustainable Solutions................ 61
Development Goals.......................................... 25 Independent Assurance Statement...... 89
Building Inclusive Communities.................. 62
GRI Content Index................................ 91
Environmental Impact Developing Tomorrow’s Innovators............. 63
Management Approach......................................... 26 Empowering Sustainable and
Resilient Communities............................. 64
Summary Metrics.................................................. 27
Engaging for Impact.................................... 65
Materials................................................................ 28
2
About This Report

The 2019 Sustainability Report is Dow’s 17th annual report. GRI 102-52 Additional reporting that may be of interest to the reader can be
This report reflects the Company’s performance for the calendar year found at corporate.dow.com:
ended December 31, 2019. This Sustainability Report is a combined • Downloadable version of this report
report being filed by Dow Inc. and The Dow Chemical Company and
• Dow’s most recent previous report, covering the year ending
its consolidated subsidiaries (“TDCC” and together with Dow Inc.,
December 31, 2018, and archive of earlier annual sustainability
“Dow” or the "Company"). GRI 102-50
reports GRI 102-51
This report has been prepared in accordance with the Global • 2019 Annual Report
Reporting Initiative (GRI) Standards Comprehensive option. GRI 102-54 • 2019 Dow Form 10-K
The Comprehensive option requires that the Company report all of
• 2020 Proxy Statement
the General Disclosures described in the GRI Standards as well as
all of the Specific Disclosures related to issues material to us. This • 2019 Shine Inclusion Report
document also serves as Dow’s UN Global Compact Communication GRI 102-53
on Progress for 2019. Mary Draves, chief sustainability officer and Thank you for your interest in our report. We welcome your
vice president, Environment, Health & Safety, provides formal internal questions, comments and feedback. You may contact us at:
approval of the report followed by review by the Environment, Health,
Jennifer Princing
Safety & Technology Committee of the Board. GRI 102-32 We have also
Dow Sustainability Reporting
sought independent assurance to verify compliance with the GRI
[email protected]
standards. See the Independent Assurance Statement near the
989-496-7154
end of this report.
3
LEADERSHIP MESSAGES
Message from Mary Draves

Our Chief Chief Sustainability Officer and
Vice President of Environment,
Sustainability Health & Safety
Officer
Delivering
on Our
Commitments
Find out how we
continue to make
positive impact in our
focus areas of Circular
Economy, Climate
Protection and Safer
Materials.
WATCH
VIDEO
4
LEADERSHIP MESSAGES Helping Lead the Transition to a Sustainable Future

Chairman and CEO Jim Fitterling shares how Dow is accelerating its sustainability strategy to meet
Q&A tomorrow’s challenges, and how newly announced sustainability targets will help drive us forward.
with Our Q As you look ahead – 5, 10, 20 years down the road – what do you see as Dow’s main
sustainability challenges?
Chairman A The greatest sustainability challenge for Dow is ensuring that our actions continually reflect the
and CEO GRI 102-14

world’s sustainability needs. In every way, we need to align our business with the world around
us … and provide leadership where we can.
The next decade will be critical in how we respond to environmental challenges and limit global
temperature rise. Making the most informed, sustainable and systemic decisions now will ensure
we have clean air, clean water, a stable climate and safe food tomorrow. We think a sustainable
future is attainable, but it will take collaboration across all sectors of society, including business.
That’s why we’ve built Dow’s sustainability strategy on three focus areas that are not only critical
to our business but where we believe we can make a difference: climate protection, advancing
a circular economy … and innovating safer materials for our world. These areas get right to the
heart of our license to operate … plus they represent substantial opportunities to grow value for
Dow and society.
The challenge going forward is to remain focused on addressing these big, critical and complex
issues – like climate change and ocean waste – that demand answers. And then find a way to use
our scale, science and collaborations to help.
Q So, you’re not just talking about inside-the-fenceline solutions?

A Implementing sustainability solutions inside the fenceline is important. And we’re working on
those and we’ll continue to find ways to make our manufacturing facilities more efficient and
aligned with our larger sustainability efforts.
But increasingly we’re thinking bigger and more broadly. We want to drive transformational
change. Our ambition is to be the most innovative, customer-centric, inclusive and sustainable
materials science company in the world. And we can’t do that if we only focus on inside-the-
fenceline solutions.
So, we’re taking a long look throughout our value chain. Our approach to creating a more circular
economy is a great example. We want to close the loop on plastic waste by ensuring our products
Jim Fitterling have the potential to be recycled. But that’s just part of the equation. To be truly successful, we
also need to help find a way to stop the waste in the first place by ending the linear “take-make-
Chairman and
Chief Executive Officer and-dispose” economy that’s so common today.
We can’t do that by ourselves. That’s why we’re collaborating with value chain partners,
governments, and other stakeholders across the globe for waste management solutions and
advanced recycling solutions that can be tested and scaled.
5
LEADERSHIP MESSAGES Q Dow just announced new sustainability targets. How do these new sustainability
targets help address our sustainability priorities and move us forward?
Q&A A The new targets we just announced are all about advancing a circular economy and climate
protection. The targets build on our commitment to lead the transition to a more sustainable
with Our future by putting Dow on a path to achieve carbon neutrality and eliminate plastic waste in our
environment. You can read more about our targets here.
Chairman Q Talk a little about Dow’s path to realizing these new targets. How will Dow get there?
and CEO A These targets are ambitious. Realizing them is going to be challenging. It will take investment,
innovation and collaboration, and it will require a real step-change in how we work. For example,
meeting our commitment to reduce our 2030 annual emissions by 5 million metric tons from our
current baseline, which is about a 15% reduction, will only be possible through technological
innovation.
Dow already has had a lot of success in reducing emissions. In the past 15 years, we’ve reduced
our overall greenhouse gas emissions by 15%. Dow is among the top 25 global corporations
in terms of renewable power use. We have contracts for wind, solar, biomass, landfill gas and
hydropower. In fact, Dow is on track to achieve our 2025 Sustainability Goal target of sourcing
750 MW of renewable power capacity. But to achieve the reliability and efficiency we need to
meet our future energy needs and reduce our emissions, we’ll need new solutions that we haven’t
designed yet.
To meet our targets, we’re accelerating our work to implement and advance technologies
to manufacture our products using fewer resources. For example, at our Plaquemine site in
Louisiana, we are retrofitting a mixed-feed cracker to produce propylene with our proprietary
fluidized catalytic dehydrogenation technology. The project will reduce energy use and
greenhouse gas emissions by up to 20% versus conventional technology. We also will work to
increase the share of our products that enhance environmental performance for our customers
and society.
Honing our focus: Introducing
targets aimed at:
Today’s Circular Economy
Ambitious challenges Carbon
2025 demand Reduction
Climate Protection
Sustainability accelerated
Goals action Eliminating
Safer Materials Plastic Waste
Jim Fitterling
Chairman and
Continuing
Chief Executive Officer our
progress:
Leading the Delivering Advancing Valuing Safe Engaging World-Leading
Blueprint Breakthrough a Circular Nature Materials for For Impact: Operations
Innovations Economy a Sustainable Communities, Performance
Employees,
Planet
Customers 6
LEADERSHIP MESSAGES
Q Has the COVID-19 pandemic changed Dow’s immediate focus on sustainability?
Q&A A Not at all. I’ve seen some people predict that sustainability efforts worldwide may suffer
setbacks as organizations reprioritize. But our view is that our work on sustainability simply
with Our cannot wait. We are leaning in.
Chairman If anything, this pandemic has amplified how important it is to put our corporate sustainability
principles into action. It’s demonstrated how interdependent we all are, and how we all depend
and CEO on one Earth for our prosperity. And it’s showcased the role business can play in solving real-
world challenges.
More than anything, it’s underlined how meaningful collaborations are necessary to tackle
tough challenges. A crisis of this magnitude needs everyone working together, and business
plays an important role. I couldn’t be prouder of Team Dow and how we’ve responded to the
needs of our customers, suppliers, communities and government partners to supply materials
for life-critical applications, such as hand sanitizer, disinfectants, IV bags and personal
protective equipment.
When we emerge from this pandemic, I hope we all carry forward the lessons of how sharing
our skills, compassion and know-how makes society stronger and our collective actions more
effective – whether we face a pandemic or a global challenge such as climate change.
Q Why is Dow rolling out these targets now, especially with the immediate business
challenges of the COVID-19 pandemic?
A Even as we operate business in this new reality, we can’t lose sight of challenges such as
climate change and plastic waste. These are issues that affect all of us.
In fact, we can learn from the high levels of collaboration and information-sharing that we’re
seeing to meet the challenges of this pandemic and apply that mindset to sustainability.
The world needs leadership in environmental sustainability. As a global materials science
company, we have the responsibility to help reduce carbon emissions and use our science to
lead into a carbon-neutral future.
Our materials science expertise can help brand owners design and manufacture more
sustainable, circular-driven products. And because of our scale, we also can lead collaborations
that drive positive value for the environment, society, and our business.
Jim Fitterling Setting aggressive targets like this help us demonstrate and drive our commitment. They
Chairman and challenge us to use our innovation and expertise to find scalable and replicable business
Chief Executive Officer solutions that will support systematic, sustainable transformation.
7
LEADERSHIP MESSAGES Q You often talk about how the issues of climate protection and a circular economy are
intertwined. How do Dow’s targets around plastic waste also help address carbon
Q&A neutrality?
with Our A They’re definitely inter-related. A circular economy — keeping materials in use — can reduce
emissions and plastic pollution. Research shows that recycling a metric ton of plastic can reduce
Chairman
carbon emissions by 1-3 metric tons of carbon dioxide equivalents, compared to virgin plastic
production.
and CEO Plastics, too, are an indispensable part of a lower-carbon economy. Think about the auto industry
alone – where lighter-weight plastics have helped increase auto fuel efficiency by 29% while
decreasing related greenhouse gas emissions by 23%. Plastics also provide the world’s growing
population with more access to fresh foods and safe drinking water while reducing food spoilage
and waste. That translates directly into lower carbon emissions in the supply chain, plus a better
and healthier quality of life for people.
In that regard, plastics have been a tremendous positive for mankind. But there’s a negative side
to this success – and that’s plastic waste. It not only is harming our Earth’s biosystems, it’s doing
so at a steep economic cost. The amount of plastic the world wastes every year has an inherent
raw material value ranging from $80-120 billion.
As a society globally, we lack the infrastructure to deal with the amount of waste that
we generate, and that’s what we’re trying to tackle. We’re working with and standing up
organizations like the Alliance to End Plastic Waste to invest in proof-of-concept projects to
drastically improve waste collection, particularly in South Asia where the issue is so critical. We’re
also looking for ways to create demand for recycled plastics. In fact, Dow was named to Forbes’
2019 “Change the World” list of companies for our use of recycled plastics in roads. We’ve
worked with partners across the world to make polymer-modified asphalt roads with recycled
plastic.
Q Do you think that Dow will meet its ambition to become the most sustainable
materials science company?
A Absolutely. We’re going to be carbon neutral. We’re going to close the loop on water. We’re going
to reduce our energy intensity. We’re going to use renewable or recycled feedstocks instead of
using virgin feedstocks from a natural gas well. And we’re working on projects that are advancing
these goals today.
Jim Fitterling The many projects you’ll read about in our 2019 Sustainability Report are based on decades of
practical experience in sustainability. We are currently on our third set of sustainability goals – and
Chairman and
Chief Executive Officer from each set of goals, we've improved, we’ve learned and we've decided to challenge ourselves
even further.
I have complete faith that Team Dow will find the answers to meet our targets – and, more
importantly, advance the solutions we need to achieve the sustainable future we desire.
8
INTRODUCTION
New
Targets
Accelerating Our Sustainability Agenda

With the publication of this report, we are announcing new, progressive, multi-decade targets around
advancing a circular economy and climate protection. Building on our 2025 Sustainability Goals, these
targets are designed to put us on a path to achieve carbon neutrality, eliminate plastic waste in our
environment and increase our positive impacts for our customers, society and our business. We understand
Learn more about that achieving these ambitious targets will take commitment, investment, innovation and collaboration.
our approach
New Targets
to eliminating Today, more than ever, the world needs leadership in environmental sustainability. That is why we are
plastic waste and focusing on reducing our impact on the environment by working simultaneously on two closely linked issues:
reducing carbon reducing carbon emissions and eliminating plastic waste.
emissions.
Climate Protection Advancing a Circular Economy
We are committed to implementing and advancing technologies We set these ambitious targets around a central idea: to
to manufacture our products using less resources. make the world’s plastic waste problem a thing of the past.
Find out more

about our
2019 progress
against our 2025
Sustainability
Goals.
Protect the Climate Stop the Waste Close the Loop
9
OUR BUSINESS
Company
Highlights
Company Profile GRI 102-1, GRI 102-5, GRI 102-7, GRI 201-103
At Dow, our people use science and collaboration to create what matters most to our customers, society
and the planet. Our ambition to be the world’s most innovative, customer-centric, inclusive and sustainable
materials science company drives best-in-class performance and a culture where new ideas thrive. We
combine global breadth, asset integration and scale, focused innovation and leading business positions
to achieve profitable growth. Our portfolio of plastics, industrial intermediates, coatings and silicones
businesses delivers a broad range of differentiated, science-based products and solutions in high-growth
2019 NET SALES market segments such as packaging, infrastructure and consumer care.
$43B
Dow Inc. had 741,678,966 shares of common stock outstanding at January 31, 2020.
INNOVATIVE CUSTOMER-CENTRIC
Alongside our customers, we create materials We collaborate closely with our customers
and solutions for a better tomorrow. to help invent solutions to their toughest
challenges and strive to make it easier, more
enjoyable and more effective to do business
CUS
TOM with us – in person or virtually.
VATIVE ER-
NO GOAL: CEN
IN TRI
VALUE GROWTH
C
EMPLOYEES & BEST-IN-CLASS
BLE
INC PERFORMANCE
~36,500
LUS A
We champion a fully IVE TAIN We are committed to
inclusive workforce that reflects SUS leading the transition to a
the world in which we do business. more sustainable planet – through our
Bringing the best minds to the table empowers operations, product innovations and
our employees to exceed customer expectations partnerships – as we strive to make a
every day. positive impact on society and the world.
INCLUSIVE SUSTAINABLE
10
OUR BUSINESS
Company
Highlights
2019 Business Highlights

In 2019, Dow delivered net sales of $43.0 billion, down 13% from $49.6 billion in 2018.
APR 2 Financial Highlights (Millions of Dollars) GRI 102-7, GRI 201-1
2019 Economic value generated, distributed and retained 2019 20181
Net sales $42,951 $49,604
Pro forma net sales $42,998 $49,852
Dow Inc. begins Operating costs $31,534 $35,774
Wages/benefits $5,322 $5,708
trading on the Payments to providers of capital $3,098 $4,862
NYSE Payments to governments

Community investments
Economic value retained
$1,386
$342
$1,758
$2,003
$41
$1,216
after the Total debt $16,996 $19,889
Materials Total equity $14,094 $33,621

Total capitalization $31,090 $53,510
Science Division 1
Applicable values for 2018 have been updated in accordance with the Current Report on Form 8-K for Dow Inc. and TDCC, filed with the U.S. Securities and Exchange Commission on July 25,
2019, which recast portions of the TDCC Annual Report on Form 10-K for the year ended December 31, 2018 to reflect the results of Dow and its consolidated subsidiaries, after giving effect to
separates from the distribution to DowDuPont of TDCC’s agricultural sciences business and specialty products business and the receipt of DuPont's ethylene and ethylene copolymers businesses (other than its
ethylene acrylic elastomers business) from the closing of the Merger on August 31, 2017.
DowDuPont
2
Includes charitable cash and in-kind donations and represents only a portion of the total value of Dow community contributions, which also includes volunteer time as well as other forms of
financial support.
Pro Forma Net Sales by Geographic Region (Millions of Dollars) 2019 Taxes (Payments to Governments)
$4,115
Latin America 543 U.S. & Canada
$15,582 493
$8,683 U.S. & Canada
EMEAI
Asia Pacific
$42,998 195 Asia Pacific
155 Latin America
0 100 200 300 400 500 600

$14,618
EMEAI Millions of Dollars
11
OUR BUSINESS
Company 109
manufacturing sites
12
Innovation Centers in
Highlights in 31 countries 10 countries on 4 continents
Location of Operations GRI 102-3, GRI 102-4
With global headquarters in Midland, Michigan, Dow operates 109 manufacturing sites in 31 countries. Major manufacturing operations are
located in Argentina, Brazil, Canada, China, Germany, The Netherlands, Spain, Thailand, United Kingdom, and the United States.
Europe, Middle East, Africa & India
37 manufacturing sites
in 15 countries
North America
in 2 countries
Asia Pacific
in 10 countries
Latin America
in 4 countries
12
OUR BUSINESS Business Segments and Products GRI 102-2, GRI 102-6
Business Dow combines chemistry, biology and physics to create innovative products in several key markets. We
work with experts in almost every industry to help solve materials science challenges that help advance
Overview our customers’ business goals and contribute to a more sustainable world. Our portfolio includes six global
businesses that are organized into the three following operating segments:
Packaging & Specialty Performance Materials

Innovating Plastics & Coatings
Breakthrough,
Sustainable $20,245MM $8,961MM
Products LEARN MORE LEARN MORE
Plant-based emulsions
that enable paints
with higher renewable
content. Reworkable
silicone gels that allow
for easy disassembly
so smartphones can
be repaired or their $42,998MM
components recycled.
Polyols made from
end-of-life mattresses
that find new life in
construction applications.
These new Dow products
were recognized as
breakthrough, sustainable
innovations by Business
Insider in 2019.
Industrial Intermediates
LEARN MORE
& Infrastructure
2019 Pro Forma Net Sales $13,449MM

