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ACCESSION NUMBER:		0000947871-21-000458
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20210423
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210423
DATE AS OF CHANGE:		20210423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DOW INC.
		CENTRAL INDEX KEY:			0001751788
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821]
		IRS NUMBER:				301128146
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38646
		FILM NUMBER:		21846668

	BUSINESS ADDRESS:	
		STREET 1:		2211 H.H. DOW WAY
		CITY:			MIDLAND
		STATE:			MI
		ZIP:			48674
		BUSINESS PHONE:		9896361000

	MAIL ADDRESS:	
		STREET 1:		2211 H.H. DOW WAY
		CITY:			MIDLAND
		STATE:			MI
		ZIP:			48674

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Dow Inc.
		DATE OF NAME CHANGE:	20190305

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Dow Holdings Inc.
		DATE OF NAME CHANGE:	20180831

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DOW CHEMICAL CO /DE/
		CENTRAL INDEX KEY:			0000029915
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821]
		IRS NUMBER:				381285128
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03433
		FILM NUMBER:		21846669

	BUSINESS ADDRESS:	
		STREET 1:		2211 H.H. DOW WAY
		CITY:			MIDLAND
		STATE:			MI
		ZIP:			48674-2030
		BUSINESS PHONE:		989-636-1000

	MAIL ADDRESS:	
		STREET 1:		2211 H.H. DOW WAY
		CITY:			MIDLAND
		STATE:			MI
		ZIP:			48674-2030
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<p style="font: 18pt/120% Times New Roman, Times, Serif; margin: 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_90F_edei--WrittenCommunications_c20210423__20210423_z9feSgLLK62b"><span style="-sec-ix-hidden: xdx2ixbrl0032">[&#160;]</span></span> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) &#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_902_edei--SolicitingMaterial_c20210423__20210423_zwj1kcz5pDA9"><span style="-sec-ix-hidden: xdx2ixbrl0033">[&#160;]</span></span> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) &#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_908_edei--PreCommencementTenderOffer_c20210423__20210423_zx9oDlPpMA1c"><span style="-sec-ix-hidden: xdx2ixbrl0034">[&#160;]</span></span> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) &#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_90E_edei--PreCommencementIssuerTenderOffer_c20210423__20210423_zvzFOzvoEuA1"><span style="-sec-ix-hidden: xdx2ixbrl0035">[&#160;]</span></span> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0 7pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0 7pt; text-align: justify">Securities registered pursuant to Section
12(b) of the Act:</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><b>The Dow Chemical Company</b></td>
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><span id="xdx_90A_edei--Security12bTitle_c20210423__20210423__dei--LegalEntityAxis__custom--DowChemicalCoMember__us-gaap--StatementClassOfStockAxis__custom--Sec1.125NotesDueMarch152032Member_zug0RbiEQoD"><ix:nonNumeric contextRef="From2021-04-232021-04-23_custom_DowChemicalCoMember_custom_Sec1.125NotesDueMarch152032Member" name="dei:Security12bTitle">1.125% Notes due March 15, 2032</ix:nonNumeric></span></td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center"><b>The Dow Chemical Company</b></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrants are
an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Emerging growth company&#160;&#160;<span style="font-family: Wingdings"><span id="xdx_905_edei--EntityEmergingGrowthCompany_c20210423__20210423_zwF8uwzAvvU2"><ix:nonNumeric contextRef="From2021-04-23to2021-04-23" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If an emerging growth company, indicate by check mark
if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt 0.25in; text-align: center; text-indent: -0.25in"><b>EXPLANATORY NOTE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt">Dow Inc. and The Dow Chemical Company
(&#8220;TDCC&#8221; and together with Dow Inc., &#8220;Dow&#8221; or the &#8220;Company&#8221;) is filing this Current Report
on Form 8-K with the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) solely to file Exhibit 99.1, in
lieu of filing such exhibit with the Company&#8217;s quarterly report on Form 10-Q for the three months ended March 31, 2021,
also filed today, due to exhibit size limits in the EDGAR system.&#160;&#160;Certain confidential information contained in
Exhibit 99.1 has been omitted because it is both (i) not material and (ii)
the type of information that TDCC treats as private or confidential.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt">This Current Report on Form 8-K contains only the cover page, this
Explanatory Note, Item 9.01, Exhibit Index, Exhibit 99.1 and the Signature Page. This Current Report on Form 8-K speaks only as of its
original filing date and does not reflect events that may have occurred subsequent to the original filing date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 9%"><b>Item&#160;9.01</b></td>
    <td><b>Financial Statements and Exhibits.</b></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt">(d) Exhibits. The exhibits listed on the Exhibit Index are incorporated
herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>EXHIBIT INDEX</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 16%; padding-right: 5.4pt; padding-bottom: 7pt; padding-left: 5.4pt"><span style="text-decoration: underline">Exhibit No.</span></td>
    <td style="width: 84%; padding-right: 5.4pt; padding-bottom: 7pt; padding-left: 5.4pt"><span style="text-decoration: underline">Description</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 7pt; padding-left: 5.4pt"><a href="ss236166_ex9901.htm">99.1</a></td>
    <td style="padding-right: 5.4pt; padding-bottom: 7pt; padding-left: 5.4pt"><a href="ss236166_ex9901.htm">Amended and Restated
    Shareholders&#8217; Agreement, effective as of March 25, 2021, between Excellent Performance Chemicals Company and Dow Saudi Arabia
    Holding B.V. (portions of this exhibit have been omitted because it is both (i) not material and (ii) the type of information that
    TDCC treats as private or confidential).</a></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 7pt; padding-left: 5.4pt">104</td>
    <td style="padding-right: 5.4pt; padding-bottom: 7pt; padding-left: 5.4pt">Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document).</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-right: 5.4pt; padding-bottom: 7pt; padding-left: 5.4pt">&#160;</td>
    <td style="padding-right: 5.4pt; padding-bottom: 7pt; padding-left: 5.4pt">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>SIGNATURE</b></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; background-color: white">DOW INC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">THE DOW CHEMICAL COMPANY</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; background-color: white">Date: April 23, 2021</p>

<p style="font: 16pt Times New Roman, Times, Serif; margin: 0; background-color: white">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 50%; background-color: white; border-collapse: collapse">
  <tr>
    <td style="width: 100%">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>
    <p style="border-bottom: black 0.75pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">&#160;/s/ AMY E. WILSON</p></td></tr>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ss236166_ex9901.htm
<DESCRIPTION>AMENDED AND RESTATED SHAREHOLDERS' AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal">Exhibit 99.1</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal">EXECUTION VERSION</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 60pt; text-align: center"><FONT STYLE="letter-spacing: normal">AMENDED
AND RESTATED SHAREHOLDERS&rsquo; AGREEMENT</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 60pt; text-align: center"><FONT STYLE="letter-spacing: normal">between</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">EXCELLENT
PERFORMANCE CHEMICALS COMPANY</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">DOW SAUDI
ARABIA HOLDING B.V.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">relating
to the</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 42pt; text-align: center"><FONT STYLE="letter-spacing: normal">SADARA
PROJECT</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><FONT STYLE="letter-spacing: normal">Dated as
of ___<U>March 25</U>_____, 2021</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii)
     the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center"><FONT STYLE="letter-spacing: normal">TABLE
OF CONTENTS</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><U>Page</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">1.</FONT></TD>
    <TD STYLE="width: 86%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">DEFINITIONS
    AND USAGE</FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">2.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">EFFECTIVENESS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">3.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">BUSINESS
    OF THE COMPANY</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">4.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">DURATION;
    TERM; TERMINATION</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">5.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">OWNERSHIP
    INTEREST; SALE TO PUBLICCO</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">6.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">CAPITAL
    CONTRIBUTIONS; FINANCING</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">7.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">MATERIAL
    EXPANSIONS OF THE PROJECT</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">8.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">THE
    BOARD OF MANAGERS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">9.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">THE
    GENERAL ASSEMBLY OF THE COMPANY</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">54</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">10.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">DEADLOCK</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">57</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">11.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">BOARD
    COMMITTEES</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">59</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">12.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">MANAGEMENT,
    EMPLOYEES, <FONT STYLE="text-transform: uppercase">Marketing Council, AND ES&amp;OP</FONT></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">13.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">ANNUAL
    PLANNING</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">65</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">14.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">FINANCIAL
    REPORTING AND TAXES</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">68</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">15.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">POLICIES
    OF THE COMPANY</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">75</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">16.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">WARRANTIES</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">78</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">17.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">MARKETING
    AND OTHER PRINCIPAL AGREEMENTS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">79</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">18.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">EVENTS
    OF DEFAULT</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">82</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">19.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">TRANSFER
    AND EXIT PROVISIONS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">87</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">20.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">DISSOLUTION
    AND WINDING-UP</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">103</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">21.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">CONFIDENTIAL
    INFORMATION</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">105</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">22.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">INDEMNIFICATION
    AND LIABILITY</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">105</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">23.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">INSURANCE</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">108</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">24.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">DISPUTE
    RESOLUTION PROCEDURES</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">108</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">25.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">ASSIGNMENT</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">108</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">26.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="letter-spacing: normal">MISCELLANEOUS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="letter-spacing: normal">108</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; letter-spacing: -0.15pt; text-align: left; text-indent: 0in"><FONT STYLE="letter-spacing: normal"><U>ANNEXES</U></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">ANNEX
    A:</FONT></TD>
    <TD STYLE="width: 72%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">DISPUTE
    AND EXPERT RESOLUTION PROCEDURES</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">ANNEX
    B:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">FORM
    OF ACCESSION AGREEMENT</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">ANNEX
    C:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">ACQUISITION
    OF OWNERSHIP INTERESTS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">ANNEX
    D:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">KEY
    PROJECT AGREEMENTS</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">ANNEX
    E-1:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">FORM
    OF PARENT GUARANTEE</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">ANNEX
    E-2:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">FORM
    OF SECONDARY GUARANTEE</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">ANNEX
    F:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">THE
    MARKETING COUNCIL</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">ANNEX
    G:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">THE
    ES&amp;OP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">ANNEX
    H:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in; letter-spacing: -0.15pt"><FONT STYLE="letter-spacing: normal">[***]</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: center; text-indent: -1in"><FONT STYLE="letter-spacing: normal"><B><U>AMENDED
AND RESTATED SHAREHOLDERS&rsquo; AGREEMENT</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: -0.15pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">This
AMENDED AND RESTATED SHAREHOLDERS&rsquo; AGREEMENT (this &ldquo;<B>Shareholders&rsquo; Agreement</B>&rdquo;) is entered into on the <U>&nbsp;&nbsp;12th&nbsp;&nbsp;
</U>day of the month of <U>&nbsp;&nbsp;Shaban, 1442&nbsp;,</U> H. corresponding to the <U>&nbsp;25<SUP>th</SUP>&#8239;&#8239;&#8239;&#8239;</U>day
of ___<U>March</U>___ 2021 G., by and between:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: -0.15pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>EXCELLENT
PERFORMANCE CHEMICALS COMPANY</B>, a limited liability company duly organized and existing under the laws of The Kingdom of Saudi Arabia
(&ldquo;<B>The Kingdom</B>&rdquo;) with commercial registration number 2052001806, having its head office in Dhahran, The Kingdom (&ldquo;<B>Saudi
Aramco Holdco</B>&rdquo;) and a wholly-owned subsidiary of Saudi Arabian Oil Company, a joint stock company incorporated under the laws
of The Kingdom, with its headquarters located in Dhahran, The Kingdom, Commercial Registration Number 2052101150 and capital being sixty
billion Saudi Arabian Riyals (SAR 60,000,000,000) fully paid (&ldquo;<B>Saudi Aramco</B>&rdquo;); and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: -0.15pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>DOW
SAUDI ARABIA HOLDING B.V.</B>, a private company with limited liability duly organized and existing under the laws of The Netherlands
(&ldquo;<B>Dow Holdco</B>&rdquo;) and an indirect wholly-owned subsidiary of The Dow Chemical Company, a corporation duly organized and
existing under the laws of the State of Delaware, United States of America (&ldquo;<B>Dow</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: -0.15pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal"><B>RECITALS</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">WHEREAS,
Saudi Aramco and Dow entered into an Amended and Restated Memorandum of Understanding, dated as of September 30, 2010, amending and restating
the Memorandum of Understanding, dated as of May 12, 2007 (as amended and restated, the &ldquo;<B>MOU</B>&rdquo;), with respect to a
project (the &ldquo;<B>Project</B>&rdquo;) to design, engineer, construct, own, and operate a world-scale integrated chemicals complex
(the &ldquo;<B>Complex</B>&rdquo;) within the Royal Commission for Jubail &amp; Yanbu&rsquo;s (the &ldquo;<B>RCJY</B>&rdquo;) Al Jubail
Industrial City II on the east coast of The Kingdom for the purpose of manufacturing chemical and petrochemical products and marketing
such products inside and outside of The Kingdom and for the purpose of promoting downstream conversion industries within Al Jubail Industrial
City II and The Kingdom;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">WHEREAS,
Saudi Aramco Holdco and Dow Holdco entered into a shareholder&rsquo;s agreement, dated as of the 10th day of the month of Dhu Al-Qa&rsquo;dah,
1432 H. corresponding to the 8th day of October, 2011 G., and as amended on the 11th day of the month of Rajab, 1433 H., corresponding
to the 1st day of June, 2012 G. (the &ldquo;<B>Original Shareholders&rsquo; Agreement</B>&rdquo;), to set forth the rights and obligations
of the Shareholders in connection with the formation of Sadara Chemical Company (the &ldquo;<B>Company</B>&rdquo;) to implement the Project;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">WHEREAS,
the Company was formed on the 3rd day of the month of Dhu Al-Hijjah, 1432 H. corresponding to the 30th day of October, 2011 G. as a limited
liability company organized and existing under the laws of The Kingdom having Commercial Registration No 2055014427 and having its head
office in the Eastern Province at Jubail, The Kingdom;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">WHEREAS,
Saudi Aramco Holdco and Dow Holdco desire to amend and restate the Original Shareholders&rsquo; Agreement and the rights and obligations
in connection with the governance and management of the Company set forth therein on the terms and conditions set forth in this Shareholders&rsquo;
Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">NOW,
THEREFORE, in consideration of the mutual covenants and undertakings hereinafter contained, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged by each of the Shareholders, the Shareholders hereby agree as follows:</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>DEFINITIONS AND USAGE</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Capitalized
terms used herein and not otherwise defined shall have the meanings set forth in Section 1.1 (<I>Definitions</I>) for all purposes hereof.
All rules as to usage shall apply as set forth in Section 1.2 (<I>Usage</I>).</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 24pt; text-align: justify; text-indent: 48pt"><FONT STYLE="letter-spacing: normal">1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Definitions</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Accession
Agreement</B>&rdquo; shall mean an agreement in substantially the form attached hereto as Annex B (<I>Form of Accession Agreement</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Accounting
Policy</B>&rdquo; shall have the meaning set forth in Section 15.7 (<I>Accounting and Retention Policies</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Acquisition</B>&rdquo;
shall have the meaning set forth in Annex C (<I>Acquisition of Ownership Interests</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Acquisition
Closing Date</B>&rdquo; shall mean where a Non-Transferring Shareholder delivers an Acquisition Exercise Notice, where a Non-Defaulting
Shareholder delivers a Call Exercise Notice, or where the Dow Founding Shareholder delivers a Put Exercise Notice, the forty-fifth (45th)
day after the delivery of such Notice, in each case, in accordance with Annex C (<I>Acquisition of Ownership Interests</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Acquisition
Exercise Notice</B>&rdquo; shall have the meaning set forth in Annex C (<I>Acquisition of Ownership Interests</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Acquisition
Notice</B>&rdquo; shall have the meaning set forth in Section 19.3(c) (<I>Transfers to Third Parties</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Acquisition
Period</B>&rdquo; shall have the meaning set forth in Annex C (<I>Acquisition of Ownership Interests</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Affiliate</B>&rdquo;
shall mean, in respect of a Person, any legal entity controlling, under common control with, or controlled by such Person, and &ldquo;<B>control</B>&rdquo;
shall mean ownership, directly or indirectly, of more than fifty percent (50%) of the shares conferring the right to vote at a general
meeting (or its equivalent) of such entity or otherwise to appoint the majority of the directors or other governing body of such entity.
Notwithstanding the foregoing, no Governmental Entity (other than a commercial entity acting in a commercial capacity) and no sovereign
or political subdivision of any sovereign shall be considered an Affiliate of any such Person, and, for the purposes of this Shareholders&rsquo;
Agreement only, the Company shall not be considered an Affiliate of either Saudi Aramco or Dow or any of their respective Affiliates.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Annual
Product Report</B>&rdquo; shall have the meaning set forth in Annex G (<I>The ES&amp;OP</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Applicable
Law</B>&rdquo; shall mean any Law (including <I>Shari&rsquo;a</I>) enacted, issued, or promulgated in The Kingdom, or any interpretation
thereof, by a Governmental Entity having jurisdiction over the matter in question.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Approved
Operating Plan</B>&rdquo; shall have the meaning set forth in Section 13.1(c)(i) (<I>Operating Plan and Strategic Business Plan</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Approved
Strategic Business Plan</B>&rdquo; shall have the meaning set forth in Section 13.1(c)(ii) (<I>Operating Plan and Strategic Business
Plan</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Articles
of Association</B>&rdquo; shall mean the articles of association of the Company (as amended from time to time).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>ASC</B>&rdquo;
shall mean Aramco Services Company, a corporation organized and existing under the laws of the State of Delaware, United States of America.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>ASC
Services Agreement</B>&rdquo; shall mean the Amended and Restated Services Agreement dated as of January 1, 2012 by and among Saudi Aramco,
Dow Europe, ASC, and the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Assistant
Board Secretary</B>&rdquo; shall have the meaning set forth in Section 8.1(e) (<I>The Board of Managers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Audit,
Ethics and Compliance Committee</B>&rdquo; shall have the meaning set forth in Section 11.2(a) (<I>The Audit, Ethics and Compliance Committee</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Authorized
Capital</B>&rdquo; shall mean the authorized capital of the Company, as specified in the then-applicable Articles of Association.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>BEPDA</B>&rdquo;
shall mean the Basic Engineering Package Development Agreement, by and between Dow Engineering and ASC, dated as of November 3, 2008,
as amended from time to time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>BEPDA
Costs</B>&rdquo; shall mean &ldquo;Costs&rdquo; as defined in the BEPDA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Board</B>&rdquo;
shall have the meaning set forth in Section 8.1(a) (<I>The Board of Managers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Board
Chairman</B>&rdquo; shall have the meaning set forth in Section 8.1(e) (<I>The Board of Managers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Board
Committee</B>&rdquo; shall mean any of: the Audit, Ethics and Compliance Committee; the Finance Committee; the Compensation Committee;
the Health, Safety, Environmental, and Security Committee; and each other committee of the Board established in accordance with Section
8.7(g) (<I>Board Action in General</I>) and Section 11.1(a) (<I>Creation of Board Committees</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Board
Secretary</B>&rdquo; shall have the meaning set forth in Section 8.1(e) (<I>The Board of Managers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Bridge
Financing Agreements</B>&rdquo; shall mean:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            loan agreement dated 21 May 2012 entered into by the Company pursuant to which the Public
                                            Investment Fund of The Kingdom made available to the Company a bridge loan facility; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            corporate guarantees issued by Saudi Aramco, Dow Europe and Dow for the benefit of the relevant
                                            lenders in connection with the loan agreement referred to in paragraph (a) above.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Business</B>&rdquo;
shall have the meaning set forth in Section 3.1(c) (<I>General Business Objectives</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Call
Exercise Notice</B>&rdquo; shall have the meaning set forth in Annex C (<I>Acquisition of Ownership Interests</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Call
Notice</B>&rdquo; shall mean a Dow Call Notice or a PublicCo Call Notice.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Capital
Contribution</B>&rdquo; shall mean:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the contributions by a Shareholder up to the Effective Date to Authorized Capital of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">cash;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">goods
                                            and services (whether tangible or intangible) that have been converted into an Ownership
                                            Interest in accordance with IFRS and Applicable Law and that have been transferred to the
                                            Company,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">in
each case, in accordance with the Original Shareholders&rsquo; Agreement; and</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            further contributions by a Shareholder after the Effective Date to Authorized Capital of:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt 1.5in; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">cash;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">goods
                                            and services (whether tangible or intangible) that may be converted into an Ownership Interest
                                            in accordance with IFRS and Applicable Law and that are transferred to the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: left"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0; margin-bottom: 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">in
each case, made in accordance with the applicable provisions of Section&nbsp;6 (<I>Capital Contributions; Financing</I>) or otherwise
agreed in writing between the Shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Centre</B>&rdquo;
shall have the meaning set forth in Annex A (<I>Dispute and Expert Resolution Procedures</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>CEO</B>&rdquo;
shall have the meaning set forth in Section 12.1(a) (<I>The Management Team and Senior Officers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Certificate
of Commercial Registration</B>&rdquo; shall mean the certificate of commercial registration of the Company issued by the Ministry of
Commerce of The Kingdom.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>CFO</B>&rdquo;
shall have the meaning set forth in Section 12.1(a) (<I>The Management Team and Senior Officers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Change
in Control</B>&rdquo; shall mean, [***], whether accomplished through a single transaction or a series of related transactions and whether
accomplished directly or indirectly:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            acquisition by a Person or group of Persons that are Affiliates of each other of [***] or
                                            more of the direct or indirect voting or economic interests [***];</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            acquisition by a Person or group of Persons acting in concert of the power directly or indirectly
                                            to direct or cause the direction of management and policy of [***], whether through ownership
                                            of voting securities, by contract, management agreement, or common directors, officers, or
                                            trustees, or otherwise (other than with respect to significant enumerated matters requiring
                                            enhanced approval); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            merger, consolidation, or amalgamation of any Person into [***] or the merger, consolidation,
                                            or amalgamation of [***] into any other Person unless the Persons that are shareholders of
                                            [***] immediately prior to the completion of such merger, consolidation, or amalgamation
                                            in aggregate own more than [***]of the direct or indirect voting or economic interests in
                                            [***] or in the company into which [***] is merged, consolidated, or amalgamated (as applicable)
                                            immediately after giving effect to the completion of such merger, consolidation, or amalgamation.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>CIT</B>&rdquo;
shall have the meaning set forth in Section 14.2(a)(iii) (<I>Reports; Tax Returns</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>CMA</B>&rdquo;
shall mean the Capital Market Authority of The Kingdom.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Common
Party</B>&rdquo; shall have the meaning set forth in Annex A (<I>Dispute and Expert Resolution Procedures</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Companies
Law</B>&rdquo; shall mean The Regulations for Companies of The Kingdom of Saudi Arabia, issued under Royal Decree No. M/3, dated 28/01/1437
H. (corresponding to November 10, 2015 G.).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Company</B>&rdquo;
shall have the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Compensation
Committee</B>&rdquo; shall have the meaning set forth in Section 11.4(a) (<I>The Compensation Committee</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Complete
Transfer</B>&rdquo; shall mean a Transfer of all of a Shareholder&rsquo;s Ownership Interest or Shareholder Equity to another Person.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Complex</B>&rdquo;
shall have the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Constitutive
Documents</B>&rdquo; shall mean the Articles of Association, the Foreign Investment License, the Certificate of Commercial Registration,
and this Shareholders&rsquo; Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Continuing
Default Notice</B>&rdquo; shall have the meaning set forth in Section 18.2(a) (<I>Consequences of Events of Default</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Contract
Month</B>&rdquo; shall have the meaning set forth in each PMLA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Contract
Year</B>&rdquo; shall have the meaning set forth in each PMLA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Contribution
Agreement</B>&rdquo; shall mean the Contribution Agreement between each of the Founding Shareholders and the Company dated as of October
1, 2012, pursuant to which the Founding Shareholders transferred certain Development Costs to the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Conversion
Industries</B>&rdquo; shall have the meaning set forth in Section 3.2(a) (<I>Development of Conversion Industries</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Conversion
Industries Sale</B>&rdquo; shall have the meaning set forth in Section 3.4(a) (<I>Domestic Sales</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Conversion
Industry Projects</B>&rdquo; shall have the meaning set forth in Section 3.2(a) (<I>Development of Conversion Industries</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Cost
Sharing Agreements</B>&rdquo; shall mean:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            BEPDA;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            CSRA;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            ASC Services Agreement; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            PMSA.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>CSRA</B>&rdquo;
shall mean the Second Amended and Restated Cost Sharing and Reimbursement Agreement, dated as of January 1, 2012 by and among Saudi Aramco,
Dow Europe, and the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Deadlock
Committee</B>&rdquo; shall have the meaning set forth in Section 10.2(a) (<I>Effect of Deadlock</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Defaulting
Shareholder</B>&rdquo; shall have the meaning set forth in Section 18.2(a) (<I>Consequences of Events of Default</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Default
Operating Plan</B>&rdquo; shall have the meaning set forth in Section 13.3(b)(ii) (<I>Default Plans</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Default
Strategic Business Plan</B>&rdquo; shall have the meaning set forth in Section 13.3(a)(ii) (<I>Default Plans</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Deputy
Board Chairman</B>&rdquo; shall have the meaning set forth in Section 8.1(e) (<I>The Board of Managers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Development
Costs</B>&rdquo; shall mean:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualified
Pre-MOU Costs;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BEPDA
Costs;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shared
Costs;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualified
Separate Costs;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
Contributions; and</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            costs and expenses of the Company, including any financing costs paid by the Company under
                                            the Bridge Financing Agreements, set forth in the Approved Operating Plan and not constituting
                                            any of (a) to (d) above,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">in
each case, paid or funded by the Founding Shareholders or their Affiliates in accordance with the Cost Sharing Agreements, the Shareholder
Advance Agreement, and the Original Shareholders&rsquo; Agreement prior to the &ldquo;Second Financial Close&rdquo; (as defined under
the Project Financing Agreements).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Direct
Transfer</B>&rdquo; shall mean a transfer, assignment, or other disposal of all or any part of an Ownership Interest.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Disallowed
Development Costs</B>&rdquo; shall have the meaning set forth in Section 5.2(d) (<I>Sale of PublicCo Acquisition Interest; Initial Public
Offering</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dispute</B>&rdquo;
shall have the meaning set forth in Annex A (<I>Dispute and Expert Resolution Procedures</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dispute
Committee</B>&rdquo; shall have the meaning set forth in Annex A (<I>Dispute and Expert Resolution Procedures</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dispute
Resolution Procedures</B>&rdquo; shall mean the dispute and expert resolution procedures set forth in Annex A (<I>Dispute and Expert
Resolution Procedures</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dissolution
Event</B>&rdquo; shall have the meaning set forth in Section 20.1 (<I>Dissolution</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dividend
Policy</B>&rdquo; shall have the meaning set forth in Section 15.3 (<I>Dividend and Shareholder Loan Repayment Policy</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dow</B>&rdquo;
shall have the meaning set forth in the Preamble.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dow
Call Notice</B>&rdquo; shall mean a Notice delivered by the Saudi Aramco Founding Shareholder and / or the PublicCo Shareholder, where
the Dow Founding Shareholder is the Defaulting Shareholder, requiring the determination of [***] in accordance with Annex C (<I>Acquisition
of Ownership Interests</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dow
Catalyst Supply Agreements</B>&rdquo; shall have the meaning set forth in Annex D (<I>Key Project Agreements</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dow
Default Price</B>&rdquo; shall mean the price payable to the Dow Founding Shareholder for the Dow Founding Shareholder&rsquo;s entire
Ownership Interest pursuant to Section 18.2(b)(i) (<I>Consequences of Events of Default</I>) and shall be calculated as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dow
Engineering</B>&rdquo; shall mean Dow Engineering Company, a corporation organized and existing under the laws of the State of Delaware,
United States of America.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dow
Founding Shareholder</B>&rdquo; shall mean:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Dow
                                            Holdco or any Qualifying Affiliate to which Dow Holdco transfers its Ownership Interest in
                                            accordance with Section 19.2 (<I>Permitted Transfers to PublicCo and Qualifying Affiliates</I>);
                                            or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            third party that purchases the entire Ownership Interest of Dow Holdco or its Qualifying
                                            Affiliate, and all of its direct and indirect rights and interests therein, in accordance
                                            with Section 19.3 (<I>Transfers to Third Parties</I>), or any Qualifying Affiliate of such
                                            third party to which such third party transfers its Ownership Interest in accordance with
                                            Section 19.2 (<I>Permitted Transfers to PublicCo and Qualifying Affiliates</I>).</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 11 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dow
Holdco</B>&rdquo; shall have the meaning set forth in the Preamble.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dow
Marketer</B>&rdquo; shall mean the &ldquo;Marketer&rdquo; under the Dow PMLA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dow
PMLA</B>&rdquo; shall mean the product marketing and lifting agreement dated on or about the date hereof and entered into by and between
the Company and the Dow Marketer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dow
Proportion</B>&rdquo; shall have the meaning set forth in [***].</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dow
Technical Services Agreements</B>&rdquo; shall have the meaning set forth in Annex D (<I>Key Project Agreements</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dow
Technology Agreements</B>&rdquo; shall have the meaning set forth in Annex D (<I>Key Project Agreements</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dow
Technology License Agreements</B>&rdquo; shall have the meaning set forth in Annex D (<I>Key Project Agreements</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>EBITDA</B>&rdquo;
shall mean, for any period, the net income of the Company determined in accordance with IFRS for such period (without giving effect to
any extraordinary gains or losses), plus, without duplication:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">interest
                                            expense;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">income
                                            tax expense; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">depreciation
                                            and amortization expense.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Effective
Date</B>&rdquo; means the &ldquo;Closing Date&rdquo; as such term is defined in [***].</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Equity
Rebalancing Period</B>&rdquo; shall mean the period:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">commencing
                                            when the aggregate amount of Development Costs paid or funded by the Dow Founding Shareholder
                                            or its Affiliates in accordance with the Cost Sharing Agreements and the Original Shareholders&rsquo;
                                            Agreement equals [***]; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">ending
                                            when:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of Development Costs paid or funded by the Saudi Aramco Founding Shareholder
(or its Affiliates) equals [***]; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of Development Costs paid or funded by the Dow Founding Shareholder (or
its Affiliates) equals [***],</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">in
each case, of the aggregate amount of all Development Costs paid or funded by both Founding Shareholders (and their Affiliates).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>ES&amp;OP</B>&rdquo;
shall have the meaning set forth in Section 12.4 (<I>The ES&amp;OP</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Event
of Default</B>&rdquo; shall have the meaning set forth in Section 18.1 (<I>Events of Default</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Excess
Product</B>&rdquo; shall have the meaning set forth in each PMLA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Expansion
Feasibility Study</B>&rdquo; shall have the meaning set forth in Section 7(b) (<I>Material Expansions of the Project</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Expert</B>&rdquo;
shall have the meaning set forth in Annex A (<I>Dispute and Expert Resolution Procedures</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Feedstock
Supply Agreements</B>&rdquo; shall have the meaning set forth in Annex D (<I>Key Project Agreements</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Finance
Committee</B>&rdquo; shall have the meaning set forth in Section 11.3(a) (<I>The Finance Committee</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Financial
Statements</B>&rdquo; shall mean the Company&rsquo;s balance sheet, income statement, cash-flow statement, and statement of changes in
financial position showing the results of operations, including related footnotes thereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Fiscal
Year</B>&rdquo; shall mean the period commencing on January 1st and ending on December 31st of each calendar year.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Foreign
Investment License</B>&rdquo; shall mean the foreign investment license in respect of Dow&rsquo;s investment in the Company issued by
the Ministry of Investment pursuant to the Foreign Investment Regulations, promulgated under Royal Decree No. M/1, dated 5/01/1421 H.
