EX-21 5 a2040707zex-21.htm EXHIBIT 21 Prepared by MERRILL CORPORATION www.edgaradvantage.com
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EXHIBIT 21

Subsidiaries of The Dow Chemical Company

At December 31, 2000

 
   Location*
   % Ownership
The Dow Chemical Company   Delaware    
  Arabian Chemical Company Limited(1)   Saudi Arabia   50
  Arabian Chemical Company (Latex) Ltd.(1)   Saudi Arabia   50
  Arakawa Europe GmbH   Germany   60
  CanStates Holdings, Inc.   Oklahoma   100
    ANGUS Chemical Company   Delaware   100
      ANGUS Chemical (Singapore) PTE, Ltd.   Singapore   100
      ANGUS Chemie GmbH   Germany   100
  CD Polymers Inc.   Delaware   100
    Cargill-Dow LLC(1)   Delaware   50
  Centen Ag Inc.   Delaware   100
    Dow AgroSciences LLC(11)   Delaware   43
    Mycogen Corporation(19)   California   13
  Chemars Inc.   Delaware   100
  DC Partnership Management Inc.   Delaware   100
    DowBrands L.P.(6)   Delaware   42
  DCOMCO, Inc.   Delaware   100
  DCU/LB Trust(1)   California   50
  Denmerco Inc.   Delaware   100
  Dexco Polymers(1)   Texas   50
  Diamond Capital Management Inc.   Delaware   100
  Diamond Technology Partnership Company(7)   Delaware   88
    Chemtech Portfolio Inc.(13)   Texas   67
  Dofinco, Inc.   Delaware   100
  Dow Centroamerica, Sociedad Anonima   Costa Rica   100
  Dow Centroamerica S.A.   Guatemala   100
  Dow Chemical (Australia) Limited   Australia   100
    Dow Australia Superannuation Fund A Pty Limited   Australia   100
    Dow Australia Superannuation Fund B Pty Limited   Australia   100
    Polystyrene Australia Pty Ltd(1)   Australia   50
  Dow Chemical Canada Inc.   Canada   100
    1069284 Ontario Inc.   Canada   100
    Dow Pipeline Ltd.   Canada   100
    DowBrands Canada Inc.   Canada   100
      DBCI Financial LLC   Delaware   100
      Emerald Financial SrL   Barbados   100
      3813991 Canada Inc.   Canada   100
      Modeland International Holdings Inc.   Barbados   100
        Dow Quimica S.A.   Brazil   100
          Branco Dow Compostos de Engenharia S.A.(1)   Brazil   50
          Dow Especialidades Quimicas Ltda.   Brazil   100
          Dow Quimica do Nordeste LTDA.   Brazil   100
          EDN-Estireno do Nordeste S.A.   Brazil   91
            EDN-Distribuidora do Nordeste Ltda.   Brazil   100
            EDN-Poliestireno do sul Limitada   Brazil   100
          Isopol Produtos Quimicos S.A.   Brazil   100
          Keytil Sociedad Anonima   Uruguay   100
          Primera-Industria e Comercio Ltda.   Brazil   100
    Fort Saskatchewan Ethylene Storage Limited Partnership(1)   Canada   50
    H-D Tech Inc.(1)   Canada   50
  Dow Chemical (China) Investment Company Limited   China   100