Results for the first quarter of 2019 and periods prior are prepared on a pro forma basis. Results for the second quarter of LEARN MORE
2019 and subsequent periods are prepared on an as-reported basis. 2019 Corporate Segment pro forma sales were $343MM.
13
OUR BUSINESS
Business
Overview
Packaging & Specialty Plastics

Our Plastics franchise consists of two highly integrated global businesses:
Packaging and Hydrocarbons &

Specialty Plastics Energy
14
OUR BUSINESS
Business
Overview
Industrial Intermediates & Infrastructure

Industrial Intermediates & Infrastructure consists of two customer-centric global businesses that develop important
intermediate chemicals that are essential to manufacturing processes, as well as downstream, customized materials
and formulations that use advanced development technologies.
Polyurethanes
Industrial Solutions & Construction
Chemicals
15
OUR BUSINESS
Business
Overview
Performance Materials & Coatings

Performance Materials & Coatings includes industry-leading franchises that deliver a wide array of solutions into
consumer and infrastructure end-markets. The segment consists of two global businesses:
Coatings &
Performance Consumer Solutions
Monomers
16
S U S TA I N A B I L I T Y
OVERVIEW
Sustainability
Priorities
Partnering to Solve Global Challenges

The world is changing. As populations increase, consumption patterns change and resources diminish, societies across the globe
need to find new ways to balance economic progress with sustainability. One of the great challenges of our time is reconciling
the needs of a growing population for food, clean water and energy with our planet’s limited resources. We believe a sustainable
future is attainable, but only if we all come together to drive forward science- and technology-based solutions to address global
challenges.
We are doing this by connecting and collaborating to find new options for materials that make life better for everyone. Our 2025
Sustainability Goals continue to guide us in driving meaningful change and scaling business solutions that will help lead the
transition to a sustainable planet and society, and our World-Leading Operations performance is foundational to our progress.
Our Focus Areas

Our sustainability efforts are focused on three areas that are critical to our business and where we believe we can make a
difference.
Circular Climate Safer

Economy Protection Materials
17
OVERVIEW
Focus
Areas
Advancing a Circular Economy

Learn more about
how we’re helping Because of our leadership position in manufacturing and materials technology, as well as our global reach
across many sectors, we have the opportunity to take a leading role in supporting the development and
to clean up India’s
implementation of the circular economy, taking into account a product’s lifecycle – from creation to use
Holy River.
to disposal – in everything we do and create. As we transform to a circular economy, we’re thinking about
waste as a resource and investing in new product technology, value chain partnerships, business models,
logistics and infrastructure to help discover and scale sustainable solutions.
Our Successes
Stepping up
our reporting
through
Innovating Partnering to Working Across the
Operation
Sustainable Recycle Wastewater Value Chain
Clean Sweep Packaging See how we’re working with Find out how we’re taking
our partners to reuse and steps to put an end to
Learn how we’re designing
recycle water so there’s more mattress waste.
products for recyclability.
LEARN MORE for communities.
18
OVERVIEW
Focus
Areas
Advancing a Circular Economy
Working to Create a Circular World for Our Approach

Plastic As the world’s largest producer of plastics, we are committed to find
Plastics have revolutionized the lives of people everywhere by helping ways in which we can continue to provide the convenience, protection,
make goods lighter weight and thus saving emissions, improving affordability and safety of plastics, while also ensuring that none of the
health and hygiene, extending the freshness of food and dramatically plastic ends up in the environment or is lost to the landfill.
reducing food waste. However, insufficient global waste management In the past year, Dow has engaged in more than 100 projects to
and recycling infrastructure and low recycling rates have resulted in too promote a more circular economy for plastics, including those
much plastic being lost to waste and entering our natural environment. described below.
Keeping Plastic Out of the Environment Increasing Impact Through Partnerships Delivering Circular Economy Solutions
Hefty® EnergyBag® Program: LEARN Fuenix Ecogy Partnership:

Teaming up with Keep America MORE
Partnership for the supply of a
Beautiful, Reynolds Consumer Products
new feedstock made from recycled
to collect hard-to-recycle plastics at Founding member of the Alliance to End Plastic Waste,
plastic waste to
curbside and convert them to resources an initiative to accelerate efforts to drive innovation,
produce new LEARN
such as fuel >400,000 households provide much-needed resources and take decisive MORE
Dow polymers
LEARN 458 tons to U.S. waste action to put an end to plastic waste in the environment
MORE
Circulate Capital Ocean Fund: UPM Biofuels Partnership:

Recycled Plastic Roads: Collaborating Partnering to commercialize a
across the globe to construct polymer- Founding investor in $100MM effort
to incubate and finance companies plastic for packaging made from
modified asphalt roads with post- a bio-based
consumer recycled plastic and infrastructure that prevent LEARN
ocean waste renewable feedstock MORE
LEARN
MORE
#PullingOurWeight: RecycleReady Technology:

Project MASARO: Combining Working with the Ocean Conservancy, Worked with Kellogg’s Bear
education, technology and Dow employees, customers and other Naked® granola division and
infrastructure to turn waste into partners are cleaning up trash in their Berry Global to develop the
valuable materials for communities first fully-recyclable stand-up
local communities LEARN
>18,000 participants LEARN
barrier pouch made for food
MORE
in Indonesia MORE 175 cleanups globally packaging 19
OVERVIEW
Focus
Areas
Contributing to Climate Protection
Addressing climate change is one of the major challenges to achieving a sustainable future. As both a major user of energy and a producer
of technologies that are essential to a lower-carbon economy, we have a responsibility to act. Within our own operations, we are optimizing
efficiency, investing in renewable energy sources and innovating new low-emission production processes. We also are collaborating with our
customers to produce products that contribute to a lower carbon footprint.
Our Successes
Optimizing Our Increasing Evaluating Developing Deploying

Facilities and Renewables in Investments in Low-Carbon Materials to Help
Processes Our Purchased Carbon Capture, Technologies Reduce Emissions
We continue to look Power Mix Usage and Storage for Emission for Customers and
for ways to improve (CCUS) Reductions Industries
We are the No. 1 user
energy and emissions of clean energy in our CCUS is a critical We’re working to We’re collaborating
savings in our industry. transitioning technology innovate next- with the International
operations. that will assist in the generation technologies Olympic Committee to
transition to a lower- that could potentially harness the power of
carbon economy enable us to make sports and science to
while new low- a step-change in accelerate the adoption
emission technology is reducing our emissions. of lower-carbon
developed. technologies across
various industry value
chains.
20
Our Climate Strategy: Reducing Our Impact GRI 201-2
OVERVIEW We aspire to become carbon neutral* by 2050. Through our 2025 Goals, we are seeking to keep our
absolute greenhouse gas (GHG) emissions below our 2006 baseline, although we continue to grow our
Focus company globally. In addition, we are committed to obtaining 750 MW of our power from renewable
resources by 2025. In the past 15 years, we have reduced our overall GHG emissions by 15%.
Areas While we have made progress with our 2025 Sustainability Goals, we are taking bigger and bolder actions
to lesson our impact moving forward. In June 2020, we announced a new, multi-decade carbon target
to reduce our net annual carbon emission by 5 million metric tons versus our 2020 baseline, which is
approximately a 15% reduction. Learn more.
Our Approach
The Executive Sustainability Team ensures progress is made against our 2025 Sustainability Goals. In
Highlight addition, our carbon focus group aligns senior leadership from across our businesses and functions, and
drives all aspects of our initiatives around carbon emissions. Specific steering teams under the carbon focus
group's direction address all aspects of Dow’s strategy to achieve these objectives. Read more about our
We’re planting seeds to risk management strategy.
slow climate change.
Partnering for Progress
LEARN MORE In addition to optimizing our own operations, we are working on next-generation GHG management
technologies and strategies for mitigating climate change. Collaboration in this space is essential, as
four-fifths of our Scope 1-3 emissions are indirect. As both a major user of energy and a producer of
technologies that are essential to a lower-carbon economy – and as the No. 1 user of clean energy in our
Climate change has industry – we can bring a unique perspective. Among our actions:
serious consequences
for the global economy
and people’s health
and well-being. We
also support the Paris
Agreement and are Climate
committed to achieving Carbon Industry
its goal of keeping Mitigation Innovation
global temperature rise Pricing Collaborations
well below 2ºC, and to Strategies
pursue efforts to limit the
increase to 1.5ºC.
* Scopes 1, 2, 3, plus product benefits
21
OVERVIEW
Focus
Areas
Innovating Safer Materials
Did You A sustainable future can’t be achieved without considering chemistry – the foundation upon which countless
Know? products are built. More than 96% of the world’s manufactured goods are enabled by chemistry, and the
potential of chemistry to bring social and environmental value is limitless. We are committed to innovating
sustainable materials and improving the way the world understands and considers science in decision-
48%
OF SALES are from
making to maximize benefits to businesses, society and the planet.
Read more about how we continually look for improvement opportunities at each stage of the life cycle of
products that address our products.
world challenges
Our Successes
76%
OF R&D PROJECTS
address world challenges
2019 results based on SCI reporting
Innovating Advancing Promoting Open

Sustainable Product Safety and Transparent
Our Materials Find out how we’re Chemistry
Sustainable We’re using our materials
collaborating with diverse
Discover how we’re working
Chemistry stakeholders to advance
science to help innovate with value chain partners to
Index product safety information.
more sustainable solutions advance product safety and
for our customers and the transparency.
planet.
22
OVERVIEW
Goal
Updates
2025 Sustainability Goals

In 2015, we announced our 2025 Sustainability Goals, a set of strategic 10-year goals that aim to expand our positive impact around the
world by driving unprecedented collaborations to facilitate the transition to a sustainable planet and society. These goals, the Company’s third
set of sustainability-related goals since 1995, build upon its previous two decades of goals. Our 2005 Environment, Health & Safety Goals
resulted in $5 billion in waste, water, energy and safety-related savings. Our 2015 Sustainability Goals focused on providing more sustainable
products and solutions addressing global challenges related to food waste and security, energy, sustainable water supply and health.
Our Sustainability Journey

Our 2025 Sustainability Goals support progress against our focus areas of Climate Protection, Circular Economy and Safer Materials. We’ve
also continued to refine the goals and targets as our business and the expectations of our stakeholders has changed.
2025 Sustainability Goals

Dow’s Thought Leadership and Actions
2015 Sustainability Goals Dow’s Blueprint

Product Solutions to World Challenges Changes in technology, public policy and the value
chain that lead human society toward sustainability
2005 EH&S Goals Dow’s Handprint

Journey to EH&S Excellence Products and services that help customers meet their challenges
Dow’s Footprint and EH&S Culture

World-leading operations and supply chain performance
1995 2006 2016 2025
23
OVERVIEW
Goal
Updates
2025 Sustainability Goal Updates

Nearing the halfway point of our 2025 Sustainability Goals, we have made significant progress.
Leading the Delivering Advancing Valuing Nature Safe Materials Engaging World-Leading
Blueprint Breakthrough a Circular Dow applies a for a Sustainable for Impact: Operations
Dow leads in Innovations Economy business decision Planet Communities, Performance
developing societal process that values Employees,
Dow delivers Dow advances a We envision a future Dow maintains world-
blueprints that nature, which will Customers
breakthrough circular economy by where every material leading operations
integrate public policy deliver business value
sustainable chemistry delivering solutions we bring to market performance in
solutions, science and and natural capital We believe, whether
innovations to close the resource is sustainable for natural resource
technology, and value value through projects through the
that advance the well- loops in key markets. our people and our efficiency,
chain innovation to that are good for dedication of time,
being of humanity. planet. environment, health
facilitate the transition business and better talent or expertise,
and safety.
to a sustainable for ecosystems. that volunteering
planet and society. promotes a positive
employee experience,
further supports our
global citizenship
priorities and
investments, and
ultimately, advances
Dow’s ambition.
LEARN MORE LEARN MORE LEARN MORE LEARN MORE LEARN MORE LEARN MORE LEARN MORE
24
OVERVIEW
Alignment
to UN SDGs
Alignment to UN Sustainable Development Goals (SDGs)

Dow’s 2025 Sustainability Goals were developed at the same time and with an awareness of the process for defining the UN SDGs. The
UN SDGs help us identify several different paths to support business goals and our ambition to be the most sustainable materials science
company in the world. At some level, our 2025 Goals impact each of the 17 UN Development Goals. Dow’s high-level alignments to the SDGs
are described here.
SDGs that are an opportunity

for Dow to lead
SDGs that are an opportunity

to engage and contribute
BUSINESS OPPORTUNITY BUSINESS RISK

SDGs that present business
opportunities and risks
SDGs that Dow currently

negatively impacts
25
E N V I R O N M E N TA L
I M PA C T
Management
Approach
A Commitment to World-Leading Environmental Performance

E N V I R O N M E N T, H E A LT H GRI 305-103, GRI 307-103
AND SAFETY POLICY Dow is committed to world-class environmental, health and safety (EH&S) performance, as demonstrated
At Dow, protecting people by industry-leading results, a long-standing commitment to Responsible Care® and a strong commitment to
and the environment is a achieve the Company’s 2025 Sustainability Goals.
part of everything we do
To meet the Company’s public commitments, as well as the laws and government regulations related to
and every decision we
environmental protection and remediation to which its global operations are subject, Dow has well-defined
make. Each employee
policies, requirements and management systems.
has a responsibility in
ensuring that our products
and operations meet Managing EH&S Performance
applicable government or Dow’s EH&S Management System (EMS) defines the “who, what, when and how” needed for the
Dow standards, whichever businesses to achieve the Company’s policies, requirements, performance objectives, leadership
is more stringent. Our expectations and public commitments. To ensure effective utilizations, the EMS is integrated into a
goal is to eliminate all company-wide management system for EH&S, Operations, Quality and Human Resources.
injuries, prevent adverse
Responsible Care
environmental and
health impacts, reduce Dow believes third-party verification and transparent public reporting are cornerstones of world-class EH&S
waste and emissions, performance and building public trust. Numerous Dow sites in Europe, Latin America, Asia Pacific, the
and promote resource United States and Canada have received third-party verification of Dow’s compliance with Responsible Care
conservation at every and with outside specifications such as ISO-14001. Dow continues to be a global champion of Responsible
stage of the life cycle Care and has worked to broaden the application and impact of Responsible Care around the world through
of our products. We will engagement with suppliers, customers and joint venture partners.
report our progress and be Waste and Emissions Inventory
responsive to the public. Dow manages environmental data for reporting with a Waste and Emissions Inventory system. All emitting
manufacturing sites globally record their emissions into the system annually. The data is reviewed at the
facility level and then by global coordinators before being aggregated for corporate reporting.
26
I M PA C T
Summary
Metrics
Summary Metrics
Metric Unit 2018 2019
Energy intensity Btu per lb of production 4,756 4,711
Scope 1 GHG emissions Millions of metric tons CO2e 28.7 27.6
Combined Scope 1 and 2 GHG intensity Lb of CO2e per lb of production 0.76 0.74
Ozone-depleting compound emissions Metric tons as CFC-11e 1.74 1.51
Nitrogen oxide emissions Metric tons 19,864 18,534
Sulfur oxide emissions Metric tons 2,614 2,573
Volatile organic compounds (VOC) emissions Metric tons 7,583 7,534
Chemical emissions to air and water Metric tons 12,625 13,914
Emissions of priority chemicals to air and water Metric tons 258 248
Freshwater intake Millions of cubic meters 2,040 2,075
Wastewater Millions of metric tons 130.6 129.3
Wastewater intensity Lb of wastewater per lb of production 2.80 2.83
Waste Millions of metric tons 1.44 1.32
Waste intensity Lb of waste per lb of production 0.031 0.029
27
I M PA C T
Materials
Materials Used GRI 301-1, GRI 301-2, GRI 301-103
The Company operates in an integrated manufacturing environment. Basic raw materials are processed
through multiple operations to make products that are sold to external customers and used as intermediates
Key Raw to further downstream Dow operations. The major raw material stream that feeds the production of the
Materials Company’s finished goods is hydrocarbon-based raw materials.
Summary
Dow’s Integrated Manufacturing Environment

High-Throughput
Ethylene Oxide Research
Siloxanes & Silicones
Acrylic Acid
GAS Catalyst Discovery & Packaging
#1 Leading Global Positions
Propylene Oxide Ligand Synthesis Architectural Coatings
Innovative Solutions for

Technology Capabilities
Propylene Oxide
Attractive Markets
Materials Platforms
Polyolefins & Polymer Science Propylene Glycol

Raw Materials
Elastomers Polyols
Materials Science
Purified Ethylene Oxide
OIL Silicones Infrastructure
Amines
Formulation Sciences
Solvents
Polyurethanes
Process Engineering Ethylene
Polyethylene
Acrylics High-Performance Ethylene Copolymers
MINERALS Computer Modeling Consumer
Elastomers & Plastomers
Cellulosics Application Development Polyethylene Licensing
28
I M PA C T
Materials
Raw Material Efficiency