(corresponding to April 10, 2000 G.), as amended from time to time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Formation
Date</B>&rdquo; shall mean 3/12/1432 H. (corresponding to October 30, 2011 G.), being the date on which the Certificate of Commercial
Registration was issued.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Founding
Shareholder</B>&rdquo; shall mean each of the Dow Founding Shareholder and the Saudi Aramco Founding Shareholder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>GAZT</B>&rdquo;
shall have the meaning set forth in Section 14.3(b) (<I>Taxes</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>General
Assembly</B>&rdquo; shall have the meaning set forth in Section 9.1(a) (<I>The General Assembly</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>General
Auditor</B>&rdquo; shall have the meaning set forth in Section 12.1(i) (<I>The Management Team and Senior Officers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>General
Counsel</B>&rdquo; shall have the meaning set forth in Section 12.1(a) (<I>The Management Team and Senior Officers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Geographic
Region</B>&rdquo; has the meaning set forth in the PMLAs.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Governmental
Entity</B>&rdquo; shall mean the government of The Kingdom and any ministry, agency, court, judicial committee, regulatory, or other
authority of the government of The Kingdom.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Head
Office</B>&rdquo; shall have the meaning set forth in Section 2.2 (<I>Name and Head Office of the Company</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Health,
Safety, Environmental, and Security Committee</B>&rdquo; shall have the meaning set forth in Section 11.5(a) (<I>The Health, Safety,
Environmental, and Security Committee</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>HSES
Policies</B>&rdquo; shall have the meaning set forth in Section 15.2 (<I>Health, Safety, Environmental, and Security Policy</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Hydrocarbon
Products</B>&rdquo; shall have the meaning set forth in [***].</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Hydrocarbon
Terms and Conditions</B>&rdquo; shall have the meaning set forth in Section 3.4(a)(iv)(A) (<I>Domestic Sales</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>IAASB</B>&rdquo;
shall mean the International Auditing and Assurance Standards Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>ICC</B>&rdquo;
shall mean the International Chamber of Commerce.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>ICC
Court</B>&rdquo; shall mean the International Court of Arbitration of the ICC.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>ICC
Rules</B>&rdquo; shall mean the Rules of Arbitration of the ICC.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>IFRS</B>&rdquo;
shall mean the International Financial Reporting Standards issued by the International Accounting Standards Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Impermissible
Change in Control</B>&rdquo; shall mean a Change in Control following which [***] is directly or indirectly owned or controlled by an
Impermissible Shareholder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Impermissible
Shareholder</B>&rdquo; shall mean:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
national government, or any political sub-division, of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">a
                                            country subject to sanctions levied by the United Nations (or the Security Council thereof)
                                            pursuant to the authority derived from Article 41 of Chapter 7 of the United Nations Charter
                                            (a &ldquo;<B>Sanctioned Country</B>&rdquo;); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">a
                                            country with which The Kingdom does not maintain official diplomatic relations (an &ldquo;<B>Unfriendly
                                            Country</B>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            ministry, department, authority, or statutory corporation of, or any corporation or other
                                            entity (including a trust), owned or controlled directly or indirectly by the national government,
                                            or any political sub-division, of any Sanctioned Country or Unfriendly Country; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            Person whose primary residence is in or who is incorporated or organized under the laws of
                                            any Sanctioned Country or Unfriendly Country.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Independent
Auditor</B>&rdquo; shall have the meaning set forth in Section 14.1(f) (<I>Books and Records</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Insolvency
Event</B>&rdquo; shall mean, in respect of a Person:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            commencement by such Person of a voluntary case, administration, or other proceedings seeking
                                            liquidation, reorganization, dissolution or winding-up, or other relief with respect to itself
                                            or its debts under bankruptcy, insolvency, reorganization, liquidation, moratorium, winding-up,
                                            composition or readjustment of debts, or other similar law of any jurisdiction now or hereafter
                                            in effect or seeking the appointment of a trustee, receiver, liquidator, custodian, or other
                                            similar official of it or any substantial part of its property, or consenting to or failing
                                            to controvert in an appropriate manner any such relief, or to the appointment of or taking
                                            possession by any such official in an involuntary case or other proceeding commenced against
                                            it, or making a general assignment for the benefit of its creditors, or failing generally
                                            to pay its debts as they become due, or taking any corporate action in any jurisdiction to
                                            authorize any of the foregoing;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            commencement of an involuntary case, administration, or other proceedings seeking liquidation,
                                            reorganization, dissolution or winding-up, or other relief with respect to such Person or
                                            its debts under any bankruptcy, insolvency, reorganization, liquidation, moratorium, winding-up,
                                            composition or readjustment of debts, or other similar law now or hereafter in effect or
                                            seeking the appointment of a trustee, receiver, liquidator, custodian, or other similar official
                                            of it or any substantial part of its property, and such involuntary case or other proceeding
                                            remaining undismissed and unstayed for a period of sixty (60) days;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">an
                                            order for relief entered against such Person under the bankruptcy laws of any jurisdiction
                                            as now or hereafter in effect; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            event, circumstance, or proceedings analogous to any of the foregoing in any relevant jurisdiction.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>IPO</B>&rdquo;
shall have the meaning set forth in Section 5.2(a) (<I>Sale of PublicCo Acquisition Interest; Initial Public Offering</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Law</B>&rdquo;
shall mean any decree, law, regulation, ministerial resolution or order, implementing regulation, statute, act, ordinance, directive
(to the extent having the force of law), order, treaty, code, or rule, as enacted, issued, or promulgated, or any interpretation thereof,
by any government or any governmental entity, ministry, agency, court, judicial committee, or regulatory or other authority of such government
having jurisdiction over the matter in question.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Liquidator</B>&rdquo;
shall have the meaning set forth in Section 20.3 (<I>Liquidator</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Local
Content Policy</B>&rdquo; shall have the meaning set forth in Section 15.5 (<I>Local Content</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Losses</B>&rdquo;
shall mean, with respect to any Person, any damages, losses, liabilities, claims of any kind, interest, commission, or expenses (including
reasonable attorneys&rsquo; fees and expenses in defending against such liabilities and claims), suffered, incurred or paid, directly
or indirectly, by such Person.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Management
Accounts</B>&rdquo; shall mean the management accounts for the Company (which shall include un-audited consolidated balance sheet and
income statement, trial balances, and details of Related Entity Transactions and balances with each Shareholder and its Affiliates),
together with an operational report (which shall include the progress of any capital projects, the operational performance of the Company
and such other information as may be requested by the Board from time to time).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Management
Team</B>&rdquo; shall have the meaning set forth in Section 12.1(a) (<I>The Management Team and Senior Officers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Manager</B>&rdquo;
shall have the meaning set forth in Section 8.1(b) (<I>The Board of Managers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Manager
Eligibility Criteria</B>&rdquo; shall have the meaning set forth in Section 8.1(c) (<I>The Board of Managers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Marketer</B>&rdquo;
shall mean each of the Saudi Aramco Marketer and the Dow Marketer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Marketer&rsquo;s
Annual Report</B>&rdquo; shall have the meaning set forth in each PMLA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Marketer&rsquo;s
Draft Marketing Plan</B>&rdquo; shall mean, with respect to either PMLA, the draft marketing plan for a Contract Year to be provided
by the Marketer under such PMLA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Marketer&rsquo;s
Marketing Plan</B>&rdquo; shall mean, with respect to either PMLA, the Marketer&rsquo;s Draft Marketing Plan for a Contract Year as approved
and/or modified by the Marketing Council in accordance with Annex F (<I>The Marketing Council</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Marketer&rsquo;s
Semi-Annual Report</B>&rdquo; shall have the meaning set forth in each PMLA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Marketing
Council</B>&rdquo; shall have the meaning set forth in Section 12.3 (<I>The Marketing Council</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>MC
Chairman</B>&rdquo; shall have the meaning set forth in Annex F (<I>The Marketing Council</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>MC
Shareholder Representatives</B>&rdquo; shall have the meaning set forth in Annex F (<I>The Marketing Council</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Minimum
Interest</B>&rdquo; shall mean, prior to the expiration of the Minimum Retention Period and:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">prior
                                            to the sale to the PublicCo Shareholder of the PublicCo Acquisition Interest, an interest
                                            of [***] in respect of the Parent Company of the Saudi Aramco Founding Shareholder and an
                                            interest of [***] in respect of the Parent Company of the Dow Founding Shareholder; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">following
                                            the sale to the PublicCo Shareholder of the PublicCo Acquisition Interest, an interest of
                                            [***] in respect of each Parent Company of the Founding Shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Minimum
Retention Period</B>&rdquo; shall have the meaning set forth in Section 19.1(b) (<I>Restrictions on Transfer</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Ministry
of Energy</B>&rdquo; shall mean the Ministry of Energy of The Kingdom.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>MOU</B>&rdquo;
shall have the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Net
Sales Proceeds</B>&rdquo; shall have the meaning set forth in the PMLAs.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-weight: normal; letter-spacing: normal">&ldquo;</FONT><FONT STYLE="letter-spacing: normal">Nomination
Period<FONT STYLE="font-weight: normal">&rdquo; shall have the meaning set forth in Section 12.1(c) (<I>The Management Team and Senior
Officers</I>).</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Non-Defaulting
Founding Shareholder</B>&rdquo; shall mean a Non-Defaulting Shareholder who is also a Founding Shareholder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Non-Defaulting
Shareholder</B>&rdquo; shall have the meaning set forth in Section 18.2(a) (<I>Consequences of Events of Default</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Non-Transferring
Shareholder</B>&rdquo; shall mean a Shareholder who is not, in respect of a particular Transfer, the Transferor.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Notice</B>&rdquo;
shall have the meaning set forth in Section 26.3(a) (<I>Notices</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Off-Spec
Product</B>&rdquo; shall have the meaning set forth in [***].</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Offered
Interest</B>&rdquo; shall mean the Ownership Interest (or Permitted Part thereof) specified in a Transfer Notice.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Omnibus
Confidentiality Agreement</B>&rdquo; shall mean the Omnibus Confidentiality Agreement, dated as of April 27, 2007, entered into by and
between, among others, Saudi Aramco and Dow in connection with the Project.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Original
Shareholders&rsquo; Agreement</B>&rdquo; shall have the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Ownership
Interest</B>&rdquo; shall mean, in respect of a Shareholder at any time:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">all
                                            rights and interests under the Constitutive Documents and Applicable Law associated with
                                            the aggregate Authorized Capital contributed by such Shareholder at such time; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            the context so requires, the aggregate Authorized Capital contributed by such Shareholder
                                            at such time expressed as a percentage of the aggregate Authorized Capital contributed by
                                            all Shareholders at such time.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Parent
Company</B>&rdquo; shall mean:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Saudi
                                            Aramco, Dow, and PublicCo;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            ultimate parent of any Person to whom a Founding Shareholder has validly effected a Complete
                                            Transfer in accordance with Section 19.3 (<I>Transfers to Third Parties</I>); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            Person or group of Persons who have acquired, obtained control of, merged with, been merged
                                            into, consolidated with, been consolidated into, amalgamated with, or been amalgamated into,
                                            any Person listed in subparts (a) or (b) of this definition (or their permitted successors
                                            or assigns).</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Parent
Company Interest</B>&rdquo; shall mean, in respect of a Parent Company at any time:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            aggregate Ownership Interest of such Parent Company (or the aggregate Ownership Interest
                                            of its Qualifying Affiliate that is a Founding Shareholder) at such time; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            the context so requires, the aggregate Ownership Interest of such Parent Company (or the
                                            aggregate Ownership Interest of its Qualifying Affiliate that is a Founding Shareholder)
                                            at such time expressed as a percentage of the aggregate Ownership Interest of all Parent
                                            Companies (or the aggregate Ownership Interest of their respective Qualifying Affiliates)
                                            at such time.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Parent
Guarantee</B>&rdquo; means a guarantee issued by a Parent Company [***] in respect of the payment and performance obligations of its
Qualifying Affiliate who is:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Shareholder under this Shareholders&rsquo; Agreement; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
party to any Principal Agreement,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">in
each case, in the form of Annex E-1 (<I>Form of Parent Guarantee</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Partial
Transfer</B>&rdquo; shall mean a Transfer of the Permitted Part of a Shareholder&rsquo;s Ownership Interest or Shareholder Equity to
another Person.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Participating
Shareholders</B>&rdquo; shall have the meaning set forth in Annex A (<I>Dispute and Expert Resolution Procedures</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>PCAOB</B>&rdquo;
shall mean the Public Company Accounting Oversight Board (United States of America).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Permitted
Part</B>&rdquo; means part of an Ownership Interest, or any part of Shareholder Equity, equal to a direct or indirect ownership of [***]
of the Ownership Interest of all Shareholders at the time of a Transfer of such part.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Permitted
Transferee</B>&rdquo; shall mean, in respect of a Transfer, a Person (other than another Shareholder or a Qualifying Affiliate of the
Transferor) who:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">is
                                            not an Impermissible Shareholder; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the case of a Complete Transfer by a Founding Shareholder, [***]</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Person</B>&rdquo;
shall mean any individual, corporation, joint stock company, limited liability company, partnership, joint venture, association, trust,
unincorporated organization, Governmental Entity, or other entity.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>PlasChem
Park</B>&rdquo; shall mean the 12 km&sup2; industrial park in Jubail Industrial City II located next to the Complex developed by the
Company in collaboration with the RCJY.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>PMLA
Products</B>&rdquo; shall mean &ldquo;Products&rdquo; as defined in [***].</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>PMLAs</B>&rdquo;
shall mean:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Dow PMLA; and</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Saudi Aramco PMLA.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>PMSA</B>&rdquo;
shall mean the Contract for Project Management Services, dated as of October 12, 2009, entered into by and between Dow Engineering and
ASC, as amended from time to time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>PMSA
Costs</B>&rdquo; shall mean &ldquo;Allowed Costs&rdquo; as defined in the PMSA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Principal
Agreements</B>&rdquo; shall mean:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">this
                                            Shareholders&rsquo; Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            agreements listed in Annex D (<I>Key Project Agreements</I>); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">each
                                            other agreement related to the Project entered into from time to time between or among the
                                            Company and a Founding Shareholder (and / or its Qualifying Affiliate) that the Founding
                                            Shareholders agree shall be a Principal Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Product</B>&rdquo;
shall mean PMLA Products and any other products manufactured by the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Production
Plan</B>&rdquo; shall have the meaning set forth in Section 13.1(a)(i)(C) (<I>Operating Plan and Strategic Business Plan</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Project</B>&rdquo;
shall have the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Project
Agreements</B>&rdquo; shall mean:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Principal Agreements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Third Party Agreements; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">each
                                            other agreement or contract related to the design, construction, ownership, or operation
                                            of the Project, including engineering, procurement, and construction contracts, feedstock
                                            supply contracts, operating services contracts, and utilities contracts.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Project
Completion Date</B>&rdquo; shall have the meaning set forth in the Project Financing Agreements.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Project
Debt</B>&rdquo; shall have the meaning set forth in Section 6.3(a) (<I>Project Financing</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Project
Financing Agreements</B>&rdquo; shall mean those financing agreements and documents entered into or provided by the Company, its Shareholders,
and the Parent Companies or their Affiliates, as the case may be, with or to lenders to the Company or their agents or trustees in connection
with the financing of the Project with the Project Debt.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Project
Standards</B>&rdquo; shall have the meaning set forth in Section 15.1 (<I>Project Standards</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Proposed
Operating Plan</B>&rdquo; shall have the meaning set forth in Section 13.1(a)(i) (<I>Operating Plan and Strategic Business Plan</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Proposed
Strategic Business Plan</B>&rdquo; shall have the meaning set forth in Section 13.1(a)(ii) (<I>Operating Plan and Strategic Business
Plan</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Protocols</B>&rdquo;
shall have the meaning set forth in Section 15.13 (<I>Competitively Sensitive Information</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Proxy</B>&rdquo;
shall have the meaning set forth in Section 8.2(c) (<I>Meetings; Notice; Proxy</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>PublicCo</B>&rdquo;
shall mean a company that is formed in accordance with Applicable Law to hold, directly or indirectly, the PublicCo Acquisition Interest
following the purchase of the PublicCo Acquisition Interest by the PublicCo Shareholder from the Saudi Aramco Founding Shareholder in
accordance with Sections 5.2(a) (<I>Sale of PublicCo Acquisition Interest; Initial Public Offering</I>) and 19.2(a) (<I>Permitted Transfers
to PublicCo and Qualifying Affiliates</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>PublicCo
Acquisition Interest</B>&rdquo; shall mean:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            PublicCo Ownership Interest; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            corresponding aggregate amount of Subordinated Shareholder Loans to be purchased by the PublicCo
                                            Shareholder in proportion to the PublicCo Ownership Interest,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">in each
case, in accordance with Sections 5.2(a) (<I>Sale of PublicCo Acquisition Interest; Initial Public Offering</I>) and 19.2(a) (<I>Permitted
Transfers to PublicCo and Qualifying Affiliates</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>PublicCo
Call Notice</B>&rdquo; shall mean a Notice delivered by the Saudi Aramco Founding Shareholder and / or the Dow Founding Shareholder,
where the PublicCo Shareholder is the Defaulting Shareholder, requiring the determination of [***]in accordance with Annex C (<I>Acquisition
of Ownership Interests</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>PublicCo
Default Price</B>&rdquo; shall mean the price payable to the PublicCo Shareholder for the PublicCo Shareholder&rsquo;s entire Ownership
Interest pursuant to Section 18.2(b)(iii) (<I>Consequences of Events of Default</I>) and shall be calculated as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>PublicCo
Ownership Interest</B>&rdquo; shall mean an Ownership Interest equal to thirty percent (30%) of the Authorized Capital to be purchased
by the PublicCo Shareholder from the Saudi Aramco Founding Shareholder in accordance with Sections 5.2(a) (<I>Sale of PublicCo Acquisition
Interest; Initial Public Offering</I>) and 19.2(a) (<I>Permitted Transfers to PublicCo and Qualifying Affiliates</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>PublicCo
Shareholder</B>&rdquo; shall mean PublicCo (or, if applicable, its Qualifying Affiliate that holds the PublicCo Ownership Interest),
which in each case shall be formed in accordance with Applicable Law to hold the PublicCo Acquisition Interest to be purchased by it
from the Saudi Aramco Founding Shareholder in accordance with Sections 5.2(a) (<I>Sale of PublicCo Acquisition Interest; Initial Public
Offering</I>) and 19.2(a) (<I>Permitted Transfers to PublicCo and Qualifying Affiliates</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Put
Exercise Notice</B>&rdquo; shall have the meaning set forth in Annex C (<I>Acquisition of Ownership Interests</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Put
Notice</B>&rdquo; shall mean a Notice delivered by the Dow Founding Shareholder, where the Saudi Aramco Founding Shareholder is the Defaulting
Shareholder, requiring the determination of [***] in accordance with Annex C (<I>Acquisition of Ownership Interests</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Qualified
Pre-MOU Costs</B>&rdquo; shall have the meaning set forth in the CSRA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Qualified
Separate Costs</B>&rdquo; shall have the meaning set forth in the CSRA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Qualifying
Affiliate</B>&rdquo; shall mean, in respect of a Parent Company, a legal entity with respect to which:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Parent Company, directly or indirectly, owns one hundred percent (100%) of the equity interests thereof, except to the extent
that there has been a Partial Transfer by way of an Upstream Transfer in accordance with Section 19.3 (<I>Transfers to Third Parties</I>);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Parent Company, directly or indirectly, has the right or ability to direct and manage the affairs thereof; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>RCJY</B>&rdquo;
shall have the meaning set forth in the Recitals.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Records
Retention Policy</B>&rdquo; shall have the meaning set forth in Section 15.7 (<I>Accounting and Retention Policies</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Related
Agreement</B>&rdquo; shall mean any Project Agreement to which any Shareholder (and / or any of its Affiliates) is a party that relates
directly or indirectly to the Project (or any part thereof).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Related
Dispute</B>&rdquo; shall have the meaning set forth in Annex A (<I>Dispute and Expert Resolution Procedures</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Related
Entity Resolution</B>&rdquo; shall have the meaning set forth in Section 8.8(a) (<I>Voting With Respect to Related Entity Transactions</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Related
Entity Transaction</B>&rdquo; shall mean any transaction or agreement (including any Project Agreement) between:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Shareholder or any of its Related Persons.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Related
Person</B>&rdquo; shall mean, in relation to a Shareholder, its Affiliates and any Person in respect of which the Shareholder or one
of its Affiliates has the power directly or indirectly to direct or cause the direction of its management and policies and / or in which
the Shareholder or one of its Affiliates owns directly or indirectly [***] or more of the equity (but excluding the Company).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Related
Shareholder</B>&rdquo; shall mean:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Shareholder who enters into, or proposes to enter into, a transaction or agreement with the Company, or whose Related Person(s)
enters into, or proposes to enter into, a transaction or agreement with the Company; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>S&amp;OP</B>&rdquo;
shall mean the sales and operations planning committee formed by the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Sanctioned
Country</B>&rdquo; shall have the meaning set forth in the definition of &ldquo;<B>Impermissible Shareholder</B>&rdquo;.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Saudi
Aramco</B>&rdquo; shall have the meaning set forth in the Preamble.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Saudi
Aramco Default Price</B>&rdquo; shall mean the price payable to the Dow Founding Shareholder for the Dow Founding Shareholder&rsquo;s
entire Ownership Interest pursuant to Section 18.2(b)(ii) (<I>Consequences of Events of Default</I>) and shall be calculated as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Saudi
Aramco Founding Shareholder</B>&rdquo; shall mean:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Saudi Aramco Holdco or any Qualifying Affiliate to which Saudi Aramco Holdco transfers its Ownership Interest in accordance with
Section 19.2(b) (<I>Permitted Transfers to PublicCo and Qualifying Affiliates</I>); or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any third party that purchases the entire Ownership Interest of Saudi Aramco Holdco or its Qualifying Affiliate, and all of its
direct and indirect rights and interests therein, in accordance with Section 19.3 (<I>Transfers to Third Parties</I>), or any Qualifying
Affiliate of such third party to which such third party transfers its Ownership Interest in accordance with Section 19.2(b) (<I>Permitted
Transfers to PublicCo and Qualifying Affiliates</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Saudi
Aramco Holdco</B>&rdquo; shall have the meaning set forth in the Preamble.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Saudi
Aramco Marketer</B>&rdquo; shall mean the &ldquo;Marketer&rdquo; under the Saudi Aramco PMLA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Saudi
Aramco PMLA</B>&rdquo; shall mean the product marketing and lifting agreement dated on or about the date hereof and entered into by and
between the Company and the Saudi Aramco Marketer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Saudi
Aramco Proportion</B>&rdquo; shall have the meaning set forth in the Saudi Aramco PMLA.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Saudi
Aramco Release Date</B>&rdquo; shall mean the date on which the Project Debt provided pursuant to the Project Financing Agreements has
been irrevocably and unconditionally discharged and satisfied in full.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Saudi
Riyals</B>&rdquo; shall mean the lawful currency of The Kingdom.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Secondary
Guarantee</B>&rdquo; means a guarantee in the form of Annex E-2 (<I>Form of Secondary Guarantee</I>) issued by [***] in respect of the
payment and performance obligations of [***]under any Parent Guarantee issued by [***].</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Secondees</B>&rdquo;
shall have the meaning set forth in Section 12.2(b) (<I>Employees of and Secondees to the Company</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Secondment
Agreement</B>&rdquo; shall mean the Secondment Agreement dated as of October 30, 2011 by and among each of the Founding Shareholders
and the Company with respect to the secondment of employees to the Company in accordance with Section 12.2 (<I>Employees of and Secondees
to the Company</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Senior
Officer</B>&rdquo; shall have the meaning set forth in Section 12.1(a) (<I>The Management Team and Senior Officers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Shared
Costs</B>&rdquo; shall have the meaning set forth in the CSRA and shall include, subject to the terms and conditions thereof, all costs
incurred pursuant to Section 4.7(b) thereof and all PMSA Costs.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Shareholder</B>&rdquo;
shall mean each of the Founding Shareholders and any other Person (including the PublicCo Shareholder) that becomes a shareholder in
the Company in accordance with Section 18 (<I>Events of Default</I>) or 19 (<I>Transfer and Exit Provisions</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Shareholder
Advance Agreement</B>&rdquo; shall mean the Shareholder Advance Agreement dated as of October 30, 2011 by and among Saudi Aramco Holdco,
Dow Holdco, and the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Shareholder
Equity</B>&rdquo; shall mean all or any part of the share capital in a Shareholder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Shareholder
Undertaking Agreement</B>&rdquo; shall mean the Shareholder Undertaking Agreement dated June 17, 2013 by and among each of the Founding
Shareholders and the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Shareholders&rsquo;
Agreement</B>&rdquo; shall have the meaning set forth in the Preamble.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>SOCPA</B>&rdquo;
shall mean the Saudi Organization for Certified Public Accountants.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>SPA</B>&rdquo;
shall have the meaning set forth in Annex C (<I>Acquisition of Ownership Interests</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Special
PMLA</B>&rdquo; shall mean any product marketing and lifting agreement between the Company and any third party replacing a PMLA that
has been terminated by the Company in accordance with the terms thereof, <I>provided</I> that: [***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Subordinated
Shareholder Loan Agreement</B>&rdquo; shall mean the subordinated shareholder loan agreement dated June 17, 2013 between the Founding
Shareholders and the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Subordinated
Shareholder Loans</B>&rdquo; shall mean all loans provided by the Shareholders or their Qualifying Affiliates to the Company pursuant
to the Subordinated Shareholder Loan Agreement and in accordance with this Agreement, which shall be subordinated in accordance with
the Project Financing Agreements.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Substantial
Project Impairment</B>&rdquo; shall mean a decrease of twenty percent (20%) or more in the Company&rsquo;s actual EBITDA during any period
as compared to the Company&rsquo;s projected EBITDA for the twelve (12) month period following the occurrence of a Trigger Event or deadlock
pursuant to Section 10.1 (<I>Deadlock</I>). The Company&rsquo;s projected EBITDA shall be calculated based on the Approved Operating
Plan applicable as of the date that the Trigger Event or deadlock occurred and, to the extent the twelve (12) month period following
the occurrence of the Trigger Event or deadlock extends into the next Fiscal Year, based on the Approved Strategic Business Plan applicable
as of the date that the Trigger Event or deadlock occurred.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Taxes</B>&rdquo;
shall mean all taxes that relate to the Company and / or the Project, including income tax, duties, levies, and assessments, including
withholding tax, customs duties, sales tax, value added tax, consumption tax, and stamp duty, together with any interest, surcharges,
fines, or penalties thereon or in addition thereto and regardless of whether any of the same are chargeable directly or indirectly against,
or attributable directly or indirectly to, any Person.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Term</B>&rdquo;
shall have the meaning set forth in Section 4.2 (<I>Term and Termination of Shareholders&rsquo; Agreement; Survival</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>The
Kingdom</B>&rdquo; shall have the meaning set forth in the Preamble.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Third
Party Agreements</B>&rdquo; shall mean each agreement related to the supply of feedstock, industrial gases or utilities, or other goods
or services to the Project entered into from time to time between or among the Company and any Person that is not a Founding Shareholder
(or its Affiliate).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Total
Production</B>&rdquo; shall have the meaning set forth in [***].</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Total
Remaining Volumes</B>&rdquo; shall have the meaning set forth in [***].</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Transfer</B>&rdquo;
shall mean a Direct Transfer or an Upstream Transfer, <I>provided </I>that (subject to Section 19.6(b) (<I>Impermissible Change in Control</I>)),
a transfer, assignment, or other disposal of any share capital in a Parent Company shall not constitute a Transfer. &ldquo;<B>Transferred</B>&rdquo;
shall be construed accordingly.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Transfer
Notice</B>&rdquo; shall have the meaning set forth in Section 19.3(b)(ii)(<I>Transfers to Third Parties</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Transferor</B>&rdquo;
shall mean a Shareholder proposing to effect or permit a Transfer in accordance with Section 19.3 (<I>Transfers to Third Parties</I>)
or effecting a Transfer pursuant to Section 18.2(b) (<I>Consequences of Events of Default</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Transfer
Period</B>&rdquo; shall mean a period of one hundred and eighty (180) days from the date that any of the conditions set forth in Paragraphs
(i)-(v) of Section 19.3(d) (<I>Transfers to Third Parties</I>) has been fulfilled, <I>provided</I> that if the Transferor provides a
Notice to the Non-Transferring Shareholders identifying a preferred bidder that has been confirmed to be a Permitted Transferee prior
to the date on which the one hundred and eighty (180)-day period expires, the period shall be extended for an additional period of one
hundred and eighty (180) days.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Tribunal</B>&rdquo;
shall have the meaning set forth in Annex A (<I>Dispute and Expert Resolution Procedures</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Trigger
Event</B>&rdquo; shall mean:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Unfriendly
Country</B>&rdquo; shall have the meaning set forth in the definition of &ldquo;<B>Impermissible Shareholder</B>&rdquo;.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>United
States Dollars</B>&rdquo; or &ldquo;<B>U.S.$</B>&rdquo; shall mean the lawful currency of the United States of America.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Upstream
Transfer</B>&rdquo; shall mean a transfer, assignment, or other disposal of any Shareholder Equity.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>US
GAAP</B>&rdquo; shall mean generally accepted accounting principles in the United States of America.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Valuation
Expert</B>&rdquo; shall mean an independent financial firm not affiliated or associated with any Shareholder, with an internationally-recognized
accounting or investment banking practice having expert knowledge with respect to the valuation of companies in the chemical and petrochemical
production and product marketing business.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Valuation
Notice</B>&rdquo; shall have the meaning set forth in Annex C (<I>Acquisition of Ownership Interests</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Valued
Interest</B>&rdquo; shall have the meaning set forth in Annex C (<I>Acquisition of Ownership Interests</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 26 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>VP
&ndash; Business and Services</B>&rdquo; shall have the meaning set forth in Section 12.1(a) (<I>The Management Team and Senior Officers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>VP
&ndash; Industrial Relations</B>&rdquo; shall have the meaning set forth in Section 12.1(a) (<I>The Management Team and Senior Officers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>VP
&ndash; Manufacturing and Engineering</B>&rdquo; shall have the meaning set forth in Section 12.1(a) (<I>The Management Team and Senior
Officers</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Willful
Misconduct</B>&rdquo; shall mean any willful act or omission of a Person (including the willful breach of this Agreement) that is intended
to cause, or is in reckless disregard of or wanton indifference to, the consequences that such act or omission would have on the rights,
business, operations, health, or safety of another Person.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 24pt; text-align: justify; text-indent: 48pt"><FONT STYLE="letter-spacing: normal">1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Usage</FONT></P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">In
this Shareholders&rsquo; Agreement, the recitals and headings are for convenience only and shall not affect its interpretation and except
where the context otherwise requires:</FONT></P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a reference to an enactment or regulation shall include a reference to any subordinate law, decree, resolution, order, or the
like made under the relevant enactment or regulation and is a reference to that enactment, regulation or subordinate law, decree, resolution,
order, or the like, as amended, consolidated, modified, re-enacted, or replaced from time to time;</FONT></P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>words in the singular shall include the plural and vice versa and references to one gender shall include other genders;</FONT></P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>unless otherwise expressly stated, a reference to an Annex, Part, Section, or Paragraph shall be a reference to an annex, part,
section, or paragraph (as the case may be) of or to this Shareholders&rsquo; Agreement;</FONT></P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if a period of time is specified as from a given day, or from the day of an act or event, it shall be calculated inclusive of
that day;</FONT></P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>references to years, quarters, months, days, and the passage of time shall be construed in accordance with the Gregorian calendar
and, unless otherwise specified, references to time refer to the time in The Kingdom;</FONT></P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a reference to &ldquo;<B>includes</B>&rdquo; or &ldquo;<B>including</B>&rdquo; shall mean &ldquo;includes without limitation&rdquo;
or &ldquo;including without limitation&rdquo;, as applicable;</FONT></P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>references to writing shall include any mode of reproducing words in any legible form, but shall exclude e-mail except where expressly
stated;</FONT></P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Annexes form part of this Shareholders&rsquo; Agreement and reference to this Shareholders&rsquo; Agreement shall include
such Annexes;</FONT></P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>references to any agreement or contract, including this Shareholders&rsquo; Agreement, shall be interpreted to mean such agreement
or contract, as amended, supplemented, restated, and / or otherwise modified in accordance with its terms from time to time;</FONT></P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>references to any Governmental Entity or any governmental department, commission, board, bureau, agency, regulatory authority,
instrumentality, or judicial or administrative body, in any jurisdiction shall include any successor to such entity; and</FONT></P>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a reference to a party or to any other person includes a reference to its successors and permitted transferees and assigns.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="letter-spacing: normal">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>EFFECTIVENESS</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">2.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Effectiveness</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Other than Section 1 (<I>Definitions and Usage</I>), this Section 2.1(a) and Sections 16 (<I>Warranties</I>), 24 (<I>Dispute Resolution
Procedures</I>), 25 (<I>Assignment</I>) and 26 (<I>Miscellaneous</I>) which shall take effect on the date hereof, this Shareholders&rsquo;
Agreement shall become effective upon the Effective Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Founding Shareholders:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">acknowledge
                                            that the Company&rsquo;s Articles of Association shall be amended and replaced on or about
                                            the Effective Date to reflect the provisions of this Shareholders&rsquo; Agreement as of
                                            the Effective Date; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">shall,
                                            to the extent possible under Applicable Law, cause the Articles of Association of the Company
                                            to be amended and restated to reflect the provisions of this Shareholders&rsquo; Agreement,
                                            as may be amended from time to time.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of any inconsistency between the Articles of Association and the provisions of this Shareholders&rsquo; Agreement,
the Founding Shareholders hereby agree that, to the extent possible under Applicable Law, the provisions of this Shareholders&rsquo;
Agreement shall prevail over the corresponding provisions of the Articles of Association regardless of whether the Articles of Association
(and any subsequent amendments thereto) were entered into before or after the Effective Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 15.6(a) (<I>Non-Breach of Law</I>), each Shareholder undertakes to observe and comply fully and promptly with
this Shareholders&rsquo; Agreement such that its terms and conditions shall be enforceable by the Shareholders amongst themselves (in
whatever capacity), notwithstanding the fact that they may not be enforceable under Applicable Law or may be inconsistent with the other
Constitutive Documents. The Shareholders shall refrain from filing any claim or lawsuit so as to challenge, or which includes a challenge
to, the above principle.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">2.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Name
                                            and Head Office of the Company</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
name of the Company shall be Sadara Chemical Company. The head office of the Company (the &ldquo;<B>Head Office</B>&rdquo;) shall be
located in the Eastern Province at Jubail, The Kingdom, or such other place within The Kingdom as the Shareholders may decide. In addition,
the Company may establish branches, offices, or agencies in such other places inside or outside The Kingdom as the Shareholders approve
to carry out the Business of the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="letter-spacing: normal">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>BUSINESS OF THE COMPANY</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">3.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">General
                                            Business Objectives</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The objective of the Company is the implementation of the Project, which shall include:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            design, construction, ownership, and operation of the Complex;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            manufacturing of hydrocarbon products and any other chemical and petrochemical products (including
                                            any products produced as a consequence of expansions of the Project);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            marketing and/or sale of Products to the extent not sold under the PMLAs (including, pursuant
                                            to Conversion Industries Sales);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            promotion and development of Conversion Industries as further described in Section 3.2 (<I>Development
                                            of Conversion Industries</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">engaging
                                            in research and development;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">investigating
                                            and pursuing suitable opportunities for expansion of the Project; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">all
                                            other lawful activities related to the exploitation of the Project for the benefit of the
                                            Shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">The
Constitutive Documents shall be construed accordingly. The Complex shall be operated and maintained, at all times, in a commercially
prudent manner designed to maximize the Company&rsquo;s value and achieve high levels of efficiency, productivity, profitability, and
health, safety, and environmental practices.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall be authorized to create affiliated or subsidiary companies as required to implement the Project, including:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            connection with the financing of the engineering, procurement, and construction of the Project;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            operation of the Complex; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">for
                                            such other purposes as the General Assembly may decide, in each case, in furtherance of the
                                            objectives of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The activities set forth in this Section 3, as may be amended from time to time, shall together constitute the &ldquo;<B>Business</B>&rdquo;
of the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">3.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Development
                                            of Conversion Industries</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders acknowledge and agree that one of the leading objectives of the Company is to promote self-sustaining, export-oriented
downstream conversion industries generally within The Kingdom and specifically within Al Jubail Industrial City II (&ldquo;<B>Conversion
Industries</B>&rdquo;) and the Shareholders acknowledge and agree to the principles set forth in Section 3.4 (<I>Domestic Sales</I>)
to support the Company in achieving this objective. It is intended that the Company will achieve this objective by developing and implementing
directly and in collaboration with third parties, and by offering a unique slate of Products and services to, specific projects in The
Kingdom for the downstream conversion of the Company&rsquo;s Products into end-use products (the &ldquo;<B>Conversion Industry Projects</B>&rdquo;).
It is also intended that the Conversion Industry Projects will be developed and implemented under a self-sustaining business model that
provides value-enhancing opportunities for the Company and other participants in each step of the value chain of those Conversion Industry
Projects, including value-added uses of the Company&rsquo;s smaller intermediate streams, savings in logistics costs, low cost-to-serve
economics, base-load opportunities, and product grade enhancement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders shall cause the Company to use commercially reasonable efforts to collaborate with private sector entities and
appropriate Governmental Entities, including the RCJY and the National Industrial Clusters Development Program, to create favorable conditions
and establish a commercially enabling environment to promote the development of Conversion Industries and to identify appropriate opportunities
for the Company&rsquo;s participation in the Conversion Industry Projects.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Founding Shareholders shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">without
                                            limiting the generality of this Section 3.2 or 3.3 (<I>Conversion Industry Customers and
                                            Markets</I>), use their commercially reasonable efforts in coordination with appropriate
                                            Governmental Entities to develop standards and relevant documentation to support the growth
                                            of Conversion Industries into an integrated network of raw materials suppliers, downstream
                                            manufacturers, strategic customers, and service providers, including standards pertaining
                                            to service and feedstock supply agreements with predictable and enabling pricing arrangements
                                            and operational and planning assistance procedures designed, in each case, to attract potential
                                            new industries to The Kingdom; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">cause
                                            the Company to commit to fund the development and implementation of the Conversion Industry
                                            Projects in accordance with an investment plan to be developed in consultation with the Ministry
                                            of Energy, <I>provided</I> that the aggregate financial commitment of the Founding Shareholders
                                            and the Company in connection with the promotion of Conversion Industries, including by way
                                            of direct participation in the form of equity investments in the Conversion Industry Projects,
                                            shall be capped at [***] of such financial commitment have been paid or funded by the Founding
                                            Shareholders in this respect prior to the Effective Date in connection with the construction
                                            of a supply system for ethylene oxide and propylene oxide.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">3.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Conversion
                                            Industry Customers and Markets</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders recognize that Dow and its Affiliates have expertise in the development of downstream conversion industry customers
for products marketed by Dow and its Affiliates and their respective joint ventures. The Dow Founding Shareholder shall use (or procure
that its Affiliates use) commercially reasonable efforts to provide the following services to the Company in connection with the promotion
of Conversion Industries and the development and implementation of the Conversion Industry Projects:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">leveraging
                                            existing business and customer relationships to encourage current and future customers of
                                            Dow and its Affiliates and others to develop and implement directly and in collaboration
                                            with the Company the Conversion Industry Projects;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">providing
                                            research and development (including product and application development support), technical
                                            services support, and training and development of technical support staff of key strategic
                                            customers in Conversion Industries, including the Conversion Industry Projects, who represent
                                            a significant value-added opportunity for the Company; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">supporting
                                            and actively participating in initiatives undertaken by Governmental Entities for the promotion
                                            of Conversion Industries by sharing experiences and knowledge of similar initiatives supported
                                            by Dow and its Affiliates outside of The Kingdom.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and the Dow Founding Shareholder (or its Affiliates) shall agree on which services will be provided by the Dow Founding
Shareholder (or its Affiliates) to the Company pursuant to this Section 3.3 on a complimentary basis and which services shall be provided
for a fee.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">3.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Domestic
                                            Sales</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders acknowledge and agree that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            determining where their respective Marketer shall market and sell Products, such Marketer
                                            shall prioritize demand in The Kingdom,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>DURATION; TERM; TERMINATION</U></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">4.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Duration
                                            of the Company</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">No
later than the date that is ten (10) years prior to the expiration of the duration of the Company pursuant to the Articles of Association,
the Shareholders shall, or shall cause the Company to, amend the Articles of Association such that the duration of the Company shall
end on the date that is ninety-nine (99) years after the Project Completion Date.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">4.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Term
                                            and Termination of Shareholders&rsquo; Agreement; Survival</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
term of this Shareholders&rsquo; Agreement (the &ldquo;<B>Term</B>&rdquo;) shall commence on the Effective Date and shall end upon
expiration of the duration of the Company as set forth in the Articles of Association unless terminated earlier in accordance with
its terms and conditions. At the end of the Term, this Shareholders&rsquo; Agreement shall have no further force and effect, <I>provided</I>
that, except as otherwise provided herein or as may be agreed by the Shareholders, no termination of this Shareholders&rsquo;
Agreement shall release any Shareholder from any liability to any other Shareholder, or prejudice any of the rights or remedies that
the Shareholders may have in respect of any such liability, that at the time of such termination has already accrued, nor affect in
any way the survival of any right, duty, or obligation of any Shareholder that is expressly stated elsewhere in this
Shareholders&rsquo; Agreement to survive the termination hereof. Section 1 (<I>Definitions and Usage</I>), this Section 4.2,
Sections 15.6 (<I>Non-Breach of Law</I>), 17.6(a) (<I>Principal Agreements</I>), 21 (<I>Confidential Information</I>), 22
(<I>Indemnification and Liability</I>), 24 (<I>Dispute Resolution Procedures</I>), 25 (<I>Assignment</I>), and 26
(<I>Miscellaneous</I>), and Annex A (<I>Dispute and Expert Resolution Procedures</I>) shall continue in force after such
termination.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>OWNERSHIP INTEREST; SALE TO PUBLICCO</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">5.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Ownership
                                            Interest</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">In
exchange for the Capital Contributions made by the Founding Shareholders to the Company, as of the Effective Date:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Saudi Aramco Founding Shareholder has an Ownership Interest equal to sixty-five percent (65%);
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Dow Founding Shareholder has an Ownership Interest equal to thirty-five percent (35%),</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">of
the aggregate Ownership Interests of all Shareholders.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">5.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Sale
                                            of PublicCo Acquisition Interest; Initial Public Offering</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Saudi Aramco Founding Shareholder, taking into account market conditions and applicable legal requirements, shall sell to
the PublicCo Shareholder the PublicCo Acquisition Interest, concurrently with an initial public offering of PublicCo on the Saudi Stock
Market, <I>Tadawul</I> (the &ldquo;<B>IPO</B>&rdquo;), as soon as practicable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Immediately prior to the IPO, the Founding Shareholders shall, or shall cause the Company or their respective Qualifying Affiliates
to, modify, amend, and supplement this Shareholders&rsquo; Agreement, the other Constitutive Documents, and any relevant Project Agreements
solely to the extent required to accommodate the PublicCo Shareholder&rsquo;s admission as a Shareholder in the Company and the implementation
of the IPO, <I>provided</I> that no such modifications, amendments, or supplements shall adversely affect the rights or increase the
obligations of a Founding Shareholder, its Qualifying Affiliates, or the Company and, unless otherwise agreed between the Founding Shareholders
in writing, the agreed terms of the Company&rsquo;s governance set forth in this Shareholders&rsquo; Agreement shall not be changed as
a result of any such adjustment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The indirect participation in the Company to be purchased by the Saudi public through PublicCo during the IPO shall be priced
[***]. Subject to Applicable Law, the Saudi Aramco Founding Shareholder shall use its commercially reasonable efforts to maximize the
recovery of Development Costs through the IPO.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The proceeds of the IPO shall be for the account of the Saudi Aramco Founding Shareholder. If such proceeds do not include Development
Costs that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">were
                                            paid prior to the end of the Equity Rebalancing Period;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">were
                                            transferred to the Company in accordance with the Contribution Agreement; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">remain
                                            unreimbursed by the Company,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">as
a result of such Development Costs not being permitted by the CMA or the Ministry of Energy to be included in the price of the indirect
participation of the Saudi public through PublicCo in the IPO (the &ldquo;<B>Disallowed Development Costs</B>&rdquo;), then the Dow Founding
Shareholder shall reimburse to the Saudi Aramco Founding Shareholder [***]of such Disallowed Development Costs.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to, and as a condition of, the sale of the PublicCo Acquisition Interest to the PublicCo Shareholder, the Founding Shareholders
agree that the PublicCo Shareholder shall execute and deliver to the Founding Shareholders and the Company:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">an
                                            Accession Agreement, in the form attached to this Shareholders&rsquo; Agreement as Annex
                                            B (<I>Form of Accession Agreement</I>), confirming the PublicCo Shareholder&rsquo;s admission
                                            as a Shareholder and its agreement to be bound by the terms of this Shareholders&rsquo; Agreement
                                            and any obligations of confidentiality</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">an
                                            accession agreement, in the form attached as Annex D (<I>Form of PublicCo Shareholder Accession
                                            Agreement</I>) to the Subordinated Shareholder Loan Agreement; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">such
                                            other documents and agreements as shall be reasonably requested by the Founding Shareholders
                                            and the Company in connection with the Project.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">5.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Reduction
                                            of Saudi Aramco&rsquo;s Initial Ownership Interest</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Upon
the sale to the PublicCo Shareholder of the PublicCo Ownership Interest, the Saudi Aramco Founding Shareholder&rsquo;s Ownership Interest
shall be reduced by the Ownership Interest acquired by the PublicCo Shareholder.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>CAPITAL CONTRIBUTIONS; FINANCING</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">6.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Initial
                                            Contributions</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Founding Shareholders acknowledge that, as of the date hereof:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Saudi Aramco Founding Shareholder has made an initial contribution of [***] in Capital Contributions and has made further
contributions to the Authorized Capital by way of conversion of [***] in Subordinated Shareholder Loans; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Dow Founding Shareholder has made an initial contribution of [***] in Capital Contributions and has made further contributions
to the Authorized Capital by way of conversion of [***]in Subordinated Shareholder Loans.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">6.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Additional
                                            Shareholder Funding</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any funding from the Shareholders required in order for the Company to meet its anticipated operational and capital requirements
as set forth in the Approved Strategic Business Plan and the Approved Operating Plan, shall be funded by Project Debt in accordance with
Section 6.3 (<I>Project Financing</I>), or if approved by the Shareholders in accordance with Section 9.3 (<I>Powers of the General Assembly</I>),
through:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">making
                                            Capital Contributions to the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">extending,
                                            or causing their Qualifying Affiliates to extend, Subordinated Shareholder Loans to the Company;
                                            or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">such
                                            other mechanism as the Shareholders may agree, consistent with Applicable Law.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a Shareholder fails to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">make
                                            any Capital Contributions that are approved in accordance with Section 9.3(b)(ii) (<I>Powers
                                            of the General Assembly</I>); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">extend
                                            any Subordinated Shareholder Loans that are approved in accordance with Section 9.3(a)(vi)
                                            (<I>Powers of the General Assembly</I>),</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">in
either case, in an amount in proportion to its Ownership Interest of such increase in the Authorized Capital or extensions of Subordinated
Shareholder Loans, as the case may be, then, subject to Section 6.4(c) (<I>Shareholder Credit Support</I>):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            other Shareholders may elect to fund the resulting deficiency on a <I>pro rata </I>basis
                                            as between themselves; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the case of Capital Contributions, each Shareholder&rsquo;s Ownership Interest shall be adjusted
                                            (upward or downward, as applicable) to reflect the proportionate amount of Capital Contributions
                                            made by each Shareholder.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Subordinated Shareholder Loans shall be identical for all Shareholders (other than in respect of the lender thereunder and
the principal amount but including a requirement that such Subordinated Shareholder Loans be drawn on a <I>pro rata</I> basis) and shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">bear
                                            interest at a market rate consistent with Applicable Laws; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">not
                                            be subject to repayment on demand by any Shareholder.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Contributions of goods and services by any Shareholder to the Company may be:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">transferred
                                            to the Company and converted into Capital Contributions; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">invoiced
                                            to the Company,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">in
either case, in accordance with Applicable Law and IFRS, and solely to the extent approved by the General Assembly in accordance with
Section 9.3 (<I>Powers of the General Assembly</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to Article 181 of the Companies Law:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if,
                                            at any time during the Term, the Company&rsquo;s accumulated losses are equal to or greater
                                            than fifty percent (50%) of its Authorized Capital, then the Managers shall:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">register
                                            this event in the commercial register of the Company with the Ministry of Commerce; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">cause
                                            the General Assembly to meet within ninety (90) days from the date of their knowledge of
                                            such loss to take a vote of the Shareholders on whether the Company shall continue or be
                                            dissolved;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            resolution of the Shareholders at a General Assembly meeting called in accordance with Section
                                            6.2(e)(i)(B) above shall be published in the manner prescribed in Article 158 of the Companies
                                            Law; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">subject
                                            to the preceding Section 6.2(e)(i), each Shareholder (in its capacity as shareholder in the
                                            Company and in each other capacity, including as a party to any contracts entered into with
                                            the Company or another Shareholder, as the case may be) hereby irrevocably and unconditionally
                                            agrees to waive and waives, and shall cause each of its Affiliates that are parties to a
                                            Project Agreement to waive, to the maximum extent permitted by Applicable Law, any rights
                                            to contribution or payment of any sum under or pursuant to Article 181 of the Companies Law.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">6.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Project
                                            Financing</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Founding Shareholders have developed a debt financing plan and structure for the Project and will continue to assess various
options that allow the financial strength of Saudi Aramco and Dow to be appropriately utilized and that optimizes the debt financing
terms for the Company, with due regard to the Founding Shareholders&rsquo; respective interests (&ldquo;<B>Project Debt</B>&rdquo;).
