<html>

<head>
<meta NAME="GENERATOR" CONTENT="Microsoft FrontPage 3.0">
<title>SECURITIES AND EXCHANGE COMMISSION</title>
</head>

<body>
<font FACE="Courier"><b>

<p ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION<br>
</b><strong>WASHINGTON, D.C. 20549</strong><b></p>
</b>

<p ALIGN="CENTER">____________________</p>
<b>

<p ALIGN="CENTER">Form S-8</p>
</b>

<p ALIGN="CENTER">REGISTRATION STATEMENT<br>
under<br>
THE SECURITIES ACT OF 1933</p>

<p ALIGN="CENTER">____________________</p>
<b>

<p ALIGN="CENTER">THE DOW CHEMICAL COMPANY<br>
(a Delaware corporation)</p>
</b>

<p ALIGN="CENTER">Executive Offices -- 2030 Dow Center<br>
Midland, Michigan 48674<br>
<i>(Name, state of incorporation and address of principal executive office of issuer)</i></p>

<p ALIGN="CENTER">I.R.S. Employer Identification No. 38-1285128</p>

<p ALIGN="CENTER">____________________</p>
<b>

<p ALIGN="CENTER">THE DOW CHEMICAL COMPANY<br>
ELECTIVE DEFERRAL PLAN<br>
</b><i>(Full title of the plan)</i><b></p>
</b>

<p ALIGN="CENTER">____________________</p>

<p ALIGN="CENTER">RICHARD L. MANETTA<br>
CORPORATE VICE PRESIDENT &amp; GENERAL COUNSEL<br>
THE DOW CHEMICAL COMPANY<br>
2030 Dow Center<br>
Midland, Michigan 48674<br>
<i>(Name and address of agent for service)</i></p>

<p ALIGN="CENTER">Telephone: (989) 636-1000</p>

<p ALIGN="CENTER">____________________</p>
<b>

<p ALIGN="CENTER">CALCULATION OF REGISTRATION FEE</p>
</b></font>

<table BORDER="1" CELLSPACING="2" CELLPADDING="7" WIDTH="961">
  <tr>
    <td WIDTH="242" VALIGN="TOP"><font FACE="Courier" SIZE="3"><p ALIGN="CENTER">Title of
    securities to be registered</font></td>
    <td WIDTH="140" VALIGN="TOP"><font FACE="Courier" SIZE="3"><p ALIGN="CENTER">Amount to be
    registered</font></td>
    <td WIDTH="150" VALIGN="TOP"><font FACE="Courier" SIZE="3"><p ALIGN="CENTER">Proposed
    maximum offering price per share</font></td>
    <td WIDTH="137" VALIGN="TOP"><font FACE="Courier" SIZE="3"><p ALIGN="CENTER">Proposed
    maximum aggregate offering price</font></td>
    <td WIDTH="202" VALIGN="TOP"><font FACE="Courier" SIZE="3"><p ALIGN="CENTER">Amount of
    registration fee</font></td>
  </tr>
  <tr>
    <td WIDTH="242" VALIGN="TOP"><font FACE="Courier" SIZE="3"><p ALIGN="CENTER">Deferred
    Compensation and Matching Contributions by The Dow Chemical Company</font></td>
    <td WIDTH="140" VALIGN="TOP"><font FACE="Courier" SIZE="3"><p ALIGN="CENTER">$100,000,000.00</font></td>
    <td WIDTH="150" VALIGN="TOP"><font FACE="Courier" SIZE="3"><p ALIGN="CENTER">N/A</font></td>
    <td WIDTH="137" VALIGN="TOP"><font FACE="Courier" SIZE="3"><p ALIGN="CENTER">$100,000,000.00</font></td>
    <td WIDTH="202" VALIGN="TOP"><font FACE="Courier" SIZE="3"><p ALIGN="CENTER">$8,100.00</font></td>
  </tr>
</table>
<font FACE="Courier">

<p ALIGN="CENTER">&nbsp;</p>
<b>

<p ALIGN="CENTER">PART II</p>

<p>Item 3. INCORPORATION OF DOCUMENTS BY REFERENCE</p>
</b>

<p ALIGN="JUSTIFY">The following document heretofore filed by The Dow Chemical Company
(&quot;Dow&quot;) with the Securities and Exchange Commission (the &quot;Commission&quot;)
is incorporated herein by this reference: Dow&#146;s Annual Report on Form 10-K for the
year ended December 31, 2002. (The consolidated financial statements and the related
financial statement schedule incorporated by reference from Dow&#146;s Annual Report on
Form 10-K have been audited by Deloitte &amp; Touche LLP, independent auditors, as stated
in their reports, which are incorporated herein by reference. The consolidated statements
of income, stockholders&#146; equity and cash flows of Union Carbide Corporation
(&quot;Union Carbide&quot;) and subsidiaries for the year ended December 31, 2000 (not
presented separately therein) have been audited by KPMG LLP, independent auditors to Union
Carbide prior to the merger of Union Carbide and a wholly owned subsidiary of Dow, as
stated in their report, which is incorporated herein by reference.)</p>

