Bell Elected to Dow Board of Directors

Midland, MI - December 22, 2005, The Dow Chemical Company announced today the election of James A. Bell, executive vice president and Chief Financial Officer (CFO), The Boeing Company, to the Board of Directors, effective immediately. Mr. Bell will serve on the Audit and Environment, Health & Safety Committees of Dow’s Board.

A 33-year Boeing veteran, Bell brings to Dow business leadership and corporate finance expertise at the world’s largest aerospace company. He is a member of the board of directors of the Joffrey Ballet, the Chicago Urban League, World Business Chicago, the Chicago Economic Club and New Leaders for New Schools.

“Mr. Bell’s experience, not only in finance and business performance, but also in strategic growth, will provide further strength to Dow at a time when we are clearly focused on growing in emerging economies,” said William S. Stavropoulos, chairman, Dow’s Board of Directors. “His demonstrated leadership and experience, both in business as well as with government-industry partnerships, make him an ideal addition to Dow’s Board.”

Bell was named acting CFO of Boeing in November 2003, and was formally elected to the position in January 2004. From March through June 2005, in addition to his CFO duties, Bell served as Boeing’s interim president and CEO.

Bell has extensive experience overseeing business performance and strategic growth initiatives at Boeing. In addition to his role as CFO, Bell oversees the company’s Shared Services Group, which provides cost-effective services across the Boeing enterprise. Bell began his career with Rockwell, which is now part of Boeing, in 1972. He has held positions of increasing responsibility, including internal auditor, manager of general and cost accounting, director of Space Station business management, vice president of contracts and senior vice president of finance and Corporate Controller. Bell attended California State University at Los Angeles where he earned a bachelor’s degree in Accounting.

For a complete list of Dow’s board members, committee assignments, and other corporate governance information, visit our web site at www.dowgovernance.com.

Dow is a leader in science and technology, providing innovative chemical, plastic and agricultural products and services to many essential consumer markets. With annual sales of $40 billion, Dow serves customers in 175 countries and a wide range of markets that are vital to human progress: food, transportation, health and medicine, personal and home care, and building and construction, among others. Committed to the principles of sustainable development, Dow and its 43,000 employees seek to balance economic, environmental and social responsibilities. References to “Dow” or the “Company” mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted.

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Chris Huntley

Dow Chemical Company

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