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<p ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION<br>
</b>WASHINGTON, D.C. 20549<b><br>
____________________</p>
</b></font><font SIZE="2">

<p ALIGN="CENTER"><img SRC="dowdia.gif" WIDTH="100" HEIGHT="37"></p>
</font><font FACE="Courier"><b>

<p ALIGN="CENTER">Form S-8<br>
REGISTRATION STATEMENT <br>
</b>under<br>
THE SECURITIES ACT OF 1933<b></p>
</b>

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

<p ALIGN="CENTER">THE DOW CHEMICAL COMPANY<br>
(a Delaware corporation)<br>
</b>Executive Offices -- 2030 Dow Center<br>
Midland, Michigan 48674<b></p>
</b><i>

<p ALIGN="CENTER">(Name, state of incorporation and address of principal executive office
of issuer)<br>
I.R.S. Employer Identification No. 38-1285128<br>
____________________</p>
</i><b>

<p ALIGN="CENTER">The Dow Chemical Company<br>
2003 Non-Employee Directors' Stock Incentive Plan<br>
</b><i>(Full title of the plan)</i><br>
____________________<b></p>
</b>

<p ALIGN="CENTER">RICHARD L. MANETTA<br>
Corporate Vice President and 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="875">
  <tr>
    <td WIDTH="181" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Title of securities to
    be registered</font></td>
    <td WIDTH="121" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Amount to be
    registered</font></td>
    <td WIDTH="137" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Proposed maximum
    offering price per share*</font></td>
    <td WIDTH="154" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Proposed maximum
    aggregate offering price*</font></td>
    <td WIDTH="192" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Amount of registration
    fee</font></td>
  </tr>
  <tr>
    <td WIDTH="181" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Common Stock, par
    value $2.50 per share, of The Dow Chemical Company</font></td>
    <td WIDTH="121" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">500,000 shares</font></td>
    <td WIDTH="137" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">$32.30</font></td>
    <td WIDTH="154" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">$16,100,000</font></td>
    <td WIDTH="192" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">$1,302.49</font></td>
  </tr>
</table>
<font FACE="Courier" SIZE="2">

<p>*The price per share and the aggregate offering price, calculated pursuant to Rule
457(c) and provided herein for the sole purpose of determining the registration fee, are
based on the average of the high and low prices of the Common Stock of The Dow Chemical
Company on the New York Stock Exchange for May 6, 2003.</p>
</font>

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

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

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

<p ALIGN="JUSTIFY">The following documents heretofore filed by The Dow Chemical Company
(&quot;Dow&quot;) with the Securities and Exchange Commission (the &quot;Commission&quot;)
are incorporated herein by this reference:</p>

<p ALIGN="JUSTIFY">(a) 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">(b) Dow's Current Reports on Form 8-K dated January 30, 2003; February
13, 2003; and April 24, 2003; and Dow's Quarterly Report on Form 10-Q for the quarter
ended March 31, 2003; and</p>

<p ALIGN="JUSTIFY">(c) The description of Dow&#146;s Common Stock, par value $2.50 per
share, contained in a registration statement filed pursuant to Section 12 of the
Securities Exchange Act of 1934 (the &quot;Act&quot;) and any amendments or reports filed
for the purpose of updating that description.</p>

<p ALIGN="JUSTIFY">All documents subsequently filed by Dow pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Act 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>

<p ALIGN="JUSTIFY">Dow's Annual Report on Form 10-K for the year ended December 31, 2002
and its Current Report on Form 8-K dated January 30, 2003, contained a non-GAAP financial
measure - Earning Before Interest, Income Tax and Minority Interests (&quot;EBIT&quot;).
In those Reports, the most directly comparable GAAP financial measure was provided and
reconciled to EBIT. EBIT is used by Dow's management to measure the financial performance
of its global business units and for reporting the results of its operating segments. EBIT
includes all operating items relating to the businesses. It excludes items that
principally apply to Dow as a whole. EBIT for Dow as a whole measures the aggregate
performance of the business units. Dow believes EBIT is useful to help investors assess
the results of Dow's business operations.</p>

<p ALIGN="JUSTIFY">Other documents incorporated herein by reference contain or may contain
a non-GAAP financial measure in which case the most directly comparable GAAP financial
measure is or will be identified and a reconciliation provided. In addition, Dow states or
will state why its management believes that the presentation of the identified non-GAAP
financial measure provides useful information to investors and the purpose for which Dow's
management uses the non-GAAP financial measure.</p>
<b>

<p>Item 6. IDEMNIFICATION OF DIRECTORS AND 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>

