Edgar Filing: DOW CHEMICAL CO /DE/

Dow 2013 11K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

(Mark One)


þ	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2013


¨	TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 333-67414


A.	Full title of the plan and the address of the plan, if different from that of the issuer named below:

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN


B.	Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

THE DOW CHEMICAL COMPANY

2030 DOW CENTER

Midland, Michigan 48674

REQUIRED INFORMATION

Financial statements for the years ended December 31, 2013 and 2012, supplemental schedules for the year ended December 31, 2013, and Report of Independent Registered Public Accounting Firm.

Exhibits

23.1 Consent of Plante & Moran, PLLC

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN



DATE: June 26, 2014			BY: /s/ Bryan Jendretzke
			Bryan Jendretzke
			Global Benefits Director
			Benefits and Plan Administrator

The Dow Chemical

Company Employees'

Savings Plan

Financial Statements as of and for the Years Ended

December 31, 2013 and 2012, Supplemental

Schedules as of and for the Year Ended

December 31, 2013, and Report of Independent

Registered Public Accounting Firm

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN

TABLE OF CONTENTS



	Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	1
FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits as of December 31, 2013 and 2012	2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2013	3
Notes to Financial Statements as of December 31, 2013 and 2012, and for the Year Ended December 31, 2013	4
SUPPLEMENTAL SCHEDULES
Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2013	14
Schedule H, Line 4j - Schedule of Reportable Transactions for the Year ended December 21, 2013	18

Report of Independent Registered Public Accounting Firm

The Dow Chemical Company

Employees’ Savings Plan

We have audited the accompanying statements of net assets available for benefits of The Dow Chemical Company Employees’ Savings Plan (the “Plan”) as of December 31, 2013 and 2012 and the related statement of changes in net assets available for benefits for the year ended December 31, 2013. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets of the Plan at December 31, 2013 and 2012 and the changes in net assets for the year ended December 31, 2013, in conformity with accounting principles generally accepted in the United States of America.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets held at end of year as of December 31, 2013, and the schedule of reportable transactions as of December 31, 2013, are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

/s/ Plante & Moran, PLLC

Plante & Moran, PLLC

Elgin, Illinois

June 26, 2014

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

AS OF DECEMBER 31, 2013 and 2012



	2013								2012
	Allocated Participant Directed			Unallocated Non-participant Directed		Total			Allocated Participant Directed			Unallocated Non-participant Directed		Total
Assets
Investments - at fair value (Notes 3 and 4)	$	8,531,703,367		$	1,006,126,190	$	9,537,829,557		$	7,545,752,142		$	831,241,473	$	8,376,993,615
Receivables - interest, dividends and other	24,880,525			7,261,746		32,142,271			33,920,112			854		33,920,966
Receivables - employer contributions	2,827,685			—		2,827,685			—			—		—
Receivables - participant notes	125,105,351			—		125,105,351			125,158,613			—		125,158,613
Total Assets	$	8,684,516,928		$	1,013,387,936	$	9,697,904,864		$	7,704,830,867		$	831,242,327	$	8,536,073,194
Liabilities
LESOP loan payables (Note 5)	$	—		$	91,571,513	$	91,571,513		$	—		$	101,743,349	$	101,743,349
Other payables	38,146,031			4,423,531		42,569,562			28,379,521			4,914,901		33,294,422
Total Liabilities	$	38,146,031		$	95,995,044	$	134,141,075		$	28,379,521		$	106,658,250	$	135,037,771
Net Assets Available For Benefits Reflecting All Investments At Fair Value	$	8,646,370,897		$	917,392,892	$	9,563,763,789		$	7,676,451,346		$	724,584,077	$	8,401,035,423
Adjustments From Fair Value To Contract Value For Fully Benefit- Responsive Investment Contracts	(51,577,588		)	—		(51,577,588		)	(113,534,522		)	—		(113,534,522		)
Net Assets Available For Benefits	$	8,594,793,309		$	917,392,892	$	9,512,186,201		$	7,562,916,824		$	724,584,077	$	8,287,500,901

See notes to the financial statements.

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEAR ENDED DECEMBER 31, 2013



	Allocated Participant Directed			Unallocated Non- Participant Directed		Total
Additions
Investment income
Net appreciation in fair value of investments (Note 3)	$	1,240,356,232		$	278,225,610	$	1,518,581,842
Interest and dividends	139,269,789			30,503,370		169,773,159
Total investment income	1,379,626,021			308,728,980		1,688,355,001
Contributions
Employer	2,827,685			—		2,827,685
Employee	222,340,009			—		222,340,009
Total contributions	225,167,694			—		225,167,694

Interest on participant notes receivable	4,285,794			—		4,285,794
Allocation of 3,065,541 shares of common stock of The Dow Chemical Company, at market	106,089,999			—		106,089,999
Total additions	1,715,169,508			308,728,980		2,023,898,488

Deductions
Distributions and withdrawals	680,227,017			—		680,227,017
Administrative expenses	931,984			—		931,984
Interest expense	—			9,830,166		9,830,166
Allocation of 3,065,641 shares of common stock of The Dow Chemical Company, at market	—			106,089,999		106,089,999
Total deductions	681,159,001			115,920,165		797,079,166

Transfers
Transfers in	1,116,363			—		1,116,363
Transfers out	3,250,385			—		3,250,385
Net transfers	(2,134,022		)	—		(2,134,022		)

Net Increase	1,031,876,485			192,808,815		1,224,685,300

Net Assets Available for Benefits
Beginning of year	7,562,916,824			724,584,077		8,287,500,901
End of year	$	8,594,793,309		$	917,392,892	$	9,512,186,201

See notes to financial statements.

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2013 and 2012, AND FOR THE YEAR ENDED DECEMBER 31, 2013


1.	DESCRIPTION OF THE PLAN

The following description of The Dow Chemical Company Employees' Savings Plan (the “Plan”) provides only general information. Participants should refer to the plan document or Summary Plan Description for the legal description of the Plan's provisions.

General - The Plan is a defined contribution plan consisting of (1) a profit sharing plan with a cash or deferred feature which is intended to qualify under Sections 401(a) and 401(k) of the Internal Revenue Code as of 1986, as amended (“Code”) and (2) a leveraged employee stock ownership plan (“LESOP”) which is intended to qualify as a stock bonus plan under Sections 401(a) and 4975(e)(7). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended. The Plan covers any person who is, or becomes, a regular employee of The Dow Chemical Company (the “Company” or “Dow”), or of certain of the Company's subsidiaries, subject to certain eligibility service requirements for part-time employees.

During 2012, the Triumph Seed Co., Inc. 401(k) Profit Sharing & Trust was merged into the Plan and Cal West Seeds LLC was authorized to participate in the Plan.

Employee Contributions - Plan participants generally may elect to contribute from 1% to 40% of their compensation, depending on the participant's eligible pay, limited to a 1% minimum contribution. Employees who do not exceed the gross compensation limits are limited to 40% of eligible pay in 0.5% increments, with a 1% minimum contribution. The maximum yearly gross compensation pre-tax or Roth 401(k) contribution made through payroll deductions was $17,500 in 2013. Participants who attained age 50 before the end of the plan year were eligible to make additional catch-up contributions in the amount of $5,500 in 2013. Plan participants may elect to increase, decrease, suspend, or resume compensation deferrals at any time. New elections are effective as soon as practicable after the request is processed. Newly hired eligible employees not electing to enroll (within 60 days of being hired) are automatically enrolled to contribute 3% of their eligible pay to the Plan, unless the employee elects to opt out. The automatic contributions will increase by 1% each year effective April 1 until the contribution rate reaches 6%, unless the employee designates otherwise. The contributions default to the applicable BTC Lifepath Fund based on the employee's date of birth, unless otherwise designated by the employee.

Company Contributions - In general, the Company's matching contribution provides a 100% match on the first 2% of eligible pay deferrals and a 50% match of the next 4% of eligible pay deferrals. Legacy Rohm and Haas Company employees' Company matching contributions are calculated as 100% of the first 3% of eligible pay deferrals and a 50% match of the next 3% of eligible pay deferrals. The Company's matching contribution is made in the form of Company stock from the LESOP. Employees may divest their Dow stock at any time and elect one of the other investment options available to them under the Plan.

In accordance with the provisions of the Plan, the Plan is required to release shares in proportion to the principal and interest paid on the LESOP loan as a percentage of beginning of year outstanding principal and interest. The shares released from unallocated LESOP shares are allocated to participants to satisfy the Company's matching requirements.

Except as otherwise provided by the Plan, if the required contributions are less than the value of shares released, the difference is allocated to participants (other than Legacy ROH Members) in the form of certain contingent matching contributions, and then to all participants, as an “Excess ESOP Shares Distribution” contribution. For the year ended December 31, 2013, the total number of shares allocated as contingent matching contributions and Excess ESOP Shares distribution contributions amounted to 1,170,776, with a market value of $51,982,454. The Company intends to allocate these shares to the participants in 2014.

If the required Company matching contributions under the provisions of the Plan are greater than the value of the shares released, the Company is required to make an additional contribution to cover the shortfall. No such Company contributions were required for the year ended December 31, 2013.

Dividends - Participants invested in The Dow Chemical Company common stock funds may elect to receive dividends as a distribution rather than reinvesting dividends within the participant account.

Account Valuation - Participant account balances reflect the total contributions made to the Plan by employees and the Company, plus investment results, less expenses and withdrawals.

Vesting - Participants are immediately vested in all amounts credited to their plan account, including employee contributions, the Company contributions, and investment earnings.

Benefits Distribution - Benefits are generally distributable upon termination of employment as a lump-sum payment or partial withdrawal or may be deferred until minimum distributions are required by law. Eligible retirees age 65 or older, or age 50 and over with at least 10 years of eligible service, may also request partial withdrawals from the Plan. Active employees may request in‑service distribution upon the attainment of age 59‑1/2. After‑tax withdrawals are available once every six months. In certain limited hardship situations (as defined by Internal Revenue Service (IRS) regulations), participants may withdraw up to 100% of their account balance.

Participant Notes Receivable - Active participants, retirees, and terminated participants may borrow from their employee contributions, plus earnings on those contributions, with a minimum note receivable of $1,000. Participant notes receivable are limited to the smaller of:


•	50% of the total account balance or


•	$50,000 less the highest outstanding participant note receivable balance in the preceding 12 months

Note receivable repayments for active employees are made through payroll deductions, on an after‑tax basis, with a minimum term of six months and a maximum of 60 months for any purpose other than the purchase of a primary residence; and a minimum term of six months and a maximum of 120 months for participant note receivable for the purpose of purchasing a primary residence. Repayments, both interest and principal, are credited to the participant's account and are allocated among the fund options according to the participant's current investment election. A fixed interest rate is applied to the note receivable. This rate is equal to the prime rate on the last day of each calendar quarter before the loan is processed. The range of interest rates on notes receivable outstanding at December 31, 2013 and 2012 was 3.25% to 10.5% and 3.25% to 11.5%, respectively.

Investments - Participants direct the investment of their contributions into various investment options offered by the Plan.

Administration - Administrative expenses of the trustee are charged to the Plan. The net assets of the Plan are held by Fidelity Management Trust Company (“Fidelity”), who acts as independent trustee, custodian, and recordkeeper for all the investments in the Plan. Fidelity manages certain plan investments. All transactions with Fidelity qualify as party-in-interest transactions.

Amendment or Termination - The Plan does not have an expiration date. The Company may at any time terminate, amend, or modify the Plan, subject to certain rights of the Plan participants. Upon termination of the Plan, each participant is entitled to receive the entire balance in his or her account in accordance with the terms of the Plan.


2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting - The financial statements of the Plan have been prepared in accordance with accounting principles generally accepted in the United States of America. Investment transactions are accounted for on the trade date, and dividend and interest income is recorded when earned.

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates.

Temporary Investments - Temporary investments are investments in short‑term money market funds in the respective investment funds.

Investment Valuation and Income Recognition - Investments in the Plan consisting of common stock of the Company, mutual funds, futures and options derivative contracts, and common stock are stated at fair value based upon the quoted market value of such securities at year end. The investments in common/collective trusts are valued at net asset value per share (or its equivalent) of the fund, based on the fair market values of the underlying net assets. Due to their short‑term nature and liquidity, temporary investments are stated at outstanding balance, which approximates fair value. Fixed income securities and To Be Announced derivative contracts (see below for description) are valued using quoted market price and/or other market data for the same or comparable instruments and transactions in establishing the prices, discounted cash flow models, and other pricing models. These models are primarily industry standard models that consider various assumptions, including time value and yield curve as well as other relevant economic measures. Wrap contracts are valued based on the rebid price.

Investments of the Interest Income Fund (“Fund”) included in the Plan consist of Synthetic Guaranteed Investment Contracts (“Synthetic GICs”). Synthetic GICs operate similarly to an insurance company separate account investment contract, except that the assets are placed in a separate custodial account (owned by the Plan) rather than such assets being held in a separate account of the insurance company. A Synthetic GIC is a wrap contract paired with an underlying investment or investments, usually a portfolio, owned by the Plan, of high-quality, intermediate term fixed income securities or common collective trusts holding similar investments. The Plan purchases a wrapper contract from financial services institutions.

In addition to holding certain assets, Synthetic GICs include features designed to provide participant liquidity at book value as well as periodic interest crediting rates. The liquidity feature is also known as “benefit responsiveness.” Synthetic GICs may be issued by banks, insurance companies, and other financial institutions.

The Synthetic GICs provide for prospective crediting interest rate adjustments based on the interest earnings and fair value of the underlying trust assets. The crediting interest rates are reset monthly and the contracts provide that the crediting interest rates cannot be less than zero.

Certain events may limit the ability of the Plan to transact at contract value with the insurance company and the financial institution issuer. Such events include the following: (i) amendments to the plan documents (including complete or partial plan termination or merger with another plan); (ii) changes to the Plan's prohibition on competing investment options or deletion of equity wash provisions; (iii) bankruptcy of the plan sponsor or other plan sponsor events (e.g., divestitures or spin‑offs of a subsidiary) which cause a significant withdrawal from the Plan; or (iv) the failure of the Plan to qualify for exemption from federal income taxes or any required exemption of prohibited transaction under ERISA. The plan administrator does not believe that the occurrence of any such event, which would limit the Plan's ability to transact at contract value, is probable.

Synthetic GICs generally impose conditions on both the Plan and the issuer. If an event of default occurs and is not resolved, the non‑defaulting party may terminate the contract. The following may cause the Plan to be in default: a breach of material obligation under the contract; a material misrepresentation; or a material amendment to the plan agreement. The issuer may be in default if it breaches a material obligation under the investment contract; makes a material misrepresentation; has a decline in its long-term credit rating below a threshold set forth in the contract; or is acquired or reorganized and the successor issuer does not satisfy the investment or credit guidelines applicable to issuers. If, in the event of default of an issuer, the Plan were unable to obtain a replacement investment contract, losses may occur if the market value of the Plan's assets, which were covered by the contract, is below the contract value. The Plan may seek to add additional issuers over time to diversify the Plan's exposure to such risk, but there is no assurance the Plan may be able to do so. The combination of the default of an issuer and an inability to obtain a replacement agreement could render the Plan unable to achieve its objective of maintaining a stable contract value. The terms of an investment contract generally provide for settlement of payments only upon termination of the contract or total liquidation of the covered investments. Generally, payments will be made pro rata, based on the percentage of investments covered by each issuer. Contract termination occurs whenever the contract value or market value of the covered investments reaches zero or upon certain events of default.

