Document:

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                                                                     Exhibit 4.4

                            THE DOW CHEMICAL COMPANY

                          SUPPLEMENTAL INDENTURE NO. 3

                      $1,000,000,000 5 1/4% Notes due 2004

      THIS SUPPLEMENTAL INDENTURE NO. 3, dated as of May 15, 2001 (the
"Supplemental Indenture"), between THE DOW CHEMICAL COMPANY, a Delaware
corporation (the "Company"), and BANK ONE TRUST COMPANY, NA, a national banking
association, as successor in interest to The First National Bank of Chicago, as
trustee (the "Trustee").

                            RECITALS OF THE COMPANY:

      WHEREAS, the Company has heretofore executed and delivered to the Trustee
an Indenture, dated as of April 1, 1992, as supplemented by a first supplemental
indenture thereto, dated as of January 1, 1994, and a second supplemental
indenture thereto, dated as of October 1, 1999 (as supplemented by this
Supplemental Indenture, the "Indenture"), providing for the issuance from time
to time of one or more Series of Securities;

      WHEREAS, Article Eight of the Indenture provides for various matters with
respect to any Series of Securities issued under the Indenture to be established
in an indenture supplemental to the Indenture;

      WHEREAS, Section 8.1(e) of the Indenture provides that the Company and the
Trustee may enter into an indenture supplemental to the Indenture to establish
the form or terms of Securities of any Series as permitted by Sections 2.1 and
2.3 of the Indenture; and

      WHEREAS, all the conditions and requirements necessary to make this
Supplemental Indenture, when duly executed and delivered, a valid and binding
agreement in accordance with its terms and for the purposes herein expressed,
have been performed and fulfilled.

      NOW THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

      For and in consideration of the premises and the issuance of the Series of
Securities provided for herein, the Company and the Trustee mutually covenant
and agree for the equal and proportionate benefit of the respective Holders of
the Securities of each such Series as follows:
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                                   ARTICLE ONE

            RELATION TO INDENTURE; DEFINITIONS; RULES OF CONSTRUCTION

      SECTION 1.1 Relation to Indenture. This Supplemental Indenture constitutes
an integral part of the Indenture.

      SECTION 1.2 Definitions. For all purposes of this Supplemental Indenture,
the following terms shall have the respective meanings set forth in this
Section.

           "Additional Interest" shall have the meaning set forth in the form of
      the Securities included as Exhibit A hereto.

           "Applicable Procedures" means, with respect to any transfer or
      transaction involving a Regulation S Global Security or beneficial
      interest therein, the rules and procedures of the Depositary for such
      Global Security, Euroclear and Clearstream, in each case to the extent
      applicable to such transaction and as in effect from time to time.

           "Clearstream" means Clearstream Banking, societe anonyme, Luxembourg.

           "Definitive Security" means a certificated Initial Security or
      Exchange Security (bearing the Restricted Securities Legend if the
      transfer of such Security is restricted by applicable law) that does not
      include the Global Securities Legend.

           "Depositary" means The Depository Trust Company, its nominees and
      their respective successors.

           "Euroclear" means Euroclear Bank S.A./N.V., as operator of the
      Euroclear System.

           "Exchange Securities" means the Securities of the Company issued in
      exchange for Initial Securities pursuant to the Indenture and this
      Supplemental Indenture in connection with the Registered Exchange Offer.

           "Global Securities Legend" means the legend set forth under that
      caption in Exhibit A to this Supplemental Indenture.

           "IAI" means an institutional "accredited investor" as described in
      Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

           "IAI Securities" means all Initial Securities held by an IAI.

           "Initial Purchasers" means Salomon Smith Barney Inc., Banc of America
      Securities LLC, Bear, Stearns & Co. Inc., Banc One Capital Markets, Inc.,
      RBC Dominion Securities

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      Corporation, The Williams Capital Group, L.P. and the other initial
      purchasers listed on Schedule I to the Purchase Agreement.

           "Initial Securities" means the Rule 144A Securities, the Regulation S
      Securities and the IAI Securities.

           "Participant" means members of, or participants in, the Depositary.

           "Private Exchange" means an offer by the Company, pursuant to the
      Registration Agreement, to issue and deliver to certain purchasers, in
      exchange for the Initial Securities held by such purchasers as part of
      their initial distribution, a like aggregate principal amount of Private
      Exchange Securities.

           "Private Exchange Securities" means the Securities of the Company
      issued in exchange for Initial Securities pursuant to the Indenture and
      this Supplemental Indenture in connection with the Private Exchange
      pursuant to the Registration Agreement.

           "Purchase Agreement" means the Purchase Agreement dated May 8, 2001,
      among the Company and the Initial Purchasers.

           "QIB" means a "qualified institutional buyer" as defined in Rule
      144A.

           "Registered Exchange Offer" means the offer by the Company, pursuant
      to the Registration Agreement, to certain Holders of Initial Securities,
      to issue and deliver to such Holders, in exchange for their Initial
      Securities, a like aggregate principal amount of Exchange Securities
      registered under the Securities Act.

           "Registration Agreement" means the Registration Rights Agreement
      dated May 15, 2001, among the Company and the Initial Purchasers.

           "Regulation S" means Regulation S under the Securities Act.

           "Regulation S Securities" means all Initial Securities offered and
      sold outside the United States in reliance on Regulation S.

           "Restricted Period" with respect to any Securities means the period
      of 40 consecutive days beginning on and including the later of (i) the day
      on which such Securities are first offered to persons other than
      distributors (as defined in Regulation S under the Securities Act) in
      reliance on Regulation S and (ii) the Original Issue Date with respect to
      such Securities.

           "Restricted Securities Legend" means the legend set forth in Section
      2.4(e)(i) herein.

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           "Rule 144A" means Rule 144A under the Securities Act.

           "Rule 144A Securities" means all Initial Securities offered and sold
      to QIBs in reliance on Rule 144A.

           "Securities Act" means the Securities Act of 1933, as amended.

           "Securities" means the 5 1/4% Notes due May 14, 2004.

           "Securities Custodian" means the custodian with respect to a Global
      Security (as appointed by the Depositary) or any successor person thereto,
      who will initially be the Trustee.

           "Shelf Registration Statement" means a registration statement filed
      by the Company in connection with the offer and sale of the Initial
      Securities or Private Exchange Securities pursuant to Section 2(b) of the
      Registration Agreement.

           "Transfer Restricted Securities" means Definitive Securities and any
      other Securities that bear or are required to bear the Restricted
      Securities Legend.

      SECTION 1.3 Rules of Construction. For all purposes of this Supplemental
Indenture:

           (a) capitalized terms used herein without definition shall have the
meanings specified in the Indenture;

           (b) all references herein to Articles and Sections, unless otherwise
specified, refer to the corresponding Articles and Sections of this Supplemental
Indenture;

           (c) the terms "herein", "hereof', "hereunder" and other words of
similar import refer to this Supplemental Indenture; and

           (d) in the event of a conflict with the definition of terms in the
Indenture, the definitions in this Supplemental Indenture shall control.

                                   ARTICLE TWO

                                 THE SECURITIES

      SECTION 2.1 Title of the Securities. There shall be a Series of Securities
designated the 5 1/4% Notes due 2004.

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      SECTION 2.2 Limitation on Aggregate Principal Amount. The Securities will
be initially issued in an aggregate principal amount of $1,000,000,000 (except
for Securities authenticated and delivered upon registration of transfer of, or
in exchange for, or in lieu of, other Securities pursuant to Sections 2.8, 2.9,
2.11, 8.5 or 12.3 of the Indenture or pursuant to and in accordance with the
terms of the Registration Agreement); provided, that the Company may, without
the consent of holders of the Securities, issue additional Securities having the
same ranking and the same interest rate, maturity and other terms as the
Securities, which additional Securities will constitute a single Series of
Securities under the Indenture.

      SECTION 2.3 Form and Dating.

      (a) General. The Securities and the Trustee's certificate of
authentication shall be substantially in the form of Exhibit A hereto. The
Securities may have notations, legends or endorsements required by law, stock
exchange rule or usage. Each Security shall be dated the date of its
authentication. The Securities shall be in denominations of $1,000 and integral
multiples thereof.

      The terms and provisions contained in the Securities shall constitute, and
are hereby expressly made, a part of this Supplemental Indenture, and the
Company and the Trustee, by their execution and delivery of this Supplemental
Indenture, expressly agree to such terms and provisions and to be bound thereby.
However, to the extent any provision of any Security conflicts with the express
provisions of this Supplemental Indenture, the provisions of this Supplemental
Indenture shall govern and be controlling.

      The Initial Securities issued on the date hereof will be (i) offered and
sold by the Company pursuant to the Purchase Agreement and (ii) resold initially
only to (A) QIBs in reliance on Rule 144A and (B) Persons other than U.S.
Persons (as defined in Regulation S) in reliance on Regulation S. Such Initial
Securities may thereafter be transferred to, among others, QIBs, purchasers in
reliance on Regulation S and, except as set forth below, IAIs in accordance with
Rule 501.

      The Company hereby designates The Depository Trust Company as the initial
Depositary for the Global Securities.

      In the event the Securities are listed on the Luxembourg Stock Exchange,
the Company shall maintain an office or agency in Luxembourg where the
Securities may be presented for registration of transfer or for exchange, an
office or agency in Luxembourg where the Securities may be presented for payment
and an office or agency where notices and demands to or upon the Company in
respect of the Securities and the Indenture may be served. The Company initially
appoints Credit Agricole Indosuez Luxembourg as Paying Agent and transfer agent
in Luxembourg, at 39 Allee Schoffer, L-2520 Luxembourg; Attention: Corporate
Trust Department.

      (b) Global Securities. The Rule 144A Securities shall be issued initially
in the form of one or more permanent global Securities in definitive, fully
registered form (collectively, the "Rule

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144A Global Security") and the Regulation S Securities shall be issued initially
in the form of one or more global Securities (collectively, the "Regulation S
Global Security"), in each case without interest coupons and bearing the Global
Securities Legend and Restricted Securities Legend, which shall be deposited on
behalf of the purchasers of the Securities represented thereby with the
Securities Custodian, and registered in the name of the Depositary or a nominee
of the Depositary, duly executed by the Company and authenticated by the Trustee
as provided in the Indenture. One or more global securities in definitive, fully
registered form without interest coupons and bearing the Global Securities
Legend and the Restricted Securities Legend (collectively, the "IAI Global
Security") shall also be issued on the date of this Indenture, deposited with
the Securities Custodian, and registered in the name of the Depositary or a
nominee of the Depositary, duly executed by the Company and authenticated by the
Trustee as provided in this Indenture to accommodate transfers of beneficial
interests in the Securities to IAIs subsequent to the initial distribution.
Beneficial ownership interests in the Regulation S Global Security shall not be
exchangeable for interests in the Rule 144A Global Security, the IAI Global
Security or any other Security without a Restricted Securities Legend until the
expiration of the Restricted Period. The Rule 144A Global Security, the IAI
Global Security and the Regulation S Global Security are each referred to herein
as a "Global Security" and are collectively referred to herein as "Global
Securities." The aggregate principal amount of the Global Securities may from
time to time be increased or decreased by adjustments made on the records of the
Trustee and the Depositary or its nominee as hereinafter provided.

      (c) Book-Entry Provisions. This Section 2.3(c) shall apply only to a
Global Security deposited with or on behalf of the Depositary. The Company shall
execute and the Trustee shall, in accordance with this Section 2.3(c) and
pursuant to an order of the Company, authenticate and deliver initially one or
more Global Securities that (a) shall be registered in the name of the
Depositary for such Global Security or Global Securities or the nominee of such
Depositary and (b) shall be delivered by the Trustee to such Depositary or
pursuant to such Depositary's instructions or held by the Trustee as Securities
Custodian.

      Participants shall have no rights under the Indenture with respect to any
Global Security held on their behalf by the Depositary or by the Trustee as
Securities Custodian or under such Global Security, and the Depositary may be
treated by the Company, the Trustee and any agent of the Company or the Trustee
as the absolute owner of such Global Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the
Trustee or any agent of the Company or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by the Depositary
or impair, as between the Depositary and its Participants, the operation of
customary practices of such Depositary governing the exercise of the rights of a
holder of a beneficial interest in any Global Security.

      (d) Definitive Securities. Except as provided in Section 2.5, owners of
beneficial interests in Global Securities will not be entitled to receive
physical delivery of certificated Securities.

      SECTION 2.4 Transfer and Exchange.

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      (a) Transfer and Exchange of Definitive Securities. When Definitive
Securities are presented to the Registrar with a request:

           (i) to register the transfer of such Definitive Securities; or

           (ii) to exchange such Definitive Securities for an equal principal
      amount of Definitive Securities of other authorized denominations, the
      Registrar shall register the transfer or make the exchange as requested if
      its reasonable requirements for such transaction are met; provided,
      however, that the Definitive Securities surrendered for transfer or
      exchange:

                (A) shall be duly endorsed or accompanied by a written
           instrument of transfer in form reasonably satisfactory to the Company
           and the Registrar, duly executed by the Holder thereof or his
           attorney duly authorized in writing; and

                (B) are accompanied by the following additional information and
           documents, as applicable:

                  (x) if such Definitive Securities are being delivered to the
            Registrar by a Holder for registration in the name of such Holder,
            without transfer, a certification from such Holder to that effect
            (in the form set forth on the reverse side of the Initial Security);
            or

                  (y) if such Definitive Securities are being transferred to the
            Company, a certification to that effect (in the form set forth on
            the reverse side of the Initial Security); or

                (C) if such Definitive Securities are being transferred pursuant
           to an exemption from registration in accordance with Rule 144 under
           the Securities Act or in reliance upon another exemption from the
           registration requirements of the Securities Act, (i) a certification
           to that effect (in the form set forth on the reverse side of the
           Initial Security) and (ii) if the Company so requests, an opinion of
           counsel or other evidence reasonably satisfactory to it as to the
           compliance with the restrictions set forth in the legend set forth in
           Section 2.4(e)(i).

      (b) Restrictions on Transfer of a Definitive Security for a Beneficial
Interest in a Global Security. A Definitive Security may not be exchanged for a
beneficial interest in a Global Security except upon satisfaction of the
requirements set forth below. Upon receipt by the Trustee of a Definitive
Security, duly endorsed or accompanied by a written instrument of transfer in
form reasonably satisfactory to the Company and the Registrar, together with:

           (i) certification (in the form set forth on the reverse side of the
      Initial Security) that such Definitive Security is being transferred (A)
      to a QIB in accordance with Rule 144A,

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      (B) to an IAI that has furnished to the Trustee a signed letter
      substantially in the form of Exhibit B or (C) outside the United States in
      an offshore transaction within the meaning of Regulation S and in
      compliance with Rule 904 under the Securities Act; and

           (ii) written instructions directing the Trustee to make, or to direct
      the Securities Custodian to make, an adjustment on its books and records
      with respect to such Global Security to reflect an increase in the
      aggregate principal amount of the Securities represented by the Global
      Security, such instructions to contain information regarding the
      Depositary account to be credited with such increase, then the Trustee
      shall cancel such Definitive Security and cause, or direct the Securities
      Custodian to cause, in accordance with the standing instructions and
      procedures existing between the Depositary and the Securities Custodian,
      the aggregate principal amount of Securities represented by the Global
      Security to be increased by the aggregate principal amount of the
      Definitive Security to be exchanged and shall credit or cause to be
      credited to the account of the Person specified in such instructions a
      beneficial interest in the Global Security equal to the principal amount
      of the Definitive Security so canceled. If no Global Securities are then
      outstanding and the Global Security has not been previously exchanged for
      certificated securities pursuant to Section 2.5, the Company shall issue
      and the Trustee shall authenticate, upon written order of the Company in
      the form of an Officers' Certificate, a new Global Security in the
      appropriate principal amount.