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

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

<table BORDER="1" CELLSPACING="1" CELLPADDING="7" WIDTH="590">
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Exhibit No.</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Description of Exhibit</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">4(a)</font></td>
    <td WIDTH="50%" 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>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">4(b)</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Bylaws of The Dow Chemical Company,
    filed as Exhibit 3(ii) to Dow&#146;s Quarterly Report on Form 10-Q for the quarter ended
    March 31, 2003, incorporated herein by this reference.</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">23(a)</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Independent Auditors&#146; Consent.</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">23(b)</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Independent Auditors&#146; Consent.</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">23(c)</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">ARPC&#146;s Consent.</font></td>
  </tr>
  <tr>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">24</font></td>
    <td WIDTH="50%" VALIGN="TOP"><font FACE="Courier">Power of Attorney.</font></td>
  </tr>
</table>
<font FACE="Courier">

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

<p>Item 9. 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>

<dir>
  <dir>
    <dir>
      <dir>
        <dir>
          <dir>
            <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 </p>
            <p ALIGN="JUSTIFY">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>
          </dir>
        </dir>
      </dir>
    </dir>
  </dir>
</dir>

<p ALIGN="JUSTIFY">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.</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 bona fide 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&#146;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&#146;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.</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 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 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>

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

<p>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, State of Michigan, on May 8, 2003.</p>

<p>THE DOW CHEMICAL COMPANY<br>
(Registrant) <br>
</p>

<p>By: <u>/S/ FRANK H. BROD_____</u><br>
Frank H. Brod<br>
Vice President and Controller</p>

<p>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.</p>
</font>

<table CELLSPACING="0" BORDER="0" CELLPADDING="7" WIDTH="427">
  <tr>
    <td WIDTH="46%" VALIGN="TOP"><font FACE="Courier"><u>A. A. ALLEMANG</u>*<br>
    A. A. Allemang</font></td>
    <td WIDTH="54%" VALIGN="TOP"><font FACE="Courier">Director and Executive Vice President</font></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP"><font FACE="Courier"><u>J. K. BARTON</u>*<br>
    J. K. Barton</font></td>
    <td WIDTH="54%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP"><font FACE="Courier"><u>F. H. BROD*</u><br>
    F. H. Brod</font></td>
    <td WIDTH="54%" VALIGN="TOP"><font FACE="Courier">Vice President and Controller (Principal
    Accounting Officer)</font></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP"><font FACE="Courier"><u>A. J. CARBONE</u>*<br>
    A. J. Carbone</font></td>
    <td WIDTH="54%" VALIGN="TOP"><font FACE="Courier">Director and Vice Chairman of the Board</font></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP"><font FACE="Courier"><u>J. M. COOK</u>*<br>
    J. M. Cook</font></td>
    <td WIDTH="54%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP"><font FACE="Courier"><u>J. C. DANFORTH</u>*<br>
    J. C. Danforth</font></td>
    <td WIDTH="54%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP"><font FACE="Courier"><u>W. D. DAVIS</u>*<br>
    W. D. Davis</font></td>
    <td WIDTH="54%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP"><font FACE="Courier"><u>B. H. FRANKLIN</u>*<br>
    B. H. Franklin</font></td>
    <td WIDTH="54%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP"><u><font FACE="Courier">K. R. MCKENNON*<br>
    K. R. McKennon</font></u></td>
    <td WIDTH="54%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP"><font FACE="Courier"><u>J. P. REINHARD</u>*<br>
    J. P. Reinhard</font></td>
    <td WIDTH="54%" VALIGN="TOP"><font FACE="Courier">Director, Executive Vice President and
    Chief Financial Officer</font></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP"><font FACE="Courier"><u>J. M. RINGLER</u>*<br>
    J. M. Ringler</font></td>
    <td WIDTH="54%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP"><font FACE="Courier"><u>H. T. SHAPIRO</u>*<br>
    H. T. Shapiro</font></td>
    <td WIDTH="54%" VALIGN="TOP"><font FACE="Courier">Presiding Director</font></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP"><font FACE="Courier"><u>W. S. STAVROPOULOS*</u><br>
    W. S. Stavropoulos</font></td>
    <td WIDTH="54%" VALIGN="TOP"><font FACE="Courier">Director, Chairman of the Board,
    President and Chief Executive Officer</font></td>
  </tr>
  <tr>
    <td WIDTH="46%" VALIGN="TOP"><font FACE="Courier"><u>P. G. STERN*</u><br>
    P. G. Stern</font></td>
    <td WIDTH="54%" VALIGN="TOP"><font FACE="Courier">Director</font></td>
  </tr>
</table>