If the contract terminates due to issuer default (other than a default occurring because of a decline in its rating), the issuer will generally be required to pay to the Plan the excess, if any, of contract value over market value on the date of termination. If a contract terminates due to a decline in the ratings of the issuer, the issuer may be required to pay to the Plan the cost of acquiring a replacement contract (i.e., replacement cost) within the meaning of the contract. If the contract terminates when the market value equals zero, the issuer will pay the excess of contract value over market value to the Plan to the extent necessary for the Plan to satisfy outstanding contract value withdrawal requests. Contract termination also may occur by either party upon election and notice.

Changes in fixed income market conditions and interest rates may affect the yield to maturity and the market value of the underlying investments. Such changes could have a material impact on the Synthetic GIC's future interest crediting rates. In addition, participant withdrawals from and transfers out of the Interest Income Fund made according to Plan provisions are paid at contract value but funded through the market value liquidation of the underlying investments. This process of funding participant withdrawals and transfers from market value liquidations of underlying investments may also have an effect on future interest crediting rates.

The difference between the Fund's contract value and the related market value of underlying Fund investments is represented on the Plan's statements of net assets available for benefits as the “adjustments from fair value to contract value for fully benefit‑responsive investment contracts.”

All of the Plan's Synthetic GICs are considered to be fully benefit‑responsive and are therefore recorded at contract value in accordance with the accounting standards. The average yield for the Plan's Synthetic GICs was approximately 1.3% and .8% as

of December 31, 2013 and 2012, respectively. The crediting interest rate was approximately 1.8% and 2.3% at December 31, 2013 and 2012, respectively. There are no reserves against the contract value for credit risk of the contract issuer or otherwise.

Participant Notes Receivable - Participant notes receivable are recorded at their unpaid principal balances plus any accrued interest. Participant notes receivable are written off when deemed uncollectible.

Derivative Instruments - In order to manage interest rate exposures, investment managers are allowed to enter into derivative contracts. These derivative contracts consist of future contracts, including future option contracts, and To Be Announced Contracts (“TBA”). A future contract is a contractual agreement to make or take delivery of a standardized quantity of a specific grade or type of commodity or financial instrument at a specified future date in accordance with terms specified by a regulated futures exchange. These contracts involve elements of market risk in excess of amounts recognized in the statements of net assets available for benefits. The credit risk associated with these contracts is minimal as they are traded on organized exchanges and settled daily. Upon entering into a futures contract, the Plan is required to deposit either in cash or securities an amount (“initial margin”) equal to a certain percentage of the notional value of the contract. Subsequent payments are then made or received by the Plan, depending on the daily fluctuation in the value of the underlying contracts. A TBA is when a mortgage backed security issued by Freddie Mac, Fannie Mae or Ginnie Mae is purchased but the actual security is not assigned until 48 hours prior to trade settlement date. The Plan's investment policies specifically prohibit the use of derivatives for speculative purposes.

In connection with certain derivative instrument agreements, the Plan receives noncash collateral as security to mitigate the risk of counterparties not meeting obligations under the terms of the agreements. The noncash collateral received is not reflected in the net assets of the Plan, as the Plan does not sell or pledge the noncash collateral.

The net assets of the Plan reflect the fair value of the derivative instruments in a loss position as an offset against the fair value of derivative instruments in a gain position. Any gains or losses recognized on derivatives are recognized in current year investment income. The estimated fair values of derivative instruments at December 31, 2013 and 2012 are as follows:



Interest rate instruments:	2013		2012
Assets	$	45,257,533	$	48,547,460
Liabilities	44,429,011		48,023,895

Asset and liability derivatives are included in investments on the Statements of Net Assets Available for Benefits.

For the year ended December 31, 2013, the amounts of gain or loss recognized as investment income on the Statement of Changes in Net Assets Available for Benefits attributable to derivative instruments are as follows:



Interest rate instruments:
Futures	$	5,568,088
TBA	(568,615		)
	$	4,999,473

The Plan is not invested in any over-the-counter derivatives. All securities are settled through organized exchanges.

During 2013 and 2012, the derivative investments were primarily futures contracts and TBAs. The notional amount represents the contract amount, not the amount at risk. The absolute notional amount of interest rate instruments was $281 million and $166 million at December 31, 2013 and 2012, respectively.

Benefits Payable - Amounts payable to persons who have withdrawn from participation are not recorded as a liability of the Plan. Benefits payable to participants who had withdrawn from participation in the Plan as of December 31, 2013 and 2012 were insignificant.

Federal Income Tax Status - The Internal Revenue Service has determined and informed the Company by a letter dated August 9, 2013 that the Plan is qualified and the trust established under the Plan is tax‑exempt under the appropriate sections of the Internal Revenue Code (the “Code”). Although the Plan has been amended since receiving the determination letter, the plan administrator believes the Plan is designed and is currently being operated in compliance with the applicable requirements of the Code. On January 31, 2014, the Company submitted an application for a new determination letter for the Plan in accordance with the IRS Cycle C filing procedures.

In accordance with guidance on accounting for uncertainty in income taxes, management evaluated the Plan's tax position and does not believe the Plan has any uncertain tax positions that require disclosure or adjustment to the financial statements. The plan administrator believes it is no longer subject to tax examinations for years prior to 2010.

Risks and Uncertainties - The Plan invests in various investment instruments. At December 31, 2013, the Plan did have concentration of risk of the following:


•	United States equity markets through various investments in mutual and pooled funds (excluding target date funds);


•	Interest rate and credit risk through investments in the Interest Income Fund; and


•	The Dow Chemical Company credit risk through Dow stock investments.

Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.


3.	INVESTMENTS

The Plan's significant investments as of December 31, 2013 and 2012 are as follows:



	2013		2012
The Dow Chemical Company Stock - at fair value:
Dow Stock (1)	$	781,240,555	$	706,488,180
LESOP Allocated (2)	654,693,274		500,146,344
LESOP Unallocated (3)	1,006,126,156		823,077,248
Mutual funds - at fair value:
Fidelity Contrafund K (1)	584,509,545		441,097,416
S&P 500 Index Fund	1,024,905,963		792,687,525
Synthetic GICs:
IGT INVESCO ShrTrm Bond - at contract value	821,887,174		852,586,602

During the year ended December 31, 2013, the Plan's investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:



The Dow Chemical Company Stock:
Dow Stock (1)	$	229,722,663
LESOP Allocated (2)	184,444,754
LESOP Unallocated (3)	278,225,610
Common/collective trusts	437,700,251
Mutual funds	338,203,817
Common stock	6,580,273
Synthetic GICs:
Fixed Income Securities	24,053,356
Common/collective trusts	20,416,021
Wrap Contracts	(19,304		)
Other	(745,599		)
Net appreciation in fair value of investments	$	1,518,581,842


(1)	Represents a party-in-interest to the Plan.


(2)	Participant directed and represents a party-in-interest to the Plan.


(3)	Non-participant directed and represents a party-in-interest to the Plan.

The Plan's investment in The Dow Chemical Company LESOP, at December 31, 2013 and 2012, is presented in the following table:



	2013				2012
	Allocated		Unallocated		Allocated		Unallocated
Number of Shares	14,745,344		22,660,499		15,474,825		25,466,499
Cost	$	72,580,627	$	356,721,064	$	78,388,782	$	391,472,993
Fair Value	$	654,693,274	$	1,006,126,156	$	500,146,344	$	823,077,248

4.FAIR VALUE

Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.

For investments classified as Level 1 (measured using quoted prices in active markets), the total fair value is either the price of the most recent trade at the time of the market close or the official close price as defined by the exchange in which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs.

For investments classified as Level 2 (measured using significant other observable inputs), the Level 1 process is utilized where available (primarily for some debt securities). If the Level 1 process is not available, the underlying assets are valued based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that security. Market inputs are obtained from well established and recognized vendors of market data and placed through tolerance/quality checks.

For investments classified as Level 3, the total fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity for the investment. Both observable and unobservable inputs may be used to determine the fair value of positions classified as Level 3 investments. As a result, the unrealized gains and losses for these investments presented in the tables below may include changes in fair value that were attributable to both observable and unobservable inputs.

The investment's fair value level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The following tables present information about certain assets of the Plan measured at fair value on a recurring basis.



Assets Measured at Fair Value on a Recurring Basis at December 31, 2013
	Level 1		Level 2			Level 3		Total
The Dow Chemical Company Stock:
Dow Stock	$	781,240,555	$	—		$	—	$	781,240,555
LESOP (Allocated Shares)	654,693,274		—			—		654,693,274
LESOP (Unallocated Shares)	1,006,126,156		—			—		1,006,126,156
Common Stock	47,471,358		—			—		47,471,358
Mutual Funds:
Equities	1,366,797,705		—			—		1,366,797,705
Fixed Income	920,675,018		—			—		920,675,018
Balanced Investments	32,610,938		—			—		32,610,938
Common/collective trusts:
Equities (1)	—		1,645,204,038			—		1,645,204,038
Fixed Income (2)	—		61,922,873			—		61,922,873
Retirement Age Investments (3)	—		814,971,612			—		814,971,612
Temporary investments	—		35,136,835			—		35,136,835
Synthetic GICs
Derivative Contracts	881,680		(53,158		)	—		828,522
Fixed Income Securities:
Corporate	—		398,883,223			—		398,883,223
US Government	—		676,806,971			—		676,806,971
Other	—		18,594,902			—		18,594,902
Common/collective trusts:
Fixed Income (2)	—		933,886,707			—		933,886,707
Temporary Investments	—		141,640,524			—		141,640,524
Wrap Contracts	—		—			338,346		338,346
Total assets at fair value	$	4,810,496,684	$	4,726,994,527		$	338,346	$	9,537,829,557



Assets Measured at Fair Value on a Recurring Basis at December 31, 2012
	Level 1		Level 2			Level 3		Total
The Dow Chemical Company Stock:
Dow Stock	$	706,488,180	$	—		$	—	$	706,488,180
LESOP (Allocated Shares)	500,146,344		—			—		500,146,344
LESOP (Unallocated Shares)	823,077,248		—			—		823,077,248
Common Stock	45,232,003		—			—		45,232,003
Mutual Funds
Equities	1,066,185,724		—			—		1,066,185,724
Fixed Income	937,724,181		—			—		937,724,181
Balanced Investments	19,049,375		—			—		19,049,375
Common/collective trusts:
Equities (1)	—		1,230,335,475			—		1,230,335,475
Fixed Income (2)	—		64,550,130			—		64,550,130
Retirement Age Investments (3)	—		672,812,579			—		672,812,579
Temporary investments	—		19,579,350			—		19,579,350
Synthetic GICs
Derivative Contracts	534,062		(10,497		)	—		523,565
Fixed Income Securities:
Corporate	—		356,357,199			—		356,357,199
US Government	—		707,108,941			—		707,108,941
Other	—		19,576,347			—		19,576,347
Common/collective trusts:
Fixed Income (2)	—		980,761,282			—		980,761,282
Temporary Investments	—		227,128,042			—		227,128,042
Wrap Contracts	—		—			357,650		357,650
Total assets at fair value	$	4,098,437,117	$	4,278,198,848		$	357,650	$	8,376,993,615


(1)	This class represents investments in actively managed common/collective trusts that invest primarily in equity securities, which may include common stocks, options and futures. There were no significant redemption restrictions, redemption notification requirements, or unfunded commitments.


(2)	This class represents investments in actively managed common/collective trusts that invest in a variety of fixed income investments, which may include corporate bonds, both U.S. and non-U.S. municipal securities, interest rate swaps, options and futures. There were no significant redemption restrictions, redemption notification requirements, or unfunded commitments.


(3)	This class represents investments in actively managed common/collective trusts with investments in both equity and debt securities. The investments may include common stock, corporate bonds, U.S. and non-U.S. municipal securities, real estate, interest rate swaps, options and futures. There were no significant redemption restrictions, redemption notification requirements, or unfunded commitments.

Changes in Level 3 assets measured at fair value on a recurring basis for the year ended December 31, 2013 are as follows:



	Synthetic GIC Wrap Contract
Balance as of January 1, 2013	$	357,650
Unrealized Loss	(19,304		)
Balance as of December 31, 2013	$	338,346

The Plan's policy is to recognize transfers between levels of the fair value hierarchy as of the actual date of the event of change in circumstances that caused the transfer. There were no significant transfers between levels of the fair value hierarchy during 2013.

The Plan also holds other assets and liabilities not measured at fair value on a recurring basis, including accrued income, LESOP loan payables, and accrued liabilities and payables. The fair value of these assets and liabilities approximates the carrying amounts in the accompanying financial statements due to either the short maturity of the investments or the use of interest rates that approximate market rates of similar maturity dates, terms, and nonperformance risks. Under the fair value hierarchy, these financial instruments are valued primarily using level 2 inputs.


5.	LEVERAGED EMPLOYEE STOCK OWNERSHIP PLAN AND LOAN PAYABLE

The Plan consists of a profit sharing plan with a cash or deferred feature which is intended to qualify under Sections 401(a) and 401(k) of the Internal Revenue Code of 1986, as amended (the “Code”), and an employee stock ownership plan (the “ESOP”) that is intended to qualify (as a stock bonus plan) under Sections 401(a) and 4975(e)(7) of the Code. The ESOP consists of (i) a leveraged employee stock ownership plan or LESOP, and (ii) the Dow Company Stock Fund. The LESOP includes (i) the assets of the Suspense Account and (ii) a LESOP Stock Fund which (A) shall consist of shares of Dow Common Stock acquired with the proceeds of exempt loans, and allocated to participant accounts, and (B) shall provide for such subaccounts as described in the definition of “LESOP Account” in Section 1.3 in the Plan and as further necessary. The portion of the Plan invested in the Dow Stock Fund constitutes part of the employee stock ownership plan under Section 4975(e)(7) of the Code.

The Plan has one loan outstanding at December 31, 2013 and 2012, which bears interest at 10.03% and matures in 2020. The loan is between the Plan and Dorintal Reinsurance Ltd., a party-in-interest. Prior to February 28, 2011, the loan was between the Plan and Rohm and Haas Holdings Ltd.. On February 28, 2011, Rohm and Haas Holdings Ltd. and Dorintal Reinsurance Ltd entered into an amalgamation agreement, which resulted in the amalgamation of the two companies. The combined company is known as Dorintal Reinsurance Ltd. The Plan uses dividends paid on unallocated shares of Company common stock to make the scheduled quarterly principal and interest payments. If needed, the Plan may use dividends on allocated shares of Company common stock to make the scheduled principal and interest payments. Dividends from allocated shares used to pay principal and interest are replaced by an equal value of shares released in accordance with the release fraction. The Company is required to make a cash contribution to fund any quarterly shortages in Company common stock dividends paid as compared to required principal and interest payments. There was no shortfall so there was no need for a Company cash contribution for the year ended December 31, 2013. The Company declared common stock dividends of $1.28 per share during 2013.