<p ALIGN="JUSTIFY">All documents subsequently filed by Dow pursuant to
Sections&nbsp;13(a), 13(c), 14 and 15 of the Securities Exchange Act of 1934, prior to the
filing of a post-effective amendment which indicates that all the securities offered
hereby have been sold or which deregisters all such securities then remaining unsold,
shall be deemed to be incorporated by reference herein and to be a part hereof from the
date of filing of such documents.</p>
<b>

<p>Item 4. DESCRIPTION OF SECURITIES</p>
</b>

<p ALIGN="JUSTIFY">The Dow Chemical Company Elective Deferral Plan (the &quot;Plan&quot;)
provides designated Dow employees (&quot;Participant(s)&quot;) with an opportunity to
defer a portion of their compensation and accumulate tax-deferred earnings thereon. A
brief description of certain aspects of the Plan follows (the official provisions of the
Plan are contained in the Plan Document, which controls in the event of a discrepancy):</p>

<p ALIGN="JUSTIFY">(a) The Plan allows a Participant to defer a portion of his or her
pre-tax salary and performance awards. The amount deferred will be credited to that
Participant&#146;s account, and earnings based on several methods selected by the
Participants will accumulate thereon on a tax-deferred basis.</p>

<p ALIGN="JUSTIFY">(b) Deferrals are eligible for partial matching contributions by Dow.</p>

<p ALIGN="JUSTIFY">(c) Benefits from the Plan may be received while the Participant is
employed at Dow or at retirement in a lump sum or in monthly payments up to 15 years. Upon
death, any such benefits not previously paid out will be paid to a designated beneficiary.
Income taxes on deferred amounts, including earnings thereon, will not be required to be
paid until such benefits are paid to the Participant or his or her beneficiary.</p>

<p ALIGN="JUSTIFY">(d) Each Participant is an unsecured general creditor of Dow with
respect to his or her own Plan benefits. Benefits are payable solely from Dow&#146;s
general assets, and are subject to the risk of corporate insolvency. Each
Participant&#146;s deferred compensation will be mingled with the general funds of Dow and
may therefore be subject to a lien or security interest of other creditors. </p>

<p ALIGN="JUSTIFY">(e) The total amount of securities being registered pursuant to this
registration statement is $100,000,000.</p>

<p ALIGN="JUSTIFY">(f) Dow reserves the right to amend or partially or completely
terminate the Plan, provided that such amendment or termination does not result in any
reduction of a Participant&#146;s account balance, including previous earnings or losses,
as of the date of such amendment or termination.</p>

<p ALIGN="JUSTIFY">(g) Dow has appointed the Retirement Board to assist in administering
the Plan. The Retirement Board has the right to interpret the Plan and determine all other
matters that might arise under the terms and conditions of the Plan. Its decisions are
final and binding on all Participants.</p>
<b>

<p>Item 6. INDEMNIFICATION OF OFFICERS</p>
</b>

<p ALIGN="JUSTIFY">Under Article&nbsp;VI of the Restated Certificate of Incorporation, as
amended, Dow may indemnify its Directors, officers, employees and agents to such extent as
is permitted by the laws of the State of Delaware and as Dow&#146;s Bylaws may from time
to time provide. Section&nbsp;145 of the General Corporation Law of the State of Delaware
empowers Dow to indemnify, subject to the standards and limitations therein prescribed,
any person in connection with any action, suit or proceeding brought or threatened by
reason of the fact that such person is or was a Director, officer, employee or agent of
Dow or is or was serving as such with respect to another corporation or other enterprise
at the request of Dow. Under Section&nbsp;VI of the Bylaws of Dow, Dow is required to
indemnify its Directors, officers and employees to the fullest extent permitted by
Delaware law whenever such a person is a defendant in any legal proceeding.
Section&nbsp;VI also gives the Company discretion to indemnify Directors, officers,
employees and agents in other legal proceedings to which they are made a party. Any
indemnification of a Director, officer, employee or agent of the Company must be approved
by the Board of Directors. Dow maintains a Directors' and officers' liability insurance
policy that indemnifies Dow's Directors and officers against certain losses in connection
with claims made against them for certain wrongful acts.</p>
<b>

