Dow (DOW) 10-K 2021 FY Annual report

							Subsidiaries of Dow Inc.				EXHIBIT 21
							At December 31, 2021
											Location*
This list includes companies for which the effective ownership by Dow Inc. is 50 percent or more.
Dow Inc.											Delaware
	The Dow Chemical Company										Delaware
		American Mortell Corporation									Texas
			Mortell Company								Delaware
		Arabian Chemical Company (Latex) Ltd. (1)									Saudi Arabia
		Arabian Chemical Company (Polystyrene) Limited (1)									Saudi Arabia
		Battleground Water Company									Texas
		Chemars III LLC									Delaware
		DCOMCO, Inc.									Delaware
		Dow Chemical (China) Investment Company Limited									China
			Dow Chemical (Guangzhou) Company Limited								China
			Dow Chemical (Shanghai) Company Limited								China
			Dow Chemical (Sichuan) Co., Ltd.								China
			Dow Chemical (Zhangjiagang) Company Limited								China
		Dow Chemical Costa Rica S.A.									Costa Rica
		Dow Chemical Delaware Corp.									Delaware
		Dow Chemical International Ltd.									Delaware
			Dow Chemical Costa Rica S.A.								Costa Rica
			Dow Chemical Thailand Ltd.								Thailand
				MTP HPPO Manufacturing Company Limited							Thailand
			Dow International Holdings Company								Delaware
			Petroquimica-Dow S.A. (Petrodow)								Chile
			Univation Technologies, LLC								Delaware
				Univation Technologies (Hong Kong) Limited							Hong Kong
					Univation (Zhangjiagang) Chemical Company Limited						China
				Univation Technologies International, LLC							Delaware
		Dow Chemical Kuwait B.V.									Netherlands
		Dow Chemical Singapore Holdings Pte. Ltd.									Singapore
		Dow Chemical Telecommunications Corp.									Delaware
		Dow Deutschland Inc.									Delaware
			Dow Chemical Inter-American Limited								Delaware
				Dow Quimica de Colombia S.A.							Colombia
		Dow Engineering Company									Delaware
			Dow Engineering, Inc.								Michigan
		Dow Financial Services Inc.									Delaware
		Dow Global Financial Management, Inc.									Delaware
		Dow Global Technologies LLC									Delaware
			Dow Technology Investments LLC								Delaware
		Dow Hydrocarbons and Resources LLC									Delaware
			Cayuse Pipeline, Inc.								Texas
			Dow Intrastate Gas Company								Louisiana
			Dow Pipeline Company								Texas
			Fort Saskatchewan Ethylene Storage Corporation (1)								Canada
				Fort Saskatchewan Ethylene Storage Limited Partnership							Canada
			K/D/S Promix, LLC (1)								Texas
		Dow International Holdings Company									Delaware
			Dow Global Holdings, Inc.								Delaware
				Dow Global Holdings Netherlands B.V.							Netherlands
					Dow Luxembourg Spectrum Holding S.a.r.l.						Luxembourg
						3308597 Nova Scotia Company					Canada
						Dow Switzerland Holding S.A.					Switzerland
							DC Fin. (Singapore) Pte. Ltd.				Singapore
							Dow (Shanghai) Holding Co., Ltd.				China
							Dow Europe Holding B.V.				Netherlands
								BASF DOW HPPO B.V. (1)			Netherlands
								BASF DOW HPPO Technology B.V. (1)			Netherlands
								Dow Austria Gesellschaft m.b.H.			Austria
								Dow Belgium B.V.			Belgium
								Dow Benelux B.V.			Netherlands
									Polyol Belgium B.V.		Belgium
									Terneuzen Partnership Services B.V.		Netherlands
										Valuepark Terneuzen C.V. (1)	Netherlands
									Valuepark Terneuzen Beheer B.V. (1)		Netherlands
										Valuepark Terneuzen C.V. (1)	Netherlands
								Dow Benelux Integrated Center B.V.			Netherlands
								Dow Chemical Company Limited			United Kingdom
									Dow Chemical Services UK Limited		United Kingdom

