Pricing Supplement No. 2, Revised Rule 424(b)3
dated March 10, 1999 File No. 33-44369
(to Prospectus dated December 4, 1991,
and Prospectus Supplement dated May 13, 1992)
THE DOW CHEMICAL COMPANY
Medium-Term Notes, Series D
(Registered Notes - Floating Rate)
Due From Nine Months to Thirty Years From Date of Issue
Principal Amount: USD 150,000,000.00
Issue Price: 100.000%
Original Issue Date: March 15, 1999
Stated Maturity Date: March 15, 2000
Form: [X] Book-Entry [ ] Certificated
Specified Currency: USD
(If other than U.S. Dollars, see attached)
Option to Receive Payments in Specified Currency:
[ ] Yes [X] No
Authorized Denominations:
(Applicable only if Specified Currency is other than U.S.
Dollars)
Base Rate: [ ] Commercial Paper Rate [X] LIBOR [ ] Treasury Rate
[ ] Other (see attached)
Interest Reset Period: 3 months
Interest Payment Period: 3 months
Interest Reset Dates: 15th of March, June, September and December
or next business day
(If other than as specified in the Prospectus Supplement)
Interest Payment Dates: 15th of June, September, December and
March or next business day
(If other than as specified in the Prospectus Supplement)
Initial Interest Rate: 4.90% Index Maturity: 3 months
Maximum Interest Rate: n/a Minimum Interest Rate: n/a
Spread (+/-): -10 bps Spread Multiplier: n/a
Optional Redemption: [ ] Yes [X] No
Initial Redemption Date:
The Redemption Price shall initially be ___ % of the principal
amount of the Note to be redeemed and shall decline at each
anniversary of the Initial Redemption Date by ___ % of the
principal amount to be redeemed until the Redemption Price is
100% of such principal amount.
Optional Repayment: [ ] Yes [X] No
Optional Repayment Dates:
Optional Repayment Prices:
Optional Interest Rate Reset: [ ] Yes [X] No
Optional Reset Dates:
Optional Extension of Maturity: [ ] Yes [X] No
Extension Period:
Number of Extension Periods:
Final Maturity Date
Discount Note: [ ] Yes [X] No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period OID:
Discount or Commission: 0.000%
Agent/Purchaser: Goldman Sachs & Co.
The ratio of earnings to fixed charges of the Company for the
five years ended December 31, 1997 was 3.1 (1993), 3.7 (1994),
7.3 (1995), 6.2 (1996) and 5.8 (1997) and for the nine months
ended September 30, 1998 was 4.6. For the purpose of such ratio,
earnings consist of income before (i) taxes on income, (ii)
minority interests, (iii) extraordinary items, (iv) capitalized
interest and amortization of capitalized interest and (v) fixed
charges and after adjustment for unremitted earnings of
nonconsolidated affiliates. Fixed charges consist of interest on
all indebtedness, amortization and debt expense, discount and
premium and a portion of rentals deemed to represent an interest
factor, and exclude capitalized interest.