Did You Total quantity of raw material is not aggregated across the corporation, as it would not provide a metric
Know? that would drive improvements. We do track raw material efficiency as one of the metrics that comprise the
Environmental Stewardship Index, one of the four indices tracked under our World-Leading Operations
Performance Goal. To assess the raw material efficiency index, each of the company’s business units
In 2019, businesses determines a relevant material efficiency metric, sets annual commitments that translate into monetary
savings, and reports regularly on progress to business and corporate leadership.
achieved raw
material savings of Measuring material efficiency provides a direct driver to improve activities such as:
• Process parameter adjustments to improve yield
$65.3MM • Increased frequency of tracking and internal reporting of specific materials use
• Raw material quality improvements that result in more efficient use
• Waste minimization through equipment reliability improvements
A circular economy is one of the three sustainability focus areas that we've identified as critical to our
business and where we can make a difference. In June 2020, we announced new targets aimed at
eliminating plastic waste:
• By 2030, Dow will STOP THE WASTE by enabling 1 million metric tons of plastic to be collected, reused
or recycled through its direct actions and partnerships.
• By 2035, Dow will CLOSE THE LOOP by enabling 100% of Dow products sold into packaging
applications to be reusable or recyclable.
We will report on progress toward these targets in future reports.
29
Energy and Greenhouse Gas (GHG) Emissions Management GRI 302-103
E N V I R O N M E N TA L Dow operates our manufacturing assets safely and reliably, and to create value for all our stakeholders. Our
Energy Business, as a part of the Feedstocks & Energy business, manages the commercial relationships
I M PA C T
for the power, steam, emission credits and industrial gases required for Dow’s operations. Many of Dow’s
Energy initiatives around carbon and emissions are also managed by the Energy Business. The business is led by a
Global Energy & Climate Change Director, and a team of regional directors and energy managers who define
the best integrated asset and commercial strategies for major sites and the company exposures. The Energy
Technology Center supports the efforts to optimize energy use and emissions through the implementation
of energy efficiency projects within Dow’s sites. Dow’s Energy Business manages a portfolio of power and
steam production assets, as well as fuel, steam and power purchases.
Most of the power Energy Consumption Within the Organization GRI 302-1
and steam consumed In 2019, our energy intensity was 4711 Btu/lb produced. This represents total energy, power, steam,
for operation of compressed air, cooling water pumps and other equipment used by manufacturing facilities. Energy intensity
has remained relatively flat since 2005. GRI 302-3
our manufacturing
processes comes from Purchased electricity includes renewable sources
Fuel Source Capacity (MW) Consumption (Million GJ)
combined heat and Source Million GJ
Wind 375 4.356
power (CHP) plants. Purchased Natural Gas 373
Hydro 147 4.222
The CHP plants Off Gas from Feedstock 261
Biomass 17 0.134
provide power and Purchased Electricity 38
Landfill Gas 3 0.045
steam to production Power Sold 29
Solar 0.5 0.002
facilities using Net Purchased Power 9
Total 542 8.760
20-40%
Purchased Steam 41
Net Use 684 Purchased steam includes renewable sources*
less fuel
Fuel Source Consumption (Million GJ)
Biomass 5.958
Total 5.958
than conventional power External Energy Consumption (Million GJ) * Previous year’s representation did not separate purchased sources of
generation – emitting renewable electricity and renewable steam.
11
fewer GHGs.
24 44 Energy Consumption Outside of the Organization GRI 302-2
142
Fossil
Energy consumption outside of the organization is estimated
Nuclear using primary data for purchased quantities of raw materials
Biomass and representative datasets for cumulative energy demand from
2173 Wind, Solar,
Geothermal
the Ecoinvent v3 database. In previous estimates based on
secondary data, purchased goods was identified as the largest
Hydro
contributor to energy consumption outside of the organization.
For 2019, only this category was calculated.
1952 30
I M PA C T
Energy
Clean Energy
Did You Under our 2025 Sustainability Goals, Dow has committed to obtain 750 MW of its power demand from
Know? renewable sources by 2025. Dow purchases renewable energy in Europe, Latin America, U.S. and Canada.
Because the economics for renewables vary, we utilize wind, solar, hydropower, biomass and land fill gas,
depending on the location. All projects are selected based on the lowest long-term cost of power or steam
Dow is the No. 1 user
from available alternatives. We support contract-based additionality of renewable power where our assets
of clean energy in the
operate, helping industry and residents alike.
chemicals industry
and ranks among the In 2019, we added to our renewable capacity by implementing a wind power contract for 20 MW to support
our Bahia Blanca site in Argentina. We also laid groundwork for an additional 25 MW of solar power capacity
TOP 25 to support our Carrollton, Kentucky, site beginning in 2022, and for approximately 143 MW of wind power
capacity to support our Aratu, Brazil, site beginning in 2021. By the end of 2019, we had in place contracts
global corporations for 542 MW of renewable power, as well as 244 MW of renewable steam.
in terms of renewable
power use.
In 2019, Dow engaged with the World Business Council for Sustainable
Development’s (WBCSD) REscale team, which brings together leading
companies representing the full renewable energy value chain to
accelerate deployment of renewables and the transition to a low-
carbon electricity system. Dow participated in REscale Brazil deep-dive
workshops designed to increase the understanding and use of corporate
renewable power purchase agreements.
31
I M PA C T
Emissions
Emissions and Carbon Intensity GRI 305-4
In 2019, our greenhouse gas intensity was down approximately 3% from 2018 and by a total of approximately 13% since the baseline year of 2006. In
pursuit of our 2025 Sustainability Goals target to hold our absolute greenhouse gas emissions to our 2006 baseline, we are focused on a wide range of
strategies to reduce emissions in our operations while increasing our energy efficiency.
Scope 1 and Scope 2 GHG Emissions GRI 305-1, GRI 305-2
Greenhouse gases are accounted for in accordance with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard and using
emission factors from the IPCC Fifth Assessment Report. Historic data takes into account any divestitures, mergers and acquisitions, and may change
to reflect those activities.
Scope 1 and 2 Greenhouse Gas Emissions GHG Emissions Intensity
50 1.000
Emissions per Unit Production

Sum of Scope 1 + Scope 2 0.900
42.1 Goal Maximum .80
Millions of Metric Tons of
40 (2006 baseline) 0.800 .77 .76 .76 .74

CO2 Equivalents
Indirect Greenhouse Gas 0.700 Total GHG

6.05 Emissions as CO2e Intensity is
30 (Millions of Metric Tons) 0.600
.05 the sum of
Non-Kyoto GHGs as CO2e 0.500
27.5 direct and
20 (Millions of Metric Tons) 0.400 indirect
Kyoto GHGs as CO2e 0.300 emissions
(Millions of Metric Tons) (Scope 1 +
10 0.200 Scope 2)
0.100 per unit of
0 0 production.
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
32
I M PA C T
Emissions
Scope 3 Greenhouse Scope 3 Emissions GRI 305-3
Gas Emissions Other indirect (Scope 3) GHG emissions occur from sources not owned or controlled by Dow. We have assessed
all Scope 3 categories according to the GHG Protocol’s Corporate Accounting Standard and the Corporate
(in Million Metric Tons CO2e)
Value Chain (Scope 3) Accounting and Reporting Standard, and the World Business Council for Sustainable
Development’s Guidance for Accounting and Reporting Corporate GHG Emissions in the Chemical Sector Value
8
4 Chain. The results are summarized in the chart on the left. Differences from values reported in 2018 are largely
4 Purchased
a result ofGoods & Services
updated calculation methodologies. Purchased raw materials continues to be the largest category of
Scope
Fuel 3 emissions
& Energy Relatedfor Dow. The most significant change from prior calculations is in the absolute quantity and
Activities
7 fraction of the total for the end-of-life treatment category. This is due to replacing a broad assumption about end-
End-of-Life Treatment of
of-life treatment method with more precise information collected from our business units as part of the Sustainable
Sold Products
Chemistry Index survey process.
8 Investments
Reduction
Downstream of Energy Consumption and GHG Emissions GRI 302-4,GRI 305-5
Transportation
& Distribution
Dow tracks energy and GHG intensity and consumption year over year as key metrics. While many projects
60 Other
implemented throughout the year have an impact in reducing both energy consumption and GHG emissions, the
following table outlines projects executed in 2019 that have had a material impact:
Purchased Goods & Services
Type of Energy Amount (in millions of Scope in Which Approx. Amount of GHG
Fuel & Energy Related Activities Project Summary Location Reduced kJ/Yr) Reduction Took Place Reduced (Metric Tons/Yr)
End-of-Life Treatment of
Use of hydrogen byproduct Hahnville Fuel 2,100,000 Scope 1, Scope 2 100,000
Sold Products
from ethylene cracker in
Investments site gas turbines
Downstream Transportation
Steam venting optimization Oyster Purchased power 1,100,000 Scope 2 160,000
& Distribution
project Creek and fuel
Other
Amines and butanol energy Hahnville Purchased power 640,000 Scope 1, Scope 2 32,000
efficiency improvements and fuel
Flare reduction from Multiple Fuel, raw material, 3,100,000 (net Scope 1 290,000 (net reduction
Ethylene Crackers Locations product flaring reduction across across cracker fleet)
cracker fleet)
Total 6,940,000 582,000
Note: Energy and emission savings were determined by comparing plant operating conditions before projects were implemented to conditions
after implementation. 33
In addition to the reduction of energy consumption and GHG emissions, in 2019, an industrial
demonstration project of a steam re-compressor was implemented at our Terneuzen site. The project
E N V I R O N M E N TA L upgrades excess low-pressure steam, generated as a byproduct of an exothermal polymerization reaction,
I M PA C T to useful steam that can support the site. The use of this technology on a larger scale has the potential to
reduce energy usage for steam generation in boilers and thus GHG emissions.
Emissions
Air Emissions GRI 305-6, GRI 305-7
Ozone-Depleting NOx SOx

Substances
In 2019, Dow was a key 2017 2017 2017
contributor in providing
insights into reports
published by the Center
2.87 20,117 2,837
for Climate and Energy 2018 2018 2018
Solutions (C2ES), a nonprofit
environmental organization. 1.74 19,864 2,614
2019 2019 2019
• The first report,
Pathways to 2050:
Alternative Scenarios for
1.51 18,534 2,573
Decarbonizing the U.S. Metric tons CFC-11e Metric tons Metric tons
Economy, is the product
of a collaborative exercise
led by C2ES that sought
to examine potential
scenarios that could VOC Chemicals to Air and Priority Compounds
enable the achievement
of mid-century
Water to Air and Water
decarbonization goals.
2017 2017 2017
• The second report,
Getting to Zero: A U.S. 7,205 11,717 257
Climate Agenda, outlines
2018 2018 2018
a comprehensive agenda
for decarbonizing the U.S.
economy by 2050, with
7,583 12,625 258
an emphasis on priority 2019 2019 2019
actions needed over the
coming decade. 7,534 13,914 248
Metric tons Metric tons Metric tons
34
I M PA C T
Water
Water Use Across Dow Facilities GRI 303-103
As one of the largest manufacturing companies in the world, we depend on a steady supply of water to create the
products that are essential for everyday life and human progress. The global challenge of protecting this supply
is addressed through a broad range of activities by the company – from understanding the specific watershed
stressors to recognizing the needs of other water users and required base environmental flows. In 2019, we
View Map made significant progress in quantifying the full value of water to our operation and embedding it in business
of Water- decisions. We also prioritized water conservation and reuse investments based on site-specific water risks. These
Stressed actions are required to define the path and costs associated with meeting our 2025 Sustainability Goals target of
Sites reducing freshwater intake at key water-stressed sites by 20%.
This section focuses primarily on the water footprint of our global operations. It also highlights examples of where
we leverage solutions from our own portfolio of business offerings and partner with others to improve sustainable
water management.
Sustainable Water Management
Developing sustainable water management practices is critical to our business. Establishing a long-term vision
for water is also a key part of our water management strategy and is reflected in several of our 2025 Dow
Sustainability Goals.
Dow 2025 Goal Alignment with Water Strategy

Leading the Blueprint Blueprint for Sustainable Watershed Management
Enabling a Circular Economy Water recycle projects at Dow manufacturing sites
Valuing Nature Projects that deliver value for Dow and for ecosystems
World-Leading Operations Performance Goal to reduce freshwater intake intensity by 20% at key water-stressed sites
Water-Stressed Sites
The Company has identified six of our manufacturing sites as key water-stressed sites. These sites are
designated based on a number of factors, including their location in a water-stressed watershed, water quality,
competition among users of the same watershed, local experience at the site and long-term projections.
Because water supply issues are evolving and not isolated to water-stressed sites, Dow also keeps track of
sites that are under a “watch list” where water challenges may occur.
35
I M PA C T
Water
Water Stewardship in Action GRI 303-1, GRI 306-5
A Ramsar site is a wetland site designated to be of international importance under the Ramsar Convention,
an international treaty for the conservation and sustainable use of wetlands. Among Dow’s six designated
water-stressed sites, two sites withdraw river water near sensitive wetlands areas listed in the Ramsar
Using Nature- wetlands database. In both cases, Dow has collaborated with a variety of stakeholders, including nearby
Based municipalities, to put in place strategies to reduce water stress in these regions.
Solutions for Utilizing an “every drop counts” mindset, we are contributing to water resilience in the areas of Terneuzen,
Cleaner Water The Netherlands, and Tarragona, Spain, by recycling and reusing wastewater in our operations to reduce
our water footprint. Currently, our recycle and reuse rate is about 20%. Because Dow has been working on
these endeavors for many years, we continue to look for innovative approaches to further progress.
Highlight
Constructed
wetlands still
performing after
25 years.
Terneuzen, The Netherlands Tarragona, Spain
LEARN MORE
36
I M PA C T
Water
Water Withdrawals GRI 303-3 Total Water Intake, All Sources
Water is used for a variety of purposes in Dow production facilities across the globe. Surface 3,300
water withdrawals are 65% freshwater and 35% seawater/brackish. The majority of the
Millions of Cubic Meters

3,189
3,200
freshwater intake is used for cooling and most of it is evaporated in cooling towers, returning
the water to the environment. In locations such as coastal production facilities where sea/ 3,100
brackish water is readily available, it is used for cooling and accounts for the high proportion of 3,000
seawater/brackish water in use at some locations. Rainwater is recovered in multiple locations
2,900
and reused for firewater and other purposes, but its volume compared to other intakes is
2,800
relatively small.
2,700
Only a small proportion of the water intake ends up in product (e.g. consumption). Past
assessment of water use in the sites with the highest freshwater intake showed that more than 2,600
2015 2016 2017 2018 2019
85% of the source water was returned within the watershed at equal or better quality than at
withdrawal. The total volume of water intake globally has been relatively consistent as a result
of the combined impact of process efficiencies, business portfolio changes and growth.
Freshwater Withdrawals, Breakdown by Source,
Freshwater intake intensity is tracked for the Dow’s six water-stressed sites described here. In Millions of Metric Tons
2019, the freshwater intake intensity at these sites was 12.64, an increase of 7% over the 2015
Total All Sites Water-Stressed Sites
baseline. As seen in the graph showing our freshwater goal, we had made many improvements
in this area. However, 2019 water intensity is up due to a series of turnarounds that decreased Groundwater 36 0.5
production while still requiring water (mainly used for cooling purposes). In addition, less Purchased
98 29
rainwater was captured in our reservoirs due to drier conditions in 2019. This speaks to the water
sensitivity of the water metric to parameters that are within our control, such as required Surface water 1,876 205
maintenance of assets, and those that are not, such as rain availability and evaporation
Total 2,010 234.5
from reservoirs. (An analysis of our Freeport site, our largest manufacturing facility, indicates
available water storage can have a significant impact on water intensity, roughly 20% from a
dry year to wet year.) To highlight our major efforts to improve water resiliency at the watershed
level at our key water-stressed sites, additional breakdowns of water withdrawals that reflect
basin context also are being considered. As noted on the previous page, the company has
implemented mitigation strategies to reduce freshwater intake at those facilities or leverage
new technologies allowing recycling of various sources of impaired water both within Dow’s
fenceline and externally. 37
I M PA C T
Water
Water Discharges GRI 306-1 (2016), GRI 306-103 Wastewater Intensity
Once water has been used in Dow facilities, it is typically 3.5

treated at a wastewater treatment plant and discharged. The 2.91 2.90 2.89
3.0 2.80 2.83
Lbs. of Wastewater per Lb.

total volume of wastewater discharged in 2019 was 129 million
Setting Aside metric tons. The majority of the water is discharged as surface 2.5
of Production
Rain for a water, with a small portion returned to oceans. At a few sites, 2.0
Dow site wastewater goes to a third party for treatment before
Less Rainy discharge (typically to surface water).
1.5
Day Wastewater intensity is the ratio of pounds of wastewater

1.0
0.5
per pound of production. Over many years, our wastewater
intensity has been relatively consistent at approximately three 0
2015 2016 2017 2018 2019
pounds of wastewater discharged per pound of product.
Major Wastewater
Wastewater quality is strictly governed by local
GRI 303-2 Discharge Sites
Key Water-Stressed Sites
regulations, and parameters are set specifically for each Plaquemine, LA Terneuzen, The Netherlands
watershed. Dow’s operations abide by these local regulations. Stade, Germany Böhlen, Germany
Therefore, wastewater discharge quality is not reported Freeport, TX Freeport, TX
consistently across all Dow sites. Total Suspended Solids Aratu, Brazil Tarragona, Spain
(TSS) and Biochemical Oxygen Demand (BOD) are reported Midland, MI Bahía Blanca, Argentina
Deer Park, TX Seadrift, TX
for the sites listed here, which account for more than 85% of
Texas City, TX
Dow’s wastewater discharge.
Our seven major wastewater discharge sites were identified Discharge Destination
to establish the baseline for the 2015 Sustainability Goals
and account for more than 80% of our total discharge. The 3%
14%
six key water-stressed sites were added to the wastewater
discharge quality reporting with the inclusion of the 2025 Surface Waters
Ocean
Sustainability Goal to reduce freshwater intake intensity at key POTW
water-stressed sites by 20%. The TSS discharge concentration
across the sites has been relatively consistent (2016 TSS was
0.005%, and the BOC concentration was 0.004%.) 83%
38
I M PA C T
Waste
Waste GRI 306-2

Waste Intensity
It is Dow’s policy to adhere to a waste management hierarchy that minimizes the impact
0.045
of wastes and emissions on the environment. First, we work to eliminate or minimize the
Waste per Unit of Production