<p>Item 8. EXHIBITS</p>
</b></font>

<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="590">
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u>Exhibit No.</u></font></td>
    <td WIDTH="48%" VALIGN="TOP"><font FACE="Courier"><u>Description of Exhibit</u></font></td>
    <td WIDTH="18%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">4(a)</font></td>
    <td WIDTH="48%" VALIGN="TOP"><font FACE="Courier">Restated Certificate of Incorporation of
    The Dow Chemical Company, filed as Exhibit 3(i) to Dow&#146;s Annual Report on Form 10-K
    for the year ended December 31, 2000, incorporated herein by this reference.</font></td>
    <td WIDTH="18%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">4(b)</font></td>
    <td WIDTH="48%" VALIGN="TOP"><font FACE="Courier">Bylaws of The Dow Chemical Company,
    filed as Exhibit 3(ii) to Dow&#146;s Annual Report on Form 10-K for the year ended
    December 31, 2002 incorporated herein by this reference.</font></td>
    <td WIDTH="18%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">23(a)</font></td>
    <td WIDTH="48%" VALIGN="TOP"><font FACE="Courier">Independent Auditors&#146; Consent.</font></td>
    <td WIDTH="18%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">23(b)</font></td>
    <td WIDTH="48%" VALIGN="TOP"><font FACE="Courier">Independent Auditors&#146; Consent.</font></td>
    <td WIDTH="18%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">23(c)</font></td>
    <td WIDTH="48%" VALIGN="TOP"><font FACE="Courier">ARPC&#146;s Consent.</font></td>
    <td WIDTH="18%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">24</font></td>
    <td WIDTH="48%" VALIGN="TOP"><font FACE="Courier">Power of Attorney.</font></td>
    <td WIDTH="18%" VALIGN="TOP"></td>
  </tr>
</table>
<font FACE="Courier">

<p>&nbsp;</p>
<b>

<p>Item 9.</b> <b>UNDERTAKINGS</p>
</b>

<p ALIGN="JUSTIFY">(a) The undersigned registrant hereby undertakes:</p>

<p ALIGN="JUSTIFY">(1) To file, during any period in which offers or sales are being made,
a post-effective amendment to this registration statement:</p>

<p ALIGN="JUSTIFY">(i) To include any prospectus required by section 10(a)(3) of the
Securities Act of 1933;</p>

<p ALIGN="JUSTIFY">(ii)To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement;</p>

<p ALIGN="JUSTIFY">(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material change
to such information in the registration statement;</p>
<i>

<p ALIGN="JUSTIFY">Provided, however,</i> that paragraphs (a)(1)(i) and (a)(1)(ii) do not
apply if the registration statement is on Form&nbsp;S-3 or Form&nbsp;S-8 and the
information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed by the registrant pursuant to section&nbsp;13 or
section&nbsp;15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in the registration statement.</p>

<p ALIGN="JUSTIFY">(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial <i>bona fide</i> offering
thereof.</p>

<p ALIGN="JUSTIFY">(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of the
offering.</p>

<p ALIGN="JUSTIFY">(b) The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to section&nbsp;13(a) or section&nbsp;15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to section&nbsp;15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be deemed to
be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial <i>bona fide</i>
offering thereof.</p>

<p ALIGN="JUSTIFY">(c) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to Directors, officers and controlling persons of
the undersigned registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a Director,
officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such Director, officer or controlling person in
connection with the securities being registered, the undersigned registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit
to a court of appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.</p>

<p ALIGN="CENTER">&nbsp;</p>
<b>

<p ALIGN="CENTER">SIGNATURES</p>
</b><i>

<p ALIGN="JUSTIFY">The Registrant</i>. Pursuant to the requirements of the Securities Act
of 1933, the registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of Midland, and the State of Michigan on February 28, 2003.</p>

<p ALIGN="JUSTIFY">THE DOW CHEMICAL COMPANY<br>
(Registrant)</p>
</font>

<p ALIGN="JUSTIFY"><font FACE="Courier">By: <u>/S/ FRANK H. BROD</u><br>
Frank H. Brod<br>
Vice President and Controller</font></p>

<p ALIGN="JUSTIFY"><font FACE="Courier">Pursuant to the requirements of the Securities Act
of 1933, this registration statement has been signed by the following persons in the
capacities and on the date indicated.</font></p>

<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="393">
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier"><u>A. A. ALLEMANG</u>*<br>
    A. A. Allemang</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Director and Executive Vice President</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier"><u>J. K. BARTON</u>*<br>
    J. K. Barton</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier"><u>F. H. BROD*<br>
    </u>F. H. Brod</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Vice President and Controller (Principal
    Accounting Officer)</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier"><u>A. J. CARBONE</u>*<br>
    A. J. Carbone</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Director and Vice Chairman of the Board</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier"><u>J. M. COOK</u>*<br>
    J. M. Cook</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier"><u>J. C. DANFORTH</u>*<br>
    J. C. Danforth</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier"><u>W. D. DAVIS</u>*<br>
    W. D. Davis</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier"><u>B. H. FRANKLIN</u>*<br>
    B. H. Franklin</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">_______________<br>
    K. M. McKennon</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier"><u>J. P. REINHARD</u>*<br>
    J. P. Reinhard</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Director, Executive Vice President and
    Chief Financial Officer</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier"><u>J. M. RINGLER</u>*<br>
    J. M. Ringler</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier"><u>H. T. SHAPIRO</u>*<br>
    H. T. Shapiro</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Presiding Director</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier"><u>W. S. STAVROPOULOS*<br>
    </u>W. S. Stavropoulos</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Director, Chairman of the Board,
    President and Chief Executive Officer</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier"><u>P. G. STERN*<br>
    </u>P. G. Stern</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
</table>
<font FACE="Courier">

