Dow and OxyChem to Form Joint Venture to Produce New Chlorocarbon for Next Generation, Climate-Friendly Refrigerants [#DowInvestorDay]

The Dow Chemical Company and Occidental Chemical Corporation (OxyChem) today announced their intent to form a joint venture to manufacture and market a new chlorocarbon solution that is a building block for advanced climate-friendly refrigerants, initially for use in automobile air conditioning systems.

The new chlorocarbon, known as HCC-1230xa, is designed to enable the efficient production of the next generation refrigerant, HFO-1234yf, that has low global warming potential (GWP) and zero ozone depletion potential (ODP). This alternative refrigerant is approved by the U.S. Environmental Protection Agency and meets European Union regulatory requirements for automobile air conditioning systems.

The intent of the planned joint venture is to utilize leading edge technology to produce world- scale quantities of HCC-1230xa. This will provide the global market with a high-quality supply of the chlorocarbons necessary to meet the growing demand for next-generation, climate-friendly refrigerants.

The formation of the joint venture is subject to negotiation and execution of definitive agreements and certain other customary conditions to closing for transactions of this type, including but not limited to the receipt by each party of requisite internal approvals, and the receipt of necessary regulatory approvals.

About The Dow Chemical Company

Dow (NYSE: Dow) combines the power of science and technology with the "Human Element" to passionately innovate what is essential to human progress. The Company connects chemistry and innovation with the principles of sustainability to help address many of the world's most challenging problems such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Dow's diversified industry-leading portfolio of specialty chemical, advanced materials, agrosciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. In 2010, Dow had annual sales of $53.7 billion and employed approximately 50,000 people worldwide. The Company's more than 5,000 products are manufactured at 188 sites in 35 countries across the globe. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at www.dow.com.

About Occidental Chemical Corporation

Occidental Chemical Corporation (OxyChem), a wholly owned subsidiary of Occidental Petroleum Corporation, manufactures and markets basic chemicals, vinyls and other chemicals used in water treatment, paper production, pharmaceuticals, construction, automobile manufacturing, soaps and disinfection products, among others. OxyChem is committed to safeguarding the environment and the health and safety of its employees and surrounding communities.

Forward-Looking Statements

Statements in this release that contain words such as "will,” "expect” or "estimate,” or otherwise relate to the future, are forward-looking and involve risks and uncertainties that could significantly affect expected results. Factors that could cause actual results to differ materially include, but are not limited to: not successfully completing (or any material delay in) construction projects; higher-than-expected costs; global commodity price fluctuations and supply/demand considerations for HCC-1230xa; production interruptions; and political risk. You should not place undue reliance on these forward-looking statements which speak only as of the date of this release. Unless legally required, Dow and Occidental do not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

^®Trademark of The Dow Chemical Company ("Dow”) or an affiliated company of Dow

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50016219&lang=en