Interest expense for the year ended December 31, 2013 is $9,830,166. The minimum principal payments on this loan to maturity are as follows:



2014	$	11,231,088
2015	12,400,648
2016	13,692,004
2017	15,117,833
2018	16,692,143
Thereafter	22,437,797
	$	91,571,513


6.	RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500 as of December 31, 2013 and 2012:



	2013		2012
Net assets available for benefits per the financial statements	$	9,512,186,201	$	8,287,500,901
Adjustment from contract value to fair value for fully benefit-responsive synthetic guaranteed investment contracts	51,577,588		113,534,522
Net assets available for benefits per Form 5500	$	9,563,763,789	$	8,401,035,423

For the year ended December 31, 2013, the following is a reconciliation of net investment income per the financial statements to Form 5500:



Net investment gain per the financial statements	$	1,688,355,001
Adjustment for participant notes receivable interest	4,285,794
Adjustment from contract value to fair value for fully benefit-responsive synthetic guaranteed investment contracts	(61,956,934		)
Net investment gain per Form 5500	$	1,630,683,861

SUPPLEMENTAL SCHEDULES



THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
EMPLOYER IDENTIFCATION NO. 38-1285128
PLAN NO. 002
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
INCLUDING APPENDICES A - F
AS OF DECEMBER 31, 2013
		(c)
		Description of Investment
	(b)	Including Maturity Date,	(d)		(e)
	Identity of Issuer, Borrower,	Rate of Interest, Collateral,	Cost or Contract		Current
(a)	Lessor, or Similar Party	Par, or Maturity Value	Value		Value

*	The Dow Chemical Company:
	Dow Stock	Dow Stock	**		$	781,240,555
	LESOP	Allocated LESOP - Dow Stock	**		654,693,274
	LESOP	Unallocated LESOP - Dow Stock	$	356,721,064	1,006,126,156
	Praxair Stock	Common Stock	**		37,638,354
	S&P 500 Index Fund	Common/Collective Trust	**		1,024,905,963
	T. Rowe Price US Treasury Fund	Common/Collective Trust	**		61,922,873
	PIM Total Return Inst	Mutual Fund	**		180,755,405
	TRP IS MID CP EQ GR	Mutual Fund	**		279,509,475
	NB Genesis Inst CL	Mutual Fund	**		266,581,900
	TRP High Yield Inst	Mutual Fund	**		125,525,676
	BTC Lifepath Ret	Common/Collective Trust	**		72,548,513
	BTC Lifepath 2015	Common/Collective Trust	**		92,274,782
	BTC Lifepath 2020	Common/Collective Trust	**		186,896,421
	BTC Lifepath 2025	Common/Collective Trust	**		148,491,514
	BTC Lifepath 2030	Common/Collective Trust	**		120,711,996
	BTC Lifepath 2035	Common/Collective Trust	**		64,337,733
	BTC Lifepath 2040	Common/Collective Trust	**		48,191,735
	BTC Lifepath 2045	Common/Collective Trust	**		41,946,252
	BTC Lifepath 2050	Common/Collective Trust	**		24,043,168
	BTC Lifepath 2055	Common/Collective Trust	**		15,529,498
	ACWI ex-US IMI Index	Common/Collective Trust	**		166,337,820
	American Century U.S. Real Estate Securities Trust	Common/Collective Trust	**		69,573,709
	Vang Tot BD Mkt Inst	Mutual Fund	**		87,009,802
	Vang Global Equity	Mutual Fund	**		101,336,169
	Vang Dev Mkt IDX IPS	Mutual Fund	**		134,860,617
	Vang Convertible Sec	Mutual Fund	**		32,610,938
	Vang LT Treasury ADM	Mutual Fund	**		27,227,506
	Vang Ext Mkt Idx ISP	Mutual Fund	**		424,150,881
	PIM Real Ret Inst	Mutual Fund	**		58,059,915
	PIM Com Real Ret I	Mutual Fund	**		17,945,832
	Lilly Pre 91 Stock	Common Stock	**		3,425,109
	Lilly Post 90 Stock	Common Stock	**		6,407,895
	Small Cap:
	BTC Russel 2000 Index Fund	Common/Collective Trust	**		305,370,100
	Emerging Markets IDX:
	Emerging Markets Non-Lend	Common/Collective Trust	**		79,016,446

	Forward				6,747,203,982
*	Represents a party-in-interest to the Plan
**	Cost information not required



THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
EMPLOYER IDENTIFCATION NO. 38-1285128
PLAN NO. 002
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
INCLUDING APPENDICES A - F
AS OF DECEMBER 31, 2013
		(c)
		Description of Investment
	(b)	Including Maturity Date,	(d)	(e)
	Identity of Issuer, Borrower,	Rate of Interest, Collateral,	Cost or Contract	Current
(a)	Lessor, or Similar Party	Par, or Maturity Value	Value	Value

	Forward			$	6,747,203,982

*	Fidelity Contrafund K	Mutual Fund	**	584,509,545
	Interest Bearing Cash	Temporary Investments	**	35,136,835
*	Fidelity Short Term Investment Fund	Temporary Investments	**	67,876,387
*	Participant Notes Receivable	Interest recorded at prime rate (3.25% - 10.5%) and maturities up to 60 months	**	125,105,351

	Total			$	7,559,832,100


*	Represents a party-in-interest to the Plan			(continued)
**	Cost information not required



THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
EMPLOYER IDENTIFCATION NO. 38-1285128
PLAN NO. 002
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
INCLUDING APPENDICES A - F
AS OF DECEMBER 31, 2013
		(c)
		Description of Investment
	(b)	Including Maturity Date,	(d)	(e)
	Identity of Issuer, Borrower,	Rate of Interest, Collateral,	Cost or Contract	Current
(a)	Lessor, or Similar Party	Par, or Maturity Value	Value	Value

	Pacific Life:
	G- 27523.01.000 (see underlying assets at Appendix A)	PIMCO, Western; evergreen;
		Synthetic GIC	**	$	262,688,193
	Pacific Life Wrapper Contract		**	—
	ING Life:
	#60031-A	IGT INVESTCO ShrtTrm Bond:
		evergreen; Common/collective trusts	**	356,727,449
	ING Life Wrapper Contract		**	—
	#60031-B	IGT ING ShrtDuration;
		evergreen; Common/collective trusts	**	96,051,312
	ING Life Wrapper Contract		**	—
	#60090 (see underlying assets at Appendix B)	Various Securities, maturity dates,
		and asset types	**	2,872,051
	ING Life Wrapper Contract		**	—
	NYL
	GA-29007 (see underlying assets at Appendix C)	MacKay Shields Dow; evergreen;
		Synthetic GIC	**	111,202,322
	NYL Wrapper Contract		**	—
	Monumental Life Insurance Company:
	MDA01078TR (see underlying assets at Appendix D)	IGT INVESCO ShrtTrm Bond,
		Dow NISA; evergreen; Synthetic GIC	**	444,546,460
	Monumental Life Insurance Company Wrapper Contract		**	338,346
	RGA
	RGA 00036 (see underlying assets at Appendix F)	IGT INVESCO ShrtTrm Bond; Wellington
		Dow, evergreen; Synthetic GIC	**	193,339,054
	RGA Wrapper Contract		**	—
	Prudential Insurance
	GA-62233 (see underlying assets at Appendix E)	Jennison, evergreen;
		Synthetic GIC	**	380,549,406
	Prudential Insurance Wrapper Contract		**	—
	GA-63084	IGT INVESCO ShrtTrm Bond;
		evergreen; Common/collective trusts	**	89,160,725
	Prudential Insurance Wrapper Contract		**	—



THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
EMPLOYER IDENTIFCATION NO. 38-1285128
PLAN NO. 002
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
INCLUDING APPENDICES A - F
AS OF DECEMBER 31, 2013
		(c)
		Description of Investment
	(b)	Including Maturity Date,	(d)	(e)
	Identity of Issuer, Borrower,	Rate of Interest, Collateral,	Cost or Contract	Current
(a)	Lessor, or Similar Party	Par, or Maturity Value	Value	Value

	Tokyo-Mitsubishi
	INV-DOWCHEM 13-1	IGT INVESCO ShrtTrm Bond;
	(see underlying assets at Appendix F)	Wellington Dow; evergreen;	**	$	165,627,490
		Synthetic GIC
	Tokyo-Mitsubishi Wrapper Contract		**	—

	Total guaranteed investment contracts			$	2,103,102,808

	Total			$	9,662,934,908

**	Cost information not required			(Concluded)



THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
SCHEDULE H, PART IV LINE 4j - SCHEDULE OF REPORTABLE TRANSACTIONS
EMPLOYER IDENTIFICATION NO. 38 - 1285128, PLAN NO. 002
FOR THE YEAR ENDED DECEMBER 31, 2013
Category (iii) - A series of transactions, when aggregated, involving an amount in excess of 5% of beginning plan net assets.
					(h)
(a)					Current Value
Identity		(c)	(d)	(g)	of Asset on	(I)
of Party	(b)	Purchase	Selling	Cost of	Transaction	Net Gain/
Involved	Description of Asset	Price	Price	Asset	Date	(Loss)

Fidelity	Fidelity Short Term Investment Fund
	Purchases - 18	24,009,662	—	24,009,662	24,009,662	—
	Sales - 8	—	32,173,853	32,173,853	32,173,853	—

There were no Category (i) (ii) or (iv) reportable transactions during the year ended December 31, 2013

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: THE DOW CHEMICAL COMPANY EMPLOYER IDENTIFCATION NO. 38-1285128 PLAN NO. 002 APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01-000 December 31, 2013

			(c)
	(b)		Face Value				(e)
	Identity of Issue, Borrower,		or Number		(d)		Current
(a)	Lessor or Similar Party		of Shares		Cost		Value
	ABBEY NATIONAL TREASURY SERVIC	VAR RT 04/25/2014	1,600,000		1,600,000		1,607,030
	AMERICAN INTERNATIONAL GROUP I	5.050% 10/01/2015 DD 04/01/06	400,000		248,000		428,416
	BANK OF AMERICA CORP	6.000% 09/01/2017 DD 08/23/07	3,300,000		3,294,274		3,767,907
	BARCLAYS BANK PLC	2.375% 01/13/2014 DD 01/13/11	1,600,000		1,597,424		1,600,880
	BP CAPITAL MARKETS PLC	3.125% 10/01/2015 DD 10/01/10	1,400,000		1,396,024		1,462,650
	BP CAPITAL MARKETS PLC	4.500% 10/01/2020 DD 10/01/10	1,000,000		994,510		1,080,420
	CALIFORNIA ST	7.500% 04/01/2034 DD 04/28/09	200,000		201,470		255,174
	CALIFORNIA ST	7.625% 03/01/2040 DD 04/01/10	900,000		1,248,318		1,177,083
	CHICAGO IL O'HARE INTERNATIONA	5.000% 01/01/2033 DD 12/22/05	500,000		493,125		501,130
	CHICAGO IL TRANSIT AUTH SALES	6.899% 12/01/2040 DD 08/06/08	1,500,000		1,500,000		1,670,040
	CHICAGO IL TRANSIT AUTH SALES	6.899% 12/01/2040 DD 08/06/08	1,500,000		1,500,000		1,683,270
	CITIGROUP INC	6.000% 08/15/2017 DD 08/15/07	200,000		201,548		227,952
	CITIGROUP INC	6.125% 11/21/2017 DD 11/21/07	600,000		570,516		691,626
	CITIGROUP INC	VAR RT 04/01/2016 DD 03/27/13	2,400,000		2,400,000		2,415,672
	COMMIT TO PUR FNMA SF MTG	2.500% 01/01/2029 DD 01/01/14	1,000,000		995,625		989,690
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2044 DD 01/01/14	(1,000,000	)	(994,844	)	(993,360	)
	COMMIT TO PUR FNMA SF MTG	4.000% 01/01/2044 DD 01/01/14	(2,000,000	)	(2,066,313	)	(2,058,760	)
	COMMIT TO PUR FNMA SF MTG	4.000% 02/01/2044 DD 02/01/14	(3,000,000	)	(3,088,125	)	(3,078,750	)
	COOPERATIEVE CENTRALE RAIFFEIS	4.500% 01/11/2021 DD 01/11/11	1,700,000		1,695,393		1,804,397
	CORP NACIONAL DEL COBRE D 144A	3.000% 07/17/2022 DD 07/17/12	3,900,000		3,847,857		3,508,128
	DAIMLER FINANCE NORTH AME 144A	1.300% 07/31/2015 DD 08/01/12	2,600,000		2,595,268		2,615,262
	ESC LEHMAN BRTH HLD	0.000% 05/02/2018 DD 04/24/08	1,800,000		1,402,698		389,250
	ESC LEHMAN BRTH HLD ESCROW	0.000% 01/24/2013 DD 01/22/08	900,000		709,693		191,250
	FHLMC POOL #1G-1744	VAR RT 08/01/2035 DD 09/01/05	638,963		640,725		682,023
	FHLMC POOL #78-0605	VAR RT 06/01/2033 DD 06/01/03	763,400		762,923		803,914
	FHLMC POOL #84-6183	VAR RT 01/01/2024 DD 10/01/95	30,934		29,601		32,647
	FHLMC MULTICLASS MTG 6 C	9.050% 06/15/2019 DD 05/15/88	7,988		7,961		8,694
	FNMA POOL #0072163	VAR RT 02/01/2028 DD 02/01/89	8,735		8,664		9,009
	FNMA POOL #0112511	VAR RT 09/01/2020 DD 01/01/91	3,303		3,321		3,468
	FNMA POOL #0253431	7.500% 09/01/2015 DD 08/01/00	233		248		241
	FNMA POOL #0303298	VAR RT 01/01/2025 DD 04/01/95	11,335		11,640		11,473
	FNMA POOL #0323919	VAR RT 08/01/2029 DD 08/01/99	22,301		21,409		23,535
	FNMA POOL #0361373	VAR RT 07/01/2026 DD 09/01/96	32,342		33,161		34,462
	FNMA POOL #0535873	7.500% 03/01/2016 DD 03/01/01	3,466		3,689		3,602
	FNMA POOL #0561801	7.500% 11/01/2015 DD 11/01/00	4,404		4,686		4,498
	FNMA POOL #0628467	7.500% 03/01/2017 DD 02/01/02	5,994		6,379		6,317
	FNMA POOL #0635940	7.500% 03/01/2017 DD 03/01/02	7,422		7,898		7,631
	FNMA POOL #0AA7243	4.500% 11/01/2018 DD 05/01/09	207,015		219,832		220,351
	FNMA POOL #0AB4698	4.000% 03/01/2042 DD 02/01/12	677,197		702,592		700,256
	FNMA POOL #0AB4955	4.000% 04/01/2042 DD 03/01/12	1,120,922		1,162,957		1,159,258

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: THE DOW CHEMICAL COMPANY EMPLOYER IDENTIFCATION NO. 38-1285128 PLAN NO. 002 APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01-000 December 31, 2013

