# EDGAR Filing Document

**Accession Number:** 0000029915
**File Stem:** 0001193125-23-035302
**Filing Date:** 2023-2
**Character Count:** 45743
**Document Hash:** ceccdaefce0a42830806db8306a22e1b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-035302.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001193125-23-035302

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DOW CHEMICAL CO /DE/
- **CENTRAL INDEX KEY:** 0000029915
- **STANDARD INDUSTRIAL CLASSIFICATION:** PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821]
- **IRS NUMBER:** 381285128
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-265556-01
- **FILM NUMBER:** 23616826

**BUSINESS ADDRESS:**
- **STREET 1:** 2211 H.H. DOW WAY
- **CITY:** MIDLAND
- **STATE:** MI
- **ZIP:** 48674-2030
- **BUSINESS PHONE:** 989-636-1000

**MAIL ADDRESS:**
- **STREET 1:** 2211 H.H. DOW WAY
- **CITY:** MIDLAND
- **STATE:** MI
- **ZIP:** 48674-2030

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying prospectus supplement and prospectus are not offers to sell these securities and are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

**Subject to completion** 

**Preliminary Pricing Supplement dated February 13, 2023** 

**Filed under 424(b)(3), Registration Statement No. 333-265556-01** 

Pricing Supplement No. 19 - Dated Monday, February 13, 2023 (To: Prospectus Dated June 13, 2022, and Prospectus Supplement Dated July 22, 2022)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CUSIP<br>Number** | **Principal<br>Amount** | **Selling<br>Price** | **Gross<br>Concession** | **Net<br>Proceeds** | **Coupon<br>Rate** | **Coupon<br>Frequency** | **Maturity<br>Date** | **1st Coupon<br>Date** | **1st Coupon<br>Amount** | **Survivor's<br>Option** | **Product<br>Ranking** |
|  **26054MBP5** |  | 100% | 1.250% |  | 4.800% | Semi-Annual | 02/15/2028 | 08/15/2023 | $22.80 | Yes | Senior Unsecured Notes |
| <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter** **.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 0.8500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 0.8500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter** **.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 0.8500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 0.8500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter** **.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 0.8500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 0.8500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter** **.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 0.8500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 0.8500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter** **.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 0.8500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 0.8500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter** **.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 0.8500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 0.8500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter** **.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 0.8500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 0.8500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter** **.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 0.8500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 0.8500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter** **.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 0.8500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 0.8500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter** **.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 0.8500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 0.8500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter** **.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 0.8500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 0.8500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter** **.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 0.8500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 0.8500% to the public offering price, thereby not retaining any portion of the discount as compensation. |
|  **26054MBQ3** |  | 100% | 1.800% |  | 5.100% | Semi-Annual | 02/15/2033 | 08/15/2023 | $24.22 | Yes | Senior Unsecured Notes |
| <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter**. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter**. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter**. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter**. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter**. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter**. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter**. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter**. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter**. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter**. | <br> **Redemption Information:** **Callable at 100.000% on 8/15/2023 and any time thereafter**. |  |
| <br> **Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 1.2500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 1.2500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 1.2500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 1.2500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 1.2500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 1.2500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 1.2500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 1.2500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 1.2500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 1.2500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 1.2500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 1.2500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 1.2500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 1.2500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 1.2500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 1.2500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 1.2500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 1.2500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 1.2500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 1.2500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 1.2500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 1.2500% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 1.2500% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 1.2500% to the public offering price, thereby not retaining any portion of the discount as compensation. |
| **26054MBR1** |  | 100% | 3.150% |  | 5.550% | Semi-Annual | 02/15/2053 | 08/15/2023 | $26.36 | Yes | Senior Unsecured Notes |
| <br> **Redemption Information: Callable at 100.000% on 8/15/2023 and any time thereafter.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 2.4000% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 2.4000% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information: Callable at 100.000% on 8/15/2023 and any time thereafter.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 2.4000% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 2.4000% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information: Callable at 100.000% on 8/15/2023 and any time thereafter.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 2.4000% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 2.4000% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information: Callable at 100.000% on 8/15/2023 and any time thereafter.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 2.4000% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 2.4000% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information: Callable at 100.000% on 8/15/2023 and any time thereafter.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 2.4000% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 2.4000% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information: Callable at 100.000% on 8/15/2023 and any time thereafter.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 2.4000% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 2.4000% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information: Callable at 100.000% on 8/15/2023 and any time thereafter.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 2.4000% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 2.4000% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information: Callable at 100.000% on 8/15/2023 and any time thereafter.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 2.4000% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 2.4000% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information: Callable at 100.000% on 8/15/2023 and any time thereafter.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 2.4000% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 2.4000% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information: Callable at 100.000% on 8/15/2023 and any time thereafter.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 2.4000% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 2.4000% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information: Callable at 100.000% on 8/15/2023 and any time thereafter.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 2.4000% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 2.4000% to the public offering price, thereby not retaining any portion of the discount as compensation. | <br> **Redemption Information: Callable at 100.000% on 8/15/2023 and any time thereafter.**<br>**Joint Lead Managers and Lead Agents:** InspereX LLC **Agents:** Citigroup, Wells Fargo Advisors<br>This tranche of The Dow Chemical Company InterNotes will be subject to redemption at the option of The Dow Chemical, in whole or in part, on the interest payment date occurring on 08/15/2023 and any time thereafter at a redemption price equal to 100% of the principal amount of such The Dow Chemical Company InterNotes plus accrued interest thereon, if any, upon not less than 10 nor more than 60 days prior notice to the noteholder and the trustee, as described in the prospectus.<br>Investment advisers purchasing for the account of their advisory clients and selected dealers purchasing on an agency basis or for their own accounts on a principal or riskless principal basis, may be offered Notes at a 2.4000% discount to the public offering rate. Notes purchased by selected dealers in level-fee and retirement accounts may be sold to such accounts at a discount up to 2.4000% to the public offering price, thereby not retaining any portion of the discount as compensation. |

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| ![LOGO](g441763g1220013315286.jpg) <br> The Dow Chemical<br> 2211 H.H. Dow Way<br> Midland, Michigan 48674 | Trade Date: Tuesday, February 21, 2023 @ 12:00 PM ET<br> Settle Date: Friday, February 24, 2023<br> Minimum Denomination/Increments: $1,000.00/$1,000.00<br> Initial trades settle flat and clear SDFS: DTC Book Entry only<br> DTC Number 0235 via RBC Dain Rauscher Inc<br>If the maturity date or an interest payment date for any note is not a business day (as such term is defined in prospectus), principal and premium, if any, and interest for that note is paid on the next business day, and no further such interest will accrue from, and including, the maturity date or such interest payment date.<br>**InterNotes<sup>®</sup> is a registered trademark of InspereX Holdings LLC. All Rights Reserved.** | **The Dow Chemical**<br>**The Dow Chemical InterNotes** |

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