<p>&nbsp;</p>

<p>*By: <u>/S/ FRANK H. BROD<br>
</u>Frank H. Brod<br>
Attorney-in-Fact<u></p>
</u>

<p>February 28, 2003</p>
<b>

<p ALIGN="CENTER">EXHIBIT INDEX</p>
</b></font>

<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="590">
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier">Exhibit No.</font></td>
    <td WIDTH="48%" VALIGN="TOP"><font FACE="Courier">Description of Exhibit</font></td>
    <td WIDTH="18%" VALIGN="TOP"><font FACE="Courier">Page Number</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">4(a)</font></td>
    <td WIDTH="48%" VALIGN="TOP"><font FACE="Courier">Restated Certificate of Incorporation of
    The Dow Chemical Company, filed as Exhibit 3(i) to Dow&#146;s Annual Report on Form 10-K
    for the year ended December 31, 2000, incorporated herein by this reference.</font></td>
    <td WIDTH="18%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">4(b)</font></td>
    <td WIDTH="48%" VALIGN="TOP"><font FACE="Courier">Bylaws of The Dow Chemical Company,
    filed as Exhibit 3(ii) to Dow&#146;s Annual Report on Form 10-K for the year ended
    December 31, 2002 incorporated herein by this reference.</font></td>
    <td WIDTH="18%" VALIGN="TOP"></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">23(a)</font></td>
    <td WIDTH="48%" VALIGN="TOP"><font FACE="Courier">Independent Auditors&#146; Consent.</font></td>
    <td WIDTH="18%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">10</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">23(b)</font></td>
    <td WIDTH="48%" VALIGN="TOP"><font FACE="Courier">Independent Auditors&#146; Consent.</font></td>
    <td WIDTH="18%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">11</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">23(c)</font></td>
    <td WIDTH="48%" VALIGN="TOP"><font FACE="Courier">ARPC&#146;s Consent.</font></td>
    <td WIDTH="18%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">12</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">24</font></td>
    <td WIDTH="48%" VALIGN="TOP"><font FACE="Courier">Power of Attorney.</font></td>
    <td WIDTH="18%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">13-14</font></td>
  </tr>
</table>
<font SIZE="3">

<p ALIGN="CENTER">&nbsp;</p>
</font><font FACE="Courier">

<p ALIGN="CENTER">Exhibit 23(a)</p>

<p ALIGN="CENTER">Independent Auditors&#146; Consent</p>

<p ALIGN="JUSTIFY">The Dow Chemical Company:</p>

<p ALIGN="JUSTIFY">We consent to the incorporation by reference in this Registration
Statement of The Dow Chemical Company on Form S-8 of our reports dated January&nbsp;30,
2003 (February&nbsp;13, 2003 as to Note&nbsp;U) (which report on the consolidated
financial statements expresses an unqualified opinion and includes an explanatory
paragraph relating to a change in the method of accounting for derivative instruments and
hedging activities to conform to Statement of Financial Accounting Standards No.&nbsp;133
and an explanatory paragraph relating to a change in the method of accounting for goodwill
to conform to Statement of Financial Accounting Standards Nos.&nbsp;141 and&nbsp;142)
appearing in the Annual Report on Form&nbsp;10-K of The Dow Chemical Company for the year
ended December&nbsp;31, 2002. </p>

<p ALIGN="JUSTIFY">We also consent to the reference to us under the heading &quot;Item 3.
Incorporation of Documents by Reference&quot; in this Registration Statement.</p>

<p ALIGN="JUSTIFY">&nbsp;</p>
</font>

<table BORDER="1" CELLSPACING="1" CELLPADDING="7" WIDTH="259">
  <tr>
    <td VALIGN="TOP" HEIGHT="18"><font FACE="Courier">/s/Deloitte &amp; Touche LLP</font></td>
  </tr>
  <tr>
    <td VALIGN="TOP" HEIGHT="18"><font FACE="Courier">Deloitte &amp; Touche LLP</font></td>
  </tr>
  <tr>
    <td VALIGN="TOP" HEIGHT="18"><font FACE="Courier">Midland, Michigan</font></td>
  </tr>
  <tr>
    <td VALIGN="TOP" HEIGHT="18"><font FACE="Courier">February 27, 2003</font></td>
  </tr>
</table>
<font FACE="Courier">

<p ALIGN="CENTER">Exhibit 23(b)</p>

<p ALIGN="CENTER">Independent Auditor&#146;s Consent</p>
</font><font SIZE="3"><b>