	FNMA POOL #0AK3107	4.000% 02/01/2042 DD 02/01/12	485,548	503,301	501,357
	FNMA POOL #0AL2171	4.000% 06/01/2042 DD 07/01/12	1,059,022	1,097,743	1,093,472
	FNMA POOL #0AL2382	4.000% 02/01/2042 DD 08/01/12	2,212,052	2,292,930	2,284,231
	FNMA POOL #0AS1083	3.500% 07/01/2043 DD 10/01/13	1,996,677	2,012,588	1,985,535
	FNMA GTD REMIC P/T 03-88 FE	VAR RT 05/25/2030 DD 08/25/03	15,864	15,906	15,864
	FORD MOTOR CREDIT CO LLC	VAR RT 08/28/2014 DD 03/05/13	4,000,000	4,000,000	4,018,600
	GNMA POOL #0434797	8.500% 07/15/2030 DD 07/01/00	6,044	6,273	6,769
	GNMA POOL #0434944	8.500% 11/15/2030 DD 11/01/00	8,808	9,141	10,308
	GNMA POOL #0434985	8.500% 12/15/2030 DD 12/01/00	10,701	11,089	11,624
	GNMA POOL #0486116	8.500% 07/15/2030 DD 07/01/00	11,009	11,412	11,236
	GNMA POOL #0494885	8.500% 03/15/2030 DD 03/01/00	2,043	2,120	2,052
	GNMA POOL #0498147	8.500% 12/15/2029 DD 12/01/99	406	421	410
	GNMA POOL #0511172	8.500% 01/15/2030 DD 01/01/00	646	670	661
	GNMA POOL #0520979	8.500% 09/15/2030 DD 09/01/00	7,645	7,934	9,003
	GNMA POOL #0521829	8.500% 05/15/2030 DD 05/01/00	8,941	9,271	10,451
	GNMA POOL #0531197	8.500% 06/15/2030 DD 06/01/00	9,575	9,925	9,781
	GNMA POOL #0698036	6.000% 01/15/2039 DD 01/01/09	85,510	93,166	95,147
	GNMA POOL #0782190	6.000% 10/15/2037 DD 10/01/07	13,264	14,452	14,766
	GNMA POOL #0782449	6.000% 09/15/2038 DD 10/01/08	127,052	138,428	141,385
	GNMA II POOL #0003001	8.500% 11/20/2030 DD 11/01/00	9,625	9,941	11,327
	GNMA II POOL #0008089	VAR RT 12/20/2022 DD 12/01/92	83,365	84,771	86,428
	GNMA II POOL #0008913	VAR RT 07/20/2026 DD 07/01/96	23,265	22,996	23,922
	GNMA II POOL #0080022	VAR RT 12/20/2026 DD 12/01/96	25,224	25,335	26,154
	GNMA II POOL #0080354	VAR RT 12/20/2029 DD 12/01/99	56,031	57,336	58,099
	GOLDMAN SACHS GROUP INC/THE	5.950% 01/18/2018 DD 01/18/08	1,600,000	1,656,710	1,819,104
	GOLDMAN SACHS GROUP INC/THE	6.150% 04/01/2018 DD 04/01/08	200,000	233,932	229,336
	GOLDMAN SACHS GROUP INC/THE	5.250% 07/27/2021 DD 07/27/11	100,000	99,946	109,484
	GOLDMAN SACHS GROUP INC/THE	5.750% 01/24/2022 DD 01/24/12	2,700,000	3,049,731	3,039,363
	HONOLULU CITY & CNTY HI	5.000% 11/01/2024 DD 11/20/12	600,000	749,958	687,300
	HONOLULU CITY & CNTY HI	5.000% 11/01/2025 DD 11/20/12	600,000	745,710	682,332
	HONOLULU CITY & CNTY HI	5.000% 11/01/2026 DD 11/20/12	600,000	741,492	675,366
	HONOLULU CITY & CNTY HI	5.000% 11/01/2028 DD 11/20/12	600,000	734,328	662,172
	HONOLULU CITY & CNTY HI	5.000% 11/01/2023 DD 11/20/12	700,000	880,649	808,479
	HONOLULU CITY & CNTY HI	5.000% 11/01/2024 DD 11/20/12	1,200,000	1,499,916	1,374,600
	HONOLULU CITY & CNTY HI	5.000% 11/01/2025 DD 11/20/12	1,300,000	1,615,705	1,478,386
	JOHNSON & JOHNSON	VAR RT 11/28/2016 DD 12/05/13	2,600,000	2,600,000	2,601,482
	JPMORGAN CHASE & CO	VAR RT 02/26/2016 DD 02/26/13	4,000,000	4,000,000	4,016,440
	KING CNTY WA	4.750% 01/01/2034 DD 02/12/08	400,000	400,916	405,172
	LAS VEGAS VLY NV WTR DIST	5.000% 02/01/2034 DD 02/19/08	400,000	412,324	408,664
	LEHMAN BRTH HLD (RICI) ESCROW	0.000% 12/28/2017 DD 12/21/07	2,000,000	1,998,520	—
	MERRILL LYNCH & CO INC	6.875% 04/25/2018 DD 04/25/08	2,100,000	2,336,351	2,482,977
	MORGAN STANLEY	VAR RT 01/09/2014 DD 01/09/07	400,000	270,000	400,004
	MORGAN STANLEY	2.875% 07/28/2014 DD 07/28/11	200,000	199,954	202,590
	MORGAN STANLEY	7.300% 05/13/2019 DD 05/13/09	900,000	991,911	1,092,969
	MURRAY STREET INVESTMENT TRUST	STEP 03/09/2017 DD 12/01/2011	500,000	520,398	538,445

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: THE DOW CHEMICAL COMPANY EMPLOYER IDENTIFCATION NO. 38-1285128 PLAN NO. 002 APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01-000 December 31, 2013

	NATIONAL AUSTRALIA BANK L 144A	1.250% 03/08/2018 DD 03/08/13	5,300,000	5,273,712	5,159,126
	REILLY MTG ASSOC 91ST FHA PROJ	VAR RT 02/01/2023 DD 11/04/99	40,976	42,005	40,057
	REYNOLDS AMERICAN INC	7.750% 06/01/2018 DD 12/01/06	1,800,000	1,965,388	2,167,578
	SHELL INTERNATIONAL FINANCE BV	1.125% 08/21/2017 DD 08/21/12	700,000	695,975	690,354
	SLM STUDENT LOAN TRUST 200 9 A	VAR RT 04/25/2023 DD 08/28/08	2,963,734	2,951,709	3,053,624
	TOTAL CAPITAL SA	3.000% 06/24/2015 DD 06/24/10	2,300,000	2,291,007	2,382,363
	U S TREASURY NOTE	0.625% 12/15/2016 DD 12/15/13	5,400,000	5,399,039	5,378,076
	U S TREASURY NOTE	2.750% 02/15/2019 DD 02/15/09	4,900,000	5,040,895	5,134,269
	U S TREASURY NOTE	3.000% 09/30/2016 DD 09/30/09	700,000	706,535	743,967
	U S TREASURY NOTE	2.375% 02/28/2015 DD 02/28/10	800,000	798,813	820,032
	U S TREASURY NOTE	1.875% 08/31/2017 DD 08/31/10	500,000	516,973	513,280
	U S TREASURY NOTE	1.000% 05/15/2014 DD 05/15/11	6,600,000	6,665,789	6,621,912
	U S TREASURY NOTE	2.375% 05/31/2018 DD 05/31/11	300,000	301,840	311,415
	U S TREASURY NOTE	2.250% 07/31/2018 DD 07/31/11	5,600,000	5,680,984	5,772,816
	U S TREASURY NOTE	0.500% 08/15/2014 DD 08/15/11	100,000	100,332	100,234
	U S TREASURY NOTE	0.250% 09/15/2014 DD 09/15/11	4,800,000	4,804,898	4,804,128
	U S TREASURY NOTE	0.500% 10/15/2014 DD 10/15/11	200,000	200,695	200,562
	U S TREASURY NOTE	0.375% 11/15/2014 DD 11/15/11	4,700,000	4,712,867	4,708,977
	U S TREASURY NOTE	0.875% 12/31/2016 DD 12/31/11	650,000	649,796	651,424
	U S TREASURY NOTE	0.250% 01/15/2015 DD 01/15/12	7,700,000	7,707,363	7,706,314
	U S TREASURY NOTE	0.250% 02/15/2015 DD 02/15/12	27,400,000	27,396,298	27,419,180
	U S TREASURY NOTE	0.250% 05/31/2014 DD 05/31/12	400,000	400,375	400,236
	U S TREASURY NOTE	0.250% 06/30/2014 DD 06/30/12	100,000	100,066	100,078
	U S TREASURY NOTE	0.250% 08/31/2014 DD 08/31/12	200,000	200,188	200,172
	U S TREASURY NOTE	0.250% 09/30/2014 DD 09/30/12	100,000	100,129	100,082
	U S TREASURY NOTE	0.250% 10/31/2014 DD 10/31/12	4,000,000	4,004,844	4,003,440
	U S TREASURY NOTE	0.125% 12/31/2014 DD 12/31/12	5,300,000	5,294,428	5,298,357
	U S TREASURY NOTE	0.250% 03/31/2015 DD 03/31/13	4,800,000	4,803,016	4,802,640
	U S TREASURY NOTES	1.750% 10/31/2020 DD 10/31/13	900,000	876,727	863,442
	UBS AG/STAMFORD CT	VAR RT 01/28/2014 DD 01/28/11	872,000	872,000	872,759
	UBS AG/STAMFORD CT	2.250% 01/28/2014 DD 01/28/11	582,000	581,750	582,751
	UNITED STATES TREASURY NOTE	1.375% 07/31/2018 DD 07/31/13	64,300,000	64,201,132	63,722,586
	UNIV OF CALIFORNIA CA RGTS MED	6.548% 05/15/2048 DD 11/18/10	200,000	200,000	233,280
	US TREAS-CPI INFLAT	1.125% 01/15/2021 DD 01/15/11	5,445,372	5,596,602	5,723,195
	US TREAS-CPI INFLAT	0.125% 01/15/2022 DD 01/15/12	7,739,625	7,967,608	7,438,476
	US TREAS-CPI INFLAT	0.125% 07/15/2022 DD 07/15/12	2,843,876	3,070,330	2,724,121
	US TREAS-CPI INFLAT	0.125% 01/15/2023 DD 01/15/13	1,011,890	1,088,926	955,680
	US TREAS-CPI INFLAT	0.125% 04/15/2018 DD 04/15/13	1,515,615	1,548,407	1,545,806
	VERIZON COMMUNICATIONS INC	3.650% 09/14/2018 DD 09/18/13	2,600,000	2,599,896	2,752,256
	VESEY STREET INVESTMENT TRUST	STEP 09/01/2016 DD 06/01/2012	1,800,000	1,802,340	1,932,678
	WESTLB AG/NEW YORK	4.796% 07/15/2015 DD 07/12/05	1,799,000	1,695,371	1,900,554
	ARGENT SECURITIES INC W10 M1	VAR RT 10/25/2034 DD 09/09/04	500,000	370,625	456,230
	BANC OF AMERICA MORTGAGE A 1A1	VAR RT 02/25/2034 DD 01/01/04	10,932	10,859	10,786
	BEAR STEARNS ALT-A TRUS 11 2A2	VAR RT 11/25/2034 DD 09/01/04	187,976	187,389	161,097
	FHLMC MULTICLASS MTG K006 AX1	VAR RT 01/25/2020 DD 04/01/10	2,449,599	165,444	123,852

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: THE DOW CHEMICAL COMPANY EMPLOYER IDENTIFCATION NO. 38-1285128 PLAN NO. 002 APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01-000 December 31, 2013

	FHLMC MULTICLASS MTG K007 X1	VAR RT 04/25/2020 DD 06/01/10	503,975		38,310		28,585
	FHLMC MULTICLASS MTG K008 X1	VAR RT 06/25/2020 DD 09/01/10	567,838		58,935		45,455
	FIRST BOSTON MORTGAGE SE A I-O	9.488% 05/15/2018 DD 03/01/87	285		1,906		26
	FIRST BOSTON MORTGAGE SE A P-O	0.000% 05/15/2018 DD 03/01/87	284		235		277
	JP MORGAN MORTGAGE TRUS A2 4A1	VAR RT 05/25/2034 DD 04/01/04	114,979		113,740		110,947
	MASTR ADJUSTABLE RATE M 15 1A1	VAR RT 12/25/2034 DD 11/01/04	25,038		24,881		24,685
	MERRILL LYNCH MORTGAGE A1 2A1	VAR RT 02/25/2034 DD 02/01/04	299,016		266,685		298,032
	NCUA GUARANTEED NOTES TR C1 A2	2.900% 10/29/2020 DD 11/10/10	20,000		20,329		20,660
	NORTHSTAR EDU FIN INC DE	VAR RT 01/29/2046 DD 03/13/07	300,000		246,000		274,366
	SOUNDVIEW HOME LOAN TRUST 3 M2	VAR RT 06/25/2035 DD 07/14/05	157,858		148,584		155,803
	THORNBURG MORTGAGE SECUR 4 2A1	VAR RT 09/25/2037 DD 08/01/07	206,712		205,964		203,051
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2044 DD 01/01/14	1,000,000		(999,375	)	(999,375	)
	COMMIT TO PUR FNMA SF MTG	4.000% 01/01/2044 DD 01/01/14	3,000,000		(3,097,617	)	(3,097,617	)
	FHLMC POOL #84-6183	VAR RT 01/01/2024 DD 10/01/95	(649	)	649		649
	FHLMC POOL #1G-1744	VAR RT 08/01/2035 DD 09/01/05	(12,997	)	12,997		12,997
	FHLMC MULTICLASS MTG 6 C	9.050% 06/15/2019 DD 05/15/88	(237	)	237		237
	FHLMC POOL #78-0605	VAR RT 06/01/2033 DD 06/01/03	(3,069	)	3,069		3,069
	COMMIT TO PUR FNMA SF MTG	2.500% 01/01/2029 DD 01/01/14	1,000,000		(995,625	)	(995,625	)
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2044 DD 01/01/14	1,000,000		(994,844	)	(994,844	)
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2044 DD 01/01/14	(1,000,000	)	994,844		994,844
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2044 DD 01/01/14	(1,000,000	)	994,844		994,844
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2044 DD 01/01/14	(1,000,000	)	994,844		994,844
	COMMIT TO PUR FNMA SF MTG	4.000% 01/01/2044 DD 01/01/14	(2,000,000	)	2,072,500		2,072,500
	COMMIT TO PUR FNMA SF MTG	4.000% 01/01/2044 DD 01/01/14	(3,000,000	)	3,093,281		3,093,281
	COMMIT TO PUR FNMA SF MTG	4.000% 02/01/2044 DD 02/01/14	(3,000,000	)	3,088,125		3,088,125
	90DAY EURODOLLAR FUTURE (CME)	EXP MAR 15	109		(25,825	)	(25,825	)
	90DAY EURODOLLAR FUTURE (CME)	EXP MAR 16	56		(22,037	)	(22,037	)
	90DAY EURODOLLAR FUTURE (CME)	EXP JUN 15	119		(33,875	)	(33,875	)
	90DAY EURODOLLAR FUTURE (CME)	EXP JUN 16	36		(36,365	)	(36,365	)
	90DAY EURODOLLAR FUTURE (CME)	EXP SEP 15	69		(9,524	)	(9,524	)
	90DAY EURODOLLAR FUTURE (CME)	EXP DEC 15	30		(8,250	)	(8,250	)
	INTEREST BEARING CASH	TEMPORARY INVESTMENST			5,419,028		5,419,028
	TOTAL UNDERLYING ASSETS				265,363,762		262,688,193
	ADJUSTMENT FROM MARKET TO CONTRACT VALUE						(6,465,781	)
	CONTRACT VALUE						256,222,412