The Shareholders and the Management Team shall work together to maintain a ratio of the Project Debt to the aggregate of Capital Contributions
and Subordinated Shareholder Loans of no greater than [***]. Notwithstanding the foregoing and subject to the Project Financing Agreements:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">as
                                            a general principle, the Shareholders intend to maximize Project Debt to the extent consistent
                                            with schedule, cost, and operational considerations; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">to
                                            the extent practicable, the provision by the Shareholders of any Capital Contributions or
                                            Subordinated Shareholder Loans shall occur <I>pro rata </I>with the proceeds of the Project
                                            Debt or be back-ended.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Taking into consideration the impact on the Shareholders and subject to Section 6.4(a) (<I>Shareholder Credit Support</I>), as
a general principle, the Founding Shareholders intend that any Project Debt shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">be
                                            of a non-recourse nature; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">involve
                                            regionally and globally competitive overall costs, commission rates, and tenors consistent
                                            with the objectives of the Shareholders, as agreed by the Founding Shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Founding Shareholders shall cause the Company to use its commercially reasonable efforts to maximize the benefit to itself
of all available grants, insurance programs, and any other benefits offered by governmental, quasi-governmental bodies, and any export
credit agencies to projects in The Kingdom to the extent practicable. The Founding Shareholders intend that the Company shall utilize
such local (in&#45;Kingdom), regional, Islamic, and other international financing sources as may be required to optimize the financial
attractiveness of the Project.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">6.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Shareholder
                                            Credit Support</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Founding Shareholder has procured the provision of several (and neither joint nor joint and several) completion guarantees
in respect of the Project Debt provided under the Project Financing Agreements proportionate to its Ownership Interest from its Parent
Company [***] in accordance with the Project Financing Agreements. The Founding Shareholders agree that, [***] upon the sale to the PublicCo
Shareholder of the PublicCo Acquisition Interest, the amount of the Saudi Aramco Founding Shareholder&rsquo;s completion guarantee shall
be reduced to an amount proportionate to the Saudi Aramco Founding Shareholder&rsquo;s resulting Ownership Interest.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>MATERIAL EXPANSIONS OF THE PROJECT</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders agree that they are committed to the long-term growth and expansion of the Project into one of the world&rsquo;s
leading integrated chemicals projects and that the Company shall continually search for and exploit new, attractive business opportunities
as it sees fit in order that the Project may so develop. The Shareholders also acknowledge and agree that the Company may collaborate
in the development of technology with Dow, which may provide the basis to add value to the Project through its expansion and growth.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Shareholder or Shareholders may propose a material expansion of the Project and request that the Company conducts a feasibility
study (an &ldquo;<B>Expansion Feasibility Study</B>&rdquo;) in respect of such proposed material expansion, <I>provided</I> that the
Company shall only be required to conduct an Expansion Feasibility Study if such proposing Shareholder or Shareholders agree to underwrite
any costs and expenses incurred by the Company in doing so if the Shareholders do not subsequently agree that the Company should proceed
with such material expansion in accordance with Section 7(d) on substantially the same basis as originally proposed by such proposing
Shareholder or Shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Expansion Feasibility Study conducted by the Company shall, in respect of a proposed material expansion of the Project, <I>inter
alia</I>:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">analyze
                                            its scope and its technical, financial, commercial, and economic feasibility;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">determine
                                            its feedstock and technology requirements and the availability of such feedstocks and technologies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">calculate
                                            its total estimated construction costs and the time period required to complete its construction;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">assess
                                            how to integrate it into the Project and the overall impact on the Project;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">assess
                                            the extent of any construction and operational risks that it creates that are incremental
                                            or additional to those already present in the Project;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">assess
                                            the extent of any liabilities and risks that it creates that are incremental or additional
                                            to those already existing for the Company and the Shareholders;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">determine
                                            what (if any) additional permits, licenses, and consents or variations to existing permits,
                                            licenses, and consents will be required;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">assess
                                            financing options;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">propose
                                            a strategic business plan, operating plan and marketing plan in respect of it and the products
                                            it will manufacture; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">assess
                                            whether it can be developed, constructed, financed, operated, and maintained successfully
                                            other than by the Company and separate from the Project.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, following the receipt of an Expansion Feasibility Study, each Shareholder approves such proposed material expansion, then
the Company shall proceed with the development, construction, financing, operation, and maintenance of such material expansion and it
shall be integrated fully into the Project. The Shareholders agree that if the Company undertakes a material expansion of the Project,
then the Shareholders shall support the Company&rsquo;s application to the appropriate regulatory agency within The Kingdom for allocation
of required regulated feedstock, including ethane.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, following the receipt of an Expansion Feasibility Study, one or more, but not all, of the Shareholders approves such proposed
material expansion, then:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">such
                                            approving Shareholder or Shareholders may proceed with the development, construction, financing,
                                            operation, and maintenance of such material expansion through an entity other than the Company,
                                            <I>provided</I> that:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Shareholder or Shareholders proceeding with the material expansion shall indemnify, defend,
                                            and hold harmless the Company and any Shareholders not proceeding with such material expansion
                                            from and against any Losses arising as a consequence of such material expansion and any adverse
                                            effects it may have on any aspect of the existing Project and the existing and projected
                                            revenue and cash flow of the Company and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><I>provided
                                            further</I> that the financing arrangements for such material expansion do not impact in
                                            any way the terms and conditions of the existing Project Financing Agreements; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            Shareholders not participating in such material expansion shall act reasonably and in good
                                            faith, and shall use their commercially reasonable efforts to ensure that the Company does
                                            the same, to support the development, construction, and operation of such material expansion
                                            and in respect of all other reasonable requests made by the Shareholders proceeding with
                                            such material expansion, including the provision of a sub-lease by the Company for a suitable
                                            site on which to locate such material expansion proximate to the Project and the provision
                                            by the Company of shared facility arrangements, services, utilities, and Products at reasonable
                                            commercial rates, <I>provided</I> that no Shareholder shall have any obligation to license
                                            or procure the license of relevant technology or provide feedstock or procure the provision
                                            of feedstock in connection with such material expansion.</FONT></TD></TR></TABLE>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: normal 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>THE BOARD OF MANAGERS</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">8.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            Board of Managers</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as reserved for determination by the Shareholders pursuant to Section 9.3 (<I>Powers of the General Assembly</I>), the
overall management and control of the Company shall be managed by a board of managers (the &ldquo;<B>Board</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board shall consist of eight (8) members (each a &ldquo;<B>Manager</B>&rdquo;). Prior to the sale to the PublicCo Shareholder
of the PublicCo Acquisition Interest in accordance with Sections 5.2 (<I>Sale of PublicCo Acquisition Interest; Initial Public Offering</I>)
and 19.2(a) (<I>Permitted Transfers to PublicCo and Qualifying Affiliates</I>), each Founding Shareholder shall have the right to nominate
four (4) Managers. Upon the sale to the PublicCo Shareholder of the PublicCo Acquisition Interest in accordance with Sections 5.2 (<I>Sale
of PublicCo Acquisition Interest; Initial Public Offering</I>) and 19.2(a) (<I>Permitted Transfers to PublicCo and Qualifying Affiliates</I>),
each Founding Shareholder shall cause [***]of its Managers to resign, and thereafter the PublicCo Shareholder shall have the right to
nominate [***]Managers and each Founding Shareholder shall have the right to nominate [***]Managers. Each Shareholder shall vote for
the appointment of the individuals nominated by the Founding Shareholders and the PublicCo Shareholder to be Managers in accordance with
this Section 8.1(b), <I>provided</I> that each such individual satisfies the Manager Eligibility Criteria.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To be eligible to serve as a Manager, any individual nominated by either Founding Shareholder or the PublicCo Shareholder must
satisfy the following criteria (the &ldquo;<B>Manager Eligibility Criteria</B>&rdquo;):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">be
                                            of sound mind and health and capable of managing his or her affairs and the affairs of the
                                            Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">not
                                            be the subject of any criminal conviction relevant to the governance or affairs of the Company,
                                            or otherwise of a serious nature;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">not
                                            be bankrupt or insolvent or not have made or entered into any arrangement or composition
                                            with his or her creditors generally;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">not
                                            be a current employee, officer, director, or contractor of, or currently hold a similar position
                                            in or with:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            competitor of either Founding Shareholder or their respective Qualifying Affiliates (other
                                            than the Dow Founding Shareholder or the Saudi Aramco Founding Shareholder or their respective
                                            Qualifying Affiliates); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            Person to whom a Partial Transfer has been effected by way of an Upstream Transfer in accordance
                                            with Section 19.3 (<I>Transfers to Third Parties</I>); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">not
                                            have a material economic or voting interest in:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            competitor of either Founding Shareholder or their respective Qualifying Affiliates (other
                                            than the Dow Founding Shareholder or the Saudi Aramco Founding Shareholder or their respective
                                            Qualifying Affiliates); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            Person to whom a Partial Transfer has been effected by way of an Upstream Transfer in accordance
                                            with Section 19.3 (<I>Transfers to Third Parties</I>).</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If at any time a Manager ceases to satisfy the Manager Eligibility Criteria, then the Shareholder that nominated such Manager
shall procure the immediate resignation of such Manager and nominate a replacement Manager who satisfies the Manager Eligibility Criteria.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Meetings of the Board shall be presided over by a chairman (the &ldquo;<B>Board Chairman</B>&rdquo;). In addition, a deputy chairman
(the &ldquo;<B>Deputy Board Chairman</B>&rdquo;), a secretary (the &ldquo;<B>Board Secretary</B>&rdquo;), and an assistant secretary
(the &ldquo;<B>Assistant Board Secretary</B>&rdquo;) shall be appointed as provided in this Section 8.1(e). The Board Chairman shall
be nominated by the Saudi Aramco Founding Shareholder and the Deputy Board Chairman shall be nominated by the Dow Founding Shareholder.
Both the Board Chairman and the Deputy Board Chairman shall be nominated from amongst the Managers then appointed to the Board. Neither
the Board Chairman nor the Deputy Board Chairman shall have a tie-breaking vote in the event of a tie in a Board vote or any other corporate
governance powers or rights other than their single votes in their capacities as Managers. The Board Secretary shall be appointed by
the Saudi Aramco Founding Shareholder and the Assistant Board Secretary shall be appointed by the Dow Founding Shareholder for, in each
case, such periods of time as the Board shall determine in accordance with Section 8.7(f) (<I>Board Action in General</I>). The Board
Secretary and the Assistant Board Secretary shall not be Managers. Each Shareholder shall cause the Managers appointed by it to vote
in favor of the appointment of such nominees to these positions in accordance with this Section 8.1(e).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Other than the initial Managers, who shall serve for a term of five (5) years, each Manager shall serve for a term of three (3)
years following his or her appointment to the Board, unless:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Manager resigns or is removed and a successor is appointed by the Shareholder that nominated
                                            such Manager in accordance with Section 8.1(g); or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Shareholder that nominated such Manager ceases to be a Shareholder.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">For
the avoidance of doubt, the Shareholders may reappoint individuals for successive terms as Managers.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Managers may be removed by the Shareholder that nominated them, at any time (with or without cause), upon Notice to each other
Shareholder and the Board Secretary. Additionally, any Manager may resign at any time upon Notice to the Shareholder represented by such
Manager and the Board Secretary. In either case, the Shareholder that nominated such Manager may nominate a replacement Manager to fulfill
the remaining term of the Manager who has been removed or has resigned and each Shareholder shall vote in favor of the appointment of
such replacement, <I>provided</I> that such individual satisfies the Manager Eligibility Criteria.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Managers shall have equal voting rights, with each Manager having one (1) vote.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Shareholder shall cause the Managers it has nominated to discharge their duties in compliance with Applicable Law and the
Constitutive Documents.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">8.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Meetings;
                                            Notice; Proxy</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board shall meet at least four (4) times in each Fiscal Year (but if the first Fiscal Year is nine (9) months or less, the
number of Board meetings shall equal at least the number of full calendar quarters in such Fiscal Year plus one (1)) and a majority of
meetings shall be held in The Kingdom, unless otherwise agreed by a resolution of the Board. Any two (2) Managers may convene additional
Board meetings by delivering a Notice to the Board Chairman or the Board Secretary, for good cause or a substantial reason related to
the Project or the Company, the resolution of which cannot be reasonably deferred to a scheduled meeting of the Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board Secretary (or, in the Board Secretary&rsquo;s absence, the Assistant Board Secretary) shall convene any meeting of the
Board by delivering to each Manager a Notice at least twenty-one (21) days prior to the proposed date therefor and shall deliver to each
Manager relevant information on the matters to be considered at the relevant Board meeting and the business to be put to the vote of
the Managers for the relevant Board meeting (including the agenda for such meeting) at least fourteen (14) days prior to the proposed
date therefor, except, in each case, to the extent a majority of Managers, including one appointed by each Founding Shareholder, agrees
in writing to a shorter notice period or to waive the notice period. The agenda of each meeting shall include any matter submitted to
the Board Secretary by any two (2) Managers at least two (2) days prior to the delivery of the Notice for such meeting, or such shorter
period as agreed by the majority of Managers who agreed to a shorter notice period or to waive the notice period for the relevant Board
meeting in accordance with this Section 8.2(b). A written retrospective waiver of notice, signed by a Manager, shall be deemed equivalent
to proper delivery of a Notice to that Manager. A Manager&rsquo;s attendance at a Board meeting shall constitute a waiver of notice (with
respect to that Manager) of that meeting, unless such attendance was solely for the purpose of protesting the inadequacy of the Notice.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Manager may be represented at any Board meeting by any other Manager, <I>provided</I> that the latter has been duly appointed
as a proxy (&ldquo;<B>Proxy</B>&rdquo;) by the former in writing and Notice of such appointment is delivered to the Board Secretary prior
to such Board meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Minutes of Board meetings shall be taken by the Board Secretary or, in the Board Secretary&rsquo;s absence, the Assistant Board
Secretary, recorded in the English language, circulated to the Managers, and, if agreed, signed by the Board Chairman and Deputy Board
Chairman. The documents evidencing the adoption of resolutions shall be filed by the Board Secretary or, in the Board Secretary&rsquo;s
absence, the Assistant Board Secretary, in the minute book of the Company to be kept at the Head Office.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Manager may abstain from a vote on any matter, <I>provided</I> that if any Manager so abstains, then, notwithstanding anything
to the contrary in this Shareholders&rsquo; Agreement, the relevant voting threshold set out in Section 8.7 (<I>Board Action in General</I>)
shall remain unchanged.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">8.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Meetings
                                            at the Request of an MC Shareholder Representative or the MC Chairman</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of any matter referred to the Board by an MC Shareholder Representative, or the MC Chairman, pursuant to paragraph
3(b) of Annex F (<I>The Marketing Council</I>), at the request of an MC Shareholder Representative, or the MC Chairman, the Board Chairman
shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 106.35pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt; letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; letter-spacing: normal">promptly
                                            give notice to the Managers to call a meeting of the Board, which shall be held not less
                                            than the later of: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 141.8pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt; letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; letter-spacing: normal">seven
                                            (7) days after the date of such notice; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 141.8pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt; letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; letter-spacing: normal">three
                                            (3) days after the date of circulation of an agenda under Section 8.3(a)(iii), </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 9pt 1.5in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">unless
the Managers unanimously agree a shorter period;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 106.35pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt; letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; letter-spacing: normal">invite
                                            each MC Shareholder Representative and the MC Chairman to attend the meeting to present such
                                            matter to the Board; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 106.35pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 12pt; letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; letter-spacing: normal">circulate
                                            an agenda to the Managers and each MC Shareholder Representative and the MC Chairman at the
                                            time the Board Chairman calls the meeting or as soon as possible thereafter.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Such meeting shall be subject to the Protocols.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All other rules and requirements of this Section 8 shall apply with respect to such meeting.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">8.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Quorum,
                                            Telephonic Meetings</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 8.8(b) (<I>Voting With Respect to Related Entity Transactions</I>):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            quorum for any duly convened Board meeting shall be six (6) Managers attending in person
                                            or by Proxy; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">no
                                            meeting of the Board shall be valid and properly convened (and no business conducted at a
                                            meeting of the Board shall be valid) unless at least six (6) Managers attend such meeting
                                            in person or by Proxy.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Manager may participate in any scheduled Board meeting by telephone, by video conference, or by any other similar electronic
means through which all Managers may communicate simultaneously. Such participation shall constitute presence at such Board meeting.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">8.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Written
                                            Consent</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: -0.15pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Any
resolution of the Board may be taken without a meeting of the Board if such resolution is sent to each of the Managers in the manner
specified in Section 26.3 (<I>Notices</I>) and the requisite number of Managers, as set out in Section 8.7 (<I>Board Action in General</I>),
sign such resolution or counterparts thereof to indicate their approval. The written consents of the Managers to such resolutions shall
be forwarded to the Board Secretary for inclusion in the minute book of the Company.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">8.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Remuneration
                                            of Managers</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: -0.15pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Company shall be responsible for the payment of remuneration (if any) of Managers and the reimbursement of out-of-pocket and travel-related
expenses payable to any Managers and their Proxies in accordance with the policies of the Company approved by the General Assembly pursuant
to Sections 9.3(a)(i) and 9.3(a)(ii) (<I>Powers of the General Assembly</I>), respectively.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">8.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Board
                                            Action in General</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: -0.15pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Except
as otherwise expressly provided in this Shareholders&rsquo; Agreement, no decision of the Board shall be valid unless adopted by written
resolution with the affirmative vote of at least [***] Managers. Without limiting the authority of the Board granted by Section 8.1(a)
(<I>The Board of Managers</I>), the following matters shall be determined by the Board and may not be delegated by the Board for determination
by a Board Committee or the Management Team:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">approval
                                            of and modification to the guidelines and instructions to be given by the CEO to the Management
                                            Team in respect of the preparation of the Proposed Operating Plan, the Proposed Strategic
                                            Business Plan and the annual enterprise risk management report pursuant to Section 13.1(a)
                                            (<I>Operating Plan and Strategic Business Plan</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">approving
                                            the Proposed Strategic Business Plan and any subsequent modifications to the Approved Strategic
                                            Business Plan;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">approving
                                            the Proposed Operating Plan and any subsequent modifications to the Approved Operating Plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">subject
                                            to Section 8.8 (<I>Voting With Respect to Related Entity Transactions</I>), resolving any
                                            matter referred to the Board by an MC Shareholder Representative or the MC Chairman in accordance
                                            with Section 8.3 (<I>Meetings at the Request of an MC Shareholder Representative or the MC
                                            Chairman</I>) and paragraph 3(b) of Annex F (<I>The Marketing Council</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">subject
                                            to the requirements of Section 15 (<I>Policies of the Company</I>), adopting, amending, altering,
                                            or adding to the Project Standards, and defining the responsibilities of and delegating powers
                                            and authority to the Management Team;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">subject
                                            to the requirements of Section 8.1(e) (<I>The Board of Managers</I>), determining the time
                                            periods of appointment of the Board Chairman, the Deputy Board Chairman, the Board Secretary,
                                            and the Assistant Board Secretary;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">subject
                                            to the requirements of this Section 8.7 and Section 11 (<I>Board Committees</I>), creating
                                            or dissolving Board Committees and / or approving the delegation of authority or responsibility
                                            to such Board Committees, and any amendments thereto;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">adopting
                                            resolutions in respect of recommendations to the General Assembly for approval pursuant to
                                            Section 9.3 (<I>Powers of the General Assembly</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">approving
                                            the agenda of the General Assembly;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">creating,
                                            designating, changing, or eliminating the positions of Senior Officers and / or the organizational
                                            structure of the Company, amending the term of office of Senior Officers and / or appointing
                                            or removing and determining the compensation and terms and conditions of employment of any
                                            of the Senior Officers and the General Auditor;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">approving
                                            the insurance strategy to be implemented and the principal policies to be arranged by the
                                            Company in accordance with Section 23 (<I>Insurance</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">initiation
                                            or settlement, waiver, or other disposition of any claims, lawsuits, or other proceedings
                                            involving the Company where the amount in dispute is in excess of the equivalent of [***];</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">approval
                                            of the execution of the Project Agreements by the Company and any material amendments, variations
                                            or waivers thereto;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">approval
                                            of the execution of the Project Financing Agreements by the Company and any material amendments,
                                            variations, or waivers in relation thereto;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">except
                                            as otherwise specified in this Shareholders&rsquo; Agreement, approving the financing plan
                                            of the Company (including the Project Debt);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">[***];</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">incurring
                                            any indebtedness for borrowed funds (including issuing guarantees, sureties, or indemnities
                                            to third parties, finance leases, and other similar obligations) except:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Project Debt;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the ordinary course of business; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">as
                                            provided in the Approved Strategic Business Plan or the Approved Operating Plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(r)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">prior
                                            to the Project Completion Date, implementing modifications to the Project so long as the
                                            aggregate effect of such modifications, individually or when added to all previous modifications
                                            approved by the Board in accordance with this Section 8.7(r), would not:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">result
                                            in an increase of more than [***] in the total construction costs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">delay
                                            the Project Completion Date by more than [***]; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">materially
                                            change the targeted capacity of any plant that manufactures Products;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(s)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            creation or granting of any pledge, lien, charge, encumbrance, mortgage, sale, lease, transfer
                                            right, or other security interest whatsoever upon any of the assets, business, undertakings,
                                            shares, or other ownership interests of the Company except:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">pursuant
                                            to the Project Financing Agreements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            arising under the retention of title clauses in the ordinary course of business; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">as
                                            provided in the Approved Strategic Business Plan or the Approved Operating Plan;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(t)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">incurring
                                            any proposed capital expenditure in excess of the equivalent of [***] except as may be provided
                                            in the Approved Operating Plan in connection with the construction, testing, and commissioning
                                            of any part of the Project;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(u)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">writing-off
                                            of any accounts receivable except in accordance with the Accounting Policy;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">establishing
                                            or closing deposit and other accounts of the Company in accordance with Section 15.12 (<I>Accounts</I>)
                                            and altering any mandate for the operation of those accounts (other than the substitution
                                            of any Person nominated as a signatory by the Person entitled to make such nomination);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(w)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">subject
                                            to Section 8.8 (<I>Voting With Respect to Related Entity Transactions</I>), executing, modifying
                                            or amending any Related Entity Transaction;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">recommending
                                            to the General Assembly a change in the jurisdiction of organization or tax residence of
                                            the Company; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(y)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">subject
                                            to [***], approval of the execution by the Company of any:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: normal">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Hydrocarbon
                                            Terms and Conditions; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: normal">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">amendment
                                            to any Hydrocarbon Terms and Conditions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">8.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Voting
                                            With Respect to Related Entity Transactions</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary in this Shareholders&rsquo; Agreement, no action shall be taken by the Company with respect
to the Company&rsquo;s entry into, termination, exercise, amendment, consent to a transfer (including assignment or novation), modification,
variation, waiver, compromise, assertion, or enforcement of any material claim, right, term, or obligation under, or with respect to
any Related Entity Transaction, other than:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            connection with the undertakings set out in Section 7(e)(ii) (<I>Material Expansions of the
                                            Project</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            connection with any claim or potential claim concerning a matter which is the subject of
                                            the releases and indemnities in Section 22.3(c) (<I>Limitations on Liability</I>); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            respect of a Related Entity Transaction for which both Founding Shareholders are Related
                                            Shareholders,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">without
the approval of the Board in accordance with this Section 8.8 (a &ldquo;<B>Related Entity Resolution</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="letter-spacing: normal">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>THE GENERAL ASSEMBLY OF THE COMPANY</U></FONT></P>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">9.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            General Assembly</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Meetings of the Shareholders (the &ldquo;<B>General Assembly</B>&rdquo;) shall be held annually or upon the written request of
any Founding Shareholder, Shareholders whose cumulative Ownership Interests equal or exceed fifty percent (50%) of the Ownership Interests
of all Shareholders, the Board, or the Independent Auditor. The General Assembly shall convene at least once annually during the first
four (4) months following the end of a Fiscal Year. Meetings of the General Assembly shall be chaired by the Board Chairman, who shall
be assisted by the Deputy Board Chairman. The Board Secretary shall be in charge of delivering Notice of meetings, recording all minutes,
deliberations, and resolutions and distributing copies of the same to all Shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Shareholder shall have voting rights equal to its Ownership Interest as a proportion of the Ownership Interests of all Shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All meetings of the General Assembly shall be held in The Kingdom or such other place as shall be agreed by the Shareholders in
accordance with Section 9.3(a) (<I>Powers of the General Assembly</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The quorum for any meeting of the General Assembly shall consist of representatives of Shareholders whose cumulative Ownership
Interest equals or exceeds sixty-seven percent (67%) of the Ownership Interests of all Shareholders. No meeting of the General Assembly
shall be valid and properly convened (and no business conducted at a meeting of the General Assembly shall be valid) unless representatives
of Shareholders whose cumulative Ownership Interest equals or exceeds sixty-seven percent (67%) of the Ownership Interests of all Shareholders
attend such meeting in person. Each Shareholder agrees to ensure that at least one of its representatives attends each meeting of the
General Assembly.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise specifically provided in this Section 9, all conditions and procedures for voting by written consent and telephonic,
video, or electronic meetings of the Board shall apply, <I>mutatis mutandis</I>, to the General Assembly. It is expressly agreed that
a representative of a Shareholder may be a Manager.</FONT></P>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">9.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Notice;
                                            Conduct of Meetings</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of:</FONT></P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">an
                                            annual meeting of the General Assembly, Notice thereof must be delivered to all Shareholders
                                            at least thirty (30) days prior to such annual meeting; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            other meeting of the General Assembly, Notice thereof must be delivered to all Shareholders
                                            at least ten (10) days prior to the date of such meeting.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="letter-spacing: normal">A
Notice required under this Section 9.2(a) shall contain a reasonably detailed agenda setting forth, among other things, those subjects
that any of the Shareholders, the Board, or the Independent Auditor may have proposed for discussion or to be voted on at such meeting.
Matters not included on the agenda for a General Assembly meeting may only be discussed at the meeting if the Shareholders&rsquo; representatives
at the meeting unanimously agree to do so.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A written retrospective waiver of notice, signed by a Shareholder, shall be deemed equivalent to proper delivery of a Notice required
under Section 9.2(a) to that Shareholder. A Shareholder&rsquo;s representative&rsquo;s attendance at a General Assembly meeting shall
constitute a waiver of the Notice required under Section 9.2(a) to that Shareholder of that meeting, unless such attendance was solely
for the purposes of protesting the inadequacy of such Notice.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Minutes of meetings of the General Assembly shall be taken by the Board Secretary or, in his or her absence, the Assistant Board
Secretary, recorded in the English language, circulated to the Shareholders, and, if agreed, signed by each attending Shareholder. The
agreed record of meetings, including any documents evidencing the adoption of resolutions, shall be filed by the Board Secretary in the
minute book of the Company kept at the Head Office.</FONT></P>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">9.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Powers
                                            of the General Assembly</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as provided in Section 9.3(b) or 9.3(c), no decision of the General Assembly shall be valid unless adopted at a duly constituted
meeting of the General Assembly by written resolution with the affirmative vote of the Shareholders whose aggregate Ownership Interest
equals or exceeds sixty-seven percent (67%) of the Ownership Interests of all Shareholders, <I>provided</I> that no such decision shall
be valid unless adopted by written resolution with the affirmative vote of representatives of the Founding Shareholders, including:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            approval of the remuneration (including pension and other benefits), if any, of Managers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            approval of policies relating to the reimbursement of out-of-pocket and travel-related expenses,
                                            if any, payable to Managers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            approval of the Financial Statements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            appointment or removal of the Independent Auditor, the terms of its engagement, and the making
                                            of any material amendment thereto;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            modification of the Accounting Policy or Fiscal Year of the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            approval of any Subordinated Shareholder Loans;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Company granting any loan or advance or giving any credit other than in the ordinary course
                                            of business;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            approval of dividend distributions or payment of interest on, or repayment of, principal
                                            on Subordinated Shareholder Loans, in each case, recommended by the Board and consistent
                                            with the Dividend Policy;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">establishing
                                            or closing branches, offices, and agencies of the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            entry into or termination by the Company of any partnership or joint venture;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(xi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">prior
                                            to the Project Completion Date, implementing any modification to the Project that, individually
                                            or when aggregated with all modifications previously approved in accordance with Section
                                            8.7(r) (<I>Board Action in General</I>) or this Section 9.3(a)(xi), would:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">result
                                            in an increase of more than [***]in the total construction costs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">delay
                                            the Project Completion Date by more than [***]; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(C)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">materially
                                            change the targeted capacity of any plant that manufactures Products;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(xii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">subject
                                            to Section 7 (<I>Material Expansions of the Project</I>), the implementation of any material
                                            expansion of the Project by the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(xiii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            acquisition, or disposition, other than in the ordinary course of business, of all or any
                                            significant portion of the undertakings, assets, or properties of the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(xiv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            formation, acquisition, dissolution, winding up, or disposal of any subsidiary of the Company
                                            or the acquisition or disposal of any equity or other ownership interests in any subsidiary
                                            of the Company; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(xv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            purchase, sale, or redemption of any notes, shares of stock, bonds, debentures, partnership
                                            interests, limited liability company interests, or any other instruments that evidence indebtedness
                                            or an equity interest of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No decision of the General Assembly in relation to the following matters shall be valid unless adopted at a duly constituted meeting
of the General Assembly by written resolution with the affirmative vote of the representatives of the Shareholders whose aggregate Ownership
Interests equals or exceeds seventy-five percent (75%) of the Ownership Interests of all Shareholders, <I>provided</I> that no such decision
shall be valid unless adopted by written resolution with the affirmative vote of the Founding Shareholders:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            amendment to the Articles of Association, the Foreign Investment License, or the Certificate
                                            of Commercial Registration;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">increases
                                            or reductions of the Authorized Capital;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">entering
                                            into or conducting a line of business significantly different from the Business or ceasing
                                            the Business; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            withdrawal of the Company from the implementation of the Project at any time.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No decision of the General Assembly in relation to the following matters shall be valid unless adopted at a duly constituted meeting
of the General Assembly by written resolution with the affirmative vote of the representatives of all Shareholders:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            merger, consolidation, or amalgamation, other than in the ordinary course of business, of
                                            all or any significant portion of the undertakings, assets, or properties of the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">changing
                                            the jurisdiction of formation of the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">increasing
                                            the financial liability of the Shareholders; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            act or thing done to wind-up, dissolve, or liquidate the Company on a voluntary basis.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="letter-spacing: normal">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>DEADLOCK</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">10.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Deadlock</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">If:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>either the Board or the General Assembly is unable or fails to convene or to reach an agreement on any matter (other than any
resolution in respect of a Related Entity Transaction for which the provisions of Section 8.8 (<I>Voting With Respect to Related Entity
Transactions</I>) shall apply);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such inability or failure persists for a period of at least thirty (30) days; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Shareholder reasonably and in good faith believes that such inability or failure to convene or to reach an agreement on such
matter has caused or will cause a Substantial Project Impairment,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">then
the Shareholders shall enter into good faith negotiations to resolve such matter. If, after thirty (30) days, the Shareholders have been
unable to reach an agreement on such matter, then a Shareholder may submit such matter to the chief executive officers of each Parent
Company, or their respective designees, for resolution. Such request shall be in writing and shall be accompanied by the requesting Shareholder&rsquo;s
statement of the matter and its position with respect thereto, including the reason for its belief that the inability to convene or failure
to make a determination on the matter has caused or will cause a Substantial Project Impairment. Each other Shareholder shall have the
right to submit to the chief executive officers of each Parent Company, or their respective designees, its own written statement of the
matter and its position with respect thereto and shall do the same within fifteen (15) days of the date of such request.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">10.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Effect
                                            of Deadlock</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, thirty (30) days after the receipt of all submissions made in accordance with Section 10.1 (<I>Deadlock</I>), the chief executive
officers of each Parent Company, or their respective designees, are unable to reach an agreement on the matters which are the subject
of the submissions, then a Founding Shareholder shall have the right to submit the unresolved matters to a committee designated for the
purpose of considering, advising upon, and making recommendations in relation to the unresolved matters (the &ldquo;<B>Deadlock Committee</B>&rdquo;).
The Deadlock Committee shall consist of three (3) members: one (1) designated representative appointed by each Founding Shareholder and
an Expert appointed in accordance with the Dispute Resolution Procedures.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Expert shall have direct and extensive experience in the chemical and petrochemical production and product marketing business,
including, as appropriate:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            design, construction, commissioning, and testing of a world-scale integrated chemicals complex;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            operation and maintenance of a world-scale integrated chemicals complex; and / or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            marketing of chemical and petrochemical products having similar volumes, characteristics,
                                            and destinations as the Products.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each representative of the Founding Shareholders on the Deadlock Committee shall submit to the Expert and exchange with the representative
of the other Founding Shareholder, in accordance with a procedure to be established by the Expert, its position as to the course of action
that should be followed by the Company to resolve the matters referred to the Expert. The Expert shall assess the submitted positions
and make a recommendation to the representatives of each Founding Shareholder for further discussion within the Deadlock Committee, with
a view toward the Deadlock Committee recommending a course of action to the Shareholders. The Expert&rsquo;s recommendations to the Founding
Shareholders&rsquo; representatives and the Deadlock Committee&rsquo;s recommendations, if any, to the Shareholders, shall be purely
advisory in nature and shall not be binding on the Company or any Shareholder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Pending resolution of any unresolved matter referred to in Section 10.1 (<I>Deadlock</I>), no action shall be taken by the Company
with respect to such matter and, subject to Section 13.3 (<I>Default Plans</I>), the <I>status quo</I> shall be maintained in respect
of all aspects of the Company and the Project affected thereby.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="letter-spacing: normal">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>BOARD COMMITTEES</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">11.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Creation
                                            of Board Committees</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board may, pursuant to Section 8.7(g) (<I>Board Action in General</I>), create one or more Board Committees to consider any
matters that the Board shall, from time to time, assign to each such Board Committee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">Unless
expressly provided otherwise, the Board may appoint individuals who are not Managers to serve on a Board Committee. The chairperson of
each Board Committee shall be appointed by the Founding Shareholder which did not nominate the Senior Officer to whose role and functions
such Board Committee most closely relates. The individuals appointed to each Board Committee shall serve at the direction of the Board
and perform only such tasks and duties as the Board shall delegate to such Board Committee from time to time. Each Board Committee shall
make recommendations to the Board on any matter delegated to such Board Committee pursuant to an affirmative vote of the majority of
the members of such Board Committee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders acknowledge that the Board has established and created the Audit, Ethics and Compliance Committee, the Finance
Committee, the Compensation Committee, and the Health, Safety, Environmental, and Security Committee.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">11.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            Audit, Ethics and Compliance Committee</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board has established, and the Shareholders shall cause the Board to maintain, an audit, ethics and compliance committee (the
&ldquo;<B>Audit, Ethics and Compliance Committee</B>&rdquo;) to perform such duties and have such responsibilities as are delegated to
it from time to time by the Board, including reviewing and ensuring the adequacy and effectiveness of the Accounting Policy and system
of internal controls, approving and directing internal audit plans, supervising the preparation of the Financial Statements, recommending
external auditors for appointment as the Independent Auditor, and ensuring that the required access to the Company&rsquo;s books, records,
and personnel is provided to the Independent Auditor as well as any auditors appointed by individual Shareholders, whether jointly or
separately, to conduct audits on their behalf.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to the admission of the PublicCo Shareholder as a Shareholder, the Audit, Ethics and Compliance Committee shall consist
of four (4) Managers, with each Founding Shareholder having the right to appoint two (2) of its nominated Managers as members of the
Audit, Ethics and Compliance Committee. Following the admission of the PublicCo Shareholder as a Shareholder, the Audit, Ethics and Compliance
Committee shall consist of three (3) Managers, with each Founding Shareholder and the PublicCo Shareholder having the right to appoint
one (1) of its nominated Managers as a member of the Audit, Ethics and Compliance Committee. No appointees to the Audit, Ethics and Compliance
Committee may be members of the Management Team.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">11.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            Finance Committee</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board has established, and the Shareholders shall cause the Board to maintain, a finance committee (the &ldquo;<B>Finance
Committee</B>&rdquo;) to perform such duties and have such responsibilities as are delegated to it from time to time by the Board, including
coordinating all elements of the Project Debt and proposing the timing and size of all dividend distributions in accordance with the
Dividend Policy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Finance Committee shall consist of four (4) members, with each Founding Shareholder having the right to appoint two (2) of
its nominated Managers as members of the Finance Committee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">11.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            Compensation Committee</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board has established, and the Shareholders shall cause the Board to maintain, a compensation committee (the &ldquo;<B>Compensation
Committee</B>&rdquo;) to perform such duties and have such responsibilities as are delegated to it from time to time by the Board, including
developing the general employment, compensation, and benefit policies applicable to the employees of the Company. The employment and
compensation policy for the Company shall be fully developed and applied in a manner that aims to be consistent with Applicable Law and
shall be independent from, and without reference to, those of the Founding Shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Compensation Committee shall consist of four (4) Managers, with each Founding Shareholder having the right to appoint two
(2) of its nominated Managers as members of the Compensation Committee.</FONT></P>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">11.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            Health, Safety, Environmental, and Security Committee</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board has established, and the Shareholders shall cause the Board to maintain, a health, safety, environmental, and security
committee (the &ldquo;<B>Health, Safety, Environmental, and Security Committee</B>&rdquo;) to monitor compliance with the HSES Policies
and otherwise to perform such duties and have such responsibilities as are delegated to it from time to time by the Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Health, Safety, Environmental, and Security Committee shall consist of four (4) Managers, with each Founding Shareholder having
the right to appoint two (2) of its nominated Managers as members of the Health, Safety, Environmental, and Security Committee.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">11.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Meetings
                                            of Board Committees</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A member of a Board Committee may be represented at any meeting of such Board Committee by any other individual (except in the
case of a member of a Board Committee serving in such member&rsquo;s capacity as a Manager, in which case, such Manager may only be represented
by another Manager).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The quorum for any meeting of a Board Committee shall be met when at least one (1) individual designated by each of the Founding
Shareholders is present in person or by proxy appointed and notified in accordance with paragraph (a).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No meeting of a Board Committee shall be valid and properly convened (and no business conducted at a meeting of a Board Committee
shall be valid) unless at least one (1) individual designated by each Founding Shareholder is present in person or by proxy appointed
and notified in accordance with paragraph (a).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Board Committee shall meet as regularly as it shall determine, but not less than once in each Fiscal Year and whenever so
requested by Notice from any of its members not less than fourteen (14) days in advance of the meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Meetings of Board Committees may be conducted by telephone or video conference, if so agreed among the members thereof, <I>provided
</I>that the members of each Board Committee shall meet in person at least once in each Fiscal Year. The members of each such Board Committee
may record the proceedings of meetings of such Board Committee in such manner as they deem appropriate.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="letter-spacing: normal">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>MANAGEMENT, EMPLOYEES, <FONT STYLE="text-transform: uppercase">Marketing Council, AND ES&amp;OP</FONT></U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">12.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            Management Team and Senior Officers</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The chief executive officer of the Company (the &ldquo;<B>CEO</B>&rdquo;) and the senior officers who functionally report directly
to the CEO (each and the CEO, a &ldquo;<B>Senior Officer</B>&rdquo; and together, the &ldquo;<B>Management Team</B>&rdquo;) shall conduct
the Business and operations of the Company in accordance with the Approved Operating Plan and the Approved Strategic Business Plan. The
initial Management Team shall be comprised of the following: the CEO, a chief financial officer who is vice president of finance (the
&ldquo;<B>CFO</B>&rdquo;), a vice president of manufacturing and engineering (the &ldquo;<B>VP &ndash; Manufacturing and Engineering</B>&rdquo;),
a vice president of business and services (the &ldquo;<B>VP &ndash; Business and Services</B>&rdquo;), a vice president of industrial
relations (the &ldquo;<B>VP &ndash; Industrial Relations</B>&rdquo;), a general counsel (the &ldquo;<B>General Counsel</B>&rdquo;), and
such other Senior Officers as the Board may determine. The term of office for each individual appointed to be a Senior Officer shall
be five (5) years unless:</FONT></P>

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<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">otherwise
                                            decided by the Board in accordance with Section 8.7 (<I>Board Action in General</I>), including
                                            the removal of a Senior Officer pursuant to a Board resolution in accordance therewith; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">such
                                            individual resigns from such office.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">In
the case of the resignation or removal of an individual appointed to be a Senior Officer, the individual appointed in replacement thereof
(in accordance with Sections 12.1(b)-(h) below) shall fulfill the remaining term of the individual who has resigned or has been removed.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless a suitably qualified employee directly hired by the Company can be appointed by the Board, the positions of CEO, CFO, VP
&ndash; Manufacturing and Engineering, VP &ndash; Business and Services, VP &ndash; Industrial Relations, and General Counsel, along
with any other Senior Officer positions, shall be filled by nominees of the Founding Shareholders as provided below. All appointments
of Senior Officers shall be made on the basis of merit and performance and shall be subject to the approval of each Founding Shareholder
(acting reasonably).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Saudi Aramco Founding Shareholder shall have the right to nominate, and the Dow Founding Shareholder shall (subject to Section
12.1(b)) cause the Managers appointed by it to the Board to vote in favor of a resolution to appoint, the CEO during the five (5) year
period commencing on the Formation Date (the first such five (5) year period and each subsequent five (5) year period a &ldquo;<B>Nomination
Period</B>&rdquo;). The CEO shall be the primary executive officer of the Company, shall represent the Company before governmental authorities,
judicial authorities, public bodies, and other Persons, and, subject to the terms and conditions hereof, shall be responsible for the
general and executive management and daily administration of the Business and operations of the Company. The duties and powers of the
CEO shall be determined, and may be amended from time to time, by the Board. The CEO shall also implement decisions of the Board and
shall report directly to the Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Dow Founding Shareholder shall have the right to nominate, and the Saudi Aramco Founding Shareholder shall (subject to Section
12.1(b)) cause the Managers appointed by it to the Board to vote in favor of a resolution to appoint, the CFO during the first Nomination
Period. Once appointed and subject to the terms and conditions hereof, the CFO shall oversee and be responsible for financial matters
pertaining to the Company. The CFO shall oversee the preparation of the Financial Statements and the Company&rsquo;s related obligations
to the Shareholders and discharge such other duties as shall be determined by the Board and as may from time to time be delegated to
him by the CEO (subject to Section 8.6 (<I>Board Action in General</I>)). The CFO shall present reports on the financial condition of
the Company from time to time to the CEO and, upon request of any Manager, at a meeting of the Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Dow Founding Shareholder shall have the right to nominate, and the Saudi Aramco Founding Shareholder shall (subject to Section
12.1(b)) cause the Managers appointed by it to the Board to vote in favor of a resolution to appoint, the VP &ndash; Manufacturing and
Engineering during the first Nomination Period. Once appointed and subject to the terms and conditions hereof, the VP &ndash; Manufacturing
and Engineering shall oversee and be responsible for operational matters of the Company. The VP &ndash; Manufacturing and Engineering
shall further discharge any other duties as shall be determined by the Board and as may from time to time be delegated to him by the
CEO (subject to Section 8.7 (<I>Board Action in General</I>)). The VP &ndash; Manufacturing and Engineering shall present reports on
the conduct of the Company&rsquo;s operations from time to time to the CEO and, upon request of any Manager, at a meeting of the Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Saudi Aramco Founding Shareholder shall have the right to nominate, and the Dow Founding Shareholder shall (subject to Section
12.1(b)) cause the Managers appointed by it to the Board to vote in favor of a resolution to appoint, the VP &ndash; Business and Services
during the first Nomination Period. Once appointed and subject to the terms and conditions hereof, the VP &ndash; Business and Services
shall oversee and be responsible for marketing, sales, and supply chain matters of the Company. The VP &ndash; Business and Services
shall further discharge any other duties as shall be determined by the Board and as may from time to time be delegated to him by the
CEO (subject to Section 8.7 (<I>Board Action in General</I>)). The VP &ndash; Business and Services shall present reports on the conduct
of the Company&rsquo;s operations from time to time to the CEO and, upon request of any Manager, at a meeting of the Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Saudi Aramco Founding Shareholder shall have the right to nominate, and the Dow Founding Shareholder shall (subject to Section
12.1(b)) cause the Managers appointed by it to the Board to vote in favor of a resolution to appoint, the VP &ndash; Industrial Relations
during the first Nomination Period. Once appointed and subject to the terms and conditions hereof, the VP &ndash; Industrial Relations
shall oversee and be responsible for all employment, recruiting, compensation, and human resources matters pertaining to the Company.