120

    Dow Chemical (Zhangjiagang) Co., Ltd(16)   China   10
    Dow S/B Latex (Zhangjiagang) Co. Ltd.(15)   China   10
    SAL Petrochemical (Zhangjiagang) Company Limited(1)(18)   China   10
  Dow Chemical (China) Ltd.   Delaware   100
  Dow Chemical Company Limited   United Kingdom   100
    Cromarty Petroleum Company Limited(1)   United Kingdom   50
  Dow Chemical Delaware Corp.   Delaware   100
    Chemtech II L.P.(8)   Delaware   73
      Chemtech Portfolio Inc.(13)   Texas   33
      Chemtech Portfolio II Inc.   Michigan   100
  Dow Chemical (Hong Kong) Limited   Hong Kong   100
  Dow Chemical International Ltd.   Delaware   100
    Dow Chemical Thailand Limited   Thailand   100
    Petroquimica-Dow S.A. (Petrodow)   Chile   70
  Dow Chemical Japan Limited(10)   Japan   89
    Dow Polyurethanes Japan Ltd.   Japan   100
  Dow Chemical Korea Limited   Korea   100
  Dow Chemical (NZ) Limited   New Zealand   100
  Dow Chemical Pacific Limited   Hong Kong   100
    Ulsan Pacific Chemical Corporation(14)   Korea   80
  Dow Chemical Pacific (Singapore) Private Limited   Singapore   100
    Dow Chemical (Guangzhou) Company Limited   China   100
    Dow Chemical (India) Holdings Private Limited   India   100
      Dow Chemical International Pvt. Ltd.   India   100
    Dow Financial Holdings Singapore Pte Ltd.   Singapore   100
      Dow Chemical (Zhangjiagang) Co., Ltd.(16)   China   90
      Dow S/B Latex (Zhangjiagang) Co. Ltd.(15)   China   90
      SAL Petrochemical (Zhangjiagang) Company Limited(1)(18)   China   40
    G.Z. Holdings Pte. Ltd.   Singapore   100
    P.T. Dow Polymers Indonesia(22)   Indonesia   30
    P.T. Pacific Indomas Plastic Indonesia(23)   Indonesia   1
    S.H.A. Holdings Pte. Ltd.   Singapore   100
  Dow Chemical (Singapore) Private Limited   Singapore   100
  Dow Chemical Taiwan Limited   Republic of China   100
  Dow Chemical Telecommunications Corp.   Delaware   100
  Dow Credit Corporation   Delaware   100
  Dow Deutschland Inc.   Delaware/Germany   100
    Dow Chemical Inter-American Limited   Delaware   100
      Dow Quimica de Colombia S.A.(5)   Colombia   10
    Dow Deutschland GmbH & Co. OHG(9)   Germany   99
    Dow Deutschland Anlagengesellschaft mbH   Germany   100
      Dow Deutschland GmbH & Co. OHG(9)   Germany   1
    Dow Hungary Kft.   Hungary   100
    Dow Portugal Produtos Quimicos S.A.   Portugal   100
    Dow Turkiye A.S.(3)   Turkey   5
    Epoxital S.R.L.(1)   Italy   50
    Safechem Umwelt Service GmbH   Germany   100
  Dow Engineering Company   Delaware   100
    Dow Engineering, Inc.   Michigan   100
  Dow Environmental Inc.   Delaware   100
  Dow Europe Holding N.V.   Netherlands   100
    Buna Sow Leuna Olefinverbund GmbH   Germany   100

121

      BSL Pipeline Gesellschaft mbH & Co. KG   Germany   80
      BSL Pipeline Verwaltungsgesellschaft mbh   Germany   80
    Dow Austria Ges. mbH   Austria   100
    Dow Belgium, N.V.   Belgium   100
      Dolpa S.a.r.l.   Belgium   100
        Dow International Service Center, B.V.B.A(24)   Belgium   1
      Dow International Service Center, B.V.B.A(24)   Belgium   99
    Dow Benelux N.V.   Netherlands   100
      Dow Netwerk B.V.   Netherlands   100
      Terneuzen Partnership Services B.V.   Netherlands   100
        Emergo Manufacturing C.V.(21)   Netherlands   11
      Emergo Manufacturing C.V.(21)   Netherlands   89
      Inkoopcombinatie ELSTA V.O.F.(1)   Netherlands   50
      Polyol Belgium, N.V.(12)   Belgium   99
      Rofan Automation and Information Systems B.V.   Netherlands   100
    Dow Chemical Iberica S.A.   Spain   99
      DowBrands Espanola S.A.   Spain   100
    Dow Chemical OOO   Russia   100
    Dow France S.A.   France   100
      Dow Synthetic Elastomers S.A.S.   France   100
    Dow InterBranch B.V.   Netherlands   100
      Dow Danmark A/S   Denmark   100
      Dow Norge A/S   Norway   100
    Dow Italia S.p.A.   Italy   100
    Dow Mideast Systems (JSC)(2)   Egypt   1
    Dow Polska Sp.z.o.o.   Poland   100
    Dow Southern Africa (Pty) Ltd.   South Africa   100
    Dow Suomi OY   Finland   100
    Dow Sverige AB   Sweden   100
    Ginger B.V.(1)   Netherlands   50
    Polyol Belgium, N.V.(12)   Belgium   1
  Dow (Europe) S.A.   Switzerland   100
    Advanced Design Concepts GmbH(1)   Germany   50
    Dow Export S.A.   Switzerland   100
    Dow Mideast Systems (JSC)(2)   Egypt   1
    Dow AgroSciences Technology GmbH(26)   Switzerland   1
    Dow Turkiye A.S.(3)   Turkey   1
  Dow Financial Holdings Inc.   Delaware   100
    Dow Holdings Inc.   Delaware   100
      Dow Corning Corporation(1)   Michigan   50
      Dow Hydrocarbons and Resources Inc.   Delaware   100
        Cayuse Pipeline, Inc.   Texas   100
        Dow Intrastate Gas Company   Louisiana   100
        Dow Pipeline Company   Texas   100
        Midland Pipeline Corp.   Delaware   100
          Fort Saskatchewan Ethylene Storage Corporation(1)   Canada   50
        Oasis Pipeline Company(1)   Delaware   50
    DowBrands L.P.(6)   Delaware   58
  Dow Financial Services Inc.   Delaware   100
  Dow Hellas A.E.   Greece   100
  Dow International B.V.   Netherlands   100
  Dow International Financial Services   Ireland   100

