<SEC-DOCUMENT>0001214659-24-004753.txt : 20240319
<SEC-HEADER>0001214659-24-004753.hdr.sgml : 20240319
<ACCEPTANCE-DATETIME>20240318213513
ACCESSION NUMBER:		0001214659-24-004753
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240319
DATE AS OF CHANGE:		20240318
EFFECTIVENESS DATE:		20240319

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DOW INC.
		CENTRAL INDEX KEY:			0001751788
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		IRS NUMBER:				301128146
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38646
		FILM NUMBER:		24760903

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
</SEC-HEADER>
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<FILENAME>r318240px14a6g.htm
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D">Main Post Office, P.O. Box 751&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="text-align: left; vertical-align: top; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D">Berkeley, CA 94704</FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"> &nbsp;&nbsp;&nbsp;</FONT></P></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Notice of Exempt Solicitation Pursuant to Rule 14a-103</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Name of the Registrant: Dow Inc<BR>
Name of persons relying on exemption:&nbsp;As You Sow<SUP>&reg;</SUP><BR>
Address of persons relying on exemption: Main Post Office, P.O. Box 7451, Berkeley, CA 94704</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under the terms of the Rule, but is made voluntarily
in the interest of public disclosure and consideration of these important issues.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">Dow Inc. (DOW)<BR>
Vote Yes: Item #5</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">Shareholder
Proposal on Single-Use Plastics</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Annual Meeting:
April 11, 2024</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONTACT: Genevieve Abedon | gabedon@asyousow.org</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">THE RESOLUTION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Resolved: </B>Shareholders request that the Board issue an audited
report addressing whether and how a significant reduction in virgin plastic demand, as set forth in <I>Breaking the Plastic Wave</I>&rsquo;s
System Change Scenario to reduce plastic pollution, would affect Dow&rsquo;s financial position and assumptions underlying its financial
statements. The report should be at reasonable cost and omit proprietary information.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Supporting Statement: </B>Proponents recommend that, at the Board&rsquo;s
discretion, the report include:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.95pt"></TD><TD STYLE="width: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD>Quantification (in tons and/or as a percentage of total) of the company&rsquo;s polymer production for SUP markets;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.95pt"></TD><TD STYLE="width: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD>A summary or list of the company&rsquo;s existing and planned investments that may be materially impacted by the SCS;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.95pt"></TD><TD STYLE="width: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD>Disclosure of safety, emissions, energy, and process efficiency data associated with planned or operating chemical recycling technologies.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">SUMMARY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In this resolution, shareholders ask Dow to follow through on its stated
ambition to combat plastic pollution by assessing how the transition toward reduced demand for plastics, which has been called for by
corporate, government, and scientific leaders, will impact the Company&rsquo;s business.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Plastic, with a lifecycle social cost at least ten times its market
price, threatens the world&rsquo;s oceans, wildlife, and public health.<SUP>1</SUP> Concern about the growing impact of global plastic
pollution has elevated the issue to crisis levels.<SUP>2</SUP> Of particular concern are single-use plastics (SUPs) which make up the
bulk of the 14-million metric tons of plastic deposited in waterways annually.<SUP>3</SUP> Without drastic action, this amount could triple
by 2040.<SUP>4</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://wwflac.awsassets.panda.org/downloads/wwf_pctsee_report_english.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.science.org/doi/10.1126/sciadv.1700782</P>


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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32019L0904&amp;from=EN;
https://cdn.minderoo.org/content/uploads/2023/02/04205527/Plastic-Waste-Makers-Index-2023.pdf, p.17</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.nationalgeographic.com/science/article/plastic-trash-in-seas-will-nearly-triple-by-2040-if-nothing-done</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Dow Inc | Shareholder Proposal on Single-Use Plastics</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>



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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">A significant reduction in virgin plastic demand is critical to curbing
the flow of plastic waste.<SUP>5</SUP> The leading peer-reviewed plan for plastic pollution reduction is the Pew&rsquo;s Charitable Trust&rsquo;s
report, <I>Breaking the Plastic Wave</I>, which found that plastic leakage into oceans can be reduced by 80% by 2040 under its System