      (c)  Transfer and Exchange of Global Securities.

           (i) The transfer and exchange of Global Securities or beneficial
      interests therein shall be effected through the Depositary, in accordance
      with this Supplemental Indenture (including applicable restrictions on
      transfer set forth herein, if any) and the procedures of the Depositary
      therefor. A transferor of a beneficial interest in a Global Security shall
      deliver a written order given in accordance with the Depositary's
      procedures containing information regarding the participant account of the
      Depositary to be credited with a beneficial interest in such Global
      Security or another Global Security and such account shall be credited in
      accordance with such order with a beneficial interest in the applicable
      Global Security and the account of the Person making the transfer shall be
      debited by an amount equal to the beneficial interest in the Global
      Security being transferred. Transfers by an owner of a beneficial interest
      in a Rule 144A Global Security or an IAI Global Security to a transferee
      who takes delivery of such interest through a Regulation S Global
      Security, whether before or after the expiration of the Restricted Period,
      shall be made only upon receipt by the Trustee of a certification from the
      transferor to the effect that such transfer is being made in accordance
      with Regulation S or (if available) Rule 144 under the Securities Act and
      that, if such transfer is being made prior to the expiration of the
      Restricted Period, the interest transferred shall be held immediately
      thereafter through Euroclear or Clearstream. In the case of a transfer of
      a beneficial interest in either a Regulation S Global Security or a Rule
      144A Global Security for an interest in an IAI Global Security, the
      transferee must furnish a signed letter substantially in the form of
      Exhibit B to the Trustee.

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           (ii) If the proposed transfer is a transfer of a beneficial interest
      in one Global Security to a beneficial interest in another Global
      Security, the Registrar shall reflect on its books and records the date
      and an increase in the principal amount of the Global Security to which
      such interest is being transferred in an amount equal to the principal
      amount of the interest to be so transferred, and the Registrar shall
      reflect on its books and records the date and a corresponding decrease in
      the principal amount of Global Security from which such interest is being
      transferred.

           (iii) Notwithstanding any other provisions of this Supplemental
      Indenture (other than the provisions set forth in Section 2.5), a Global
      Security may not be transferred as a whole except by the Depositary to a
      nominee of the Depositary or by a nominee of the Depositary to the
      Depositary or another nominee of the Depositary or by the Depositary or
      any such nominee to a successor Depositary or a nominee of such successor
      Depositary.

           (iv) In the event that a Global Security is exchanged for Definitive
      Securities pursuant to Section 2.5 prior to the consummation of the
      Registered Exchange Offer or the effectiveness of the Shelf Registration
      Statement with respect to such Securities, such Securities may be
      exchanged only in accordance with such procedures as are substantially
      consistent with the provisions of this Section 2.4 (including the
      certification requirements set forth on the reverse of the Initial
      Securities intended to ensure that such transfers comply with Rule 144A,
      Regulation S or such other applicable exemption from registration under
      the Securities Act, as the case may be) and such other procedures as may
      from time to time be adopted by the Company.

      (d) Restrictions on Transfer of Regulation S Global Security.

           (i) Prior to the expiration of the Restricted Period, interests in a
      Regulation S Global Security may only be held through Euroclear or
      Clearstream. During the Restricted Period, beneficial ownership interests
      in a Regulation S Global Security may only be sold, pledged or transferred
      through Euroclear or Clearstream in accordance with the Applicable
      Procedures and only (A) to the Company, (B) so long as such security is
      eligible for resale pursuant to Rule 144A, to a person whom the selling
      holder reasonably believes is a QIB that purchases for its own account or
      for the account of a QIB to whom notice is given that the resale, pledge
      or transfer is being made in reliance on Rule 144A, (C) in an offshore
      transaction in accordance with Regulation S, (D) pursuant to an exemption
      from registration under the Securities Act provided by Rule 144 (if
      applicable) under the Securities Act, (E) to an IAI purchasing for its own
      account, or for the account of such an IAI, in a minimum principal amount
      of Securities of $250,000 or (F) pursuant to an effective registration
      statement under the Securities Act, in each case in accordance with any
      applicable securities laws of any state of the United States. Prior to the
      expiration of the Restricted Period, transfers by an owner of a beneficial
      interest in a Regulation S Global Security to a transferee who takes
      delivery of such interest through a Rule 144A Global Security or a IAI
      Global Security shall be made only in accordance with the Applicable
      Procedures and upon receipt

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      by the Trustee of a written certification from the transferor of the
      beneficial interest in the form provided on the reverse of the Initial
      Security to the effect that such transfer is being made to (i) a person
      whom the transferor reasonably believes is a QIB within the meaning of
      Rule 144A in a transaction meeting the requirements of Rule 144A or (ii)
      an IAI purchasing for its own account, or for the account of such an IAI,
      in a minimum principal amount of the Securities of $250,000. Such written
      certification shall no longer be required after the expiration of the
      Restricted Period. In the case of a transfer of a beneficial interest in a
      Regulation S Global Security for an interest in a IAI Global Security, the
      transferee must furnish a signed letter substantially in the form of
      Exhibit B to the Trustee.

           (ii) Upon the expiration of the Restricted Period, beneficial
      ownership interests in a Regulation S Global Security shall be
      transferable in accordance with applicable law and the other terms of the
      Indenture.

      (e) Legends for Securities

           (i) Except as permitted by the following paragraphs (ii), (iii), (iv)
      or (vi), each Security certificate evidencing the Global Securities and
      the Definitive Securities (and all Securities issued in exchange therefor
      or in substitution thereof) shall bear a legend in substantially the
      following form (each defined term in the legend being defined as such for
      purposes of the legend only):

           THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
           1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF
           ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY
           INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
           TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
           ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT
           FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

           THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER,
           SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE
           "RESALE RESTRICTION TERMINATION DATE") WHICH IS TWO YEARS AFTER THE
           LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH
           EITHER THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF
           THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE
           COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN
           DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE
           SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON
           IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS
           DEFINED IN RULE 144A UNDER THE

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           SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
           OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
           TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO
           OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE
           MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN
           "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1), (2), (3)
           OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL INVESTOR
           ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH
           AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM
           PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT
           PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION
           WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F)
           PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
           REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE RIGHT OF THE
           COMPANY AND THE TRUSTEE PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
           PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN
           OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
           SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE
           REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

      Each Security evidencing a Global Security offered and sold to QIBs
      pursuant to Rule 144A shall bear a legend in substantially the following
      form:

           EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF
           THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
           SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

      Each Definitive Security shall bear the following additional legend:

           IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE
           REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION
           AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE
           TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

           (ii) Upon any sale or transfer of a Transfer Restricted Security that
      is a Definitive Security, the Registrar shall permit the Holder thereof to
      exchange such Transfer Restricted Security for a Definitive Security that
      does not bear the legends set forth above and rescind any restriction on
      the transfer of such Transfer Restricted Security if the Holder certifies
      in

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      writing to the Registrar that its request for such exchange was made in
      reliance on Rule 144 (such certification to be in the form set forth on
      the reverse of the Initial Security).

           (iii) After a transfer of any Initial Securities or Private Exchange
      Securities during the period of the effectiveness of a Shelf Registration
      Statement with respect to such Initial Securities or Private Exchange
      Securities, as the case may be, all requirements pertaining to the
      Restricted Securities Legend on such Initial Securities or such Private
      Exchange Securities shall cease to apply and the requirements that any
      such Initial Securities or such Private Exchange Securities be issued in
      global form shall continue to apply.

           (iv) Upon the consummation of a Registered Exchange Offer with
      respect to the Initial Securities pursuant to which Holders of such
      Initial Securities are offered Exchange Securities in exchange for their
      Initial Securities, all requirements pertaining to Initial Securities that
      Initial Securities be issued in global form shall continue to apply, and
      Exchange Securities in global form without the Restricted Securities
      Legend shall be available to Holders that exchange such Initial Securities
      in such Registered Exchange Offer.

           (v) Upon the consummation of a Private Exchange with respect to the
      Initial Securities pursuant to which Holders of such Initial Securities
      are offered Private Exchange Securities in exchange for their Initial
      Securities, all requirements pertaining to such Initial Securities that
      Initial Securities be issued in global form shall continue to apply, and
      Private Exchange Securities in global form with the Restricted Securities
      Legend shall be available to Holders that exchange such Initial Securities
      in such Private Exchange.

           (vi) Upon a sale or transfer after the expiration of the Restricted
      Period of any Initial Security acquired pursuant to Regulation S, all
      requirements that such Initial Security bear the Restricted Securities
      Legend shall cease to apply and the requirements requiring any such
      Initial Security be issued in global form shall continue to apply.

      (f) Cancellation or Adjustment of Global Security. At such time as all
beneficial interests in a Global Security have either been exchanged for
Definitive Securities, transferred, redeemed, repurchased or canceled, such
Global Security shall be returned by the Depositary to the Trustee for
cancellation or retained and canceled by the Trustee. At any time prior to such
cancellation, if any beneficial interest in a Global Security is exchanged for
Definitive Securities, transferred in exchange for an interest in another Global
Security, redeemed, repurchased or canceled, the principal amount of Securities
represented by such Global Security shall be reduced and an adjustment shall be
made on the books and records of the Trustee (if it is then the Securities
Custodian for such Global Security) with respect to such Global Security, by the
Trustee or the Securities Custodian, to reflect such reduction.

      (g) Obligations with Respect to Transfers and Exchanges of Securities.

                                       12
<PAGE>

           (i) To permit registrations of transfers and exchanges, the Company
      shall execute and the Trustee shall authenticate, Definitive Securities
      and Global Securities at the Registrar's request.

           (ii) No service charge shall be made for any registration of transfer
      or exchange, but the Company may require payment of a sum sufficient to
      cover any transfer tax, assessments, or similar governmental charge
      payable in connection therewith (other than any such transfer taxes,
      assessments or similar governmental charge payable upon exchange or
      transfer pursuant to Sections 8.5 or 12.3 of the Indenture).

           (iii) Prior to the due presentation for registration of transfer of
      any Security, the Company, the Trustee, the Paying Agent or the Registrar
      may deem and treat the person in whose name a Security is registered as
      the absolute owner of such Security for the purpose of receiving payment
      of principal of and interest on such Security and for all other purposes
      whatsoever, whether or not such Security is overdue, and none of the
      Company, the Trustee, the Paying Agent or the Registrar shall be affected
      by notice to the contrary.

           (iv) The Company shall not be required to make and the Registrar need
      not register transfers or exchanges of Securities selected for redemption
      (except, in the case of Securities to be redeemed in part, the portion
      thereof not to be redeemed) or any Securities for a period of 15 days
      before the mailing of a notice of redemption of Securities to be redeemed.

           (v) All Securities issued upon any transfer or exchange pursuant to
      the terms of this Supplemental Indenture shall evidence the same debt and
      shall be entitled to the same benefits under the Indenture as the
      Securities surrendered upon such transfer or exchange.

      (h) No Obligation of the Trustee.

           (i) The Trustee shall have no responsibility or obligation to any
      beneficial owner of a Global Security, a member of, or a participant in
      the Depositary or any other Person with respect to the accuracy of the
      records of the Depositary or its nominee or of any participant or member
      thereof, with respect to any ownership interest in the Securities or with
      respect to the delivery to any participant, member, beneficial owner or
      other Person (other than the Depositary) of any notice (including any
      notice of redemption or repurchase) or the payment of any amount, under or
      with respect to such Securities. All notices and communications to be
      given to the Holders and all payments to be made to Holders under the
      Securities shall be given or made only to the registered Holders (which
      shall be the Depositary or its nominee in the case of a Global Security).
      The rights of beneficial owners in any Global Security shall be exercised
      only through the Depositary subject to the applicable rules and procedures
      of the Depositary. The Trustee may rely and shall be fully protected in
      relying upon information furnished by the Depositary with respect to its
      members, participants and any beneficial owners.

                                       13
<PAGE>

           (ii) The Trustee shall have no obligation or duty to monitor,
      determine or inquire as to compliance with any restrictions on transfer
      imposed under this Supplemental Indenture or under applicable law with
      respect to any transfer of any interest in any Security (including any
      transfers between or among Depositary participants, members or beneficial
      owners in any Global Security) other than to require delivery of such
      certificates and other documentation or evidence as are expressly required
      by, and to do so if and when expressly required by, the terms of this
      Supplemental Indenture, and to examine the same to determine substantial
      compliance as to form with the express requirements hereof.

                                       14
<PAGE>

      SECTION 2.5 Definitive Securities.

      (a) A Global Security deposited with the Depositary or with the Trustee as
Securities Custodian pursuant to Section 2.3 shall be transferred to the
beneficial owners thereof in the form of Definitive Securities in an aggregate
principal amount equal to the principal amount of such Global Security, in
exchange for such Global Security, only if such transfer complies with Section
2.4 and (i) the Company notifies the Trustee that the Depositary is no longer
willing or able to act as a depositary or clearing system for the Securities or
the Depositary ceases to be a "clearing agency" registered under the Exchange
Act, and a successor depositary or clearing system is not appointed by the
Company within 90 days of such notice or cessation, (ii) the Company, in its
sole discretion, notifies the Trustee in writing that it elects to cause the
issuance of Definitive Securities under the Indenture, or (iii) upon the
occurrence and continuation of an Event of Default.

      (b) Any Global Security that is transferable to the beneficial owners
thereof pursuant to this Section 2.5 shall be surrendered by the Depositary to
the Trustee, to be so transferred, in whole or from time to time in part,
without charge, and the Trustee shall authenticate and deliver, upon such
transfer of each portion of such Global Security, an equal aggregate principal
amount of Definitive Securities of authorized denominations. Any portion of a
Global Security transferred pursuant to this Section 2.5 shall be executed,
authenticated and delivered only in denominations of $1,000 of principal amount
and any integral multiple thereof and registered in such names as the Depositary
shall direct. Any certificated Initial Security in the form of a Definitive
Security delivered in exchange for an interest in the Global Security shall,
except as otherwise provided by Section 2.4, bear the Restricted Securities
Legend.

      (c) The registered Holder of a Global Security may grant proxies and
otherwise authorize any Person, including Participants and Persons that may hold
interests through Participants, to take any action which a Holder is entitled to
take under the Indenture or the Securities.

      (d) In the event of the occurrence of any of the events specified in
Section 2.5(a)(i), (ii) or (iii), the Company will promptly make available to
the Trustee a reasonable supply of Definitive Securities in fully registered
form without interest coupons.

                                  ARTICLE THREE

                            MISCELLANEOUS PROVISIONS

      SECTION 3.1 Ratification. The Indenture, as supplemented and amended by
this Supplemental Indenture, is in all respects hereby adopted, ratified and
confirmed.

      SECTION 3.2 Counterparts. This Supplemental Indenture may be executed in
any number of counterparts, each of which when so executed shall be deemed an
original, and all such counterparts shall together constitute but one and the
same instrument.

                                       15
<PAGE>

      SECTION 3.3 Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE SECURITIES
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO THE CHOICE OF LAW PRINCIPLES THEREOF.

                            [signature page follows]

                                       16
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture No. 3 to be duly executed as of the day and year first above written.

                                          THE DOW CHEMICAL COMPANY

                                          By: /s/ G.E. Merszei
                                              ----------------------------------
                                          Name:  G.E. Merszei
                                          Title: Vice President and Treasurer

                                          BANK ONE TRUST COMPANY, NA,
                                             as Trustee

                                          By: /s/ Jeffrey L. Eubank
                                              ----------------------------------
                                          Name:  Jeffrey L. Eubank
                                          Title: Authorized Officer
<PAGE>

                                    EXHIBIT A

                          Form of 5 1/4% Notes due 2004

                           [global securities legend]

      Unless this certificate is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to the Company (as
defined below) or its agent for registration of transfer, exchange or payment,
and any certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any
payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
owner hereof, Cede & Co., has an interest herein.

                            THE DOW CHEMICAL COMPANY

                          5 1/4% NOTES DUE MAY 14, 2004

CUSIP NO.   [260543 BM 4 -- for 144A]
            [U26054 AT 0 -- for Reg. S]
            [260543 BN 2 -- for IAI]
ISIN NO.    [US260543 BM 49 -- for 144A]
            [USU26054 AT 00 -- for Reg. S]
            [US260543 BN 22 -- for IAI]
No.                                              US$

      THE DOW CHEMICAL COMPANY, a Delaware corporation (herein called the
"Company," which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum set forth above or such other
principal sum set forth on the Schedule attached hereto (which shall not exceed
US$400,000,000) on May 14, 2004, in such coin or currency of the United States
of America as at the time of payment shall be legal tender for the payment of
public and private debts, and to pay interest (which term shall include any
additional interest required to be paid upon the occurrence of a Registration
Default (as defined below)), together with such additional amounts (if any) as
are described in Section 2 on the reverse of this Note ("Additional Amounts"),
thereon semi-annually on each May 14 and November 14, commencing November 14,
2001 and at maturity on said principal sum, in such coin or currency of the
United States of America as at the time of payment shall be legal tender for the
payment of public and private debts, from May 14 and November 14, as the case
may be, next preceding the date of this Security to which interest has been
paid, unless the date hereof is a date to which interest has been paid, in which
case from the date of this Security, or unless no interest has been paid on this
Security, in which case from May 15, 2001, until payment

                                       A-1
<PAGE>

of said principal sum has been made or duly provided for, at the rate per annum
specified in the title of this Security; provided, that in the event (each such
event in clauses (i) through (v) below being referred to as a "Registration
Default") that: (i) the Exchange Offer Registration Statement is not filed with
the Commission on or prior to the 90th calendar day after the Closing Date, (ii)
the Exchange Offer Registration Statement is not declared effective on or prior
to the 180th calendar day after the Closing Date, (iii) the Exchange Offer is
not consummated on or prior to the 210th calendar day following the Closing
Date, or (iv) if required, a Shelf Registration Statement with respect to the
Registrable Securities is not filed with the Commission on or prior to the 30th
calendar day after such filing obligation arises or is not declared effective on
or prior to the 45th calendar day after the filing thereof, or (v) the Election
Periods exceed, in the aggregate, 90 days during any 365 day period (each, a
"Registration Default"), then, additional interest shall accrue on the
Securities affected thereby over and above the interest rate set forth in the
title to the Securities from and including the next day following each such
Registration Default, in each case at a rate equal to 0.25% per annum; provided,
that the aggregate additional interest will in no event exceed 0.25% per annum.
Additional interest attributable to a Registration Default shall cease to accrue
once such Registration Default is cured.

      The Company shall notify the Trustee within three Business Days after the
occurrence of a Registration Default, and additional interest shall be paid by
depositing with the Trustee, in trust for the benefit of the Holders entitled to
receive the additional interest, on or before the applicable semiannual interest
payment date, immediately available funds in sums sufficient to pay the
additional interest then due. The additional interest due shall be payable on
each interest payment date to the record Holder entitled to receive the interest
payment to be paid on such date as set forth in the Indenture. For so long as
the Securities are listed on the Luxembourg Stock Exchange, the Company shall
also publish a notice of the requirement to pay additional interest in
accordance with Section 12 on the reverse hereof.

      Payments of such principal and interest (and Additional Amounts, if any)
shall be made at the office or agency of the Company in Chicago, Illinois,
which, subject to the right of the Company to vary or terminate the appointment
of such agency, shall initially be at the principal office of Bank One Trust
Company, NA, One Bank One Plaza, Chicago, Illinois 60670-0126; provided, that
payment of interest (and Additional Amounts, if any) may be made at the option
of the Company by check mailed to the address of the person entitled thereto as
such address shall appear on the Security register; provided, further that so
long as CEDE & CO. or another nominee of the Depository is the registered owner
of this Security payments of principal and interest (and Additional Amounts, if
any) will be made in immediately available funds through the Depository's
Same-Day Funds `Settlement System. Notwithstanding the foregoing, if the date
hereof is after May 1 or November 1, as the case may be, and before the
following May 14 or November 14, this Security shall bear interest from such May
14 or November 14; provided, that if the Company shall default in the payment of
interest due on such May 14 or November 14, then this Security shall bear
interest from the next preceding May 14 or November 14, to which interest has
been paid or, if no interest has been paid on this Security, from May 15, 2001.
The interest (and Additional Amounts, if any) payable on any May 14 or November
14 will, subject to certain exceptions provided in the Indenture referred to on
the reverse

                                      A-2
<PAGE>

hereof, be paid to the person in whose name this Security is registered at the
close of business on the May 1 or November 1, as the case may be, next preceding
such May 14 or November 14, and the interest (and Additional Amounts, if any)
payable at maturity will be payable to the person to whom the principal hereof
shall be payable.

      Reference is made to the further provisions of this Security set forth on
the reverse hereof. Such further provisions shall for all purposes have the same
effect as though fully set forth at this place.

      This Security shall not be valid or become obligatory for any purpose
until the certificate of authentication hereon shall have been signed by the
Trustee under the Indenture referred to on the reverse hereof.

                        [Signatures appear on next page]

                                      A-3
<PAGE>

      IN WITNESS WHEREOF, THE DOW CHEMICAL COMPANY has caused this instrument to
be signed by facsimile by its duly authorized representative.

Dated: ___________, 2001

[SEAL]

Attest:                                  THE DOW CHEMICAL COMPANY

By: _________________________________    By: _________________________________
Name:                                    Name:
Title:                                   Title:

                                      A-4
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This is one of the Securities of the series designated herein referred to
in the within- mentioned Indenture.

                                     BANK ONE TRUST COMPANY, NA,
                                       as Trustee

                                    By:_______________________________________
                                          Authorized Signatory

                                      A-5
<PAGE>

                            THE DOW CHEMICAL COMPANY

                          5 1/4% NOTES DUE MAY 14, 2004

      Section 1. General. This Note is one of a duly authorized issue of
securities of the Company (herein called the "Securities"), issued and to be
issued in one or more series under an Indenture, dated as of April 1, 1992, as
supplemented by a supplemental indenture dated as of January 1, 1994, a second
supplemental indenture dated as of October 1, 1999 and a third supplemental
indenture dated as of May 15, 2001 (the "Indenture"), between the Company and
Bank One Trust Company, NA, as successor in interest to The First National Bank
of Chicago, as Trustee (herein called the "Trustee", which term includes any
successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one
of the Securities of the series designated on the face hereof.

      Section 2. Payment of Additional Amounts. The Company shall pay to any
Holder who is a Non-United States person (as defined below) such Additional
Amounts as may be necessary in order that every net payment in respect of the
principal, premium, if any, or interest, if any, on this Security, after
deduction or withholding by the Company or any Paying Agent for or on account of
any present or future tax, assessment or governmental charge imposed upon or as
a result of such payment by the United States or any political subdivision or
taxing authority thereof or therein, shall not be less than the amount provided
for herein to be then due and payable before any such deduction or withholding
for or on account of any such tax, assessment or governmental charge; provided,
however, that the foregoing obligation to pay such Additional Amounts shall not
apply to:

           (a) any tax, assessment or other governmental charge which would not
      have been so imposed but for:

                (i) the existence of any present or former connection between
           such Holder (or a fiduciary, settlor, beneficiary, member or
           shareholder of, or holder of a power over, such Holder, if such
           Holder is an estate, trust, partnership or corporation) and the
           United States, including, without limitation, such Holder (or such
           fiduciary, settlor, beneficiary, member, shareholder of, or holder of
           a power) being or having been a citizen or resident or treated as a
           resident thereof or being or having been engaged in a trade or
           business therein or being or having been present therein or having or
           having had a permanent establishment therein; or

                (ii) such Holder's present or former status as a personal
           holding company or foreign personal holding company or controlled
           foreign corporation for United States federal income tax purposes or
           corporation which accumulates earnings to avoid United States federal
           income tax;

                                      A-6
<PAGE>

           (b) any tax, assessment or other governmental charge which would not
      have been so imposed but for the presentation by the Holder for payment on
      a date more than 10 days after the date on which such payment became due
      and payable or the date on which payment thereof is duly provided for,
      whichever occurs later;

           (c) any estate, inheritance, gift, sales, transfer, personal property
      or excise tax or any similar tax, assessment or governmental charge;

           (d) any tax, assessment or other governmental charge which is payable
      otherwise than by withholding from payments in respect of principal of,
      premium, if any, or interest, if any, on this Security;

           (e) any tax, assessment or other governmental charge imposed on
      interest received by a Holder or beneficial owner of this Security who
      actually or constructively owns 10% or more of the total combined voting
      power of all classes of stock of the Company entitled to vote within the
      meaning of Section 871(h)(3) of the United States Internal Revenue Code of
      1986, as amended;

           (f) any tax, assessment or other governmental charge imposed as a
      result of the failure to comply with:

                (i) certification, information, documentation, reporting or
           other similar requirements concerning the nationality, residence,
           identity or connection with the United States of the Holder or
           beneficial owner of this Security, if such compliance is required by
           statute, or by regulation of the United States Treasury Department,
           as a precondition to relief or exemption from such tax, assessment or
           other governmental charge (including backup withholding); or

                (ii) any other certification, information, documentation,
           reporting or other similar requirements under United States income
           tax laws or regulations that would establish entitlement to otherwise
           applicable relief or exemption from such tax, assessment or other
           governmental charge;

           (g) any tax, assessment or other governmental charge required to be
      withheld by any Paying Agent from any payment of the principal of,
      premium, if any, or interest, if any, on this Security, if such payment
      can be made without such withholding by at least one other Paying Agent;

           (h) any tax, assessment or other governmental charge that is required
      to be made pursuant to any European Union directive on the taxation of
      savings income or any law implementing or complying with, or introduced to
      conform to, any such directive; or

           (i) any combination of items (a), (b), (c), (d), (e), (f), (g) or
      (h);

                                      A-7
<PAGE>

nor will such Additional Amounts be paid to any Holder who is a fiduciary or
partnership or other than the sole beneficial owner of this Security to the
extent a settlor or beneficiary with respect to such fiduciary or a member of
such partnership or a beneficial owner of this Security would not have been
entitled to payment of such Additional Amounts had such beneficiary, settlor,
member or beneficial owner been the holder of this Note. This Security is
subject in all cases to any tax, fiscal or other law or regulation or
administrative or judicial interpretation applicable thereto. Except as
specifically provided under this Section 2, the Company shall not be required to
make any payment with respect to any tax, assessment or governmental charge
imposed by any government or a political subdivision or taxing authority thereof
or therein.

      As used in this Section 2 and in Section 3hereof:

            (a) the term "United States" means the United States of America
      (including the States and the District of Columbia) and its territories,
      its possessions and other areas subject to its jurisdiction;

            (b) the term "United States person" means a beneficial owner of the
      Notes that is for United States federal income tax purposes:

                (i) a citizen or resident of the United States;

                (ii) a corporation or other entity created or organized in or
           under the laws of the United States or of any political subdivision
           thereof;

                (iii) an estate the income of which is subject to United States
           federal income taxation regardless of its source; or

                (iv) a trust if (1) a court within the United States is able to
           exercise primary supervision over the administration of the trust,
           and (2) one or more United States persons have the authority to
           control all substantial decisions of the trust; and

            (c) the term "Non-United States person" means a beneficial owner of
      the Notes that is, for United States federal income tax purposes:

                (i) a nonresident alien individual;

                (ii) a foreign corporation; or

                (iii) a nonresident alien fiduciary of a foreign estate or
           trust.

      Section 3. Redemption; Sinking Fund. (a) Except as provided in the next
succeeding paragraph, the Securities are not redeemable prior to maturity.

                                      A-8
<PAGE>

           (b) If, as a result of:

                (i) any change in or amendment to the laws (including any
           regulations or rulings promulgated thereunder) of the United States
           or any political subdivision thereof or therein affecting taxation,
           which becomes effective after May 8, 2001 or which proposal is made
           after such date;

                (ii) any change in the official application or interpretation of
           such laws, including any official proposal for such a change,
           amendment or change in the application or interpretation of such
           laws, which change, amendment, application or interpretation is
           announced or becomes effective after May 8, 2001 or which proposal is
           made after such date; or

                (iii) any action taken by any taxing authority of the United
           States which action is taken or becomes generally known after May 8,
           2001, or any commencement of a proceeding in a court of competent
           jurisdiction in the United States after such date, whether or not
           such action was taken or such proceeding was brought with respect to
           the Company;

      there is, in such case, in the written opinion of independent legal
      counsel of recognized standing to the Company, a material increase in the
      probability that the Company has or may become obligated to pay Additional
      Amounts in accordance with Section 2 hereof, and the Company in its
      business judgment, determines that such obligation cannot be avoided by
      the use of reasonable measures available to it, not including assignment
      of this Security, this Security may be redeemed, as a whole but not in
      part, at the Company's option at any time thereafter, upon notice to the
      Trustee and the Holders in accordance with the provisions of the Indenture
      at a redemption price equal to 100% of the principal amount of this
      Security to be redeemed together with accrued interest thereon to the date
      fixed for redemption.

           (c) The Securities will not be subject to any sinking fund.

      Section 4. Events of Default. If an Event of Default with respect to
Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture.

      Section 5. Modifications and Waivers; Obligation of the Company Absolute.
The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of at least a majority in principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture
also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and

                                      A-9
<PAGE>

their consequences. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of
this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Security.

      No reference herein to the Indenture and no provision of this Security or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest (and Additional
Amounts, if any) on this Security at the times, places and rate, and in the coin
or currency, herein prescribed.

      Section 6. Authorized Denominations. The Securities are issuable in
registered form, without coupons, in denominations of $1,000 and any integral
multiple of $1,000 in excess thereof. As provided in the Indenture, and subject
to certain limitations therein set forth and to the limitations described below,
if applicable, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

      Section 7. Registration of Transfer. As provided in the Indenture and
subject to certain limitations therein set forth, the transfer of this Security
is registrable in the Security register upon surrender of this Security for
registration of transfer at the office or agency of the Company maintained for
that purpose in the City of Chicago, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the
securities registrar (which shall initially be the Trustee, Bank One Trust
Company, NA, One Bank One Plaza, Chicago, Illinois 60670-0126 (Attention:
Corporate Trust Department) or at such other address as it may designate as its
principal corporate trust office in the City of Chicago), duly executed by the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees.

      This Security is exchangeable for a Definitive Security only if (i) the
Company notifies the Trustee that the Depositary is no longer willing or able to
act as a depositary or clearing system for the Securities or the Depositary
ceases to be a "clearing agency" registered under the Exchange Act, and a
successor depositary or clearing system is not appointed by the Company within
90 days of such notice or cessation, (ii) the Company, in its sole discretion,
notifies the Trustee in writing that it elects to cause the issuance of
Definitive Securities under the Indenture, or (iii) upon the occurrence and
continuation of an Event of Default, provided that the definitive Notes so
issued in exchange for this permanent Note shall be in denominations of $1,000
and any integral multiple of $1,000 in excess thereof and be of like aggregate
principal amount and tenor as the portion of this permanent Note to be
exchanged, and provided further that, unless the Company agrees otherwise, Notes
of this Series in Definitive form will be issued in exchange for this permanent
Note, or any portion hereof, only if such Notes in certificated registered form
were requested by written notice to the Trustee or the Securities Registrar by
or on behalf of a person who is beneficial owner of an interest hereof given
through the Holder hereof. Except as provided above, owners of beneficial

                                      A-10
<PAGE>

interests in this permanent Note will not be entitled to receive physical
delivery of Notes in Definitive form and will not be considered the Holders
thereof for any purpose under the Indenture.

      No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

      Section 8. Owners. Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as
the owner hereof for all purposes, whether or not this Security is overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary.

      Section 9. No Recourse Against Certain Persons. No recourse for the
payment of the principal or interest (and Additional Amounts, if any) on this
Security, or for any claim based hereon or otherwise in respect hereof, and no
recourse under or upon any obligation, covenant or agreement of the Company in
the Indenture or any Supplemental Indenture thereto or in any Security, or
because of the creation of any indebtedness represented thereby, shall be had
against any incorporator, stockholder, officer or director, as such, past,
present or future, of the Company or of any successor corporation of either of
them, either directly or through the Company or any successor corporation of
either of them, whether by virtue of any constitution, statute or rule or law or
by the enforcement of any assessment or penalty or otherwise, all such liability
being by the acceptance hereof and as a condition of and as part of the
consideration for the issue hereof, expressly waived and released.

      Section 10. Defeasance. The Indenture with respect to any series will be
discharged and cancelled except for certain Sections thereof, subject to the
terms of the Indenture, upon payment of all of the Securities of such series or
upon the irrevocable deposit with the Trustee of cash or U.S. Government
Obligations (or a combination thereof) sufficient for such payment in accordance
with Article Ten of the Indenture.

      Section 11. Governing Law; Jurisdiction. The Indenture and the Securities
shall be governed by and construed in accordance with the laws of the State of
New York.

      Section 12. Notices. Notices to Holders shall be published in authorized
daily newspapers in The City of New York, in London, and, so long as the Notes
are listed on the Luxembourg Stock Exchange, in Luxembourg. Notice may be given
by publication in The City of New York in The Wall Street Journal, in London in
the Financial Times, and in Luxembourg in the Luxemburger Wort. Any notice given
pursuant to these provisions shall be deemed to have been given on the date of
publication or, if published more than once, on the date first published.

      Section 13. Defined Terms. All terms used in this Security which are
defined in the Indenture shall have the meanings assigned to them in the
Indenture. All terms used in this Security

                                      A-11
<PAGE>

which are defined in the Registration Agreement shall have the meanings assigned
to them in the Registration Agreement.

      Section 14. Holders' Compliance with Registration Agreement. Each Holder
of a Security, by acceptance hereof, acknowledges and agrees to the provisions
of the Registration Agreement, including, without limitation, the obligations of
the Holders with respect to a registration and the indemnification of the
Company to the extent provided therein.

      The Company will furnish to any Holder of Securities upon written request
and without charge to the Holder a copy of the Indenture which has in it the
text of this Security.

                                      A-12
<PAGE>

                    CERTIFICATE TO BE DELIVERED UPON EXCHANGE
                    OR REGISTRATION OF TRANSFER OF SECURITIES

      This Certificate relates to $_____________ principal amount of Securities
held in (check applicable space) ___ book-entry or ___ definitive form by
_________________________ (the "Transferor").

The Transferor (check one box below):

|_|   has requested the Trustee by written order to deliver in exchange for its
      beneficial interest in the Global Security held by the Depositary a
      Security or Securities in definitive, registered form of authorized
      denominations in an aggregate principal amount equal to its beneficial
      interest in such Global Security (or the portion thereof indicated above);
      or

|_|   has requested the Trustee by written order to exchange or register the
      transfer of a Security or Securities.

      In connection with any transfer of any of the Securities evidenced by this
certificate occurring prior to the expiration of the period referred to in Rule
144(k) under the Securities Act of 1933, the undersigned confirms that such
Securities are being transferred in accordance with its terms:

CHECK ONE BOX BELOW

      (1)   |_|    to the Company; or

      (2)   |_|   pursuant to an effective registration statement under the
                  Securities Act of 1933; or

      (3)   |_|   inside the United States to a "qualified institutional
                  buyer" (as defined in Rule 144A under the Securities Act of
                  1933) that purchases for its own account or for the account of
                  a qualified institutional buyer to whom notice is given that
                  such transfer is being made in reliance on Rule 144A, in each
                  case pursuant to and in compliance with Rule 144A under the
                  Securities Act of 1933; or

      (4)   |_|   outside the United States in an offshore transaction
                  within the meaning of Regulation S under the Securities Act in
                  compliance with Rule 904 under the Securities Act of 1933; or

      (5)   |_|   to an institutional "accredited investor" (as defined in Rule
                  501(a)(1), (2), (3) or (7) under the Securities Act of 1933)
                  that has furnished to the Trustee a signed letter containing
                  certain representations and agreements; or

                                      A-13
<PAGE>

      (6)   |_|   pursuant to another available exemption from registration
                  provided by Rule 144 under the Securities Act of 1933.

      Prior to the expiration of the period referred to in Rule 144(k), unless
one of the boxes is checked, the Trustee will refuse to register any of the
Securities evidenced by this certificate in the name of any Person other than
the registered holder thereof; provided, however, that if box (4), (5) or (6) is
checked, the Trustee may require, prior to registering any such transfer of the
Securities, such legal opinions, certifications and other information
satisfactory to the Company and the Trustee to confirm that such transfer is
being made pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act of 1933.

                                          _____________________________________
                                          [INSERT NAME OF TRANSFEROR]

Dated: ______________________________    By:___________________________________

                                      A-14
<PAGE>

                              SCHEDULE OF EXCHANGES

      The following exchanges of a part of this Book-Entry Security have been
made:

<TABLE>
<CAPTION>

                                                                                                                     Signature of
                                                          Amount of increase in      Principal Amount of this         Authorized
                              Amount of decrease in        Principal Amount of         Book-Entry Security             signatory
           Date of             Principal Amount of           this Book-Entry         following such decrease         of Trustee or
          Exchange           this Book-Entry Security           Security                   (or increase)          Security Custodian
          --------           ------------------------     ---------------------      -----------------------      ------------------
<S>                          <C>                          <C>                        <C>                          <C>

</TABLE>

                                      A-15
<PAGE>

                                 ASSIGNMENT FORM

To assign this Security, fill in the form below:
I or we assign and transfer this Security to

--------------------------------------------------------------------------------
              (Print or type assignee's name, address and zip code)

--------------------------------------------------------------------------------
                  (Insert assignee's soc. sec. or tax I.D. No.)

and irrevocably appoint _____________________________________agent to transfer
this Security on the books of the Company. The agent may substitute another to
act for him.

Date: ______________________ Your Signature: ___________________________________

--------------------------------------------------------------------------------
      Sign exactly as your name appears on the other side of this Security.

                                      A-16
<PAGE>

                                    EXHIBIT B

                  FORM OF TRANSFEREE LETTER OF REPRESENTATIONS

The Dow Chemical Company

In care of
Bank One Trust Company, NA
1 Bank One Plaza
Chicago, IL 60670-0126

Ladies and Gentlemen:

      This certificate is delivered to request a transfer of $___________
principal amount of the 5 1/4% Notes due 2004 (the "Securities") of The Dow
Chemical Company (the "Company").

      Upon transfer, the Securities would be registered in the name of the new
beneficial owner as follows:

Name:________________________

Address:_____________________

Taxpayer ID Number:__________

      The undersigned represents and warrants to you that:

      1. We are an institutional "accredited investor" (as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the
"Securities Act")), purchasing for our own account or for the account of such an
institutional "accredited investor" at least $250,000 principal amount of the
Securities, and we are acquiring the Securities not with a view to, or for offer
or sale in connection with, any distribution in violation of the Securities Act.
We have such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of our investment in the Securities,
and we invest in or purchase securities similar to the Securities in the normal
course of our business. We, and any accounts for which we are acting, are each
able to bear the economic risk of our or its investment.

      2. We understand that the Securities have not been registered under the
Securities Act and, unless so registered, may not be sold except as permitted in
the following sentence. We agree on our own behalf and on behalf of any investor
account for which we are purchasing the Securities to offer, sell or otherwise
transfer such Securities prior to the date that is two years after the later of
the date of original issue and the last date on which the Company or any
affiliate of the Company was the

                                       B-1
<PAGE>

owner of such Securities (or any predecessor thereto) (the "Resale Restriction
Termination Date") only (a) to the Company, (b) pursuant to a registration
statement that has been declared effective under the Securities Act, (c) in a
transaction complying with the requirements of Rule 144A under the Securities
Act ("Rule 144A"), to a person we reasonably believe is a qualified
institutional buyer under Rule 144A (a "QIB") that is purchasing for its own
account or for the account of a QIB and to whom notice is given that the
transfer is being made in reliance on Rule 144A, (d) in an offshore transaction
within the meaning of, and in compliance with, Regulation S under the Securities
Act, (e) to an institutional "accredited investor" within the meaning of Rule
501(a)(1), (2), (3) or (7) under the Securities Act that is purchasing for its
own account or for the account of such an institutional "accredited investor",
in each case in a minimum principal amount of Securities of $250,000, or (f)
pursuant to any other available exemption from the registration requirements of
the Securities Act, subject in each of the foregoing cases to any requirement of
law that the disposition of our property or the property of such investor
account or accounts be at all times within our or their control and in
compliance with any applicable state securities laws. The foregoing restrictions
on resale will not apply subsequent to the Resale Restriction Termination Date.
If any resale or other transfer of the Securities is proposed to be made
pursuant to clause (e) above prior to the Resale Restriction Termination Date,
the transferor shall deliver a letter from the transferee substantially in the
form of this letter to the Company and the Trustee, which shall provide, among
other things, that the transferee is an institutional "accredited investor"
within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act
and that it is acquiring such Securities for investment purposes and not for
distribution in violation of the Securities Act. Each purchaser acknowledges
that the Company and the Trustee reserve the right prior to the offer, sale or
other transfer prior to the Resale Restriction Termination Date of the
Securities pursuant to clause (d), (e) or (f) above to require the delivery of
an opinion of counsel, certifications or other information satisfactory to the
Company and the Trustee.

                                    TRANSFEREE:_________________________________

                                    By:_________________________________________

                                       B-2<PAGE>

                                                                     Exhibit 4.6

                         REGISTRATION RIGHTS AGREEMENT

      THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made and entered
into as of May 15, 2001, by and among THE DOW CHEMICAL COMPANY, a Delaware
corporation (the "Company"), and SALOMON SMITH BARNEY INC., BANC OF AMERICA
SECURITIES LLC, BEAR, STEARNS & CO. INC., BANC ONE CAPITAL MARKETS, INC., RBC
DOMINION SECURITIES CORPORATION AND THE WILLIAMS CAPITAL GROUP, L.P., in their
respective capacities as initial purchasers and as representatives of each of
the other initial purchasers named in Schedule I to the Purchase Agreement
referred to below (collectively, the "Initial Purchasers").

      This Agreement is made pursuant to the Purchase Agreement dated May 8,
2001, by and among the Company and the Initial Purchasers (the "Purchase
Agreement"), which provides for the sale by the Company to the Initial
Purchasers of $1,000,000,000 aggregate principal amount of the its 5 1/4% Notes
due 2004 (the "Securities").

      In order to induce the Initial Purchasers to enter into the Purchase
Agreement and in satisfaction of a condition to the Initial Purchasers'
obligations thereunder, the Company has agreed to provide to the Initial
Purchasers and their respective direct and indirect transferees and assigns the
registration rights set forth in this Agreement.

      In consideration of the foregoing, the parties hereto agree as follows:

      1. Definitions. As used in this Agreement, the following capitalized
defined terms shall have the following meanings:

           "Affiliate" shall mean a person that directly, or indirectly through
      one or more intermediaries, controls or is controlled by, or is under
      common control with, a specified person. "Control," whether used as a noun
      or a verb, refers to the possession, directly or indirectly, of the power
      to direct, or cause the direction of, the management and policies of a
      Person, whether through the ownership of voting securities, by contract or
      otherwise.

           "Agreement" shall have the meaning set forth in the preamble of this
      Agreement.

           "Closing Date" shall mean the Closing Date as defined in the Purchase
      Agreement.

           "Company" shall have the meaning set forth in the preamble and also
      includes the Company's successors.

           "Depositary" shall mean The Depository Trust Company, or any other
      depositary appointed by the Company, including any agent thereof;
      provided, however, that any such
<PAGE>

      depositary must at all times have an address in the Borough of Manhattan,
      in The City of New York.

           "Exchange Act" shall mean the Securities Exchange Act of 1934, as
      amended from time to time, and the rules and regulations of the SEC
      promulgated thereunder.

           "Exchange Securities" shall mean the 5 1/4% Notes due 2004 issued by
      the Company under the Indenture containing terms identical to the
      Registrable Securities (except that (i) interest thereon shall accrue from
      the last date on which interest was paid on the Registrable Securities or,
      if no such interest has been paid, from the Closing Date, (ii) the
      transfer restrictions thereon shall be eliminated and (iii) certain
      provisions relating to an increase in the stated rate of interest thereon
      shall be eliminated) which are to be offered to Holders of Registrable
      Securities in exchange for Registrable Securities pursuant to the Exchange
      Offer.

           "Exchange Offer" shall mean the exchange offer by the Company of
      Exchange Securities for Registrable Securities pursuant to Section 2(a)
      hereof.

           "Exchange Offer Registration" shall mean a registration under the
      Securities Act effected pursuant to Section 2(a) hereof.

           "Exchange Offer Registration Statement" shall mean an exchange offer
      registration statement on Form S-4 covering the Registrable Securities
      (or, if applicable, on another appropriate form), and all amendments and
      supplements to such registration statement, in each case including the
      Prospectus contained therein, all exhibits thereto and all material
      incorporated by reference therein.

           "Holders" shall mean the Initial Purchasers, for so long as they own
      any Registrable Securities, and each of their respective successors,
      assigns and direct and indirect transferees who become registered owners
      of Registrable Securities under the Indenture.

           "Indenture" shall mean the Indenture dated as of April 1, 1992, as
      supplemented by the First Supplemental Indenture thereto, dated as of
      January 1, 1994, the Second Supplemental Indenture thereto, dated as of
      October 1, 1999, and the Third Supplemental Indenture thereto, dated as of
      the Closing Date, between the Company and Bank One Trust Company, NA (as
      successor in interest to The First National Bank of Chicago), as Trustee,
      relating to the Securities and the Exchange Securities, and as the same
      may be amended or supplemented or modified from time to time in accordance
      with the terms thereof.

           "Initial Purchasers" shall have the meaning set forth in the preamble
      of this Agreement.

           "Majority Holders" shall mean the Holders of a majority of the
      aggregate principal

                                       2
<PAGE>

      amount of Registrable Securities outstanding; provided that whenever the
      consent or approval of Holders of a specified percentage of Registrable
      Securities is required hereunder, Registrable Securities held by the
      Company or any of its Affiliates (other than the Initial Purchasers or
      subsequent holders of Registrable Securities), if such subsequent holders
      are deemed to be such Affiliates solely by reason of their holding of such
      Registrable Securities, shall be disregarded in determining whether such
      consent or approval was given by the Holders of such required percentage
      or amount.

           "NASD" shall mean the National Association of Securities Dealers,
      Inc.

           "Participating Broker-Dealer" shall have the meaning set forth in
      Section 3(f).

           "Person" shall mean an individual, partnership, joint venture,
      limited liability company, corporation, trust or unincorporated
      organization, or a government or agency or political subdivision thereof.

           "Prospectus" shall mean the prospectus included in a Registration
      Statement, including any preliminary prospectus, and any such prospectus
      as amended or supplemented by any prospectus supplement, including a
      prospectus supplement with respect to the terms of the offering of any
      portion of the Registrable Securities covered by a Shelf Registration
      Statement, and by all other amendments and supplements to a prospectus,
      including post-effective amendments, and in each case including all
      material incorporated by reference therein.

           "Purchase Agreement" shall have the meaning set forth in the preamble
      of this Agreement.

           "Registrable Securities" shall mean the Securities; provided,
      however, that the Securities shall cease to be Registrable Securities when
      (i) a Registration Statement with respect to such Securities shall have
      been declared effective under the Securities Act and such Securities shall
      have been disposed of pursuant to such Registration Statement, (ii) such
      Securities shall have been sold to the public pursuant to Rule 144 (or any
      similar provision then in force, but not Rule 144A) under the Securities
      Act, (iii) such Securities shall have ceased to be outstanding or (iv)
      such Securities have been exchanged for Exchange Securities upon
      consummation of the Exchange Offer.

           "Registration Default" shall have the meaning set forth in Section
      2(e) of this Agreement.

           "Registration Expenses" shall mean any and all expenses incident to
      performance of or compliance by the Company with this Agreement, including
      without limitation: (i) all SEC, stock exchange or NASD registration and
      filing fees, (ii) all fees and reasonable and

                                       3
<PAGE>

      properly documented out-of-pocket expenses incurred in connection with
      compliance with state or other securities or blue sky laws and compliance
      with the rules of the NASD (including reasonable fees and disbursements of
      counsel for any underwriters or Holders in connection with state or other
      securities or blue sky qualification of any of the Exchange Securities or
      Registrable Securities, which shall not exceed $25,000), (iii) all
      reasonable and properly documented out-of-pocket expenses of any Persons
      in preparing, printing and distributing any Registration Statement, any
      Prospectus, any amendments or supplements thereto, any underwriting
      agreements, securities sales agreements, certificates representing the
      Exchange Securities and other documents relating to the performance of and
      compliance with this Agreement, (iv) all rating agency fees, (v) all fees
      and expenses incurred in connection with the listing, if any, of any of
      the Exchange Securities or such Registrable Securities, covered by a Shelf
      Registration Statement, as applicable, on any securities exchange or
      exchanges, (vi) all fees and disbursements relating to the qualification
      of the Indenture under applicable securities laws, (vii) the fees and
      disbursements of counsel for the Company and the fees and expenses of the
      independent public accountants of the Company, including the expenses of
      any special audits or "cold comfort" letters required by or incident to
      such performance and compliance, (viii) the fees and expenses of a
      "qualified independent underwriter" as defined by Conduct Rule 2720 of the
      NASD (if required by the NASD rules) in connection with the offering of
      the Registrable Securities and the reasonable and properly documented fees
      and expenses of its counsel, (ix) the reasonable fees and expenses of the
      Trustee, any registrar, any depositary and paying agent, including their
      respective counsel, and any escrow agent or custodian, (x) the reasonable
      and properly documented fees and out-of-pocket expenses of the Initial
      Purchasers in connection with the Exchange Offer, including the reasonable
      fees and expenses of counsel to the Initial Purchasers, (xi) the
      reasonable and properly documented fees and expenses of one counsel to the
      Holders which shall be Mayer, Brown & Platt in connection with the Shelf
      Registration Statement, and (xii) in the case of an underwritten offering,
      any reasonable and properly documented fees and disbursements of the
      underwriters customarily required to be paid by issuers or sellers of such
      securities, including the reasonable fees and expenses of one counsel to
      the underwriters, and the fees and expenses of any special experts
      retained by the Company in connection with any Registration Statement but
      excluding (except as otherwise provided herein) the reasonable fees of
      counsel to the underwriters or the Holders and underwriting.

           "Registration Statement" shall mean any registration statement of the
      Company relating to any offering of the Exchange Securities or Registrable
      Securities pursuant to the provisions of this Agreement, and all
      amendments and supplements to any such Registration Statement, including
      post-effective amendments, in each case including the Prospectus contained
      therein, all exhibits thereto and all material incorporated by reference
      therein.

           "SEC" shall mean the U.S. Securities and Exchange Commission.

                                       4
<PAGE>

           "Securities" shall have the meaning set forth in the preamble of this
      Agreement.

           "Securities Act" shall mean the Securities Act of 1933, as amended
      from time to time, and the rules and regulations of the SEC promulgated
      thereunder.

           "Shelf Registration" shall mean a registration effected pursuant to
      Section 2(b) hereof.

           "Shelf Registration Statement" shall mean a "shelf" registration
      statement of the Company pursuant to the provisions of Section 2(b) of
      this Agreement which covers all of the Registrable Securities on an
      appropriate form under Rule 415 under the Securities Act, or any similar
      rule that may be adopted by the SEC, and all amendments and supplements to
      such registration statement, including post-effective amendments, in each
      case including the Prospectus contained therein, all exhibits thereto and
      all material incorporated by reference therein.

           "Trustee" shall mean the trustee under the Indenture.

      2. Registration Under the Securities Act.

           (a) Exchange Offer Registration. To the extent not prohibited by any
      applicable law or applicable interpretation of the staff of the SEC, the
      Company shall (A) file with the SEC within 90 calendar days after the
      Closing Date, an Exchange Offer Registration Statement covering the offer
      by the Company to the Holders to exchange all of the Registrable
      Securities for Exchange Securities, (B) use its reasonable best efforts to
      cause such Exchange Offer Registration Statement to be declared effective
      by the SEC within 180 calendar days after the Closing Date, (C) use its
      reasonable best efforts to cause such Registration Statement to remain
      effective until the closing of the Exchange Offer and (D) use its
      reasonable best efforts to consummate the Exchange Offer within 210
      calendar days after the Closing Date. The Exchange Securities will be
      issued under the Indenture. Upon the effectiveness of the Exchange Offer
      Registration Statement, the Company shall promptly commence the Exchange
      Offer, it being the objective of such Exchange Offer to enable each Holder
      (other than Participating Broker-Dealers) eligible and electing to
      exchange Registrable Securities for Exchange Securities (assuming that
      such Holder is not an Affiliate of the Company, acquires the Exchange
      Securities in the ordinary course of such Holder's business and has no
      arrangements or understandings with any person to participate in the
      Exchange Offer for the purpose of distributing the Exchange Securities) to
      trade such Exchange Securities from and after their receipt without any
      limitations or restrictions under the Securities Act and without material
      restrictions under the securities laws of a substantial proportion of the
      several states of the United States.

           In connection with the Exchange Offer, the Company shall:

                                       5
<PAGE>

                (i) mail to each Holder a copy of the Prospectus forming part of
           the Exchange Offer Registration Statement, together with an
           appropriate letter of transmittal and related documents;

                (ii) keep the Exchange Offer open for not less than 20 business
           days (or longer if required by applicable federal and state
           securities laws) after the date notice thereof is mailed to the
           Holders;

                (iii) use the services of the Depositary for the Exchange Offer
           with respect to Securities evidenced by global certificates;

                (iv) permit Holders to withdraw tendered Registrable Securities
           at any time prior to 5:00 p.m., New York City time, on the last
           business day on which the Exchange Offer shall remain open, by
           sending to the institution specified in the notice, a telegram,
           telex, facsimile transmission or letter setting forth the name of
           such Holder, the principal amount of Registrable Securities delivered
           for exchange, and a statement that such Holder is withdrawing its
           election to have such Securities exchanged; and

                (v) otherwise comply in all material respects with all
           applicable federal and state securities laws relating to the Exchange
           Offer.

           As soon as practicable after the close of the Exchange Offer,
           the Company shall:

                (i) accept for exchange Registrable Securities duly tendered and
           not validly withdrawn pursuant to the Exchange Offer in accordance
           with the terms of the Exchange Offer Registration Statement and the
           letter of transmittal which is an exhibit thereto;

                (ii) deliver, or cause to be delivered, to the Trustee for
           cancellation all Registrable Securities so accepted for exchange by
           the Company; and

                (iii) use its reasonable best efforts to cause the Trustee to
           promptly authenticate and deliver Exchange Securities to each Holder
           of Registrable Securities equal in principal amount to the principal
           amount of the Registrable Securities of such Holder so accepted for
           exchange.

           Interest on each Exchange Security will accrue from the last date on
which interest was paid on the Registrable Securities surrendered in exchange
therefor or, if no interest has been paid on the Registrable Securities, from
the Closing Date. The Exchange Offer shall not be subject to any conditions,
other than (i) that the Exchange Offer, or the making of any exchange by a
Holder, does not violate applicable law or any applicable

                                       6
<PAGE>

interpretation of the staff of the SEC, (ii) that no action or proceeding shall
have been instituted or threatened in any court or before any governmental
agency with respect to the Exchange Offer which, in the judgment of the Company,
would reasonably be expected to impair the ability of the Company to proceed
with the Exchange Offer, (iii) that no law, rule or regulation or applicable
interpretations of the staff of the SEC has been issued or promulgated which, in
the good faith determination of the Company, does not permit the Company to
effect the Exchange Offer and (iv) that the Holders tender the Registrable
Securities to the Company in accordance with the Exchange Offer.

      As a condition to participating in the Exchange Offer, each Holder of
Registrable Securities (other than Participating Broker-Dealers) who wishes to
exchange such Registrable Securities for Exchange Securities in the Exchange
Offer shall have represented in writing to the Company that at the time of
consummation of the Exchange Offer (i) it is not an Affiliate of the Company or,
if it is an Affiliate, it will comply with the registration and prospectus
delivery requirements of the Securities Act, to the extent applicable, (ii) any
Exchange Securities to be received by it will be acquired in the ordinary course
of business, (iii) at the time of the commencement of the Exchange Offer, it has
no arrangement or understanding with any Person to participate in the
distribution (within the meaning of the Securities Act) of the Securities or the
Exchange Securities, (iv) it is not acting on behalf of any person who could not
truthfully make the foregoing representations and (v) it shall have made such
other representations as may be reasonably necessary under applicable SEC rules,
regulations or interpretations to render the use of Form S-4 or another
appropriate form under the Securities Act available or for the Exchange Offer
Registration Statement to be declared effective. To the extent permitted by law,
the Company shall inform the Initial Purchasers of the names and addresses of
the Holders to whom the Exchange Offer is made and the Initial Purchasers shall
have the right to contact such Holders and otherwise facilitate the tender of
Registrable Securities in the Exchange Offer.

      (b) Shelf Registration.

           (i) If, because of any change in law or currently prevailing
      applicable interpretations thereof by the staff of the SEC, the Company is
      not permitted to effect the Exchange Offer as contemplated by Section 2(a)
      hereof, (ii) if for any other reason the Exchange Offer Registration
      Statement is not declared effective within 180 calendar days following the
      Closing Date or the Exchange Offer is not consummated within 210 calendar
      days after the Closing Date (provided that, if the Exchange Offer
      Registration Statement shall be declared effective after such 180-day
      period or if the Exchange Offer shall be consummated after such 210-day
      period, then the Company's obligation under this clause (ii) arising from
      the failure of the Exchange Offer Registration Statement to be declared
      effective within such 180-day period or the failure of the Exchange Offer
      to be consummated within such 210-day period, respectively, shall
      terminate), (iii) if any Holder (other than an Initial

                                       7
<PAGE>

      Purchaser) is not eligible to participate in the Exchange Offer or elects
      to participate in the Exchange Offer but does not receive freely tradeable
      Exchange Securities pursuant to the Exchange Offer or (iv) upon the
      written request of any of the Initial Purchasers within 90 days following
      the consummation of the Exchange Offer with respect to Registrable
      Securities that are not permitted to be exchanged for Exchange Securities
      in the Exchange Offer or if the Initial Purchasers do not receive freely
      tradable Exchange Securities in the Exchange Offer; then, in the case of
      each of clauses (i) through (iv), the Company shall, at its cost:

                (A) as promptly as practicable, but no later than the 30th
           calendar day after such filing obligation arises, file with the SEC a
           Shelf Registration Statement relating to the offer and sale of the
           Registrable Securities by the Holders from time to time in accordance
           with the methods of distribution elected by the Majority Holders of
           such Registrable Securities and set forth in such Shelf Registration
           Statement; provided, that no Holder shall be entitled to have
           Registrable Securities held by it included in the Shelf Registration
           Statement unless such Holder agrees in writing to be bound by all of
           the provisions of this Agreement applicable to the Holder and
           furnishes to the Company in writing such information as the Company
           may reasonably request for inclusion in the Shelf Registration
           Statement or any Prospectus included therein;

                (B) use its reasonable best efforts to cause such Shelf
           Registration Statement to be declared effective by the SEC as
           promptly as practicable; provided that, with respect to Exchange
           Securities received by a broker-dealer in exchange for any securities
           that were acquired by such broker-dealer as a result of market-making
           or other trading activities, the Company may, if permitted by current
           interpretations by the staff of the SEC, file a post-effective
           amendment to the Exchange Offer Registration Statement containing the
           information required by Regulation S-K Items 507 and/or 508, as
           applicable, in satisfaction of its obligations under paragraph (A)
           solely with respect to Participating Broker-Dealers who acquired
           their Securities as a result of market-making or other trading
           activities, and any such Exchange Offer Registration Statement, as so
           amended, shall be referred to herein as, and governed by the
           provisions herein applicable to, a Shelf Registration Statement. In
           the event that the Company is required to file a Shelf Registration
           Statement upon the request of any Holder (other than an Initial
           Purchaser) not eligible to participate in the Exchange Offer pursuant
           to clause (iii) above or upon the request of any Initial Purchaser
           pursuant to clause (iv) above, the Company shall file and use its
           reasonable best efforts to have declared effective by the SEC both an
           Exchange Offer Registration Statement pursuant to Section 2(a) with
           respect to all Registrable Securities and a Shelf

                                       8
<PAGE>

           Registration Statement (which may be a combined Registration
           Statement with the Exchange Offer Registration Statement) with
           respect to offers and sales of Registrable Securities held by such
           Holder or such Initial Purchaser, as applicable, after completion of
           the Exchange Offer;

                (C) use its reasonable best efforts to keep the Shelf
           Registration Statement continuously effective, supplemented and
           amended as required, in order to permit the Prospectus forming part
           thereof to be usable by Holders, until the earlier of: (i) a period
           of two years, plus any extensions as provided in Section 2(d)(iii)
           below, from the date the Shelf Registration Statement is declared
           effective by the SEC or (ii) such shorter period which will terminate
           when all of the Registrable Securities covered by the Shelf
           Registration Statement (a) have been sold pursuant to the Shelf
           Registration Statement, (b) cease to be outstanding or (c) become
           eligible for resale pursuant to Rule 144 under the Exchange Act; and

                (D) notwithstanding any other provisions hereof, use its
           reasonable best efforts to ensure that (i) any Shelf Registration
           Statement and any amendment thereto and any Prospectus forming a part
           thereof and any supplement thereto complies in all material respects
           with the Securities Act and the rules and regulations thereunder,
           (ii) any Shelf Registration Statement and any amendment thereto does
           not, when it becomes effective, contain an untrue statement of a
           material fact or omit to state a material fact required to be stated
           therein or necessary to make the statements therein not misleading
           and (iii) any Prospectus forming part of any Shelf Registration
           Statement, and any supplement to such Prospectus (as amended or
           supplemented from time to time), does not include an untrue statement
           of a material fact or omit to state a material fact necessary in
           order to make the statements, in light of the circumstances under
           which they were made, not misleading; provided, however, clauses (ii)
           and (iii) shall not apply to any information relating to any Initial
           Purchaser or any Holder furnished to the Company by or on behalf of
           such Initial Purchaser or Holder expressly for use in the Shelf
           Registration Statement.

      The Company shall not permit any securities other than the Registrable
Securities to be included in the Shelf Registration Statement.

      The Company further agrees, if necessary, to supplement or amend the Shelf
Registration Statement if reasonably requested in writing by the Majority
Holders with respect to information relating to the Holders and otherwise as
required by Section 3(b) below, to use its reasonable best efforts to cause any
such amendment to become effective and such Shelf Registration Statement to
become usable as soon as practicable thereafter and

                                       9
<PAGE>

to furnish to the Holders of Registrable Securities copies of any such
supplement or amendment promptly after its being used or filed with the SEC.

           (c) Expenses. The Company shall pay all Registration Expenses in
      connection with the registration pursuant to Sections 2(a) and 2(b). Each
      Holder shall pay all expenses of its counsel other than as provided for in
      this Agreement, and underwriting discounts and commissions and transfer
      taxes, if any, relating to the sale or disposition of such Holder's
      Registrable Securities pursuant to a Shelf Registration Statement.

           (d) Effective Registration Statement.

                (i) The Company shall be deemed not to have used its reasonable
           best efforts to cause the Exchange Offer Registration Statement or
           the Shelf Registration Statement, as the case may be, to become, or
           to remain, effective during the requisite periods set forth herein if
           the Company voluntarily takes any action that could reasonably be
           expected to result in any such Registration Statement not being
           declared effective or remaining effective or in the Holders of
           Registrable Securities covered thereby not being able to exchange or
           offer and sell such Registrable Securities during that period unless
           (A) such action is required by applicable law or (B) such action is
           taken by the Company in good faith and for valid business reasons
           (but not including avoidance of the Company's obligations hereunder),
           including the acquisition or divestiture of assets or a material
           corporate transaction or event so long as the Company promptly
           complies with the requirements of Section 3(k) hereof, if applicable.

                (ii) An Exchange Offer Registration Statement pursuant to
           Section 2(a) hereof or a Shelf Registration Statement pursuant to
           Section 2(b) hereof shall not be deemed to have become effective
           unless it has been declared effective by the SEC; provided, however,
           that if, after it has been declared effective, the offering of
           Registrable Securities pursuant to a Registration Statement is
           interfered with by any stop order, injunction or other order or
           requirement of the SEC or any other applicable governmental agency or
           court, such Registration Statement shall be deemed not to have been
           effective during the period of such interference, until the offering
           of Registrable Securities pursuant to such Registration Statement may
           legally resume.

                (iii) During any 365-day period, the Company may suspend the
           availability of a Shelf Registration Statement and the use of the
           related Prospectus, as provided in Section 3(e)(vi), for up to four
           periods of up to 45 consecutive days (except for the consecutive
           45-day period immediately prior to maturity of the Securities), but
           no more than an aggregate of 90 days during any 365-day period, if
           any event shall occur (A) as set forth in Section 2(d)(i) or (B)
           that, in the reasonable good faith

                                       10
<PAGE>

           determination of the Company, in accordance with its understanding of
           the disclosure requirements of applicable securities law based on
           advice of counsel, would require disclosure of any financing,
           acquisition, corporate reorganization or other transaction or
           development involving the Company or one of its Affiliates that is or
           would be material to the Company and that, in the reasonable judgment
           of the Company, such disclosure would not at that time be in the best
           interests of the Company (a "Material Event Election"), provided that
           any period during which the Company requires Holders to refrain from
           disposing of their Registrable Securities due to a Material Event
           Election (an "Election Period") shall be deemed to trigger the
           obligation of the Company to pay additional interest in accordance
           with Section 2(e) to the extent that such Election Period, together
           with all other days that the Shelf Registration Statement has become
           unusable in any consecutive twelve-month period, exceeds 90 days in
           the aggregate. The two-year period provided for in Section 2(b)(i)(C)
           above shall be extended by an amount of time equal to all such
           Election Periods.

            (e) Increase in Interest Rate. The Indenture provides that in the
      event that (i) the Exchange Offer Registration Statement is not filed with
      the SEC on or prior to the 90th calendar day after the Closing Date, (ii)
      the Exchange Offer Registration Statement is not declared effective on or
      prior to the 180th calendar day after the Closing Date, (iii) the Exchange
      Offer is not consummated on or prior to the 210th calendar day following
      the Closing Date, or (iv) if required, a Shelf Registration Statement with
      respect to the Registrable Securities is not filed with the SEC on or
      prior to the 30th calendar day after such filing obligation arises or is
      not declared effective on or prior to the 45th calendar day after the
      filing thereof, or (v) the Election Periods exceed, in the aggregate, 90
      days during any 365 day period (each, a "Registration Default"), the per
      annum interest rate borne by the Registrable Securities affected thereby
      shall be increased by one-quarter of one percent (0.25%) per annum
      following a Registration Default; provided that the maximum aggregate
      additional interest with respect to the Registrable Securities may in no
      event exceed one-quarter of one percent (0.25%) per annum. Upon (w) the
      filing of the Exchange Offer Registration Statement after the 90 day
      period described in clause (i) above, (x) the effectiveness of the
      Exchange Offer Registration Statement after the 180-day period described
      in clause (ii) above, (y) the consummation of the Exchange Offer after the
      210-day period described in clause (iii) above, or (z) the filing or
      effectiveness of a Shelf Registration Statement after the applicable
      period described in clause (iv) above, the interest rate borne by the
      Registrable Securities from the date of such filing, effectiveness or
      consummation, as the case may be, shall be reduced to the original
      interest rate if the Company is otherwise in compliance with this
      paragraph; provided, however, that, if after any such reduction in
      interest rate, a different Registration Default occurs, the interest rate
      shall again be increased pursuant to the foregoing provisions. No increase
      in the rate under clause (i), (ii) or (iii) above shall be payable for any
      period during which a Shelf Registration is effective.

            (f) Specific Enforcement. Without limiting the remedies available to
      the Initial

                                       11
<PAGE>

      Purchasers and the Holders, the Company acknowledges that any failure by
      the Company to comply with its obligations under Sections 2(a) and 2(b)
      hereof may result in irreparable injury to the Initial Purchasers or the
      Holders for which there is no adequate remedy at law, that it will not be
      possible to measure damages for such injuries precisely and that, in the
      event of any such failure, the Initial Purchasers or any Holder may obtain
      such relief as may be required to specifically enforce the Company's
      obligations under Sections 2(a) and 2(b).

           3. Registration Procedures. In connection with the obligations of the
Company with respect to the Registration Statements pursuant to Sections 2(a)
and 2(b) hereof, the Company shall:

            (a) prepare and file with the SEC a Registration Statement, within
      the relevant time periods specified in Section 2, on the appropriate form
      under the Securities Act, which form shall (i) be selected by the Company,
      (ii) in the case of a Shelf Registration Statement, be available for the
      sale of the Registrable Securities by the selling Holders thereof and
      (iii) comply as to form in all material respects with the requirements of
      the applicable form and include or incorporate by reference all financial
      statements required by the SEC to be filed therewith, and use its
      reasonable best efforts to cause such Registration Statement to become
      effective and remain effective in accordance with Section 2 hereof;

            (b) prepare and file with the SEC such amendments and post-effective
      amendments to each Registration Statement as may be necessary under
      applicable law to keep such Registration Statement effective for the
      applicable period; cause each Prospectus to be supplemented by any
      required prospectus supplement, and as so supplemented to be filed
      pursuant to Rule 424 under the Securities Act; and comply with the
      provisions of the Securities Act with respect to the disposition of all
      Securities covered by each Registration Statement during the applicable
      period in accordance with the intended method or methods of distribution
      by the selling Holders thereof;

            (c) in the case of a Shelf Registration, (i) notify each Holder of
      Registrable Securities, at least five business days prior to filing, that
      a Shelf Registration Statement with respect to the Registrable Securities
      is being filed and advising such Holders that the distribution of
      Registrable Securities will be made in accordance with the method elected
      by the Majority Holders; (ii) furnish to each Holder of Registrable
      Securities, to one counsel for the Initial Purchasers, to one counsel for
      the Holders and to each underwriter of an underwritten offering of
      Registrable Securities, if any, without charge, as many copies of each
      Prospectus, including each preliminary Prospectus, and any amendment or
      supplement thereto and such other documents as such Holder or underwriter
      may reasonably request, including financial statements and schedules and,
      if the Holder so reasonably requests, all exhibits (including those
      incorporated by reference) in order to facilitate the public sale or other
      disposition of the Registrable Securities; and (iii) subject to the last
      paragraph of this Section 3, hereby consent to the use of the Prospectus,
      including each preliminary Prospectus, or any amendment or supplement
      thereto by each of the selling Holders of

                                       12
<PAGE>

      Registrable Securities in connection with the offering and sale of the
      Registrable Securities covered by the Prospectus or any amendment or
      supplement thereto;

            (d) use its reasonable best efforts to register or qualify the
      Registrable Securities under all applicable state securities or "blue sky"
      laws of such jurisdictions as any Holder of Registrable Securities covered
      by a Registration Statement and each underwriter of an underwritten
      offering of Registrable Securities shall reasonably request by the time
      the applicable Registration Statement is declared effective by the SEC or
      shortly thereafter, keep each such registration or qualification effective
      during the period such Registration Statement is required to be effective
      or until all of such Registrable Securities are sold, whichever is
      shortest, and do any and all other acts and things which may be reasonably
      necessary or advisable to enable such Holder to consummate the disposition
      in each such jurisdiction of such Registrable Securities owned by such
      Holder; provided, however, that the Company shall not be required to (i)
      qualify as a foreign corporation or as a dealer in securities in any
      jurisdiction where it would not otherwise be required to qualify but for
      this Section 3(d) or (ii) take any action which would subject it to
      general service of process or taxation in any such jurisdiction;

            (e) in the case of a Shelf Registration, promptly notify each Holder
      of Registrable Securities included in the Shelf Registration and one
      counsel for such Holders and, if requested by such Holder or counsel,
      confirm such advice in writing promptly (i) when a Registration Statement
      has become effective and when any post-effective amendments and
      supplements thereto become effective, (ii) of any request by the SEC or
      any state securities authority for post-effective amendments and
      supplements to a Registration Statement and Prospectus or for additional
      information after the Registration Statement has become effective, (iii)
      of the issuance by the SEC or any state securities authority of any stop
      order suspending the effectiveness of a Registration Statement or the
      initiation of any proceedings for that purpose, (iv) between the effective
      date of a Registration Statement and the closing of any sale of
      Registrable Securities covered thereby, the representations and warranties
      of the Company contained in any underwriting agreement, securities sales
      agreement or other similar agreement, if any, relating to such offering
      cease to be true and correct in all material respects, (v) of the receipt
      by the Company of any notification with respect to the suspension of the
      qualification of the Registrable Securities for sale in any jurisdiction
      or the initiation or threatening of any proceeding for such purpose, (vi)
      of the happening of any event or the discovery of any facts during the
      period a Shelf Registration Statement is effective (including as
      contemplated in Section 2(d)(iii) hereof) which (A) is contemplated in
      Section 2(d)(i) or (B) makes any statement made in such Shelf Registration
      Statement or the related Prospectus untrue in any material respect or
      which requires the making of any changes in such Shelf Registration
      Statement or Prospectus in order to make the statements therein not
      misleading and (vii) of any determination by the Company that a
      post-effective amendment to a Registration Statement is necessary;

                                       13
<PAGE>

            (f) (A) in the case of an Exchange Offer Registration Statement, (i)
      include in the Exchange Offer Registration Statement a "Plan of
      Distribution" section covering the use of the Prospectus included in the
      Exchange Offer Registration Statement by broker-dealers who have exchanged
      their Registrable Securities for Exchange Securities for the resale of
      such Exchange Securities, (ii) furnish to each broker-dealer who has
      delivered to the Company a notice in writing and who desires to
      participate in the Exchange Offer, without charge, as many copies of each
      Prospectus included in the Exchange Offer Registration Statement,
      including any preliminary prospectus, and any amendment or supplement
      thereto, as such broker-dealer may reasonably request, (iii) include in
      the Exchange Offer Registration Statement a statement that any
      broker-dealer who holds Registrable Securities acquired for its own
      account as a result of market-making activities or other trading
      activities (a "Participating Broker-Dealer"), and who receives Exchange
      Securities for Registrable Securities pursuant to the Exchange Offer, may
      be deemed a statutory underwriter and must deliver a prospectus meeting
      the requirements of the Securities Act in connection with any resale of
      such Exchange Securities, (iv) subject to the last paragraph of this
      Section 3, hereby consent to the use of the Prospectus forming part of the
      Exchange Offer Registration Statement or any amendment or supplement
      thereto, by any broker-dealer in connection with the sale or transfer of
      the Exchange Securities covered by the Prospectus or any amendment or
      supplement thereto, provided such Person has provided the Company in
      writing with any information required by Item 507 of Regulation S-K (or
      any similar provision then in force) for inclusion in the prospectus
      contained in the Exchange Offer Registration Statement, and (v) include in
      the transmittal letter or similar documentation to be executed by an
      exchange offeree in order to participate in the Exchange Offer the
      following provision:

            "If the undersigned is not a broker-dealer, the undersigned
            represents that it is not engaged in, and does not intend to engage
            in, a distribution of Exchange Securities. If the undersigned is a
            broker-dealer that will receive Exchange Securities for its own
            account in exchange for Registrable Securities, it represents that
            the Registrable Securities to be exchanged for Exchange Securities
            were acquired by it as a result of market-making activities or other
            trading activities and acknowledges that it will deliver a
            prospectus meeting the requirements of the Securities Act in
            connection with any resale of such Exchange Securities pursuant to
            the Exchange Offer; however, by so acknowledging and by delivering a
            prospectus, the undersigned will not be deemed to admit that it is
            an "underwriter" within the meaning of the Securities Act;"

            (B) to the extent any Participating Broker-Dealer participates in
      the Exchange Offer, the Company shall use its reasonable best efforts to
      cause to be delivered at the request of an entity representing the
      Participating Broker-Dealers (which entity shall be Salomon Smith Barney
      Inc., unless it elects not to act as such representative) any "cold
      comfort" letters with respect to the Prospectus in the form existing on
      the last date for which

                                       14
<PAGE>

      exchanges are accepted pursuant to the Exchange Offer and with respect to
      each subsequent amendment or supplement, if any, effected during the
      period specified in clause (C) below;

            (C) to the extent any Participating Broker-Dealer participates in
      the Exchange Offer, the Company shall use its reasonable best efforts to
      maintain the effectiveness of the Exchange Offer Registration Statement
      for a period of 180 days following the closing of the Exchange Offer or
      such shorter period which will terminate when the Participating
      Broker-Dealers have completed all resales subject to applicable prospectus
      delivery requirements; and

            (D) the Company shall not be required to amend or supplement the
      Prospectus contained in the Exchange Offer Registration Statement as would
      otherwise be contemplated by Section 3(b) hereof, or take any other action
      as a result of this Section 3(f), for a period exceeding 90 days after the
      last date for which exchanges are accepted pursuant to the Exchange Offer
      (as such period may be extended by the Company) and Participating
      Broker-Dealers shall not be authorized by the Company to, and shall not,
      deliver such Prospectus after such period in connection with resales
      contemplated by this Section 3;

            (g) (i) in the case of an Exchange Offer, furnish to one counsel for
      the Initial Purchasers and (ii) in the case of a Shelf Registration,
      furnish to one counsel for the Holders of Registrable Securities copies of
      any request by the SEC or any state securities authority for amendments or
      supplements to a Registration Statement and Prospectus or for additional
      information;

            (h) make every reasonable effort to obtain the withdrawal of any
      order suspending the effectiveness of a Registration Statement as soon as
      practicable and provide notice, as soon as practicable, to each Holder of
      the withdrawal of any such order;

            (i) in the case of a Shelf Registration, furnish to each Holder of
      Registrable Securities, without charge, at least one conformed copy of
      each Registration Statement and any post-effective amendment thereto
      (without documents incorporated therein by reference or exhibits thereto,
      unless requested in writing);

            (j) in the case of a Shelf Registration, cooperate with the selling
      Holders of Registrable Securities to facilitate the timely preparation and
      delivery of certificates representing Registrable Securities to be sold
      and not bearing any restrictive legends; and cause such Registrable
      Securities to be in such denominations (consistent with the provisions of
      the Indenture) in a form eligible for deposit with the Depositary and
      registered in such names as the selling Holders or the underwriters, if
      any, may reasonably request in writing at least two business days prior to
      the closing of any sale of Registrable Securities;

            (k) in the case of a Shelf Registration, upon the occurrence of any
      event or the

                                       15
<PAGE>

      discovery of any facts, each as contemplated by Section 3(e)(vi) hereof,
      use its reasonable best efforts to prepare a supplement or post-effective
      amendment to a Registration Statement or the related Prospectus or any
      document incorporated therein by reference or file any other required
      document so that, as thereafter delivered to the purchasers of the
      Registrable Securities, such Prospectus will not contain at the time of
      such delivery any untrue statement of a material fact or omit to state a
      material fact necessary to make the statements therein, in light of the
      circumstances under which they were made, not misleading. The Company
      agrees to notify each Holder to suspend use of the Prospectus as promptly
      as practicable after the occurrence of such an event, and each Holder
      hereby agrees to suspend use of the Prospectus until the Company has
      amended or supplemented the Prospectus to correct such misstatement or
      omission. At such time as such public disclosure is otherwise made or the
      Company determines that such disclosure is not necessary, in each case to
      correct any misstatement of a material fact or to include any omitted
      material fact, the Company agrees promptly to notify each Holder of such
      determination and to furnish each Holder such numbers of copies of the
      Prospectus, as amended or supplemented, as such Holder may reasonably
      request;

            (l) use its reasonable best efforts to obtain CUSIP numbers for all
      Exchange Securities, or Registrable Securities, as the case may be, not
      later than the effective date of a Registration Statement, and provide the
      Trustee with printed certificates for the Exchange Securities or
      Registrable Securities, as the case may be, in a form eligible for deposit
      with the Depositary;

            (m) in the case of a Shelf Registration, enter into agreements
      (including underwriting agreements) and take all other customary and
      appropriate actions (including those reasonably requested by the Majority
      Holders of the Registrable Securities) in order to expedite or facilitate
      the disposition of such Registrable Securities and in such connection,
      whether or not an underwriting agreement is entered into and whether or
      not the registration is an underwritten registration, in a manner that is
      reasonable and customary:

                  (i) make such representations and warranties to the Holders of
            such Registrable Securities and the underwriters, if any, in form,
            substance and scope as are customarily made by the Company to
            underwriters in similar underwritten offerings as may be reasonably
            requested by such Holders and underwriters;

                  (ii) obtain opinions of counsel to the Company and updates
            thereof (which counsel and opinions (in form, scope and substance)
            shall be reasonably satisfactory to the managing underwriters, if
            any, and the Holders of a majority in principal amount of the
            Registrable Securities being sold) addressed to each selling Holder
            and the underwriters, if any, covering the matters customarily
            covered in opinions requested in sales of securities or underwritten
            offerings;

                                       16
<PAGE>

                  (iii) obtain "cold comfort" letters and updates thereof from
            the Company's independent certified public accountants addressed to
            the underwriters, if any, and will use reasonable best efforts to
            have such letters addressed to the selling Holders of Registrable
            Securities, such letters to be in customary form and covering
            matters of the type customarily covered in "cold comfort" letters to
            underwriters in connection with similar underwritten offerings;

                  (iv) enter into a securities sales agreement with the Holders
            and an agent of the Holders providing for, among other things, the
            appointment of such agent for the selling Holders for the purpose of
            soliciting purchases of Registrable Securities, which agreement
            shall be in form, substance and scope customary for similar
            offerings by the Company;

                  (v) if an underwriting agreement is entered into in the case
            of an underwritten offering, cause the same to set forth
            indemnification provisions and procedures substantially equivalent
            to the indemnification provisions and procedures set forth in
            Section 5 hereof with respect to the underwriters and all other
            parties to be indemnified pursuant to Section 5 hereof; and

                  (vi) deliver such documents and certificates as may be
            reasonably requested by the underwriters or the Holders and as are
            customarily delivered in similar offerings by the Company.

            The above shall be done at (i) the effectiveness of such
      Registration Statement (and, if reasonably requested in writing by the
      Majority Holders), each post-effective amendment thereto) and (ii) each
      closing under any underwriting or similar agreement as and to the extent
      required thereunder. In the case of any underwritten offering, the Company
      shall provide written notice to the Holders of all Registrable Securities
      of such underwritten offering at least 10 days prior to the filing of a
      prospectus supplement for such underwritten offering. Such notice shall
      (x) offer each such Holder the right to participate in such underwritten
      offering, (y) specify a date, which shall be no earlier than 10 days
      following the date of such notice, by which such Holder must inform the
      Company of its intent to participate in such underwritten offering and (z)
      include the instructions such Holder must follow in order to participate
      in such underwritten offering;

            (o) in the case of a Shelf Registration, make available for
      inspection by representatives of the Holders of the Registrable Securities
      and any underwriters participating in any disposition pursuant to a Shelf
      Registration Statement and any U.S. counsel or accountant retained by such
      Holders or underwriters, all financial and other records and pertinent
      corporate documents of the Company reasonably requested by any such
      Persons, and cause the officers, employees and any other agents of the
      Company to supply all information reasonably requested by any such
      representative, underwriter, special counsel

                                       17
<PAGE>

      or accountant in connection with a Registration Statement; provided that
      any such records, documents and such information that is designated in
      writing by the Company, in good faith, as confidential at the time of
      delivery of such records, documents or information shall be kept
      confidential by any such representative, underwriter, counsel or
      accountant and shall be used only in connection with such Shelf
      Registration Statement, unless such information has become available (not
      in violation or breach of this Agreement) to the public generally or
      through a third party without an accompanying obligation of
      confidentiality, and except that such representative, underwriter, counsel
      or accountant shall have no liability, and shall not be in breach of this
      provision, if disclosure of such confidential information is made in
      connection with a court proceeding or required by law, and the Company
      shall be entitled to request that such representative, underwriter,
      counsel or accountant sign a confidentiality agreement to the foregoing
      effect. Each such person will be required to agree that information
      obtained by it as a result of such inspections shall be deemed
      confidential and shall not be used by it as the basis for any market
      transactions in the securities of the Company unless and until such is
      made generally available to the public through no fault or action of such
      person. Each selling Holder of such Registrable Securities will be
      required to further agree that it will, upon learning that disclosure of
      confidential information is necessary, give notice to the Company to allow
      the Company at its expense to undertake appropriate action to prevent
      disclosure of the confidential information;

            (p) (i) in the case of an Exchange Offer, within a reasonable time
      prior to the filing of any Exchange Offer Registration Statement, any
      Prospectus forming a part thereof, any amendment to an Exchange Offer
      Registration Statement or amendment or supplement to a Prospectus, provide
      copies of such document to the Initial Purchasers, and make such changes
      in any such document prior to the filing thereof as the Initial Purchasers
      or their counsel may reasonably request; (ii) in the case of a Shelf
      Registration, a reasonable time prior to filing any Shelf Registration
      Statement, any Prospectus forming a part thereof, any amendment to such
      Shelf Registration Statement or amendment or supplement to such
      Prospectus, provide copies of such document to the Holders of Registrable
      Securities, to the Initial Purchasers, to counsel on behalf of the Holders
      and to the underwriter or underwriters of an underwritten offering of
      Registrable Securities, if any, and make such changes in any such document
      prior to the filing thereof as counsel to the Initial Purchasers, the
      Holders or any underwriter may reasonably request; and (iii) cause the
      representatives of the Company to be available for discussion of such
      document as shall be reasonably requested by the Holders of Registrable
      Securities, the Initial Purchasers on behalf of such Holders or any
      underwriter, and shall not at any time make any filing of any such
      document of which such Holders, the Initial Purchasers on behalf of such
      Holders, their counsel or any underwriter shall not have previously been
      advised and furnished a copy or to which such Holders, the Initial
      Purchasers on behalf of such Holders, their counsel or any underwriter
      shall reasonably object within a reasonable time period;

            (q) in the case of a Shelf Registration, use its reasonable best
      efforts to cause the

                                       18
<PAGE>

      Registrable Securities to be rated with at least one "nationally
      recognized statistical rating organization" (as defined for purposes of
      Rule 436(g)(2) under the Securities Act), if so requested by the Majority
      Holders or by the underwriter or underwriters of an underwritten offering,
      unless the Registrable Securities are already so rated;

            (r) otherwise use its reasonable best efforts to comply with all
      applicable rules and regulations of the SEC and make available to its
      security holders, as soon as reasonably practicable, an earnings statement
      covering at least twelve (12) months which shall satisfy the provisions of
      Section 11(a) of the Securities Act and Rule 158 thereunder; and

            (s) cooperate and assist in any filings required to be made with the
      NASD and in the performance of any due diligence investigation by any
      underwriter and its counsel.

           In the case of a Shelf Registration Statement, the Company may (as a
condition to such Holder's participation in the Shelf Registration) require each
Holder of Registrable Securities to furnish to the Company or its counsel such
information regarding such Holder and the proposed distribution by such Holder
of such Registrable Securities, as the Company may from time to time reasonably
request, and agree in writing to be bound by the Agreement, including the
indemnification provisions.

           In the case of a Shelf Registration Statement, each Holder agrees
that, upon receipt of any notice from the Company of the happening of any event
or the discovery of any facts, each of the kind described in Sections 2(d)(i)
and 3(e)(ii)-(vii) hereof, such Holder will forthwith discontinue disposition of
Registrable Securities pursuant to a Registration Statement until such Holder's
receipt of (i) the copies of the supplemented or amended Prospectus contemplated
by Section 3(k) hereof or (ii) written notice from the Company that the Shelf
Registration Statement is once again effective and that no supplement or
amendment is required. If so directed by the Company, such Holder will deliver
to the Company (at the Company's expense) all copies in the Holder's possession,
other than permanent file copies then in such Holder's possession, of the
Prospectus covering such Registrable Securities current at the time of receipt
of such notice.

           If the Company shall give any such notice to suspend the disposition
of Registrable Securities pursuant to a Shelf Registration Statement as a result
of the happening of any event or the discovery of any facts, each of the kind
described in Sections 2(d)(i) and 3(e)(vi) hereof, the Company shall be deemed
to have used its reasonable best efforts to keep the Shelf Registration
Statement effective during such period of suspension; provided that (i) such
period of suspension shall not exceed the time periods provided in Section
2(d)(iii) hereof and (ii) the Company shall, if necessary, use its reasonable
best efforts to file and have declared effective (if an amendment) as soon as
practicable an amendment or supplement to the Shelf Registration Statement and
shall extend the period during which the Registration Statement shall be
maintained effective pursuant to this Agreement by the number of days during the
period from and including the date of the giving of such notice to and including
the date when the Holders shall have received copies of the supplemented or
amended

                                       19
<PAGE>

Prospectus necessary to resume such dispositions.

           4. Underwritten Registrations. If any of the Registrable Securities
covered by any Shelf Registration are to be sold in an underwritten offering,
the investment banker or investment bankers and manager or managers that will
manage the offering will be selected by the Majority Holders of such Registrable
Securities included in such offering and shall be reasonably acceptable to the
Company.

           No Holder of Registrable Securities may participate in any
underwritten registration hereunder unless such Holder (a) agrees to sell such
Holder's Registrable Securities on the basis provided in any underwriting
arrangements approved by the Persons entitled hereunder to approve such
arrangements and (b) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents required
under the terms of such underwriting arrangements.