0.04
generation of waste and emissions at the source through research, process design, plant 0.035 0.032 0.032 0.033
0.031
operations and maintenance. Second, we also find ways to reuse and recycle materials. 0.03
0.029
Next, unusable or non-recyclable hazardous waste is treated before disposal to eliminate or 0.025
reduce the hazardous nature and volume of the waste. Treatment may include destruction 0.02
by chemical, physical, biological or thermal means. Disposal of waste materials in landfills is 0.015
considered only after all other options have been thoroughly evaluated. Total waste disposed 0.01
of in 2019 was 1.32 million metric tons. 0.005
0
2015 2016 2017 2018 2019
Most
Source reduction Preferred
Use, reuse or recycle at or near Waste Distribution

the point of waste generation
0.8 Non-Hazardous
Use, reuse or recycle external 0.7
Millions of Metric Tons

to the site or company 0.6
Hazardous
generating the waste 0.5
0.4
0.3
Waste treatment
0.2
0.1
0
Proper
Combustion Landfill
disposal
Underground Injection Other Treatment
Energy Recovery Waste to Wastewater
Least
Preferred
39
I M PA C T
Waste
Significant Spills GRI 306-3
Beginning in 2016, Dow began using a new metric, Process Safety Containment Event (PSCE). Our PSCE metric is derived from an industry
best practice, API RP-754. As an industry leader in sustainability performance, Dow has been heavily involved in the development of this
metric. We believe aligning to this measure will help us achieve an even higher level of performance related to the containment and control of
the materials we handle and produce.
Similar to the approach we are now taking with injury and illness measurement, our PSCE metric focuses on both incidents that have the
greatest impact, as well as incidents with the greatest potential for significant impact, including process damage, interruption or possible
impact on our surrounding communities. We have defined levels 1–4, with Level 1 incidents having the highest actual or potential impact. By
2025, our goal is to reduce the number of Level 1 and Level 2 events by more than 80% from our 2015 baseline.
• In 2019, the company had 27 significant process safety containment events, achieving a 30% performance improvement over the prior year.
This represents truly breakthrough performance in the overall number of events. Unfortunately, this total included two very significant events
that led to extended downtime.
• The breakthrough in overall number of events is realization of the shift in focus Process Safety Containment Event 2025 Goal Curve
to put more energy into understanding near misses with greater potential. The 100
two significant events are stark reminders that work remains to be done to Target
recognize and address potential risk before an unplanned event occurs. The
events in 2019 remind us of the critical nature of the interface between work
80
PSCE L1 + L2 Count
and process control, especially when maintenance and unplanned outages 60
impact the availability of safety systems. A project was initiated in 2019 to
expand the scope of our Safety System Impairment standard while simplifying
40
language to drive more robust implementation.
20
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Baseline
40
OUR PEOPLE
Approach
Our Approach GRI 401-103
Every Dow story starts with our people. Together, our 36,500 employees form an inclusive community
of problem-solvers that help us deliver innovative solutions and an optimal customer experience, while
transforming industries and shaping a sustainable future. We’re invested in fostering a culture of inclusion,
2019 diversity and continuous learning to ensure every Dow employee is respected, valued and encouraged to
Recognition make their fullest contribution. A commitment to safety, employee health and world-leading environmental
performance is engrained in our culture and central to how we work.
Highlights
In 2019, we continued to make progress against key areas to improve our employee experience.
Employee Sentiment Employee Resource Group Diversity Representation

(ERG) Participation
84%
Female representation on our
of employees agree
10 42%
Leadership Team increased from
Dow is a safe &
healthy workplace
Dow ERGs employee participation

9% 31% to
78%
rate in ERGs in 2017 in 2020
agree the
workplace is fair Percentage of U.S. minorities on our
Leadership Team increased from
10%
increase in employee
73% agree the

work is meaningful
participation in ERGs
from 2018 9% 31% to
in 2017 in 2020
41
OUR PEOPLE
Inclusion
& Diversity
Inclusion & Diversity

In an increasingly global business environment, we consider inclusion and diversity (I&D) to be a competitive
driver. I&D is the smart thing to do, but it is also the right thing to do. It not only helps make Dow a great
Activating place to work, but it enhances our innovation, customer experience and understanding of the communities
we serve. In 2017, we took actions to make our I&D efforts more strategic and intentional. We appointed our
I&D through
first inclusion officer, established an Office of Inclusion and implemented a three-tiered governance structure
Employee that engages employees at all levels of the company. Our inclusion strategy is based on seven foundational
Resource pillars and includes supporting behaviors and actions. Additionally, our I&D metrics are embedded in the
Groups (ERGs) same scorecard where we measure our financial and safety results.
Governance Customers Talent

Institutionalize an inclusive culture Deliver an unparalleled Increase engagement and create an
customer experience environment where everyone can thrive
People Leaders Suppliers Communities Reputation

Cultivate an inclusive culture Achieve top benchmark performance Strengthen communities where we live, Establish a leadership position and be
in supplier diversity work and do business recognized as a great place to work
42
OUR PEOPLE
Inclusion
& Diversity
Board Diversity Diversity of Employees and Governance Bodies GRI 405-1, GRI 405-103
As of June
0%1, 2020
At Dow, we believe a diverse, experienced, independent and active board leads to improved decision-making,
27%BY GENDER:
financial performance and shareholder value. As of June 1, 2020, the Dow Board was comprised of Chairman
0%
and Chief Executive Officer Jim Fitterling and 10 independent directors who represent different professions and
27%
industries, and a diversity of ethnicity, gender and global experience. In addition to five continuing heritage Dow
independent directors, five new independent directors have joined the board.
73% Employee Diversity
73%
Male
Female Male INDIVIDUAL SENIOR
Female
Not Declared
Not Declared
CONTRIBUTOR MANAGEMENT LEADERS TOTAL
0%
BY AGE GROUP:
9%
EMEAI 73% 27% 70% 30% 83% 17% 73% 27%
0% 9% LATIN
74% 26% 63% 37% 44% 56% 73% 27%
AMERICA
U.S. &
CANADA
74% 26% 67% 33% 69% 31% 73% 27%
ASIA
66% 34% 65% 35% 56% 44% 66% 34%
91% 91% PACIFIC
Under 30
Under 30
30-50
30-50
Over 50
Over 50
UNDER 35% 65% 35% 65% 0% 0% 0% 36% 64%
AGE 30
BY U.S. MINORITY:
27%
27% AGED
30-50 29% 71% 36% 64% 40% 60% 29% 71%
OVER
73% 73% AGE 50 21% 79% 25% 75% 20% 80% 21% 79%
U.S. minority
U.S. minority
Non-minority
Non-minority Male Female Not Declared
43
OUR PEOPLE New Hire Diversity Indicators GRI 401-1
Inclusion
& Diversity
New Employee Hires New Employee Hires
by Gender by Age
Fostering
Cross- New Employee Hires – Gender and Job Category by Region
Generational
Understanding EMEAI LATIN AMERICA U.S. & CANADA ASIA PACIFIC
0% 0% 0% 0%
By Gender
27%
36% 35%
48% 52%
64% 65%
73%
Male Female Not Declared
0% 0% 0% 0%
By Job Category
2% 0% 1% 2%
99% 98%
98% 100%
Individual Contributor Management Senior Leaders

44
OUR PEOPLE
Inclusion
& Diversity
Diversity of Employees by Full- and Part-Time Status
Workforce Representation by Gender –

TEMPORARY AND PERMANENT BY GEOGRAPHY
Workforce Representation by Gender –

FULL TIME AND PART TIME BY GEOGRAPHY
There is not a significant portion of the organization’s activities performed by workers that are non-employees. Dow does utilize contract employment for some functions where the temporary roles
due to projects or production may turn into full-time Dow roles if the demand is there or performance is exceptional. There are no significant variations in employment due to tourism or agricultural
industries; however, based on economic fluctuations, employment may decline or increase.
The workforce data is gathered through a centralized database containing all employee information. The employee data is updated by Human Resources and managers when employee
information changes occur. The data represent the global employee population as of December 31, 2019, and include all permanent, full-time and part-time employees. Temporary employees,
contractors and manual additions are excluded unless otherwise stated.
45
Benefits Provided to Full-Time Employees that Are Not Provided to

Temporary or Part-Time Employees GRI 401-2
OUR PEOPLE
Regular full-time and less-than-full-time employees are provided a wide variety of benefits,* while only
Benefits temporary employees are not eligible to receive these benefits. Dow’s benefit plans are designed to build on
the social security benefits provided in each country and, as a result, vary by country. In all significant Dow
locations, we offer the following benefits to employees:
• Pension plans – either defined benefit or defined • Disability protection
contribution plans • Accident insurance
• Medical plans – often including prescription drug • Paid vacation, holiday and leave programs
coverage and dental
• Business travel accident insurance
• Life insurance
Collective Bargaining Agreements GRI 102-41
Approximately 10.5% of Dow’s workforce was covered by either formal collective bargaining agreements or
works councils in 2019. The percentage decrease from last year’s report is primarily due to reduction in the
union workforce in the United States as a result of the changed composition of the Company following the
separation from DowDuPont.
Parental Leave GRI 401-3
Dow’s Global Parental Leave Policy is intended to provide greater flexibility and work-life balance for
mothers and fathers. Birthing parents have a minimum 12 weeks of paid leave, and the non-birthing parent
has two weeks of paid leave, which can be taken during the 12 months following the birth of a child.
Return from Leave Rates Male Female Not Declared Total
Number of employees who were entitled to parental leave 19,624 7,989 2 27,615
Number of employees who took parental leave 500 312 0 812

Number of employees who returned to work in the reporting period
499 279 0 778
after parental leave ended
Due to the transfer to Workday, our Human Capital Management system, in 2019, the reporting was not available to compare all of the return to
work and retention rates. Data reflects U.S. & Canada, Asia Pacific and Latin America (excluding Colombia and Mexico) and excludes EMEAI.
*Note that in all Latin American countries, there is no difference in benefits packages offered to regular and temporary employees. Colombia only
offers a savings plan (no pension), and Costa Rica, Peru and Chile do not have pension or savings plans.
46
Ratio of Basic Salary and Remuneration of Women to Men GRI 405-2
Global pay equity studies have been conducted at Dow for over 20 years to assess fair treatment and ensure
OUR PEOPLE our pay practices are being implemented appropriately. The most recent full analysis was conducted in 2018,
following our annual global pay planning cycle. The impact of gender on pay decisions is examined globally,
Benefits and the impact of ethnicity is examined in the United States. Dow’s three components of compensation are
reviewed (base pay, annual performance award and long-term incentives). The study examines impact on pay
differences that cannot be explained by legitimate factors (e.g., performance ratings, job level, education, years
of service, time since promotion and/or geography).
The 2018 pay equity study found no meaningful difference in base pay, performance award or long-term
incentives between genders or between U.S. minorities and non-minorities for employees within the same job
level. Pay differences were attributable to the legitimate factors listed above and were not related to gender or
ethnicity. These results demonstrate that compensation guidelines are being applied appropriately. The 2020
analysis was delayed until the end of 2020 due to the COVID-19 pandemic.
Learn More
About Our 2018 Pay Equity Summary Results1 Base Pay2 Performance Award3 Long-Term Incentives4
Continued Global Female Pay to Male Pay Ratio 1.005 : 1.000 1.000 : 1.000 1.003 : 1.000
Commitment to U.S. Minority Pay to Non-Minority Pay Ratio 1.005 : 1.000 0.999 : 1.000 0.996 : 1.000
Pay Equity 1 The reported ratios are based on the standardized mean differences when controlling for legitimate business reasons for the differences (e.g., geography, job level) in accordance
with the applicable laws.
2 Base pay is calculated based on average position in the pay range.
3 Performance award is calculated based on the actual value granted.
4 Long-Term Incentives (LTI) analysis includes only those eligible and excludes other roles. LTI is calculated based on the actual value granted.
Annual Total Compensation Ratio GRI 102-38
As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item
402(u) of Regulation S-K, Dow is providing the following information:
For 2019:
• The annual total compensation for the median employee was $109,556.
• The annual total compensation of Chairman and CEO Jim Fitterling, as reported in the Summary
Compensation Table of our Annual Proxy, was $15,878,639.
Based upon the calculation for both the CEO and median employee, the ratio of the CEO pay to median
employee pay for 2019 was approximately 145:1.
The pay ratio presented above is a reasonable estimate. To determine the median annual total compensation for all employees other than
the CEO, a median employee was identified from the population of all employees worldwide as of November 30, 2019, utilizing base pay and
annual incentive at target as the consistently applied compensation measure. The company calculated annual base pay based on a reasonable
estimate of hours worked during 2019 for hourly workers, and upon salary levels for the remaining employees. The company used a valid
statistical sampling methodology to identify employees who the company expected to be paid within a 0.1% range of the median. The company
selected a representative employee from that group as the median employee for purposes of preparing the ratio of CEO pay to median employee
pay. Because SEC rules for identifying the median employee and calculating the pay ratio allow companies to use different methodologies,
exemptions, estimates and assumptions, the pay ratio may not be comparable to the pay ratio reported by other companies.
47
OUR PEOPLE
Learning &
Development
Learning and Development GRI 404-1, GRI 404-103
According to our 2019 Our world is changing at a pace never seen before. To continue to compete and lead, we need to think and
act in new ways. A successful future for Dow and our employees will be built on learning. Throughout an
employee’s career, the Company supports people in their personal development through a mix of online and
digital learning platforms, on-the-job training and a series of leadership development academies. Employees
Annual Survey, are encouraged to invest in themselves, and the technologies we deliver enable employees to access
resources in real-time through mobile applications.
73% Digital Learning

of Dow employees
With a strong continuous improvement and learning culture, and in alignment with the Company’s focus
felt encouraged to on technology and innovation, digital platforms are continuing to be incorporated and expanded. Diamond
continuously learn and Learning, the company’s global learning management system, offers a simple, engaging user experience
develop in their role. and integrates modern learning technology solutions to digitalize and enhance employee learning
capabilities. Diamond Learning supports Dow’s strategy of providing learning that is simple, continuous and
On average, there were value-added. It emphasizes our desire to recognize and appreciate employee growth.
63.5 hours Our employees select and manage curriculum that aligns with their core role responsibilities and personal
development interests. Dow can also ensure compliance on any necessary safety training. More than 30,000
of training logged per courses are currently available, from internal content to LinkedIn Learning courses, keeping our learning
employee in 2019. experience diverse and engaging.
Dow issues training by role and not by gender. Gender statistics for learning are not within our learning
system; however, as part of our process to close any diversity gaps for employee and leadership readiness,
underrepresented individuals may be invited to specific trainings to increase the diversity pool.
48
OUR PEOPLE
Talent
Attraction &
Management
My HR
Programs for Upgrading Employee Skills GRI 404-2
Dow supports employee engagement through My HR Portal, an online people

resource launched in 2019. My HR Portal allows all employees to access
development resources, online internal job postings, compensation and benefit
Top Employer information, and health and wellness programs. Employees take advantage of
Recognition these offerings to develop their careers, enhance their employee experience
and plan for career changes. In addition, Dow supports lifelong learning through specific skill building
Dow’s efforts and provided through functions, externally licensed development tools and an internal talent review process
commitment to creating focused on differentiated development.
a workplace that fosters
innovation, collaboration, Examples of development resources include:
inclusion, safety and
well-being for all Dow • Diamond Learning, a learning management • Global Educational Assistance that supports
employees is reflected system, for tailored learning curricula aligning to employees in pursuing external training/
through 2019’s Top role responsibilities and personal development educational opportunities for career
Employers Institute development
• Total health, nutrition and wellness centers and
accolades in 11 countries.
associated programs and counseling • Access to Human Resource (HR) call centers for
EGYPT NETHERLANDS personalized answers to HR questions for both
• Employee Resource Groups that support a
employees and retirees
GERMANY NIGERIA variety of development opportunities
GHANA RUSSIA • Benefits counseling for employee retirement
• Employee toolkits exploring personal and career
planning purposes
KENYA SAUDI ARABIA values, preferences and orientations
NETHERLANDS SOUTH AFRICA • Financial planning seminars for all employees
• Toolkits to prepare for employee career
DOW BENELUX
INTEGRATED SWITZERLAND development discussions • Career transition assistance benefits including
CENTER (DBIC) UAE outplacement counseling services
49
OUR PEOPLE
Talent
Attraction &
Management
Percentage of Employees Receiving Regular Performance and Career

According to our 2019 Development Reviews GRI 404-3
Both leaders and employees play a key role in ensuring the effectiveness of our performance culture (PC)
by establishing SIMple (specific, important, measurable) goals, encouraging continuous development
feedback and dialogue, and reviewing progress on an on-going basis throughout the year. Our leaders
Annual Survey, are encouraged to partner with their employees to identify their strengths as well as opportunities for
development. The PC cycle concludes with an annual review. In preparation, leaders gather multi-rater
82% feedback throughout the year to enhance the quality of the discussion and ensure multiple inputs before
making compensation decisions.
of employees reported
In 2019, 92.8% of employees were eligible to receive an Annual Performance Review, and 89.4% of those
they have had a
employees received one. There is no difference in eligibility by gender. There were 7.2% of employees who
meaningful performance were ineligible including students, interns, co-ops, those who were part of divestitures and specific joint
conversation with their ventures, and other Dow employees based on local contractual agreements.
leader in the past three
months. Dow adapted a new HCM, Workday, which is still in the roll-out phase. Some data is not available due to the transition to Workday.
77%
of employees reported
discussing goals with
their leaders throughout
the year.
50
OUR PEOPLE Programs for Transition Assistance GRI 404-2
In 2019, employees separated from Dow were offered support services including career coaching, resume
Talent optimization, networking and interview preparation at no cost.
Attraction &
Total number and rate of employee turnover during the reporting period, by age group, gender and
Management region GRI 401-1
Total Attrition
VOLUNTARY 58% 42% INVOLUNTARY
Voluntary Attrition
By Gender By Region By Age Group
1% 13%
22% 19%
29%
35%
6%
70%
59%
46%
Male EMEAI U.S. & Canada Under 30
Female Latin America Asia Pacific 30-50
Not Declared Over 50
Involuntary Attrition
By Gender By Region By Age Group
17% 7%
0% 27%
35%
56% 37%
48% 8%
65%
EMEAI U.S. & Canada Under 30