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX B - UNDERLYING ASSETS FOR ING LIFE #60090 December 31, 2013

			(c)
	(b)		Face Value		(e)
	Identity of Issue, Borrower,		or Number	(d)	Current
(a)	Lessor or Similar Party		of Shares	Cost	Value

	AMERIQUEST MORTGAGE SEC AR2 M1	VAR RT 05/25/2033 DD 05/14/03	8,012	8,012	7,205
	ASSET BACKED SECURITIES HE3 M1	VAR RT 06/15/2033 DD 06/03/03	15,957	15,942	15,062
	ASSET BACKED SECURITIES HE4 M2	VAR RT 08/15/2033 DD 08/06/03	9,818	9,818	8,399
	CDC MORTGAGE CAPITAL TR HE1 M1	VAR RT 08/25/2033 DD 03/28/03	9,270	9,212	8,726
	CDC MORTGAGE CAPITAL TR HE2 M1	VAR RT 10/25/2033 DD 05/29/03	11,026	11,032	10,263
	CDC MORTGAGE CAPITAL TR HE3 M1	VAR RT 03/25/2033 DD 11/27/02	6,982	6,992	6,543
	CHL MORTGAGE PASS-THROU 25 2A1	5.500% 11/27/2017 DD 10/01/02	2,132	2,170	2,198
	COUNTRYWIDE ASSET-BACKED 5 MV1	VAR RT 03/25/2033 DD 12/30/02	2,539	2,572	2,480
	FEDERAL HOME LN MTG CORP	1.000% 03/08/2017 DD 01/30/12	1,000,000	997,496	1,001,630
	FEDERAL NATL MTG ASSN	.500% 03/30/2016 DD 02/15/13	1,000,000	1,001,522	998,920
	FHLMC POOL #E7-6434	5.000% 05/01/2014 DD 04/01/99	80	80	84
	FHLMC POOL #E7-7225	5.000% 05/01/2014 DD 06/01/99	143	144	152
	FNMA POOL #0025394	6.000% 09/01/2016 DD 08/01/01	5,481	5,690	5,703
	FNMA POOL #0323743	5.000% 04/01/2014 DD 04/01/99	18	18	19
	FNMA POOL #0535168	5.500% 12/01/2014 DD 01/01/00	269	273	286
	FNMA POOL #0535241	5.000% 03/01/2014 DD 03/01/00	2	2	2
	FNMA POOL #0535978	5.500% 12/01/2014 DD 05/01/01	45	46	48
	FNMA POOL #0545616	6.500% 04/01/2017 DD 04/01/02	3,558	3,739	3,751
	FNMA POOL #0545728	5.500% 09/01/2014 DD 05/01/02	49	50	51
	FNMA POOL #0555419	6.500% 11/01/2017 DD 04/01/03	19,702	20,798	20,703
	FNMA POOL #0563311	5.500% 08/01/2014 DD 11/01/00	10	10	11
	FNMA POOL #0604967	6.000% 12/01/2016 DD 11/01/01	6,882	7,176	7,133
	FNMA POOL #0609540	6.000% 10/01/2016 DD 10/01/01	35	37	36
	FNMA POOL #0621074	6.000% 01/01/2017 DD 12/01/01	5,902	6,127	6,150
	FNMA POOL #0630950	6.500% 02/01/2017 DD 02/01/02	1,871	1,972	1,958
	FNMA POOL #0631043	6.500% 02/01/2017 DD 02/01/02	624	658	630
	FNMA POOL #0644768	6.500% 05/01/2017 DD 05/01/02	3,014	3,175	3,171
	FNMA POOL #0663198	5.500% 10/01/2017 DD 09/01/02	7,495	7,755	7,964
	FNMA POOL #0671380	6.000% 11/01/2017 DD 10/01/02	8,627	8,956	9,051
	GSAMP TRUST 2002-HE HE M1	VAR RT 11/20/2032 DD 11/27/02	9,451	9,611	8,203
	HOME EQUITY ASSET TRUST 4 M1	VAR RT 10/25/2033 DD 06/27/03	22,509	22,509	20,428
	HOME EQUITY ASSET TRUST 5 M1	VAR RT 12/25/2033 DD 08/28/03	14,986	14,986	14,006
	HOME EQUITY ASSET TRUST 5 M2	VAR RT 12/25/2033 DD 08/28/03	1,818	1,818	1,581
	LONG BEACH MORTGAGE LOAN 3 M1	VAR RT 07/25/2033 DD 06/05/03	67,865	67,865	62,846
	MORGAN STANLEY ABS CAPI HE1 M1	VAR RT 05/25/2033 DD 06/27/03	28,438	28,438	26,472
	MORGAN STANLEY ABS CAPI NC6 M1	VAR RT 06/25/2033 DD 06/26/03	19,766	19,765	19,077
	MORGAN STANLEY ABS CAPI NC7 M1	VAR RT 06/25/2033 DD 07/30/03	10,581	10,581	10,014

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX B - UNDERLYING ASSETS FOR ING LIFE #60090 December 31, 2013

	MORGAN STANLEY ABS CAPI NC7 M2	VAR RT 06/25/2033 DD 07/30/03	1,065	1,065	876
	MORGAN STANLEY DEAN WIT NC5 M3	VAR RT 10/25/2032 DD 10/29/02	1,553	1,556	1,031
	RAMP TRUST RZ2 A1	VAR RT 04/25/2033 DD 03/01/03	6,080	6,071	5,853
	SALOMON BROTHERS MORTGAG HE1 A	VAR RT 04/25/2033 DD 04/25/03	587	587	556
	INTEREST BEARING CASH	TEMPORARY INVESTMENTS		572,779	572,779
	Total Underlying Assets			2,889,105	2,872,051
	Adjustments From Market To Contract Value				(66,340	)
	Contract Value				2,805,711

THE DOW CHEMICAL COMPANY EMPLOYEES SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX C - UNDERLYING ASSETS FOR NEW YORK LIFE GA-29007 December 31, 2013

			(c)
	(b)		Face Value		(e)
	Identity of Issue, Borrower,		or Number	(d)	Current
(a)	Lessor or Similar Party		of Shares	Cost	Value

	ALTRIA GROUP INC	4.125% 09/11/2015 DD 06/11/10	405,000	444,087	427,372
	ANGLO AMERICAN CAPITAL PL 144A	9.375% 04/08/2014 DD 04/08/09	1,100,000	1,325,148	1,124,387
	APPLE INC	1.000% 05/03/2018 DD 05/03/13	1,175,000	1,170,664	1,136,166
	BANK OF AMERICA CORP	2.000% 01/11/2018 DD 01/11/13	525,000	524,207	524,071
	BANK OF NEW YORK MELLON CORP/T	2.950% 06/18/2015 DD 06/18/10	1,200,000	1,250,448	1,242,240
	BARCLAYS BANK PLC	5.000% 09/22/2016 DD 09/22/09	1,200,000	1,296,348	1,321,128
	BAXTER INTERNATIONAL INC	.950% 06/01/2016 DD 06/11/13	510,000	509,510	509,943
	BB&T CORP	2.150% 03/22/2017 DD 03/22/12	1,100,000	1,097,613	1,112,155
	BEAR STEARNS COMMERCIA PW10 A4	VAR RT 12/11/2040 DD 12/01/05	900,000	989,824	954,855
	BEAR STEARNS COMMERCIAL T16 A6	VAR RT 02/13/2046 DD 11/01/04	850,743	911,326	869,017
	BEAR STEARNS COS LLC/THE	5.550% 01/22/2017 DD 11/22/06	1,200,000	1,317,360	1,337,388
	BERKSHIRE HATHAWAY FINANCE INC	.950% 08/15/2016 DD 08/15/13	385,000	384,269	386,748
	BHP BILLITON FINANCE USA LTD	5.250% 12/15/2015 DD 12/12/05	1,100,000	1,256,024	1,197,130
	CAPITAL ONE FINANCIAL CORP	3.500% 06/15/2023 DD 06/06/13	594,000	588,494	557,594
	CATERPILLAR FINANCIAL SERVICES	6.125% 02/17/2014 DD 02/12/09	1,100,000	1,244,100	1,107,711
	CFCRE COMMERCIAL MO C1 A2 144A	3.759% 04/15/2044 DD 04/01/11	405,000	416,011	424,642
	CHEVRON CORP	1.104% 12/05/2017 DD 12/05/12	580,000	580,000	567,234
	CITIGROUP INC	6.010% 01/15/2015 DD 12/15/09	1,069,000	1,183,137	1,125,700
	COCA-COLA CO/THE	0.750% 03/13/2015 DD 03/14/12	950,000	948,936	953,002
	CONOCOPHILLIPS CO	1.050% 12/15/2017 DD 12/07/12	590,000	588,649	575,716
	COSTCO WHOLESALE CORP	0.650% 12/07/2015 DD 12/07/12	1,225,000	1,223,542	1,227,254
	COUNTRYWIDE FINANCIAL CORP	6.250% 05/15/2016 DD 05/16/06	695,000	698,971	766,933
	DIAGEO FINANCE BV	5.300% 10/28/2015 DD 10/28/05	1,100,000	1,251,932	1,190,816
	FEDERAL HOME LN BK CONS BD	1.625% 06/19/2018 DD 06/19/13	1,110,000	1,110,000	1,097,679
	FEDERAL HOME LN BK CONS BD	1.800% 06/26/2018 DD 06/26/13	1,165,000	1,165,000	1,152,302
	FEDERAL HOME LN MTG CORP	1.000% 08/20/2014 DD 07/26/11	1,040,000	1,047,654	1,045,418
	FEDERAL NATL MTG ASSN	2.250% 03/15/2016 DD 01/18/11	1,130,000	1,188,297	1,171,912
	FEDERAL NATL MTG ASSN	1.050% 08/26/2016 DD 08/26/13	980,000	980,000	981,107
	FHLMC POOL #C9-1385	4.000% 08/01/2031 DD 08/01/11	956,511	1,016,741	1,000,730
	FHLMC POOL #J1-1829	4.000% 03/01/2025 DD 03/01/10	383,492	412,972	408,273
	FHLMC POOL #J1-2388	4.000% 07/01/2025 DD 06/01/10	448,699	481,511	477,748
	FHLMC POOL #J1-3242	3.500% 10/01/2025 DD 10/01/10	146,891	154,970	153,567
	FHLMC POOL #J1-3503	3.500% 11/01/2025 DD 11/01/10	149,434	157,653	156,231
	FHLMC POOL #J1-3504	3.500% 11/01/2025 DD 11/01/10	99,179	104,634	103,596
	FNMA POOL #0888416	5.000% 09/01/2035 DD 05/01/07	134,925	145,787	146,990
	FNMA POOL #0AC1878	4.500% 09/01/2039 DD 08/01/09	608,996	662,664	648,806
	GENERAL ELECTRIC CAPITAL CORP	5.400% 02/15/2017 DD 02/13/07	1,200,000	1,330,224	1,335,504

THE DOW CHEMICAL COMPANY EMPLOYEES SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX C - UNDERLYING ASSETS FOR NEW YORK LIFE GA-29007 December 31, 2013

	GENWORTH FINANCIAL INC	8.625% 12/15/2016 DD 12/08/09	500,000	562,500	593,720
	GMAC COMMERCIAL MORTGAGE C1 A4	4.908% 03/10/2038 DD 04/01/04	102,030	108,866	102,025
	GOLDMAN SACHS GROUP INC/THE	3.625% 02/07/2016 DD 02/07/11	1,300,000	1,318,239	1,364,324
	GS MORTGAGE SECURITIE GG10 AAB	VAR RT 08/10/2045 DD 07/01/07	183,639	193,452	190,305
	HSBC BANK PLC 144A	VAR RT 01/17/2014 DD 01/19/11	1,100,000	1,099,738	1,074,117
	HUTCHISON WHAMPOA INTERNA 144A	4.625% 09/11/2015 DD 09/11/09	1,200,000	1,283,904	1,269,864
	HYATT HOTELS CORP	3.875% 08/15/2016 DD 08/09/11	1,050,000	1,045,496	1,108,685
	INTERNATIONAL BUSINESS MACHINE	1.950% 07/22/2016 DD 07/22/11	250,000	256,198	256,838
	JEFFERIES GROUP LLC	5.500% 03/15/2016 DD 03/08/04	500,000	544,325	540,000
	JOHN DEERE CAPITAL CORP	2.800% 09/18/2017 DD 09/16/10	825,000	892,988	863,651
	JOHN DEERE CAPITAL CORP	1.050% 10/11/2016 DD 10/11/13	550,000	549,302	551,584
	JPMORGAN CHASE & CO	1.050% 02/26/2016 DD 02/26/13	210,000	209,812	210,357
	JPMORGAN CHASE & CO	5.125% 09/15/2014 DD 09/15/04	55,000	58,484	56,665
	KELLOGG CO	1.125% 05/15/2015 DD 05/17/12	375,000	374,561	377,554
	KINDER MORGAN ENERGY PARTNERS	5.125% 11/15/2014 DD 11/12/04	1,000,000	1,103,910	1,038,750
	LB-UBS COMMERCIAL MORTG C6 AAB	5.341% 09/15/2039 DD 09/11/06	549,838	585,835	573,371
	LB-UBS COMMERCIAL MORTGA C1 A4	4.568% 01/15/2031 DD 01/11/04	235,776	249,130	241,154
	LLOYDS BANK PLC	2.300% 11/27/2018 DD 11/27/13	780,000	778,752	777,980
	MEDTRONIC INC	1.375% 04/01/2018 DD 03/26/13	1,105,000	1,104,076	1,084,723
	MERCK SHARP & DOHME CORP	4.750% 03/01/2015 DD 02/17/05	1,200,000	1,341,852	1,259,484
	MERRILL LYNCH MORTGAGE CKI1 A6	VAR RT 11/12/2037 DD 12/01/05	817,138	897,958	867,138
	METLIFE INC	6.750% 06/01/2016 DD 05/29/09	1,100,000	1,295,008	1,250,733
	MORGAN STANLEY	6.000% 04/28/2015 DD 04/28/08	1,200,000	1,315,920	1,278,036
	MORGAN STANLEY CAPI C2 A2 144A	3.476% 06/15/2044 DD 06/01/11	900,000	911,531	948,141
	MORGAN STANLEY CAPITAL HQ6 A4A	4.989% 08/13/2042 DD 08/01/05	1,000,000	1,080,000	1,044,980
	ORACLE CORP	5.250% 01/15/2016 DD 01/13/06	1,100,000	1,255,551	1,200,760
	PETROBRAS GLOBAL FINANCE	2.000% 05/20/2016 DD 05/20/13	550,000	549,142	549,566
	PETROHAWK ENERGY CORP	6.250% 06/01/2019 DD 05/20/11	515,000	576,988	567,530
	PHILLIPS 66	2.950% 05/01/2017 DD 11/01/12	350,000	349,937	364,137
	PRIVATE EXPORT FUNDING CORP	1.375% 02/15/2017 DD 01/19/12	1,240,000	1,266,387	1,251,619
	PRIVATE EXPORT FUNDING CORP	1.875% 07/15/2018 DD 07/16/13	825,000	823,705	825,454
	PUBLIC SERVICE ELECTRIC & GAS	5.000% 08/15/2014 DD 08/19/04	1,100,000	1,195,260	1,130,624
	RIO TINTO FINANCE USA LTD	8.950% 05/01/2014 DD 04/17/09	1,100,000	1,325,819	1,129,876
	SABMILLER HOLDINGS INC 144A	1.850% 01/15/2015 DD 01/17/12	715,000	714,957	723,573
	SENIOR HOUSING PROPERTIES TRUS	4.300% 01/15/2016 DD 01/13/11	650,000	661,044	677,073
	TOTAL CAPITAL SA	3.000% 06/24/2015 DD 06/24/10	725,000	762,149	750,962
	U S TREASURY NOTE	.250% 10/31/2015 DD 10/31/13	3,420,000	3,416,259	3,415,178
	U S TREASURY NOTE	2.500% 04/30/2015 DD 04/30/10	5,350,000	5,684,375	5,511,517
	U S TREASURY NOTE	1.375% 09/30/2018 DD 09/30/11	2,575,000	2,577,213	2,543,611
	U S TREASURY NOTE	.750% 03/31/2018 DD 03/31/13	5,290,000	5,297,289	5,139,552
	U S TREASURY NOTE	1.000% 05/31/2018 DD 05/31/13	2,735,000	2,725,812	2,675,186
	U S TREASURY NOTE	0.500% 06/15/2016 DD 06/15/13	4,800,000	4,776,031	4,795,104

