Dow Comments on Moody’s Ratings Upgrade

  Dow Comments on Moody’s Ratings Upgrade

Business Wire

MIDLAND, Mich. -- November 02, 2012

The Dow Chemical Company (NYSE:DOW) announced today that Moody's Investors
Service raised the Company's senior unsecured ratings to Baa2 from Baa3, and
its commercial paper rating to Prime-2 from Prime-3 with a stable outlook.

“Moody's upgrade today is a clear validation of Dow's portfolio
transformation, focus onexecution and delivery on our commitment to
strengthen our balance sheet,” commented Andrew N. Liveris, Dow’s chairman and
chief executive officer. “This most recent upgrade reflects Dow's solid cash
flow and sound capital structure, which we have worked hard to achieve despite
the challenging economic environment over the last twelve months. It is also
an indication of the long-term benefit of the Company’s well-balanced
portfolio and cost advantaged feedstock position in the United States, which
will drive higher and more consistent profitability going forward. Reducing
debt, increasingly rewarding our shareholders, and funding prioritized growth
remain our top priorities.”

About Dow

Dow (NYSE: DOW) combines the power of science and technology to passionately
innovate what is essential to human progress. The Company connects chemistry
and innovation with the principles of sustainability to help address many of
the world's most challenging problems such as the need for clean water,
renewable energy generation and conservation, and increasing agricultural
productivity. Dow's diversified industry-leading portfolio of specialty
chemical, advanced materials, agrosciences and plastics businesses delivers a
broad range of technology-based products and solutions to customers in
approximately 160 countries and in high growth sectors such as electronics,
water, energy, coatings and agriculture. In 2011, Dow had annual sales of $60
billion and employed approximately 52,000 people worldwide. The Company's more
than 5,000 products are manufactured at 197 sites in 36 countries across the
globe. References to "Dow" or the "Company" mean The Dow Chemical Company and
its consolidated subsidiaries unless otherwise expressly noted. More
information about Dow can be found at www.dow.com.

Note: The forward-looking statements contained in this document involve risks
and uncertainties that may affect the Company’s operations, markets, products,
services, prices and other factors as discussed in filings with the Securities
and Exchange Commission. These risks and uncertainties include, but are not
limited to, economic, competitive, legal, governmental and technological
factors. Accordingly, there is no assurance that the Company’s expectations
will be realized. The Company assumes no obligation to provide revisions to
any forward-looking statements should circumstances change, except as
otherwise required by securities and other applicable laws.

Contact:

The Dow Chemical Company
Rebecca Bentley, 989-638-8568
rmbentley@dow.com
or
The Dow Chemical Company
Nancy Lamb, 989-638-7251
nelamb@dow.com