Male Latin America Asia Pacific 30-50
Female
Over 50
Not Declared
Involuntary attrition includes the impact of divestitures

51
OUR PEOPLE Employee Health and Safety GRI 403-1, GRI 403-103
Worker protection has been a priority at Dow since the Company’s earliest days. With the goal of having
Employee every worker go home safely at the end of their work shift, Dow uses a comprehensive, integrated
operating discipline management system that includes policies, requirements, processes, best practices
Health & and procedures associated with Environment, Health and Safety, as well as Quality, Operations and related
external standards. Within this system, we lay the foundational expectations of hazard assessment and risk
Safety mitigation, aligned to Responsible Care®.
At the highest level, we expect each organization within Dow to implement and use Health and Safety
Programs to:
• Identify, assess, and eliminate or mitigate hazards
• Prevent unsafe acts and conditions
• Maintain and improve the health of personnel
• Foster communication on health and safety issues
Our Global Health & Safety Management System

Our management system is grounded in requirements of the U.S. EPA and OSHA, but incorporates ideas
from other global regions, as well as our own more stringent requirements.
Global and
Stringent Comprehensive
Site-Specific
52
OUR PEOPLE Leading Indicators GRI 403-2
Leading indicators of Occupational Health and Safety performance are a cornerstone of Dow’s worker
Employee protection program. A consistent set of globally applied leading indicators is complemented by locally
defined leading indicators.
Health &
Globally applied leading indicators include: Our routine hazardous analysis programs
Safety • Non-injury (near miss) situations with potential
include:
to cause a life-altering impact or fatality had the • Periodic health exams informed by the
situation been only slightly different (“non-injury employee’s role and potential exposure to
pLIFE event”) specific workplace hazards
• Percent completion of training for Life Critical • Qualitative exposure assessment for chemical,
Standards physical, ergonomic and biological hazards
overseen by professional industrial hygienists
• Internal EH&S management system audit results
• Regular evaluation and periodic re-evaluation
• Open actions from Reactive Chemical and of process safety hazards via our Layers of
Process Hazard Analysis reviews Protection Analysis
• Loading rate for management of change • Personal safety risk analysis performed as a
actions – a measure of the amount of change part of numerous work processes (e.g., permit
work managed by a work group, normalized by to work, safe work permit, pre-task analysis and
worker capacity to implement such actions pre-startup safety reviews)
Teaching Safe Behaviors through Technology

Can technology identify an injury before it occurs? At our Kendallville, Indiana, site, workers
used wearable sensors that alerted them if they were using an unsafe posture during an
eight-week pilot. At the end of their shifts, they received a safety score summary and
recommendations to improve their score. During the pilot, safety scores improved over the
testing period, and workers reported they took the information they learned to improve their
ergonomic behavior and apply it to daily living tasks outside the job. Data analytics also
allowed for insights into trends by time of day, job and shift. Dow is now testing a broader
proof of concept to see if the technology can help identify high-risk ergonomic job tasks
and identify controls for improvement.
53
OUR PEOPLE Reporting and Investigating Workers Covered by an

Safety Issues Occupational Health and Safety
Employee Workers have direct line of sight to potential Management System GRI 403-8
Health & hazards. They are expected and encouraged

to identify, report and intervene when unsafe or
All employees and workers who are not employees
but whose work and/or workplace is controlled by
Safety unhealthy work conditions are observed. They also
positively recognize coworkers making safe choices.
Dow are required to comply with 100% of health
and safety management system requirements. We
Worker input on hazards and solutions is part of employ a comprehensive permit-to-work system
local near-miss programs and leveraged where that facilitates a robust dialogue around hazards and
appropriate. Workers are protected from reprisal mitigation of such hazards for each task.
via our global Ethics policy, part of our Diamond
Regular review of our health and safety management
Standard.
is built in to evaluate its efficacy. Additionally, we
Apollo™ Root Cause Investigation methodology maintain an independent internal audit process, with
Using is used for all recordable injuries and near-miss accountability flowing directly to our chief executive
Technology in situations where potential existed for a LIFE- officer, independent of the Operations organization.
Higher-Risk impacting injury had something been different. The audit process ensures that every Company
Consistent use of the methodology ensures we location, regardless of purpose, is audited every
Work Situations
understand the cause and take corrective actions 3-5 years. Audit frequency is determined based on
at the point of the problem, as well as at the the relative risk of the activities at each location.
strategy and management system levels. Significant Auditors are trained and certified in each topic area
learnings are shared globally through our Learning that they evaluate. Gaps identified in these internal
Experience Report process. audits are addressed via corrective or preventative
actions captured in our global corrective and
Once hazards are identified, we follow the hierarchy preventive action (CAPA) repository, with gap
of controls to identify feasible and effective closure encouraged within 12 months of the audit.
solutions. Two loss-of-life incidents in 2018 triggered
In addition, more than 85% of our manufacturing
a global response and changes to our management
sites globally receive some periodic external
system in 2019. A truck-rail collision at a crossing
audit. These vary broadly depending on specific
at one of our sites led to significant adjustments
government requirements. For example, more than
to our rail crossing warning and barrier systems,
85% of our large U.S. & Canada manufacturing
and the use of technology to monitor and improve
sites participate in either OSHA Voluntary Protection
traffic behaviors at our sites. An improved machine-
Programs or Canadian Federation of Construction
guarding risk-assessment methodology was put in
Safety Associations’ Certificate of Recognition
place globally in response to the second loss-of-life
program (COR™). More than 50% of external audits
incident.
globally cover most topics within the Responsible
Care Code or ISO-14001.
54
OUR PEOPLE
Employee
Health &
Safety
Every Dow employee Employee Health and Well-Being GRI 403-3
has access to With more than a century of experience in occupational health, Dow is committed to worker health
occupational services at protection. We have honed an effective, systematic approach to Total Worker Health™ that comprehensively
no cost through an on- controls workplace health risks, protects workers and improves the health of Dow people:
site, Company-managed
clinic or an offsite
provider managed by Recognizing Reducing Screening Confirming the
Dow Health Services. Hazards Risks for Illness Effectiveness
of Our System
Clinical treatment
is available to all
employees for work-
related injury or illness,
and employees can
access occupational Crisis Planning: Putting Worker Safety First
health care on paid
We maintain active crisis planning teams to monitor needs and Some of the measures put in place
worktime. ensure appropriate plans are in place for emerging health risks included:
and/or pandemic. Crisis plans are activated when necessary and
In 2019, we had may include direct support for the community. With the COVID-19
• Redoubling cleaning efforts across our
sites
60 clinic pandemic in 2020, we took action to implement strict hygiene
practices and take precautionary practices to protect the health • Temperature screening
locations .
and safety of our employees. Because the chemical sector is
designated as critical infrastructure in many of the world's largest
• Providing hand sanitizers and anti-
bacterial surface wipes
economies, our manufacturing sites were widely excluded from
• Promoting personal hygiene
governmental shutdown orders. We followed all guidelines issued by
the World Health Organization and U.S. Centers for Disease Control • Ensuring ongoing stock and supply
and Prevention as we managed daily operations. Local laws and of employee personal protection
restrictions in specific countries around the world also were followed. equipment
55
OUR PEOPLE
Employee
Health &
Safety
Employee Health and Safety Teams GRI 403-4
At all Dow locations globally, workers can participate in Health and Safety teams at the facility and site level.
At the local level, employees participate in incident root cause investigations, “fresh eyes” assessments,
internal audits and numerous other continuous improvement activities. In most cases, these committees
meet at least monthly with the primary purpose of reviewing and acting upon worker safety data and
concerns, and developing implementation plans for new or improved government or Company health and
safety requirements.
More than 80% of Dow workers globally are represented in joint-management worker safety committees
as a result of government requirements or Company union agreements. In most cases, these committees
meet at least monthly to review and act upon worker safety data and concerns, and develop implementation
plans for new or improved government or Company health and safety requirements.
Employee
Feedback for Safety Training
Continuous GRI 403-5
Improvement
56
OUR PEOPLE
Employee
Health &
Safety
Employee Wellness GRI 403-6
Our commitment to worker health is not limited to occupational health risks. We started a comprehensive
wellness program more than 30 years ago because we recognized the value of good health to our
employees, their families and our communities.
Our well-being strategy is framed across four dimensions – physical, mental, community and financial well-
being – for an approach that is holistic, global, employee-centered and outcome-driven.
A Multi-Faceted Approach to Employee Well-Being

We support well-being across four pillars:
WORK PEOPLE PLACE WORLD
Change job Foster supportive and Create a supportive Realizing we can’t

characteristics valued relationships and thriving achieve optimal
detrimental to well- between employees environment well-being alone, we
being and help and between that enables the seek to create and
employees use their employees and well-being of all implement solutions
work to optimize leaders; protect employees and is with our vendors,
well-being. workers. conducive to healthy communities, peers,
choices. customers and
governments.
57
OUR PEOPLE
Employee
Health &
Safety
Supporting Employee Well-Being

Our well-being objective is that 100% of Dow employees are their best self for work, home and play. Here’s
a look at a few ways that we support employee well-being.
Well-Being
Champions Healthy Culture Index
Employee Assistance
Case Management Health Benefits
Program (EAP)
We track each site’s EAP is available to all We help employees We seek to improve the
alignment with evidence- employees and their maneuver the healthcare health of Dow employees
based best practice well- families globally for help systems, return to health by removing barriers
being strategies, including with general stress, as soon as possible to access and pay for
access to healthy foods, substance use, financial and maintain their appropriate, quality
relaxation spaces, struggles and family progress. This is offered healthcare around the
lactation support, peer and relations. Our EAP globally through Dow world. This is done
leader support for health, program also provides Health Services and through both medical
and access to physical on-site emotional health where available by local insurance and other health
activity. support in response to a insurance or worker offerings for employees.
personal or work-related compensation providers. The level of support is
incidents. determined based on the
needs of our workforce
within a given geography.
58
OUR PEOPLE
Employee
Health &
Safety
Work-Related Injury and Illness GRI 403-9, GRI 403-10
It is core to our injury measurement and prevention efforts that we classify incidents by their potential to
result in LIFE-altering consequences. This allows us to see and focus our prevention efforts on hazards
View
that pose a greater likelihood of a high-consequence injury. We have a robust, globally tracked near-miss
Safety program for situations that did not result in an injury but could have been high consequence had something
Metrics been slightly different. This non-injury potential LIFE event (pLIFE) data is reviewed weekly at the corporate
by Region level to ensure adequate investigation and to identify broadly leverageable learnings. This data is visible
to all employees and built into dashboards along with actual injury information for every site, region and
business across the Company. Our Corrective and Preventative Action (CAPA) program ensures that each
incident investigated, including all that have a high-consequence potential, has robust corrective and
preventative actions applied.
Highlight Employee Opinion on Health & Safety

Our annual employee opinion survey shows that employees have high confidence in Dow’s approach to
safety and health.
In 2019, the top 130
leaders of Dow traveled to
various Dow sites globally
as part of our Global
Leadership Team safety
visit initiative.
97 92 69
LEARN MORE
% % %
indicated that they are held of people in my work area are indicated that the Dow culture
accountable for doing their protected from health and encourages employees to
work in a manner that is safe safety hazards be their best self both
mentally and physically
59
GLOBAL
CITIZENSHIP
Focus
Areas
Global Citizenship
Through social investments, shared purpose and meaningful engagement, we are collaborating across the globe to build more
sustainable and resilient communities where we live and work. Aligned to Dow’s ambition and fueled by volunteer service, our
global citizenship strategy seeks to apply our innovative technology, employee expertise and culture of inclusion to generate
transformational social impact.
Our Areas of Focus:
Advancing Building Developing

Sustainable Inclusive Tomorrow’s
SOLUTIONS COMMUNITIES INNOVATORS
How We Make an Impact
CHARITABLE INVESTMENTS are one of EMPLOYEE VOLUNTEERISM is GLOBAL AND LOCAL PARTNERSHIPS
the ways Dow gives back. In 2019, Dow supported across the Dow world to help us expand our impact and create
gave more than $32 million in grants and advance economic and social progress new ideas and programs for shared
$1.5 million in gift-in-kind donations. in our communities. value.
60
GLOBAL
CITIZENSHIP
Focus
Areas
Advancing Sustainable Solutions
We believe that sustainable business creates positive social

$2.5 10
change. By combining Dow products, technology and expertise
CASE STUDY with social impact, we create value for both business and $2.0 8
Recycling for society.
$1.5 6
Change
Millions
Dow Business Impact Fund $1.0 4
The Dow Business Impact Fund unlocks business opportunities
$0.5 2
by solving social problems through our technology and
expertise. Launched in 2016, the fund provides Dow businesses $0 0
and partners significant seed funding to support social impact 2016 2017 2018 2019
CASE STUDY projects. In 2019, Dow distributed nearly $1.5 million in seed Total Disbursed Grants Awarded
money through its Business Impact Fund.
Improving
Roadway Safety
with Green
Bike Lanes
SOCIAL IMPACT
• Food waste
+ BUSINESS IMPACT
• Value chain
+ EXTERNAL PARTNERS
• Nonprofits (e.g., Habitat for
= CONCEPT IDEA
• New uses for recycled
• Waste infrastructure enhancements Humanity, Food Bank, USAID, etc.) plastics
• Digital access • New/improved • School systems • Sustainable practices in
partnerships • Local governments the textile industry
• Recycling/upcycling
• New markets • Universities • Telecommunications
• Entrepreneur support
• New uses for Dow access to impoverished
• Safety • Customers
innovation communities
• Carbon mitigation • Brand owners • Sustainable and affordable
• Affordable housing • Industry partners housing
• Quality education • Value chain partners
• Suppliers
• Consultants 61
GLOBAL
CITIZENSHIP
Focus
Areas
Building Inclusive Communities
By generating awareness of diversity-related challenges and supporting organizations that respect unique differences and
perspectives, we cultivate inclusion in our communities. We also support future key community change makers – educators and students –
in creating more inclusive environments in schools.
ALL IN ERG Fund

The ALL IN ERG Fund provides Dow Employee Resource Groups (ERGs) with $200,000 in seed grants to support inclusion programming in
Dow communities across the globe. ERGs compete for funds and submit grant requests on an annual basis. In its first year, the ALL IN ERG
Fund generated strong interest among our ERGs, with more than 140 grant requests submitted from across the globe. Twelve projects were
chosen as finalists.
• Entrepreneurship Support for • Plastic for Wheelchairs (South Africa): • LGBTQ+ Strategy/Approach (Texas): This
Immigrants (Switzerland): Dow ERGs Together with the support of corporations, project supports and guides the creation
are partnering with the Capacity Launch schools and volunteers, the Sweethearts of the first Brazoria County LGBTQ+
Programme, an entrepreneurship Foundation provides wheelchairs to those organization in partnership with the
program for people with refugee and in need through a Tops & Tags initiative, in nonprofit Montrose Center to support all
migrant backgrounds. Through pro which plastic bottle tops and bread tags intersectional groups of the local LGBTQ+
bono volunteerism as career coaches are recycled in exchange for wheelchairs. community, including youth, seniors and
and mentors, Dow employees will Dow employees will work with local families.
provide support and expertise to early- schools to expand collection sites, educate
stage businesses. and build awareness of the plastics waste
crisis, and help support the diversity and
inclusion needs of people with disabilities.
62
GLOBAL
CITIZENSHIP
Focus
Areas
Developing Tomorrow’s Innovators
Developing the Workforce of Tomorrow

Increasing access to science, technology, engineering and math (STEM) can inspire students and foster
CASE STUDY problem-solvers who will help create answers to tomorrow’s world challenges. We aim to develop a diverse
WE Are and ready workforce by increasing interest and preparedness in skilled manufacturing careers and by
creating the next generation of diverse chemists and engineers.
Innovators
Boosting the Manufacturing Encouraging Tomorrow’s

Workforce Problem-Solvers
63
GLOBAL
CITIZENSHIP
Empowering
Sustainable
and Resilient
Communities
Empowering Sustainable and Resilient Communities

Across the world, we are taking action to spark positive and meaningful change in our communities, and we’re
CASE STUDY collaborating with a variety of stakeholders to increase our impact and support local needs. We are committed
to increasing the resiliency and vibrancy of the communities in which our employees and their families live,
Disaster Relief
work, learn and play. In each community, our employees act as a catalyst for this positive change.
Strengthening Community Resilience

In every geography, Dow volunteers are contributing to projects that are helping catalyze more inclusive and
resilient communities.
U.S. & CANADA
EUROPE
Promoting
Health and
Wellness ASIA PACIFIC
Building Climate- Empowering People
Resistant with Disabilities
Communities LATIN AMERICA EMEAI
Investing in More
Sustainable
Schools
Encouraging
Inclusive Behaviors
64
GLOBAL
CITIZENSHIP
Engaging
for Impact
#TeamDow Engaging for Impact

We believe that an engaged team of employee volunteers can not only transform our communities but also
positively impact our company culture and advance Dow’s ambition. Dow’s volunteer strategy, designed
to support our 2025 Sustainability Goal Engaging Employees for Impact, activates our Global Citizenship
priorities and investments, and promotes a positive employee experience.
CASE STUDY: #PullingOurWeight

