Midland, MI - December 20, 2004

The Dow Chemical Company (NYSE: DOW) hosted a live Webcast of its fourth quarter 2004 earnings conference call with securities analysts on Thursday, January 27, 2005 at 10:00 a.m. Eastern Time. Dow issued its fourth quarter earnings release on PR Newswire at approximately 6:30 a.m. Eastern Time that day.

Dow management participating on the call were Andrew N. Liveris, President and Chief Executive Officer and Kathleen C. Fothergill, Corporate Director, Investor Relations. They discussed Dow's fourth quarter business results and outlook for the company. The Webcast lasted one hour. A replay of the Webcast is available.

FORWARD-LOOKING INFORMATION
The forward-looking statements contained in this webcast involve risks and uncertainties that may affect the Company's operations, markets, products, services, prices, and other factors as discussed in filings with the U.S. Securities and Exchange Commission (SEC). These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental, and technological factors. Accordingly, there is no assurance that the Company's expectations will be realized. The Company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.