170

	Subsidiaries of Dow Inc.				EXHIBIT 21
	At December 31, 2021
					Location*
This list includes companies for which the effective ownership by Dow Inc. is 50 percent or more.
			Dow Limited		United Kingdom
			Dow Services Trustees UK Limited		United Kingdom
			Hyperlast Limited		United Kingdom
		Dow Chemical East Africa Limited			Kenya
		Dow Chemical Iberica S.L.			Spain
			Terminal de Atraque de Productos Petroquimicos, A.I.E. (1)		Spain
			Transformadora de Etileno A.I.E. (1)		Spain
		Dow Chemical Korea Limited			Korea
		Dow Chemical OOO			Russia
		Dow Chemical Romania S.R.L.			Romania
		Dow Chemical West Africa Limited			Ghana
		Dow Danmark A/S			Denmark
		Dow Europe GmbH			Switzerland
			Dow Chemical IMEA GmbH		Switzerland
			Dow Egypt Services Limited		Egypt
			Dow International Finance S.a.r.l.		Luxembourg
			Dow Mideast Systems S.A.E. (JSC)		Egypt
			Dow Netherlands Tulip Holding B.V.		Netherlands
		Dow Hellas Single-Member AVEE			Greece
		Dow Hungary Kft.			Hungary
		Dow Industrial Chemical Products Nigeria Limited			Nigeria
		Dow InterBranch B.V.			Netherlands
			Dow Chemical East Africa Limited		Kenya
			Dow Industrial Chemical Products Nigeria Limited		Nigeria
			Dow Material Sciences Ltd.		Israel
			Dow Materials Science Saudi Arabia Limited		Saudi Arabia
			Dow Mideast Systems S.A.E. (JSC)		Egypt
			Dow Morocco SARL		Morocco
			Dow Norge A/S		Norway
			Dow Quimica de Colombia S.A.		Colombia
			Dow Silicones Belgium SRL		Belgium
			PT Rohm and Haas Indonesia		Indonesia
			Rohm and Haas International SNC		France
			Rohm and Haas Latinoamerica, S. de R.L. de C.V.		Mexico
			Rohm and Haas Mexico, S. de R.L. de C.V.		Mexico
		Dow Italia s.r.l.			Italy
			Dow Italia Divisione Commerciale s.r.l.		Italy
			Rohm and Haas Italia S.r.l.		Italy
		Dow Material Sciences Ltd.			Israel
		Dow Mideast Systems S.A.E. (JSC)			Egypt
			Dow Egypt Services Limited		Egypt
		Dow Morocco SARL			Morocco
		Dow Olefinverbund GmbH			Germany
			Dow Deutschland Anlagengesellschaft mbH		Germany
				InduServ ST GmbH & Co. KG	Germany
			Dow Deutschland Verwaltungs Vertriebs GmbH		Germany
				Dow Produktions und Vertriebs GmbH & Co. OHG	Germany
				Dow Stade Produktions GmbH & Co. OHG	Germany
			Dow MF Verwaltungs GmbH		Germany
				Dow Produktions und Vertriebs GmbH & Co. OHG	Germany
				Dow Stade Produktions GmbH & Co. OHG	Germany
			Dow Pipeline Gesellschaft mbH & Co. KG		Germany
			Dow Pipeline Verwaltungsgesellschaft mbH		Germany
			Dow Silicones Deutschland GmbH		Germany
			InduServ SB Anlagenverwaltung GmbH		Germany
			InduServ SB GmbH & Co. KG		Germany
			InduServ ST Anlagenverwaltung GmbH		Germany
			Industrienetzgesellschaft Schkopau mbH		Germany
		Dow Performance Materials (Australia) Pty Ltd			Australia
		Dow Polska Sp.z.o.o.			Poland
			Performance Materials Poland Sp. z o.o.		Poland
		Dow Portugal - Produtos Quimicos, Sociedade Unipessoal, Lda			Portugal
		Dow Saudi Arabia Holding B.V.			Netherlands
		Dow Saudi Arabia Investment B.V.			Netherlands
			Dow Materials Science Saudi Arabia Limited		Saudi Arabia
		Dow Silicones Australia Pty Ltd			Australia
		Dow Silicones Belgium SRL			Belgium

