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DOW ACQUIRES ROHM AND HAAS

July 16, 2008
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Dow, Midland, MI, and Rohm and Haas have announced a definitive agreement under which Dow will acquire all outstanding shares of Rohm and Haas common stock for $78 per share in cash. The acquisition of Rohm and Haas will make Dow the world’s leading specialty chemicals and advanced materials company, combining the two organizations’ best-in-class technologies, broad geographic reach and strong industry channels to create an outstanding business portfolio with significant growth opportunities.

The transaction marks a decisive move in Dow’s transformation into an earnings growth company with reduced cyclicality. Last December, Dow announced a joint venture with Petrochemical Industries Company of the State of Kuwait (PIC). With the collective impact of these two deals, performance products and advanced materials will represent 69% of Dow’s total sales on a 2007 pro forma basis, compared with 51% prior to these transactions.

Financing for the acquisition includes an equity investment by Berkshire Hathaway and the Kuwait Investment Authority in the form of convertible preferred securities for $3 billion and $1 billion, respectively. Debt financing has been committed by Citi, Merrill Lynch and Morgan Stanley.

For more information, visit www.dow.com.

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