The VP &ndash; Industrial Relations shall further discharge any other duties as shall be determined by the Board and as may from time
to time be delegated to him by the CEO and the Compensation Committee (in each case subject to Section 8.7 (<I>Board Action in General</I>)).
The VP &ndash; Industrial Relations shall present reports on the conduct of the Company&rsquo;s human resources-related operations from
time to time to the CEO and, upon request of any Manager, at a meeting of the Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Following the expiration of each Nomination Period, unless a suitably qualified employee directly hired by the Company can be
appointed by the Board, the right to nominate the Senior Officers described in Sections 12.1(c)-12.1(g) for the subsequent Nomination
Period shall belong to the Founding Shareholder that did not have the right to nominate such Senior Officers during the then expiring
Nomination Period. Pursuant to the foregoing, the Founding Shareholder not appointing a Senior Officer shall (subject to Section 12.1(b))
cause the Managers appointed by it to the Board to vote in favor of a resolution to appoint any Senior Officer nominated by the other
Founding Shareholder during the relevant Nomination Period.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders shall cause the Board to appoint a general auditor of the Company (the &ldquo;<B>General Auditor</B>&rdquo;)
and the General Counsel. Following the expiration of the initial term of office of the General Auditor or the General Counsel, the Board
may renew the term of such officer or appoint a new officer in accordance with Section 8.7(j) (<I>Board Action in General</I>). Once
appointed and subject to the terms and conditions hereof:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            General Auditor shall oversee and be responsible for the coordination of the external audit,
                                            all matters relating to the internal audit, and compliance with the internal policies and
                                            procedures of the Company. The General Auditor shall further discharge any other duties as
                                            shall be determined by the Board or as may from time to time be delegated to him by the CEO
                                            (subject to Section 8.7 (<I>Board Action in General</I>)). The General Auditor shall functionally
                                            report directly to the Audit, Ethics and Compliance Committee and administratively report
                                            directly to the CEO. The General Auditor shall present reports on the conduct of the Company&rsquo;s
                                            accounting and policy compliance-related operations from time to time to the CEO and, upon
                                            request of any Manager, at a meeting of the Board; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            General Counsel shall oversee and be responsible for legal matters of the Company. The General
                                            Counsel shall further discharge any other duties as shall be determined by the Board or as
                                            may from time to time be delegated to him by the CEO (subject to Section 8.7 (<I>Board Action
                                            in General</I>)). The General Counsel shall present reports on all legal matters affecting
                                            the Company from time to time to the CEO and, upon request of any Manager, at a meeting of
                                            the Board.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Management Team shall implement management policies and programs established and authorized by the Board including those policies
of the Company as set forth in Section 15 (<I>Policies of the Company</I>). The Shareholders agree that the Board shall cause the Management
Team to be committed to the goals, objectives, and interests of the Company and to actively support the policies and interests of the
Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">12.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Employees
                                            of and Secondees to the Company</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders shall cause the Company to employ such employees as are required for the conduct of the Company&rsquo;s activities,
as determined by the Management Team (subject to Section 8.7 (<I>Board Action in General</I>)), and in conformance with this Shareholders&rsquo;
Agreement, Applicable Law, and any manpower plans set forth in the Approved Operating Plan and the Approved Strategic Business Plan.
The terms (including compensation and benefits to be paid by the Company) and conditions of employment shall be developed by the VP &ndash;
Industrial Relations in accordance with the general policies established by the Compensation Committee pursuant to Section 11.4 (<I>The
Compensation Committee</I>). The Founding Shareholders shall provide reasonable assistance in the recruitment and training of Company
personnel and the establishment by the Company of its own recruitment and training systems and programs. In implementing the immediately
preceding sentence, the Founding Shareholders acknowledge and agree that it is their intention to cause the Company to replicate the
experiences of Saudi Aramco with its high Saudization levels in the technical and management professions and, in this context, the Shareholders
agree to do everything that is reasonably within their power to ensure that the Company adheres to the Local Content Policy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In order to make available certain specific expertise that will provide a technological or commercial benefit to the Company as
it commences operations, the Founding Shareholders (or their Affiliates) may second employees (&ldquo;<B>Secondees</B>&rdquo;) to the
Company. The Shareholders agree that the Company shall only accept such Secondees if, in the opinion of the Management Team, they are
qualified and have adequate experience, training, and skills for the proposed positions and are needed by the Company. The Shareholders
agree that similarly qualified and experienced Secondees should receive the same remuneration from the Company pursuant to the terms
and conditions of any secondment arrangements as between the Founding Shareholders and the Company as set forth in the Secondment Agreement.
The Founding Shareholders shall ensure that, to the maximum extent possible following the Project Completion Date, the Company is not
reliant on Secondees to perform essential activities.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">12.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            Marketing Council</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="letter-spacing: normal">The
Company has formed the marketing council (the &ldquo;<B>Marketing Council</B>&rdquo;) to perform such functions and have such responsibilities,
and to do so in accordance with Annex F (<I>The Marketing Council</I>) and the guiding principles set out therein.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">12.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            ES&amp;OP</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="letter-spacing: normal">The
Company has formed the executive sales and operations planning committee (the &ldquo;<B>ES&amp;OP</B>&rdquo;) to perform such functions
and have such responsibilities, and to do so in accordance with Annex G (<I>The ES&amp;OP</I>) and the guiding principles set out therein.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="letter-spacing: normal">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ANNUAL PLANNING</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">13.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Operating
                                            Plan and Strategic Business Plan</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[***] prior to the beginning of each Fiscal Year, the Management Team, in accordance with guidelines and instructions issued from
time to time by the CEO shall submit:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">an
                                            annual operating plan for the Company with respect to its activities for the following Fiscal
                                            Year to the Board for approval, which shall include:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">an
                                            operating budget and a capital budget setting forth in detail the amounts required to fund
                                            the Company&rsquo;s operations and capital projects for the following Fiscal Year;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">forecasts
                                            of production, sales, income, operating expenses, capital expenditures, cash flows, EBITDA,
                                            headcount, and operational activities of the Company that will be necessary during such Fiscal
                                            Year to achieve operational targets and maintain the Company&rsquo;s assets in good order
                                            and enable the Company to realize the Approved Strategic Business Plan; and</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">(C)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a draft production plan detailing the quantities of Products to be manufactured during the following Fiscal Year, including the
quantities of each Product to be manufactured during each Contract Month during such Fiscal Year (the &ldquo;<B>Production Plan</B>&rdquo;),</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">(the
&ldquo;<B>Proposed Operating Plan</B>&rdquo;);</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">a
                                            strategic business plan for the Company with respect to its activities for the next five
                                            (5) Fiscal Years to the Board for approval, which shall include a preliminary forecast of
                                            production, sales, income, operating expenses, capital expenditures, sources of funding proposed
                                            to meet the Company&rsquo;s anticipated operational and capital requirements, cash flows,
                                            EBITDA, headcount, strategic objectives, market outlook, operational activities, a competitive
                                            assessment, and an assessment of the economic environment, opportunities for growth, retained
                                            earnings and dividend forecasts, and other value enhancing activities during such period
                                            (the &ldquo;<B>Proposed Strategic Business Plan</B>&rdquo;); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">an
                                            enterprise risk management report to the Board:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">identifying,
                                            analyzing, and assessing potential future opportunities for the Company and making recommendations
                                            to take advantage of such opportunities;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">identifying,
                                            analyzing, and assessing events and risks that may compromise the Proposed Strategic Business
                                            Plan; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(C)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">to
                                            the extent deemed necessary by the Management Team, making recommendations to the Board to
                                            manage any events and risks that may compromise the Proposed Strategic Business Plan in order
                                            to ensure that the Company remains within its own parameters and guidelines for risk tolerance
                                            and risk management.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board shall approve:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Proposed Operating Plan with any modifications thereto not less than fifty-five (55) days
                                            prior to the beginning of each Fiscal Year; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Proposed Strategic Business Plan with any modifications thereto not less than six (6) months
                                            prior to the beginning of each Fiscal Year.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon its approval by the Board, in accordance with Section 8.7 (<I>Board Action in General</I>):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Proposed Operating Plan (as modified by the Board) shall become the &ldquo;<B>Approved Operating
                                            Plan</B>&rdquo; of the Company for the next Fiscal Year; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Proposed Strategic Business Plan (as modified by the Board) shall become the &ldquo;<B>Approved
                                            Strategic Business Plan</B>&rdquo; of the Company for the next five (5) Fiscal Years.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">13.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Marketing
                                            Plans</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For the purposes of Section 8.8 (<I>Voting With Respect to Related Entity Transactions</I>) a Marketer&rsquo;s Draft Marketing
Plan and a Marketer&rsquo;s Marketing Plan shall be a Related Entity Transaction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Marketer&rsquo;s Marketing Plan shall at all times be consistent with the Approved Operating Plan.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">13.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Default
                                            Plans</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, as a result of any circumstance, the Board does not approve and adopt the Proposed Strategic Business Plan in full prior to
the start of the relevant Fiscal Year then, following the start of such Fiscal Year, the Shareholders agree that the Company shall:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">implement
                                            all aspects of the Proposed Strategic Business Plan that have been approved by the Board;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            respect of any aspects of the Proposed Strategic Business Plan that have not been approved
                                            by the Board, continue to operate on the basis of and implement the Approved Strategic Business
                                            Plan for the last quarter of the immediately preceding Fiscal Year (the &ldquo;<B>Default
                                            Strategic Business Plan</B>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, as a result of any circumstance, the Board does not approve and adopt the Proposed Operating Plan in full prior to the start
of the relevant Fiscal Year then, following the start of such Fiscal Year, the Shareholders agree that the Company shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">implement
                                            all aspects of the Proposed Operating Plan that have been approved by the Board; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            respect of any aspects of the Proposed Operating Plan that have not been approved by the
                                            Board, continue to operate on the basis of and implement the Approved Operating Plan for
                                            the last quarter of the immediately preceding Fiscal Year (the &ldquo;<B>Default Operating
                                            Plan</B>&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Once a Proposed Strategic Business Plan or Proposed Operating Plan is approved and adopted in full by the Board, the Default Strategic
Business Plan and / or the Default Operating Plan, as the case may be, shall cease to have any effect and shall no longer be implemented.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">13.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Implementation
                                            of Approved Plans</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Shareholders shall cause the Company to implement, and to conduct the Project in accordance with, the Approved Strategic Business Plan,
the Approved Operating Plan and each Marketer&rsquo;s Marketing Plan.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="letter-spacing: normal">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>FINANCIAL REPORTING AND TAXES</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">14.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Books
                                            and Records</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders shall cause the Company to prepare and maintain, or cause to be prepared and maintained, books and records in
accordance with Applicable Law at its Head Office and in any event, the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">books
                                            of account of the Company, which shall be prepared and maintained in accordance with IFRS,
                                            IFRS as endorsed by SOCPA and the Accounting Policy. The Company shall perform:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">a quarterly
                                            review of the books and accounts and the profit and loss accounts of the Company; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">an
                                            annual review of the books and accounts and the profit and loss accounts of the Company at
                                            the end of each Fiscal Year;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">two
                                            sets of un-audited Financial Statements, prepared:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the English language with figures expressed in United States Dollars in accordance with IFRS;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the English and Arabic languages with figures expressed in Saudi Riyals in accordance with
                                            IFRS as endorsed by SOCPA,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">in
each case, on a quarterly basis and in accordance with the Accounting Policy and, if a Founding Shareholder has given not less than ten
(10) days&rsquo; notice to the Company prior to the end of a quarter that it has adopted a different interpretation of IFRS or IFRS as
endorsed by SOCPA to the interpretation adopted by the Company, a statement reconciling any change necessary for the Financial Statements
to reflect the interpretation of IFRS or IFRS as endorsed by SOCPA adopted by such Founding Shareholder. The Shareholders shall cause
the Company to prepare and distribute such un-audited Financial Statements to each Shareholder and such reconciliation statement to the
relevant Founding Shareholder no later than thirty (30) days after the end of each quarter or earlier if required to meet the Saudi Aramco
Founding Shareholder&rsquo;s regulatory requirements;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">two
                                            sets of audited Financial Statements for each Fiscal Year, prepared:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the English language with figures expressed in United States Dollars in accordance with IFRS;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the English and Arabic languages with figures expressed in Saudi Riyals in accordance with
                                            IFRS as endorsed by SOCPA,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">in
each case, in accordance with the Accounting Policy and certified by the Independent Auditor and, if a Founding Shareholder has given
not less than ten (10) days&rsquo; notice to the Company prior to the end of a Fiscal Year that it has adopted a different interpretation
of IFRS or IFRS as endorsed by SOCPA to the interpretation adopted by the Company, a statement reconciling any change necessary for the
Financial Statements to reflect the interpretation of IFRS or IFRS as endorsed by SOCPA adopted by such Founding Shareholder. The Shareholders
shall cause the Company to prepare and distribute such audited Financial Statements to each Shareholder and such reconciliation statement
to the relevant Founding Shareholder no later than thirty (30) days after the end of each Fiscal Year or earlier if required to meet
the Saudi Aramco Founding Shareholder&rsquo;s regulatory requirements. Such Financial Statements shall be audited by the Independent
Auditor in accordance with the auditing standards of either:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            IAASB; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">at
                                            the request of the Dow Founding Shareholder or the Saudi Aramco Founding Shareholder, the
                                            PCAOB as well as the IAASB,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">and
shall comprise all statements, footnotes, disclosures, and reports prepared in accordance with the Accounting Policy;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">monthly,
                                            quarterly and annual Management Accounts within six (6) business days after the end of each
                                            month, quarter or Fiscal Year, as applicable, or such other period requested by the Saudi
                                            Aramco Founding Shareholder to enable it to meet its internal reporting and regulatory requirements
                                            and, for the purposes of this paragraph, &ldquo;business day&rdquo; shall mean any day (other
                                            than Friday and Saturday) on which banking institutions are generally open for business in
                                            Riyadh; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">a
                                            copy of this Shareholders&rsquo; Agreement, together with all other records necessary, convenient,
                                            or incidental to the Business of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders agree that the Company shall maintain books and records, to the extent required, to allow the Company to provide:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Dow Founding Shareholder and, if requested, the Saudi Aramco Founding Shareholder with the
                                            following:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">un-audited
                                            consolidated balance sheet and income statement, prepared in the English language, with figures
                                            expressed in United States Dollars in accordance with US GAAP within six (6) business days
                                            after the end of each quarter until such time as the Dow Founding Shareholder or the Saudi
                                            Aramco Founding Shareholder otherwise requests and, for the purposes of this paragraph, &ldquo;business
                                            day&rdquo; shall mean any day (other than Friday and Saturday) on which banking institutions
                                            are generally open for business in Riyadh;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">audited
                                            Financial Statements for each Fiscal Year end, prepared in the English language, with figures
                                            expressed in United States Dollars in accordance with US GAAP within thirty (30) days of
                                            the end of each Fiscal Year, or earlier if required to meet the Dow Founding Shareholder&rsquo;s
                                            or the Saudi Aramco Founding Shareholder&rsquo;s regulatory requirements, until such time
                                            as the Dow Founding Shareholder or the Saudi Aramco Founding Shareholder otherwise requests.
                                            Such Financial Statements shall be audited by an Independent Auditor in accordance with the
                                            auditing standards of the PCAOB;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">(C)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>quarterly (other than in respect of the final quarter of the Fiscal Year) attestations, not later than twenty-one (21) days after
the end of each quarter, completed and signed by each of the CEO and the CFO; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">(D)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Fiscal Year end attestations, not later than twenty-one (21) days after the end of each Fiscal Year, completed and signed by each
of the CEO and the CFO.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To facilitate the timely preparation of audited and unaudited Financial Statements, the Shareholders agree that all books of account
and records of the Company shall be closed as promptly as possible following the end of each Fiscal Year.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders agree to adopt the audited Financial Statements for each Fiscal Year as soon as practicable after their finalization.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders agree that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            Shareholder may by Notice in writing to the Company, require the Company, and the Company
                                            shall, prepare and deliver other audit or similar reports, tax statements, documents, or
                                            other information relating to the Business, affairs or the financial position of the Company,
                                            including that may be required to be delivered by any Shareholder or its Affiliates to any
                                            regulatory authority or stock exchange with respect to the Company or required to prepare
                                            the relevant Shareholder&rsquo;s or its Affiliates&rsquo; financial statements in accordance
                                            with any applicable law or applicable national or international accounting standards, <I>provided
                                            </I>that, in addition to providing such information, the Company shall, and shall cause the
                                            Independent Auditor to, provide all relevant audit, accounting and finance assistance and
                                            information to the relevant Shareholder requiring such assistance or information in order
                                            to prepare its or its Affiliates&rsquo; financial statements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Dow Founding Shareholder may, by delivery to the Company of a written request, require the
                                            Company, and the Company shall, prepare and deliver responses to written inquiries submitted
                                            by the Dow Founding Shareholder which are necessary for the Dow Founding Shareholder or its
                                            Affiliates to comply with any US GAAP reporting requirements; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Saudi Aramco Founding Shareholder may, by delivery to the Company of a written request, require
                                            the Company, and the Company shall, prepare and deliver response to written inquiries submitted
                                            by the Saudi Aramco Founding Shareholder which are necessary for the Saudi Aramco Founding
                                            Shareholder or its Affiliates to comply with any US GAAP, IFRS or IFRS as endorsed by SOCPA
                                            reporting requirements.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">The
Shareholder requiring information or materials pursuant to this Section 14.1(e) shall pay any external costs and expenses reasonably
incurred by the Company in association with their preparation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board shall select, and the Shareholders agree to do everything reasonably within its power to appoint, an independent external
auditor (the &ldquo;<B>Independent Auditor</B>&rdquo;) based on arm&rsquo;s-length, competitive, and commercial considerations pursuant
to Section 8.7(h) (<I>Board Action in General</I>) and Section 9.3(a)(iv) (<I>Powers of the General Assembly</I>). The Independent Auditor
shall perform such functions as the Board and (subject to Section 8.7 (<I>Board Action in General</I>)) the Audit, Ethics and Compliance
Committee shall direct. If the Founding Shareholders have the same external auditor at the time of such appointment, preference shall
be given to appointing that same external auditor as the Independent Auditor, subject to commercial terms to be agreed at the time, <I>provided
</I>that no actual or potential conflicts of interest exist at the time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Shareholder shall have the right, at all reasonable times during usual business hours, to audit, examine, and make copies
of, or extracts from, the books of account and other financial records of the Company at its Head Office and other Company locations.
Such right may be exercised through any employee of a Shareholder or its Affiliate designated by such Shareholder or by an independent
certified public accountant that is licensed in The Kingdom or other representative designated by such Shareholder. Each Shareholder
shall bear all expenses incurred in any examination made for such Shareholder&rsquo;s account and shall keep all information obtained
during such inspection confidential in accordance with the Omnibus Confidentiality Agreement. In the exercise of their rights under this
Section 14, the Shareholders agree that it shall not cause any unreasonable interference with or disruption of the Company&rsquo;s Business
or operations and that any such audit shall be commenced within ten (10) years of the end of the Fiscal Year to which such inspection
relates, <I>provided</I> that such time limit shall not prejudice the right of a Shareholder to conduct an audit after such ten (10)
year period if such audit is required to finally resolve a Dispute pursuant to the Dispute Resolution Procedures. To the extent permissible,
the Shareholders shall endeavor to coordinate among themselves and to conduct joint reviews and audits in order to avoid any unreasonable
interruption of the Company&rsquo;s Business and operations. The expenses of such joint audits shall be allocated among or between the
Shareholders equally according to their respective Ownership Interest.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders agree that the Company shall promptly rectify any errors or omissions in the Company&rsquo;s records that are
discovered by the Shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">14.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Reports;
                                            Tax Returns</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders shall cause the Company to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">prepare,
                                            or cause to be prepared, in accordance with Applicable Law (and, if required, under other
                                            relevant Law) and the Accounting Policy, all income, value-added tax, and other tax returns
                                            of the Company and file the same in a timely manner (including extensions);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">make
                                            such other tax filings as the Shareholders shall agree are required for the Company to be
                                            in compliance with Applicable Law (and, if required, under other relevant Law) in relation
                                            to tax and accounting matters;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">provide
                                            the Shareholders with copies of the draft annual tax returns with respect to the corporate
                                            income tax of The Kingdom (the &ldquo;<B>CIT</B>&rdquo;), translated into English, for review
                                            and comment at least thirty (30) days prior to the scheduled filing thereof;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">within
                                            thirty (30) days after the filing thereof, provide the Shareholders with a copy of all annual
                                            tax returns filed by the Company and, promptly after receipt thereof, the relevant tax receipts
                                            with respect to Taxes paid by the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">provide
                                            the Shareholders with prompt notification and any supporting information that the Shareholders
                                            may request with respect to any tax assessments received from any taxing authorities for
                                            the Shareholders&rsquo; review and comment prior to any settlement thereof; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">provide
                                            the Shareholders with an annual statement of withholding tax paid or payable by the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders shall cause the Company, at the Company&rsquo;s sole cost and expense, to furnish the Shareholders with monthly
reports concerning the Business and activities of the Company to the extent required to advise the Shareholders of the operational and
financial performance of the Company.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">14.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Taxes</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders shall ensure that all necessary steps shall be taken to cause the Company to be regarded as a tax resident only
in The Kingdom. This will include the location and exercise of central control or management of the Company from within The Kingdom.
Without limitation of any of the foregoing, each Shareholder covenants and agrees that neither it, nor any of its Affiliates that are
acting for or on behalf of such Shareholder in fulfillment of or pursuant to any of the rights or obligations of such Shareholder under
this Shareholders&rsquo; Agreement or any of the other Project Agreements to which it is not a party, shall take any action that results
in the Company or either of the Founding Shareholders (as a result of their Ownership Interest in the Company) being treated as engaged
in the conduct of a U.S. trade or business for U.S. federal income tax purposes.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of this Shareholders&rsquo; Agreement and subject to any changes in Applicable Law subsequent
to the Formation Date, the Shareholders agree that the Company shall withhold and pay all withholding or other Taxes required under Applicable
Law (as such withholding or other Taxes may be adjusted pursuant to the provisions of any applicable treaty, to the extent the provisions
of such treaty are permitted to be applied under Applicable Law) to be withheld and paid by the Company, whether arising from an obligation
of the Company or of any of the Shareholders, unless otherwise agreed in writing by the Company and the Shareholders. In this regard,
and subject in all cases to any change in Applicable Law subsequent to the Formation Date, the Shareholders agree that the Company shall
pay to the Saudi Arabian General Authority of Zakat and Tax (the &ldquo;<B>GAZT</B>&rdquo;), using forms promulgated by the GAZT, CIT
calculated <I>pro rata</I> among the Ownership Interests of each Shareholder to the extent the Company is subject to CIT with respect
thereto, deducting such payment of CIT from such Shareholder&rsquo;s portion of declared dividends.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Further, and subject to any change in Applicable Law subsequent to the Formation Date, the Shareholders agree that the Company
shall also pay to the GAZT withholding taxes imposed on each non-resident Shareholder&rsquo;s net cash dividend (declared dividends <I>pro
rata</I> according to such Shareholder&rsquo;s Ownership Interest), calculated by multiplying the net cash dividend by the applicable
rate for dividend withholding taxes, and deduct such amount from such Shareholder&rsquo;s net cash dividend. Irrespective of the fact
that the Company will make CIT and withholding tax payments to the GAZT (or that the Company is allocated the cost of CIT paid by an
entity in which the Company holds an equity interest), the Shareholders agree that they shall each remain liable to the Company to the
extent that such CIT or withholding tax payments made by (or allocated to) the Company, and determined by reference to such Shareholder,
are not:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">netted
                                            against, or taken into account in determining the amount of, dividends to be paid (directly
                                            or indirectly) to; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">funded
                                            in advance by,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">such
Shareholder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Dow Founding Shareholder shall be authorized:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">without
                                            any further consent of the Company or the other Shareholders being required, to make, or
                                            cause the Company to make, an election (pursuant to Section 301.7701-3 of the U.S. Treasury
                                            regulations) that the Company shall be treated as a partnership for U.S. tax purposes, or
                                            to take positions on its or any of its Affiliates&rsquo; U.S. federal, state, and local tax
                                            returns or similar filings or take such other administrative actions related to the Company&rsquo;s
                                            election to be treated as a partnership for U.S. tax purposes that it or any of its Affiliates
                                            is reasonably required to take, as, in each case, would not have an adverse effect on the
                                            Saudi Aramco Founding Shareholder, any of its Affiliates, or its interest in the Company;
                                            and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">with
                                            the prior written consent of the Saudi Aramco Founding Shareholder, such consent not to be
                                            unreasonably withheld, to make such other elections with respect to U.S. federal, state,
                                            and local taxes that are binding on the Company or the Saudi Aramco Founding Shareholder
                                            as the Dow Founding Shareholder shall choose to make. The Dow Founding Shareholder may make
                                            such other elections with respect to U.S. federal, state and local taxes that are not binding
                                            on the Company or the Saudi Aramco Founding Shareholder without the consent of the Saudi
                                            Aramco Founding Shareholder.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board shall, subject to Section 14.3(d), determine whether to make, or refrain from making, any and all elections relating
to tax that are binding on the Company or the Shareholders and shall direct the conduct of all Company proceedings before taxing authorities,
the GAZT or courts of competent jurisdiction in all tax matters affecting the Company. The Company shall prepare and file, or cause to
be prepared and filed, any returns and execute any agreements or other documents relating to or affecting such tax matters, <I>provided
</I>that the Company shall keep the Founding Shareholders fully informed with respect to the status and progress with respect to any
such tax matter (including providing the Founding Shareholders with copies of all written communications with respect to such tax matters);
<I>provided further</I> that the Company shall not file, or cause to be filed, any returns or execute any agreements or other documents
relating to or affecting such tax matter or settle or otherwise compromise any tax matter, in each case, affecting the Company or either
Founding Shareholder (in respect of its interests in the Company) without the prior written consent of each of the Founding Shareholders,
which consent shall not be unreasonably withheld.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In respect of each Affiliate of the Company, and each other entity in which the Company holds an equity interest, the Company
and the Shareholders shall ensure that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Company, and each Shareholder exercising any rights on behalf of the Company, exercises all
                                            rights to which it is entitled in a manner such that such Affiliate or other entity shall
                                            be regarded as tax resident only in the jurisdiction in which it is organized; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Company, and each Shareholder exercising any rights on behalf of the Company, exercises any
                                            rights it might have with respect to such Affiliate or other entity in a manner that is consistent
                                            with how such rights are exercised with respect to the Company as otherwise set forth in
                                            this Section 14.3.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="letter-spacing: normal">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>POLICIES OF THE COMPANY</U></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">15.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Project
                                            Standards</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">To
ensure that the Company is conducting its Business and operations in a manner that, among other things:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">is
                                            consistent with the Founding Shareholders&rsquo; commercial objectives for the Project and
                                            the highest ethical standards;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">ensures
                                            the maintenance of best practices that create a safe environment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">complies
                                            with international industry standards and all Laws to which the Company is subject; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">implements
                                            good corporate governance and sound corporate social responsibility,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">the
Shareholders agree that the Board may, from time to time, adopt, amend, alter, or add to such policies, standards, and operational procedures
(the &ldquo;<B>Project Standards</B>&rdquo;) as it deems appropriate. The Project Standards shall be adopted based on maximized value
for the Company and its stakeholders. The Project Standards shall include the policies described in this Section 15.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">15.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Health,
                                            Safety, Environmental, and Security Policy</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Company shall conduct its operations and activities consistent with health safety, and environmental policies (the &ldquo;<B>HSES Policies</B>&rdquo;)
approved by the Board based on the recommendations of the Health, Safety, Environmental, and Security Committee. The HSES Policies shall
comply with all Applicable Law and be at least as stringent and extensive in all respects as the most stringent and extensive equivalent
policies adopted by either Dow or Saudi Aramco (or their Affiliates).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">15.3</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Dividend
                                            and Shareholder Loan Repayment Policy</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Shareholders agree on behalf of themselves and the Company to take, and to procure that its nominated Managers take, all necessary steps
to distribute dividends to the Shareholders and make payments and repayments on Subordinated Shareholder Loans to the fullest extent
possible, consistent with the dividend and shareholder loan repayment policy of the Company (the &ldquo;<B>Dividend Policy</B>&rdquo;).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">15.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Tax
                                            Policy</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Shareholders agree to cause the Company to conduct its Business and operations in a manner that minimizes liability for Taxes within
the requirements of any Laws to which the Company is subject and in compliance with Section 14 (<I>Financial Reporting and Taxes</I>).
