Joint ventures play an important part in Dow’s strategy. Dow formed its first joint venture more than 60 years ago. Today, joint ventures make up a significant part of Dow’s earnings.

Joint ventures can provide Dow with access to capital, geographic markets, synergy opportunities, risk sharing, technology and advantaged feedstocks.

Dow’s principal joint ventures are:

Americas Styrenics
Compañía Mega, S.A.
Dow Corning Corporation
EQUATE Petrochemical Co. K.S.C.
Equipolymers
MEGlobal
The OPTIMAL Group of Companies
SCG-DOW Group
Univation Technologies

Subsidiaries

Dow also has a number of subsidiaries, including Dow AgroSciences LLC and Union Carbide Corporation.

For a comprehensive list of joint ventures and subsidiaries of The Dow Chemical Company, please see (Exhibit 21) the Company's most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission.