0001047469-04-032474 Sample Contracts

Non-Qualified Stock Option Agreement Pursuant to The Dow Chemical Company 1988 Award and Option Plan
Non-Qualified Stock Option Agreement • October 29th, 2004 • Dow Chemical Co /De/ • Plastic materials, synth resins & nonvulcan elastomers • Delaware

The Dow Chemical Company ("the Company" or "Dow") has delivered to you prospectus material pertaining to shares of Dow Common Stock covered by The Dow Chemical Company 1988 Award and Option Plan ("the Plan"). This instrument is referred to herein as "this Agreement." Terms that are used herein and defined in the Plan are used as defined in the Plan. THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

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Performance Shares Deferred Stock Agreement Pursuant to The Dow Chemical Company 1988 Award and Option Plan
Performance Shares Deferred Stock Agreement • October 29th, 2004 • Dow Chemical Co /De/ • Plastic materials, synth resins & nonvulcan elastomers • Delaware

The Dow Chemical Company ("the Company" or "Dow") has delivered to you prospectus material pertaining to shares of Dow Common Stock covered by The Dow Chemical Company 1988 Award and Option Plan ("the Plan"). This document is referred to herein as "this Agreement." Terms that are used herein and defined in the Plan are used as defined in the Plan. THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

Non-Qualified Stock Option Agreement Pursuant to The Dow Chemical Company 2003 Non-Employee Directors' Stock Incentive Plan
Non-Qualified Stock Option Agreement • October 29th, 2004 • Dow Chemical Co /De/ • Plastic materials, synth resins & nonvulcan elastomers • Delaware

The Dow Chemical Company ("the Company") has delivered to you prospectus material pertaining to shares of the Company's Common Stock covered by The Dow Chemical Company 2003 Non-Employee Directors' Stock Incentive Plan ("the Plan"). This instrument is referred to herein as "this Agreement." Terms that are used herein and defined in the Plan are used as defined in the Plan. THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

Deferred Stock Agreement Pursuant to The Dow Chemical Company 1988 Award and Option Plan
Deferred Stock Agreement • October 29th, 2004 • Dow Chemical Co /De/ • Plastic materials, synth resins & nonvulcan elastomers • Delaware

The Dow Chemical Company ("the Company") has delivered to you prospectus material pertaining to the shares of Common Stock covered by The Dow Chemical Company 1988 Award and Option Plan ("the Plan"). This instrument is referred to herein as "this Agreement". Terms that are used herein and defined in the Plan are used as defined in the Plan. THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING SECURITIES THAT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

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