THE DOW CHEMICAL COMPANY EMPLOYEES SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX C - UNDERLYING ASSETS FOR NEW YORK LIFE GA-29007 December 31, 2013

	U S TREASURY NOTE	1.375% 06/30/2018 DD 06/30/13	2,100,000	2,092,125	2,084,082
	U S TREASURY NOTE	1.000% 09/30/2016 DD 09/30/11	1,570,000	1,570,920	1,583,486
	U S TREASURY NOTE	0.875% 11/30/2016 DD 11/30/11	4,245,000	4,259,670	4,258,584
	U S TREASURY NOTE	1.000% 03/31/2017 DD 03/31/12	2,280,000	2,318,920	2,284,993
	U S TREASURY NOTE	0.375% 06/15/2015 DD 06/15/12	5,520,000	5,521,660	5,531,647
	U S TREASURY NOTE	0.500% 07/31/2017 DD 07/31/12	6,885,000	6,846,091	6,740,277
	UNITEDHEALTH GROUP INC	0.850% 10/15/2015 DD 10/22/12	655,000	654,849	657,620
	VERIZON COMMUNICATIONS INC	0.700% 11/02/2015 DD 11/07/12	1,025,000	1,025,341	1,022,140
	VIRGIN MEDIA SECURED FINANCE P	6.500% 01/15/2018 DD 06/15/10	1,200,000	1,320,000	1,243,500
	WACHOVIA BANK COMMERCIA C17 A4	VAR RT 03/15/2042 DD 03/01/05	1,000,000	1,085,938	1,033,840
	INTEREST BEARING CASH	TEMPORARY INVESTMENTS		2,067,587	2,067,587
	TOTAL UNDERLYING ASSETS			113,041,563	111,202,322
	ADJUSTMENT FROM MARKET TO CONTRACT VALUE				(1,972,184	)
	CONTRACT VALUE				109,230,138

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX D - UNDERLYING ASSETS FOR MONUMENTAL LIFE MDA01078TR December 31, 2013

			(c)
	(b)		Face Value		(e)
	Identity of Issue, Borrower,		or Number	(d)	Current
(a)	Lessor or Similar Party		of Shares	Cost	Value

	ABBVIE INC	1.200% 11/06/2015 DD 05/06/13	1,335,000	1,334,106	1,348,564
	ACE INA HOLDINGS INC	5.700% 02/15/2017 DD 02/08/07	770,000	872,587	863,440
	ALLTEL CORP	7.000% 03/15/2016 DD 03/08/96	740,000	887,681	830,228
	AMAZON.COM INC	1.200% 11/29/2017 DD 11/29/12	400,000	398,052	391,636
	AMAZON.COM INC	0.650% 11/27/2015 DD 11/29/12	725,000	723,028	724,674
	AMEREN CORP	8.875% 05/15/2014 DD 05/15/09	345,000	343,292	354,895
	AMERICAN EXPRESS CREDIT CORP	1.750% 06/12/2015 DD 06/12/12	1,730,000	1,766,399	1,757,922
	ANHEUSER-BUSCH INBEV WORLDWIDE	1.500% 07/14/2014 DD 07/14/11	450,000	449,987	452,565
	AT&T INC	2.500% 08/15/2015 DD 07/30/10	915,000	951,390	939,431
	AT&T INC	2.375% 11/27/2018 DD 11/27/13	1,005,000	1,005,000	1,005,864
	BAE SYSTEMS PLC 144A	3.500% 10/11/2016 DD 10/11/11	305,000	322,132	318,832
	BANK OF AMERICA CORP	5.650% 05/01/2018 DD 05/02/08	1,740,000	2,011,092	1,980,590
	BANK OF AMERICA CORP	4.500% 04/01/2015 DD 03/11/10	830,000	888,432	868,329
	BANK OF AMERICA NA	1.125% 11/14/2016 DD 11/14/13	630,000	629,534	630,718
	BANK OF NOVA SCOTIA	0.750% 10/09/2015 DD 10/09/12	500,000	499,985	501,635
	BANK OF NOVA SCOTIA	1.100% 12/13/2016 DD 12/13/13	985,000	984,714	989,728
	BAXTER INTERNATIONAL INC	0.950% 06/01/2016 DD 06/11/13	500,000	499,520	499,945
	BB&T CORP	2.050% 06/19/2018 DD 06/19/13	390,000	389,431	386,116
	BHP BILLITON FINANCE USA LTD	1.125% 11/21/2014 DD 11/21/11	400,000	398,580	402,880
	BHP BILLITON FINANCE USA LTD	1.875% 11/21/2016 DD 11/21/11	350,000	348,142	357,532
	BLACKROCK INC	1.375% 06/01/2015 DD 05/25/12	485,000	484,442	491,072
	BP CAPITAL MARKETS PLC	3.200% 03/11/2016 DD 03/11/11	1,055,000	1,125,400	1,107,834
	BP CAPITAL MARKETS PLC	2.241% 09/26/2018 DD 09/26/13	780,000	780,000	782,254
	CAPITAL ONE BANK USA NA	1.150% 11/21/2016 DD 11/21/13	1,475,000	1,474,956	1,468,569
	CAPITAL ONE FINANCIAL CORP	1.000% 11/06/2015 DD 11/06/12	900,000	897,219	899,604
	CATERPILLAR FINANCIAL SERVICES	5.850% 09/01/2017 DD 09/04/07	700,000	843,171	797,958
	CATERPILLAR INC	1.500% 06/26/2017 DD 06/26/12	340,000	339,592	338,351
	CATHOLIC HEALTH INITIATIVES	1.600% 11/01/2017 DD 10/31/12	1,145,000	1,138,587	1,109,791
	CHARLES SCHWAB CORP/THE	2.200% 07/25/2018 DD 07/25/13	700,000	699,804	702,499
	CHEVRON CORP	1.718% 06/24/2018 DD 06/24/13	570,000	570,000	567,851
	CISCO SYSTEMS INC	1.625% 03/14/2014 DD 03/16/11	270,000	269,679	270,686
	CITIGROUP INC	5.000% 09/15/2014 DD 09/16/04	120,000	123,798	123,418
	CITIGROUP INC	6.010% 01/15/2015 DD 12/15/09	91,000	97,857	95,827
	CITIGROUP INC	4.750% 05/19/2015 DD 05/19/10	166,000	174,778	174,674
	CITIGROUP INC	4.587% 12/15/2015 DD 12/15/10	1,735,000	1,860,180	1,854,038
	CITIGROUP INC	1.300% 11/15/2016 DD 11/15/13	940,000	940,132	936,719
	CNPC GENERAL CAPITAL LTD 144A	1.450% 04/16/2016 DD 04/16/13	675,000	674,312	668,615

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX D - UNDERLYING ASSETS FOR MONUMENTAL LIFE MDA01078TR December 31, 2013

	COVIDIEN INTERNATIONAL FINANCE	1.350% 05/29/2015 DD 05/30/12	635,000	634,797	639,661
	CVS CAREMARK CORP	1.200% 12/05/2016 DD 12/05/13	350,000	349,867	350,357
	DAIMLER FINANCE NORTH AME 144A	1.250% 01/11/2016 DD 01/11/13	815,000	813,998	815,579
	DAYTON POWER & LIGHT CO/T 144A	1.875% 09/15/2016 DD 09/19/13	445,000	444,244	448,636
	DIAGEO CAPITAL PLC	1.500% 05/11/2017 DD 05/11/12	500,000	499,135	498,920
	DIGITAL REALTY TRUST LP	4.500% 07/15/2015 DD 07/08/10	350,000	371,175	364,060
	DIRECTV HOLDINGS LLC / DIRECTV	1.750% 01/15/2018 DD 01/15/13	110,000	108,523	107,907
	DISCOVER BANK/GREENWOOD DE	2.000% 02/21/2018 DD 02/21/13	695,000	694,771	682,601
	DOMINION GAS HOLDINGS LLC 144A	1.050% 11/01/2016 DD 10/22/13	625,000	624,775	623,013
	DR PEPPER SNAPPLE GROUP INC	2.900% 01/15/2016 DD 01/11/11	495,000	497,103	513,736
	DUKE ENERGY CORP	6.300% 02/01/2014 DD 01/26/09	850,000	893,265	853,732
	EATON CORP	0.950% 11/02/2015 DD 11/02/13	400,000	399,652	401,496
	ECOLAB INC	2.375% 12/08/2014 DD 12/08/11	600,000	599,640	609,396
	EXPORT-IMPORT BANK OF KOREA	5.875% 01/14/2015 DD 07/14/09	760,000	755,638	798,661
	FEDERAL HOME LN MTG CORP	1.250% 05/12/2017 DD 03/26/12	8,105,000	8,057,949	8,160,600
	FEDERAL NATL MTG ASSN	0.875% 10/26/2017 DD 09/24/12	2,310,000	2,309,885	2,270,707
	FEDERAL NATL MTG ASSN	0.875% 02/08/2018 DD 01/07/13	4,005,000	3,872,515	3,903,994
	FISCAL YEAR 2005 SECURITIZATIO	4.930% 04/01/2020 DD 12/02/04	255,000	274,026	278,432
	FORD MOTOR CREDIT CO LLC	5.000% 05/15/2018 DD 05/03/11	185,000	205,324	206,073
	FORD MOTOR CREDIT CO LLC	1.500% 01/17/2017 DD 11/12/13	1,025,000	1,024,037	1,024,539
	FORD MOTOR CREDIT CO LLC	2.375% 01/16/2018 DD 01/11/13	355,000	353,601	358,536
	FRANCE TELECOM SA	2.125% 09/16/2015 DD 09/16/10	295,000	293,431	300,670
	GATX CORP	2.500% 03/15/2019 DD 11/19/13	400,000	397,852	396,604
	GENERAL ELECTRIC CAPITAL CORP	2.900% 01/09/2017 DD 01/09/12	1,115,000	1,151,929	1,164,027
	GENERAL ELECTRIC CAPITAL CORP	1.625% 07/02/2015 DD 07/02/12	1,535,000	1,557,043	1,559,944
	GENERAL ELECTRIC CO	0.850% 10/09/2015 DD 10/09/12	1,170,000	1,169,684	1,175,464
	GENZYME CORP	3.625% 06/15/2015 DD 06/17/10	555,000	588,267	579,581
	GNMA GTD REMIC P/T 11-121 FA	VAR RT 03/16/2043 DD 09/16/11	894,630	897,216	872,533
	GOLDCORP INC	2.125% 03/15/2018 DD 03/20/13	210,000	209,005	205,821
	GOLDMAN SACHS GROUP INC/THE	5.950% 01/18/2018 DD 01/18/08	245,000	275,610	278,550
	GOLDMAN SACHS GROUP INC/THE	2.900% 07/19/2018 DD 07/19/13	215,000	215,061	218,799
	HALLIBURTON CO	1.000% 08/01/2016 DD 08/05/13	470,000	469,643	470,780
	HARSCO CORP	2.700% 10/15/2015 DD 09/20/10	630,000	629,395	639,519
	HEINEKEN NV 144A	0.800% 10/01/2015 DD 10/10/12	325,000	324,438	325,091
	HOSPITALITY PROPERTIES TRUST	7.875% 08/15/2014 DD 08/12/09	370,000	407,426	373,004
	HSBC USA INC	2.375% 02/13/2015 DD 02/13/12	325,000	324,308	331,620
	HUNTINGTON NATIONAL BANK/THE	1.350% 08/02/2016 DD 08/02/13	610,000	609,177	609,774
	HUTCHISON WHAMPOA INTERNA 144A	4.625% 09/11/2015 DD 09/11/09	460,000	495,512	486,781
	JPMORGAN CHASE & CO	1.625% 05/15/2018 DD 05/15/13	1,110,000	1,092,839	1,086,912
	KEYCORP	2.300% 12/13/2018 DD 11/13/13	585,000	584,631	580,759
	KINROSS GOLD CORP	3.625% 09/01/2016 DD 03/01/12	315,000	313,724	318,585
	KOREA DEVELOPMENT BANK/THE	1.000% 01/22/2016 DD 01/22/13	290,000	288,594	287,579

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX D - UNDERLYING ASSETS FOR MONUMENTAL LIFE MDA01078TR December 31, 2013