Change Scenario (SCS) by 2040, but requires a significant (30%) absolute reduction in use of virgin SUP.<SUP>6</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">While the petrochemical industry has no specific plans to reduce plastic
production or pollution, countries and consumer brands are beginning to drive reductions in virgin plastic use and call for reduced plastic
production.<SUP>7</SUP> A legally binding global plastics treaty is being negotiated, which may mandate production caps. Large SUP users
including Unilever, Nestle, Walmart, and Coca-Cola, who may use Dow products, state that the top priority of a global plastics treaty
should be &ldquo;reduction of plastic production and use &hellip; focusing on virgin fossil fuel-based plastic.&rdquo;<SUP>8</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dow has been cited as the third largest producer of resins bound
for SUPs, resulting in 5.3 million metric tons of SUP waste annually. 30% of Dow&rsquo;s revenue is from polymers bound for SUP applications.<SUP>9</SUP></B>
Significant reduction in plastic demand could result in stranded investments in plastic production assets, disrupting the petrochemical
industry.<SUP>10</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Despite numerous recent reports and articles pointing towards current
and projected oversupply of polyethylene, Dow is investing heavily in expanding polyethylene capacity at a time of significant global
polyethylene overcapacity which could result in possible overbuild and stranded assets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Company argues that it will be able to address plastic reduction
concerns through chemical (advanced) recycling. However, chemical recycling has a broad range of impacts that must be addressed before
investors can be assured that it will provide a safe, cost-effective way to recycle problematic plastics at scale. To avoid both economic
and reputat<FONT STYLE="font-size: 11pt">ional risks, as petrochemical companies begin to commit to using recycled plastics, it is important
to understand if the proposed recycling processing technologies are cost-effective, process and energy efficient, and environmentally
sound.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">A Company analysis of the Pew report&rsquo;s SCS, discussing how significant
reduction in virgin plastic demand would affect Dow&rsquo;s financial position, would provide shareholders with a better understanding
of its demand-related risk assessment and mitigation actions. Further, risks and opportunities associated with the Company&rsquo;s investments
in chemical recycling technologies to process plastic waste, which can pose safety, emissions, and efficiency concerns, need to be disclosed.</P>

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


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> https://www.theguardian.com/environment/2021/jul/01/call-for-global-treaty-to-end-production-of-virgin-plastic-by-2040</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> https://www.pewtrusts.org/-/media/assets/2020/07/breakingtheplasticwave_report.pdf;
https://www.science.org/doi/full/10.1126/science.aba9475</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://www.pbs.org/newshour/science/bold-single-use-plastic-ban-kicks-europes-plastic-purge-into-high-gear;
https://www.unep.org/resources/report/legal-limits-single-use-plastics-and-microplastics; https://www.unilever.com/news/press-releases/2019/unilever-announces-ambitious-new-commitments-for-a-
waste-free-world.html</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://www.plasticsnews.com/public-policy/plastics-treaty-talks-open-push-restrain-virgin-resins</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://cdn.minderoo.org/content/uploads/2023/02/04205527/Plastic-Waste-Makers-Index-2023.pdf,
p.57, p. 49</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://www.forbes.com/sites/scottcarpenter/2020/09/05/why-the-oil-industrys-400-billion-bet-on-plastics-could-backfire/?sh=2203b98843fe</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Dow Inc | Shareholder Proposal on Single-Use Plastics</FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">RATIONALE FOR A YES
VOTE</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Dow is exposed to economic risk as global leaders and corporate brands call for reduction in plastic production and a transition
away from single-use plastics to combat plastic pollution.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Dow continues to expand plastic production despite the likelihood of single-use plastic demand reduction.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Dow has provided inadequate information to investors on the impact of potential plastic demand reductions.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>Dow should assure shareholders of the efficacy and safety of commitments to produce recycled resin using advanced recycling technologies.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">DISCUSSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B></B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>Dow is exposed to economic risk as global leaders and corporate brands call for reduction in plastic production and a transition
away from single-use plastics to combat plastic pollution.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Global community leaders agree that the current rate of expansion of
virgin plastic production is unsustainable, recycling improvements alone are inadequate, and absolute demand reductions are critical.
