Key questions and answers from the fourth quarter earnings call conducted by The Dow Chemical Co. on January 29, 2008.

Donald Carson (Merrill Lynch): Are your products really differentiated enough to give you that kind of topline growth that will enable you meet your 10% earnings growth goal?

Andrew N. Liveris: Our assessment is that especially in businesses like Polyurethane, Epoxy, Specialty Plastics, of course, Dow AgroSciences, and the market facing businesses that we have been launching like Dow Water and others, not counting any of the new ones, that we actually are creating a part of the Performance business mix that is now more in the Specialties side than on the hydrocarbon sensitive side.

As we added built-on acquisitions to some of them, like in design polymers and Cellulosics Wolff for example, we have been adding those in as we have been doing them to show that we have a very conservative topline assumption on the Performance businesses for the industry trough.

Donald Carson (Merrill Lynch): What percentage of your performance businesses have you considered truly Specialty?

Andrew N. Liveris: We have the $25 billion that is core performance in both the segments. It split itself about a a third true specialties, a third neither true specialty nor true differentiated commodity, and the other third more being intermediates.

Donald Carson (Merrill Lynch): Did Dow AgroSciences lose competitive position in Latin America?

Andrew N. Liveris: No, quite the contrary, Latin America was very strong for us. It is the forward buying in North America that mitigated the impact in the fourth. The real opportunity at Dow AgroScience is the organic growth, which is we are putting new R&D resources and new selling resources to gain extra share, especially as SmartSpecs comes around the corner and other innovative things that they are doing.

Unidentified Analyst (Credit Suisse): How does this expansion of the Brownfield buildout fits in with your asset-light strategy?

Andrew N. Liveris: The new chlorine project we announced today has been in the works for sometime to support our Performance businesses. In essence, the net is we are down 430,000 tons of capacity.

Unidentified Analyst (Credit Suisse): On the Polyethylene side, what do you see happening in 2008 with capacity coming on in the latter half of 2009, given your 2010, 2011 trough model?

Andrew N. Liveris: We have not changed our view given all these current market circumstances. When we look at the granularity of the end-use markets in North America such as packaging for food, etcetera, agricultural uses, in fact we see actually strong growth.

Prashant Juvekar (Citigroup): Comments on the chlorine complex or chlor-alkali complex?

Andrew N. Liveris: The caustic side of it is very strong and continues to exhibit strength. But when we look at all the markets that consume caustic aluminum, notably pulp and paper, they are still showing great strength.

PJ. Chlorine from a consequential point of view is showing some weakness because of housing here in the United States and pipe in particular, but of course the weak US dollars is helping US-based producers do some exporting, of course notably our partner, Shintech.

Unidentified Analyst: Where do you think the Kuwait investments are going to go?

Andrew N. Liveris: EQUATE has been working on their north gas fields and there is a possibility for a third. And then if you take out Kuwait joint venture we just announced, which is of course oriented to not just in Kuwait, but beyond Kuwait with refinery streams and feedstock liquids place.

The Kuwait expansion will come two ways. One will be onshore Kuwait with a potential further expansion based on gas, and offshore Kuwait in terms of liquids.

David Begleiter (Deutsche Bank Securities): Would you ever consider either monetizing a proportion of those ethylene assets to draw some cash out or maintain the value of integration in the company?

Andrew N. Liveris: The infrastructure aspect of the multiple streams out of our liquids crackers makes that very difficult day. How we have done it is trying to fundamentally allow that to be more of an infrastructure leverage point, but that we control how the integration occurs rather than putting it into a joint venture.