122

    Dow Capital Public Limited Company   Ireland   100
  Dow Investment Argentina S.A.   Argentina   100
    Petroquimica Bahia Blanca S.A.I.C.   Argentina   63
    Polisur S.A.   Argentina   70
  Dow Kakoh Kabushiki Kaisha   Japan   65
  Dow Mideast Systems (JSC)(2)   Egypt   99
  Dow Quimica Argentina S.A.   Argentina   100
  Dow Quimica Chilena S.A.   Chile   100
  Dow Quimica de Colombia S.A.(5)   Colombia   90
  Dow Quimica Latin America S.A.   Uruguay   100
  Dow Quimica Mexicana S.A. de C.V.   Mexico   100
    Dow Internacional Mexicana S.A. de C.V.   Mexico   100
  Dow South Africa Holdings (Pty.) Ltd.   South Africa   100
    Sentrachem Limited   South Africa   100
      Academy Plastic Specialists (Proprietary) Limited   South Africa   100
      African Amines (Propietary) Limited(1)   South Africa   50
      Aquachlor (Proprietary) Limited(1)   South Africa   50
      Chrome International SA (Proprietary) Limited(1)   South Africa   50
      Cisvaal (Proprietary) Limited   South Africa   100
      Dow Plastics Southern Africa (Pty) Ltd.   South Africa   100
      Invesen Finance (Pty) Ltd.   South Africa   100
      Jakkalsbessie Beleggings (EDMS) Bpk.   South Africa   100
      Mega Plastics Properties (Propietary) Limited   South Africa   100
      Minchem International Inc.   South Africa   100
      NCP Holdings Ltd.   Jersey Channel Islands   100
      Nedchem Finance (Proprietary) Limited(1)   South Africa   50
      Orchem (Proprietary) Limited   South Africa   70
      Peskor (Pty) Ltd.   South Africa   100
      PGM Chemicals (Proprietary) Limited   South Africa   100
      Profinans (EDMS) Beperk.(1)   South Africa   50
      Safripol (Pty) Ltd.   South Africa   100
        South African Polymer Holdings (Pty.) Ltd.   South Africa   100
      Salt and Chemicals (Pty) Ltd.   Namibia   100
      SENDURB (Pty) Ltd.   South Africa   100
      Senmin (Pty) Ltd.   South Africa   100
      Sentrachem Gardens (Pty) Ltd.   South Africa   100
      Surechem (Jersey) Insurance Company Limited   Jersey Channel Islands   100
      Syntheta (Proprietary) Limited   South Africa   100
        Fluoropharm Joint Venture Partnership(1)   South Africa   50
        Randjespark Property Holdings (Pty.) Ltd.   South Africa   100
      The Synthetic Latex Company (Pty.) Limited   South Africa   51
      Walvis Bay Salt Refiners (Proprietary) Limited   Namibia   100
  Dow Trading PRC Inc.   Delaware   100
  Dow Trading S.A.   Switzerland   100
  Dow Turkiye A.S.(3)   Turkey   94
  Dow Venezuela, C.A.   Venezuela   100
    CV Services Ltd.   Cayman Islands   100
  DowBrands Inc.(20)   Delaware   79
  El Dorado Terminals Company(1)   New Jersey   50
  Essex Chemical Corporation   New Jersey   100
  Essex Specialty Products, Inc.   New Jersey   100
    American Mortell Corporation   Texas   100

