EXHIBIT 12.1
The Dow Chemical Company and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Stock Dividend Requirements
	For the Year Ended December 31
In millions, except ratio (Unaudited)	2009			2008			2007			2006			2005
Income from Continuing Operations Before Income Taxes	$	469		$	1,277		$	4,192		$	4,938		$	6,363
Add (deduct):
Equity in earnings of nonconsolidated affiliates		(630	)		(787	)		(1,122	)		(959	)		(964	)
Distributed income of earnings of nonconsolidated affiliates		690			836			774			616			495
Capitalized interest		(61	)		(97	)		(85	)		(73	)		(56	)
Amortization of capitalized interest		91			84			79			70			70
Preferred security dividends		(20	)		(63	)		(81	)		(77	)		(65	)
Adjusted earnings	$	539		$	1,250		$	3,757		$	4,515		$	5,843
Fixed charges:
Interest expense and amortization of debt discount		1,571			648			584			616			702
Capitalized interest		61			97			85			73			56
Preferred security dividends		20			63			81			77			65
Rental expense – interest component		107			120			124			131			133
Total fixed charges	$	1,759		$	928		$	874		$	897		$	956
Earnings available for the payment of fixed charges	$	2,298		$	2,178		$	4,631		$	5,412		$	6,799
Ratio of earnings to fixed charges		1.3			2.3			5.3			6.0			7.1
Earnings required for combined fixed charges and preferred stock  dividends:
Preferred stock dividends	$	312			-			-			-			-
Adjustment to pretax basis (at 35 percent)		168			-			-			-			-
Preferred stock dividends - pretax	$	480			-			-			-			-
Combined fixed charges and preferred stock dividend requirements	$	2,239		$	928		$	874		$	897		$	956
Ratio of earnings to combined fixed charges and preferred stock      dividend requirements		1.0			2.3			5.3			6.0			7.1

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