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

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

<p>May 8, 2003</p>

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

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

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

<table BORDER="1" CELLSPACING="1" CELLPADDING="7" WIDTH="590">
  <tr>
    <td WIDTH="22%" VALIGN="TOP"><font FACE="Courier">Exhibit No.</font></td>
    <td WIDTH="65%" VALIGN="TOP"><font FACE="Courier">Description of Exhibit</font></td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Courier">Page Number</font></td>
  </tr>
  <tr>
    <td WIDTH="22%" VALIGN="TOP"><font FACE="Courier">4(a)</font></td>
    <td WIDTH="65%" 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="13%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="22%" VALIGN="TOP"><font FACE="Courier">4(b)</font></td>
    <td WIDTH="65%" VALIGN="TOP"><font FACE="Courier">Bylaws of The Dow Chemical Company,
    filed as Exhibit 3(ii) to Dow&#146;s Quarterly Report on Form 10-Q for the quarter ended
    March 31, 2003, incorporated herein by this reference.</font></td>
    <td WIDTH="13%" VALIGN="TOP">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="22%" VALIGN="TOP"><font FACE="Courier">23(a)</font></td>
    <td WIDTH="65%" VALIGN="TOP"><font FACE="Courier">Independent Auditors&#146; Consent.</font></td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">10</font></td>
  </tr>
  <tr>
    <td WIDTH="22%" VALIGN="TOP"><font FACE="Courier">23(b)</font></td>
    <td WIDTH="65%" VALIGN="TOP"><font FACE="Courier">Independent Auditors&#146; Consent.</font></td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">11</font></td>
  </tr>
  <tr>
    <td WIDTH="22%" VALIGN="TOP"><font FACE="Courier">23(c)</font></td>
    <td WIDTH="65%" VALIGN="TOP"><font FACE="Courier">ARPC&#146;s Consent.</font></td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">12</font></td>
  </tr>
  <tr>
    <td WIDTH="22%" VALIGN="TOP"><font FACE="Courier">24</font></td>
    <td WIDTH="65%" VALIGN="TOP"><font FACE="Courier">Power of Attorney.</font></td>
    <td WIDTH="13%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">13-14</font></td>
  </tr>
</table>
<font FACE="Courier">

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

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

<p ALIGN="CENTER">EXHIBIT 23(a)<br>
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">May 7, 2003</font></td>
  </tr>
</table>
<font SIZE="2">

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

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

<p ALIGN="CENTER">EXHIBIT 23(b)<br>
INDEPENDENT AUDITORS&#146; CONSENT </p>

<p>&nbsp;</p>

<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>
<u>

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

<p ALIGN="JUSTIFY">May 7, 2003</p>

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

<p ALIGN="CENTER">Exhibit 23(c)<br>
Analysis, Research &amp; Planning Corporation&#146;s Consent</p>

<p>&nbsp;</p>

<p ALIGN="JUSTIFY">Regarding the Registration Statement on Form S-8 for The Dow Chemical
Company 2003 Non-Employee Directors' Stock Incentive 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 and in the Quarterly Report on Form 10-Q of The Dow Chemical Company for the
quarter ended March 31, 2003.</p>