123

      Mortell Company   Delaware   100
    Anabond Essex India Private Limited(1)   India   50
    Diamond Technology Partnership Company(7)   Delaware   12
    Essex Do Brasil Industria E Comercio Ltda.   Brazil   100
    Essex de Hermosillo, S.A. DE C.V.   Mexico   100
    Essex Specialty Products, Inc., Canada   Canada   100
    Essex Specialty Products Korea Limited   Korea   100
    Expandite-Essex Pty. Limited(1)   Australia   50
    Gurit-Essex AG(1)   Switzerland   50
    Selco Industria E Comercio S/A   Brazil   51
    Sound Alliance LLC   Delaware   60
    Wuhan Essex-Tigers Chemical Co., Ltd.   China   51
  Etoxilados del Plata S.A.   Argentina   100
  Flexible Products Company   Georgia   100
    Flexible Products Company of Canada   Canada   100
    Flexible Products de Chile Limitada   Chile   95
    Flexible Products Europe Limited   United Kingdom   100
  FilmTec Corporation   Delaware   100
  Forbanco Inc.   Delaware   100
  General Latex and Chemical Corporation   Massachusetts   100
    General Latex and Chemical Corporation (of Ga.)   Georgia   100
    General Latex and Chemical Corporation (of N.C.)   North Carolina   100
    General Latex and Chemical Corporation (of Ohio)   Ohio   100
    General Latex Canada Inc.   Canada   100
  Great Western Pipeline Company, Inc.   California   100
  Ifco Inc.   Delaware   100
    Chemtech II L.P.(8)   Delaware   5
  Ion Holdings LLC(25)   Delaware   60
    Ion Investments S.a.r.l.   Luxembourg   100
      Tornado Finance V.O.F.   Netherlands   60
  INCA International S.p.A.   Italy   80
  Innovase LLC(1)   California   50
  Intarsia Corporation   Delaware   80
  iVenturi, Inc.   Delaware   52
  Joliet Marine Terminal Trust Estate(1)   Illinois   50
  Liana Limited   Delaware   100
    Dorinco Insurance (Ireland) Limited   Ireland   100
    Dorinco Reinsurance Company   Michigan   100
    Dorintal Reinsurance Limited   Bermuda   100
    Timber Insurance Limited   Bermuda   100
  LG Dow Polycarbonate Limited(1)   Korea   50
  P.T. Dow Polymers Indonesia(22)   Indonesia   70
  P.T. Pacific Indomas Plastic Indonesia(23)   Indonesia   99
  Productos Quimicos Peruanos S.A.   Peru   100
  Quixtor Technologies Corporation   Delaware   100
  Raven Group Ltd.   Delaware   85
  RavenWorks Ltd.   Delaware   85
  Rofan Services Inc.   Delaware   100
    DH Compounding Company(1)   Delaware   50
    Dow AgroSciences LLC(11)   Delaware   6
    Ion Holdings LLC(25)   Delaware   40
    Mycogen Corporation(19)   California   87