<p ALIGN="CENTER">&nbsp;</p>
</b></font><font FACE="Courier">

<p>The Board of Directors<br>
The Dow Chemical Company:</p>

<p ALIGN="JUSTIFY">We consent to the incorporation by reference in this Registration
Statement of The Dow Chemical Company on Form S-8 of our report dated January 22, 2001,
except as to Note 17, which is as of February 6, 2001, appearing in the Annual Report on
Form 10-K of The Dow Chemical Company for the year ended December 31, 2002, relating to
the consolidated statements of income, stockholders&#146; equity and cash flows of Union
Carbide Corporation and subsidiaries for the year ended December 31, 2000 (not presented
separately therein), and to the reference to us under the heading &quot;Item 3.
Incorporation of Documents by Reference&quot; in this Registration Statement.</p>

<p ALIGN="JUSTIFY">&nbsp;</p>
<u>

<p ALIGN="JUSTIFY">/s/ KPMG LLP <br>
</u>KPMG LLP<br>
Stamford, Connecticut<u></p>
</u>

<p ALIGN="JUSTIFY">February 27, 2003</p>

<p ALIGN="CENTER">Exhibit 23(c)</p>

<p align="center">Analysis, Research &amp; Planning Corporation&#146;s Consent</p>

<p ALIGN="JUSTIFY">Regarding the Registration Statement on Form S-8 for The Dow Chemical
Company Elective Deferral Plan (the &quot;Registration Statement&quot;), Analysis,
Research &amp; Planning Corporation (&quot;ARPC&quot;) hereby consents to the
incorporation by reference in the Registration Statement of the use of ARPC&#146;s name
and the reference to ARPC&#146;s report dated January 9, 2003 appearing in the Annual
Report on Form 10-K of The Dow Chemical Company for the year ended December 31, 2002.</p>
<u>

<p>/S/ B. THOMAS FLORENCE<br>
</u>B. Thomas Florence<br>
President<br>
Analysis, Research &amp; Planning Corporation<u></p>
</u>

<p>February 26, 2003</p>

<p ALIGN="CENTER">Exhibit 24</p>

<p ALIGN="CENTER">Power of Attorney</p>

<p ALIGN="JUSTIFY">Each person whose signature appears below constitutes and appoints J.
Pedro Reinhard, Richard L. Manetta and Frank H. Brod, acting severally, as his or her
attorney-in-fact and agent, to sign one or more registration statements on Form S-8 and
any or all amendments (including post-effective amendments) to such registration
statements in connection with the registration under the Securities Act of 1933 of certain
securities in connection with The Dow Chemical Company <b>1988 Award and Option Plan</b>
and The Dow Chemical Company <b>Elective Deferral Plan,</b> and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the Securities and
Exchange Commission, granting to said attorney-in-fact and agent full power and authority
to perform any act in connection with any of the foregoing as fully to all intents and
purposes as he or she might do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. Each
attorney-in-fact and agent is hereby granted full power of substitution and revocation
with respect hereto.</p>
</font>