These conclusions are reflected in recent reports by the United Nations Environment Program (UNEP), the Organization for Economic Co-operation
and Development (OECD), and the U.S. National Academies of Science, Engineering, and Medicine (NAS), and built into the Pew Scenario of
<I>Breaking the Plastic Wave </I>(Pew Scenario<I>)</I>.<SUP>11</SUP> The Pew Scenario finds that an absolute demand reduction for virgin
single-use plastics is critical to curbing ocean plastic pollution.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Similarly, UNEP underscores that a drastic reduction in unnecessary,
avoidable, and problematic plastic is crucial to addressing the global pollution crisis. The OECD calls for restraints on demand and NAS
suggests a national cap on virgin plastic production. Even the consumer brands that use Dow&rsquo;s resin products, including the Business
Coalition for a Global Plastics Treaty, have stated that the top priority of a global plastics treaty should be &ldquo;reduction of plastic
production and use . . . focusing on virgin fossil fuel-based plastic.&quot; This group includes some of the world&rsquo;s largest users
of <FONT STYLE="font-size: 11pt">single-use plastics: Coca-Cola Co, Nestle, Mars, PepsiCo, Unilever, Walmart, and petrochemical company
Borealis.<SUP>12</SUP> The group also includes investors with $5.5 trillion in assets under management (AUM): ASN Bank, BNP Paribas Asset
Management, Fidelity International, and Robeco.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://www.unep.org/news-and-stories/press-release/comprehensive-assessment-marine-litter-and-plastic-pollution;
https://www.oecd.org/newsroom/plastic-pollution-is-growing-relentlessly-as-waste-management-and-recycling-fall- short.htm; https://www.washingtonpost.com/climate-environment/2021/12/01/plastic-waste-ocean-us/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.plasticsnews.com/public-policy/plastics-treaty-talks-open-push-restrain-virgin-resins</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Dow Inc | Shareholder Proposal on Single-Use Plastics</FONT></P>
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<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">A recent study funded by Plastics Europe, a leading plastics industry
trade association, states that &ldquo;it is technically feasible and environmentally beneficial to reduce 38% (7.2 million tons) of projected
plastic packaging demand by 2050 through elimination actions and development of reuse models without compromising on functionality.&rdquo;<SUP>13</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Countries and major brands continue to commit to significant cuts in
the use of virgin and single-use plastics.<SUP>14</SUP> In 2022, California passed the first U.S. law mandating specific cuts in the use
of plastic packaging: 25% by 2032.<SUP>15</SUP> These actions could have significant implications for Dow as the world&rsquo;s third largest
producer of single-use plastic resins.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Other large companies with significant plastics-related business, like
BP, have assessed the potential impacts of significant plastic regulations to their business model. In the Pew Scenario, virgin plastic
demand would peak by 2027 &ndash; leaving an estimated $400 billion of global investment in virgin plastic production potentially stranded,
according to one analysis.<SUP>16 </SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Given these developments, shareholders expect major polymer producers
like Dow to begin positioning their businesses for a world in which single-use plastic demand is declining. Investors seek enhanced company
disclosure on potential risks and impacts to Dow&rsquo;s petrochemical investments, including consideration of the most comprehensive
existing reduced demand scenario -- the Pew Scenario.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Dow continues to expand plastic production despite the likelihood of single-use plastic demand reduction.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt">In its latest annual report from 2022,
Dow announced projects across its global asset network that will deliver approximately 350,000 <I>additional </I>tons per year of polyethylene
production. This is despite near-term cut</FONT><FONT STYLE="font-size: 11pt">s in global demand which, in August 2022, forced Dow to temporarily
reduce by 15% its production of polyethylene for use in packaging.<SUP>17</SUP></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: #FEFEFE">It appears that Dow is planning to build
a new petrochemical facility in Saskatchewan, Canada to expand ethylene (1.8 million metric tons annually) and polyethylene production
(3.2 million metric tons annually) by 2030. The cost of the project is estimated at $9 billion.<SUP>18</SUP> <B>The Company is investing
heavily in expanding polyethylene capacity at a time of significant global polyethylene overcapacity.</B> According to a lead chemicals
researcher at S&amp;P, ethylene use rates -- the amount converted into new materials like plastic -- have fallen to their lowest level
in four decades because of &ldquo;a gross overbuild&rdquo; of production capacity.<SUP>19</SUP> Chemical &amp; Engineering News reports
that &ldquo;every major commodity chemical market, with a few exceptions, like chlorine, is now entering a period of severe overcapacity
that will make it difficult to eke out profits.&rdquo;<SUP>20</SUP> This puts Dow at high risk of possible overbuild and stranded assets.