124

      Dinamilho Carol Produtos Agricolas Ltda.   Brazil   100
      Dow AgroSciences LLC(11)   Delaware   51
        Advanced AgriTraits LLC   Delaware   84
        Alsan Research(1)   Iowa   50
        Chemexport Inc.(1)   Cayman Islands   50
        D.E. United (Private) Limited(1)   Pakistan   50
        DERe Insurance Company   Vermont   100
        Dintec Agrichemicals(1)   Delaware   50
        Dow AgroSciences Agricultural Products Limited LLC   Mauritius   100
          DE-NOCIL Crop Protection Limited   India   51
        Dow AgroSciences B.V.   Netherlands   100
          Agrofarm Israel Ltd.   Israel   100
          Ambito DAS S.A.(1)   Argentina   50
          ChacoDAS S.A.(1)   Argentina   50
          Costa Galana DAS SA(1)   Argentina   50
          DAS Ihara K.K.(1)   Japan   50
          Desab S.A.(1)   Argentina   50
          Dintec Agroquimica Produtos Quimicos, Lda.   Portugal   66
          Distribuidora de Agroquimicos del Sureste de la Republica S.A. de C.V.(1)   Mexico   50
          Dow AgroSciences (Malaysia) Sdn Bhd   Malaysia   100
          Dow AgroSciences (NZ) Limited   New Zealand   100
          Dow AgroSciences A.S.   Turkey   100
          Dow AgroSciences Argentina S.A.   Argentina   100
            Corporacion de Inversiones Frutihorticolas S.A.(27)   Argentina   1
          Dow AgroSciences Asia Sdn. Bhd.   Malaysia   100
          Dow AgroSciences Australia Limited   Australia   100
          Dow AgroSciences Bolivia S.A.   Bolivia   100
          Dow AgroSciences Canada Inc.   Canada   100
          Dow AgroSciences Chile S.A.   Chile   100
          Dow AgroSciences Costa Rica S.A.   Costa Rica   100
          Dow AgroSciences Danmark A/S   Denmark   100
          Dow AgroSciences de Colombia S.A.   Colombia   100
          Dow AgroSciences de Mexico S.A. de C.V.   Mexico   100
          Dow AgroSciences Export S.A.S.   France   100
          Dow AgroSciences GmbH   Germany   100
          Dow AgroSciences Guatemala S.A.   Guatemala   100
          Dow AgroSciences Iberica S.A.   Spain   100
          Dow AgroSciences Industrial Ltda.   Brazil   100
          Dow AgroSciences Limited   United Kingdom   100
          Dow AgroSciences Pacific Limited   Hong Kong   100
          Dow AgroSciences Paraguay S.A.   Paraguay   100
          Dow AgroSciences Polska Sp. z.o.o.   Poland   100
          Dow AgroSciences S.A.S.   France   100
            Dow AgroSciences Distribution S.A.S.   France   100
          Dow AgroSciences s.r.o.   Czech Republic   100
          DAS Chemicals Southern Africa (Pty) Ltd.   South Africa   100
          Dow AgroSciences Sverige A/B   Sweden   100
          Dow AgroSciences Taiwan Ltd.   Republic of China   100
          Dow AgroSciences Technology GmbH(26)   Switzerland   99
            Dow AgroSciences Switzerland S.A.   Switzerland   100
          Dow AgroSciences Uruguay S.A.   Uruguay   100