	KOREA GAS CORP 144A	2.875% 07/29/2018 DD 07/29/13	365,000	363,098	367,632
	KRAFT FOODS GROUP INC	6.125% 08/23/2018 DD 08/23/12	275,000	335,924	320,546
	LABORATORY CORP OF AMERICA HOL	2.500% 11/01/2018 DD 11/01/13	810,000	809,320	798,863
	MANUFACTURERS & TRADERS TRUST	1.450% 03/07/2018 DD 03/07/13	220,000	219,894	213,996
	MARSH & MCLENNAN COS INC	2.550% 10/15/2018 DD 09/27/13	1,025,000	1,024,457	1,026,507
	MEXICO GOVERNMENT INTERNATIONA	5.875% 02/17/2014 DD 02/17/09	405,000	447,120	406,823
	MORGAN STANLEY	6.000% 04/28/2015 DD 04/28/08	830,000	885,444	883,975
	MYLAN INC/PA	1.350% 11/29/2016 DD 11/29/13	255,000	254,850	254,533
	MYLAN INC/PA 144A	7.875% 07/15/2020 DD 05/19/10	1,110,000	1,286,668	1,256,009
	NABISCO INC	7.550% 06/15/2015 DD 06/15/95	650,000	781,157	711,789
	NCUA GUARANTEED NOTES	1.400% 06/12/2015 DD 06/16/11	600,000	599,166	609,258
	NETAPP INC	2.000% 12/15/2017 DD 12/12/12	300,000	298,482	298,458
	NEXTERA ENERGY CAPITAL HOLDING	1.339% 09/01/2015 DD 08/09/13	500,000	501,825	503,330
	PERRIGO CO LTD 144A	1.300% 11/08/2016 DD 11/08/13	545,000	544,439	543,109
	PERRIGO CO LTD 144A	2.300% 11/08/2018 DD 11/08/13	515,000	514,274	508,320
	PETROBRAS INTERNATIONAL FINANC	5.750% 01/20/2020 DD 10/30/09	1,325,000	1,384,890	1,363,346
	PETROFAC LTD 144A	3.400% 10/10/2018 DD 10/10/13	300,000	298,881	302,145
	PETROHAWK ENERGY CORP	6.250% 06/01/2019 DD 05/20/11	450,000	507,375	495,900
	PITNEY BOWES INC	5.250% 01/15/2037 DD 11/17/06	55,000	56,925	58,998
	PNC BANK NA	1.300% 10/03/2016 DD 08/23/13	1,535,000	1,533,588	1,543,258
	PNC FUNDING CORP	5.250% 11/15/2015 DD 11/03/03	300,000	321,956	322,158
	PNC FUNDING CORP	5.625% 02/01/2017 DD 02/08/07	200,000	229,270	222,000
	PRECISION CASTPARTS CORP	0.700% 12/20/2015 DD 12/20/12	510,000	509,847	510,061
	PRINCIPAL FINANCIAL GROUP INC	1.850% 11/15/2017 DD 11/16/12	130,000	129,865	128,825
	PROCTER & GAMBLE - ESOP	9.360% 01/01/2021 DD 12/04/90	201,387	256,768	256,799
	PROVINCE OF BRITISH COLUMBIA	2.100% 05/18/2016 DD 05/18/11	555,000	554,895	573,093
	PROVINCE OF ONTARIO CANADA	1.000% 07/22/2016 DD 07/23/13	2,325,000	2,324,186	2,332,905
	REGIONS FINANCIAL CORP	2.000% 05/15/2018 DD 04/30/13	475,000	473,414	459,947
	REYNOLDS AMERICAN INC	1.050% 10/30/2015 DD 10/31/12	240,000	239,662	240,763
	RIO TINTO FINANCE USA PLC	1.375% 06/17/2016 DD 06/19/13	500,000	498,540	507,785
	SABMILLER HOLDINGS INC 144A	1.850% 01/15/2015 DD 01/17/12	510,000	509,969	516,115
	SOUTHWESTERN BELL TELEPHONE LP	7.000% 07/01/2015 DD 07/01/93	450,000	531,734	489,924
	STHRN CALIFORNIA ST PUBLIC PWR	6.930% 05/15/2017 DD 09/15/97	1,285,000	1,574,047	1,495,239
	SUNTRUST BANKS INC	2.350% 11/01/2018 DD 10/25/13	525,000	524,554	522,218
	THERMO FISHER SCIENTIFIC INC	1.300% 02/01/2017 DD 12/11/13	470,000	469,723	467,960
	THOMSON REUTERS CORP	0.875% 05/23/2016 DD 05/23/13	385,000	383,968	382,290
	TORONTO-DOMINION BANK/THE	2.625% 09/10/2018 DD 09/10/13	395,000	394,285	402,853
	TOYOTA MOTOR CREDIT CORP	3.200% 06/17/2015 DD 06/17/10	260,000	266,609	270,384
	TOYOTA MOTOR CREDIT CORP	2.000% 10/24/2018 DD 10/24/13	480,000	479,885	479,861
	TURKEY GOVERNMENT INTERNATIONA	6.750% 04/03/2018 DD 10/03/07	265,000	315,350	287,790
	U S TREASURY NOTE	1.250% 11/30/2018 DD 11/30/13	3,365,000	3,326,216	3,292,955
	U S TREASURY NOTE	2.375% 03/31/2016 DD 03/31/09	2,105,000	2,250,870	2,195,789

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX D - UNDERLYING ASSETS FOR MONUMENTAL LIFE MDA01078TR December 31, 2013

	U S TREASURY NOTE	2.375% 08/31/2014 DD 08/31/09	4,980,000	5,214,873	5,053,355
	U S TREASURY NOTE	2.375% 10/31/2014 DD 10/31/09	250,000	256,182	254,580
	U S TREASURY NOTE	2.125% 11/30/2014 DD 11/30/09	2,355,000	2,457,250	2,396,754
	U S TREASURY NOTE	2.250% 01/31/2015 DD 01/31/10	3,900,000	4,036,652	3,986,853
	U S TREASURY NOTE	1.250% 10/31/2015 DD 10/31/10	6,230,000	6,368,154	6,333,169
	U S TREASURY NOTE	1.375% 11/30/2015 DD 11/30/10	3,095,000	3,195,588	3,154,857
	U S TREASURY NOTE	2.000% 04/30/2016 DD 04/30/11	3,955,000	4,173,143	4,091,566
	U S TREASURY NOTE	1.500% 06/30/2016 DD 06/30/11	10,550,000	10,866,955	10,793,178
	U S TREASURY NOTE	0.500% 08/15/2014 DD 08/15/11	1,305,000	1,311,892	1,308,054
	U S TREASURY NOTE	1.500% 08/31/2018 DD 08/31/11	1,980,000	1,964,702	1,969,942
	U S TREASURY NOTE	1.000% 09/30/2016 DD 09/30/11	3,730,000	3,752,510	3,762,041
	U S TREASURY NOTE	1.000% 10/31/2016 DD 10/31/11	11,480,000	11,598,853	11,567,018
	U S TREASURY NOTE	0.875% 01/31/2017 DD 01/31/12	4,950,000	5,010,956	4,954,653
	U S TREASURY NOTE	1.250% 01/31/2019 DD 01/31/12	160,000	162,688	156,037
	U S TREASURY NOTE	0.250% 02/15/2015 DD 02/15/12	935,000	931,311	935,655
	U S TREASURY NOTE	0.375% 03/15/2015 DD 03/15/12	11,750,000	11,730,811	11,774,323
	U S TREASURY NOTE	0.375% 04/15/2015 DD 04/15/12	1,725,000	1,728,571	1,728,968
	U S TREASURY NOTE	0.250% 05/15/2015 DD 05/15/12	2,640,000	2,636,803	2,641,663
	U S TREASURY NOTE	0.625% 05/31/2017 DD 05/31/12	5,395,000	5,363,768	5,324,595
	U S TREASURY NOTE	0.375% 06/15/2015 DD 06/15/12	3,385,000	3,392,537	3,392,142
	U S TREASURY NOTE	0.750% 06/30/2017 DD 06/30/12	4,100,000	4,121,621	4,056,745
	U S TREASURY NOTE	0.250% 07/15/2015 DD 07/15/12	1,730,000	1,728,513	1,730,069
	U S TREASURY NOTE	0.500% 07/31/2017 DD 07/31/12	5,545,000	5,514,895	5,428,444
	U S TREASURY NOTE	0.250% 08/31/2014 DD 08/31/12	125,000	125,005	125,108
	U S TREASURY NOTE	0.625% 09/30/2017 DD 09/30/12	6,850,000	6,833,364	6,707,657
	U S TREASURY NOTE	0.250% 10/31/2014 DD 10/31/12	485,000	485,076	485,417
	U S TREASURY NOTE	0.750% 10/31/2017 DD 10/31/12	735,000	738,915	721,682
	U S TREASURY NOTE	0.125% 12/31/2014 DD 12/31/12	110,000	109,755	109,966
	U S TREASURY NOTE	0.875% 01/31/2018 DD 01/31/13	5,355,000	5,322,996	5,252,934
	U S TREASURY NOTE	0.375% 02/15/2016 DD 02/15/13	5,000,000	5,003,700	4,995,300
	U S TREASURY NOTE	0.250% 02/28/2015 DD 02/28/13	165,000	164,974	165,104
	U S TREASURY NOTE	0.750% 02/28/2018 DD 02/28/13	10,435,000	10,261,088	10,160,246
	U S TREASURY NOTE	0.250% 03/31/2015 DD 03/31/13	1,220,000	1,220,540	1,220,671
	U S TREASURY NOTE	0.750% 03/31/2018 DD 03/31/13	3,500,000	3,440,664	3,400,460
	U S TREASURY NOTE	1.000% 05/31/2018 DD 05/31/13	4,620,000	4,520,020	4,518,961
	U S TREASURY NOTE	0.500% 06/15/2016 DD 06/15/13	3,895,000	3,886,936	3,891,027
	U S TREASURY NOTE	0.375% 06/30/2015 DD 06/30/13	545,000	545,732	546,128
	U S TREASURY NOTE	0.625% 07/15/2016 DD 07/15/13	4,865,000	4,851,264	4,871,081
	U S TREASURY NOTE	0.375% 08/31/2015 DD 08/31/13	205,000	204,888	205,312
	U S TREASURY NOTES	0.250% 07/31/2015 DD 07/31/13	595,000	594,361	594,976
	UNILEVER CAPITAL CORP	2.750% 02/10/2016 DD 02/10/11	230,000	229,765	239,262
	UNION BANK NA	1.500% 09/26/2016 DD 09/26/13	1,425,000	1,421,381	1,441,160

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX D - UNDERLYING ASSETS FOR MONUMENTAL LIFE MDA01078TR December 31, 2013

	UNITEDHEALTH GROUP INC	1.875% 11/15/2016 DD 11/10/11	315,000		312,222		321,558
	UNITEDHEALTH GROUP INC	0.850% 10/15/2015 DD 10/22/12	305,000		304,930		306,220
	US BANCORP/MN	1.950% 11/15/2018 DD 11/07/13	275,000		274,659		273,526
	VERIZON COMMUNICATIONS INC	2.000% 11/01/2016 DD 11/03/11	1,200,000		1,223,868		1,224,432
	VIACOM INC	2.500% 09/01/2018 DD 08/19/13	310,000		308,211		312,499
	VOLKSWAGEN INTERNATIONAL 144A	1.150% 11/20/2015 DD 11/20/12	845,000		844,104		851,861
	WELLS FARGO & CO	1.500% 07/01/2015 DD 06/27/12	1,230,000		1,227,589		1,247,294
	WELLS FARGO & CO	1.250% 07/20/2016 DD 07/29/13	2,045,000		2,047,536		2,060,174
	XEROX CORP	8.250% 05/15/2014 DD 05/11/09	230,000		229,959		236,164
	XYLEM INC/NY	3.550% 09/20/2016 DD 03/20/12	235,000		234,551		246,835
	ZOETIS INC	1.875% 02/01/2018 DD 08/01/13	650,000		649,630		644,657
	U S TREASURY NOTE	1.000% 05/31/2018 DD 05/31/13	4,620,000		(4,524,336	)	(4,524,336	)
	U S TREASURY NOTE	0.500% 08/15/2014 DD 08/15/11	(3,600,000	)	3,615,615		3,615,615
	IGT Invesco Short Term Bond Fund		195,617,509		195,617,509		195,617,509
	INTEREST BEARING CASH	TEMPORARY INVESTMENTS			2,672,512		2,672,512
	TOTAL UNDERLYING ASSETS				446,007,298		444,546,460
	ADJUSTMENT FROM MARKET TO CONTRACT VALUE						(12,881,574	)
	WRAPPER						338,346
	CONTRACT VALUE						432,003,232

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX E - UNDERLYING ASSETS FOR PRUDENTIAL GA-62233 December 31, 2013

			(c)
	(b)		Face Value		(e)
	Identity of Issue, Borrower,		or Number	(d)	Current
(a)	Lessor or Similar Party		of Shares	Cost	Value

	ABB TREASURY CENTER USA I 144A	2.500% 06/15/2016 DD 06/17/11	830,000	824,754	853,605
	ABBVIE INC	2.900% 11/06/2022 DD 05/06/13	2,180,000	2,165,961	2,037,559
	ALLY AUTO RECEIVABLES TRU 5 A2	0.450% 07/15/2015 DD 10/24/12	513,687	513,628	513,811
	ALLY AUTO RECEIVABLES TRU 5 A3	0.990% 11/16/2015 DD 11/16/11	363,559	363,482	364,279
	ALLY AUTO RECEIVABLES TRU 5 A4	1.750% 03/15/2016 DD 12/10/10	774,565	784,247	778,554
	ALLY MASTER OWNER TRUST 1 A2	2.150% 01/15/2016 DD 01/20/11	375,000	376,526	375,221
	ALLY MASTER OWNER TRUST 1 A2	1.440% 02/15/2017 DD 02/22/12	830,000	829,936	836,167
	ALLY MASTER OWNER TRUST 3 A2	1.810% 05/15/2016 DD 05/18/11	1,285,000	1,284,697	1,290,847
	ALLY MASTER OWNER TRUST 5 A	1.540% 09/15/2019 DD 10/11/12	1,380,000	1,379,606	1,370,133
	AMERICAN EXPRESS CO	7.000% 03/19/2018 DD 03/19/08	425,000	533,622	507,807
	AMERICAN HONDA FINANCE CORP	2.125% 10/10/2018 DD 10/10/13	1,490,000	1,484,249	1,483,861
	AMGEN INC	6.375% 06/01/2037 DD 12/01/07	200,000	248,974	229,372
	AMGEN INC	5.650% 06/15/2042 DD 06/30/11	625,000	621,938	661,900
	AMGEN INC	3.875% 11/15/2021 DD 11/10/11	2,090,000	2,084,148	2,146,827
	ANHEUSER-BUSCH INBEV FINANCE I	2.625% 01/17/2023 DD 01/17/13	1,915,000	1,902,495	1,758,640
	BAE SYSTEMS PLC 144A	4.750% 10/11/2021 DD 10/11/11	2,140,000	2,137,817	2,230,822
	BANK OF AMERICA CORP	5.420% 03/15/2017 DD 03/15/07	1,300,000	1,295,986	1,429,207
	BANK OF AMERICA CORP	5.490% 03/15/2019 DD 03/15/07	2,000,000	1,887,840	2,214,040
	BANK OF AMERICA CORP	5.750% 12/01/2017 DD 12/04/07	330,000	347,691	375,576
	BANK OF AMERICA CORP	5.650% 05/01/2018 DD 05/02/08	370,000	353,113	421,160
	BANK OF AMERICA NA	6.100% 06/15/2017 DD 06/19/07	870,000	896,222	981,003
	BANK OF NEW YORK MELLON CORP/T	2.100% 01/15/2019 DD 11/18/13	765,000	764,044	758,268
	BERKSHIRE HATHAWAY FINANCE COR	5.400% 05/15/2018 DD 11/15/08	2,310,000	2,410,115	2,657,031
	BG ENERGY CAPITAL PLC 144A	2.500% 12/09/2015 DD 12/09/10	305,000	303,252	314,784
	BG ENERGY CAPITAL PLC 144A	4.000% 10/15/2021 DD 10/12/11	1,195,000	1,185,560	1,225,855
	BHP BILLITON FINANCE USA LTD	3.850% 09/30/2023 DD 09/30/13	1,095,000	1,093,653	1,099,752
	CATERPILLAR FINANCIAL SERVICES	7.050% 10/01/2018 DD 09/26/08	1,675,000	1,862,075	2,020,871
	CATERPILLAR INC	3.900% 05/27/2021 DD 05/27/11	200,000	199,066	207,740
	CITIGROUP INC	4.500% 01/14/2022 DD 11/01/11	1,935,000	2,124,185	2,050,539
	CITIGROUP INC	2.500% 09/26/2018 DD 09/26/13	980,000	975,708	984,949
	CLOROX CO/THE	5.950% 10/15/2017 DD 10/09/07	755,000	764,234	862,044
	CNH EQUIPMENT TRUST C A2	0.630% 01/17/2017 DD 08/29/13	935,000	934,998	936,000
	COCA-COLA CO/THE	2.450% 11/01/2020 DD 11/01/13	1,550,000	1,547,815	1,505,531
	COCA-COLA FEMSA SAB DE CV	2.375% 11/26/2018 DD 11/26/13	970,000	968,729	962,832
	COMCAST CORP	4.950% 06/15/2016 DD 06/09/05	2,135,000	2,208,796	2,331,271
	COMCAST CORP	6.500% 01/15/2017 DD 07/14/06	565,000	626,717	647,264
	CONAGRA FOODS INC	1.900% 01/25/2018 DD 01/25/13	670,000	670,000	657,719