According to the Institute for Energy Economics and Financial Analysis (IEEFA), &ldquo;Dow&rsquo;s project in Canada could be the poster
child for what not to do. It is being built to serve an oversupplied market, and it ties up significant capex and employs technology with
a pattern of poor performance. The likelihood of value loss is high.&rdquo;<SUP>21</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://plasticseurope.org/reshaping-plastics/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://www.weforum.org/agenda/2020/10/canada-bans-single-use-plastics/;
https://www.pbs.org/newshour/science/bold-single-use-plastic-ban-kicks-europes-plastic-purge-into-high-gear</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.nytimes.com/2022/07/05/us/california-plastics-law.html</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://carbontracker.org/reports/the-futures-not-in-plastics/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.barrons.com/articles/dow-stock-lyondellbasell-chemicals-downgrade-51661781336</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://ieefa.org/sites/default/files/2024-01/Petrochemicals%20Losing%20Financial%20Appeal_January%202024.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://www.ft.com/content/6b3f4405-a994-4fb1-b667-1f49c5357db8</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> https://cen.acs.org/business/petrochemicals/Fallow-days-loom-petrochemical-firms/101/i36#:~:text=It%20will%20take%202%E2%80%933,several%20years%2C%E2%80%9D%20he%20said</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> https://ieefa.org/sites/default/files/2024-01/Petrochemicals%20Losing%20Financial%20Appeal_January%202024.pdf</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Dow Inc | Shareholder Proposal on Single-Use Plastics</FONT></P>
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<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Company&rsquo;s expansion plans are also inconsistent with the
expected reduction in demand foreseen by the Pew Scenario.</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Dow has provided inadequate information to investors on the impact of potential plastic demand reductions.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In its statement in opposition to the proposal, Dow states that
currently enacted or contemplated SUP bans would not materially impact the Company<B>. </B>No data or methodology is provided
regarding this conclusion, nor time frame, and the Company has not disclosed assessment for what future bans and associated
materials are likely to be proposed and passed, and what their impact would be. This is not an adequate response to the proposal.
While the proposal asks Dow to look at the impact of a 30% reduction in demand through 2040, the Company instead assesses the impact
of a 3.5% or less reduction based on 2023 revenues.<SUP>22</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The information provided by the Company concluding that SUP applications
<I>currently</I> targeted by bans account for less than 5% of total demand is scant at best, and of questionable reliability, consisting
of two pie chart graphics referring to data generated by Chemical Market Analytics, but with no supplemental information on the actual
data, assumptions, definitions, or methodology used. There is no identification as to what specific bans were used in the calculation
nor how single-use plastic was defined. This information is essential to ensure that investors can evaluate projected revenue impact.