171

					Subsidiaries of Dow Inc.				EXHIBIT 21
					At December 31, 2021
									Location*
This list includes companies for which the effective ownership by Dow Inc. is 50 percent or more.
						Dow Silicones UK Limited			United Kingdom
						Dow Southern Africa (Pty) Ltd			South Africa
						Dow Starfish Holding B.V.			Netherlands
						Dow Suomi OY			Finland
							Performance Materials Finland Oy		Finland
						Dow Sverige AB			Sweden
						Dow Turkiye Kimya Sanayi ve Ticaret Limited Sirketi			Turkey
							Rohm and Haas Kimya Sanayi Limited Sirketi		Turkey
						DowAksa Advanced Composites Holdings B.V. (1)			Netherlands
						EQUATE Marketing Company E.C. (1)			Bahrain
						Finndisp Ltd.			Russia
						HPPO Holding & Finance C.V. (1)			Netherlands
						MTP HPJV C.V.			Netherlands
						MTP HPJV Management B.V.			Netherlands
						Palmyra do Brasil Indústria e Comércio de Silício Metálico e Recursos Naturais Ltda.			Brazil
						Performance Materials Rus LLC			Russia
						PM International Holding 1 B.V.			Netherlands
							Performance Materials (Thailand) Limited		Thailand
						PM International Holding 3 B.V.			Netherlands
						Polyol Belgium B.V.			Belgium
						Rohm and Haas (UK) Limited			United Kingdom
						Rohm and Haas Denmark Holding Company ApS			Denmark
							Rohm and Haas Espana Production Holding, S.L.		Spain
								Rohm and Haas Espana, S.L.	Spain
							Rohm and Haas Europe Services ApS		Denmark
							Rohm and Haas Europe Trading ApS		Denmark
							Rohm and Haas Kimyasal Urunler Uretim Dagitim ve Ticaret A.S.		Turkey
						Rohm and Haas International SNC			France
							Dow France S.A.S.		France
						Rohm and Haas Nederland B.V.			Netherlands
						RUS Polyurethanes Holding B.V.			Netherlands
							Dow Izolan OOO		Russia
							Dow Izolan Ukraine LLC		Ukraine
					Dow Silicones (Shanghai) Co., Ltd.				China
					Dow Silicones Holding Japan G.K.				Japan
						Dow Toray Co., Ltd.			Japan
							Site Services Japan, Co., Ltd.		Japan
					Dow Silicones Netherlands Holding B.V.				Netherlands
						Dow Chemical Silicones Korea Ltd.			Korea
					Dow Silicones Pte. Ltd.				Singapore
					Dow Siloxane (Zhangjiagang) Holding Co. Private Ltd.				Singapore
						Dow Siloxanes (Zhangjiagang) Co., Ltd.			China
	Rohm and Haas Company								Delaware
		Dow Chemical Japan Limited							Japan
			Japan Acrylic Chemical Co., Ltd.						Japan
		Dow Chemical Philippines, Inc.							Philippines
		ROH Holdings 1, LLC							Delaware
			Rohm and Haas Equity Corporation						Delaware
				Dow Global Holdings, Inc.					Delaware
				ROH Holdings 2, LLC					Delaware
					Rohm and Haas Chemicals LLC				Delaware
						Morton International, LLC			Indiana
				Rohm and Haas Chemical (Thailand) Limited					Thailand
				Rohm and Haas China, Inc.					Delaware
					Beijing Eastern Rohm and Haas Company Limited				China
					Rohm and Haas International Trading (Shanghai) Co. Ltd.				China
					Shanghai Eastern Rohm and Haas Co., Ltd.				China
				Rohm and Haas Denmark Finance A/S					Denmark
					Dow Chemical International Private Limited				India
					PT Rohm and Haas Indonesia				Indonesia
					RH DK Vietnam Holdings ApS				Denmark
						Rohm and Haas Vietnam Co., Ltd.			Vietnam
					Rohm and Haas (Foshan) Specialty Materials Co., Ltd.				China
					Rohm and Haas (Shanghai) Management Co., Ltd.				China
					Rohm and Haas Chemicals Singapore Pte. Ltd.				Singapore
					Rohm and Haas Latinoamerica, S. de R.L. de C.V.				Mexico
				Rohm and Haas Malaysia Sdn Bhd					Malaysia