<table BORDER="1" CELLSPACING="1" CELLPADDING="7" WIDTH="590">
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier">SIGNATURE</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier">TITLE</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier">DATE</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u><p ALIGN="CENTER">/S/ A.A. Allemang<br>
    </u><b>A.A. Allemang</b></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Director and Executive
    Vice President</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">December 12, 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u><p ALIGN="CENTER">/S/ J.J. Barton<br>
    </u><b>J.K. Barton</b></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Director</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">December 12, 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u><p ALIGN="CENTER">/S/ F.H. Brod<br>
    </u><b>F.H. Brod</b></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Vice President and
    Controller (Principal Accounting Officer)</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">December 12, 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u><p ALIGN="CENTER">/S/ A.J. Carbone<br>
    </u><b>A.J. Carbone</b></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Director and Vice
    Chairman of the Board</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">December 12, 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u><p ALIGN="CENTER">/S/ J.M. Cook<br>
    </u><b>J.M. Cook</b></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Director</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">December 12, 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u><p ALIGN="CENTER">/S/ J.C. Danforth<br>
    </u><b>J.C. Danforth</b></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Director</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">December 12, 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u><p ALIGN="CENTER">/S/ W.D. Davis<br>
    </u><b>W.D. Davis</b></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Director</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">December 12, 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u><p ALIGN="CENTER">/S/ B.H. Franklin<br>
    </u><b>B.H. Franklin</b></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Director</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">December 12, 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><b><p ALIGN="CENTER">M.D. Parker</b></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Director, President
    and Chief Executive Officer</font></td>
    <td WIDTH="33%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u><p ALIGN="CENTER">/S/ J.P. Reinhard<br>
    </u><b>J.P. Reinhard</b></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Director, Executive
    Vice president and Chief Financial Officer</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">December 12, 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u><p ALIGN="CENTER">/S/ H.T. Shapiro<br>
    </u><b>H.T. Shapiro</b></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Director</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">December 12, 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u>/S/W.S.Stavropoulos<br>
    </u><b>W.S. Stavropoulos</b></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Director and Chairman
    of the Board</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">December 12, 2002</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u><p ALIGN="CENTER">/S/ P.G. Stern<br>
    </u><b>P.G. Stern</b></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Director</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">December 12, 2002</font></td>
  </tr>
</table>
</body>
</html>
[{"type": "S-8", "sequence": "1", "filename": "seight.htm", "description": "S-8 ELECTIVE DEFERRAL PLAN", "secsgml_size_bytes": 30889}, {"type": "S-8", "sequence": "7", "filename": "seight.pdf", "description": "S-8 ELECTIVE DEFERRAL PLAN - COURTESY COPY", "secsgml_size_bytes": 97384}]
{"company-data": {"conformed-name": "DOW CHEMICAL CO /DE/", "cik": "0000029915", "assigned-sic": "2800", "irs-number": "381285128", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-103519", "film-number": "03586456"}, "business-address": {"street1": "2030 DOW CENTER", "city": "MIDLAND", "state": "MI", "zip": "48674-2030", "phone": "5176361000"}, "mail-address": {"street1": "2030 DOW CENTER", "city": "MIDLAND", "state": "MI", "zip": "48674-2030"}}
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________
Form S-8
REGISTRATION STATEMENT
under
THE SECURITIES ACT OF 1933
____________________
THE DOW CHEMICAL COMPANY
(a Delaware corporation)
Executive Offices -- 2030 Dow Center
Midland, Michigan 48674
(Name, state of incorporation and address of principal executive office of issuer)
I.R.S. Employer Identification No. 38-1285128
____________________
THE DOW CHEMICAL COMPANY
ELECTIVE DEFERRAL PLAN
(Full title of the plan)
____________________
RICHARD L. MANETTA
CORPORATE VICE PRESIDENT & GENERAL COUNSEL
THE DOW CHEMICAL COMPANY
2030 Dow Center
Midland, Michigan 48674
(Name and address of agent for service)
Telephone: (989) 636-1000
____________________
CALCULATION OF REGISTRATION FEE
Title of
    securities to be registered
Amount to be
    registered
Proposed
    maximum offering price per share
Proposed
    maximum aggregate offering price
Amount of
    registration fee
Deferred
    Compensation and Matching Contributions by The Dow Chemical Company
$100,000,000.00
N/A
$100,000,000.00
$8,100.00
PART II
Item 3. INCORPORATION OF DOCUMENTS BY REFERENCE
The following document heretofore filed by The Dow Chemical Company
("Dow") with the Securities and Exchange Commission (the "Commission")
is incorporated herein by this reference: Dow's Annual Report on Form 10-K for the
year ended December 31, 2002. (The consolidated financial statements and the related
financial statement schedule incorporated by reference from Dow's Annual Report on
Form 10-K have been audited by Deloitte & Touche LLP, independent auditors, as stated
in their reports, which are incorporated herein by reference. The consolidated statements
of income, stockholders' equity and cash flows of Union Carbide Corporation
("Union Carbide") and subsidiaries for the year ended December 31, 2000 (not
presented separately therein) have been audited by KPMG LLP, independent auditors to Union