In 2019, more than 18,000 volunteers collected more than 175,000 pounds of trash at 175 different locations
during our #PullingOurWeight campaign, a unique initiative that aims to increase awareness around
responsible waste management and engage our employees and communities in addressing plastic pollution.
This was the largest employee volunteer event for a single cause in Dow’s history and demonstrated our
company’s commitment to a cleaner environment and a better world. View the video here.
65
O U R S U P P LY C H A I N
Approach
GRI 102-9
Sustainability is one of the four key tenants of our Integrated supply chain strategy and is a guiding factor
in driving improvements throughout our global value chain. It guides how we source raw materials, manage
the storage and transportation of our intermediates and products, and select, engage and manage our
supplier partnerships. With operations across the globe, supply chain sustainability is critical to our success
and core to our customer experience.
Strategy in Action
We continue to put our supply chain strategy into action by driving forward our Green Transportation
Strategy, executing our Transportation Stewardship Program, and advancing digitalization. We also
recognize the importance of collaboration for long-term success and have further enhanced our already
deep-rooted relationships with our logistic service providers, suppliers and customers by proactively
identifying opportunities for sustainability-related supply chain projects and initiatives.
>1,300
SERVICE PROVIDERS
>400
WAREHOUSES
100B
POUNDS
9,000
AND TERMINALS DELIVERIES
ACROSS ALL PER YEAR
GEOGRAPHIC REGIONS PER DAY
Following separation from DowDuPont, our total volume of shipments has reduced, but our network remains as a global integrated supply chain
servicing a similar geographic footprint. GRI 102-10
Partnering through the Value Chain

Our supply chain success depends on partnerships throughout our end-to-end value chain with all of our
stakeholders, from suppliers and logistics service providers to customers. By engaging in collaborations, we
can drive sustainable business practices while improving supply chain capability and transparency through
opportunities for sustainability-related supply chain projects and initiatives.
66
Approach
Green Transportation
Dow’s Green Transportation strategy consists of both internal activities to actively manage and reduce our
impact, as well as external engagement to drive and promote sustainable logistics.
• Sustainability Awards
Present a United Front on • Global Framework (GLEC)
• Public-Private Partnerships
Transportation CO2
• Logistics Purchasing
• ISC Sustainability Training

Measure and Actively
• Modification of internal tools to include CO2
Manage Emissions as KPI
Footprint • Embedding Sustainability into ISC Project
Trackers
Leverage Long-Term • Stay informed on industry trends

• Partner with carriers on advanced
Regulation and Technology technologies
Improvements
There are a number of different ways that Dow is advancing this strategy:
CASE STUDY CASE STUDY

Packaged Freight Shipment Consolidation Sustainable Packaging – Reducing
Intermediate Bulk Container (IBC) Weight
2 0 1 9 Emissions Saved 2 0 1 9 Emissions Saved

4,400 metric tons of CO2 175 metric tons of
eq in U.S. & Canada CO2 eq
67
Transportation
Stewardship
World-Leading Transportation Transportation Stewardship Culture

Stewardship and Performance
Dow’s Transportation Stewardship Program is an
extensive, holistic program focused on driving the
industry toward a new standard of transportation Leading-Edge Programs
safety and security. Dow achieved a number to Influence the Industry
of milestones in 2019 by implementing several
initiatives that support our commitment to strengthen Risk Management Across
transportation safety to reduce risk to people and the the Value Chain
planet.
Incident-Free Performance
There are a number of different ways that Dow is advancing this strategy:
CASE STUDY CASE STUDY CASE STUDY

Using Technology to Monitor Preventing Polymerization of Managing Supply Chain Risk
Temperature-sensitive and Monomers During Storage in Emerging Geographies by
Reactive Products En Route Utilizing Technology
68
Transportation
Stewardship
Breakthrough Innovations in
CASE STUDY
Supply Chain Design
Safer, Cheaper and Greener
At Dow, a key pillar of our Integrated Supply Chain strategy is our
Polyethylene Shipments in
next-generation end-to-end supply chain capabilities. We are focused
Terneuzen
on revolutionizing our supply chain by investing in exploratory
solutions that make big step changes, while seamlessly integrating
these solutions with our traditional way of improving processes and
operating models. To accomplish this, we are exploring, evaluating
and experimenting with new and innovative technologies that will help
us transform, while also continuing to provide stability and implement
incremental solutions to meet the needs of today. Providing our
employees with the resources and tools available to think outside of
the box is key to advancing this strategy.
Advancing Transportation Safety and Sustainability with Technology

Dow is an industry recognized leader when it comes to safety and sustainability. In order to maintain our
leadership role in industry, Dow is utilizing technology in new ways to quantify and improve our safety and
sustainability metrics. These tools and technologies will improve the customer experience through increased
transparency and identification of improvement opportunities.
CASE STUDY CASE STUDY CASE STUDY

Protect the Move Sustainability Project Real-Time Supply Chain
Tracking Event Management
69
Procurement/
Logistics
Engaging Our Supply Chain Partners

Dow has approximately 38,000 suppliers in its supply chain and in approximately 100 countries, with a
purchased managed spend of approximately $20 billion. Our Procurement organization manages supplier
relations, and we have Procurement Centers across the world to help establish effective relationships with
global and local suppliers of goods and services. We work with our suppliers to pursue the principles of
sustainability through Responsible Care®.
2019 Supplier Diversity Highlights
>$1B Tier II Reporting captured Supplier Diversity

delivered
in spend with small or
diverse suppliers since
$80MM+ $7MM
inception of program Driving diversity through the value chain
in EBIT
Increased
engagement
Expanded International Presence
10 countries
1,000+
small and diverse suppliers
through
sponsorship Benchmarked
and event Advanced Process
attendance
4 out of 5
with Ralph G. Moore
DiversityInc. & Associates
Top 50
Companies for
Increased Certified Spend
37
Diversity
Ranked
50%+
70
Procurement/
Logistics
Supplier Diversity
We are committed to promoting supplier diversity to advance equitable and sustainable business practices,
CASE STUDY support economic growth in the communities in which we work and live, and unlock innovative business
Inclusion & practices and bottom-line value. Dow’s Supplier Diversity initiative includes small businesses and diverse
businesses identified as being owned by minorities, women, veterans (including service-disabled), LGBTQ+
Diversity Supplier
and persons with disabilities.
Recognition in
Our Supplier Diversity initiative is part of our overall Inclusion & Diversity efforts with defined deliverables
Latin America and key measures of success aligned to Corporate objectives. In 2019, we implemented a Tier II Reporting
Program, influencing diversity throughout our value chain. We launched regional advisory councils to drive
supplier diversity across 10 countries in which we live, work and do business. We also created a balanced
scorecard, with a focus on the value proposition of Supplier Diversity, resulting in an approximately 50%
increase in spend with third party Certified Diverse Suppliers. We will continue to measure, track and report
our small and diverse business spend, which currently represents nearly $1 billion of our total spend in the
United States.
CASE STUDY
Minority-Owned Code of Business Conduct for Suppliers
Houston Supplier Through the Dow Code of Conduct, we continue to engage new suppliers globally and communicate
our expectations that all suppliers are compliant with regulations and Dow’s values. We also continually
Advancing a review and refresh the Code of Business Conduct for Suppliers, completing a full analysis of our current
Circular Economy standards and industry best practices to ensure that we’re holding our suppliers to the highest standards
regarding sustainability, human rights and environmental health and safety. The requirements of the Code
of Business Conduct for Suppliers are built into all new and existing supplier contracts, to ensure they are
contractually enforceable. Dow reserves the right to audit supplier compliance at any time. In the case where
we identify less than adequate supplier practices, we reserve the right to discontinue business with the
supplier. Annually, we’ve identified compliance issues in less than 0.1% of our supplier base, resulting in the
immediate cessation of business.
71
Procurement/
Logistics
External Manufacturing
External Manufacturing (EM) refers to manufacturing services that are performed by an outside party on
Dow’s behalf using Dow’s intellectual property. All external manufacturing suppliers are managed through
CASE STUDY
a robust, risk-based work process that begins at project conception and extends through the conclusion
Sankyu Logistics of the business agreement. This work process includes a screening of process risks, a supplier selection
Adopts Dow’s PU process in which an initial on-site Environment, Health & Safety (EH&S) assessment is conducted, and
TRAFFIDECK™ regular EH&S audits. Criteria reviewed in these audits include the implementation of safety management
systems and safe work practices, compliance with local regulations and permits, environmental and waste
Floor Coating in management practices, and incident history. EM contract agreements also specify that the manufacturer
Warehouse comply with Dow’s Code of Business Conduct and the Fundamental EH&S Expectations for External
Manufacturers.
Logistic Service Providers

Leveraging our approach to our suppliers and external manufacturing suppliers, we also set high standards
for our Logistic Service Providers (LSPs) by having in place an extensive risk-based program in order to
qualify providers and established periodic follow-up assessments. These assessments include reviewing
health and safety practices, labor practices, and environmental compliance and security. Assessments
Highlight are conducted via work processes and external initiatives such as the Safety & Quality Assessment
System, Chemical Distribution Institute Responsible Care® and Anti-Corruption Due Diligence. We also
In 2019, Dow collaborated operate a detailed Distribution Risk Review process to ensure risks are adequately mitigated. Through our
with >200 external collaborative partnerships with our upstream and downstream stakeholders, we are able to implement
sustainable business practices across our entire value chain.
manufacturers globally,
spending >$0.5B on
a diverse portfolio of
technologies.
72
GOVERNANCE GRI-102-46
Values
Providing a Framework for Engagement and Progress

In everything we do, we are committed to respecting people, working with integrity and protecting the
world’s resources. These are the values that inspire us daily and shape how we work with one another
and with our partners. We integrate sustainability deeply into our business to create greater value for our
company, society and the planet, and we engage a wide variety of stakeholders to ensure we’re focused
on what matters most. To help us fulfill our commitments, we’ve put in place a strong governance structure
to ensure our global sustainability program meets our business needs and support our company’s
environmental and social goals.
Dow Values
Respect Protecting
Integrity
for People Our Planet
73
GOVERNANCE
Ethics
Values, Principles, Standards and Norms of Behavior GRI 102-16
Our people hold themselves and each other accountable to operate with integrity. As the global economy
expands and the business environment increases in complexity, the Dow Code of Conduct provides a
Click here for framework to focus our employees, officers and directors on our Values of Integrity and Respect for People,
more information abide by the law and be highly principled and socially responsible in all of our business practices.
about ethics and
Dow Code of Conduct
compliance at Dow.
Dow’s Code of Conduct (Code) summarizes the ethical principles and policies intended to deter and prevent
corrupt activity such as bribery, and models appropriate ethical conduct. It also provides Dow’s position on
a wide array of topics including equal employment opportunity, respect in the workplace, and environment,
health and safety. All Dow employees are expected to understand and comply with all Company policies
and applicable laws, and must certify compliance with the Code annually. The Code was developed by the
Office of Ethics and Compliance (OEC) and key stakeholders, and approved by Dow’s Board of Directors
upon the separation of Dow as an independent company on April 1, 2019. The Code is available in
16 languages.
Office of Ethics and Compliance (OEC)
Dow established its OEC in September 1998 to reinforce the Company’s long-standing commitment to
ethical business conduct. The OEC communicates the Company’s standards, provides guidance on issue
related to ethical conduct and has oversight over mechanisms for action. This includes promoting lawful
activity everywhere we do business, as well as helping the Company to manage risk, maintain a positive
reputation and avoid litigation.
74
GOVERNANCE
Ethics
Mechanisms for Advice and Concerns about Ethics GRI 102-17
Our employees are expected to behave in a way that protects our business interests, our reputation and
each other. This includes taking action to promptly report any conduct inconsistent with our Code of
Conduct, our values or the law. The Office of Ethical Conduct (OEC) is responsible for communicating to
Dow all stakeholders the mechanisms that are in place to seek advice and report potential misconduct. These
options are listed on Dow’s website and intranet page, on the OEC’s ethics and compliance training website,
EthicsLine
and in many other communications. We respect those who raise concerns about potential misconduct, and
LEARN MORE we will not tolerate retaliation against anyone who reports a potential violation in good faith.
2019 Ethics Reports
Other
396 58% of matters unsubstantiated
Reporting matters 27% of matters substantiated
Options reported to
LEARN MORE OEC 15% unsubstantiated but other
issues requiring action were uncovered
317 Types of issues: Conflicts of Interest, Environmental Health

& Safety, Human Resources, Misuse of Assets and Others. All
issues that require corrective action are appropriately addressed.
warranted an
investigation NOTE: Data excludes matters investigated or reported in the first quarter of 2019
related to DuPont or Corteva businesses.
75
GOVERNANCE
Ethics
Conflicts of Interest GRI 102-25
All employees and others working for Dow are expected to avoid personal activities and financial interests
that could conflict with their Company responsibilities.
Code of Annual
Corporate
Conduct/Code Ethics and
Governance
of Financial Compliance
Committee
Ethics Certification
LEARN MORE LEARN MORE LEARN MORE
Delegating Authority GRI 102-19
Dow employs a systematic delegation of authority structure from the Dow Executive Leadership Team
through the Company through a chain of command. Generally, this occurs from vice presidents to business
directors, to leaders and then to specialists.
The full text of Dow’s Code of Conduct and Code of Financial Ethics is available here.
76
GOVERNANCE
Oversight
Review of Economic, Environmental and Social Topics and

Communicating Critical Concerns GRI 102-31, GRI 102-33, GRI 102-34
Dow's reputation and license to operate are impacted by economic, environmental and societal events and
developments over time and across geographies. We work to proactively identify trends and their impact,
to establish enterprise-wide competencies and infrastructure, and to engage the appropriate internal and
external expertise needed to minimize the impact of issues and events on Dow's reputation or business
results.
Throughout the year, management reviews any critical concerns and actual results compared to the
strategic plan with the Board and relevant committee(s). Executive management also is available to
discuss company strategy, plans, results and issues with the committees and the Board. The independent
Directors meet in executive session in connection with each regularly scheduled meeting of the Board, and
at other times as they may determine appropriate, and the committees typically meet in executive session
in connection with every committee meeting. In addition, the Audit Committee holds separate executive
sessions with the lead client service partner of the independent registered public accounting firm, internal
auditor, general counsel and other management as appropriate.
The Board and members of the management team continued extensive outreach to stockholders throughout
the year, engaging with investors who collectively held more than 50% of outstanding shares of common
stock of the company. Through this outreach, the management team updated investors on a range of
topics, including the separation with DowDuPont, the overall business strategy, current business conditions,
corporate citizenship and sustainability, corporate governance practices and executive compensation.
They also gained an understanding of the perspectives and concerns of each investor. The Board and
management team carefully consider the feedback from these meetings when reviewing the business,
corporate governance and executive compensation profiles.
77
GOVERNANCE
Defined
Benefit Plan
Obligations
Defined Benefit Plan Obligations and Other Detailed disclosure about pension plans and other post-retirement
benefits can be found in the 2019 10-K. Updates to the 2020
Retirement Plans GRI 201-3
contribution estimates can be found within the Dow 1Q2020 10-Q.
We have both funded and unfunded defined benefit pension plans
that cover employees in the United States and a number of other Restatements of Information GRI 102-48
countries. The U.S. qualified plan is the largest plan. Benefits for
Applicable values in the Financial Highlights table on page 11 values
employees hired before January 1, 2008, are based on length of
for 2018 have been updated in accordance with the Current Report
service and the employee’s three highest consecutive years of
on Form 8-K for Dow Inc. and TDCC, filed with the U.S. Securities
compensation. Employees hired after January 1, 2008, earn benefits
and Exchange Commission on July 25, 2019 (“Form 8-K”), which
that are based on a set percentage of annual pay plus interest.
recast portions of the TDCC Annual Report on Form 10-K for the
Our funding policy is to contribute to the plans when pension laws year ended December 31, 2018 (“2018 10-K”) to reflect the results
and/or economics either require or encourage funding. of Dow and its consolidated subsidiaries, after giving effect to the
distribution to DowDuPont of TDCC’s agricultural sciences business
• In 2019, 2018 and 2017, we contributed $261 million, $1,651
and specialty products business and the receipt of DuPont's
million and $1,672 million, respectively, to our continuing
ethylene and ethylene copolymers businesses (other than its
operations pension plans, including contributions to fund benefit
ethylene acrylic elastomers business) from the closing of the Merger
payment for our non-qualified pension plans ($266 million, $1,656
on August 31, 2017. The information included in the Form 8-K is not
million and $1,676 million, including contributions to plans of
an amendment to or restatement of the 2018 10-K.
discontinued operations).
Environmental metrics reported over several years have been
• In the third quarter of 2018, we made a $1,100 million discretionary
recalculated to reflect the scale of the organization following
contribution to our principal U.S. pension plan, which is included
separation from DowDuPont. The restatements of data can be seen
in the 2018 contribution amount above. The discretionary
by comparing the summary chart on page 27 with the corresponding
contribution was primarily based on our funding policy, which
summary chart on page 83 of the 2018 Dow Sustainability Report
permits contributions to defined benefit pension plans when
and comparing charts throughout the Environmental Impacts section
economics encourage funding, and reflected considerations
of this report on pages 28 through 40 with pages 86 through 95 of
relating to tax deductibility and capital structure.
the 2018 Dow Sustainability Report.
• The Company expects to contribute approximately $290 million to
its pension plans in 2020.
78
GOVERNANCE
Risk
Management
Managing Key Impacts, Risks and Opportunities GRI 102-29, GRI-102-30
Did You To deliver value to our customers, employees, communities and shareholders, we must understand and
Know? manage the impacts, risks and opportunities faced across our entire enterprise. We use a number of
tools to identify and prioritize risks and opportunities, including a sustainability materiality assessment, a
stakeholder engagement process and our Enterprise Risk Management process.
Because Risk management is a strategic activity within Dow, and our ability to manage risk creates opportunity
96%
as well. Corporate-level identification and management of risk is systematically accomplished using
an integrated Enterprise Risk Management approach. The Board of Directors oversees the overall risk
of all management process. Responsibility for managing risk rests with executive management. Potential
manufactured goods risks include the impact of weather-related events, access to credit, effect of foreign currency exchange
are directly touched rate movements, and volatility in purchased feedstock and energy costs. Risk management results are
regularly communicated to the chief financial officer. The Audit Committee is responsible for overseeing
by the business of
that management implements and follows this risk management process and for coordinating the
chemistry, our industry outcome of reviews by the other committees in their respective risk areas, including the Environment,
has a significant role Health, Safety & Technology Committee for risk relating to safety, health or the environment. This includes
to play in addressing regulatory developments, sustainability trends, intellectual property protection and significant operational
sustainable issues such events, among others. A formal review of Enterprise Risk Management is conducted annually by the Audit
Committee and the Board.
as climate change and
food waste.
LEARN MORE
79
GOVERNANCE
Risk
Management
Risk factors that have been determined to be financially material to the company related to sustainability
include: GRI 102-15
Global Economic Environmental