125

          Dow AgroSciences Venezuela C.A.   Venezuela   100
          Dow AgroSciences Vertriebsgesellschaft GmbH   Austria   100
          Dow Chemical Japan Limited(10)   Japan   11
          Fedea S.A.(1)   Argentina   50
          I.C.R. - Intermedi Chimici Ravenna S.p.A.(1)   Italy   50
          JV Agro S.A.(1)   Argentina   50
          Lima Delta Ltd.(1)   Israel   50
          P.T. Pacific Chemicals Indonesia   Indonesia   100
          Pentec - Productos Quimicos, Lda.(1)   Portugal   50
          Rindes y Cultivos - DAS S.A.(1)   Argentina   50
          Ubajay-DAS S.A.(1)   Argentina   50
          Zoo-Agro de Venezuela, C.A.(1)   Venezuela   50
        Dow AgroSciences Barbados Limited   Barbados   100
        Dow AgroSciences China Ltd. - Beijing Rep. Office   Delaware   100
        Dow AgroSciences International Ltd.   Delaware   100
          Dow AgroSciences (Thailand) Limited   Thailand   100
        DowBrands Inc.(20)   Delaware   21
        OCI DAS Co., Ltd.(1)   Korea   50
        Dow AgroSciences Southern Africa (Proprietary) Limited   South Africa   100
          Agbro (Proprietary) Limited   South Africa   100
          Agroserve (Proprietary) Limited   South Africa   100
          Farmpak (Proprietary) Limited   South Africa   100
          Hyperchemicals International (Pty) Ltd.   South Africa   100
          Learstraat Beleggings (EDMS) Bpk.   South Africa   100
        Velsimex S.A. de CV(1)   Mexico   50
      Mycogen Crop Protection, Inc.   California   100
        Mycogen Far East Asia Corporation   California   100
        Mycogen S.A. de C.V.(4)   Mexico   99
        Parasitix Corporation   California   100
      Mycogen Plant Science, Inc.   Delaware   100
        Agrigenetics, Inc.   Delaware   100
          Mycogen Canada Inc.   Canada   100
          Mycogen Seeds-Puerto Rico Corporation   Delaware   100
          Mycoyen S.A.   Argentina   100
            Corporacion de Inversiones Frutihorticolas S.A.(27)   Argentina   99
          Mycogen S.A. de C.V.(4)   Mexico   1
      Mycosub/BA, Inc.   Delaware   100
        MJT BA L.P.(1)   California   50
      Mycosub/BH, Inc.   Delaware   100
        MJT BH/BT L.P.(1)   California   50
      Phytogen Seed Company, LLC   Delaware   51
    Wenben Inc.   Delaware   100
      Dupont Dow Elastomers L.L.C.(1)   Delaware   50
  Scotdril Midland Inc.   Michigan   100
    Scotdril Offshore Company(17)   United Kingdom   2
  Scotdril Offshore Company(17)   United Kingdom   98
  Sentrachem US, Inc.   Delaware   100
    Hampshire Holdings, Inc.   Delaware   100
      Hampshire Chemical Corp.   Delaware   100
        Hampshire Chemical Finance Corp.   Delaware   100
  Styron Asia Limited(1)   Hong Kong   50
    Styron Asia Ltd.-Shanghai Representative Office   China   100

126

  Sumitomo Dow Limited.(1)   Japan   50
  TCM Technologies Inc.   Delaware   100
  Ulsan Pacific Chemical Corporation(14)   Korea   20
  Yokkaichi MDI Limited(1)   Japan   50
  Zhejiang Pacific Chemical Corporation   China   100
*
Location of incorporation or organization. Primary location of organization is reported for partnerships.

(1)
These companies are nonconsolidated affiliates of The Dow Chemical Company and are accounted for on the equity basis. Separate financial statements for these companies are not included in this Form 10-K. These companies are not controlled, directly or indirectly, by The Dow Chemical Company. Subsidiaries of these companies, if any, are not listed in this Exhibit 21.

(2)
The Dow Chemical Company effective ownership of Dow Mideast Systems (JSC) is 100% of which The Dow Chemical Company owns 99.85%, Dow Europe Holding N.V. owns .075% and Dow (Europe) S.A. owns .075%.

(3)
The Dow Chemical Company effective ownership of Dow Turkiye A.S. is 100% of which The Dow Chemical Company owns 94%, Dow Deutschland Inc. owns 5% and Dow (Europe) S.A. owns 1%.

(4)
The Dow Chemical Company effective ownership of Mycogen S.A. de C.V. is 100% of which Mycogen Crop Protection, Inc. owns 99% and Agrigenetics, Inc. owns 1%.

(5)
The Dow Chemical Company effective ownership of Dow Quimica de Colombia S.A. is 100% of which The Dow Chemical Company owns 90% and Dow Chemical Inter-American Limited owns 10%.

(6)
The Dow Chemical Company effective ownership of DowBrands L.P. is 100% of which Dow Financial Holdings Inc. owns 58% and DC Partnership Management Inc. owns 42%.

(7)
The Dow Chemical Company effective ownership of Diamond Technology Partnership Company is 100% of which The Dow Chemical Company owns 88.5% and Essex Specialty Products, Inc. owns 11.5%.

(8)
The Dow Chemical Company effective ownership of Chemtech II L.P. is 78% of which Dow Chemical Delaware Corp. owns 72.46% and Ifco Inc. owns 5.15%.

