Dow Chemical 2014 Annual Report Download - page 7

Vision
•Maximize long-term value per share
Strategy
•Integrated manufacturing positions in chemicals,
plastics, key materials and agriculture
•Low cost in all product and asset positions,
leveraging integrated sites
•Presence in all growing geographic markets
•Growing downstream specialties for value-add
to low-cost positions
•Will be in some commodities to achieve low cost
for our integration, and will run these for maximum
cash to re-invest in:
 Specialty positions (Integrated Plastics)
 Value-add specialties (Electronics & Agriculture)
 Reward our shareholders via share buybacks
and dividend increases
ÚCombination of Low-Cost and Value-Add
Products Enables Superior Value Creation
Throughout the Cycle
A Winning Vision and Strategy
Our vision of maximizing long-term value per share
served as a key source of momentum in 2014  driving
every action and resulting in our record performance.
Further, this consistent trajectory nine quarters to be
precise  of year-over-year growth, coupled with the
ongoing execution of our strategy to be low-cost and fully
integrated in key value chains with investments aligned
to attractive end-markets, uniquely positions Dow to win
in this environment.
In these volatile times, it is through our integrated
portfolio that Dow’s strength, resilience and full
earnings power are evident. We are leveraging upcycles
to capitalize on our cash engines upstream, while
2014 Annual Report 5
delivering returns through our market-aligned
businesses downstream. Case in point: During the fourth
quarter, pure-play North American ethylene producers
faced headwinds from falling oil. That same headwind,
which of course we felt to a much more limited extent,
largely represented a tailwind in our businesses aligned
to Consumer, Infrastructure, Performance Materials
& Chemical sectors and Performance Plastics  and
will continue to serve as such, enabling stronger near-,
medium- and long-term returns to Dow.
Through our 118-year history, we have learned that the
key to success has been to consistently deliver: Deliver on
our commitments to our stakeholders. Deliver profitable
solutions that our customers and the world need. Deliver
value to our owners.
As we look forward, we are focused on making the
critical, strategic choices that are needed to drive lean,
disciplined operations; grow leading businesses; and
further strengthen our earnings foundation  all while
leveraging our strategy to navigate fast-moving market
dynamics. In fact, 2015 will firmly solidify the purpose
and the importance of this strategy. 2015 is an important
year for our Company. With our key investments coming
online, operating rates remaining high in our plastics
businesses and new product introductions  the full
value of our entire portfolio will be very clear.
I remain excited, passionate and confident in this great
Company and its very bright future. I also thank you,
our shareholders, for your support as we build an even
stronger, more profitable Dow.
Sincerely,
Andrew N. Liveris
President, Chief Executive Ocer
and Chairman of the Board
February 13, 2015