<B>Investors thus are left with incomplete information.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, Dow claims that &ldquo;even if all the plastics bans
under consideration were hypothetically to come into effect, the estimated result would be less than 2% for Dow&rsquo;s total sales based
on 2023 revenue,&rdquo; however this is an incomplete assessment. By only considering products likely to be banned, <B>Dow&rsquo;s assessment
fails to capture a potential reduction in demand due to other factors not related to bans, such as major brands who may voluntarily turn
away from flexible packaging, a major product, to meet their recyclability goals.<SUP>23</SUP></B> Further discussion on reduced demand
for products from Brands is discussed in Response to Statement in Opposition section below.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Ironically, while denying material impact based on opaque data in its
statement in opposition, Dow has already acknowledged this possibility of harm its 2022 annual report, stating that &ldquo;increased pressure
on the use of plastics. . . could cause reduced demand for the Company&rsquo;s polyethylene products which could negatively impact the
Company&rsquo;s financial c<FONT STYLE="font-size: 11pt">ondition, results of operations and cash flows.&rdquo;<SUP>24</SUP> Proponents
agree and are asking the Company to provide a more thorough and transparent analysis of impact. </FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001751788/000119312524055895/d518047ddef14a.htm">https://www.sec.gov/ix?doc=/Archives/edgar/data/0001751788/000119312524055895/d518047ddef14a.htm</A>,
p. 111</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.foodnavigator.com/Article/2022/11/02/Plastic-targets-expected-to-be-missed-Ellen-MacArthur-progress-report;
https://www.edie.net/ellen-macarthur-foundation-corporate-plastic-recycling-and-reuse-targets-unlikely-to-be-met/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://s23.q4cdn.com/981382065/files/doc_financials/2023/ar/2022_Dow_Inc_Annual_Report.pdf#xd_co_f=MmEwZTc4ZGQ1MTFjNTdmYTAwYzE2MDg0OTA5NjUzMzY=~,
p.23</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
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                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Dow Inc | Shareholder Proposal on Single-Use Plastics</FONT></P>
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<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="color: #73C167; font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 117.35pt"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Dow should assure shareholders of the efficacy and safety of commitments to produce recycled resin
using advanced recycling technologies.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Dow touts &lsquo;chemical&rsquo; or &lsquo;advanced recycling&rsquo;
as the solution to the plastic pollution problem due to limitations in mechanical recycling. The most developed forms of chemical recycling
are pyrolysis and gasification, which convert plastic waste into liquid or gaseous hydrocarbon products that can be converted back into
plastics or fuels. There are numerous concerns about pyrolysis, however, including high energy use, toxic residues, and low processing
efficiency. A recent report from the National Renewable Energy Laboratory (NREL) stated that pyrolysis, has very low processing efficiency
rates, destroying between 86 and 99% of feedstock plastic in the conversion process.<SUP>25</SUP> Another study put the efficiency rate
slightly higher at 42%.<SUP>26</SUP> The less plastic-ready material that comes out of these processes, the more virgin plastic must be
used, perpetuating reliance on fossil fuels. Pyrolysis oil, a product of pyrolysis, often needs further refining to remove impurities
before it can be converted into plastic products, requiring more cost and effort. Investors are concerned that a large majority of input
materials and energy may be consumed in the process of converting plastic waste into much smaller outputs of hydrocarbons and potential
plastic product.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Pyrolysis can also generate ash containing halogens and heavy metals
that need to be properly managed. There are significant environmental justice concerns regarding hazardous waste, air pollutants, and
greenhouse gas emissions from chemical recycling facilities, which are often sited in low-income communities, communities of color, or
other marginalized communities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Aside from these issues, there is concern that chemical recycling will
scale too slowly to have a substantial impact. A National Academy of Sciences study concluded that chemical recycling technologies are
&ldquo;unproven to handle the current plastic waste stream and existing high-production plastics.&rdquo;<SUP>27</SUP> Chemical recycling
processes can take 17 years to reach commercial scale operation. The Pew report stated that plastic-to-plastic chemical recycling at scale
is likely to begin only after 2030 and can handle only 6% of plastic waste by 2040. A September 2023 report by the Nordic Council of Ministers
models the impact of 15 potential global policy interventions on plastic pollution through 2040.<SUP>28</SUP> The report concludes that,
at best, chemical recycling will only recycle 15.4 million tons of plastic waste in 2040 &mdash; a mere 3% of all plastic waste generated,
casting doubt on the relevance and utility of chemical recycling to the management of plastic waste into the future.<SUP>29</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent that Dow relies on advanced recycling to address global
concerns about plastic pollution, it should disclose the type of technology, inputs, outputs, energy use, carbon emissions, hazardous
waste generation, and importantly, processing efficiency (i.e. yield of usable material versus loss) so that investors can be assured
