Dow Announces Closure of Proceedings in K-Dow Arbitration

Mon Mar 4, 2013 8:11am EST

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Full Award Totals $2.48 Billion
MIDLAND, Mich.--(Business Wire)--
The International Court of Arbitration of the International Chamber of Commerce
(the "ICC") today released the final award amount, representing interest and
costs, in the arbitration case between The Dow Chemical Company (NYSE:DOW) and
Petrochemical Industries Company of Kuwait (PIC) related to the K-Dow

The final interest and costs awarded to Dow totals $318 million, as of today,
and is in addition to the partial award of $2.16 billion announced last May -
resulting in full damages awarded to Dow equal to $2.48 billion. This is the
last step in the disciplined arbitration process, bringing the process to a
close. Both awards (partial and final) are binding and non-appealable. 

"Payment of these damages of nearly $2.5 billion will allow Dow to accelerate
its priority uses for cash by further strengthening our balance sheet," said
Andrew N. Liveris, Dow`s chairman and chief executive officer. "Dow and Kuwait
share a long history and strong partnership, and this award ruling brings
suitable closure to the arbitration process. The Dow team fully expects, and we
are resolved to ensure, that PIC honors its contractual commitments in a timely

The total award amount is subject to continuing interest until Dow receives
payment. Counsel for Dow is Shearman & Sterling. 

About Dow

Dow (NYSE: DOW) combines the power of science and technology to passionately
innovate what is essential to human progress. The Company connects chemistry and
innovation with the principles of sustainability to help address many of the
world's most challenging problems such as the need for clean water, renewable
energy generation and conservation, and increasing agricultural productivity.
Dow's diversified industry-leading portfolio of specialty chemical, advanced
materials, agrosciences and plastics businesses delivers a broad range of
technology-based products and solutions to customers in approximately 160
countries and in high growth sectors such as electronics, water, energy,
coatings and agriculture. In 2012, Dow had annual sales of approximately $57
billion and employed approximately 54,000 people worldwide. The Company's more
than 5,000 products are manufactured at 188 sites in 36 countries across the
globe. References to "Dow" or the "Company" mean The Dow Chemical Company and
its consolidated subsidiaries unless otherwise expressly noted. More information
about Dow can be found at

Note: The forward-looking statements contained in this document involve risks
and uncertainties that may affect the Company`s operations, markets, products,
services, prices and other factors as discussed in filings with the Securities
and Exchange Commission. These risks and uncertainties include, but are not
limited to, economic, competitive, legal, governmental and technological
factors. Accordingly, there is no assurance that the Company`s expectations will
be realized. The Company assumes no obligation to provide revisions to any
forward-looking statements should circumstances change, except as otherwise
required by securities and other applicable laws.

For editorial information:
The Dow Chemical Company
Nancy Lamb
For editorial information
The Dow Chemical Company
Rebecca Bentley

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