Raw Materials
Considerations Compliance
Health and Safety Plastic Waste Operational Event

A complete statement of risk factors can be found on

Cyber Threat page 17 of the 2019 10-K, which can be downloaded
here.
LEARN MORE
80
Safer Materials GRI 416-1
GOVERNANCE All products are assessed in an appropriate manner – depending upon EH&S profile, application and
exposure potential – for improvement opportunities as part of Dow’s EH&S management approach at each
Risk stage of the product life cycle.
Management
Risk
Business Risk Engaging
What is Characterization
the Rio Tool Review Process Stakeholders
Declaration?
Precautionary Principle or Approach GRI 102-11
As a responsible corporate citizen, Dow continues to use a well-defined process for assessing and managing
risks in the face of uncertainty. This process is science-based, ensuring decision-making includes an
appropriate evaluation of risk and benefits. It applies to current products as well as those under development.
We support a precautionary approach as set out in Principle 15 of the Rio Declaration on Environment and
Development and view the precautionary principle as an application of the principles of risk assessment and
risk management. Risk assessment includes hazard identification, characterization, exposure assessment
and risk assessment. Risk management encompasses the identification, selection and implementation of
alternative actions for addressing risk through the control of identified hazards(s) and/or exposure.
We believe that approaches should be risk-based and cost-effective. Additionally, the selected chemical
management approach should be:
• Proportional to the objective being pursued.
• Provisional.
• The least burdensome option that provides adequate protection from the risk.
81
Climate Change Risks and Opportunities GRI 201-2
GOVERNANCE In order to evaluate risks and opportunities associated with climate change, we have analyzed various
climate change scenarios. Four boundary scenarios have been considered in evaluating the impacts of
Risk climate change and the impacts to Dow:
Management Climate Change Scenarios
Hot Air Pollution Mitigation Carbon Cap Carbon Tax
• World energy grows at • China: aggressive coal • Temp increase below 2°C • U.S. implements a $40/ton
Description
historic rate and with the reduction and NG growth • Global cap on carbon CO2 wellhead tax
same fuel mix • Less polluting fossil emissions • Import tariff retaliation
• Temp increase of 6°C fuels in residential and • Digital and technological from EU – China
above pre-industrial levels transportation innovation • Global policies fractured
Other Hydro Other Hydro Other

2% Hydro Other Hydro
An Overview Renewables Biomass Renewables 5% Renewables Renewables
6% Biomass 12% 4% 3%
3% 11% 4% Biomass
& Waste 10%
Nuclear 11%
of Our Climate 4%
Nuclear Nuclear
2040 Fuel Mix
Oil 5% Biomass 9%
Risks and
Oil 20% Oil
28% 25% Oil 29 %
Natural 21%
Nuclear
Opportunities
Gas Natural Natural
11% Gas
24% Gas
Coal Coal 26% Coal Natural Coal 23%
28% 22% 12% Gas 22%
We’ve charted the 20%
potential impacts of
climate change to our Demand: 840 EJ Demand: 840 EJ Demand: 620 EJ Demand: 790 EJ
finances and business,
40% 40% 10% 33%
Energy
as well as opportunities. Demand
Growth
LEARN MORE Sources for fuel mix: • Carbon Tax: MIT Joint Program on the Science and Policy of Global
• Hot Air: International Energy Agency, Energy Technology Perspectives 2015 Change.
– https://www.iea.org/etp/etp2015/ – 6D Scenario. • Carbon Cap: International Energy Agency, Energy Technology Perspectives
• Pollution Mitigation: Dow analysis. 2015 – https://www.iea.org/etp/etp2015/ – 2D Scenario.
Climate-Related Risk Management

The potential implications of our climate-related issues on a regulatory front include but are not limited to an
increased cost of purchased energy, additional capital costs for installation of GHG-emitting equipment, and
direct costs associated with GHG emissions. We proactively incorporate a carbon price into our business
planning and risk management strategies, even in jurisdictions without existing carbon legislation. We
also have a dedicated commercial group to handle energy contracts and purchases, including managing
emissions. Operationally, climate change may result in severe weather events, such as storms and droughts,
which can disrupt operations. We have engineered our susceptible facilities, particularly on the U.S. Gulf
Coast, to better withstand severe weather and rising sea levels, and we continue to study the long-term
implications of changing climate parameters on water availability, plant siting issues and other impacts.
82
GOVERNANCE
Materiality
2019 Materiality Assessment GRI 102-46
As a result of the team’s After completing our separation from DowDuPont, Dow conducted a comprehensive update to our materiality assessment in
assessment, four topics 2019 to determine topics that are material for disclosure based on their impact on economies, the environment, society and
were added to Dow’s our stakeholders.
prior list of material A team of subject matter experts who provided the voice of stakeholders were asked to describe each potential material
topics: GRI 102-49 topic as it relates to Dow’s products and activities, including where the impacts occur. Questions included:
• How do Dow’s products and activities impact economies?
Biodiversity GRI 304
• How do Dow’s products and activities impact the environment?
• How do Dow’s products and activities impact society?
• How do Dow’s products and activities impact the decisions of our stakeholders?*
Supplier Environmental
Assessment GRI 308
Team Representation Expertise Stakeholder Voice Represented
Training and Education Sustainability Directors and Sustainability context, frequent external engagement on Employees, customers, suppliers, community/
GRI 404 Managers sustainability topics and the impact of Dow and the industry society, regulators, shareholders/investors
VP of Investor Relations ESG as a driver of investment decisions Shareholders/investors

Supplier Social
Energy and Climate Change Energy and climate policy, impact of Dow Suppliers, customers, regulators, community/
Assessment GRI 414 Directors and Managers society
Corporate Reporting Manager External disclosure requirements, Regulators, shareholders/investors
corporate reputation
We will assess our Finance Director Financial impact of Dow’s activities Community/society, shareholders/investors
ability to report on the Enterprise Risk Management Integrated risk management process Community, regulators, shareholders/investors
required disclosures Manager
through 2020. Commercial and Customer How sustainability topics relate to Dow’s business unit Customers
Experience Director decisions
Environmental Directors Environmental regulations, impacts Regulators, customers, community/society
2025 Sustainability Goal Team Impact of Dow’s activities Community/society, employees
Leaders
*Including suppliers, employees, customers, community/society, regulators, shareholders/investors
83
GOVERNANCE
Materiality
Assessing Our Material Impacts GRI 102-44, GRI 102-46, GRI 102-47
The chart below indicates the scale of impact of Dow’s products and activities on economies, the environment and society, and the scale of
influence on the assessments and decisions of our stakeholders for each of our identified material topics.
Impact of Dow’s products and activities on Impact of Dow’s products and activities on the assessments and
For each topic, the scale of impact the economy, environment and society decisions of our stakeholders
is indicated as low, medium, or high
Shareholders/
based on input of the materiality
Environment
Community/
Customers
Employees
Regulators
assessment team.
Economy
Suppliers
Investors
Society
Society
Topic
Safe chemistry Low impact
Circular economy
Plastic waste in the environment
Economic performance Medium impact
Materials
Energy
High impact
Water and effluents
Biodiversity*
Emissions
Effluents and waste
Environmental compliance
Supplier environment assessment*
Employment
Occupational health and safety
Training and education*
Diversity and equal opportunity *Topics determined to be
Local communities material for inclusion in Dow’s
sustainability reporting for the
Supplier social assessment*
first time in 2019.
Customer health and safety
84
GOVERNANCE
Stakeholder
Engagement
Engaging Our Stakeholders

Did You Engaging stakeholders and establishing collaborative partnerships is an essential element of our
Know? sustainability strategy. By engaging with a wide variety of stakeholders on a regular basis, we build a clearer
understanding of complex global challenges and of the local conditions in the countries where we do
business.
When launched in 1992,
Dow’s Sustainability The fundamental principles of Dow’s ongoing engagement strategy are:
External Advisory Council • Information sharing and disclosure
(SEAC) was the first of its • Participating in active dialogue
kind in the petrochemical
• Collaborating on issues of mutual interest
industry.
The overall purpose of engagement is to advance business objectives while building Dow’s reputation.
GRI 102-42, GRI 102-43
LEARN MORE
Stakeholder Group GRI 102-40 Mechanism and Frequency of Engagement
Customers Customers are engaged frequently throughout the year through events, meetings, emails, surveys
and social media. Dow’s commercial and sustainability functions work together to provide appropriate
engagement to customers on sustainability topics.
Suppliers Suppliers are engaged frequently throughout the year through calls, emails and surveys.
Employees (and prospective Employees are engaged frequently throughout the year through surveys, emails, internet postings, individual
Highlight employees) conversations, meetings, training and others. Numerous opportunities are provided for employees at all
levels to provide input to sustainability practices and strategy.
Community/Society Communities are engaged regularly through meetings and other communication with groups including
In 2019, we implemented a Community Advisory Panels, United Way, Habitat for Humanity, Keep America Beautiful and others.
company-wide employee Wider communication with communities is through social media.
listening strategy to gather Regulators Regulators are engaged as part of normal operations for Dow teams through meetings, emails and calls.
more frequent and relevant These engagements can be standard sharing of information or more detailed conversations about
feedback from employees. particular regulatory issues of interest.
Shareholders/Investors Shareholders and investors are engaged regularly through meetings, conferences and the media. Dow’s
Investor Relations function works to deliver relevant information about Dow’s activities and collect
LEARN MORE information about shareholder and investor sustainability priorities and strategies.
The key topics of interest to each stakeholder group are mapped to material sustainability topics here.
85
GOVERNANCE
Stakeholder
Engagement
>38 CAPs in Dow

communities
Engaging Communities GRI 413-103, GRI 413-1, GRI 413-2
At Dow, we believe our decision-making processes are improved when we involve the community. With
REPRESENTING: sites in 31 countries, Dow has a daily presence in small towns and cities around the world as a neighbor,
community leader, employer and manufacturer. Understanding the needs of the communities where Dow
has locations, and responding in a constructive and appropriate way, is part of our role as a community
member and one to which we are deeply committed.
Healthcare Business Community Advisory Panels (CAPs)

Dow has been an industry leader in establishing and using CAPs in the communities where we have
operations. Dow’s CAPs represent a broad cross-section of local interests, including healthcare, education,
Education Nonprofits
civic engagement, law enforcement and local business. The CAPs operate in more than 38 of our global
manufacturing communities and help us engage in ongoing and open communication regarding Dow’s
operations, safety programs, environmental conditions, community interaction and other aspects of the
company and plant.
Law Enforcement Feedback from CAPs enables Dow to be responsive in addressing a community’s quality of life needs and
helps identify where the company can have the greatest impact. Dow continually refreshes its CAPs to
maximize value for both Dow and the community. To find new ways to expand their reach, CAP members
PROVIDING FEEDBACK FOR: also engage other community residents by inviting them to Dow-hosted events. This results in greater
feedback by residents and more awareness-building about Dow within the community.
Community Surveys
Dow’s Safety Dow also measures its impact as a corporate citizen and identifies concerns through periodic community
Operations
assessment surveys at select sites. These surveys generate feedback related to quality of life issues, Dow’s
“rightful role” in a community and also provide direct recommendations on opportunities where Dow can
have a positive impact. We address these and many more issues through our local site Community Success
Environmental Community Plans.
Priorities Involvement
86
Engaging Globally
GOVERNANCE Our collaborations help expand the impact of our actions and take an innovative approach to the challenges
facing our industry and the world.
Stakeholder External Initiatives GRI 102-12
Engagement Responsible Care Voluntary initiative of the global chemical industry, a requirement of membership in the American
Management System Chemistry Council.
United Nations Global Voluntary participant since 2007. Requires commitment to meet fundamental responsibilities
Compact (UNGC) and report progress in four areas: human rights, labor, environment and anti-corruption. Caring
for Climate signatory.
Sustainable Packaging Founding partner. Helped initiate a store drop-off program for hard-to-recycle plastics.
Coalition
Trash Free Seas Alliance Founding member of this voluntary, by-invitation alliance in 2012. The Alliance unites industry,
(TFSA) science and conservation leaders who share a common goal for a healthy ocean free of trash.
Membership of The Alliance provides a constructive forum focused on identifying opportunities for cross-sector
Associations GRI 102-13 solutions that drive action and foster innovation.
View a partial list of Keep America Beautiful Voluntary corporate partner. Greg Jozwiak, corporate vice president of Integrated Supply Chain,
associations in which (KAB) is a board member. Howard Ungerleider, chief financial officer, is honorary chair.
Dow is engaged and CEO Water Mandate Voluntary participant since 2008. The CEO Water Mandate mobilizes a critical mass of business
provides leadership leaders to address global water challenges through corporate water stewardship, in partnership
support. with the United Nations, governments, civil society organizations and other stakeholders.
Ellen MacArthur Voluntary member of the Circular Economy 100 (CE100) since 2016. The CE100 network
Foundation (EMF) facilitates market-making by providing collaborative and pre-competitive opportunities that bring
together business, innovators, cities and governments, universities and thought leaders.
Operation Clean Sweep Pledged partner in this initiative of the American Chemistry Council designed to prevent and
(OCS) help keep plastic out of the marine environment.
Alliance to End Plastic Founding member of organization with the goal to develop and scale solutions that manage
Financial Waste (AEPW) plastic waste and promote post-use solutions of plastic.
Assistance
Circulate Capital Founding investor in effort to incubate and finance companies and infrastructure that prevent
Received from waste in oceans.
Government
Task Force on Climate- In June 2017, Dow committed to implement the recommendations of the Task Force to
GRI 201-4
Related Financial be transparent about risks due to climate change and our corporate response. Our chief
Disclosures (TCFD) sustainability officer serves as a member of the Task Force.
World Business Council for WBCSD is a global, CEO-led organization of over 200 leading businesses working together to
Sustainable Development accelerate the transition to a sustainable world. Dow experts participate on numerous WBCSD
(WBCSD) work groups.
87
ADDITIONAL
I N F O R M AT I O N
Report
Information
Significant Changes to the Organization and its Supply Chain GRI 102-10
On April 1, 2019, DowDuPont Inc. (“DowDuPont” and effective June 3, 2019, n/k/a DuPont de Nemours, Inc.
or “DuPont”) completed the separation of its materials science business and Dow Inc. became the direct
parent company of TDCC and its consolidated subsidiaries.
The separation was contemplated by the merger of equals transaction effective August 31, 2017, under the
Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017. TDCC
and E.I. du Pont de Nemours and Company and its consolidated subsidiaries (“Historical DuPont”) each
merged with subsidiaries of DowDuPont and, as a result, TDCC and Historical DuPont became subsidiaries
of DowDuPont (the “Merger”). Subsequent to the Merger, TDCC and Historical DuPont engaged in a series
of internal reorganization and realignment steps to realign their businesses into three subgroups: agricultural
sciences, materials science and specialty products. Dow Inc. was formed as a wholly owned subsidiary of
DowDuPont to serve as the holding company for the materials science business.
Basis of Presentation
The information in this Report reflects the activities conducted by the materials science business of Dow
and its consolidated subsidiaries for the full reporting period from January 1 to December 31, 2019, after
giving effect to the distribution to DowDuPont of TDCC’s agricultural sciences business and specialty
products business and the receipt of Historical DuPont’s ethylene and ethylene copolymers business (other
than its ethylene acrylic elastomers business).
Additional details can be found in the 2019 Dow Form 10-K and the 2020 Proxy Statement.
88
ADDITIONAL
Independent
Assurance
Statement
Independent Assurance Statement to Dow Inc GRI 102-56
Dow Inc (Dow) engaged ERM Certification and Verification Services (ERM CVS) to provide limited assurance in relation to the Dow 2019
Sustainability Report (the Report), as set out below.
Engagement summary
Scope of our assurance Whether Dow has prepared the Report in accordance with the GRI Standards: Comprehensive option.
engagement Whether Dow’s reported progress against its 2025 Sustainability Goals is fairly presented, in all material respects, in accordance with its internal reporting criteria.
GRI Standards (2016) except for GRI 403 (2018): Occupational Health and Safety and GRI 303 (2018): Water and Effluents.
Reporting criteria
Dow Chemical 2025 Sustainability Goals.
Assurance standard ERM CVS’ assurance methodology, based on the International Standard on Assurance Engagements ISAE 3000 (Revised).
Assurance level Limited assurance.