that the Company&rsquo;s inv<FONT STYLE="font-size: 11pt">estments in these technologies are economically viable rather than economic risks.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.nrel.gov/docs/fy14osti/62368.pdf</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.sciencedirect.com/science/article/pii/S1364032122006049</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> https://nap.nationalacademies.org/catalog/26132/reckoning-with-the-us-role-in-global-ocean-plastic-waste,
p. 71</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.norden.org/en/publication/towards-ending-plastic-pollution</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> https://static1.squarespace.com/static/5eda91260bbb7e7a4bf528d8/t/655791f76ad9bb07d10e1290/1700237880522/10-30-23_Chemical-Recycling-Report_web.pdf</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Dow Inc | Shareholder Proposal on Single-Use Plastics</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Finally, there must be disclosure around operations and transparency
around procedures followed to ensure safe and responsible operations to protect nearby residents from harmful plant emissions to air,
water, and land.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9.35pt; background-color: #B8CCE4">RESPONSE TO DOW&rsquo;S
BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.8pt 0pt 0">In Dow&rsquo;s opposition statement, it states that &ldquo;overall
growth for polyethylene demand remains robust, with global polyethylene demand expected to grow at approximately 1.2 - 1.4x of gross domestic
product,&rdquo; pointing to a chart. The chart is based on an internal analysis blending various sources of industry-wide data, but it
presents no information about Dow. See Section 2 above for further discussion.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.8pt 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.8pt 0pt 0; text-align: justify">Dow makes the questionable assertion
that currently enacted or contemplated single-use plastic bans would not materially impact the Company because some portion of their SUP
production is necessary for &ldquo;essential&rdquo; products<B>. </B>There is no evidence provided that the plastic packaging provided
by Dow is &ldquo;essential.&rdquo; <B>In fact, to the contrary, an estimated 85% of Dow&rsquo;s contribution to single-use plastic waste
comes from its flexible plastic format products, which cannot be widely recycled and may be phased out soon due to pressure on companies
to reduce non-recyclable packaging</B>.<SUP>30</SUP> Many consumer brands (Coca-Cola, Nestle, PepsiCo, Target, Unilever, Walmart) have
pledged to make all packaging recyclable by 2025; such commitments are likely to force a switch to other materials if flexible plastic
format products, such as those produced by Dow, are not recyclable by 2025. Widespread switching to other materials could significantly
impact Dow&rsquo;s future revenue. See Section 3 above for further discussion.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.8pt 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.8pt 0pt 0">Lastly, Dow touts its commitment to &ldquo;transform plastic
waste and other forms of alternative feedstock to commercialize three million metric tons of circular and renewable solutions annually&rdquo;
by 2030, representing approximately 25% of overall plastics capacity. We appreciate the Company&rsquo;s commitment to increasing recycling,
however the commitment by itself is not informative and does not answer the question of what impact a 30% reduction in demand would have
on the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.8pt 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.8pt 0pt 0">The fact that nearly one-third of shares voted for the proposal
last year indicates that a substantial number of investors view this as a priority issue where the Company has failed to act to reduce
business and reputational risk.<SUP>31</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 11.8pt 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4">CONCLUSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Dow is exposed to economic risk as governments and consumer brands
transition away from single-use plastics. The Company needs to disclose these risks and how it is managing them. Proxy analyst ISS recomme<FONT STYLE="font-size: 11pt">nded
a vote in favor of this same proposal last year.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><B>_____________________________</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://www.minderoo.org/plastic-waste-makers-index/</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> http://www.asyousow.org/resolutions/2022/10/31-dow-inc-petrochemical-risks-single-use-plastics</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="color: #71C267; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2024
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Dow Inc | Shareholder Proposal on Single-Use Plastics</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We recommend a &ldquo;Yes&rdquo; vote on this Shareholder Proposal
</B>asking Dow to assess economic risks to its plastic production business under the Pew scenario where demand for virgin plastics is
decreased dramatically by efforts to combat ocean plastic pollution. As the world&rsquo;s third largest producer of single-use plastic
resins, Dow fails to provide shareholders with sufficient analysis and disclosure on managing growing risks related to projected decline
of single-use plastics, which accounts for a significant portion of Dow&rsquo;s business. It further fails to demonstrate the efficacy
and safety of using chemically recycled post- consumer plastic as feedstock for new products.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>--</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions, please contact: Genevieve Abedon, As You Sow, gabedon@asyousow.org</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE,
U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION
OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR
MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY,
PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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

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

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-size: 10pt">8</FONT></P>

<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