Without limitation of the foregoing, the Shareholders agree to support the Company to develop limitations on the authority of the Marketer
for inclusion in each Marketer&rsquo;s Marketing Plan and on the authority of any other Affiliate of the Shareholders providing goods
or services to the Company for inclusion in its written agreement with the Company to the extent necessary to ensure that its activities
would not result in the Company being required to file any tax returns or being treated as having a permanent establishment for tax purposes
in any jurisdiction other than The Kingdom.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">15.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Local
                                            Content</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Shareholders agree to cause the Company (and the Company to cause its contractors) to give preference to and maximize the utilization
of Saudi contractors, material suppliers, and employees in connection with the design, procurement, construction, ownership, or operation
of the Project that are competitive in terms of performance standards, price, safety, quality, technical expertise, and time of delivery
and are commensurate with the Project Standards and in a manner that is consistent with the local content policy of the Company (the
&ldquo;<B>Local Content Policy</B>&rdquo;).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">15.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Non-Breach
                                            of Law</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Shareholder shall be required to comply (or will be required to cause the Company to comply) with any provision of this Shareholders&rsquo;
Agreement to the extent that the undertaking to comply with such provision would be in violation of, or be penalized under, any Law to
which such Shareholder or any of its Affiliates (as the case may be) is subject. To the extent that any provision of this Shareholders&rsquo;
Agreement would, if agreed to by a Shareholder, result in a violation of, or a penalty under, any Law to which such Shareholder or any
of its Affiliates (as the case may be) is subject, such provision shall be deemed to be of no force or effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Shareholder has the right to cause its Affiliates and the Company, and its and their secondees, employees, contractors, and
representatives (in their capacity as such), to cease any activities in connection with the Project or other Company matters to the extent
necessary to ensure that neither such Shareholder, nor such Shareholder&rsquo;s or the Company&rsquo;s Affiliates, secondees, employees,
contractors, and representatives, are in violation of or subject to any penalties under any Law to which such Shareholder, Affiliate,
secondee, employee, contractor or representative, or the Company, is subject. The provisions of this Section 15.6(b) prevail over the
terms of any Project Agreement to the extent of any inconsistency.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any determination by a Shareholder that a provision or activity would give rise to circumstances (including performance of activities)
described in Sections 15.6(a) and (b) above shall be based on a good faith and reasonable interpretation of such Law as applied to the
relevant facts. As soon as practicable (and in any event within three (3) days) after becoming aware of the occurrence of circumstances
(including performance of activities) described under Sections 15.6(a) and / or (b) above, the affected Shareholder shall give Notice
to the other Shareholders providing full details of, as applicable: the relevant provision of this Shareholders&rsquo; Agreement and
/ or Project Agreement; other company matter; the relevant Applicable Law; and the effect of such on the Shareholder&rsquo;s or its Affiliate&rsquo;s,
or the Company&rsquo;s, ability to perform its obligations or undertake such activities (including under this Shareholders&rsquo; Agreement
or such other Project Agreement).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">15.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Accounting
                                            and Retention Policies</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Board shall, from time to time, promulgate the accounting policy of the Company (the &ldquo;<B>Accounting Policy</B>&rdquo;) and the
document retention policy of the Company (the &ldquo;<B>Records Retention Policy</B>&rdquo;), which shall govern the maintenance of books
and records, the preparation of Financial Statements, the writing off of accounts receivables, and such other matters as are set forth
therein. The Accounting Policy and Records Retention Policy shall be at least as stringent and extensive in all respects as the most
stringent and extensive equivalent policies adopted by either Dow or Saudi Aramco (or their Affiliates).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">15.8</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Leverage
                                            Policy</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Shareholders agree to cause the Company to conduct its operations and activities consistent with a financial structuring and leverage
policy that aims to optimize the Company&rsquo;s financing structure, including by maintaining the optimum debt-to-equity ratio.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">15.9</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Human
                                            Resources and Industrial Relations Policy</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Shareholders agree to cause the Company to conduct its operations and activities consistent with a human resources and industrial relations
policy that is based upon the human resources and industrial relations principles of the Founding Shareholders and in a manner designed
to ensure compliance with all Applicable Law. The Company&rsquo;s human resources and industrial relations policies shall be adopted
based on maximized value for the Company and its stakeholders.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">15.10</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Employment
                                            and Compensation Policy</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Shareholders agree to cause the Company to develop and apply an employment and compensation policy in a manner that is consistent with
Applicable Law and shall be independent from, and without reference to, those of the Founding Shareholders.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">15.11</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Code
                                            of Conduct and Ethics Policy</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Shareholders agree to cause the Company to adopt formalized company-wide policies regarding such matters as conflicts of interest, business
ethics, prohibited payments, safeguarding of Company assets, gifts, and entertainment, with annual representations from relevant individuals
regarding compliance.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">15.12</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Accounts</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Shareholders agree to cause the Company to establish and maintain banking and other accounts inside and, to the extent required by the
senior lenders providing Project Debt or to the extent otherwise approved by the Board, outside of The Kingdom.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">15.13</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Competitively
                                            Sensitive Information</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Shareholders and the Company shall ensure that the flow of competitively sensitive information is restricted in accordance with the written
protocols adopted by the Founding Shareholders and the Company in accordance with this Shareholders&rsquo; Agreement, setting forth restrictions
on the flow of such information under applicable competition and antitrust laws (the &ldquo;<B>Protocols</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="letter-spacing: normal">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>WARRANTIES</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Founding Shareholder warrants to the other Founding Shareholder on the date hereof and on the Effective Date, and each other
Shareholder warrants to the other Shareholders on the date of its accession to this Shareholders&rsquo; Agreement, as follows:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">it
                                            is duly organized and validly existing, in each case, under the respective Laws of the jurisdiction
                                            in which it is organized;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">it
                                            has all requisite power and authority to enter into this Shareholders&rsquo; Agreement and
                                            to perform the obligations contemplated hereby, and the execution and delivery of this Shareholders&rsquo;
                                            Agreement and the performance hereof have been duly authorized by all necessary action on
                                            the part of such Shareholder;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">neither
                                            the execution and delivery of this Shareholders&rsquo; Agreement, nor the performance hereof
                                            will violate, conflict with, or result in a breach of any Law or provision of such Shareholder&rsquo;s
                                            organizational documents or any agreement, document, or instrument to which it is subject
                                            or by which it or its assets are bound or require the consent or approval (if not already
                                            obtained) of any shareholder, partner, equity holder, holder of indebtedness, or other Person
                                            or entity, or contravene or result in a breach of or default under or (except as provided
                                            in the Project Financing Agreements) the creation of any lien, charge, or encumbrance upon
                                            any property under any constitutive document, indenture, mortgage, loan agreement, lease,
                                            or other agreement, document, or instrument to which such Shareholder is a party; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            required authorizations of and exemptions, actions, or approvals by, and any required notices
                                            to or filings with, any governmental authority that are required to have been obtained or
                                            made by such Shareholder in connection with the execution and delivery of this Shareholders&rsquo;
                                            Agreement or the performance by it of its obligations hereunder will have been obtained or
                                            made and will be in full force and effect, and all conditions of any such authorizations,
                                            exemptions, actions, or approvals will have been complied with.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="letter-spacing: normal">[***]</FONT></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>MARKETING AND OTHER PRINCIPAL AGREEMENTS</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">17.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Related
                                            Entity Transactions Generally</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All transactions and agreements of the Company for the benefit of or with any Shareholder or its Related Persons shall, when entered
into, be on terms that are no less favorable to the Company than those that could have been obtained in a comparable arm&rsquo;s-length
transaction by the Company with a qualified, unrelated third party, <I>provided</I> that nothing in this Shareholders&rsquo; Agreement
shall operate to override, invalidate, or otherwise affect the application of any provision of any written agreement entered into between
a Shareholder (and / or its Related Persons) and the Company if such written agreement has been approved in accordance with Sections
8.7(w) (<I>Board Action in General</I>) and 8.8 (<I>Voting With Respect to Related Entity Transactions</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Related Entity Transactions shall be approved by the Board, and the Company will not exercise, waive, modify, enforce, or
compromise material claims, terms, obligations, or rights with respect to any Related Entity Transactions without Board approval, as
stipulated in Section 8.8 (<I>Voting With Respect to Related Entity Transactions</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-weight: normal; letter-spacing: normal">[***]</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">17.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Marketing
                                            and Lifting of Products by the Founding Shareholders</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Shareholder other than the Founding Shareholders shall have any marketing and lifting rights or obligations with respect to
any Products or other Company production.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">17.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Founding
                                            Shareholder Support Services</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Founding Shareholders (and / or their respective Qualifying Affiliates) shall provide certain services to the Company on various
terms and conditions that are set out in the Principal Agreements and as they otherwise agree from time to time. If a Founding Shareholder
(and / or any of its Affiliates) has appropriate expertise and the Founding Shareholders agree that it would be more economical for the
Company to pay such Founding Shareholder (and / or any of its Affiliates) for such expertise, rather than procuring it from a third party
or independently developing it, then the Company shall do so.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Shareholders agree that, as a general matter, they shall realize value from the income derived from the operations of the
Company through the payment of dividends by the Company rather than by extracting value from the Company through the provision of goods
and services to the Company or the terms of any Subordinated Shareholder Loans, <I>provided</I> that nothing in this Shareholders&rsquo;
Agreement shall operate to override, invalidate, or otherwise affect the application of any provision of any written agreement entered
into between a Shareholder (and / or its Affiliates) and the Company if such written agreement has been approved in accordance with Sections
8.7(w) (<I>Board Action in General</I>) and 8.8 (<I>Voting With Respect to Related Entity Transactions</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">17.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Principal
                                            Agreements</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 18.1(g) (<I>Events of Default</I>) and unless otherwise specified herein:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            breach by a Founding Shareholder or its Affiliates or Related Persons of, or failure by a
                                            Founding Shareholder or its Affiliates or Related Persons to comply with, any Principal Agreement
                                            or any agreement entered into at any time in relation to the services referred to in Section
                                            17.5 (<I>Founding Shareholder Support Services</I>), shall not give rise to any rights, remedies,
                                            or claims under or pursuant to this Shareholders&rsquo; Agreement; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            rights, remedies, and claims in respect of any such breach or failure shall be between the
                                            parties to the relevant agreement and to the extent available in accordance with the provisions
                                            of the relevant agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Founding Shareholders shall have the right to cause a Qualifying Affiliate of their respective Parent Companies to enter into
(or to accept an assignment of the rights and / or a transfer of the obligations under) any Principal Agreement on behalf of such Founding
Shareholder[***].</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="letter-spacing: normal">18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>EVENTS OF DEFAULT</U></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">18.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Events
                                            of Default</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
following shall constitute events of default (each, an &ldquo;<B>Event of Default</B>&rdquo;) under this Shareholders&rsquo; Agreement:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            breach by a Shareholder of its obligations under Section 6 (<I>Capital Contributions; Financing</I>)
                                            (other than a breach by the PublicCo Shareholder to comply with Section 6.2(a) (<I>Additional
                                            Shareholder Funding</I>) in respect of any resolution of the General Assembly pursuant to
                                            Section 9.3 (<I>Powers of the General Assembly</I>) approving any Subordinated Shareholder
                                            Loans, any increase to the Authorized Capital, or any Capital Contributions) that has not
                                            been cured within [***], unless:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">[***]</FONT></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            failure by a Parent Company of a Founding Shareholder to maintain its Parent Company Interest
                                            equal to or greater than the Minimum Interest during the Minimum Retention Period that has
                                            not been cured within [***];</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">a Transfer,
                                            [***] or Impermissible Change in Control has occurred in breach of the terms and conditions
                                            of this Shareholders&rsquo; Agreement and the breach has not been cured within [***];</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">a Shareholder
                                            assigns any of its rights or obligations under this Shareholders&rsquo; Agreement other than
                                            in accordance with Section 25 (<I>Assignment</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            breach by a Shareholder (or its Parent Company or Affiliate) of its completion support obligations
                                            or funding obligations under any Project Financing Agreement, or the Shareholder Undertaking
                                            Agreement, in each case, following the expiration of any applicable cure period specified
                                            therein;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            Parent Guarantee or the Secondary Guarantee in respect of this Shareholders&rsquo; Agreement
                                            ceases to be in full force and effect prior to the expiration thereof in accordance with
                                            its terms;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            occurrence of a Trigger Event that, individually or together with any other Trigger Events,
                                            has caused a Substantial Project Impairment; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            occurrence of any Insolvency Event in respect of any Shareholder or its Parent Company.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>18.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Consequences
                                            of Events of Default</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an Event of Default occurs, then any of the Shareholders who are not in default (collectively, the &ldquo;<B>Non-Defaulting Shareholders</B>&rdquo;
and each a &ldquo;<B>Non-Defaulting Shareholder</B>&rdquo;) may deliver to the other Shareholders a Notice of the occurrence of such
Event of Default, setting forth the identity of the Shareholder who is in default or to which the Event of Default relates (the &ldquo;<B>Defaulting
Shareholder</B>&rdquo;) and the circumstances of such Event of Default. Upon the expiration of a period of [***] thereafter, if the Event
of Default is not remediable or, if remediable, is continuing, then any Non-Defaulting Founding Shareholder may deliver to the Defaulting
Shareholder a Notice stating that such Event of Default is continuing (a &ldquo;<B>Continuing Default Notice</B>&rdquo;), in which case
Section 18.2(b) shall apply.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Non-Defaulting Founding Shareholder has delivered a Continuing Default Notice in accordance with Section 18.2(a), then for so long
as the specified Event of Default is continuing:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            the Dow Founding Shareholder is the Defaulting Shareholder, then at any time following the
                                            delivery of the Continuing Default Notice any Non-Defaulting Shareholder may deliver a Dow
                                            Call Notice to the Dow Founding Shareholder, in which case Annex C (<I>Acquisition of Ownership
                                            Interests</I>) shall apply, <I>provided</I> that;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            more than one Non-Defaulting Shareholder delivers a Call Exercise Notice, then each such
                                            Non-Defaulting Shareholder shall purchase a <I>pro rata </I>portion of the Dow Founding Shareholder&rsquo;s
                                            Ownership Interest (calculated by reference to each such Non-Defaulting Shareholder&rsquo;s
                                            Ownership Interest as a proportion of all such Non-Defaulting Shareholders&rsquo; Ownership
                                            Interests);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            PublicCo Shareholder shall only be entitled to participate in such purchase if, concurrent
                                            with its delivery of a Call Exercise Notice in accordance with Annex C (<I>Acquisition of
                                            Ownership Interests</I>), it has provided to the Dow Founding Shareholder an unconditional,
                                            on-demand letter of credit in a form, and from an international financial institution, in
                                            each case, reasonably acceptable to the Dow Founding Shareholder in an amount equal to the
                                            PublicCo Shareholder&rsquo;s <I>pro rata </I>portion of the Dow Default Price; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(C)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            the PublicCo Shareholder does not deliver a Dow Call Notice or a Call Exercise Notice or,
                                            after issuing a Call Exercise Notice, does not pay its <I>pro rata </I>portion of the Dow
                                            Default Price in accordance with Annex C (<I>Acquisition of Ownership Interests</I>) for
                                            any reason, then the Saudi Aramco Founding Shareholder shall have the right (but not the
                                            obligation) to purchase all (and not a portion) of the Dow Founding Shareholder&rsquo;s Ownership
                                            Interest at the Dow Default Price;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            the Saudi Aramco Founding Shareholder is the Defaulting Shareholder, then:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">during
                                            a [***] period following the delivery of the Continuing Default Notice, the Founding Shareholders
                                            shall, in good faith, discuss the continuation of the various Project Agreements between
                                            the Company and the Dow Founding Shareholder (and / or its Affiliates) on an arms&rsquo;
                                            length basis upon the Dow Founding Shareholder ceasing to be a Shareholder in the Company.
                                            Following such [***]period after the delivery of the Continuing Default Notice, the Dow Founding
                                            Shareholder may deliver a Put Notice to the Saudi Aramco Founding Shareholder and the PublicCo
                                            Shareholder, in which case Annex C (<I>Acquisition of Ownership Interests</I>) shall apply.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            Put Notice delivered by the Dow Founding Shareholder shall indicate:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">whether
                                            the Dow Founding Shareholder (and / or its Qualifying Affiliates) shall terminate the [***]
                                            in accordance with the terms therein;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            price for the [***] applicable in accordance with Section 5.1 of the [***];</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">which
                                            [***] the Company has entered into with the Dow Founding Shareholder (and / or its Affiliates)
                                            relating to [***] that the Dow Founding Shareholder (and / or its Affiliates) shall terminate
                                            in accordance with the terms therein;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">which
                                            [***] the Dow Founding Shareholder (and / or its Qualifying Affiliates) shall terminate in
                                            accordance with the terms therein; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">other
                                            modifications (if any) to the various Project Agreements between the Company and the Dow
                                            Founding Shareholder (and / or its Affiliates), as agreed between the Founding Shareholders,
                                            pursuant to the good faith discussions in Section 18.2(b)(ii)(A),</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">in
each case, with effect upon the completion of the transactions contemplated by this Section 18.2(b)(ii).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(C)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">If
                                            Dow delivers a Put Exercise Notice, then:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            the PublicCo Shareholder intends to participate in the purchase of the Dow Founding Shareholder&rsquo;s
                                            Ownership Interest, then the PublicCo Shareholder shall purchase a <I>pro rata </I>portion
                                            of that Ownership Interest (calculated by reference to the PublicCo Shareholder&rsquo;s Ownership
                                            Interest as a proportion of the PublicCo Shareholder&rsquo;s Ownership Interest and the Saudi
                                            Aramco Founding Shareholder&rsquo;s Ownership Interest); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            the PublicCo Shareholder does not intend to participate in the purchase of the Dow Founding
                                            Shareholder&rsquo;s Ownership Interest, or intends to participate but does not pay its <I>pro
                                            rata </I>portion of the Saudi Aramco Default Price for any reason, then the Saudi Aramco
                                            Founding Shareholder shall purchase all (and not a portion) of the Dow Founding Shareholder&rsquo;s
                                            Ownership Interest at the Saudi Aramco Default Price; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            the PublicCo Shareholder is the Defaulting Shareholder, then at any time following the delivery
                                            of the Continuing Default Notice any Non-Defaulting Shareholder may deliver a PublicCo Call
                                            Notice to the PublicCo Shareholder, in which case Annex C (<I>Acquisition of Ownership Interests</I>)
                                            shall apply, <I>provided</I> that if more than one Non-Defaulting Shareholder delivers a
                                            Call Exercise Notice, then each such Non-Defaulting Shareholder shall purchase a <I>pro rata
                                            </I>portion of the PublicCo Shareholder&rsquo;s Ownership Interest (calculated by reference
                                            to each such Non-Defaulting Shareholder&rsquo;s Ownership Interest as a proportion of all
                                            such Non-Defaulting Shareholders&rsquo; Ownership Interests).</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
the date of the completion of the transactions contemplated by Section 18.2(b)(i), Section 18.2(b)(ii), or Section 18.2(b)(iii), as the
case may be:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Shareholders who are transferees of the Transferor shall assume in full, on a <I>pro rata
                                            </I>basis as between themselves, and at no cost to the Transferor or its Affiliates, all
                                            liabilities of the Transferor and its Affiliates in or related to such Transferor&rsquo;s
                                            capacity as Shareholder, including all guarantees given or delivered by the Transferor or
                                            its Affiliates in such capacity, and:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">all
                                            Non-Transferring Shareholders shall release (and cause their Affiliates and the Company to
                                            release) the Transferor and its Affiliates from all liabilities in or related to the Transferor&rsquo;s
                                            capacity as a Shareholder; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            guarantees delivered by the Transferor or its Affiliates shall immediately be deemed to have
                                            been terminated,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify"><FONT STYLE="letter-spacing: normal"><I>provided
</I>that nothing in this Section 18.2(c)(i) shall affect any liabilities of the Transferor or its Affiliates in connection with any Principal
Agreement to which it, or its Affiliate, is party, or any guarantees in respect thereof; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Transferor shall cease to be a Shareholder and shall cease to be a party to this Shareholders&rsquo;
                                            Agreement and, without prejudice to any rights or obligations that shall have accrued or
                                            become due prior to such date and the rights or remedies that any party may have in respect
                                            of any breach of this Shareholders&rsquo; Agreement prior to such date (other than any breach
                                            constituting the Event of Default leading to the Transfer), the Transferor shall cease to
                                            have any rights or obligations under this Shareholders&rsquo; Agreement except for those
                                            rights and obligations contained in, and the provisions of, Sections 1 (<I>Definitions and
                                            Usage</I>), 4.2 (<I>Term and Termination of Shareholders&rsquo; Agreement; Survival</I>),
                                            14.1(g)-(h) (<I>Books and Records</I>) (in respect of the years during which the Transferor
                                            was a Shareholder), 15.6 (<I>Non-Breach of Law</I>), 17.6(a) (<I>Principal Agreements</I>),
                                            19.3(d)(v)(A) (<I>Transfers to Third Parties</I>), 21 (<I>Confidential Information</I>),
                                            Section 22 (<I>Indemnification and Liability</I>), 24 (<I>Dispute Resolution Procedures</I>),
                                            25 (<I>Assignment</I>), 26.2 (<I>Binding Effect</I>), 26.3 (<I>Notices</I>), 26.4 (<I>Entire
                                            Agreement</I>), 26.6 (<I>Waivers</I>) through 26.11 (<I>Further Actions</I>) (inclusive),
                                            26.13 (<I>Reliance</I>), 26.14 (<I>Prohibited Payments</I>), 26.15 (<I>Immunity</I>), and
                                            Annex A (<I>Dispute and Expert Resolution Procedures</I>), which shall continue in force
                                            after the Transferor ceases to be a Shareholder.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 77 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
completion of the transactions contemplated in Section 18.2(b) shall be the Non-Defaulting Shareholders&rsquo; (and their Affiliates&rsquo;)
and the Company&rsquo;s sole and exclusive remedy in respect of all Losses arising (whether under this Shareholders&rsquo; Agreement,
under Law, or otherwise) as a result of the events or circumstances connected with the Event of Default that is the subject of the relevant
Continuing Default Notice (and the Non-Defaulting Shareholders shall not allow the Company to make any claim against the Defaulting Shareholder
in relation to such events or circumstances), <I>provided </I>that nothing in this Section 18.2(d) shall prevent the Company from exercising
any right it may have under any of the Principal Agreements.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shareholders agree that the Events of Default set out in Section 18.1 (<I>Events of Default</I>) are the sole and exclusive grounds upon
which a Shareholder may terminate this Shareholders&rsquo; Agreement and the Shareholders agree to exclude, to the extent permissible,
any right of termination arising under Applicable Law contrary to the terms hereof. Subject to the limitations set forth in Sections
18.2(c) and 18.2(d) and the immediately preceding sentence, if there is a breach of this Shareholders&rsquo; Agreement, then any Shareholder
not in breach shall be free to exercise all rights and remedies that may be available to such Shareholder under this Shareholders&rsquo;
Agreement or Applicable Law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>TRANSFER
AND EXIT PROVISIONS</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>19.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Restrictions
                                            on Transfer</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Shareholder shall effect (or permit to be effected) a Transfer except in accordance with this Section 19 and, in the case of a Direct
Transfer by a Shareholder, in accordance with Section 18.2 (<I>Consequences of Events of Default</I>). Any Transfer or purported Transfer
in violation of the preceding sentence shall be void and of no effect, and the purported transferee shall not, directly or indirectly,
become a Shareholder of the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parent Company Interest of each Parent Company of the Founding Shareholders shall be equal to at least the Minimum Interest at all times
during the period of [***] from the Formation Date (the &ldquo;<B>Minimum Retention Period</B>&rdquo;). Neither Founding Shareholder
shall effect (or permit to be effected) a Transfer if doing so would result in the Parent Company Interest of the relevant Parent Company
of the Founding Shareholder being less than the Minimum Interest at any time during the Minimum Retention Period.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Shareholder shall at all times remain a Qualifying Affiliate of its Parent Company. No Shareholder shall effect (or permit to be effected)
a Transfer if doing so would result in that Shareholder ceasing to be a Qualifying Affiliate of its Parent Company. A Transfer shall
be deemed to have occurred for all purposes hereunder if a Shareholder ceases to be a Qualifying Affiliate of its Parent Company. If
any such Transfer occurs, then such Shareholder shall promptly inform the other Shareholders and shall take all necessary measures to
ensure that all of its Ownership Interest is immediately transferred to its Parent Company, or to a Qualifying Affiliate of its Parent
Company, in accordance with Section 19.2(b) (<I>Permitted Transfers to PublicCo and Qualifying Affiliates</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>19.2</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="letter-spacing: normal"><B>Permitted
                                            Transfers to PublicCo and Qualifying Affiliates</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Saudi Aramco Founding Shareholder may effect a Direct Transfer of the PublicCo Acquisition Interest to the PublicCo Shareholder in accordance
with Section 5.2(a) (<I>Sale of PublicCo Acquisition Interest; Initial Public Offering</I>), and nothing in this Shareholders&rsquo;
Agreement shall restrict the purchase and sale of shares in PublicCo on the Saudi Stock Market, <I>Tadawul</I>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Founding Shareholder may, at any time, effect, or permit to be effected, a Complete Transfer to its Qualifying Affiliate, <I>provided
</I>that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Transferor&rsquo;s Parent Company (or Dow Europe, if the new Dow Founding Shareholder will
                                            be neither Dow Europe nor Dow) shall [***];</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">where
                                            the Transfer is effected, or permitted to be effected, by the Dow Founding Shareholder and
                                            the new Dow Founding Shareholder will be neither Dow Europe nor Dow, [***]; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Transferor has delivered to the other Founding Shareholder a Notice of the Transfer at least
                                            thirty (30) days in advance thereof, together with [***].</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>19.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Transfers
                                            to Third Parties</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
the expiration of the Minimum Retention Period, save as provided in Section 19.2 (<I>Permitted Transfers to PublicCo and Qualifying Affiliates</I>)
a Shareholder may only effect, or permit to be effected, a Transfer in accordance with this Section 19.3.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Shareholder intends to effect, or permit to be effected, a Transfer in accordance with this Section 19.3, then:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Transferor shall deliver to the Non-Transferring Shareholders a Notice of the Transferor&rsquo;s
                                            intention to Transfer at least [***] in advance of the date on which it is proposed to be
                                            effected; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">prior
                                            to such Transfer, the Transferor shall deliver Notice (the &ldquo;<B>Transfer Notice</B>&rdquo;)
                                            to the Non-Transferring Shareholders which shall specify whether the proposed Transfer is
                                            a Partial Transfer or a Complete Transfer,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal"><I>provided
</I>that a Shareholder shall only be entitled to effect (or permit to be effected) [***].</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
thirty (30) days of delivery of a Transfer Notice, any Non-Transferring Shareholder may deliver a Notice (each, an &ldquo;<B>Acquisition
Notice</B>&rdquo;) to the Transferor and the Company that it intends to acquire the Offered Interest [***]in accordance with Annex C
(<I>Acquisition of Ownership Interests</I>), <I>provided</I> that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            more than one Non-Transferring Shareholder delivers an Acquisition Notice, then each such
                                            Non-Transferring Shareholder shall purchase a <I>pro rata </I>portion of such Offered Interest
                                            (calculated by reference to each such Non-Transferring Shareholder&rsquo;s Ownership Interest
                                            as a proportion of all such Non-Transferring Shareholders&rsquo; Ownership Interests);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            PublicCo Shareholder shall only be entitled to exercise the right to acquire a <I>pro rata
                                            </I>portion of the Offered Interest if, concurrent with its delivery of an Acquisition Exercise
                                            Notice in accordance with Annex C (<I>Acquisition of Ownership Interests</I>), it has provided
                                            to the Transferor an unconditional, on-demand letter of credit in a form, and from an international
                                            financial institution, in each case, reasonably acceptable to the Transferor, for an amount
                                            equal to the PublicCo Shareholder&rsquo;s <I>pro rata</I> portion [***]; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">unless
                                            the entire Offered Interest is Transferred in accordance with this Section 19.3 and Annex
                                            C (<I>Acquisition of Ownership Interests</I>), the Non-Transferring Shareholders shall have
                                            no rights to acquire the Offered Interest or any portion of it, <I>provided further</I>,
                                            that if the PublicCo Shareholder delivers an Acquisition Exercise Notice but does not pay
                                            its <I>pro rata </I>portion of [***] in accordance with Annex C (<I>Acquisition of Ownership
                                            Interests</I>), for any reason, then the other Non-Transferring Shareholder shall have the
                                            option (but not the obligation) to purchase the entire Offered Interest.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">no
                                            Non-Transferring Shareholder delivers an Acquisition Notice within thirty (30) days of delivery
                                            of a Transfer Notice;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">all
                                            Acquisition Notices have been rescinded before the delivery of an Acquisition Exercise Notice;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">no
                                            Non-Transferring Shareholder delivers an Acquisition Exercise Notice within the Acquisition
                                            Period;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">all
                                            Acquisition Exercise Notices have been rescinded before the Acquisition Closing Date; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Acquisition does not occur by the Acquisition Closing Date for any reason other than a breach
                                            by the Transferor of its obligations under this Section 19 or Annex C (<I>Acquisition of
                                            Ownership Interests</I>),</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">then,
subject to Sections 19.4 (<I>Third Party Consents</I>) and 19.5(a) (<I>Recognition of Transfers</I>), the Transferor shall be entitled
during the Transfer Period to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the case of a proposed Partial Transfer, permit the Transfer of the Permitted Part to a Permitted
                                            Transferee by way of an Upstream Transfer; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the case of a proposed Complete Transfer:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">effect
                                            a Direct Transfer of all (but not a part) of its Ownership Interest; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">permit
                                            an Upstream Transfer of all (but not a part) of its Shareholder Equity,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">in
either case, to a Permitted Transferee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Transferor shall indemnify, defend, and hold harmless the Company from and against any Taxes that may be imposed on the Company as a
result of any Transfer.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>19.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Third
                                            Party Consents</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Notwithstanding
any other provision of this Section 19, no Transfer shall occur unless and until all consents as may be required from any third parties
and approvals as may be required from any governmental authority have been obtained and are in full force and effect. The Shareholders
agree to cooperate in good faith and do everything reasonably within their power to assist with the preparation and filing of all reports
in connection with obtaining such consents and approvals, <I>provided</I> that the Transferor shall pay all costs and expenses (including
attorneys&rsquo; fees) in connection therewith.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>19.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Recognition
                                            of Transfers</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/12.3pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything to the contrary in this Shareholders&rsquo; Agreement, no Transfer or purported Transfer will be valid unless:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">such
                                            Transfer is in accordance with the provisions of this Section 19 or Section 18.2 (<I>Consequences
                                            of Events of Default</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the case of a Partial Transfer or a Complete Transfer effected as a Direct Transfer, the
                                            Transferor has transferred to the transferee the same proportion of any Subordinated Shareholder
                                            Loans advanced by the Transferor to the Company as the transferred Ownership Interest bears
                                            to the aggregate Ownership Interest of the Transferor in accordance with Annex C (<I>Acquisition
                                            of Ownership Interests</I>);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the case of a Complete Transfer effected as a Direct Transfer to a Permitted Transferee:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Permitted Transferee has executed and delivered to the remaining Shareholders an Accession
                                            Agreement in the form attached to this Shareholders&rsquo; Agreement as Annex B (Form of
                                            Accession Agreement), confirming the admission of the Permitted Transferee as a Shareholder
                                            and its agreement to be bound by the terms of this Shareholders&rsquo; Agreement and any
                                            obligations of confidentiality; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">[***];
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the case of a Complete Transfer to one or more Shareholders, the transferee Shareholder(s)
                                            shall assume in full, on a <I>pro rata </I>basis as between themselves, and at no cost to
                                            the Transferor or its Affiliates, all liabilities of the Transferor and its Affiliates in
                                            or related to its capacity as Shareholder, including all guarantees given or delivered by
                                            the Transferor in such capacity, and:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">all
                                            Non-Transferring Shareholders shall release (and cause their Affiliates and the Company to
                                            release) the Transferor and its Affiliates from all such liabilities in or related to the
                                            Transferor&rsquo;s capacity as a Shareholder; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            guarantees delivered by the Transferor or its Affiliates shall immediately be deemed to have
                                            been terminated,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><I>provided
</I>that nothing in this Section 19.5(a) shall affect any liabilities of the Transferor or its Affiliates in connection with any Principal
Agreement to which it, or its Affiliate, is party, nor any guarantees in respect thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the case of a Complete Transfer, upon the satisfaction of the conditions set out in Section 19.5(a), appropriate amendments being made
to the Constitutive Documents, and compliance with all the requirements of Applicable Law, and in addition to the other provisions of
this Shareholders&rsquo; Agreement that apply at such time:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Permitted Transferee (or Qualifying Affiliate in accordance with Section 19.2 (<I>Permitted
                                            Transfers to PublicCo and Qualifying Affiliates</I>)) shall be admitted to the Company as
                                            a Shareholder (or, in the case of a Complete Transfer by a Founding Shareholder, a Founding
                                            Shareholder) and shall be listed in the books and records of the Company as such; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">without
                                            limiting Section 18.2(c) (<I>Consequences of Events of Default</I>) in the case of a Complete
                                            Transfer by a Defaulting Shareholder, the Transferor shall cease to be a Shareholder and
                                            shall cease to be a party to this Shareholders&rsquo; Agreement and, without prejudice to
                                            any rights or obligations that shall have accrued or become due prior to such date and the
                                            rights or remedies that any party may have in respect of any breach of this Shareholders&rsquo;
                                            Agreement prior to such date, the Transferor shall cease to have any rights or obligations
                                            under this Shareholders&rsquo; Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Shareholder shall:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">vote
                                            its Ownership Interest, and shall procure that its Managers exercise their voting rights,
                                            to approve a Transfer where such Transfer is in compliance with this Section 19;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">do
                                            all other things reasonably within its power to enable the timely completion of such Transfer;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">[***].</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>19.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Impermissible
                                            Change in Control</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of an Impermissible Change in Control, [***] shall deliver a Notice to [***] seeking the consent of [***] to the Impermissible
Change in Control [***]. If [***] consents to the Impermissible Change in Control, then the remainder of this Section 19.6 shall not
apply.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
[***] does not consent to an Impermissible Change in Control within thirty (30) days after the date of Notice under Section 19.6(a),
then [***] shall be deemed to have delivered a Transfer Notice for a Complete Transfer in accordance with Section 19.3(b) (<I>Transfers
to Third Parties</I>) as of the last day of such thirty (30)-day period and the Shareholders shall thereafter proceed in accordance with
the remaining provisions of Section 19.3 (<I>Transfers to Third Parties</I>), <I>provided</I> that there shall be no requirement that
a third party transferee is a Permitted Transferee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
[***] is deemed to have delivered a Transfer Notice for a Complete Transfer under Section 19.6(b) and thereafter:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">[***]
                                            does not deliver an Acquisition Notice under Section 19.3(b) (<I>Transfers to Third Parties</I>)
                                            within thirty (30) days of deemed delivery of the Transfer Notice;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">[***]
                                            rescinds its Acquisition Notice before the delivery of an Acquisition Exercise Notice;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">[***]
                                            does not deliver an Acquisition Exercise Notice within the Acquisition Period;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">[***]
                                            rescinds its Acquisition Exercise Notice before the Acquisition Closing Date; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Acquisition does not occur by the Acquisition Closing Date for any reason other than a breach
                                            by [***] of its obligations under this Section 19 or Annex C (<I>Acquisition of Ownership
                                            Interests</I>),</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">then
this Section 19.6 shall no longer apply to the Impermissible Change in Control.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>DISSOLUTION
AND WINDING-UP</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>20.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Dissolution</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Shareholders agree to dissolve and commence winding up the Company upon the first to occur of any of the following events (each, a &ldquo;<B>Dissolution
Event</B>&rdquo;):</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            sale by the Company of the Project or substantially all of the assets necessary for the operation
                                            of the Project;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">an
                                            order for relief is entered against the Company under the insolvency laws of The Kingdom;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            end of the Term; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            agreement of the Shareholders pursuant to Section 9.3 (<I>Powers of the General Assembly</I>)
                                            to wind up the Company.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>20.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Winding
                                            Up</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Upon
the occurrence of a Dissolution Event, the Shareholders agree that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Company shall continue solely for the purposes of winding up its affairs in an orderly manner,
                                            liquidating its assets, and satisfying or making reasonable provision for the satisfaction
                                            of the claims of its creditors and Shareholders; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">no
                                            Shareholder shall (except as permitted under any Project Agreement) take any action that
                                            is inconsistent with, or not necessary to or appropriate for, the winding up of the Company&rsquo;s
                                            Business and affairs,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><I>provided
</I>that all covenants and obligations contained in this Shareholders&rsquo; Agreement shall continue to be fully binding upon the Shareholders
(unless otherwise specifically provided for in any of the other Project Agreements and subject to Applicable Law) until such time as
the assets or property or the proceeds from the sale thereof have been distributed pursuant to Applicable Law.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>20.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Liquidator</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">To
enable the proper sale and distribution of the property and assets and the proceeds from any sale thereof upon the occurrence of a Dissolution
Event, the General Assembly shall appoint a Person as liquidator of the Company (such Person, the &ldquo;<B>Liquidator</B>&rdquo;) subject
to the following conditions, and upon any other terms and further conditions as the General Assembly shall deem appropriate, including
the powers and remuneration of such Liquidator. Subject to Applicable Law and the Project Financing Agreements, the Liquidator shall:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">prepare
                                            a statement setting forth the assets and liabilities of the Company as of the date of dissolution,
                                            a copy of which statement shall be furnished to all of the Shareholders;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">liquidate
                                            the property of the Company or distribute such property in kind as promptly as possible,
                                            but in an orderly, business-like, and commercially reasonable manner. The Liquidator may,
                                            in the exercise of its business judgment and if commercially reasonable, determine:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">to
                                            sell all or any portion of the property of the Company to a Shareholder or to any other Person,
                                            <I>provided</I> that, if the sale is to a Shareholder, the purchase price shall not be less
                                            than the fair market value of such property; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">not
                                            to sell all or any portion of the property of the Company, in which case such property and
                                            assets shall be distributed in kind pursuant to Section 20.3(c);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">apply
                                            and distribute the proceeds of sale and all other assets owned by the Company to the maximum
                                            extent permitted by Applicable Law and in the following order of priority:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">to
                                            the <I>pro rata</I> payment of trade payables to the Shareholders and their Affiliates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">to
                                            the payment of the other debts and liabilities of the Company and the expenses of liquidation
                                            or distribution (including the Project Debt, but excluding Subordinated Shareholder Loans);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">to
                                            the setting up of any reserves that the Liquidator shall determine reasonably necessary for
                                            contingent, unliquidated, or unforeseen liabilities or obligations of the Company (which
                                            may, in the discretion of the Liquidator, be held by the Liquidator or paid over to a bank
                                            or trust company selected by it, in either case to be held by the Liquidator or such bank
                                            or trust company as escrow holder or liquidating trustee for the purposes of disbursing such
                                            reserves to satisfy the liabilities and obligations described above and which shall be held
                                            for such period as the Liquidator shall deem advisable, and upon the expiration of such period,
                                            any remaining balance shall be distributed as provided in Paragraph (iv), or, if all Subordinated
                                            Shareholder Loans have been repaid, Paragraph (v) of this Section 20.3(c));</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">to
                                            the <I>pro rata</I> repayment of Subordinated Shareholder Loans; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            balance, if any, to the Shareholders, in accordance with their proportionate Ownership Interests.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">For purposes
of this Section 20.3 only, the Shareholders agree that the fair market value of the property of the Company shall be determined by a
Valuation Expert appointed as an Expert to carry out the valuation, in accordance with Annex A (<I>Dispute and Expert Resolution Procedures</I>),
and shall be consistent with the Accounting Policy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CONFIDENTIAL
INFORMATION</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
terms and conditions of the Omnibus Confidentiality Agreement shall apply to this Shareholders&rsquo; Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>INDEMNIFICATION
AND LIABILITY</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>22.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Indemnification
                                            and Liability of Managers and Officers</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shareholders agree that no Manager or Senior Officer of the Company shall be liable to the Company or the Shareholders for mistakes of
judgment or for any act or omission suffered or taken by them, or for Losses arising from any such mistakes, action, or inaction, except
to the extent that the mistake, action, or inaction was caused by the Willful Misconduct, fraud, forgery, or bad faith of that Manager
or Senior Officer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the maximum extent permitted by Applicable Law, and except as provided in Section 22.1(a), no Manager or Senior Officer shall be liable
for, and the Shareholders shall cause the Company to indemnify, defend, and hold harmless each Manager and Senior Officer from and against,
all Losses arising from that Manager&rsquo;s or Senior Officer&rsquo;s performance of his or her duties in conformance with Applicable
Law and the Constitutive Documents.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board may consult with legal counsel, accountants, investment bankers, or other experts selected by the Board, and any action or omission
suffered or taken by the Board in good faith in reliance and accordance with the written opinion or advice of any such legal counsel,
accountant, investment banker, or other expert (<I>provided</I> such Person was selected with reasonable care) shall constitute full
protection and justification with respect to the action or omission so suffered or taken.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>22.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Indemnification
                                            and Liability of Shareholders</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that any Shareholder or any of its Affiliates shall become liable under a judgment, decree, or order of a court, or in any
other manner, for a debt, obligation, or liability of the Company, the Shareholders shall cause the Company to indemnify, defend, and
hold harmless such Shareholder or its Affiliate from and against any such liability of such Shareholder or its Affiliate (together with
reasonable attorneys&rsquo; fees and expenses in defending against any claimant seeking to impose any such liability) to the extent that
it is related to or arose out of any action taken or any transaction effected by the Board under this Shareholders&rsquo; Agreement or
any action that the Board failed to take or any transaction that the Board failed to effect and which the Board was obligated to take
or effect under this Shareholders&rsquo; Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any claim in respect of personal injury, including fatal injury, or loss of or damage to property arises out of, results from, or relates
to the Project and is asserted against a Shareholder or its Affiliate by any Person, then the Shareholders shall cause the Company to
assume, and otherwise indemnify, defend, and hold harmless such Shareholder and its Affiliates from and against, all Losses arising from
any such claim, regardless of cause or the negligence or strict liability of any Person, except to the extent such Losses result from
the Willful Misconduct of the Shareholder seeking indemnity hereunder, <I>provided</I> that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">a
                                            Shareholder shall not be entitled to bring any claim under this Section 22.2(b) in respect
                                            of itself or its Affiliate if, and to the extent that:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">such
                                            claim is a Product Claim (as defined in each PMLA), regardless of whether the Shareholder
                                            or its Affiliate is entitled to be indemnified under Section 10.1 (<I>Indemnity for Product
                                            Claims</I>) of either PMLA; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Shareholder or its Affiliate is entitled to be indemnified under Section 12.4 (<I>Indemnity
                                            and Release</I>) of any Dow Technology License Agreement or under Section 5.6 (<I>Standard
                                            of Care, Warranty and Indemnities</I>) of any Dow Technical Services Agreement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">a
                                            Shareholder seeking indemnity under this Section 22.2(b):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">shall
                                            notify the Company as soon as reasonably practicable after becoming aware of any such claim
                                            that has been or is reasonably likely to be brought against it or its Affiliate and shall
                                            use its commercially reasonable efforts to mitigate and resolve such claim, <I>provided</I>
                                            that any failure to do so shall not in any way reduce the Company&rsquo;s obligations in
                                            relation to such claim except to the extent of any additional Losses incurred by such Shareholder
                                            or its Affiliate as a consequence of non-compliance; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">shall
                                            not settle any such claim without the prior written consent of the Company (such consent
                                            not to be unreasonably withheld or delayed); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Company&rsquo;s liability to a Shareholder seeking indemnity under this Section 22.2(b) shall
                                            become fixed upon the settlement of the relevant claim in accordance with Section 22.2(b)(ii)(B)
                                            or a final, non-appealable decision by an arbitral tribunal of competent jurisdiction, or
                                            court of last resort.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>22.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Limitations
                                            on Liability</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
any Manager nor any Shareholder shall be personally liable for the return of all or any portion of a Shareholder&rsquo;s Capital Contributions
or for the payment of any amounts allocated to it. Any such return or payment shall be made solely from, and to the extent of, the Company&rsquo;s
assets pursuant to the terms of this Shareholders&rsquo; Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall not be liable to any Shareholder, and no Shareholder nor its Affiliates, shall be liable to any other Shareholder or its
Affiliates or the Company, for any Losses arising in connection with this Shareholders&rsquo; Agreement, to the extent that such Losses
comprise loss of profit, indirect, or consequential losses howsoever caused and whether or not foreseeable at the Effective Date, <I>provided
</I>that this Section 22.3(b) shall not limit the liability of any Shareholder under an indemnity hereunder for loss of profit, indirect,
or consequential losses suffered by any Person other than a Shareholder, its Affiliates, or the directors, officers, employees, or agents
of any of them.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shareholders agree that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">no
                                            Founding Shareholder (nor any of its Affiliates) shall be liable to any other Shareholder
                                            (or any of its Affiliates) or to the Company (or any of its Affiliates) for; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">they
                                            shall cause the Company to indemnify, defend, and hold harmless each Founding Shareholder
                                            and its Affiliates (and its and their employees, agents, consultants, contractors, and subcontractors)
                                            from and against,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">any
Losses in connection with the contribution or provision to the Company by a Founding Shareholder, and use by or on behalf of the Company
or a Founding Shareholder in connection with the Project, of any goods and services (whether tangible or intangible) and information
(including information such as safety-related information, loss-prevention information, layers of protection analysis, reactive chemical
data, and any other business or technical information constituting the subject matter of goods and services (whether tangible or intangible))
that have been converted into Capital Contributions or Subordinated Shareholder Loans from time to time in accordance with this Shareholders&rsquo;
Agreement except for any Losses resulting from the Willful Misconduct of a Founding Shareholder (or any of its Affiliates). The Shareholders
agree that they shall take no action with respect to the Company, nor permit the Company to take any action, inconsistent with this Section
22.3(c), <I>provided </I>that nothing in this Section 22.3(c) shall affect any rights of a Shareholder (or any of its Affiliates) or
the Company arising under any of the other Principal Agreements.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>INSURANCE</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shareholders agree that the Company shall obtain and maintain such insurance on the Complex as shall be:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">commercially
                                            available at reasonable commercial rates;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">prudent
                                            in the judgment of the Board; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">agreed
                                            with the senior lenders providing the Project Debt,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">utilizing
reputable insurers of internationally recognized standing and complying with the requirements as set forth in the Project Financing Agreements,
international industry standards, and Applicable Law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Shareholders may, through their respective Affiliates, provide the insurances required by Section 23(a) to the Company, <I>provided</I>
that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            amount of insurance provided by the Affiliates of a Shareholder shall, in the aggregate,
                                            be in proportion to such Shareholder&rsquo;s Ownership Interest in the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">such
                                            insurances provided to the Company shall be based on arm&rsquo;s-length, competitive, and
                                            commercial considerations; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">a
                                            percentage of any insurance provided by the Affiliates of any Shareholder (such percentage
                                            to be agreed by the Shareholders) shall be provided by a third-party insurer, who shall decide
                                            the terms of insurance coverage to be provided by such Affiliates to the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>DISPUTE
RESOLUTION PROCEDURES</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">All
Disputes arising out of or in connection with this Shareholders&rsquo; Agreement shall be settled in accordance with the Dispute Resolution
Procedures set forth in Annex A (<I>Dispute and Expert Resolution Procedures</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ASSIGNMENT</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Except
as expressly provided in this Shareholders&rsquo; Agreement, no rights or obligations under this Shareholders&rsquo; Agreement or in
relation to any Shareholder&rsquo;s Ownership Interest may be assigned, transferred, or otherwise disposed of (including held or declared
into trust) by a Shareholder without first seeking and obtaining the prior written consent of the other Shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>MISCELLANEOUS</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>26.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Resident
                                            Representative</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Each
Founding Shareholder shall ensure that at least one (1) senior employee of that Founding Shareholder with authority to make representations
on behalf of, and take any actions delegated to him by, such Founding Shareholder, is resident in The Kingdom during the Term.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>26.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Binding
                                            Effect</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Except
as otherwise provided in this Shareholders&rsquo; Agreement, every covenant, term, and provision of this Shareholders&rsquo; Agreement
shall, in accordance with its terms, be binding upon and inure to the benefit of the Shareholders and their respective heirs, legatees,
legal representatives, successors, transferees, and permitted assigns.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>26.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Notices</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
notice or communication to be given pursuant to this Shareholders&rsquo; Agreement by a Shareholder to the other Shareholders, shall
be sufficiently given if in writing and delivered by postal service, international prepaid courier, facsimile, or hand with written receipt
to the following Persons at the addresses set forth below or to such other Person or addresses as such Shareholder may designate (a &ldquo;<B>Notice</B>&rdquo;):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"><FONT STYLE="letter-spacing: normal"><U>If
to the Saudi Aramco Founding Shareholder</U>:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">Excellent
Performance Chemicals Company</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">Attn:
Chief Executive Officer</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal"><U>with
a copy to</U>:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">Saudi
Arabian Oil Company</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">Attn:
General Counsel</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><U>If
to the Dow Founding Shareholder</U>:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">Dow
Saudi Arabia Holding B.V.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">Attn:
Legal Department</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal"><U>with
a copy to</U>:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">Dow
Europe Holding B.V.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">Attn:
EMEA Finance Director</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal"><U>and</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">The
Dow Chemical Company</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">Attn:
General Counsel</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: normal"><U>If
to any subsequent Shareholder</U>:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">As
specified in its Accession Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
such Notice sent in accordance with Section 26.3(a) shall, if receipt is not acknowledged, be deemed to have been delivered at the expiration
of seventy-two (72) hours from the time at which the same is sent, <I>provided</I> that a Notice shall not be deemed to have been delivered
if sent by post, until the time of actual receipt by the addressee, and, in the case of a facsimile, until production of a transmission
report from the machine from which the facsimile was sent (which indicates that the facsimile was sent in its entirety to the facsimile
number of the recipient).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise specified:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            Notice to be made to the Board Chairman (and / or the Deputy Board Chairman), the Board Secretary
                                            (and / or the Assistant Board Secretary), and any Senior Officers of the Company shall be
                                            deemed validly delivered if addressed to such Person and delivered to the Head Office unless
                                            another address is specified by any such Person for such purpose, in which case, it shall
                                            be deemed to be validly delivered if addressed to such Person and delivered to such address;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            Notice to be made to a Manager of the Company shall be deemed validly delivered if addressed
                                            to such Manager and delivered to the Shareholder who is represented by such Manager,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal"><I>provided
</I>that the rules with respect to delivery as stipulated in Section 26.3(a) and Section 26.3(b) shall continue to apply.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>26.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Entire
                                            Agreement</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Shareholders confirm that this Shareholders&rsquo; Agreement represents the entire understanding, and constitutes the whole agreement,
in relation to its subject matter and supersedes any previous agreements, statements, undertakings, covenants, representations, or warranties,
whether written or made verbally between the Shareholders with respect thereto (including the MOU) and, without prejudice to the generality
of the foregoing, excludes any warranty, condition, or other undertaking implied at law or by custom.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>26.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Amendments</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">No
variation of this Shareholders&rsquo; Agreement shall be valid unless it is in writing and signed by or on behalf of each of the Shareholders.
