Dow Details Enhanced Earnings Power at Its 2009 Investor Day; Outlines Path to $4.00 to $4.50 in Earnings per Share

NEW YORK, Nov. 13 /PRNewswire-FirstCall / -- Yesterday at The Dow Chemical Company's (NYSE: DOW) 2009 Investor Day, the Company detailed its enhanced earnings potential driven by its high growth, high margin Performance, Advanced Materials and Dow Agricultural Sciences businesses and large pipeline of science-based solutions to the world's most significant challenges.

"We are well positioned to expand our earnings power," said Andrew N. Liveris, Dow chairman and chief executive officer. "In the short term, we will benefit early in the economic recovery through our right-sized basics businesses and structural cost improvements. As the global economy continues to rebound, we will expand revenue and earnings with our higher growth, higher margin portfolio fueled with a focus on innovation and key emerging geographies and industries."

The Company projected normalized earnings of $4.00-$4.50 a share in the 2012 timeframe, achieved through a mix of growth synergies and innovation, equity earnings growth, as well as restructuring and cost synergies. The Company's new portfolio is expected to deliver greater than 10 percent annual revenue growth as a result of its transformation to a more focused market-driven, performance-based portfolio and the Company's growing participation in emerging economies. Growth from these geographies, such as Southeast Asia, India, Latin America, China and Eastern Europe, are expected to contribute 35 percent of total revenue in the 2012 timeframe. Management also projected EBITDA margin expansion from 12 percent over the recent past to 20 percent over time.

The event, titled "The Elements of Success," featured a half-day morning session attended in-person by more than 200 people, where investors heard from Dow's senior management about the earnings power of the New Dow driven by a reinvigorated innovation engine aligned with key megatrends that is driving growth worldwide. The session was followed by a Gallery Walk, which featured more than 25 exhibits that covered the breadth and depth of Dow's innovation and R&D engine. These advances are part of Dow's innovation pipeline, which is estimated as having a net present value of $28 billion.

The formal presentations will be available on Dow's Investor Relations webpage on the Dow Internet site. Following the event, summaries of each of the Gallery Walk exhibits will also be available on the Investor Relations webpage. These summaries provide data, context and proof points outlining how and why Dow will win in each of the respective businesses.

About Dow

Dow is a diversified chemical company that combines the power of science and technology with the "Human Element" to constantly improve what is essential to human progress. The Company delivers a broad range of products and services to customers in approximately 160 countries, connecting chemistry and innovation with the principles of sustainability to help provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. In 2008, Dow had annual sales of $57.4 billion and employed approximately 46,000 people worldwide. The Company has 150 manufacturing sites in 35 countries and produces approximately 3,300 products. On April 1, 2009, Dow acquired Rohm and Haas Company, a global specialty materials company with sales of $10 billion in 2008, 98 manufacturing sites in 30 countries and approximately 15,000 employees worldwide. 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: This press release contains forward-looking statements that 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.

SOURCE The Dow Chemical Company