           5. Indemnification and Contribution.

                (a) The Company agrees to indemnify and hold harmless each
           Initial Purchaser, each Holder, including Participating
           Broker-Dealers, each underwriter who participates in an offering of
           Registrable Securities, their respective Affiliates, and their
           respective directors, officers, employees, agents, and each Person,
           if any, who controls any Initial Purchaser or any Holder within the
           meaning of either Section 15 of the Securities Act or Section 20 of
           the Exchange Act, from and against any and all losses, claims,
           damages and liabilities (including, without limitation, any properly
           documented out-of-pocket legal or other expenses reasonably incurred
           by the Initial Purchaser, any Holder or any such controlling or
           affiliated Person in connection with defending or investigating any
           such action or claim) caused by any untrue statement or alleged
           untrue statement of a material fact contained in any Registration
           Statement or any amendment thereof, pursuant to which Exchange
           Securities or Registrable Securities were registered under the
           Securities Act, including all documents incorporated therein by
           reference, or caused by any omission or alleged omission to state
           therein a material fact required to be stated therein or necessary to
           make the statements therein not misleading, or caused by any untrue
           statement or alleged untrue statement of a material fact contained in
           any Prospectus (as amended or supplemented if the Company shall have
           furnished any amendments or supplements thereto), or caused by any
           omission or alleged omission to state therein a material fact
           necessary to make the statements therein in light of the
           circumstances under which they were made not misleading, except
           insofar as such losses, claims, damages or liabilities are caused by
           any such untrue statement or omission or alleged untrue statement or
           omission based upon information relating to any Initial Purchaser any
           Holder or underwriter furnished to the Company in writing by or on
           behalf of such Initial Purchaser or by or relating to any Holder or
           underwriter who participates in an offering of Registrable
           Securities, in each case expressly for use therein.

                                       20
<PAGE>

                (b) Each Holder agrees, severally and not jointly, to indemnify
           and hold harmless the Company, each Initial Purchaser, each
           underwriter who participates in an offering of Registrable
           Securities, and the other selling Holders, and each of their
           respective Affiliates and directors, officers (including each
           director and officer of the Company who signed the Registration
           Statement) employees and agents and each Person, if any, who controls
           the Company, any Initial Purchaser, any underwriter or any other
           selling Holder within the meaning of either Section 15 of the
           Securities Act or Section 20 of the Exchange Act from and against any
           and all losses, claims, damages and liabilities (including, without
           limitation, any legal or other expenses described in the indemnity
           contained in Section 5(a), as incurred), but only with reference to
           information relating to such Holder furnished to the Company in
           writing by or on behalf of such Holder expressly for use in any
           Registration Statement or any amendment thereof or any Prospectus or
           any amendments or supplements thereto.

                (c) In case any proceeding (including any governmental
           investigation) shall be instituted involving any Person in respect of
           which indemnity may be sought pursuant to either paragraph (a) or
           paragraph (b) above, such Person (the "indemnified party") shall
           promptly notify the person against whom such indemnity may be sought
           (the "indemnifying party") in writing (but the failure to so notify
           the indemnifying party will not relieve it from any liability which
           it may have to any indemnified party except to the extent it is
           materially prejudiced or harmed) and the indemnifying party, upon
           request of the indemnified party, shall retain counsel reasonably
           satisfactory to the indemnified party to represent the indemnified
           party and any others the indemnifying party may designate in such
           proceeding and shall pay the fees and disbursements of such counsel
           related to such proceeding. In any such proceeding, any indemnified
           party shall have the right to retain its own counsel, but the fees
           and expenses of such counsel shall be at the expense of such
           indemnified party unless (i) the indemnifying party and the
           indemnified party shall have mutually agreed to the retention of such
           counsel or (ii) the named parties to any such proceeding (including
           any impleaded parties) include both the indemnifying party and the
           indemnified party and representation of both parties by the same
           counsel would be inappropriate due to actual or potential differing
           interests between them. It is understood that the indemnifying party
           shall not, in respect of the legal expenses of any indemnified party
           in connection with any proceeding or related proceedings in the same
           jurisdiction, be liable for (a) (if the indemnifying party is the
           Company) the fees and expenses of more than one separate firm (in
           addition to any local counsel) for the Initial Purchasers and all
           Persons, if any, who control any Initial Purchaser within the meaning
           of either Section 15 of the Securities Act or Section 20 of the
           Exchange Act, (b) (if the indemnifying party is a Holder) the fees
           and expenses of more than one separate firm (in addition to any local
           counsel) for the Company, its directors, its officers who sign the
           Registration Statement and all Persons, if any, who control the
           Company within the meaning of either such Section and (c) (if the
           indemnifying party is the Company) the fees and expenses of more than
           one separate firm (in addition to any local counsel) for all Holders
           and all Persons, if any, who control any Holders within the

                                       21
<PAGE>

           meaning of either such Section, and that all such fees and expenses
           shall be reimbursed as they are incurred. In the case of any such
           separate firm for the Initial Purchasers and such control Persons of
           the Initial Purchasers, such firm shall be designated in writing by
           Salomon Smith Barney Inc. In the case of any such separate firm for
           the Holders and such Persons who control Holders, such firm shall be
           designated in writing by the Majority Holders. In all other cases,
           such firm shall be designated in writing by the Company. The
           indemnifying party shall not be liable for any settlement of any
           proceeding affected without its written consent, but if settled with
           such consent or if there is a final judgment for the plaintiff, the
           indemnifying party agrees to indemnify the indemnified party from and
           against any loss or liability by reason of such settlement or
           judgment. Notwithstanding the foregoing sentence, if at any time an
           indemnified party shall have requested an indemnifying party to
           reimburse the indemnified party for fees and expenses of counsel as
           contemplated by the second and third sentences of this paragraph, the
           indemnifying party agrees that it shall be liable for any settlement
           of any proceeding effected without its written consent if (i) such
           settlement is entered into more than 60 days after receipt by such
           indemnifying party of the aforesaid request and (ii) such
           indemnifying party shall not have reimbursed the indemnified party in
           accordance with such request prior to the date of such settlement. No
           indemnifying party shall, without the prior written consent of the
           indemnified party, which consent shall not be unreasonably withheld,
           effect any settlement of any pending or threatened proceeding in
           respect of which any indemnified party is or could have been a party
           and indemnity could have been sought hereunder by such indemnified
           party, unless such settlement (i) includes an unconditional release
           of such indemnified party from all liability on claims that are the
           subject matter of such proceeding and (ii) does not include a
           statement as to an admission of fault, culpability or failure to act
           by or on behalf of any indemnified party.

                (d) If the indemnification provided for in paragraph (a) or
           paragraph (b) of this Section 5 is unavailable to an indemnified
           party or insufficient in respect of any losses, claims, damages or
           liabilities referred to therein, then each indemnifying party under
           such paragraph, in lieu of indemnifying such indemnified party
           thereunder, shall contribute to the amount paid or payable by such
           indemnified party as a result of such losses, claims, damages or
           liabilities in such proportion as is appropriate to reflect the
           relative fault of the indemnifying party or parties on the one hand
           and of the indemnified party or parties on the other hand in
           connection with the statements or omissions that resulted in such
           losses, claims, damages or liabilities, as well as any other relevant
           equitable considerations. The relative fault of such indemnifying
           party or parties on the one hand and the indemnified party or parties
           on the other hand shall be determined by reference to, among other
           things, whether the untrue or alleged untrue statement of a material
           fact or the omission or alleged omission to state a material fact
           relates to information supplied by such indemnifying party or parties
           or such indemnified party or parties, and the parties' relative
           intent, knowledge, access to information and opportunity to correct
           or prevent such statement or omission. The obligations of the Initial
           Purchasers and the Holders of Registrable Securities to contribute
           pursuant to this Section 5 are several in proportion to the
           respective number of Securities

                                       22
<PAGE>

           have purchased hereunder, and not joint.

                (e) The Company, the Initial Purchasers, and each Holder of
           Registrable Securities agree that it would not be just or equitable
           if contribution pursuant to this Section 5 were determined by pro
           rata allocation (even if the Initial Purchasers were treated as one
           entity for such purpose) or by any other method of allocation that
           does not take account of the equitable considerations referred to in
           paragraph (d) above. The amount paid or payable by an indemnified
           party as a result of the losses, claims, damages and liabilities
           referred to in paragraph (d) above shall be deemed to include,
           subject to the limitations set forth above, any out-of-pocket legal
           or other expenses reasonably incurred by such indemnified party in
           connection with investigating or defending any such action or claim.
           Notwithstanding the provisions of this Section 5, no Holder shall be
           required to indemnify or contribute any amount in excess of the
           amount by which the total price at which Registrable Securities were
           sold by such Holder exceeds the amount of any damages that such
           Holder has otherwise been required to pay by reason of such untrue or
           alleged untrue statement or omission or alleged omission. No Person
           guilty of fraudulent misrepresentation (within the meaning of Section
           11(f) of the Securities Act) shall be entitled to contribution from
           any Person who was not guilty of such fraudulent misrepresentation.
           For purposes of this Section 5, each Person, if any, who controls an
           Initial Purchaser or Holder or underwriter within the meaning of
           Section 15 of the Securities Act or Section 20 of the Exchange Act
           shall have the same rights to contribution as such Initial Purchaser
           or Holder or underwriter, and each director of the Company, each
           officer of the Company who signed the Registration Statement, and
           each Person, if any, who controls the Company within the meaning of
           Section 15 of the Securities Act or Section 20 of the Exchange Act
           shall have the same rights to contribution as the Company. The
           remedies provided for in this Section 5 are not exclusive and shall
           not limit any rights or remedies which may otherwise be available to
           any indemnified party at law or in equity.

           The indemnity and contribution provisions contained in this Section 5
shall remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf of
any Initial Purchaser or any Holder or underwriter, or any Person controlling
any Initial Purchaser or any Holder or underwriter, or by or on behalf of the
Company, its officers or directors or any Person controlling the Company, (iii)
acceptance of any of the Exchange Securities and (iv) any sale of Registrable
Securities pursuant to a Shelf Registration Statement.

           6. Miscellaneous.

                (a) Rule 144 and Rule 144A. For so long as the Company is
           subject to the reporting requirements of Section 13 or 15 of the
           Exchange Act, the Company covenants that it will file the reports
           required to be filed by it under Section 13(a) or 15(d) of the
           Exchange Act and the rules and regulations adopted by the SEC
           thereunder, that if it ceases to be so required to file such reports,
           it will upon the request of any Holder of Registrable Securities

                                       23
<PAGE>

           (i) make publicly available or cause to be made publicly available
           such information as is necessary to permit sales pursuant to Rule 144
           under the Securities Act, (ii) deliver or cause to be delivered such
           information to a prospective purchaser as is necessary to permit
           sales pursuant to Rule 144A under the Securities Act and it will take
           such further action as any Holder of Registrable Securities may
           reasonably request, and (iii) take such further action that is
           reasonable in the circumstances, in each case, to the extent required
           from time to time to enable such Holder to sell its Registrable
           Securities without registration under the Securities Act within the
           limitation of the exemptions provided by (x) Rule 144 under the
           Securities Act, as such rule may be amended from time to time, (y)
           Rule 144A under the Securities Act, as such rule may be amended from
           time to time, or (z) any similar rules or regulations hereafter
           adopted by the SEC. Upon the written request of any Holder of
           Registrable Securities, the Company will deliver to such Holder a
           written statement as to whether it has complied with such
           requirements.

                (b) No Inconsistent Agreements. The Company has not entered into
           nor will the Company on or after the date of this Agreement enter
           into any agreement which is inconsistent with the rights granted to
           the Holders of Registrable Securities in this Agreement or otherwise
           conflicts with the provisions hereof. The rights granted to the
           Holders hereunder do not in any way conflict with and are not
           inconsistent with the rights granted to the holders of the Company's
           other issued and outstanding securities under any such agreements.

                (c) Amendments and Waivers. The provisions of this Agreement,
           including the provisions of this sentence, may not be amended,
           modified or supplemented, and waivers or consents to departures from
           the material provisions hereof may not be given unless the Company
           has obtained the written consent of the Majority Holders of the
           outstanding Registrable Securities affected by such amendment,
           modification, supplement, waiver or departure.

                (d) Notices. All notices and other communications provided for
           or permitted hereunder shall be made in writing by hand-delivery,
           registered first-class mail, telecopier, or any courier guaranteeing
           overnight delivery (i) if to a Holder (other than an Initial
           Purchaser), at the most current address set forth on the records of
           the Registrar under the Indenture, (ii) if to an Initial Purchaser,
           at the most current address given by such Initial Purchaser to the
           Company by means of a notice given in accordance with the provisions
           of this Section 6(d), which address initially is the address set
           forth in the Purchase Agreement; and (iii) if to the Company,
           initially at its addresses set forth in the Purchase Agreement and
           thereafter at such other address, notice of which is given in
           accordance with the provisions of this Section 6(d).

                All such notices and communications shall be deemed to have been
           duly given: at the time delivered by hand, if personally delivered;
           five business days after being deposited in the mail, postage
           prepaid, if mailed; when receipt is acknowledged, if telecopied; and
           on the

                                       24
<PAGE>

           next business day if timely delivered to an air courier guaranteeing
           overnight delivery.

                Copies of all such notices, demands, or other communications
           shall be concurrently delivered by the Person giving the same to the
           Trustee, at the address specified in the Indenture.

                (e) Successors and Assigns. This Agreement shall inure to the
           benefit of and be binding upon the successors, assigns and
           transferees of each of the parties, including, without limitation and
           without the need for an express assignment, subsequent Holders;
           provided that nothing herein shall be deemed to permit any
           assignment, transfer or other disposition of Registrable Securities
           in violation of the terms hereof or of the Purchase Agreement or the
           Indenture. If any transferee of any Holder shall acquire Registrable
           Securities, in any manner, whether by operation of law or otherwise,
           such Registrable Securities shall be held subject to all of the terms
           of this Agreement, and by taking and holding such Registrable
           Securities, such Person shall be conclusively deemed to have agreed
           to be bound by and to perform all of the terms and provisions of this
           Agreement, including the restrictions on resale set forth in this
           Agreement and, if applicable, the Purchase Agreement, and such Person
           shall be entitled to receive the benefits hereof.

                (f) Third Party Beneficiary. The Holders shall be third party
           beneficiaries to the agreements made hereunder between the Company
           and the Initial Purchasers and shall have the right to enforce such
           agreements directly to the extent it deems such enforcement necessary
           or advisable to protect its rights or the rights of Holders
           hereunder.

                (g) Counterparts. This Agreement may be executed in any number
           of counterparts and by the parties hereto in separate counterparts,
           each of which when so executed shall be deemed to be an original and
           all of which taken together shall constitute one and the same
           agreement.

                (h) Headings. The headings in this Agreement are for convenience
           of reference only and shall not limit or otherwise affect the meaning
           hereof.

                (i) Governing Law. This Agreement shall be governed by and
           construed in accordance with the laws of the State of New York,
           without regard to its conflict of laws provisions.

                (j) Severability. In the event that any one or more of the
           provisions contained herein, or the application thereof in any
           circumstance, is held invalid, illegal or unenforceable, the
           validity, legality and enforceability of any such provision in every
           other respect and of the remaining provisions contained herein shall
           not be affected or impaired thereby.

                            [Signatures on next page]

                                       25
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first written above.

                                           THE DOW CHEMICAL COMPANY

                                           By:    G.E. Merszei
                                               ---------------------------------
                                           Name:  G.E. Merszei
                                           Title: Vice President and Treasurer

The foregoing Agreement is hereby confirmed and accepted as of the date first
above written:

SALOMON SMITH BARNEY INC.
BANC OF AMERICA SECURITIES LLC
BEAR, STEARNS & CO. INC.
BANC ONE CAPITAL MARKETS, INC.
RBC DOMINION SECURITIES CORPORATION
THE WILLIAMS CAPITAL GROUP, L.P.

By: SALOMON SMITH BARNEY INC.

By:     E.  Thomas Massey
     --------------------------------------
Name:   E. Thomas Massey
Title:  Director

For themselves and the other Initial Purchasers

                                       26

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