The expression &ldquo;<B>variation</B>&rdquo; includes any variation, amendment, supplement, deletion, or replacement, however effected.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>26.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Waivers</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
rights and remedies of the Shareholders under or in connection with this Shareholders&rsquo; Agreement shall not be affected by the giving
of any indulgence by the other Shareholders or by anything whatsoever except a specific waiver or release in writing and any such waiver
or release shall not prejudice or affect any other rights or remedies of the Parties.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 91 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>26.7</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Counterparts</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">This
Shareholders&rsquo; Agreement may be executed in any number of counterparts and by the Founding Shareholders on separate counterparts,
each of which when executed and delivered shall be an original but all the counterparts together constitute one instrument.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>26.8</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>English
                                            Language</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
governing language of this Shareholders&rsquo; Agreement and all related documents, instruments, and other materials relating hereto
(including Notices) shall be English and, notwithstanding their translation into the Arabic language or any other language, the English
language version shall prevail.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>26.9</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Severability</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">If
any part (including any Section or Annex, or part thereof) of this Shareholders&rsquo; Agreement shall be void or unenforceable by reason
of Applicable Law, it shall be deleted and the remaining parts of this Shareholders&rsquo; Agreement shall continue in full force and
effect and, if necessary, each Shareholder shall use its commercially reasonable efforts to agree upon any amendments to this Shareholders&rsquo;
Agreement necessary to give effect to the spirit of this Shareholders&rsquo; Agreement.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>26.10</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Governing
                                            Law</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">This
Shareholders&rsquo; Agreement shall be construed in accordance with the plain meaning of its terms and shall be interpreted in all respects
in accordance with and governed by the laws of The Kingdom.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>26.11</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Further
                                            Actions</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Shareholders hereby agree to cooperate and use their commercially reasonable efforts to take, or cause to be taken, all appropriate actions
necessary, proper, or advisable, and to obtain all permits, consents, approvals, authorizations, qualifications, and orders as are necessary
under Applicable Law, to consummate and make effective the transactions contemplated by this Shareholders&rsquo; Agreement.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>26.12</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Costs</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Except
as expressly provided otherwise in this Shareholders&rsquo; Agreement, each Shareholder shall pay its own costs in connection with the
preparation, negotiation, execution, and performance of this Shareholders&rsquo; Agreement.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>26.13</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Reliance</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Each
Shareholder confirms on behalf of itself and its Affiliates that, in entering into this Shareholders&rsquo; Agreement, it has not relied
on any representation, warranty, assurance, covenant, indemnity, undertaking, or commitment that is not expressly set out or referred
to in this Shareholders&rsquo; Agreement. Nothing in this Shareholders&rsquo; Agreement shall exclude or limit any liability or remedy
arising as the result of fraud.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>26.14</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Prohibited
                                            Payments</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Shareholder, its Affiliates, or its or their directors, employees, agents, consultants, contractors, subcontractors, or any third party
acting on behalf of a Shareholder, its Affiliates, or its or their directors, employees, agents, or authorized representatives, shall
make any payment or give or take anything of value to or from any:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">government
                                            official (including any officer or employee of any department, agency, or instrumentality);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">political
                                            party (including any candidate for political office); or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            other Person,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">to influence
his or her or its decision, or to gain any other advantage for itself or the Company or any of its Affiliates, including obtaining, retaining,
or directing business.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Shareholder becoming aware of a breach of this Section 26.14 by it, one of its Affiliates, or its or their directors, employees, agents,
consultants, contractors, subcontractors, or any third party acting on behalf of a Shareholder, its Affiliates, or its or their employees,
agents, or authorized representatives, shall immediately provide a Notice to the other Shareholders of the breach of this Section 26.14
and shall indemnify, defend, and hold harmless the other Shareholders from and against all Losses arising out of such breach.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
Shareholder shall retain the services of a third party to act on behalf of the Company, either directly or indirectly, without first
obtaining the prior written approval of the other Shareholder.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>26.15</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Immunity</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">To
the extent that any Shareholder may in any jurisdiction claim for itself for its assets immunity from suit, execution, attachment (whether
in aid of execution, before judgment or otherwise), or other legal process and to the extent that in any such jurisdiction there may
be attributed to itself or its assets such immunity (whether or not claimed), such Shareholder hereby irrevocably agrees not to claim
and hereby irrevocably waives such immunity to the full extent permitted by the laws of such jurisdiction. The execution, delivery, and
performance of this Shareholders&rsquo; Agreement constitute private and commercial acts.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: normal">[REMAINDER OF
PAGE LEFT INTENTIONALLY BLANK]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>IN
WITNESS WHEREOF</B>, each of the Founding Shareholders has caused this Shareholders&rsquo; Agreement to be executed, in duplicate originals,
by its duly authorized representatives as of the date first written above.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>EXCELLENT
PERFORMANCE CHEMICALS COMPANY </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="letter-spacing: normal">By:__________________________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">Name: Basil
N. Al-Ajmi</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">Title: Chief
Executive Officer</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: normal">AMENDED
AND RESTATED SHAREHOLDERS&rsquo; AGREEMENT</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<!-- Field: Page; Sequence: 94 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>DOW
SAUDI ARABIA HOLDING B.V.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="letter-spacing: normal">By:__________________________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">Name: P.J.L.M.
Taalman</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">Title: Director</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="letter-spacing: normal">By:__________________________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">Name: M.B. Sloot</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">Title: Director</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: normal">AMENDED
AND RESTATED SHAREHOLDERS&rsquo; AGREEMENT</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<!-- Field: Page; Sequence: 95 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->&nbsp;<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: normal"><B><U>DISPUTE
AND EXPERT RESOLUTION PROCEDURES</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Dispute
                                            Resolution Procedures</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">1.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Negotiations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Without
                                            prejudice to the Shareholders&rsquo; rights to apply to any competent judicial authority
                                            for interim or conservatory measures, all disputes, controversies or claims arising under,
                                            out of or in connection with this Shareholders&rsquo; Agreement, other than those to be referred
                                            to an Expert in accordance with Part II (<I>Expert Determination Procedures</I>) of this
                                            Annex A below (each a &ldquo;<B>Dispute</B>&rdquo;) shall be submitted to negotiation between
                                            the parties to the Dispute. If any Dispute has not been resolved by such negotiation within
                                            thirty (30) days from the date on which any Shareholder receives written notification from
                                            another Shareholder that a Dispute exists under this Paragraph, then any Shareholder may
                                            refer such Dispute to the chief executive officer of each Parent Company, in the case of
                                            the Founding Shareholders, and the chief executive officer of each other Shareholder that
                                            is a party to the Dispute (the &ldquo;<B>Dispute Committee</B>&rdquo;), for resolution.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Any such
                                            referral shall be in writing and shall be accompanied by the referring Shareholder&rsquo;s
                                            statement of the Dispute and its position with respect thereto and copied to the other Shareholder(s).
                                            Each other Shareholder shall have the right to submit to the Dispute Committee its own written
                                            statement of the Dispute and its position with respect thereto (copied to the other Shareholder(s))
                                            and shall do the same within ten (10) days of such referral. If such Dispute has not been
                                            resolved by the Dispute Committee by unanimous written agreement within thirty (30) days
                                            from the date of referral to the Dispute Committee, then such Dispute shall be settled exclusively
                                            and finally by binding arbitration under the ICC Rules, as modified in accordance with Paragraph
                                            1.2.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">1.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Arbitration</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">No Shareholder
                                            may refer a Dispute to arbitration in accordance with this Annex A unless a period of not
                                            less than thirty (30) days has expired since the date of referral of the Dispute to the Dispute
                                            Committee. After the expiration of such thirty (30) day period, any Shareholder may refer
                                            the Dispute to arbitration, in which case nothing in this Annex A shall prejudice the rights
                                            of a Shareholder to:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">commence
                                            arbitration proceedings against any Shareholder whether or not that Shareholder was a party
                                            to the Dispute and / or involved in the negotiations and / or the reference to the Dispute
                                            Committee; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">raise
                                            in the arbitration claims, defenses, counterclaims or cross-claims based on matters that
                                            have not been the subject of negotiation and / or were not referred to the Dispute Committee
                                            and / or did not form part of the Dispute.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 0in"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: right; text-indent: 0in"><FONT STYLE="letter-spacing: normal"><B>ANNEX
A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: normal">The
Request for Arbitration (as defined in the ICC Rules) shall be sent by the claimant(s) to all other Shareholders, whether or not such
other Shareholders are named as respondents in the Request for Arbitration. A Shareholder that is not named as a respondent in the Request
for Arbitration may become a party to arbitral proceedings by submitting a written notice to this effect to the ICC Court and to the
other Shareholders within ten (10) days from the receipt by such Shareholder of the Request for Arbitration. A Shareholder that is named
as a respondent in the Request for Arbitration may join any other Shareholder to the arbitral proceedings by submitting a written notice
to this effect to the ICC Court and to the other Shareholders within ten (10) days from the receipt by such Shareholder of the Request
for Arbitration.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">There
                                            shall be three (3) arbitrators appointed in accordance with the ICC Rules, <I>provided</I>
                                            that the parties to the arbitration shall have thirty (30) days after the confirmation of
                                            the second arbitrator to agree on the third arbitrator, who shall act as president. Where
                                            there are more than two (2) parties to the arbitration, the arbitrators shall be appointed
                                            in accordance with Article 12 of the ICC Rules, <I>provided</I> that the parties to the arbitration
                                            shall have thirty (30) days after the confirmation of the second arbitrator to agree on the
                                            third arbitrator, who shall act as president. The three (3) arbitrators shall constitute
                                            the &ldquo;<B>Tribunal</B>&rdquo;. The Shareholders agree that no provision in the ICC Rules
                                            will apply insofar as it renders any individual ineligible for appointment as arbitrator
                                            on the grounds of nationality.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The seat
                                            of the arbitration shall be London, England, and the language of the arbitration shall be
                                            English. The Tribunal shall have the right and authority to grant injunctive, declaratory
                                            and other equitable relief. Judgment upon any award rendered in the arbitration may be entered
                                            in any court having jurisdiction, or application may be made to such court for a judicial
                                            acceptance of the award and an order of enforcement, as the case may be. The award shall
                                            not be subject to appeal according to Section 69 of the English Arbitration Act of 1996.
                                            Section 45 of the English Arbitration Act of 1996 shall also not apply.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Where
                                            a Shareholder (a &ldquo;<B>Common Party</B>&rdquo;) is of the opinion that a Dispute raises
                                            issues or facts that are substantially the same as or connected with issues or facts raised
                                            in a dispute involving that Shareholder under one or more Related Agreements (the &ldquo;<B>Related
                                            Dispute(s)</B>&rdquo;), the following provisions shall apply:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            no arbitral tribunal has been appointed in connection with the Dispute, the Common Party
                                            may by Notice to the other Shareholders require the Dispute to be referred to and determined
                                            by the arbitral tribunal appointed or to be appointed in respect of any such Related Dispute(s);
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            no arbitral tribunal has been appointed in connection with a Related Dispute, the Common
                                            Party may by Notice to the other Shareholders require the Related Dispute to be referred
                                            to and determined by the arbitral tribunal appointed or to be appointed in respect of the
                                            Dispute.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The applicable
                                            arbitral tribunal, after having invited all parties to the Dispute and all parties to the
                                            Related Dispute(s) to make submissions on the issue of consolidation, may (but shall not
                                            be obliged to) direct that the Dispute and the Related Dispute(s) be dealt with in the same
                                            arbitration and the proceedings consolidated or otherwise be coordinated on such terms (including
                                            as to costs) as it considers just or may direct any of them to be heard one after another
                                            and may order any of them to be stayed until determination of any of them. For the purposes
                                            of this Paragraph, the Shareholders adhere to and consent to be bound by the arbitration
                                            agreement contained in the Related Agreement(s).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal"><B>ANNEX A</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">If the
                                            applicable arbitral tribunal is unable or unwilling to determine both the Dispute and the
                                            Related Dispute, the Dispute shall proceed to be finally settled under the ICC Rules. The
                                            fact that an individual is a member of the arbitral tribunal appointed to determine the Related
                                            Dispute shall not in that case constitute a reason preventing that individual from being
                                            appointed to the arbitral tribunal for the Dispute.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The arbitrators
                                            in any consolidated or coordinated arbitration shall have the power at any time prior to
                                            signature or approval of the terms of reference under the ICC Rules, on the application of
                                            any Shareholder or on their own motion, and on such terms as they consider just, to order
                                            that the arbitration as between any two (2) or more Persons proceed separately, but before
                                            the same arbitrators, from the arbitration as between any other two (2) or more Persons,
                                            and to make any directions consequent thereon as they consider expedient for the future conduct
                                            of all such proceedings.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The Shareholders
                                            irrevocably waive any claim to any damages in the nature of punitive or exemplary damages,
                                            and the Tribunal is specifically divested of any power to award such damages.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Without
                                            prejudice to any other mode of service allowed under any relevant law, each of the Shareholders
                                            agrees that any process in relation to any proceedings before the English courts in connection
                                            with any arbitration commenced under this Shareholders&rsquo; Agreement shall be duly served
                                            upon it if delivered personally or sent by registered post in the case of:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><U>the
                                            Saudi Aramco Founding Shareholder or any of its Affiliates</U>:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">Saudi
Petroleum Overseas, Ltd.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">Attn:
Managing Director</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">[***]</FONT></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><U>the
                                            Dow Founding Shareholder or any of its Affiliates</U>:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify"><FONT STYLE="letter-spacing: normal">Dow
Chemical Company Ltd</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify"><FONT STYLE="letter-spacing: normal">Attn:
Legal Department</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><U>any
                                            other Shareholder and / or any of its Affiliates</U>: a legal entity with a registered address
                                            in England and Wales to be nominated by that Shareholder within thirty (30) days of it becoming
                                            a Shareholder,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">or
such other person and address in England and Wales as a Shareholder shall by Notice inform the other Shareholders from time to time.
Each Shareholder represents and warrants that its agent has accepted the appointment and has agreed to act as agent for the service of
process, and the Shareholders agree to take all action that may be necessary to continue such appointment in full force and effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Save
                                            and to the extent that disclosure may be required by law or otherwise required by a court
                                            or arbitral tribunal or to enforce or challenge an award, the Shareholders undertake to keep
                                            confidential the existence, content or results of any arbitration hereunder, and undertake
                                            not to disseminate to any third party nor use for any purpose other than the arbitration
                                            immediately at hand any documents or information disclosed to them in any such arbitration,
                                            without the prior written consent of all the Shareholders concerned, <I>provided</I> that
                                            nothing in this Paragraph shall prohibit a party from disclosing information to actual or
                                            potential witnesses or experts where necessary for their selection or the preparation of
                                            any claim or defense in the arbitration.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expert
Determination Procedures</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">If, pursuant
                                            to any of the provisions of this Shareholders&rsquo; Agreement, a matter is expressly required
                                            to be referred to an expert for determination (&ldquo;<B>Expert</B>&rdquo;) or the Shareholders
                                            agree unanimously that any matter should be referred to an Expert for determination, the
                                            provisions set forth in this Part II shall apply. Unless stated otherwise in this Shareholders&rsquo;
                                            Agreement, a Valuation Expert shall not be an Expert for the purposes of this Annex A.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">For any
                                            matter to be referred to an Expert pursuant to the provisions of this Shareholders&rsquo;
                                            Agreement, the Shareholders hereby agree that the proceedings shall be conducted and the
                                            determinations rendered expeditiously by such Expert. The Expert shall act as an expert and
                                            not as an arbitrator. The International Centre for Expertise of the ICC (the &ldquo;<B>Centre</B>&rdquo;)
                                            shall administer the expert determination pursuant to the ICC Rules for Expertise.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The Shareholder
                                            desiring the determination of an Expert shall send a request for administration to the ICC
                                            in accordance with Article 9 of the ICC Rules for Expertise and to all other Shareholders,
                                            whether or not named in the request for administration. A Shareholder that is not named in
                                            the request for administration shall within two (2) days of the receipt of such request for
                                            administration give notice in writing to the ICC and to all other Shareholders of its intent
                                            to participate in such determination.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The Shareholders
                                            participating in the determination (the &ldquo;<B>Participating Shareholders</B>&rdquo;)
                                            shall unanimously select the Expert within a maximum period of five (5) days following the
                                            receipt of the request for administration or, if a Shareholder gives notice of its intent
                                            to participate in the determination under Paragraph (c) of Part II above, within five (5)
                                            days following the receipt of such notice. Failing such unanimous decision by such Participating
                                            Shareholders within such period, then, upon the request of any one of such Participating
                                            Shareholders, the Centre shall appoint the Expert.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The Expert,
                                            once appointed, shall have no <I>ex parte</I> communications with any of the Shareholders
                                            concerning the expert determination. The Shareholders agree to cooperate fully in the expeditious
                                            conduct of such expert determination and to provide the Expert with access to all facilities,
                                            books, records, documents, information, and personnel that the Expert considers are necessary
                                            to make a fully informed determination in an expeditious manner.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: right; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal"><B>ANNEX
A</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The Expert
                                            shall set out his or her mission in a written document in accordance with Article 12(1) of
                                            the Rules for Expertise within ten (10) days of his or her appointment. The Expert shall
                                            issue a final report within forty-five (45) days of setting out his or her mission in accordance
                                            with Article 12(1) of the ICC Rules for Expertise, or such other period as the Participating
                                            Shareholders shall agree, taking into account the circumstances requiring an expeditious
                                            resolution of the matter in dispute.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The Expert&rsquo;s
                                            determination shall be final and binding on the Shareholders save in the case of fraud or
                                            manifest error. A Shareholder intending to challenge the Expert&rsquo;s determination on
                                            the basis of fraud or manifest error shall initiate arbitration within thirty (30) days of
                                            its receipt of the determination failing which the determination shall be final and binding.
                                            In the event that the Expert&rsquo;s determination is not challenged within the deadline
                                            set out above and a Shareholder does not comply with such determination, any other Shareholder
                                            may refer this failure to arbitration in accordance with Paragraph 1.2 of this Annex A. For
                                            the purposes of this Paragraph, the pre-arbitral requirements of Part I of this Annex A shall
                                            not apply.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">All proceedings
                                            before the Expert shall be conducted in the English language and all documents submitted
                                            in connection with such proceeding shall be in the English language.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            Participating Shareholders shall each bear their own costs and expenses related to, or arising
                                            in connection with, the proceedings before the Expert and shall bear the costs of the Expert
                                            in equal shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX B</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: normal"><B><U>FORM OF
ACCESSION AGREEMENT</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></TD><TD STYLE="text-align: right">[Date]</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">Sadara
Chemical Company</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">[<I>Address</I>]</FONT></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">[<I>Names
of Current Shareholders</I>]</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">[<I>Addresses</I>]</FONT></TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">[<FONT STYLE="text-transform: uppercase"><I>Name
of New Shareholder</I></FONT>], a [<I>form of company</I>] organized under the laws and regulations of [<I>jurisdiction</I>] (hereinafter
&ldquo;<B>we</B>&rdquo;) intend to become a Shareholder of <FONT STYLE="text-transform: uppercase">Sadara Chemical Company</FONT>, a
limited liability company organized under the laws and regulations of The Kingdom of Saudi Arabia (the &ldquo;<B>Company</B>&rdquo;),
and hereby agree with the other Shareholders to comply with, and be bound by, all of the provisions of the Shareholders&rsquo; Agreement,
dated as of [&#9679;], by and between EXCELLENT PERFORMANCE CHEMICALS COMPANY and DOW SAUDI ARABIA HOLDING B.V. (a copy of which has
been delivered to us and which we have initialed and attached to this Accession Agreement for identification) in all respects as if we
were a party to that Shareholders&rsquo; Agreement and were originally named in it as a Shareholder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">In addition
we hereby warrant to each of the other parties hereto on the date hereof as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">we are
                                            duly organized and validly existing under the laws of the jurisdiction in which we are organized;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">we have
                                            all requisite power and authority to enter into the Shareholders&rsquo; Agreement and to
                                            perform the obligations contemplated thereby;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the execution
                                            and delivery of this Accession Agreement and the Shareholders&rsquo; Agreement and the performance
                                            hereof and thereof have been duly authorized by all necessary action on our part;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">each
                                            of this Accession Agreement and the Shareholders&rsquo; Agreement constitutes a legal, valid,
                                            and binding obligation of us, enforceable against us in accordance with its terms, subject
                                            to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium, and other similar
                                            laws relating to or affecting creditors&rsquo; rights generally and general equitable principles
                                            (whether considered in a proceeding in equity or at law);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">we have
                                            the capacity under the laws of our [country][jurisdiction] of [incorporation][organization]
                                            to agree to the choice of law and dispute resolution provisions set forth in the Shareholders&rsquo;
                                            Agreement, and such choice of law and dispute resolution provisions are enforceable against
                                            us under the laws of our [country][jurisdiction] of [incorporation][organization];</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">neither
                                            the execution and delivery of this Accession Agreement or the Shareholders&rsquo; Agreement
                                            nor the performance hereof or thereof will violate, conflict with, or result in a breach
                                            of any law or provision applicable to our organizational documents or any agreement, document,
                                            or instrument to which we are subject or by which we or our assets are bound or require the
                                            consent or approval (if not already obtained) of any shareholder, partner, equity holder,
                                            holder of indebtedness of us, or any other applicable Person, or contravene or result in
                                            a breach of or default under or the creation of any lien, charge, or encumbrance upon any
                                            property under any constitutive document, indenture, mortgage, loan agreement, lease, or
                                            other agreement, document, or instrument to which we are a party; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal"><B>ANNEX B</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any required
                                            authorizations of and exemptions, actions, or approvals by, and any required notices to or
                                            filings with, any governmental authority that are required to have been obtained or made
                                            by such us, in connection with the execution and delivery of this Accession Agreement or
                                            the Shareholders&rsquo; Agreement or the performance by us of our obligations hereunder or
                                            thereunder have been obtained or made and are in full force and effect, and all conditions
                                            of any such authorizations, exemptions, actions, or approvals have been complied with.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">We agree
to give written Notice to the other Shareholders if any of the warranties made by us in this Accession Agreement should prove to have
been incorrect, incomplete, or misleading on the date of this Accession Agreement or should become incorrect, incomplete, or misleading
during the term of the Shareholders&rsquo; Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">In witness
whereof we have executed this Accession Agreement on the date stated above.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">___________________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">[<I>NAME
OF NEW SHAREHOLDER</I>]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">By:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">Title:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify; text-indent: -3in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify; text-indent: -3in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="letter-spacing: normal">Countersigned:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="letter-spacing: normal">_____________________________________________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[<FONT STYLE="text-transform: uppercase"><I>Existing
Party to the Shareholders&rsquo; Agreement</I></FONT>]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="letter-spacing: normal">By:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="letter-spacing: normal">Title:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="letter-spacing: normal">_____________________________________________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[<FONT STYLE="text-transform: uppercase"><I>Existing
Party to the Shareholders&rsquo; Agreement</I></FONT>]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="letter-spacing: normal">By:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="letter-spacing: normal">Title:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 6pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX C</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: center"><FONT STYLE="letter-spacing: normal"><B><U>ACQUISITION
OF OWNERSHIP INTERESTS</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Upon
                                            delivery of an Acquisition Notice pursuant to Section 19.3 (<I>Transfers to Third Parties</I>)
                                            or a Call Notice or a Put Notice pursuant to Section 18.2(b) (<I>Consequences of Events of
                                            Default</I>), three (3) Valuation Experts shall be appointed to determine [***] (each a &ldquo;<B>Valuation
                                            Expert</B>&rdquo;) in accordance with the following provisions:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">In
                                            the case of delivery of:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">an
                                            Acquisition Notice, the Transferor and each Non-Transferring Shareholder who has delivered
                                            an Acquisition Notice in accordance with Section 19.3(c) (<I>Transfers to Third Parties</I>);</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">a
                                            Call Notice or a Put Notice, the Defaulting Shareholder and:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Non-Defaulting Founding Shareholder, where the Dow Founding Shareholder or the Saudi Aramco
                                            Founding Shareholder is the Defaulting Shareholder; or</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">each
                                            Founding Shareholder, where PublicCo is the Defaulting Shareholder,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">shall
have the right to appoint one (1) Valuation Expert within thirty (30) days of delivery of the Acquisition Notice, Call Notice, or Put
Notice, as the case may be.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Where
                                            two (2) Valuation Experts are appointed, they shall jointly appoint a third (3rd) Valuation
                                            Expert. If the two (2) Valuation Experts have not agreed on and appointed the third (3rd)
                                            Valuation Expert within seven (7) days of their own appointment, they shall cause the Centre
                                            to appoint the third (3rd) Valuation Expert within seven (7) further days.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">If
                                            a Shareholder entitled to appoint a Valuation Expert does not appoint a Valuation Expert
                                            within the thirty (30)-day period in Paragraph (a) above, such Shareholder shall not be entitled
                                            to appoint a Valuation Expert in respect of the relevant Acquisition Notice, Call Notice,
                                            or Put Notice and this Annex C shall continue to apply only in respect of those Valuation
                                            Experts who were appointed in accordance with Paragraphs (a) and (b) above.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            Valuation Experts, once appointed, shall have no <I>ex parte</I> communications with any
                                            of the Shareholders in connection with the determination of [***] under this Annex C. The
                                            Shareholders agree to cooperate fully in the expeditious conduct of [***] and to provide
                                            the Valuation Experts with equal access to all facilities, books, records, documents, information,
                                            and personnel that the Valuation Experts consider are necessary to make a fully informed
                                            determination in an expeditious manner.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 103 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
C</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Each
                                            Valuation Expert shall determine [***] (the &ldquo;<B>Valued Interest</B>&rdquo;) within
                                            forty-five (45) days of its appointment. The determination of [***] shall be based on the
                                            assumptions that, where the Valued Interest is:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">an
                                            &ldquo;Offered Interest&rdquo;, the sale of the Valued Interest will be between a willing
                                            third party buyer and a seller each acting of their own volition and contracting on an arms&rsquo;
                                            length basis on the basis of the warranties set forth in Paragraph 6 below; or</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Company:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">no
                                            Event of Default has occurred and is continuing;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Company is carrying on business as a going concern;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            counterparties to each Principal Agreement are performing their obligations thereunder in
                                            accordance with its terms and will continue to do so, <I>provided</I> that:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the case of a Put Notice, such basis shall take into account the terminations of and modifications
                                            to the Project Agreements (if any) referred to in Sections 18.2(b)(ii)(B)(1), (2), and (5)
                                            (<I>Consequences of Events of Default</I>) set forth in the Put Notice delivered by the Dow
                                            Founding Shareholder pursuant to Section 18.2(b)(ii)(B) (<I>Consequences of Events of Default</I>);
                                            and</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the case of a Put Notice or Call Notice with respect to the Dow Founding Shareholder&rsquo;s
                                            Ownership Interest, such basis shall take into account [***].</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            determination of [***] by each Valuation Expert shall be set forth in writing (the &ldquo;<B>Valuation
                                            Notice</B>&rdquo;) and delivered to each of the Shareholders who had the right to appoint
                                            a Valuation Expert. The [***] shall be final and binding upon the Shareholders, <I>provided
                                            </I>that where only one (1) Valuation Notice has been delivered, [***] set forth in that
                                            Valuation Notice shall be final and binding upon the Shareholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Where
                                            an Ownership Interest is to be Transferred pursuant to Section 19.3 (<I>Transfers to Third
                                            Parties</I>) following delivery of an Acquisition Notice or pursuant to Section 18.2(b) (<I>Consequences
                                            of Events of Default</I>) following delivery of a Call Notice, then no later than:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the case of Partial Transfer, thirty (30) days;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            any other case, ninety (90) days; and</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            any case, if later, the day following the next regularly scheduled meeting of the board of
                                            directors of the Parent Company of the Non-Transferring Shareholder or Non-Defaulting Founding
                                            Shareholder, as the case may be,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: right; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal"><B>ANNEX
C</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">of
delivery of the last Valuation Notice (such period, the &ldquo;<B>Acquisition Period</B>&rdquo;), any Non-Transferring Shareholder that
has delivered an Acquisition Notice or Non-Defaulting Shareholder that has delivered a Call Notice shall have the right to deliver a
Notice to the Transferor or Defaulting Shareholder, as the case may be, with a copy to the Company (in the case of a Notice by a Non-Transferring
Shareholder that has delivered an Acquisition Notice, an &ldquo;<B>Acquisition Exercise Notice</B>&rdquo; and, in the case of a Notice
by a Non-Defaulting Shareholder that has delivered a Call Notice, a &ldquo;<B>Call Exercise Notice</B>&rdquo;) expressing the intention
of the Non-Transferring Shareholder or Non-Defaulting Shareholder, as the case may be, to purchase, or to cause its designee to purchase,
the Ownership Interest which is the subject of the Notice pursuant to a share purchase agreement in accordance with Paragraph 6 below
(subject, where multiple Shareholders have delivered Acquisition Exercise Notices or Call Exercise Notices, to the apportionment of the
Ownership Interest on a <I>pro rata</I> basis between them in accordance with Section 19.3 (<I>Transfers to Third Parties</I>) or Section
18.2 (<I>Consequences of Events of Default</I>), as the case may be).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">Where
                                            an Ownership Interest is to be Transferred in accordance with Section 18.2(b) (<I>Consequences
                                            of Events of Default</I>) following delivery of a Put Notice, then no later than ninety (90)
                                            days (or, if later, the day following the next regularly scheduled meeting of the board of
                                            directors of Dow) after the delivery of the last Valuation Notice, the Dow Founding Shareholder
                                            shall have the right to deliver a Notice to the Saudi Aramco Founding Shareholder and the
                                            PublicCo Shareholder, with a copy to the Company (the &ldquo;<B>Put Exercise Notice</B>&rdquo;)
                                            requiring the Saudi Aramco Founding Shareholder to, and on delivery of a Put Exercise Notice
                                            the Saudi Aramco Founding Shareholder shall be required to, purchase (or to cause its designee
                                            to purchase) the Ownership Interest pursuant to a share purchase agreement in accordance
                                            with Paragraph 6 below (subject, if the PublicCo Shareholder purchases (or causes its designee
                                            to purchase) the Ownership Interest, to the apportionment of the Ownership Interest on a
                                            <I>pro rata</I> basis between them in accordance with Section 18.2 (<I>Consequences of Events
                                            of Default</I>)).</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            share purchase agreement (the &ldquo;<B>SPA</B>&rdquo;) referred to in Paragraphs 4 and 5
                                            above shall be a short-form share purchase agreement containing representations and warranties
                                            limited to:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">free
                                            and clear legal and beneficial ownership of the Ownership Interest;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">legal
                                            capacity and due authorization to transfer the Ownership Interest;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">no
                                            conflict or violation of law, organizational documents, or material contract arising from
                                            the transfer of the Ownership Interest;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">no
                                            right of first offer, right of first refusal, call option, pre-emptive right or similar right
                                            as a result of the transfer of the Ownership Interest;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">organization
                                            of the Transferor; and</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            due execution and delivery of such SPA.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
C</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="letter-spacing: normal">An
initial draft of the SPA shall be attached to the Acquisition Exercise Notice of the Non-Transferring Shareholder, the Call Exercise
Notice of the Non-Defaulting Shareholder, or the Put Exercise Notice of the Dow Founding Shareholder, as the case may be.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">On
                                            the Acquisition Closing Date:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Non-Transferring Shareholders acquiring the Ownership Interest shall, in accordance with
                                            the SPA, pay to the Transferor an amount equal to:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the case of a Transfer pursuant to Section 19.3 (<I>Transfers to Third Parties</I>), [***];
                                            or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the case of a Transfer pursuant to Section 18.2(b) (<I>Consequences of Events of Default</I>),
                                            the Dow Default Price, PublicCo Default Price, or Saudi Aramco Default Price, as the case
                                            may be;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Transferor shall deliver to the Non-Transferring Shareholders acquiring the Ownership Interest
                                            all certificates and other documentation evidencing the Ownership Interest that are reasonably
                                            necessary to effect a Transfer (the &ldquo;<B>Acquisition</B>&rdquo;), <I>provided</I> that
                                            in no circumstances shall a Shareholder be required:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">to
                                            effect a Transfer of the Ownership Interest until the Transferor has received full payment
                                            in respect of the entire Ownership Interest from the Non-Transferring Shareholders acquiring
                                            the Ownership Interest; or</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">to
                                            effect a Transfer of part and not all of the Ownership Interest that is the subject of the
                                            Acquisition;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Shareholders effecting the Transfer agree to do all further acts and execute all further
                                            documents as may reasonably be requested by the other Shareholders effecting the Transfer
                                            in order to give effect to the Transfer of the legal and beneficial ownership of the Ownership
                                            Interest;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">to
                                            the extent that a portion of [***] is transferred as part of an Acquisition [***], the scope
                                            of the Parent Guarantee [***] in respect of [***] obligations under this Shareholders&rsquo;
                                            Agreement shall be reduced in proportion to the reduction of [***], and the Shareholders
                                            and the Company shall take all necessary steps to procure a corresponding amendment to the
                                            Parent Guarantee [***];</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">each
                                            Shareholder issuing an Acquisition Notice, Call Notice, or Put Notice shall pay a percentage
                                            of the following <I>pro rata</I> to its Ownership Interest as a proportion of the Ownership
                                            Interests of all Shareholders who delivered such Notices:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            aggregate amount of invoiced fees, costs, and expenses of each of the Valuation Experts incurred
                                            to determine [***];</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
C</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            aggregate amount of costs and expenses of the Company (including all invoiced fees, expenses,
                                            and disbursements of legal counsel) incurred by the Company in connection with the Acquisition;
                                            and</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            aggregate amount of invoiced fees, expenses, and disbursements of legal counsel to, in the
                                            case of a Transfer pursuant to Section 19.3 (<I>Transfers to Third Parties</I>), the Non-Transferring
                                            Shareholder or, in the case of a Transfer pursuant to Section 18.2(b) (<I>Consequences of
                                            Events of Default</I>), the Non-Defaulting Shareholders incurred in connection with the Acquisition
                                            (excluding any such amounts incurred in connection with disputes in respect of the Acquisition
                                            unless otherwise provided in Annex A (<I>Dispute and Expert Resolution Procedures</I>)).</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left"><FONT STYLE="text-transform: uppercase; letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX D</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="text-transform: uppercase; letter-spacing: normal"><B><U>Key
project agreements</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: normal">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The following
                                            feedstock supply agreements entered into by and between the Company and Saudi Aramco (the
                                            &ldquo;<B>Feedstock Supply Agreements</B>&rdquo;):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: normal">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">[***]
                                            The Dow PMLA.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: normal">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The Saudi
                                            Aramco PMLA.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: normal">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The following
                                            technology license agreements entered into by and between the Company and Dow (and / or its
                                            Qualifying Affiliates) (the &ldquo;<B>Dow Technology License Agreements</B>&rdquo;):</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: normal">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The following
                                            catalyst supply agreements entered into by and between the Company and Dow Europe (the &ldquo;<B>Dow
                                            Catalyst Supply Agreements</B>&rdquo;):</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: normal">6.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The following
                                            agreements entered into by and between the Company and Dow (and / or its Qualifying Affiliates)
                                            with respect to the provision of technical services (the &ldquo;<B>Dow Technical Services
                                            Agreements</B>&rdquo;, and, together, with the Dow Technology License Agreements and the
                                            Dow Catalyst Supply Agreements, the &ldquo;<B>Dow Technology Agreements</B>&rdquo;):</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.4in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            following Dow In-Kingdom Pre-Acceptance Technical Services Agreements:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.4in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            following Dow In-Kingdom Post-Acceptance Technical Services Agreements:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.3in"></TD><TD STYLE="width: 0.4in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            following Dow Out-Of-Kingdom Post-Acceptance Technical Services Agreements:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase; letter-spacing: normal"><B><U>FORM
OF PARENT GUARANTEE</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="text-transform: uppercase; letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="text-transform: uppercase; letter-spacing: normal">PARENT
</FONT><FONT STYLE="letter-spacing: normal">GUARANTEE</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">between</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="text-transform: uppercase; letter-spacing: normal">[***]
</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">as the
Guarantor</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 42pt; text-align: center"><FONT STYLE="letter-spacing: normal">[***]<BR>
<I><BR>
</I>as the Beneficiary</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">dated
as of [&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">TABLE
OF CONTENTS</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="letter-spacing: normal">Page</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">1.</TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">INTERPRETATION</TD>
    <TD STYLE="width: 9%; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">133</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">GUARANTEE</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">136</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">3.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">PRESERVATION OF RIGHTS</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">137</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">4.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">REPRESENTATIONS AND WARRANTIES</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">140</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">5.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">NO SET-OFF</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">141</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">6.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">TAXES</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">141</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">7.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">COSTS AND EXPENSES</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">142</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">8.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">REMEDIES AND WAIVERS</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">143</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">9.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">PARTIAL INVALIDITY</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">143</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">10.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">CURRENCY INDEMNITY</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">143</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">11.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">RIGHTS CUMULATIVE</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">144</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">12.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">TERMINATION</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">144</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">13.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">ASSIGNMENTS</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">144</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">14.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">NOTICES</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">144</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">15.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">ENGLISH LANGUAGE</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">145</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">16.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">GOVERNING LAW</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">146</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">17.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">DISPUTE RESOLUTION</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">146</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">18.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">IMMUNITY</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">148</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">19.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">COUNTERPARTS AND EFFECTIVENESS</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">148</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left"><FONT STYLE="letter-spacing: normal"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left"><FONT STYLE="letter-spacing: normal"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal"><B><U>PARENT
GUARANTEE</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">This
PARENT GUARANTEE (this &ldquo;<B>Guarantee</B>&rdquo;) is made by way of deed on [<I>insert date</I>] between:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">[***]
(the &ldquo;<B>Guarantor</B>&rdquo;); and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">[***]
(the &ldquo;<B>Beneficiary</B>&rdquo;, and together with the Guarantor, the &ldquo;<B>Parties</B>&rdquo; and each, a &ldquo;<B>Party</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal"><B>RECITALS</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">WHEREAS,
[***] <I>entered into a Shareholders&rsquo; Agreement dated [&#9679;] in connection with the governance, and management of Sadara Chemical
Company</I>] [***] <I>dated [&#9679;]</I>] (the &ldquo;<B>Agreement</B>&rdquo;);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">WHEREAS,
the Guarantor is entering into this Guarantee in respect of the payment and performance obligations of [***] (the &ldquo;<B>Obligor</B>&rdquo;)
under the Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">WHEREAS,
the board of directors of the Guarantor is satisfied that the Guarantor is entering into this Guarantee for the purposes of its business
and that its doing so benefits the Guarantor; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">WHEREAS,
the Guarantor and the Beneficiary intend this Guarantee to take effect as a deed, even though the Beneficiary may only execute it under
hand.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">NOW,
THEREFORE, it is hereby agreed as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>INTERPRETATION</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>1.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Definitions</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">In
this Guarantee, the following terms have the meanings given to them in this Clause&nbsp;1.1 (<I>Definitions</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Agreement</B>&rdquo;
shall have the meaning given to such term in the Recitals.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Beneficiary</B>&rdquo;
shall have the meaning given to such term in the Preamble.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Business
Day</B>&rdquo; shall mean, in respect of any payment to be made or other action to be undertaken in connection with this Guarantee or
the Agreement, any day in the place from which such payment is to be made or such action is to be undertaken, other than a day falling
on a weekend (for example, Saturday and Sunday in the United States, or Thursday and Friday in The Kingdom) in that place, or a day on
which banking institutions are not generally open for business in that place.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Common
Party</B>&rdquo; shall have the meaning given to such term in Clause 17.1(d) (<I>Arbitration</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dispute</B>&rdquo;
shall have the meaning given to such term in Clause 17.1(a) (<I>Arbitration</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Governmental
Entity</B>&rdquo; shall mean the government of any jurisdiction and any ministry, agency, court, judicial committee, regulatory, or other
authority of the government of any jurisdiction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Guarantee</B>&rdquo;
shall have the meaning given to such term in the Preamble.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Guaranteed
Obligations</B>&rdquo; shall mean all present and future duties, obligations, liabilities, and debts of the Obligor and all sums due
from and all claims against the Obligor (whether financial or not) under and pursuant to the Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Guarantor</B>&rdquo;
shall have the meaning given to such term in the Preamble.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>ICC</B>&rdquo;
shall mean the International Chamber of Commerce.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>ICC
Court</B>&rdquo; shall have the meaning given to such term in Clause 17.1(a) (<I>Arbitration</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>ICC
Rules</B>&rdquo; shall have the meaning given to such term in Clause 17.1(a) (<I>Arbitration</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Insolvency
Event</B>&rdquo; shall mean, in respect of the Obligor:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            commencement by the Obligor of a voluntary case, administration, or other proceedings seeking
                                            liquidation, reorganization, dissolution or winding-up, or other relief with respect to itself
                                            or its debts under bankruptcy, insolvency, reorganization, liquidation, moratorium, winding-up,
                                            composition or readjustment of debts, or other similar law of any jurisdiction now or hereafter
                                            in effect or seeking the appointment of a trustee, receiver, liquidator, custodian, or other
                                            similar official of it or any substantial part of its property, or consenting to or failing
                                            to controvert in an appropriate manner any such relief, or to the appointment of or taking
                                            possession by any such official in an involuntary case or other proceeding commenced against
                                            it, or making a general assignment for the benefit of its creditors, or failing generally
                                            to pay its debts as they become due, or taking any corporate action in any jurisdiction to
                                            authorize any of the foregoing;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            commencement of an involuntary case, administration, or other proceedings seeking liquidation,
                                            reorganization, dissolution or winding-up, or other relief with respect to the Obligor or
                                            its debts under any bankruptcy, insolvency, reorganization, liquidation, moratorium, winding-up,
                                            composition or readjustment of debts, or other similar law now or hereafter in effect or
                                            seeking the appointment of a trustee, receiver, liquidator, custodian, or other similar official
                                            of it or any substantial part of its property, and such involuntary case or other proceeding
                                            remaining undismissed and unstayed for a period of sixty (60) days;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>ANNEX E-1</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">an
                                            order for relief entered against the Obligor under the bankruptcy laws of any jurisdiction
                                            as now or hereafter in effect; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            event, circumstance, or proceedings analogous to any of the foregoing in any relevant jurisdiction.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Notice</B>&rdquo;
shall have the meaning given to such term in Clause 14 (<I>Notices</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Obligor</B>&rdquo;
shall have the meaning given to such term in the Recitals.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Party</B>&rdquo;
and &ldquo;<B>Parties</B>&rdquo; shall have the meaning given to such terms in the Preamble.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Person</B>&rdquo;
shall mean any individual, corporation, joint stock company, limited liability company, partnership, joint venture, association, trust,
unincorporated organization, Governmental Entity, or other entity.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Related
Dispute(s)</B>&rdquo; shall have the meaning given to such term in Clause 17.1(d) (<I>Arbitration</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Tax</B>&rdquo;
shall mean:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">all
                                            income, capital gain, gross receipts, windfall profits, severance, property, production,
                                            <I>ad valorem</I>, sales, use, transfer, conveyance, stamp, recording, license, excise, net
                                            worth, franchise, capital, employment, withholding, social security contributions, and other
                                            taxes, duties and similar imposts, however denominated, together with any interest, additions
                                            or penalties in respect thereof, imposed by any taxing authority; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            liability for the payment of any amount of a type described in paragraph (a) above arising
                                            as a result of being, or having been, a member of any consolidated, combined, unitary, or
                                            other group or being or having been included or required to be included in any tax return
                                            related thereto.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Tax
Credit</B>&rdquo; shall mean a refund of, credit against, relief, deduction or remission for, or repayment of any Tax.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Tax
Deduction</B>&rdquo; shall mean a deduction or withholding for, or on account of, Tax from a payment under this Guarantee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Tax
Payment</B>&rdquo; shall mean an increased payment by the Guarantor to the Beneficiary in any way relating to a Tax Deduction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Termination
Date</B>&rdquo; shall have the meaning given to such term in Clause&nbsp;12 (<I>Termination</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>The
Kingdom</B>&rdquo; shall mean The Kingdom of Saudi Arabia.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Tribunal</B>&rdquo;
shall have the meaning given to such term in Clause 17.1(b) (<I>Arbitration</I>).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>1.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Construction</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
provisions of Clause [&#9679;] (<I>Usage</I>) of the Agreement apply to this Guarantee as though they were set out in full in this Guarantee,
except that references to the Agreement are to be construed as references to this Guarantee.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>1.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Third
                                            Party Rights</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">A
Person which is not a Party shall have no rights pursuant to the Contracts (Rights of Third Parties) Act&nbsp;1999 to enforce the provisions
of this Guarantee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GUARANTEE</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>2.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Guarantee
                                            and Indemnity</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">In
consideration of the Beneficiary entering into the Agreement with the Obligor, the Guarantor by way of primary obligation and not by
way of surety hereby:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;irrevocably
and unconditionally guarantees to the Beneficiary the punctual performance and observance by the Obligor of each and all of the Guaranteed
Obligations which have become due and performable and which may become due and performable according to the terms of the Agreement (including
all expenses and legal fees incurred by the Beneficiary in connection with the Beneficiary seeking to enforce the Agreement);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;without
prejudice to paragraph (a) of this Clause 2.1, undertakes to the Beneficiary that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            the Obligor fails to pay to the Beneficiary any sum payable by the Obligor to the Beneficiary
                                            as and when due (or within any applicable grace period pursuant to the Agreement), the Guarantor
                                            shall pay that sum to the Beneficiary within five (5) Business Days following receipt of
                                            a written demand by the Beneficiary; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            the Obligor fails to perform in whole or in part any of its other obligations under the Agreement
                                            as and when due (or within any applicable grace period specified in the Agreement), the Guarantor
                                            shall remedy, or procure the remedy, of such failure to perform in accordance with the terms
                                            and conditions of the Agreement within five (5) Business Days of being required to do so
                                            in writing by the Beneficiary; and</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agrees
to indemnify, defend, and hold harmless the Beneficiary from and against any documented losses, damages, claims, costs, charges, and
expenses arising out of any failure by the Obligor to perform each and all of the Guaranteed Obligations of the Obligor when and if such
Guaranteed Obligations become due and performable according to the terms of the Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>2.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Demands</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
amount specified in a demand made by the Beneficiary pursuant to this Guarantee as the amount of any Guaranteed Obligation or the amount
due from the Guarantor under this Guarantee shall, in the absence of fraud or manifest error, be <I>prima facie</I> evidence that such
amount is due and payable.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>2.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Limitations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Other
than in relation to any expenses referred to in paragraph (a) of Clause 2.1 (<I>Guarantee and Indemnity</I>) and in relation to any losses,
claims, costs, charges, and expenses referred to in paragraph (c) of Clause 2.1 (<I>Guarantee and Indemnity</I>), the Guarantor&rsquo;s
obligations and liability pursuant to this Guarantee shall be no greater than if the Guarantor were the Obligor under the Agreement.