Dow is responsible for preparing the Report and for the collection and presentation of the information within it.
Respective responsibilities
ERM CVS’s responsibility is to provide conclusions on the agreed scope based on the assurance activities performed and exercising our professional judgement.
Our conclusions • Webex and conference calls with Dow corporate employees to:
Based on our activities, as described below:
– Interview management representatives in order to understand
• Nothing has come to our attention to indicate that the report Dow’s sustainability strategy, policies and management systems
has not been prepared in accordance with the GRI Standards: for the relevant disclosures;
Comprehensive option;
– Interview 2025 Sustainability Goal project teams in order to
• Nothing has come to our attention to indicate that reported understand the current status and progress of the goals and the
progress against Dow’s 2025 Sustainability Goals is not fairly basis on which performance is determined;
presented, in all material respects, in accordance with internal
– Review internal reporting guidelines, including reporting
reporting criteria.
databases as well as any associated conversion factors used;
Our assurance activities
– Review the completeness of data reported by all sites and the
We planned and performed our work to obtain all the information and effectiveness of the internal review (QA/QC processes), including
explanations that we believe were necessary to provide a basis for our the consolidation process;
assurance conclusions. A multi-disciplinary team of sustainability and
assurance specialists performed the following assurance procedures: – Review performance during the reporting period against the 2025
Sustainability Goals; and 89
ADDITIONAL
Independent
Assurance
Statement
– Review a sample of qualitative and quantitative evidence During our assurance engagement, travel restrictions were imposed
supporting the reported information; following the outbreak of COVID-19. As a result of this we replaced
the planned ‘in person’ head office visit with a ‘virtual’ visit via video
• Checking consistency of financial data and other information with
calls for this year’s assurance engagement.
Dow’s 2019 10K report;
• Confirming the consistency of the reported information with
our understanding of Dow’s business, operations, sustainability
strategy and prior reporting;
• Reviewing external media reporting relating to Dow to identify
relevant sustainability issues in the reporting period;
• Reviewing the report content and GRI Content Index for Jennifer Iansen-Rogers
completeness and accuracy against the criteria for ‘in accordance Head of Corporate Assurance
with GRI Standards: Comprehensive option’; and
• Checking the presentation of the information relevant to the scope
16 June 2020
of our work in the Report to ensure consistency with our findings.
The limitations of our engagement ERM Certification and Verification Services, London
The reliability of the assured data is subject to inherent uncertainties,
given the available methods for determining, calculating or www.ermcvs.com; email: [email protected]
estimating the underlying information. We did not undertake ERM CVS is a member of the ERM Group. The work that ERM CVS conducts for clients is
source data verification at any operated facilities. It is important to solely related to independent assurance activities and auditor training. Our processes are
designed and implemented to ensure that the work we undertake with clients is free from bias
understand our assurance conclusions in this context. and conflict of interest. ERM CVS staff that have undertaken this engagement have provided
no consultancy related services to Dow in any respect.
Our independent assurance statement provides no assurance on
statements in the report regarding future performance or on whether
Dow will achieve its stated goals.
90
ADDITIONAL
GRI Content
Index
GRI Content Index

We prepared this report in accordance with the Global Reporting Initiative (GRI) Standards Comprehensive option. This Index of Content
serves as a navigation tool for the GRI standards. GRI 102-55
Corresponding SASB
GRI Standard/Disclosure Page Number(s)/Location Omission
Disclosure
1. Organizational Profile
102-1 Name of the organization 10
102-2 Activities, brands, products, and services 13-16 RT-CH-000
102-3 Location of headquarters 12
102-4 Location of operations 12
102-5 Ownership and legal form 10
102-6 Markets served 13-16
Confidentiality constraints. In the interest
of confidentiality and competitiveness,
102-7 Scale of the organization 10-11
Dow does not report quantity of products
or services provided.
102-8 Information on employees and other workers 45
102-9 Supply chain 66
Significant changes to the organization and its
102-10 88, 66
supply chain
102-11 Precautionary principle or approach 81
102-12 External initiatives 87
102-13 Membership of associations 87
2. Strategy
102-14 Statement from key decision-maker 5-8
102-15 Key impacts, risks, and opportunities 79, 80
3. Ethics and Integrity
Values, principles, standards and norms of
102-16 74
behavior
102-17 Mechanisms for advice and concerns about ethics 75
91
ADDITIONAL
GRI Content
Index
Corresponding SASB
Disclosure
4. Governance
The governance structure of the organization, including
committee responsibility is described at https://investors.dow.
com/en/corporate-governance/default.aspx. The Environment,
Health, Safety & Technology Committee of the Board assists
102-18 Governance structure
the Board of Directors in fulfilling its oversight responsibilities
with respect to environment, health, safety, corporate social
responsibility, public policy, philanthropy, corporate reputation,
and science and technology as described in its charter.
102-19 Delegating authority 76
Mary Draves, chief sustainability officer and vice president
of Environment, Health & Safety (EH&S), is responsible for
Executive-level responsibility for economic,
102-20 EH&S and leading the definition and implementation of the
environmental and social topics
Company’s sustainability strategy. Draves reports directly to
Jim Fitterling, chairman and chief executive officer.
Refer to Page 6 of the 2020 Dow Proxy Statement which can be
Consulting stakeholders on economic, environmental
102-21 downloaded here: https://investors.dow.com/en/financial-reporting/
and social topics
default.aspx#sec-filings.
The composition of the Board and its Committees can be found
at https://investors.dow.com/en/corporate-governance/default.
Composition of the highest governance body and its
102-22 aspx and summarized starting on page 2 of the 2020 Dow Proxy
committees
Statement which can be downloaded here: https://investors.dow.
com/en/financial-reporting/default.aspx#sec-filings.
Prior to the separation from DowDuPont, Jeff M. Fettig served as
non-employee executive chairman of the board of DowDuPont
while Dow operated as the Materials Science Division of
DowDuPont. From April 1, 2019, Jeff M. Fettig served as the
non-employee executive chairman of the board of Dow. Jim
102-23 Chair of the highest governance body Fitterling was appointed Chairman of the Board in addition to his
role as chief executive officer on April 9, 2020. At that time, the
independent Directors elected Jeff M. Fettig as Lead Director with
significant responsibilities detailed on page 2 of the Corporate
Governance Guidelines which can be downloaded at https://
investors.dow.com/en/corporate-governance/default.aspx.
Refer to the Dow Corporate Governance Guidelines and
Nominating and selecting the highest governance
102-24 Bylaws which can be downloaded at https://investors.dow.
body
com/en/corporate-governance/default.aspx.
92
ADDITIONAL
GRI Content
Index
Corresponding SASB
Disclosure
102-25 Conflicts of interest 76
Refer to the Dow Corporate Governance Guidelines, page 1, The
Role of highest governance body in setting purpose,
102-26 Role of the Board, which can be downloaded at https://investors.
values and strategy
dow.com/en/corporate-governance/default.aspx.
Biographies of Directors can be found at https://investors.
dow.com/en/corporate-governance/board-of-directors/default.
aspx. Refer to the Corporate Governance Guidelines, page
102-27 Collective knowledge of the highest governance body
5, Director Orientation and Continuing Education which can
be downloaded at https://investors.dow.com/en/corporate-
governance/default.aspx.
Refer to the Corporate Governance Guidelines, page 4, Board
Evaluating the highest governance body's
102-28 Self-Evaluation which can be downloaded at https://investors.
performance
dow.com/en/corporate-governance/default.aspx.
Identifying and managing economic, environmental
102-29 79
and social impacts
102-30 Effectiveness of risk-management processes 79
102-31 Review of economic, environmental and social topics 77
Highest governance body's role in sustainability
102-32 3
reporting
102-33 Communicating critical concerns 77
Information unavailable. While we are able
to describe our mechanism to address
102-34 Nature and total number of critical concerns 77
and resolve concerns, we do not track a
number of critical concerns.
Refer to 2020 Dow Proxy Statement which can be downloaded
here: https://investors.dow.com/en/financial-reporting/default.
102-35 Remuneration policies
aspx#sec-filings, the section titled “Compensation Discussion &
Analysis” on pages 21-42.
102-36 Process for determining remuneration
102-37 Stakeholders' involvement in remuneration
93
ADDITIONAL
GRI Content
Index
Corresponding SASB
Disclosure
Confidentiality constraints. In the interest
of confidentiality and competitiveness,
102-38 Annual total compensation ratio 47 Dow does not report ratios based on
individual compensation at the country
level.
Data unavailable. Since this is the first
year of reporting compensation ratios
Percentage increase in annual total compensation
102-39 as Dow following the separation from
ratio
DowDuPont, we are unable to report
change.
5. Stakeholder Engagement
102-40 List of stakeholder groups 85
102-41 Collective bargaining agreements 46
102-42 Identifying and selecting stakeholders 85
102-43 Approach to stakeholder engagement 85
102-44 Key topics and concerns raised 84
6. Reporting Practice
The complete list of entities included in Dow’s consolidated
Entities included in the consolidated financial
102-45 financial statements can be found as Exhibit 21 to the 2019 10-K,
statements
starting on page 262. None of these are not covered by this report.
102-46 Defining report content and topic boundaries 84
102-47 List of material topics 84
102-48 Restatements of information 78
102-49 Changes in reporting 83
102-50 Reporting period 3
102-51 Date of most recent report 3
102-52 Reporting cycle 3
102-53 Contact point for questions regarding the report 3
Claims of reporting in accordance with the GRI
102-54 3
Standards
102-55 GRI Content Index 91-100
102-56 External assurance 89 - 90
94
ADDITIONAL
GRI Content
Index
Corresponding SASB
Disclosure
Economic Performance
201-103 Management Approach 10
201-1 Direct economic value generated and distributed 11
Financial implications and other risks and
201-2 82 RT-CH-110a.2
opportunities due to climate change
Defined benefit plan obligations and other retirement
201-3 78
plans
Confidentiality constraints. We disclosed
grants information. However, tax
related information for this disclosure
201-4 Financial assistance received from government 87
is confidential in many instances as we
have agreements with governments that
include non-disclosure provisions.
Materials
Not disclosed as aggregate quantity is
301-1 Materials used by weight or volume 28 impractical due to multiple purchasing
arrangements and delivery mechanisms.
Information unavailable: Our businesses
report estimates of recycled raw
materials used and fraction of their
portfolio of products that are ultimately
recycled as part of our Sustainable
301-2 Recycled input materials used 28
Chemistry Index Survey process. In 2019,
businesses reported small percentages
for both questions. These results are
not aggregated at the corporate level or
reported publicly.
Information unavailable: Our businesses
report estimates of recycled raw
materials used and fraction of their
portfolio of products that are ultimately
recycled as part of our Sustainable
301-3 Reclaimed products and their packaging materials 28
Chemistry Index Survey process. In 2019,
businesses reported small percentages
for both questions. These results are
not aggregated at the corporate level or
reported publicly. 95
ADDITIONAL
GRI Content
Index
Corresponding SASB
Disclosure
Energy
302-1 Energy consumption within the organization 30 RT-CH-13a.1
302-2 Energy consumption outside of the organization 30
302-3 Energy intensity 30
302-4 Reduction of energy consumption 33
Reductions in energy requirements of products and Not applicable. Virtually all Dow products
302-5
services do not require energy in use.
Water and Effluents
303-103 Management Approach 35 RT-CH-140a.3
303-1 Interactions with water as a shared resource 36
303-2 Management of water discharge-related impacts 38
303-3 Water withdrawal 37 RT-CH-140a.1
Disclosed to GRI 306-1 (2016) as
we transition to the new 3030 water
303-4 Water discharge
disclosure, which is required for reports
published on or after Jan. 1, 2021.
Disclosed to GRI 306-1 (2016) as
we transition to the new 3030 water
303-5 Water consumption
disclosure, which is required for reports
published on or after Jan. 1, 2021.
Biodiversity
Information unavailable. This topic was
identified as material for reporting for the
first time in 2019. We will develop our
304-103 Management Approach
capability to disclose through 2020 and
expect to report in the 2020 Sustainability
Report.
Operational sites owned, leased, managed in, or
304-1 adjacent to, protected areas and areas of high
biodiversity value outside protected areas
Report.
96
ADDITIONAL
GRI Content
Index
Corresponding SASB
Disclosure
Significant impacts of activities, products and services first time in 2019. We will develop our
304-2
on biodiversity capability to disclose through 2020 and
Report.
304-3 Hobitats protected or restored
Report.
IUCN Red List species and national conservation list first time in 2019. We will develop our
304-4
species with habitats in areas affected by operations. capability to disclose through 2020 and
Report.
Emissions
305-1 Direct (Scope 1) GHG emissions 32 RT-CH-110a.1
305-2 Energy indirect (Scope 2) GHG emissions 32
305-3 Other indirect (Scope 3) GHG emissions 33
305-4 GHG emissions intensity 32
305-5 Reduction of GHG emissions 33
305-6 Emissions of ozone-depleting substances (ODS) 34
Nitrogen oxides (NOx), sulfur oxides (SOx) and other
305-7 34 RT-CH-120a.1
significant air emissions
Effluents and Waste
306-103 Management Approach 38, 39 150a.1
306-1 Water discharge by quality and destination 38
306-2 Waste by type and disposal method 39
306-3 Significant spills 40 541a.1
97
ADDITIONAL
GRI Content
Index
Corresponding SASB
Disclosure
Information unavailable. We will be
reviewing ways to address this disclosure
on a yearly basis as we define the need to
306-4 Transport of hazardous waste
capture this information. See page 68 for
discussion of our Transportation Safety
Index.
Water bodies affected by water discharges and/or
306-5 36
runoff
Environmental Compliance
Non-compliance with environmental laws and Report by reference to the 2019 Dow 10-K, pages 21-22, Item 3,
307-1 RT-CH-140a.2
regulations Legal Proceedings.
Supplier Environmental Assessment
Report.
New suppliers that were screened using first time in 2019. We will develop our
308-1
environmental criteria capability to disclose through 2020 and
Report.
Negative environmental impacts in the supply chain first time in 2019. We will develop our
308-2
and actions taken capability to disclose through 2020 and
Report.
Employment
401-1 New employee hires and employee turnover 44, 51
Benefits provided to full-time employees that are not
401-2 46
provided to temporary or part-time employees
98
ADDITIONAL
GRI Content
Index
Corresponding SASB
Disclosure
Due to the transfer to Workday, our
Human Capital Management system,
401-3 Parental leave 46 in 2019, the reporting was not available
for retention after 12 months following
parental leave.
Labor/Management Relations – Occupational Health and Safety
403-1 Occupational health and safety management system 52
Hazard identification, risk assessment and incident
403-2 53
investigation
403-3 Occupational health services 55
Worker participation, consultation and communication
403-4 56
on occupational health and safety
403-5 Worker training on occupational health and safety 56
403-6 Promotion of worker health 57
Reference the narrative on Safer Materials on page 82 for
Prevention and mitigation of occupational health prevention of occupational health and safety impact of our
403-7 and safety impacts directly linked by business products. Refer to page 68 for the discussion of transportation 320a.2
relationships stewardship for prevention of safety impact of our transportation
operations.
Workers covered by an occupational health and safety
403-8 54
management system
403-9 Work-related injuries 59 320a.1
403-10 Work-related ill health 59
Training and Education
Information unavailable. We are unable to
produce breakdown of training hours by
gender or employee category. We will be
404-1 Average hours of training per year per employee 48
reviewing ways to address this disclosure
on a yearly basis as we define the need to
capture this information.
Programs for upgrading employee skills and transition
404-2 49, 51
assistance programs
Percentage of employees receiving regular
404-3 50
performance and career development reviews
99
ADDITIONAL
GRI Content
Index
Corresponding SASB
Disclosure
Diversity and Equal Opportunity
405-1 Diversity of governance bodies and employees 43
Ratio of basic salary and remuneration of women to
405-2 47
men
Local Communities
Operations with local community engagement, impact
413-1 86 210a.1
assessments and development programs
Operations with significant actual and potential
413-2 86
negative impacts on local communities
Supplier Social Assessment
identified as material for reporting for
the first time in 2019. We will develop
our capability to disclose through
2020 and expect to report in the 2020
Sustainability Report.
414-1 New suppliers that were screened using social criteria
Report.
identified as material for reporting for
Negative social impacts in the supply chain and the first time in 2019. We will develop
414-2
actions taken our capability to disclose through
2020 and expect to report in the 2020
Sustainability Report.
Customer Health and Safety
Assessment of the health and safety impacts of
416-1 83, 84
product and service categories
Incidents of non-compliance concerning the health
416-2
and safety impacts of products and services
100
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Sustainability

About This Report

Message from Mary Draves

Sustainability Health & Safety

LEADERSHIP MESSAGES Helping Lead the Transition to a Sustainable Future

and CEO GRI 102-14

Q So, you’re not just talking about inside-the-fenceline solutions?

Accelerating Our Sustainability Agenda

Find out more

Protect the Climate Stop the Waste Close the Loop

2019 Business Highlights

NYSE Payments to governments

Materials Total equity $14,094 $33,621

155 Latin America

0 100 200 300 400 500 600

Location of Operations GRI 102-3, GRI 102-4

Europe, Middle East, Africa & India

Packaging & Specialty Performance Materials

2019 Pro Forma Net Sales $13,449MM

Packaging & Specialty Plastics

Packaging and Hydrocarbons &

Industrial Intermediates & Infrastructure

Performance Materials & Coatings

Partnering to Solve Global Challenges

Our Focus Areas

Circular Climate Safer

Advancing a Circular Economy

Advancing a Circular Economy

Working to Create a Circular World for Our Approach

Hefty® EnergyBag® Program: LEARN Fuenix Ecogy Partnership:

Circulate Capital Ocean Fund: UPM Biofuels Partnership:

#PullingOurWeight: RecycleReady Technology:

Contributing to Climate Protection

Optimizing Our Increasing Evaluating Developing Deploying

* Scopes 1, 2, 3, plus product benefits

Innovating Safer Materials

Innovating Advancing Promoting Open

2025 Sustainability Goals

Our Sustainability Journey

2025 Sustainability Goals

2015 Sustainability Goals Dow’s Blueprint

2005 EH&S Goals Dow’s Handprint

Dow’s Footprint and EH&S Culture

1995 2006 2016 2025

2025 Sustainability Goal Updates

Alignment to UN Sustainable Development Goals (SDGs)

SDGs that are an opportunity

SDGs that are an opportunity

BUSINESS OPPORTUNITY BUSINESS RISK

SDGs that Dow currently

A Commitment to World-Leading Environmental Performance

Materials Used GRI 301-1, GRI 301-2, GRI 301-103

Dow’s Integrated Manufacturing Environment

Innovative Solutions for

Polyolefins & Polymer Science Propylene Glycol

Raw Material Efficiency

Energy and Greenhouse Gas (GHG) Emissions Management GRI 302-103

Emissions and Carbon Intensity GRI 305-4

Scope 1 and Scope 2 GHG Emissions GRI 305-1, GRI 305-2

Scope 1 and 2 Greenhouse Gas Emissions GHG Emissions Intensity