Exhibit 12.1

The Dow Chemical Company and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(Unaudited)

	Three Months Ended						For the year ended December 31,
	2008			2007			2007			2006			2005			2004			2003
							(in millions)
Net income from continuing operations	$	941		$	973		$	2,887		$	3,724		$	4,535		$	2,797		$	1,739
Add (deduct):
Income taxes		299			335			1,244			1,155			1,782			877			(82	)
Capitalized interest		(26	)		(23	)		(85	)		(73	)		(56	)		(48	)		(48	)
Amortization of capitalized interest		21			20			79			70			70			65			65
Equity in earnings of nonconsolidated affiliates		(274	)		(274	)		(1,122	)		(959	)		(964	)		(923	)		(322	)
Distributed income of earnings of nonconsolidated affiliates		319			230			774			616			495			370			130
Minority interests’ share in income		24			25			98			93			82			122			94
Preferred security dividends		(20	)		(20	)		(81	)		(77	)		(65	)		(54	)		(53	)
Adjusted earnings	$	1,284		$	1,266		$	3,794		$	4,549		$	5,879		$	3,206		$	1,523
Fixed charges:
Interest expense including amortization of debt discount and capitalized debt costs	$	145		$	146		$	584		$	616		$	702		$	747		$	828
Capitalized interest		26			23			85			73			56			48			48
Preferred security dividends		20			20			81			77			65			54			53
Rental expense - interest component		28			29			124			131			133			135			121
Total fixed charges	$	219		$	218		$	874		$	897		$	956		$	984		$	1,050
Earnings available for the payment of fixed charges	$	1,503		$	1,484		$	4,668		$	5,446		$	6,835		$	4,190		$	2,573
Ratio of earnings to fixed charges		6.9	x		6.8	x		5.3	x		6.1	x		7.2	x		4.3	x		2.5	x