The Guarantor will be entitled in any proceedings brought by the Beneficiary under this Guarantee to take advantage of any defences,
set-offs, or estoppels (or any equivalent arrangement) which would be available to the Obligor in any proceedings brought by the Beneficiary
under the Agreement other than in circumstances where a Guaranteed Obligation of the Obligor under or pursuant to the Agreement which
has accrued for performance is or becomes void, voidable, unenforceable, invalid, or otherwise ineffective as against the Obligor for
any reason whatsoever (whether or not known to the Obligor, the Guarantor, or the Beneficiary).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PRESERVATION
OF RIGHTS</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>3.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Continuing
                                            and Independent Obligations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"><FONT STYLE="letter-spacing: normal">The
obligations of the Guarantor under this Guarantee:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;are
primary and not by way of surety;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shall
be in addition to and shall be independent of any security which the Beneficiary may at any time hold in respect of the Obligor&rsquo;s
obligations under the Agreement; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;are
continuing and accordingly shall remain in full force and effect until all Guaranteed Obligations (whether actual or contingent) to be
performed by the Obligor under the Agreement and all obligations of the Guarantor required to be performed and observed under this Guarantee,
in each case, have been satisfied in full, regardless of any intermediate payment or discharge in whole or in part, <I>provided</I> that
if the Guarantor makes a payment in part in respect of an obligation under this Guarantee, the total payment required from the Guarantor
to satisfy such obligation shall be reduced by the amount of such part payment.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>3.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Reinstatement</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Where
any release, discharge, or other arrangement in respect of any Guaranteed Obligation or any security the Beneficiary may hold for such
Guaranteed Obligation is given or made in reliance on any payment or other disposition which is avoided or reduced (whether in whole
or in part) in an insolvency, liquidation or otherwise, and whether or not the Beneficiary has conceded or compromised any claim that
any such payment or other disposition will or should be avoided or repaid (in whole or in part):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Guarantee shall continue in accordance with its terms as if such release, discharge, or other arrangement had not been given or made
in respect of the avoided or reduced payment or other disposition; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Beneficiary shall be entitled to recover or enforce the value or amount of that security or payment from the Guarantor, as if the release,
discharge, or other arrangement had not occurred,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">in each
case, for such time as the relevant payment to the Beneficiary remains outstanding and to the extent that the Obligor or the Guarantor
in fact repays or restores the amount of any such avoided payment already received and/or held by or on behalf of the Beneficiary.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>3.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Immediate
                                            Recourse</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Beneficiary shall not be obliged before enforcing any of its rights or remedies conferred upon it by this Guarantee or by law:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
grant any time or indulgence to the Obligor;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
take any action in any court or arbitral proceedings or to obtain any judgment or award against the Obligor;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
enforce other security (if any) held by it in respect of the obligations of the Obligor under the Agreement; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
pursue or exhaust any other right or remedy against the Obligor or any other Person.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>3.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Waiver
                                            of Defences</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Subject
to Clause&nbsp;2.3 (<I>Limitations</I>) and Clause&nbsp;12 (<I>Termination</I>), neither the obligations of the Guarantor contained in
this Guarantee nor the rights, powers, and remedies conferred upon the Beneficiary by this Guarantee or by law shall be discharged, impaired,
or otherwise affected by:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
Insolvency Event in respect of the Obligor;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
of the Guaranteed Obligations or any security held by the Beneficiary in respect thereof being or becoming illegal, invalid, unenforceable,
or ineffective in any respect;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
time or other indulgence being granted or agreed:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">with
                                            the Beneficiary or any other Person in respect of the Guaranteed Obligations or any of them;
                                            or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>ANNEX E-1</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            respect of any security held by the Beneficiary in respect thereof;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
amendment, novation, supplement, extension (whether of maturity or otherwise) or restatement (in each case, however fundamental and of
whatsoever nature) or replacement of the Agreement or any other agreement, guarantee, or security;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
neglect by the Beneficiary in enforcing any right of action or remedy afforded under the Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
total or partial failure to realise the value of, or any release, discharge, exchange, or substitution of, any security or other guarantee
held by the Beneficiary in respect of the Guaranteed Obligations or any of them;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
breach of the Agreement by the Obligor or the Beneficiary (or any other party thereto) or other default of any such Person;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
to paragraph (c) of Clause 3.1 (<I>Continuing and Independent Obligations</I>), the termination of the Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
act or omission of the Obligor pursuant to any other arrangement with the Guarantor, any change in the relationship between the Guarantor
and the Obligor or dispute or disagreement between them under or in relation to the Agreement or otherwise; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other act, event, or omission which might operate to discharge, impair, or otherwise affect any of the obligations of the Guarantor under
this Guarantee or any of the rights, powers, and remedies conferred upon the Beneficiary by this Guarantee or by law.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>3.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>No
                                            Competition</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Prior
to the date on which all of the Guaranteed Obligations are irrevocably discharged in full, any right which the Guarantor may have by
way of contribution, indemnity, subrogation, or otherwise (including in relation to any security relating thereto) in relation to the
Guaranteed Obligations in competition with the Beneficiary, shall be exercised by the Guarantor only if and to the extent that the Beneficiary
so requires and in such manner and upon such terms as the Beneficiary may specify and the Guarantor shall, until the date on which all
of the Guaranteed Obligations are irrevocably discharged in full, hold any monies, rights, or security held or received by it as a result
of the exercise of any such rights on behalf of the Beneficiary for application in accordance with any liability of the Guarantor under
this Guarantee as if such monies, rights, or security were held or received by the Beneficiary under this Guarantee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REPRESENTATIONS
AND WARRANTIES</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>4.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Representations
                                            and Warranties</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Guarantor makes the representations and warranties set out in Clauses&nbsp;4.2 (<I>Status and Due Authorisation</I>) to Clause&nbsp;4.6
(<I>Bankruptcy</I>) as of the date of this Guarantee. The Guarantor acknowledges that the Beneficiary has agreed to accept this Guarantee
in reliance on the representations and warranties set out in this Clause&nbsp;4.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>4.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Status
                                            and Due Authorisation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">It
is duly organized and validly existing under the laws of the jurisdiction in which it is organized. It has all requisite power and authority
to enter into this Guarantee and to perform the obligations contemplated hereby, and the execution and delivery of this Guarantee and
the performance hereof have been duly authorized by all necessary action on the part of the Guarantor.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>4.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Binding
                                            Effect</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Except
as otherwise provided in this Guarantee, every covenant, term, and provision of this Guarantee shall, in accordance with its terms, be
binding upon and inure to the benefit of the Parties and their respective legal representatives, successors, transferees, and permitted
assigns.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>4.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Governmental
                                            Consents</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Any
required authorizations of and exemptions, actions, or approvals by, and any required notices to or filings with, any governmental authority
that are required to have been obtained or made by the Guarantor in connection with the execution and delivery of this Guarantee or the
performance by it of its obligations hereunder will have been obtained or made and will be in full force and effect, and all conditions
of any such authorizations, exemptions, actions, or approvals will have been complied with.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>4.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>No
                                            Conflict</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Neither
the execution and delivery of this Guarantee nor the performance hereof will violate, conflict with, or result in a breach of any law
or provision of the Guarantor&rsquo;s organizational documents or any agreement, document, or instrument to which it is subject or by
which it or its assets are bound or require the consent or approval (if not already obtained) of any shareholder, partner, equity holder,
holder of indebtedness, or other Person, or contravene or result in a breach of or default under or the creation of any lien, charge,
or encumbrance upon any property under any constitutive document, indenture, mortgage, loan agreement, lease, or other agreement, document,
or instrument to which the Guarantor is a party.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>4.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Bankruptcy</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">No
corporate action or legal proceeding for bankruptcy, winding up, dissolution, liquidation, or administration (or any similar or analogous
process) has been taken or threatened against or in relation to it.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NO
SET-OFF</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>5.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Place</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Except
as provided in Clause 2.3 (<I>Limitations</I>) and Clause 6 (<I>Taxes</I>), all payments made by the Guarantor under this Guarantee shall
be calculated and made without (and free and clear of any deduction for) set-off or counterclaim.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>TAXES</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>6.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Tax
                                            Gross-up</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Guarantor shall make all payments to be made by it under this Guarantee without any Tax Deduction, unless a Tax Deduction is required
by law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Guarantor or the Beneficiary becomes aware that the Guarantor must make a Tax Deduction (or that there is a change in the rate or
the basis of a Tax Deduction) it shall as soon as reasonably practicable notify the other Party.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Tax Deduction is to be made by the Guarantor under the laws of [<I>The Kingdom</I>] / [<I>The Netherlands</I>] or under the laws of
any other jurisdiction through which the Guarantor elects to make payments under the Guarantee, the amount of the payment due from the
Guarantor under this Guarantee shall, <I>provided </I>that the Beneficiary has complied with its obligations under Clause 6.2 (<I>Tax
Forms and Documentation</I>), be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment
which would have been due if no Tax Deduction had been required.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Guarantor is required to make a Tax Deduction, it shall make that Tax Deduction and any payment of such deducted Tax it is required
to make to a taxing authority within the time allowed and in the amount required by law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
thirty&nbsp;(30)&nbsp;days of a request from the Beneficiary in writing, if the Guarantor makes a Tax Deduction, the Guarantor shall
deliver to the Beneficiary (to the extent reasonably available), evidence reasonably satisfactory to the Beneficiary that the Tax Deduction
has been made or (as applicable) any appropriate payment has been paid to the relevant taxing authority.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>6.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Tax
                                            Forms and Documentation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Guarantor seeks to avoid having to make, in whole or in part, a Tax Deduction under this Guarantee which the Guarantor would otherwise
be required to make, the Beneficiary shall, if so requested by the Guarantor in writing:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">complete
                                            and deliver to the Guarantor or any relevant agency or other authority such certification,
                                            documentation, or forms (if any) specified by the Guarantor, or furnish to the Guarantor
                                            any information, in each case, as reasonably requested by the Guarantor, that may be necessary
                                            to establish any available exemption from, or reduction in the amount of, any Tax Deduction;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">at
                                            the Guarantor&rsquo;s expense, take such other action (if any) as is reasonable and is specified
                                            by the Guarantor to be necessary for the purpose of the relevant double tax treaty or other
                                            law applicable to the relevant sum paid or at any time payable by the Guarantor to the Beneficiary.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><B>ANNEX E-1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Beneficiary shall be required to comply with any request referred to in paragraph (a) above unless the Beneficiary cannot lawfully complete
and deliver any specified forms and/or cannot lawfully provide such information or take such other action as the Guarantor may specify.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Beneficiary shall comply with a request received under paragraph (a) above as soon as reasonably practicable after receipt of such a
request unless excused from doing so under paragraph (b) above.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>6.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Tax
                                            Credit</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">If
the Guarantor makes a Tax Payment under this Guarantee to the Beneficiary and the Beneficiary (acting reasonably) determines that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Tax Credit is attributable either to an increased payment of which that Tax Payment forms part or to that Tax Payment; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
has obtained or utilised that Tax Credit,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">the Beneficiary
shall pay an amount to the Guarantor which the Beneficiary determines (acting reasonably) will leave it (after that payment) in the same
after-Tax position as it would have been in if the Tax Payment had not been made by the Guarantor.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>COSTS
AND EXPENSES</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Party shall pay its own costs in connection with the preparation, negotiation, and execution of this Guarantee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Guarantor shall indemnify, defend, and hold harmless the Beneficiary on written demand from and against any and all reasonable and documented
costs, claims, losses, expenses (including legal fees), and liabilities, which the Beneficiary may incur in connection with the enforcement
of, or the preservation of, any rights under this Guarantee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REMEDIES
AND WAIVERS</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">No
failure by the Beneficiary to exercise, nor any delay by the Beneficiary in exercising, any right or remedy under this Guarantee shall
operate as a waiver thereof nor shall any single or partial exercise of any such right or remedy prevent any further or other exercise
thereof or the exercise of any other such right or remedy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PARTIAL
INVALIDITY</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">If
at any time any provision of this Guarantee is or becomes illegal, invalid, or unenforceable in any respect or this Guarantee is or becomes
ineffective in any respect under the law of any jurisdiction, such illegality, invalidity, unenforceability, or ineffectiveness shall
not affect:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
legality, validity, or enforceability of the remaining provisions of this Guarantee or the effectiveness in any other respect of this
Guarantee under such law; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
legality, validity, or enforceability of such provision or the effectiveness of this Guarantee under the law of any other jurisdiction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CURRENCY
INDEMNITY</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>10.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Currency
                                            Conversion</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">In
order to apply any sum held or received by the Beneficiary in a currency other than that which is payable under this Guarantee in or
towards payment of the Guaranteed Obligations, the Beneficiary may purchase an amount in the currency of the obligation under this Guarantee
and the rate of exchange to be used shall be that at which, at such time as it considers appropriate (acting reasonably), the Beneficiary
is able to effect such purchase.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>10.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Currency
                                            Indemnity</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">If
any sum due from the Guarantor under this Guarantee or any order or judgment given or made in relation to this Guarantee has to be converted
from the currency (the &ldquo;<B>first currency</B>&rdquo;) in which the same is payable under this Guarantee or under such order or
judgment into another currency (the &ldquo;<B>second currency</B>&rdquo;) for the purpose of:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;making
or filing a claim or proof against the Guarantor;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;obtaining
an order or judgment in any court or other tribunal; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;enforcing
any order or judgment given or made in relation to this Guarantee,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">then
the Guarantor shall indemnify the Beneficiary from and against any loss suffered or incurred as a result of any discrepancy between:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            rate of exchange used for such purpose to convert the sum in question from the first currency
                                            into the second currency; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            rate or rates of exchange at which the Beneficiary may in the ordinary course of business
                                            purchase the first currency with the second currency upon receipt of a sum paid to it in
                                            satisfaction, in whole or in part, of any such order, judgment, claim or proof.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>RIGHTS
CUMULATIVE</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
rights and remedies provided by this Guarantee are cumulative and not exclusive of any rights or remedies provided by law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>TERMINATION</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
obligations of the Guarantor under this Guarantee shall automatically terminate upon the date of the earliest to occur of the expiry
or early termination&nbsp;of the term of the Agreement or the Obligor ceasing to be a party thereto in accordance with its terms, and,
in any case, only upon the satisfaction in full of all of the Obligor&rsquo;s obligations under the Agreement that have accrued and are
unperformed at such time (such date, the &ldquo;<B>Termination Date</B>&rdquo;). Following the occurrence of the Termination Date and
receipt of a written request by the Guarantor, the Beneficiary shall promptly provide to the Guarantor a written release of the Guarantor
from its obligations under this Guarantee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ASSIGNMENTS</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>13.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>The
                                            Guarantor&rsquo;s Rights and Obligations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Except
as expressly provided in this Guarantee, no rights or obligations under this Guarantee may be assigned, transferred, or otherwise disposed
of (including held or declared into trust) by the Guarantor without first seeking and obtaining the prior written consent of the Beneficiary.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>13.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>The
                                            Beneficiary&rsquo;s Rights</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Beneficiary may assign the rights under and benefit of this Guarantee or any part thereof, to any permitted assignee under the Agreement,
including any assignment by way of security of its rights under and benefit of this Guarantee in favour of any financing party with respect
to the Agreement. The Guarantor agrees, upon the written request of the Beneficiary, to execute such documents as may be reasonably and
customarily required to consent to and give effect to such assignment under applicable law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NOTICES</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Any
notice or communication to be given pursuant to this Guarantee by a Party to the other Party, shall be sufficiently given if in writing
and delivered by postal service, international prepaid courier, facsimile, or hand with written receipt to the following Persons at the
addresses set forth below or to such other Person or addresses as such Party may designate (a &ldquo;<B>Notice</B>&rdquo;):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><U>If
to the Guarantor</U>:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Attn:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Fax:
+ [&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><U>with
a copy to</U>:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Attn:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Fax:
+ [&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><U>If
to the Beneficiary</U>:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Attn:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Fax:
+ [&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><U>with
a copy to</U>:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Attn:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Fax:
+ [&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Any
such Notice sent in accordance with this Clause 14 shall, if receipt is not acknowledged, be deemed to have been delivered at the expiration
of seventy-two (72) hours from the time at which the same is sent, <I>provided</I> that a Notice shall not be deemed to have been delivered
if sent by post, until the time of actual receipt by the addressee, and, in the case of a facsimile, until production of a transmission
report from the machine from which the facsimile was sent (which indicates that the facsimile was sent in its entirety to the facsimile
number of the recipient).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ENGLISH
LANGUAGE</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
governing language of this Guarantee and all related documents, instruments, and other materials relating hereto (including Notices)
shall be English.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GOVERNING
LAW</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">This
Guarantee shall be construed in accordance with the plain meaning of its terms and shall be interpreted in all respects in accordance
with and governed by the laws of [England and Wales] [The Kingdom]<SUP>1</SUP>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>DISPUTE
RESOLUTION</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>17.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Arbitration</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
disputes, controversies or claims arising under, out of or in connection with this Guarantee (each a &ldquo;<B>Dispute</B>&rdquo;), if
not finally settled by agreement between the Parties, may be referred to by any Party to arbitration under the Rules of Arbitration of
the International Chamber of Commerce (the &ldquo;<B>ICC Rules</B>&rdquo;) in accordance with this Clause 17.1. Nothing in this Clause
17.1 shall prejudice the rights of a Party to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">______________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: normal"><SUP>1
</SUP><B>NOTE TO DRAFT</B>: Governing law to conform to that of the Agreement being guaranteed.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">commence
                                            arbitration proceedings against any Party whether or not that Party was a party to the Dispute;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">raise
                                            in the arbitration claims, defences, counterclaims or cross-claims based on matter that did
                                            not form part of the Dispute.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">The Request
for Arbitration (as defined in the ICC Rules) shall be sent by the claimant(s) to all other Parties, whether or not such other Parties
are named as respondents in the Request for Arbitration. A Party that is not named as a respondent in the Request for Arbitration may
become a party to arbitral proceedings by submitting a written notice to this effect to the International Court of Arbitration of the
International Chamber of Commerce (the &ldquo;<B>ICC Court</B>&rdquo;) and to the other Parties within ten (10) days from the receipt
by such Party of the Request for Arbitration. A Party that is named as a respondent in the Request for Arbitration may join any other
Party to the arbitral proceedings by submitting a written notice to this effect to the ICC Court and to the other Parties within ten
(10) days from the receipt by such Party of the Request for Arbitration.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
shall be three (3) arbitrators appointed in accordance with the ICC Rules, <I>provided </I>that the parties to the arbitration shall
have thirty (30) days after the confirmation of the second arbitrator to agree on the third arbitrator, who shall act as president. Where
there are more than two parties to the arbitration, the arbitrators shall be appointed in accordance with Article 12 of the ICC Rules,
<I>provided</I> that the parties to the arbitration shall have thirty (30) days after the confirmation of the second arbitrator to agree
on the third arbitrator, who shall act as president. The three (3) arbitrators shall constitute the &ldquo;<B>Tribunal</B>&rdquo;. The
Parties agree that no provision in the ICC Rules will apply insofar as it renders any individual ineligible for appointment as arbitrator
on the grounds of nationality.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
seat of the arbitration shall be London, England, and the language of the arbitration shall be English. The Tribunal shall have the right
and authority to grant injunctive, declaratory and other equitable relief. Judgment upon any award rendered in the arbitration may be
entered in any court having jurisdiction, or application may be made to such court for a judicial acceptance of the award and an order
of enforcement, as the case may be. The award shall not be subject to appeal according to Section 69 of the English Arbitration Act of
1996. Section 45 of the English Arbitration Act of 1996 shall also not apply.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where
a Party (a &ldquo;<B>Common Party</B>&rdquo;) is of the opinion that a Dispute raises issues or facts that are substantially the same
as or connected with issues or facts raised in a dispute involving that Party under the Agreement (the &ldquo;<B>Related Dispute(s)</B>&rdquo;),
the following provisions shall apply:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            no arbitral tribunal has been appointed in connection with the Dispute, the Common Party
                                            may by Notice to the other Parties to the arbitration require the Dispute to be referred
                                            to and determined by the arbitral tribunal appointed or to be appointed in respect of any
                                            such Related Dispute(s); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>ANNEX E-1</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            no arbitral tribunal has been appointed in connection with a Related Dispute, the Common
                                            Party may by Notice to the other Parties to the arbitration require the Related Dispute to
                                            be referred to and determined by the arbitral tribunal appointed or to be appointed in respect
                                            of the Dispute.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
applicable arbitral tribunal, after having invited all parties to the Dispute and all parties to the Related Dispute(s) to make submissions
on the issue of consolidation, may (but shall not be obliged to) direct that the Dispute and the Related Dispute(s) be dealt with in
the same arbitration and the proceedings consolidated or otherwise be coordinated on such terms (including as to costs) as it considers
just or may direct any of them to be heard one after another and may order any of them to be stayed until determination of any of them.