Carbide prior to the merger of Union Carbide and a wholly owned subsidiary of Dow, as
stated in their report, which is incorporated herein by reference.)
All documents subsequently filed by Dow pursuant to
Sections 13(a), 13(c), 14 and 15 of the Securities Exchange Act of 1934, prior to the
filing of a post-effective amendment which indicates that all the securities offered
hereby have been sold or which deregisters all such securities then remaining unsold,
shall be deemed to be incorporated by reference herein and to be a part hereof from the
date of filing of such documents.
Item 4. DESCRIPTION OF SECURITIES
The Dow Chemical Company Elective Deferral Plan (the "Plan")
provides designated Dow employees ("Participant(s)") with an opportunity to
defer a portion of their compensation and accumulate tax-deferred earnings thereon. A
brief description of certain aspects of the Plan follows (the official provisions of the
Plan are contained in the Plan Document, which controls in the event of a discrepancy):
(a) The Plan allows a Participant to defer a portion of his or her
pre-tax salary and performance awards. The amount deferred will be credited to that
Participant's account, and earnings based on several methods selected by the
Participants will accumulate thereon on a tax-deferred basis.
(b) Deferrals are eligible for partial matching contributions by Dow.
(c) Benefits from the Plan may be received while the Participant is
employed at Dow or at retirement in a lump sum or in monthly payments up to 15 years. Upon
death, any such benefits not previously paid out will be paid to a designated beneficiary.
Income taxes on deferred amounts, including earnings thereon, will not be required to be
paid until such benefits are paid to the Participant or his or her beneficiary.
(d) Each Participant is an unsecured general creditor of Dow with
respect to his or her own Plan benefits. Benefits are payable solely from Dow's
general assets, and are subject to the risk of corporate insolvency. Each
Participant's deferred compensation will be mingled with the general funds of Dow and
may therefore be subject to a lien or security interest of other creditors.
(e) The total amount of securities being registered pursuant to this
registration statement is $100,000,000.
(f) Dow reserves the right to amend or partially or completely
terminate the Plan, provided that such amendment or termination does not result in any
reduction of a Participant's account balance, including previous earnings or losses,
as of the date of such amendment or termination.
(g) Dow has appointed the Retirement Board to assist in administering
the Plan. The Retirement Board has the right to interpret the Plan and determine all other
matters that might arise under the terms and conditions of the Plan. Its decisions are
final and binding on all Participants.
Item 6. INDEMNIFICATION OF OFFICERS
Under Article VI of the Restated Certificate of Incorporation, as
amended, Dow may indemnify its Directors, officers, employees and agents to such extent as
is permitted by the laws of the State of Delaware and as Dow's Bylaws may from time
to time provide. Section 145 of the General Corporation Law of the State of Delaware
empowers Dow to indemnify, subject to the standards and limitations therein prescribed,
any person in connection with any action, suit or proceeding brought or threatened by
reason of the fact that such person is or was a Director, officer, employee or agent of
Dow or is or was serving as such with respect to another corporation or other enterprise
at the request of Dow. Under Section VI of the Bylaws of Dow, Dow is required to
indemnify its Directors, officers and employees to the fullest extent permitted by
Delaware law whenever such a person is a defendant in any legal proceeding.
Section VI also gives the Company discretion to indemnify Directors, officers,
employees and agents in other legal proceedings to which they are made a party. Any
indemnification of a Director, officer, employee or agent of the Company must be approved
by the Board of Directors. Dow maintains a Directors' and officers' liability insurance
policy that indemnifies Dow's Directors and officers against certain losses in connection
with claims made against them for certain wrongful acts.
Item 8. EXHIBITS
Exhibit No.
Description of Exhibit
4(a)
Restated Certificate of Incorporation of
    The Dow Chemical Company, filed as Exhibit 3(i) to Dow's Annual Report on Form 10-K
    for the year ended December 31, 2000, incorporated herein by this reference.
4(b)
Bylaws of The Dow Chemical Company,
    filed as Exhibit 3(ii) to Dow's Annual Report on Form 10-K for the year ended
    December 31, 2002 incorporated herein by this reference.
23(a)
Independent Auditors' Consent.
23(b)
Independent Auditors' Consent.
23(c)
ARPC's Consent.
24
Power of Attorney.
Item 9.
UNDERTAKINGS
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made,
a post-effective amendment to this registration statement:
(i) To include any prospectus required by section 10(a)(3) of the
Securities Act of 1933;
(ii)To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement;
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material change
to such information in the registration statement;
Provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not
apply if the registration statement is on Form S-3 or Form S-8 and the
information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed by the registrant pursuant to section 13 or
section 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in the registration statement.
(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
bona fide
offering
thereof.
(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of the
offering.
(b) The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be deemed to
be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(c) Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to Directors, officers and controlling persons of
the undersigned registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a Director,
officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such Director, officer or controlling person in
connection with the securities being registered, the undersigned registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit
to a court of appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
SIGNATURES