172

						Subsidiaries of Dow Inc.			EXHIBIT 21
						At December 31, 2021
									Location*
This list includes companies for which the effective ownership by Dow Inc. is 50 percent or more.
					Rohm and Haas Texas Incorporated				Texas
						Battleground Water Company			Texas
			Rohm and Haas Equity Corporation						Delaware
			Rohm and Haas Quimica Ltda.						Brazil
	Dow International Technology Corporation								Delaware
	Dow Netherlands Tulip Holding B.V.								Netherlands
		Dow Brasil Industria e Comercio de Produtos Quimicos Ltda.							Brazil
		Dow Chemical Pacific (Singapore) Private Limited							Singapore
			Dow Chemical (Malaysia) Sdn. Bhd.						Malaysia
			Dow Chemical (Myanmar) Limited						Myanmar
			Dow Chemical Bangladesh Private Limited						Bangladesh
			Dow Chemical International Private Limited						India
				Materials Science (India) Private Limited					India
			Dow Chemical Pacific Limited						Hong Kong
			Dow Chemical Vietnam Limited Liability Company						Vietnam
			PT Dow Indonesia						Indonesia
			Voltas Water Solutions Private Limited (1)						India
		Rohm and Haas Canada Investments Limited							Canada
			3229809 Nova Scotia Company						Canada
				Dow Investment Argentina S.R.L.					Argentina
					Dow Corning de Argentina S.R.L.				Argentina
					PBBPolisur S.R.L.				Argentina
						Dow Corning de Argentina S.R.L.			Argentina
						Performance Materials Argentina SAU			Argentina
				Dow Quimica de Colombia S.A.					Colombia
				PBBPolisur S.R.L.					Argentina
				Rohm and Haas Canada LP					Canada
			Dow Investment Argentina S.R.L.						Argentina
			Rohm and Haas Canada LP						Canada
				Dow Chemical Canada ULC					Canada
					3308597 Nova Scotia Company				Canada
						3294027 Nova Scotia Limited			Canada
						Dow Brasil Industria e Comercio de Produtos Quimicos Ltda.			Brazil
							Dow Brasil Sudeste Industrial Ltda.		Brazil
								Gemini Logistica e Industria Ltda	Brazil
								Rohm and Haas Quimica Ltda.	Brazil
					Dow Quimica de Colombia S.A.				Colombia
					Fort Saskatchewan Ethylene Storage Limited Partnership				Canada
					Palmyra do Brasil Indústria e Comércio de Silício Metálico e Recursos Naturais Ltda.				Brazil
					Pétromont and Company, Limited Partnership (1)				Canada
					Pétromont Inc. (1)				Canada
			Siam Polyethylene Company Limited (1)						Thailand
		Sentrachem Limited							South Africa
	Dow Olefinverbund GmbH								Germany
	Dow Peru S.A.								Peru
	Dow Quimica de Colombia S.A.								Colombia
		Performance Materials Colombia S.A.S.							Colombia
	Dow Quimica Mexicana S.A. de C.V.								Mexico
	Dow Roofing Systems LLC								Delaware
	Dow Silicones Corporation								Michigan
		DC Alabama, Inc.							Delaware
		DCC Litigation Facility, Inc.							Delaware
		Devonshire Underwriters Ltd.							District of Columbia
		Dow (Shanghai) Management Co., Ltd.							China
		Dow (Zhangjiagang) Holding Co., Ltd.							China
		Dow Chemical International Private Limited							India
		Dow Global Holdings, Inc.							Delaware
		Dow Netherlands Tulip Holding B.V.							Netherlands
		Dow Silicones (Zhangjiagang) Co., Ltd.							China
		Dow Silicones Deutschland GmbH							Germany
		Valley Asset Leasing, LLC							Delaware
		Warbler I LLC							Delaware
	Dow South Africa Holdings (Pty) Ltd.								South Africa
		Sentrachem Limited							South Africa
			Cisvaal (Proprietary) Limited						South Africa
	DuPont Asia Pacific Limited								Delaware
		Dow Chemical Pacific Limited							Hong Kong