(9)
The Dow Chemical Company effective ownership of Dow Deutschland GmbH & Co. OHG is 100% of which Dow Deutschland Inc. owns 99% and Dow Deutschaland Anlagengesellschaft mbH owns 1%.

(10)
The Dow Chemical Company effective ownership of Dow Chemical Japan Ltd. is 100% of which The Dow Chemical Company owns 89% and Dow AgroSciences B.V. owns 11%.

(11)
The Dow Chemical Company effective ownership of Dow AgroSciences LLC is 100% of which Rofan Services Inc. owns 6%, Centen Ag Inc. owns 43% and Mycogen Corporation owns 51%.

(12)
The Dow Chemical Company effective ownership of Polyol Belgium, N.V. is 100% of which Dow Benelux N.V. owns 99.5% and Dow Europe Holding N.V. owns .5%.

(13)
The Dow Chemical Company effective ownership of Chemtech Portfolio Inc. is 93% of which Diamond Technology Partnership Company owns 67% and Chemtech II L.P. owns 33% (see Note 8 for Chemtech II L.P. to calculate The Dow Chemical Company effective ownership of 26%).

(14)
The Dow Chemical Company effective ownership of Ulsan Pacific Chemical Corporation is 100% of which Dow Chemical Pacific Limited owns 80% and The Dow Chemical Company owns 20%.

(15)
The Dow Chemical Company effective ownership of Dow S/B Latex (Zhangjiagang) Co. Ltd. is 100% of which Dow Chemical (China) Investment Company Limited owns 10% and Dow Financial Holdings Singapore Pte Ltd. owns 90%.

127

(16)
The Dow Chemical Company effective ownership of Dow Chemical (Zhangjiagang) Co. Ltd. is 100% of which Dow Chemical (China) Investment Company Limited owns 10% and Dow Financial Holdings Singapore Pte Ltd. owns 90%.

(17)
The Dow Chemical Company effective ownership of Scotdril Offshore Company is 100% of which The Dow Chemical Company owns 98% and Scotdril Midland Inc. owns 2%.

(18)
The Dow Chemical Company effective ownership of SAL Petrochemical (Zhangjiagang) Company Limited is 50% of which Dow Chemical (China) Investment Company Limited owns 10% and Dow Financial Holdings Singapore Pte Ltd. owns 40%.

(19)
The Dow Chemical Company effective ownership of Mycogen Corporation is 100% of which Centen Ag. Inc. owns 13% and Rofan Services Inc. owns 87%.

(20)
The Dow Chemical Company effective ownership of DowBrands Inc. is 100% of which Dow AgroSciences LLC owns 21% and The Dow Chemical Company owns 79%.

(21)
The Dow Chemical Company effective ownership of Emergo Manufacturing C.V. is 100% of which Terneuzen Partnership Services B.V. owns 11% and Dow Benelux N.V. owns 89%.

(22)
The Dow Chemical Company effective ownership of P.T. Dow Polymers Indonesia is 100% of which The Dow Chemical Company owns 70.29% and Dow Chemical Pacific (Singapore) Private Limited owns 29.71%.

(23)
The Dow Chemical Company effective ownership of P.T. Pacific Indomas Plastic Indonesia is 100% of which The Dow Chemical Company owns 99% and Dow Chemical Pacific (Singapore) Private Limited owns 1%.

(24)
The Dow Chemical Company effective ownership of Dow International Service Center, B.V.B.A is 100% of which Dow Belgium, N.V. owns 99.9975% and Dolpa S.a.r.l. owns .0025%.

(25)
The Dow Chemical Company effective ownership of Ion Holdings LLC is 100% of which The Dow Chemical Company owns 60% and Rofan Services Inc. owns 40%.

(26)
The Dow Chemical Company effective ownership of Dow AgroSciences Technology GmbH is 100% of which Dow AgroSciences B.V. owns 99.99% and Dow (Europe) S.A. owns .01%.

(27)
The Dow Chemical Company effective ownership of Corporacion de Inversiones Frutihorticolas S.A. is 100% of which Mycoyen S.A. owns 99.96% and Dow AgroSciences Argentina S.A. owns .04%.

128



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Subsidiaries of The Dow Chemical Company At December 31, 2000