The Registrant
. Pursuant to the requirements of the Securities Act
of 1933, the registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the
City of Midland, and the State of Michigan on February 28, 2003.
THE DOW CHEMICAL COMPANY
(Registrant)
By:
/S/ FRANK H. BROD
Frank H. Brod
Vice President and Controller
Pursuant to the requirements of the Securities Act
of 1933, this registration statement has been signed by the following persons in the
capacities and on the date indicated.
A. A. ALLEMANG
*
A. A. Allemang
Director and Executive Vice President
J. K. BARTON
*
J. K. Barton
Director
F. H. BROD*
F. H. Brod
Vice President and Controller (Principal
    Accounting Officer)
A. J. CARBONE
*
A. J. Carbone
Director and Vice Chairman of the Board
J. M. COOK
*
J. M. Cook
Director
J. C. DANFORTH
*
J. C. Danforth
Director
W. D. DAVIS
*
W. D. Davis
Director
B. H. FRANKLIN
*
B. H. Franklin
Director
_______________
K. M. McKennon
Director
J. P. REINHARD
*
J. P. Reinhard
Director, Executive Vice President and
    Chief Financial Officer
J. M. RINGLER
*
J. M. Ringler
Director
H. T. SHAPIRO
*
H. T. Shapiro
Presiding Director
W. S. STAVROPOULOS*
W. S. Stavropoulos
Director, Chairman of the Board,
    President and Chief Executive Officer
P. G. STERN*
P. G. Stern
Director
*By:
/S/ FRANK H. BROD
Frank H. Brod
Attorney-in-Fact
February 28, 2003
EXHIBIT INDEX
Exhibit No.
Description of Exhibit
Page Number
4(a)
Restated Certificate of Incorporation of
    The Dow Chemical Company, filed as Exhibit 3(i) to Dow's Annual Report on Form 10-K
    for the year ended December 31, 2000, incorporated herein by this reference.
4(b)
Bylaws of The Dow Chemical Company,
    filed as Exhibit 3(ii) to Dow's Annual Report on Form 10-K for the year ended
    December 31, 2002 incorporated herein by this reference.
23(a)
Independent Auditors' Consent.
10
23(b)
Independent Auditors' Consent.
11
23(c)
ARPC's Consent.
12
24
Power of Attorney.
13-14
Exhibit 23(a)
Independent Auditors' Consent
The Dow Chemical Company:
We consent to the incorporation by reference in this Registration
Statement of The Dow Chemical Company on Form S-8 of our reports dated January 30,
2003 (February 13, 2003 as to Note U) (which report on the consolidated
financial statements expresses an unqualified opinion and includes an explanatory
paragraph relating to a change in the method of accounting for derivative instruments and
hedging activities to conform to Statement of Financial Accounting Standards No. 133
and an explanatory paragraph relating to a change in the method of accounting for goodwill
to conform to Statement of Financial Accounting Standards Nos. 141 and 142)
appearing in the Annual Report on Form 10-K of The Dow Chemical Company for the year
ended December 31, 2002.
We also consent to the reference to us under the heading "Item 3.
Incorporation of Documents by Reference" in this Registration Statement.
/s/Deloitte & Touche LLP
Deloitte & Touche LLP
Midland, Michigan
February 27, 2003
Exhibit 23(b)
Independent Auditor's Consent
The Board of Directors
The Dow Chemical Company:
We consent to the incorporation by reference in this Registration
Statement of The Dow Chemical Company on Form S-8 of our report dated January 22, 2001,
except as to Note 17, which is as of February 6, 2001, appearing in the Annual Report on
Form 10-K of The Dow Chemical Company for the year ended December 31, 2002, relating to
the consolidated statements of income, stockholders' equity and cash flows of Union
Carbide Corporation and subsidiaries for the year ended December 31, 2000 (not presented
separately therein), and to the reference to us under the heading "Item 3.
Incorporation of Documents by Reference" in this Registration Statement.
/s/ KPMG LLP
KPMG LLP
Stamford, Connecticut
February 27, 2003
Exhibit 23(c)
Analysis, Research & Planning Corporation's Consent
Regarding the Registration Statement on Form S-8 for The Dow Chemical
Company Elective Deferral Plan (the "Registration Statement"), Analysis,
Research & Planning Corporation ("ARPC") hereby consents to the
incorporation by reference in the Registration Statement of the use of ARPC's name
and the reference to ARPC's report dated January 9, 2003 appearing in the Annual
Report on Form 10-K of The Dow Chemical Company for the year ended December 31, 2002.
/S/ B. THOMAS FLORENCE
B. Thomas Florence
President
Analysis, Research & Planning Corporation
February 26, 2003
Exhibit 24
Power of Attorney
Each person whose signature appears below constitutes and appoints J.
Pedro Reinhard, Richard L. Manetta and Frank H. Brod, acting severally, as his or her
attorney-in-fact and agent, to sign one or more registration statements on Form S-8 and
any or all amendments (including post-effective amendments) to such registration
statements in connection with the registration under the Securities Act of 1933 of certain
securities in connection with The Dow Chemical Company
1988 Award and Option Plan
and The Dow Chemical Company
Elective Deferral Plan,
and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the Securities and
Exchange Commission, granting to said attorney-in-fact and agent full power and authority
to perform any act in connection with any of the foregoing as fully to all intents and
purposes as he or she might do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof. Each
attorney-in-fact and agent is hereby granted full power of substitution and revocation
with respect hereto.
SIGNATURE
TITLE
DATE
/S/ A.A. Allemang
A.A. Allemang
Director and Executive
    Vice President
December 12, 2002
/S/ J.J. Barton
J.K. Barton
Director
December 12, 2002
/S/ F.H. Brod
F.H. Brod
Vice President and
    Controller (Principal Accounting Officer)
December 12, 2002
/S/ A.J. Carbone
A.J. Carbone
Director and Vice
    Chairman of the Board
December 12, 2002
/S/ J.M. Cook
J.M. Cook
Director
December 12, 2002
/S/ J.C. Danforth
J.C. Danforth
Director
December 12, 2002
/S/ W.D. Davis
W.D. Davis
Director
December 12, 2002
/S/ B.H. Franklin
B.H. Franklin
Director
December 12, 2002
M.D. Parker
Director, President
    and Chief Executive Officer
/S/ J.P. Reinhard
J.P. Reinhard
Director, Executive
    Vice president and Chief Financial Officer
December 12, 2002
/S/ H.T. Shapiro
H.T. Shapiro
Director
December 12, 2002
/S/W.S.Stavropoulos
W.S. Stavropoulos
Director and Chairman
    of the Board
December 12, 2002
/S/ P.G. Stern
P.G. Stern
Director
December 12, 2002