For the purposes of this paragraph, the Parties adhere to and consent to be bound by the arbitration agreement contained in the Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the applicable arbitral tribunal is unable or unwilling to determine both the Dispute and the Related Dispute, the Dispute shall proceed
to be finally settled under the ICC Rules. The fact that an individual is a member of the arbitral tribunal appointed to determine the
Related Dispute shall not in that case constitute a reason preventing that individual from being appointed to the arbitral tribunal for
the Dispute.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
arbitrators in any consolidated or coordinated arbitration shall have the power at any time prior to signature or approval of the terms
of reference under the ICC Rules, on the application of any Party or on their own motion, and on such terms as they consider just, to
order that the arbitration as between any two (2) or more Persons proceed separately, but before the same arbitrators, from the arbitration
as between any other two (2) or more Persons, and to make any directions consequent thereon as they consider expedient for the future
conduct of all such proceedings.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties irrevocably waive any claim to any damages in the nature of punitive or exemplary damages, and the Tribunal is specifically divested
of any power to award such damages.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
prejudice to any other mode of service allowed under any relevant law, each of the Parties agrees that any process in relation to any
proceedings before the English courts in connection with any arbitration commenced under this Guarantee shall be duly served upon it
if delivered personally or sent by registered post in the case of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Guarantor [<I>insert English agent of Guarantor</I>]; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Beneficiary [<I>insert English agent of Beneficiary</I>],</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">or such
other person and address in England and Wales as a Party shall by Notice inform the other Party from time to time. Each Party represents
and warrants that its agent has accepted the appointment and has agreed to act as agent for the service of process, and each Party agrees
to take all action that may be necessary to continue such appointment in full force and effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Save
and to the extent that disclosure may be required by law or otherwise required by a court or arbitral tribunal or to enforce or challenge
an award, the Parties undertake to keep confidential the existence, content or results of any arbitration hereunder, and undertake not
to disseminate to any third party nor use for any purpose other than the arbitration immediately at hand any documents or information
disclosed to them in any such arbitration, without the prior written consent of all the Parties concerned, <I>provided </I>that nothing
in this paragraph shall prohibit a party from disclosing information to actual or potential witnesses or experts where necessary for
their selection or the preparation of any claim or defence in the arbitration.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>IMMUNITY</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">To
the extent that any Party may in any jurisdiction claim for itself for its assets immunity from suit, execution, attachment (whether
in aid of execution, before judgment or otherwise), or other legal process and to the extent that in any such jurisdiction there may
be attributed to itself or its assets such immunity (whether or not claimed), such Party hereby irrevocably agrees not to claim and hereby
irrevocably waives such immunity to the full extent permitted by the laws of such jurisdiction. The execution, delivery, and performance
of this Guarantee constitute private and commercial acts.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>COUNTERPARTS
AND EFFECTIVENESS</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>19.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Counterparts</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">This
Guarantee may be executed in any number of counterparts and by the Parties on separate counterparts, each of which when executed and
delivered shall be an original but all the counterparts together constitute one instrument.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>19.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Effectiveness</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">This
Guarantee shall take effect as a deed on the date on which it is stated to be made.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">[REMAINDER
OF PAGE LEFT INTENTIONALLY BLANK]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left"><FONT STYLE="letter-spacing: normal"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>IN
WITNESS WHEREOF</B>, this Guarantee has been duly executed as a deed by the Parties<SUP>2</SUP>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>SIGNATORIES<BR>
TO THIS CORPORATE GUARANTEE</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>THE
GUARANTOR</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">[<B>EXECUTED
</B>on behalf of</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>[***] </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">as a
<B>DEED</B> by:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">Name:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">Title:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">In the
presence of:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; text-align: justify">Signature of witness: </TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Signature of witness:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">Name of witness: [&#9679;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Name of witness: [&#9679;]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">Address of witness: [&#9679;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Address of witness: [&#9679;]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">Occupation of witness: [&#9679;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Occupation of witness: [&#9679;]</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Address:</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Fax Number:&#9;</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Attention:</TD><TD STYLE="text-align: justify">[&#9679;]]<SUP>3</SUP></TD></TR></TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal">[<B>EXECUTED</B>
on behalf of</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="text-transform: uppercase; letter-spacing: normal"><B>[***]
</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><FONT STYLE="letter-spacing: normal">as a <B>DEED
</B>by:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 99pt"><FONT STYLE="letter-spacing: normal">Name:</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="letter-spacing: normal">[&#9679;]</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 99pt"><FONT STYLE="letter-spacing: normal">Title:</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="letter-spacing: normal">[&#9679;]</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">_______________________</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>NOTE
                                            TO DRAFT: </B>Execution formalities to be agreed following confirmation of governing law
                                            of this Guarantee.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">[***].</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal"></FONT></P>

<!-- Field: Page; Sequence: 127 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX E-1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Address:</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Fax Number:&#9;</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Attention:</TD><TD STYLE="text-align: justify">[&#9679;]]<SUP>4</SUP></TD></TR></TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">_______________________</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt; letter-spacing: normal"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">[***]
                                            .</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 128 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>ANNEX E-1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>THE
BENEFICIARY</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>EXECUTED
</B>on behalf of</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>[***] </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">as a <B>DEED
</B>by:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">Name:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">Title:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">In the
presence of:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; width: 50%">Signature of witness: </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 50%">Signature of witness:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">Name of witness: [&#9679;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Name of witness: [&#9679;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">Address of witness: [&#9679;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Address of witness: [&#9679;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">Occupation of witness: [&#9679;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Occupation of witness: [&#9679;]</TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Address:</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Fax Number:&#9;</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Attention:</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR></TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Address:</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Fax Number:&#9;</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Attention:</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR></TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="text-transform: uppercase; letter-spacing: normal"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></FONT></P>

<!-- Field: Page; Sequence: 129 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="text-transform: uppercase; letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase; letter-spacing: normal"><B><U>FORM
OF SECONDARY GUARANTEE<BR>
</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="text-transform: uppercase; letter-spacing: normal">SECONDARY
</FONT><FONT STYLE="letter-spacing: normal">GUARANTEE</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">between</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="text-transform: uppercase; letter-spacing: normal">[***]
</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">as the
Guarantor</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 42pt; text-align: center"><FONT STYLE="letter-spacing: normal">[***]<BR>
<I><BR>
</I>as the Beneficiary</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">dated
as of [&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">TABLE
OF CONTENTS</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="letter-spacing: normal"><U>Page</U></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">1.</TD>
    <TD STYLE="width: 83%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">INTERPRETATION</TD>
    <TD STYLE="width: 8%; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">154</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">GUARANTEE</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">157</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">3.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">PRESERVATION OF RIGHTS</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">158</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">4.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">REPRESENTATIONS AND WARRANTIES</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">161</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">5.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">NO SET-OFF</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">162</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">6.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">TAXES</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">162</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">7.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">COSTS AND EXPENSES</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">164</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">8.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">REMEDIES AND WAIVERS</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">164</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">9.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">PARTIAL INVALIDITY</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">164</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">10.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">CURRENCY INDEMNITY</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">164</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">11.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">RIGHTS CUMULATIVE</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">165</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">12.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">TERMINATION</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">165</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">13.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">ASSIGNMENTS</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">165</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">14.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">NOTICES</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">166</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">15.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">ENGLISH LANGUAGE</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">167</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">16.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">GOVERNING LAW</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">167</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">17.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">DISPUTE RESOLUTION</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">167</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">18.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">IMMUNITY</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">169</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">19.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify">COUNTERPARTS AND EFFECTIVENESS</TD>
    <TD STYLE="padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">169</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal"><B><U>SECONDARY
GUARANTEE</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">This
<B>SECONDARY GUARANTEE </B>(this &ldquo;<B>Guarantee</B>&rdquo;) is made by way of deed on [<I>insert date</I>] between:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>[***]
</B>(the &ldquo;<B>Guarantor</B>&rdquo;); and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>[***]
</B>(the &ldquo;<B>Beneficiary</B>&rdquo;, and together with the Guarantor, the &ldquo;<B>Parties</B>&rdquo; and each, a &ldquo;<B>Party</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal"><B>RECITALS</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">WHEREAS,
[***] (the &ldquo;<B>Primary Obligor</B>&rdquo;) [***] (the &ldquo;<B>Principal Agreement</B>&rdquo;);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">WHEREAS,
[***] (the &ldquo;<B>Parent Guarantor</B>&rdquo;) and the Beneficiary entered into a guarantee, dated on or about the date hereof, with
respect to the payment and performance obligations of the Primary Obligor under the Principal Agreement (the &ldquo;<B>Parent Guarantee</B>&rdquo;,
and, together with the Principal Agreement, the &ldquo;<B>Relevant Agreements</B>&rdquo; and each, a &ldquo;<B>Relevant Agreement</B>&rdquo;);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">WHEREAS,
the Guarantor is entering into this Guarantee in respect of the payment and performance obligations of the Parent Guarantor (the Parent
Guarantor together with the Primary Obligor, the &ldquo;<B>Obligors</B>&rdquo; and each, an &ldquo;<B>Obligor</B>&rdquo;) under the Parent
Guarantee; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">WHEREAS,
the Guarantor and the Beneficiary intend this Guarantee to take effect as a deed, even though the Beneficiary may only execute it under
hand.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">NOW,
THEREFORE, it is hereby agreed as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>INTERPRETATION</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>1.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Definitions</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: normal">In
this Guarantee, the following terms have the meanings given to them in this Clause&nbsp;1.1 (<I>Definitions</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Beneficiary</B>&rdquo;
shall have the meaning given to such term in the Preamble.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Business
Day</B>&rdquo; shall mean, in respect of any payment to be made or other action to be undertaken in connection with this Guarantee or
the Principal Agreement, any day in the place from which such payment is to be made or such action is to be undertaken, other than a
day falling on a weekend (for example, Saturday and Sunday in the United States, or Thursday and Friday in The Kingdom) in that place,
or a day on which banking institutions are not generally open for business in that place.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Common
Party</B>&rdquo; shall have the meaning given to such term in Clause 17.1(d) (<I>Arbitration</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Dispute</B>&rdquo;
shall have the meaning given to such term in Clause 17.1(a) (<I>Arbitration</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Governmental
Entity</B>&rdquo; shall mean the government of any jurisdiction and any ministry, agency, court, judicial committee, regulatory, or other
authority of the government of any jurisdiction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Guarantee</B>&rdquo;
shall have the meaning given to such term in the Preamble.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Guaranteed
Obligations</B>&rdquo; shall mean all present and future duties, obligations, liabilities, and debts of the Parent Guarantor and all
sums due from and all claims against the Parent Guarantor (whether financial or not) under and pursuant to the Parent Guarantee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Guarantor</B>&rdquo;
shall have the meaning given to such term in the Preamble.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>ICC</B>&rdquo;
shall mean the International Chamber of Commerce.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>ICC
Court</B>&rdquo; shall have the meaning given to such term in Clause 17.1(a) (<I>Arbitration</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>ICC
Rules</B>&rdquo; shall have the meaning given to such term in Clause 17.1(a) (<I>Arbitration</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Insolvency
Event</B>&rdquo; shall mean, in respect of the Parent Guarantor:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            commencement by the Parent Guarantor of a voluntary case, administration, or other proceedings
                                            seeking liquidation, reorganization, dissolution or winding-up, or other relief with respect
                                            to itself or its debts under bankruptcy, insolvency, reorganization, liquidation, moratorium,
                                            winding-up, composition or readjustment of debts, or other similar law of any jurisdiction
                                            now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator,
                                            custodian, or other similar official of it or any substantial part of its property, or consenting
                                            to or failing to controvert in an appropriate manner any such relief, or to the appointment
                                            of or taking possession by any such official in an involuntary case or other proceeding commenced
                                            against it, or making a general assignment for the benefit of its creditors, or failing generally
                                            to pay its debts as they become due, or taking any corporate action in any jurisdiction to
                                            authorize any of the foregoing;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            commencement of an involuntary case, administration, or other proceedings seeking liquidation,
                                            reorganization, dissolution or winding-up, or other relief with respect to the Parent Guarantor
                                            or its debts under any bankruptcy, insolvency, reorganization, liquidation, moratorium, winding-up,
                                            composition or readjustment of debts, or other similar law now or hereafter in effect or
                                            seeking the appointment of a trustee, receiver, liquidator, custodian, or other similar official
                                            of it or any substantial part of its property, and such involuntary case or other proceeding
                                            remaining undismissed and unstayed for a period of sixty (60) days;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>ANNEX E-2</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">an
                                            order for relief entered against the Parent Guarantor under the bankruptcy laws of any jurisdiction
                                            as now or hereafter in effect; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            event, circumstance, or proceedings analogous to any of the foregoing in any relevant jurisdiction.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Notice</B>&rdquo;
shall have the meaning given to such term in Clause 14 (<I>Notices</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Obligor</B>&rdquo;
and &ldquo;<B>Obligors</B>&rdquo; shall have the meaning given to such terms in the Recitals.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Parent
Guarantee</B>&rdquo; shall have the meaning given to such term in the Recitals.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Parent
Guarantor</B>&rdquo; shall have the meaning given to such term in the Recitals.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Party</B>&rdquo;
and &ldquo;<B>Parties</B>&rdquo; shall have the meaning given to such terms in the Preamble.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Person</B>&rdquo;
shall mean any individual, corporation, joint stock company, limited liability company, partnership, joint venture, association, trust,
unincorporated organization, Governmental Entity, or other entity.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Primary
Obligor</B>&rdquo; shall have the meaning given to such term in the Recitals.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Principal
Agreement</B>&rdquo; shall have the meaning given to such term in the Recitals.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Related
Dispute(s)</B>&rdquo; shall have the meaning given to such term in Clause 17.1(d) (<I>Arbitration</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Relevant
Agreement</B>&rdquo; and &ldquo;<B>Relevant Agreements</B>&rdquo; shall have the meaning given to such terms in the Recitals.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Tax</B>&rdquo;
shall mean:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">all
                                            income, capital gain, gross receipts, windfall profits, severance, property, production,
                                            <I>ad valorem</I>, sales, use, transfer, conveyance, stamp, recording, license, excise, net
                                            worth, franchise, capital, employment, withholding, social security contributions, and other
                                            taxes, duties and similar imposts, however denominated, together with any interest, additions
                                            or penalties in respect thereof, imposed by any taxing authority; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">any
                                            liability for the payment of any amount of a type described in paragraph (a) above arising
                                            as a result of being, or having been, a member of any consolidated, combined, unitary, or
                                            other group or being or having been included or required to be included in any tax return
                                            related thereto.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Tax
Credit</B>&rdquo; shall mean a refund of, credit against, relief, deduction or remission for, or repayment of any Tax.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Tax
Deduction</B>&rdquo; shall mean a deduction or withholding for, or on account of, Tax from a payment under this Guarantee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Tax
Payment</B>&rdquo; shall mean an increased payment by the Guarantor to the Beneficiary in any way relating to a Tax Deduction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Termination
Date</B>&rdquo; shall have the meaning given to such term in Clause&nbsp;12 (<I>Termination</I>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>The
Kingdom</B>&rdquo; shall mean The Kingdom of Saudi Arabia.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&ldquo;<B>Tribunal</B>&rdquo;
shall have the meaning given to such term in Clause 17.1(b) (<I>Arbitration</I>).</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>1.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Construction</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
provisions of Clause [&#9679;] (<I>Usage</I>) of the Principal Agreement apply to this Guarantee as though they were set out in full
in this Guarantee, except that references to the Agreement are to be construed as references to this Guarantee.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>1.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Third
                                            Party Rights</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">A
Person which is not a Party shall have no rights pursuant to the Contracts (Rights of Third Parties) Act&nbsp;1999 to enforce the provisions
of this Guarantee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GUARANTEE</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>2.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Guarantee
                                            and Indemnity</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">In
consideration of the Beneficiary entering into the Principal Agreement with the Primary Obligor, the Guarantor by way of primary obligation
and not by way of surety hereby:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;irrevocably
and unconditionally guarantees to the Beneficiary the punctual performance and observance by the Parent Guarantor of each and all of
the Guaranteed Obligations which have become due and performable and which may become due and performable according to the terms of the
Parent Guarantee (including all expenses and legal fees incurred by the Beneficiary in connection with the Beneficiary seeking to enforce
the Parent Guarantee);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;without
prejudice to paragraph (a) of this Clause 2.1, undertakes to the Beneficiary that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            the Parent Guarantor fails to pay to the Beneficiary any sum payable by the Parent Guarantor
                                            to the Beneficiary as and when due (or within any applicable grace period pursuant to the
                                            Parent Guarantee), the Guarantor shall pay that sum to the Beneficiary within three (3) Business
                                            Days following receipt of a written demand by the Beneficiary; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>ANNEX E-2</B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            the Parent Guarantor fails to perform in whole or in part any of its other obligations under
                                            the Parent Guarantee as and when due (or within any applicable grace period specified in
                                            the Parent Guarantee), the Guarantor shall remedy, or procure the remedy, of such failure
                                            to perform in accordance with the terms and conditions of the Parent Guarantee within three
                                            (3) Business Days of being required to do so in writing by the Beneficiary; and</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agrees
to indemnify, defend, and hold harmless the Beneficiary from and against any documented losses, damages, claims, costs, charges, and
expenses arising out of any failure by the Parent Guarantor to perform each and all of the Guaranteed Obligations of the Parent Guarantor
when and if such Guaranteed Obligations become due and performable according to the terms of the Parent Guarantee.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>2.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Demands</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
amount specified in a demand made by the Beneficiary pursuant to this Guarantee as the amount of any Guaranteed Obligation or the amount
due from the Guarantor under this Guarantee shall, in the absence of fraud or manifest error, be <I>prima facie</I> evidence that such
amount is due and payable.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>2.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Limitations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Other
than in relation to any expenses referred to in paragraph (a) of Clause 2.1 (<I>Guarantee and Indemnity</I>) and in relation to any losses,
claims, costs, charges, and expenses referred to in paragraph (c) of Clause 2.1 (<I>Guarantee and Indemnity</I>), the Guarantor&rsquo;s
obligations and liability pursuant to this Guarantee shall be no greater than if the Guarantor were the Parent Guarantor under the Parent
Guarantee. The Guarantor will be entitled in any proceedings brought by the Beneficiary under this Guarantee to take advantage of any
defences, set-offs, or estoppels (or any equivalent arrangement) which would be available to the Parent Guarantor in any proceedings
brought by the Beneficiary under the Parent Guarantee other than in circumstances where a Guaranteed Obligation of the Parent Guarantor
under or pursuant to the Parent Guarantee which has accrued for performance is or becomes void, voidable, unenforceable, invalid, or
otherwise ineffective as against the Parent Guarantor for any reason whatsoever (whether or not known to the Parent Guarantor, the Guarantor,
or the Beneficiary).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PRESERVATION
OF RIGHTS</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>3.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Continuing
                                            and Independent Obligations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"><FONT STYLE="letter-spacing: normal">The
obligations of the Guarantor under this Guarantee:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;are
primary and not by way of surety;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shall
be in addition to and shall be independent of any security which the Beneficiary may at any time hold in respect of any Obligor&rsquo;s
obligations under the Relevant Agreements to which it is a party; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;are
continuing and accordingly shall remain in full force and effect until all Guaranteed Obligations (whether actual or contingent) to be
performed by the Parent Guarantor under the Parent Guarantee and all obligations of the Guarantor required to be performed and observed
under this Guarantee, in each case, have been satisfied in full, regardless of any intermediate payment or discharge in whole or in part,
<I>provided</I> that if the Guarantor makes a payment in part in respect of an obligation under this Guarantee, the total payment required
from the Guarantor to satisfy such obligation shall be reduced by the amount of such part payment.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>3.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Reinstatement</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Where
any release, discharge, or other arrangement in respect of any Guaranteed Obligation or any security the Beneficiary may hold for such
Guaranteed Obligation is given or made in reliance on any payment or other disposition which is avoided or reduced (whether in whole
or in part) in an insolvency, liquidation, or otherwise, and whether or not the Beneficiary has conceded or compromised any claim that
any such payment or other disposition will or should be avoided or repaid (in whole or in part):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;this
Guarantee shall continue in accordance with its terms as if such release, discharge, or other arrangement had not been given or made
in respect of the avoided or reduced payment or other disposition; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Beneficiary shall be entitled to recover or enforce the value or amount of that security or payment from the Guarantor, as if the release,
discharge, or other arrangement had not occurred,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">in each
case, for such time as the relevant payment to the Beneficiary remains outstanding and to the extent that the Parent Guarantor or the
Guarantor in fact repays or restores the amount of any such avoided payment already received and/or held by or on behalf of the Beneficiary.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>3.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Immediate
                                            Recourse</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Beneficiary shall not be obliged before enforcing any of its rights or remedies conferred upon it by this Guarantee or by law:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
grant any time or indulgence to the Parent Guarantor;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
take any action in any court or arbitral proceedings or to obtain any judgment or award against the Parent Guarantor;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
enforce other security (if any) held by it in respect of the obligations of the Parent Guarantor under the Parent Guarantee; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
pursue or exhaust any other right or remedy against any Obligor or any other Person.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>3.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Waiver
                                            of Defences</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Subject
to Clause&nbsp;2.3 (<I>Limitations</I>) and Clause&nbsp;12 (<I>Termination</I>), neither the obligations of the Guarantor contained in
this Guarantee nor the rights, powers, and remedies conferred upon the Beneficiary by this Guarantee or by law shall be discharged, impaired,
or otherwise affected by:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
Insolvency Event in respect of the Parent Guarantor;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
of the Guaranteed Obligations or any security held by the Beneficiary in respect thereof being or becoming illegal, invalid, unenforceable,
or ineffective in any respect;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
time or other indulgence being granted or agreed:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">with
                                            the Beneficiary or any other Person in respect of the Guaranteed Obligations or any of them;
                                            or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            respect of any security held by the Beneficiary in respect thereof;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
amendment, novation, supplement, extension (whether of maturity or otherwise), or restatement (in each case, however fundamental and
of whatsoever nature) or replacement of the Parent Guarantee or any other agreement, guarantee or security;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
neglect by the Beneficiary in enforcing any right of action or remedy afforded under the Parent Guarantee;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
total or partial failure to realise the value of, or any release, discharge, exchange, or substitution of, any security or other guarantee
held by the Beneficiary in respect of the Guaranteed Obligations or any of them;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
breach of the Parent Guarantee by the Parent Guarantor or the Beneficiary (or any other party thereto) or other default of any such Person;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
to paragraph (c) of Clause 3.1 (<I>Continuing and Independent Obligations</I>), the termination of the Parent Guarantee;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
act or omission of the Parent Guarantor pursuant to any other arrangement with the Guarantor, any change in the relationship between
the Guarantor and the Parent Guarantor or dispute or disagreement between them under or in relation to the Parent Guarantee or otherwise;
or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other act, event, or omission which might operate to discharge, impair, or otherwise affect any of the obligations of the Guarantor under
this Guarantee or any of the rights, powers, and remedies conferred upon the Beneficiary by this Guarantee or by law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>3.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>No
                                            Competition</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Prior
to the date on which all of the Guaranteed Obligations are irrevocably discharged in full, any right which the Guarantor may have by
way of contribution, indemnity, subrogation, or otherwise (including in relation to any security relating thereto) in relation to the
Guaranteed Obligations in competition with the Beneficiary, shall be exercised by the Guarantor only if and to the extent that the Beneficiary
so requires and in such manner and upon such terms as the Beneficiary may specify and the Guarantor shall, until the date on which all
of the Guaranteed Obligations are irrevocably discharged in full, hold any monies, rights, or security held or received by it as a result
of the exercise of any such rights on behalf of the Beneficiary for application in accordance with any liability of the Guarantor under
this Guarantee as if such monies, rights, or security were held or received by the Beneficiary under this Guarantee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REPRESENTATIONS
AND WARRANTIES</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>4.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Representations
                                            and Warranties</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Guarantor makes the representations and warranties set out in Clauses&nbsp;4.2 (<I>Status and Due Authorisation</I>) to Clause&nbsp;4.6
(<I>Bankruptcy</I>) as of the date of this Guarantee. The Guarantor acknowledges that the Beneficiary has agreed to accept this Guarantee
in reliance on the representations and warranties set out in this Clause&nbsp;4.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>4.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Status
                                            and Due Authorisation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">It
is duly organized and validly existing under the laws of the jurisdiction in which it is organized. It has all requisite power and authority
to enter into this Guarantee and to perform the obligations contemplated hereby, and the execution and delivery of this Guarantee and
the performance hereof have been duly authorized by all necessary action on the part of the Guarantor.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>4.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Binding
                                            Effect</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Except
as otherwise provided in this Guarantee, every covenant, term, and provision of this Guarantee shall, in accordance with its terms, be
binding upon and inure to the benefit of the Parties and their respective legal representatives, successors, transferees, and permitted
assigns.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>4.4</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Governmental
                                            Consents</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Any
required authorizations of and exemptions, actions, or approvals by, and any required notices to or filings with, any governmental authority
that are required to have been obtained or made by the Guarantor in connection with the execution and delivery of this Guarantee or the
performance by it of its obligations hereunder will have been obtained or made and will be in full force and effect, and all conditions
of any such authorizations, exemptions, actions, or approvals will have been complied with.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>4.5</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>No
                                            Conflict</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Neither
the execution and delivery of this Guarantee nor the performance hereof will violate, conflict with, or result in a breach of any law
or provision of the Guarantor&rsquo;s organizational documents or any agreement, document, or instrument to which it is subject or by
which it or its assets are bound or require the consent or approval (if not already obtained) of any shareholder, partner, equity holder,
holder of indebtedness, or other Person, or contravene or result in a breach of or default under or the creation of any lien, charge,
or encumbrance upon any property under any constitutive document, indenture, mortgage, loan agreement, lease, or other agreement, document,
or instrument to which the Guarantor is a party.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>4.6</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Bankruptcy</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">No
corporate action or legal proceeding for bankruptcy, winding up, dissolution, liquidation, or administration (or any similar or analogous
process) has been taken or threatened against or in relation to it.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NO
SET-OFF</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>5.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Place</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Except
as provided in Clause&nbsp;2.3 (<I>Limitations</I>) and Clause 6 (<I>Taxes</I>), all payments made by the Guarantor under this Guarantee
shall be calculated and made without (and free and clear of any deduction for) set-off or counterclaim.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>TAXES</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>6.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Tax
                                            Gross-up</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Guarantor shall make all payments to be made by it under this Guarantee without any Tax Deduction, unless a Tax Deduction is required
by law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Guarantor or the Beneficiary becomes aware that the Guarantor must make a Tax Deduction (or that there is a change in the rate or
the basis of a Tax Deduction) it shall as soon as reasonably practicable notify the other Party.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Tax Deduction is to be made by the Guarantor under the laws of the United States of America or under the laws of any other jurisdiction
through which the Guarantor elects to make payments under the Guarantee, the amount of the payment due from the Guarantor under this
Guarantee shall, <I>provided </I>that the Beneficiary has complied with its obligations under Clause 6.2 (<I>Tax Forms and Documentation</I>),
be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no
Tax Deduction had been required.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Guarantor is required to make a Tax Deduction, it shall make that Tax Deduction and any payment of such deducted Tax it is required
to make to a taxing authority within the time allowed and in the amount required by law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
thirty&nbsp;(30)&nbsp;days of a request from the Beneficiary in writing, if the Guarantor makes a Tax Deduction, the Guarantor shall
deliver to the Beneficiary (to the extent reasonably available), evidence reasonably satisfactory to the Beneficiary that the Tax Deduction
has been made or (as applicable) any appropriate payment has been paid to the relevant taxing authority.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>6.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Tax
                                            Forms and Documentation</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Guarantor seeks to avoid having to make, in whole or in part, a Tax Deduction under this Guarantee which the Guarantor would otherwise
be required to make, the Beneficiary shall, if so requested by the Guarantor in writing:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">complete
                                            and deliver to the Guarantor or any relevant agency or other authority such certification,
                                            documentation, or forms (if any) specified by the Guarantor, or furnish to the Guarantor
                                            any information, in each case, as reasonably requested by the Guarantor, that may be necessary
                                            to establish any available exemption from, or reduction in the amount of, any Tax Deduction;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">at
                                            the Guarantor&rsquo;s expense, take such other action (if any) as is reasonable and is specified
                                            by the Guarantor to be necessary for the purpose of the relevant double tax treaty or other
                                            law applicable to the relevant sum paid or at any time payable by the Guarantor to the Beneficiary.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Beneficiary shall be required to comply with any request referred to in paragraph (a) above unless the Beneficiary cannot lawfully complete
and deliver any specified forms and/or cannot lawfully provide such information or take such other action as the Guarantor may specify.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Beneficiary shall comply with a request received under paragraph (a) above as soon as reasonably practicable after receipt of such a
request unless excused from doing so under paragraph (b) above.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>6.3</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Tax
                                            Credit</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">If
the Guarantor makes a Tax Payment under this Guarantee to the Beneficiary and the Beneficiary (acting reasonably) determines that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Tax Credit is attributable either to an increased payment of which that Tax Payment forms part or to that Tax Payment; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
has obtained or utilised that Tax Credit,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">the Beneficiary
shall pay an amount to the Guarantor which the Beneficiary determines (acting reasonably) will leave it (after that payment) in the same
after-Tax position as it would have been in if the Tax Payment had not been made by the Guarantor.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>COSTS
AND EXPENSES</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Party shall pay its own costs in connection with the preparation, negotiation, and execution of this Guarantee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Guarantor shall indemnify, defend, and hold harmless the Beneficiary on written demand from and against any and all reasonable and documented
costs, claims, losses, expenses (including legal fees), and liabilities, which the Beneficiary may incur in connection with the enforcement
of, or the preservation of, any rights under this Guarantee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REMEDIES
AND WAIVERS</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">No
failure by the Beneficiary to exercise, nor any delay by the Beneficiary in exercising, any right or remedy under this Guarantee shall
operate as a waiver thereof nor shall any single or partial exercise of any such right or remedy prevent any further or other exercise
thereof or the exercise of any other such right or remedy.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PARTIAL
INVALIDITY</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">If
at any time any provision of this Guarantee is or becomes illegal, invalid, or unenforceable in any respect or this Guarantee is or becomes
ineffective in any respect under the law of any jurisdiction, such illegality, invalidity, unenforceability, or ineffectiveness shall
not affect:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
legality, validity, or enforceability of the remaining provisions of this Guarantee or the effectiveness in any other respect of this
Guarantee under such law; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
legality, validity, or enforceability of such provision or the effectiveness of this Guarantee under the law of any other jurisdiction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CURRENCY
INDEMNITY</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>10.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Currency
                                            Conversion</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">In
order to apply any sum held or received by the Beneficiary in a currency other than that which is payable under this Guarantee in or
towards payment of the Guaranteed Obligations, the Beneficiary may purchase an amount in the currency of the obligation under this Guarantee
and the rate of exchange to be used shall be that at which, at such time as it considers appropriate (acting reasonably), the Beneficiary
is able to effect such purchase.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>10.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Currency
                                            Indemnity</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: normal">If
any sum due from the Guarantor under this Guarantee or any order or judgment given or made in relation to this Guarantee has to be converted
from the currency (the &ldquo;<B>first currency</B>&rdquo;) in which the same is payable under this Guarantee or under such order or
judgment into another currency (the &ldquo;<B>second currency</B>&rdquo;) for the purpose of:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;making
or filing a claim or proof against the Guarantor;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;obtaining
an order or judgment in any court or other tribunal; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;enforcing
any order or judgment given or made in relation to this Guarantee,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">then
the Guarantor shall indemnify the Beneficiary from and against any loss suffered or incurred as a result of any discrepancy between:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            rate of exchange used for such purpose to convert the sum in question from the first currency
                                            into the second currency; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            rate or rates of exchange at which the Beneficiary may in the ordinary course of business
                                            purchase the first currency with the second currency upon receipt of a sum paid to it in
                                            satisfaction, in whole or in part, of any such order, judgment, claim or proof.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>RIGHTS
CUMULATIVE</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
rights and remedies provided by this Guarantee are cumulative and not exclusive of any rights or remedies provided by law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>TERMINATION</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
obligations of the Guarantor under this Guarantee shall automatically terminate upon the date of the termination of the Parent Guarantee
in accordance with its terms (such date, the &ldquo;<B>Termination Date</B>&rdquo;). Following the occurrence of the Termination Date
and receipt of a written request by the Guarantor, the Beneficiary shall promptly provide to the Guarantor a written release of the Guarantor
from its obligations under this Guarantee.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ASSIGNMENTS</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>13.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>The
                                            Guarantor&rsquo;s Rights and Obligations</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Except
as expressly provided in this Guarantee, no rights or obligations under this Guarantee may be assigned, transferred, or otherwise disposed
of (including held or declared into trust) by the Guarantor without first seeking and obtaining the prior written consent of the Beneficiary.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>13.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>The
                                            Beneficiary&rsquo;s Rights</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
Beneficiary may assign the rights under and benefit of this Guarantee or any part thereof, to any permitted assignee under the Principal
Agreement, including any assignment by way of security of its rights under and benefit of this Guarantee in favour of any financing party
with respect to the Principal Agreement. The Guarantor agrees, upon the written request of the Beneficiary, to execute such documents
as may be reasonably and customarily required to consent to and give effect to such assignment under applicable law.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NOTICES</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Any
notice or communication to be given pursuant to this Guarantee by a Party to the other Party, shall be sufficiently given if in writing
and delivered by postal service, international prepaid courier, facsimile, or hand with written receipt to the following Persons at the
addresses set forth below or to such other Person or addresses as such Party may designate (a &ldquo;<B>Notice</B>&rdquo;):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><U>If
to the Guarantor</U>:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Attn:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Fax:
+ [&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><U>with
a copy to</U>:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Attn:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Fax:
+ [&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><U>If
to the Beneficiary</U>:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Attn:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Fax:
+ [&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><U>with
a copy to</U>:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Attn:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Fax:
+ [&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">Any
such Notice sent in accordance with this Clause 14 shall, if receipt is not acknowledged, be deemed to have been delivered at the expiration
of seventy-two (72) hours from the time at which the same is sent, <I>provided</I> that a Notice shall not be deemed to have been delivered
if sent by post, until the time of actual receipt by the addressee, and, in the case of a facsimile, until production of a transmission
report from the machine from which the facsimile was sent (which indicates that the facsimile was sent in its entirety to the facsimile
number of the recipient).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ENGLISH
LANGUAGE</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">The
governing language of this Guarantee and all related documents, instruments, and other materials relating hereto (including Notices)
shall be English.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GOVERNING
LAW</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">This
Guarantee shall be construed in accordance with the plain meaning of its terms and shall be interpreted in all respects in accordance
with and governed by the laws of [England and Wales] [The Kingdom]<SUP>1</SUP>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>DISPUTE
RESOLUTION</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>17.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Arbitration</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
disputes, controversies or claims arising under, out of or in connection with this Guarantee (each a &ldquo;<B>Dispute</B>&rdquo;), if
not finally settled by agreement between the Parties, may be referred to by any Party to arbitration under the Rules of Arbitration of
the International Chamber of Commerce (the &ldquo;<B>ICC Rules</B>&rdquo;) in accordance with this Clause 17.1. Nothing in this Clause
17.1 shall prejudice the rights of a Party to:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">commence
                                            arbitration proceedings against any Party whether or not that Party was a party to the Dispute;
                                            and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">raise
                                            in the arbitration claims, defences, counterclaims or cross-claims based on matter that did
                                            not form part of the Dispute.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">The Request
for Arbitration (as defined in the ICC Rules) shall be sent by the claimant(s) to all other Parties, whether or not such other Parties
are named as respondents in the Request for Arbitration. A Party that is not named as a respondent in the Request for Arbitration may
become a party to arbitral proceedings by submitting a written notice to this effect to the International Court of Arbitration of the
International Chamber of Commerce (the &ldquo;<B>ICC Court</B>&rdquo;) and to the other Parties within ten (10) days from the receipt
by such Party of the Request for Arbitration. A Party that is named as a respondent in the Request for Arbitration may join any other
Party to the arbitral proceedings by submitting a written notice to this effect to the ICC Court and to the other Parties within ten
(10) days from the receipt by such Party of the Request for Arbitration.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
shall be three (3) arbitrators appointed in accordance with the ICC Rules, <I>provided </I>that the parties to the arbitration shall
have thirty (30) days after the confirmation of the second arbitrator to agree on the third arbitrator, who shall act as president. Where
there are more than two parties to the arbitration, the arbitrators shall be appointed in accordance with Article 12 of the ICC Rules,
<I>provided</I> that the parties to the arbitration shall have thirty (30) days after the confirmation of the second arbitrator to agree
on the third arbitrator, who shall act as president. The three (3) arbitrators shall constitute the &ldquo;<B>Tribunal</B>&rdquo;. The
Parties agree that no provision in the ICC Rules will apply insofar as it renders any individual ineligible for appointment as arbitrator
on the grounds of nationality.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">________________________</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>NOTE
                                            TO DRAFT</B>: Governing law to conform to that of the Agreement being guaranteed.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
seat of the arbitration shall be London, England, and the language of the arbitration shall be English. The Tribunal shall have the right
and authority to grant injunctive, declaratory and other equitable relief. Judgment upon any award rendered in the arbitration may be
entered in any court having jurisdiction, or application may be made to such court for a judicial acceptance of the award and an order
of enforcement, as the case may be. The award shall not be subject to appeal according to Section 69 of the English Arbitration Act of
1996. Section 45 of the English Arbitration Act of 1996 shall also not apply.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where
a Party (a &ldquo;<B>Common Party</B>&rdquo;) is of the opinion that a Dispute raises issues or facts that are substantially the same
as or connected with issues or facts raised in a dispute involving that Party under the Principal Agreement (the &ldquo;<B>Related Dispute(s)</B>&rdquo;),
the following provisions shall apply:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            no arbitral tribunal has been appointed in connection with the Dispute, the Common Party
                                            may by Notice to the other Parties to the arbitration require the Dispute to be referred
                                            to and determined by the arbitral tribunal appointed or to be appointed in respect of any
                                            such Related Dispute(s); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">if
                                            no arbitral tribunal has been appointed in connection with a Related Dispute, the Common
                                            Party may by Notice to the other Parties to the arbitration require the Related Dispute to
                                            be referred to and determined by the arbitral tribunal appointed or to be appointed in respect
                                            of the Dispute.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
applicable arbitral tribunal, after having invited all parties to the Dispute and all parties to the Related Dispute(s) to make submissions
on the issue of consolidation, may (but shall not be obliged to) direct that the Dispute and the Related Dispute(s) be dealt with in
the same arbitration and the proceedings consolidated or otherwise be coordinated on such terms (including as to costs) as it considers
just or may direct any of them to be heard one after another and may order any of them to be stayed until determination of any of them.
For the purposes of this paragraph, the Parties adhere to and consent to be bound by the arbitration agreement contained in the Principal
Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the applicable arbitral tribunal is unable or unwilling to determine both the Dispute and the Related Dispute, the Dispute shall proceed
to be finally settled under the ICC Rules. The fact that an individual is a member of the arbitral tribunal appointed to determine the
Related Dispute shall not in that case constitute a reason preventing that individual from being appointed to the arbitral tribunal for
the Dispute.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
arbitrators in any consolidated or coordinated arbitration shall have the power at any time prior to signature or approval of the terms
of reference under the ICC Rules, on the application of any Party or on their own motion, and on such terms as they consider just, to
order that the arbitration as between any two (2) or more Persons proceed separately, but before the same arbitrators, from the arbitration
as between any other two (2) or more Persons, and to make any directions consequent thereon as they consider expedient for the future
conduct of all such proceedings.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX
E-2</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Parties irrevocably waive any claim to any damages in the nature of punitive or exemplary damages, and the Tribunal is specifically divested
of any power to award such damages.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
prejudice to any other mode of service allowed under any relevant law, each of the Parties agrees that any process in relation to any
proceedings before the English courts in connection with any arbitration commenced under this Guarantee shall be duly served upon it
if delivered personally or sent by registered post in the case of:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Guarantor [<I>insert English agent of Beneficiary</I>]; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">the
                                            Beneficiary [<I>insert English agent of Beneficiary</I>],</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">or such
other person and address in England and Wales as a Party shall by Notice inform the other Party from time to time. Each Party represents
and warrants that its agent has accepted the appointment and has agreed to act as agent for the service of process, and each Party agrees
to take all action that may be necessary to continue such appointment in full force and effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Save
and to the extent that disclosure may be required by law or otherwise required by a court or arbitral tribunal or to enforce or challenge
an award, the Parties undertake to keep confidential the existence, content or results of any arbitration hereunder, and undertake not
to disseminate to any third party nor use for any purpose other than the arbitration immediately at hand any documents or information
disclosed to them in any such arbitration, without the prior written consent of all the Parties concerned, <I>provided </I>that nothing
in this paragraph shall prohibit a party from disclosing information to actual or potential witnesses or experts where necessary for
their selection or the preparation of any claim or defence in the arbitration.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>IMMUNITY</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: normal">To
the extent that any Party may in any jurisdiction claim for itself for its assets immunity from suit, execution, attachment (whether
in aid of execution, before judgment or otherwise), or other legal process and to the extent that in any such jurisdiction there may
be attributed to itself or its assets such immunity (whether or not claimed), such Party hereby irrevocably agrees not to claim and hereby
irrevocably waives such immunity to the full extent permitted by the laws of such jurisdiction. The execution, delivery, and performance
of this Guarantee constitute private and commercial acts.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>COUNTERPARTS
AND EFFECTIVENESS</U></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>19.1</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Counterparts</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal">This
Guarantee may be executed in any number of counterparts and by the Parties on separate counterparts, each of which when executed and
delivered shall be an original but all the counterparts together constitute one instrument.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><B>19.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>Effectiveness</B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: normal">This
Guarantee shall take effect as a deed on the date on which it is stated to be made.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 147 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>ANNEX E-2</B><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="letter-spacing: normal">[REMAINDER
OF PAGE LEFT INTENTIONALLY BLANK]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 148 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right"><B>ANNEX E-2</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="letter-spacing: normal"><B>IN
WITNESS WHEREOF</B>, this Guarantee has been duly executed as a deed by the Parties<SUP>2</SUP>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>SIGNATORIES<BR>
TO THIS CORPORATE GUARANTEE</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>THE
GUARANTOR</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>EXECUTED
</B>on behalf of</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>[***] </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">as a
<B>DEED</B> by:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">Name:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">Title:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">In the
presence of:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; width: 50%">Signature of witness: </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 50%">Signature of witness:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">Name of witness: [&#9679;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Name of witness: [&#9679;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">Address of witness: [&#9679;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Address of witness: [&#9679;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">Occupation of witness: [&#9679;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Occupation of witness: [&#9679;]</TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Address:</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Fax Number:&#9;</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Attention:</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR></TABLE>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">_______________________</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal"><B>NOTE
                                            TO DRAFT: </B>Execution formalities to be agreed following confirmation of governing law
                                            of this Guarantee.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 149 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right"><B>ANNEX E-2</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>THE
BENEFICIARY</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>EXECUTED
</B>on behalf of</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>[***] </B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">as a <B>DEED
</B>by:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">Name:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">Title:
[&#9679;]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">In the
presence of:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify; width: 50%">Signature of witness: </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 50%">Signature of witness:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">Name of witness: [&#9679;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Name of witness: [&#9679;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">Address of witness: [&#9679;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Address of witness: [&#9679;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-align: justify">Occupation of witness: [&#9679;]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Occupation of witness: [&#9679;]</TD></TR>
</TABLE></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-align: justify; text-indent: -3in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Address:</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Fax Number:&#9;</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Attention:</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR></TABLE>
</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt 1in; text-align: justify; text-indent: -1in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Address:</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Fax Number:&#9;</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in">Attention:</TD><TD STYLE="text-align: justify">[&#9679;]</TD></TR></TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 150 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->147<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX F</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: normal"><B><U>THE MARKETING
COUNCIL</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: normal">4.</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="letter-spacing: normal"><B>Function
                                            and Scope</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            Marketing Council may develop and adopt:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">procedures
                                            (the &ldquo;<B>MC Procedures</B>&rdquo;) in relation to the performance of its function and
                                            scope; and/or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">procedures
                                            (the &ldquo;<B>ES&amp;OP and S&amp;OP Procedures</B>&rdquo;) in relation to the ES&amp;OP&rsquo;s
                                            and the S&amp;OP&rsquo;s performance of their respective function and scope,</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 9pt 1in; text-align: justify"><FONT STYLE="letter-spacing: normal">in
each case, which may be amended by the Marketing Council from time to time, <I>provided </I>that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">nothing
                                            in the MC Procedures, or the ES&amp;OP and S&amp;OP Procedures, shall:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="letter-spacing: normal">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">be
                                            inconsistent with the terms of any Project Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="letter-spacing: normal">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">operate
                                            to override, invalidate or otherwise affect the application of any Project Agreement; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="letter-spacing: normal">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">constitute
                                            a variation to any Project Agreement; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">in
                                            the event of any conflict or inconsistency between the MC Procedures, or the ES&amp;OP and
                                            S&amp;OP Procedures, and the provisions of any Project Agreement, the provisions of such
                                            Project Agreement shall prevail.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            Marketing Council shall be responsible for:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">overseeing
                                            and, where required, resolving disagreements in relation to all activities undertaken by
                                            the ES&amp;OP;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">approving
                                            all relevant decisions, reports or other actions of the ES&amp;OP in accordance with this
                                            Annex F;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">delegating,
                                            overseeing and approving the exercise by the Company of such rights and obligations as are
                                            identified in the PMLAs as being rights, obligations, decisions, instructions or matters
                                            to be exercised, made, determined, given, agreed or notified by the Company; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">performing
                                            any other functions that may be delegated to it by the Board from time to time.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"></FONT></P>

<!-- Field: Page; Sequence: 151 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX G</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: normal"><B>THE ES&amp;OP</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="letter-spacing: normal">4.<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Function
and Scope</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            ES&amp;OP shall be responsible for:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">subject
                                            to the Marketing Council&rsquo;s oversight, the activities of the Company relating to production
                                            planning and the implementation of the PMLAs;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">interacting
                                            with each Marketer on a bilateral basis;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">exercising,
                                            subject to the Marketing Council&rsquo;s oversight and approval, such rights and obligations
                                            as are identified in the PMLAs, as applicable, as being rights, obligations, decisions, instructions
                                            or matters to be exercised, made, determined, given, agreed or notified by the Company; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">performing
                                            any other functions that may be delegated to it by the Marketing Council from time to time.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 9pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: normal">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: normal">The
                                            ES&amp;OP shall have the authority to delegate the performance of any of its functions to
                                            the S&amp;OP, <I>provided</I> that the authority granted to the S&amp;OP pursuant to such
                                            delegation shall not contradict the terms of any Project Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="letter-spacing: normal">[***]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 152 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="letter-spacing: normal"><B>ANNEX H</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="letter-spacing: normal"><B>[***]</B></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 6pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 100%"><FONT STYLE="font-size: 9pt; letter-spacing: normal; background-color: white"><B>Certain
    confidential information contained in this document, marked by [***], has been omitted because it is both (i) not material and (ii) the type of information that The Dow Chemical Company treats as private or confidential.</B></FONT></TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt; letter-spacing: normal">150</FONT><FONT STYLE="letter-spacing: normal">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>dow-20210423_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
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    <dei:SecurityExchangeName contextRef="From2021-04-232021-04-23_custom_DowChemicalCoMember_custom_Sec4.625NotesDueOctober12044Member">NYSE</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="From2021-04-23to2021-04-23">false</dei:EntityEmergingGrowthCompany>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140226454625272">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Apr. 23, 2021</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Apr. 23,  2021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-38646<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Dow Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001751788<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">30-1128146<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">2211 H.H. Dow Way<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Midland<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MI<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">48674<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">989<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">636-1000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=DOW_CommonStockParValue0.01PerShareMember', window );">Common Stock, par value $0.01 per share</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">DOW<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=DOW_DowChemicalCoMember', window );">Dow Chemical Co [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-03433<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">The Dow Chemical Company<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000029915<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">38-1285128<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">2211 H.H. Dow Way<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Midland<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MI<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">48674<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">989<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">636-1000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=DOW_DowChemicalCoMember', window );">Dow Chemical Co [Member] | 0.500% Notes due March 15, 2027</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">0.500% Notes due March 15, 2027<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">DOW/27<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=DOW_DowChemicalCoMember', window );">Dow Chemical Co [Member] | 1.125% Notes due March 15, 2032</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">1.125% Notes due March 15, 2032<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">DOW/32<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=DOW_DowChemicalCoMember', window );">Dow Chemical Co [Member] | 1.875% Notes due March 15, 2040</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">1.875% Notes due March 15, 2040<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">DOW/40<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=DOW_DowChemicalCoMember', window );">Dow Chemical Co [Member] | 4.625% Notes due October 1, 2044</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">4.625% Notes due October 1, 2044<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">DOW/44<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