173

					Subsidiaries of Dow Inc.	EXHIBIT 21
					At December 31, 2021
						Location*
This list includes companies for which the effective ownership by Dow Inc. is 50 percent or more.
		DuPont (Taiwan) Electronic Materials Limited				Taiwan
		DuPont Performance Materials (Shanghai) Co., Ltd.				China
		Performance Materials (Australia) Pty Ltd				Australia
		Performance Materials (Thailand) Limited				Thailand
		Performance Materials Japan Kabushiki Kaisha				Delaware
			Dow-Mitsui Polychemicals Company, Ltd (1)			Japan
		PM EMEA Holding 3 B.V.				Netherlands
	Essex Chemical Corporation					New Jersey
	Flexible Products Company					Georgia
	General Latex and Chemical Corporation					Massachusetts
	GWN Holding, LLC					Delaware
		Dow Saudi Arabia Product Marketing B.V.				Netherlands
	Liana Limited					Delaware
		Dorinco Reinsurance Company				Michigan
		Dorintal Reinsurance Limited				Vermont
	NuvoSun, Inc.					California
	PM EMEA Holding 1 B.V.					Netherlands
		Performance Materials Netherlands B.V.				Netherlands
			Dow Chemical Pakistan (Private) Limited			Pakistan
			DuPont Performance Materials Deutschland GmbH			Germany
			DuPont Performance Materials Proprietary Limited			South Africa
			E&C EMEA Holding 1 B.V.			Netherlands
				DuPont Performance Materials International Sarl		Switzerland
			Performance Materials (Thailand) Limited			Thailand
			Performance Materials Belgium BV			Belgium
				PM EMEA Cooperatief U.A.		Netherlands
			Performance Materials Bulgaria EOOD			Bulgaria
			Performance Materials Czech Republic s.r.o.			Czech Republic
			Performance Materials France SAS			France
			Performance Materials Iberica, S.L.			Spain
			Performance Materials Italy srl			Italy
			Performance Materials Ukraine LLC			Ukraine
			PM EMEA Cooperatief U.A.			Netherlands
				DuPont Performance Materials UK Limited		United Kingdom
				Performance Materials Belgium BV		Belgium
		Performance Materials Ukraine LLC				Ukraine
	POLY-CARB, Inc.					Ohio
	Rofan Services LLC					Delaware
		H Hotel Holding LLC				Delaware
			MVCC Limited Partnership			Delaware
		MVCC Limited Partnership				Delaware
	Rohm and Haas International Holdings Inc.					Delaware
		Dow Chemical Singapore Holdings Pte. Ltd.				Singapore
			Dow Chemical (Australia) Pty Ltd			Australia
			Dow Chemical (Myanmar) Limited			Myanmar
			Dow Chemical (NZ) Limited			New Zealand
			Dow Chemical Bangladesh Private Limited			Bangladesh
			Dow Chemical International Private Limited			India
			Dow Chemical Korea Limited			Korea
			PT Dow Indonesia			Indonesia
			Terneuzen Investments Holding B.V.			Netherlands
				Dow Chemical Taiwan Limited		Taiwan
				Rohm and Haas Taiwan, Inc.		Taiwan
	Rohm and Haas Mexico, S. de R.L. de C.V.					Mexico
	Sentrachem US, Inc.					Delaware
		Hampshire Chemical Corp.				Delaware
	Siam Polystyrene Company Limited (1)					Thailand
	Siam Styrene Monomer Company Limited (1)					Thailand
	Siam Synthetic Latex Company Limited (1)					Thailand
	Terra Two Taiwan Limited					Taiwan
	Union Carbide Corporation					New York
		Amerchol Corporation				Delaware
		Calidria Corporation				Delaware
		Carbide Chemical (Thailand) Limited				Thailand
		Dow International Holdings Company				Delaware
		Dow Quimica Mexicana S.A. de C.V.				Mexico
		Dow Technology Investments LLC				Delaware

174

			Subsidiaries of Dow Inc.	EXHIBIT 21
			At December 31, 2021
				Location*
This list includes companies for which the effective ownership by Dow Inc. is 50 percent or more.
	Global Industrial Corporation			New York
	Peñuelas Technology Park LLC			Delaware
	Seadrift Pipeline Corporation			Delaware
	South Charleston Sewage Treatment Company			West Virginia
	UCAR Louisiana Pipeline Company			Delaware
	UCAR Pipeline Incorporated			Delaware
		Dow Peru S.A.		Peru
		UCAR Emulsion Systems FZE		United Arab Emirates
	Umetco Minerals Corporation			Delaware
		Predate Properties (Pty) Ltd.		South Africa
	Union Carbide Asia Pacific, Inc.			Delaware
	Union Carbide Customer Services Pte. Ltd.			Singapore
	Union Carbide Middle East Limited			Delaware
	Union Carbide Philippines (Far East), Inc.			Philippines
	Union Carbide South Africa (Proprietary) Limited			South Africa
	Westbridge Insurance Ltd.			Vermont

*    Location of incorporation or organization. Primary location of organization is reported for partnerships.

1.These companies are 50 percent owned, nonconsolidated affiliates of Dow Inc. and are accounted for using the equity method. Separate financial statements of these companies are not included in this Annual Report on Form 10-K. These companies are not controlled, directly or indirectly, by Dow Inc. Subsidiaries of these companies, if any, are not listed in this Exhibit 21.

175