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

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

<p>May 6, 2003</p>

<p ALIGN="CENTER">EXHIBIT 24<br>
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>2003 Non-Employee Directors'
Stock Incentive 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"><p ALIGN="CENTER">SIGNATURE</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">TITLE</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">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><u></u></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">May 8, 2003</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><u></u></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">May 8, 2003</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><u></u></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">May 1, 2003</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><u></u></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">May 8, 2003</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><u></u></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">May 8, 2003</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><u></u></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">May 8, 2003</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><u></u></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">May 8, 2003</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><u></u></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">May 8, 2003</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u><p ALIGN="CENTER">/S/ K.R. McKENNON<br>
    </u><b>K.R. McKennon</b><u></u></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">May 8, 2003</font></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><u></u></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">May 8, 2003</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><u></u></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Presiding Director</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">May 8, 2003</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u>/S/W.S.Stavropoulos</u><br>
    <b>W.S. Stavropoulos</b></font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">Director, Chairman of
    the Board, President and Chief Executive Officer</font></td>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><p ALIGN="CENTER">May 8, 2003</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><u></u></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">May 8, 2003</font></td>
  </tr>
  <tr>
    <td WIDTH="33%" VALIGN="TOP"><font FACE="Courier"><u><p ALIGN="CENTER">/S/J.M. Ringler<br>
    </u><b>J.M. Ringler</b><u></u></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">May 8, 2003</font></td>
  </tr>
</table>
</body>
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{"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": "333-105080", "film-number": "03687918"}, "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
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
2003 Non-Employee Directors' Stock Incentive Plan
(Full title of the plan)
____________________
RICHARD L. MANETTA
Corporate Vice President and 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
Common Stock, par
    value $2.50 per share, of The Dow Chemical Company
500,000 shares
$32.30
$16,100,000
$1,302.49
*The price per share and the aggregate offering price, calculated pursuant to Rule
457(c) and provided herein for the sole purpose of determining the registration fee, are
based on the average of the high and low prices of the Common Stock of The Dow Chemical
Company on the New York Stock Exchange for May 6, 2003.
PART II
Item 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents heretofore filed by The Dow Chemical Company
("Dow") with the Securities and Exchange Commission (the "Commission")
are incorporated herein by this reference:
(a) 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.);
(b) Dow's Current Reports on Form 8-K dated January 30, 2003; February
13, 2003; and April 24, 2003; and Dow's Quarterly Report on Form 10-Q for the quarter
ended March 31, 2003; and
(c) The description of Dow's Common Stock, par value $2.50 per
share, contained in a registration statement filed pursuant to Section 12 of the
Securities Exchange Act of 1934 (the "Act") and any amendments or reports filed
for the purpose of updating that description.
All documents subsequently filed by Dow pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Act 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.
Dow's Annual Report on Form 10-K for the year ended December 31, 2002
and its Current Report on Form 8-K dated January 30, 2003, contained a non-GAAP financial
measure - Earning Before Interest, Income Tax and Minority Interests ("EBIT").
In those Reports, the most directly comparable GAAP financial measure was provided and
reconciled to EBIT. EBIT is used by Dow's management to measure the financial performance
of its global business units and for reporting the results of its operating segments. EBIT
includes all operating items relating to the businesses. It excludes items that
principally apply to Dow as a whole. EBIT for Dow as a whole measures the aggregate
performance of the business units. Dow believes EBIT is useful to help investors assess
the results of Dow's business operations.
Other documents incorporated herein by reference contain or may contain
a non-GAAP financial measure in which case the most directly comparable GAAP financial
measure is or will be identified and a reconciliation provided. In addition, Dow states or
will state why its management believes that the presentation of the identified non-GAAP
financial measure provides useful information to investors and the purpose for which Dow's
management uses the non-GAAP financial measure.
Item 6. IDEMNIFICATION OF DIRECTORS AND 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 Quarterly Report on Form 10-Q for the quarter ended
    March 31, 2003, 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 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 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, State of Michigan, on May 8, 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. R. MCKENNON*
K. R. 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
May 8, 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 Quarterly Report on Form 10-Q for the quarter ended
    March 31, 2003, 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
May 7, 2003
EXHIBIT 23(b)
INDEPENDENT AUDITORS' 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
May 7, 2003
Exhibit 23(c)
Analysis, Research & Planning Corporation's Consent
Regarding the Registration Statement on Form S-8 for The Dow Chemical
Company 2003 Non-Employee Directors' Stock Incentive 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 and in the Quarterly Report on Form 10-Q of The Dow Chemical Company for the
quarter ended March 31, 2003.
/S/ B. THOMAS FLORENCE
B. Thomas Florence
President
Analysis, Research & Planning Corporation
May 6, 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
2003 Non-Employee Directors'
Stock Incentive 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
May 8, 2003
/S/ J.J. Barton
J.K. Barton
Director
May 8, 2003
/S/ F.H. Brod
F.H. Brod
Vice President and
    Controller (Principal Accounting Officer)
May 1, 2003
/S/ A.J. Carbone
A.J. Carbone
Director and Vice
    Chairman of the Board
May 8, 2003
/S/ J.M. Cook
J.M. Cook
Director
May 8, 2003
/S/ J.C. Danforth
J.C. Danforth
Director
May 8, 2003
/S/ W.D. Davis
W.D. Davis
Director
May 8, 2003
/S/ B.H. Franklin
B.H. Franklin
Director
May 8, 2003
/S/ K.R. McKENNON
K.R. McKennon
Director
May 8, 2003
/S/ J.P. Reinhard
J.P. Reinhard
Director, Executive
    Vice president and Chief Financial Officer
May 8, 2003
/S/ H.T. Shapiro
H.T. Shapiro
Presiding Director
May 8, 2003
/S/W.S.Stavropoulos
W.S. Stavropoulos
Director, Chairman of
    the Board, President and Chief Executive Officer
May 8, 2003
/S/ P.G. Stern
P.G. Stern
Director
May 8, 2003
/S/J.M. Ringler
J.M. Ringler
Director
May 8, 2003