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX E - UNDERLYING ASSETS FOR PRUDENTIAL GA-62233 December 31, 2013

	CVS CAREMARK CORP	2.250% 12/05/2018 DD 12/05/13	1,370,000	1,368,452	1,369,603
	DAIMLER FINANCE NORTH AME 144A	2.375% 08/01/2018 DD 08/01/13	1,095,000	1,092,284	1,092,580
	DETROIT EDISON SECURITIZA 1 A6	6.620% 03/01/2016 DD 03/09/01	1,842,102	1,937,229	1,918,402
	DEUTSCHE TELEKOM INTERNAT 144A	2.250% 03/06/2017 DD 03/06/12	1,265,000	1,257,878	1,283,014
	DEVON ENERGY CORP	3.250% 05/15/2022 DD 05/14/12	2,070,000	2,057,746	1,973,849
	DIAGEO CAPITAL PLC	1.125% 04/29/2018 DD 04/29/13	1,280,000	1,272,704	1,234,035
	DIAGEO INVESTMENT CORP	2.875% 05/11/2022 DD 05/11/12	1,025,000	1,021,290	977,061
	DIRECTV HOLDINGS LLC / DIRECTV	5.875% 10/01/2019 DD 04/01/10	410,000	492,935	464,440
	DIRECTV HOLDINGS LLC / DIRECTV	1.750% 01/15/2018 DD 01/15/13	675,000	673,076	662,155
	DOMINION RESOURCES INC/VA	1.950% 08/15/2016 DD 08/15/11	370,000	369,911	376,124
	DTE ENERGY CO	3.850% 12/01/2023 DD 11/25/13	955,000	952,947	942,891
	DUKE ENERGY PROGRESS INC	3.000% 09/15/2021 DD 09/15/11	325,000	324,441	318,282
	ENCANA CORP	3.900% 11/15/2021 DD 11/14/11	1,835,000	1,834,688	1,821,953
	FINANCING CORP STRIP	10.700% 10/06/2017 DD 10/08/87	375,000	527,096	496,871
	FINANCING CORP STRIP	0.000% 10/06/2017 DD 10/27/88	395,000	375,783	372,173
	FINANCING CORP STRIP	0.000% 05/02/2017 DD 11/02/91	965,000	662,077	928,948
	FINANCING CORP STRIP	0.000% 10/06/2017 DD 10/08/87	5,750,000	3,958,415	5,417,708
	FINANCING CORP STRIP	0.000% 11/30/2017 DD 11/30/87	1,740,000	1,182,382	1,628,483
	FINANCING CORP STRIP IO	10.350% 08/03/2018 DD 08/03/88	1,940,000	2,798,016	2,654,929
	FINANCING CORP STRIP PO	0.000% 12/27/2018 DD 01/03/89	900,000	574,587	810,873
	FINANCING CORP STRIP PO	0.000% 03/07/2019 DD 03/14/89	965,000	614,898	860,519
	FINANCING CORP STRIP PO	0.000% 04/05/2019 DD 04/24/89	150,000	112,521	133,167
	FINANCING CORP STRIP PO	0.000% 09/26/2019 DD 09/26/89	1,160,000	715,244	1,001,579
	FNMA POOL #0310104	5.500% 08/01/2037 DD 12/01/11	2,506,687	2,753,439	2,757,255
	FNMA POOL #0725424	5.500% 04/01/2034 DD 04/01/04	745,338	817,775	821,265
	FNMA POOL #0735676	5.000% 07/01/2035 DD 06/01/05	725,681	779,880	788,213
	FNMA POOL #0AD0248	5.500% 11/01/2037 DD 09/01/09	567,128	621,714	624,142
	FNMA POOL #0AD0719	5.500% 12/01/2033 DD 02/01/10	1,106,452	1,222,803	1,219,133
	FNMA POOL #0AL3760	5.500% 02/01/2038 DD 06/01/13	1,566,335	1,717,095	1,723,548
	FORD CREDIT AUTO OWNER TR B A3	0.840% 06/15/2015 DD 07/26/11	81,758	81,745	81,790
	FORD CREDIT AUTO OWNER TR C A2	0.470% 04/15/2015 DD 07/25/12	51,084	51,080	51,084
	FORD CREDIT AUTO OWNER TR D A2	0.450% 08/15/2016 DD 11/26/13	2,085,000	2,084,792	2,084,729
	FORD CREDIT FLOORPLAN MAS 1 A1	2.120% 02/15/2016 DD 02/24/11	1,040,000	1,048,158	1,042,246
	FORD CREDIT FLOORPLAN MAS 4 A1	0.740% 09/15/2016 DD 09/19/12	1,755,000	1,754,694	1,757,194
	FORD CREDIT FLOORPLAN MAS 5 A1	1.500% 09/15/2018 DD 09/17/13	680,000	679,856	686,032
	GENERAL ELECTRIC CAPITAL CORP	5.300% 02/11/2021 DD 02/11/11	700,000	725,020	783,034
	GENERAL ELECTRIC CAPITAL CORP	4.375% 09/16/2020 DD 09/16/10	750,000	744,128	812,843
	GENERAL ELECTRIC CO	2.700% 10/09/2022 DD 10/09/12	1,885,000	1,880,570	1,764,360
	GOLDMAN SACHS GROUP INC/THE	7.500% 02/15/2019 DD 02/05/09	480,000	563,731	584,626
	GOLDMAN SACHS GROUP INC/THE	5.950% 01/18/2018 DD 01/18/08	880,000	955,680	1,000,507
	GOLDMAN SACHS GROUP INC/THE	6.150% 04/01/2018 DD 04/01/08	1,315,000	1,438,644	1,507,884
	GOLDMAN SACHS GROUP INC/THE	5.250% 07/27/2021 DD 07/27/11	1,650,000	1,646,344	1,806,486

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX E - UNDERLYING ASSETS FOR PRUDENTIAL GA-62233 December 31, 2013

	HARLEY-DAVIDSON MOTORCYCL 2 A3	1.110% 09/15/2016 DD 11/09/11	333,787	334,778	334,444
	HEINEKEN NV 144A	1.400% 10/01/2017 DD 10/10/12	475,000	473,433	466,008
	HONDA AUTO RECEIVABLES OW 4 A2	0.450% 04/18/2016 DD 10/30/13	1,550,000	1,549,907	1,549,969
	HSBC FINANCE CORP	6.676% 01/15/2021 DD 07/15/11	961,000	893,423	1,104,227
	HSBC HOLDINGS PLC	4.000% 03/30/2022 DD 03/30/12	530,000	526,544	544,761
	INTERNATIONAL BUSINESS MACHINE	1.625% 05/15/2020 DD 05/07/13	1,730,000	1,717,008	1,622,273
	JAPAN TOBACCO INC 144A	2.100% 07/23/2018 DD 07/23/13	565,000	564,384	563,435
	JPMCC COMMERCIAL MORTG LDP1 A2	4.625% 03/15/2046 DD 03/01/05	65,739	66,065	65,747
	JPMORGAN CHASE & CO	6.000% 01/15/2018 DD 12/20/07	1,800,000	1,760,094	2,072,664
	JPMORGAN CHASE & CO	4.400% 07/22/2020 DD 07/22/10	1,590,000	1,594,913	1,709,186
	JPMORGAN CHASE & CO	3.450% 03/01/2016 DD 02/24/11	935,000	955,271	980,675
	JPMORGAN CHASE BANK NA	6.000% 10/01/2017 DD 09/24/07	495,000	531,531	566,339
	KELLOGG CO	1.750% 05/17/2017 DD 05/17/12	310,000	308,320	309,634
	KRAFT FOODS GROUP INC	3.500% 06/06/2022 DD 12/06/12	355,000	351,805	345,979
	KROGER CO/THE	6.400% 08/15/2017 DD 08/15/07	1,280,000	1,413,330	1,466,547
	LOCKHEED MARTIN CORP	3.350% 09/15/2021 DD 09/09/11	1,410,000	1,406,193	1,399,002
	MASSACHUSETTS MUTUAL LIFE 144A	8.875% 06/01/2039 DD 06/01/09	985,000	1,216,863	1,411,564
	MERCEDES-BENZ AUTO RECEIV 1 A3	0.850% 03/16/2015 DD 07/20/11	151,569	151,894	151,673
	METLIFE INC	6.750% 06/01/2016 DD 05/29/09	830,000	828,033	943,735
	MORGAN STANLEY	5.450% 01/09/2017 DD 01/09/07	750,000	769,883	831,750
	MORGAN STANLEY	5.950% 12/28/2017 DD 12/28/07	670,000	694,864	765,488
	MORGAN STANLEY	7.300% 05/13/2019 DD 05/13/09	255,000	292,464	309,675
	MORGAN STANLEY CAPITAL HQ4 A7	4.970% 04/14/2040 DD 10/01/04	792,806	823,528	802,494
	MOTIVA ENTERPRISES LLC 144A	5.750% 01/15/2020 DD 01/11/10	505,000	504,010	573,488
	NCUA GUARANTEED NOTES TR C1 A2	2.900% 10/29/2020 DD 11/10/10	990,000	987,476	1,022,630
	NEW YORK LIFE GLOBAL FUND 144A	2.100% 01/02/2019 DD 12/12/13	1,560,000	1,558,206	1,542,700
	NEWS AMERICA INC	6.200% 12/15/2034 DD 12/03/04	1,050,000	1,050,525	1,162,319
	NORTHROP GRUMMAN CORP	1.750% 06/01/2018 DD 05/31/13	2,095,000	2,089,218	2,043,798
	PACIFIC GAS & ELECTRIC CO	5.625% 11/30/2017 DD 12/04/07	1,260,000	1,324,027	1,427,555
	PEPSICO INC	2.750% 03/01/2023 DD 02/28/13	1,145,000	1,143,901	1,059,766
	PERRIGO CO LTD 144A	2.300% 11/08/2018 DD 11/08/13	1,515,000	1,512,864	1,495,350
	PETROBRAS GLOBAL FINANCE	2.000% 05/20/2016 DD 05/20/13	785,000	781,734	784,380
	PNC BANK NA	1.150% 11/01/2016 DD 10/24/13	770,000	768,999	770,939
	PROCTER & GAMBLE - ESOP	9.360% 01/01/2021 DD 12/04/90	1,006,935	1,278,681	1,283,993
	PSE&G TRANSITION FUNDING 1 A8	6.890% 12/15/2017 DD 01/31/01	1,650,000	1,947,000	1,783,898
	RAYTHEON CO	6.400% 12/15/2018 DD 06/15/99	1,540,000	1,728,614	1,818,278
	RESOLUTION FDG CORP STRIP	0.000% 07/15/2020 DD 07/15/90	1,550,000	1,369,328	1,293,599
	RIO TINTO FINANCE USA LTD	3.750% 09/20/2021 DD 09/19/11	245,000	246,583	247,352
	RIO TINTO FINANCE USA PLC	2.250% 12/14/2018 DD 06/19/13	495,000	490,476	492,560
	RSB BONDCO LLC A A3	5.820% 06/28/2019 DD 06/29/07	715,000	822,809	804,139
	SABMILLER HOLDINGS INC 144A	3.750% 01/15/2022 DD 01/17/12	245,000	243,829	245,914
	SHELL INTERNATIONAL FINANCE BV	3.400% 08/12/2023 DD 08/12/13	905,000	903,100	882,058

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX E - UNDERLYING ASSETS FOR PRUDENTIAL GA-62233 December 31, 2013

	SOUTHERN CALIFORNIA EDISON CO	3.500% 10/01/2023 DD 10/02/13	1,320,000	1,317,677		1,293,666
	SOUTHWESTERN ELECTRIC POWER CO	5.875% 03/01/2018 DD 12/04/07	665,000	662,579		746,542
	SPECTRA ENERGY CAPITAL LLC	8.000% 10/01/2019 DD 09/28/99	697,000	807,882		830,239
	STATE STREET CORP	3.700% 11/20/2023 DD 11/19/13	3,035,000	3,027,716		3,011,145
	STATOIL ASA	2.900% 11/08/2020 DD 11/08/13	1,490,000	1,489,628		1,480,255
	STRYKER CORP	1.300% 04/01/2018 DD 03/25/13	570,000	567,521		553,698
	SUNCOR ENERGY INC	6.100% 06/01/2018 DD 06/06/08	1,965,000	2,083,106		2,271,461
	THERMO FISHER SCIENTIFIC INC	2.400% 02/01/2019 DD 12/11/13	785,000	783,399		777,692
	TIME WARNER CABLE INC	8.250% 02/14/2014 DD 11/18/08	1,120,000	1,118,309		1,129,621
	TIME WARNER CABLE INC	8.250% 04/01/2019 DD 03/26/09	355,000	416,639		415,883
	TIME WARNER CABLE INC	5.500% 09/01/2041 DD 09/12/11	450,000	441,972		372,875
	TOTAL CAPITAL SA	2.125% 08/10/2018 DD 08/12/13	810,000	809,773		813,143
	TOYOTA AUTO RECEIVABLES O B A2	0.480% 02/15/2016 DD 09/18/13	765,000	764,958		765,620
	TOYOTA MOTOR CREDIT CORP	2.000% 10/24/2018 DD 10/24/13	1,710,000	1,709,590		1,709,504
	TSMC GLOBAL LTD 144A	1.625% 04/03/2018 DD 04/03/13	1,240,000	1,239,169		1,187,474
	U S TREASURY BILL	0.000% 02/06/2014 DD 02/07/13	30,160,000	30,157,115		30,157,115
	U S TREASURY BILL	0.000% 04/03/2014 DD 04/04/13	3,880,000	3,879,420		3,879,420
	U S TREASURY BOND	3.125% 11/15/2041 DD 11/15/11	18,730,000	19,178,098		16,178,038
	U S TREASURY BOND	3.125% 02/15/2042 DD 02/15/12	19,265,000	20,697,568		16,610,090
	U S TREASURY BOND	3.000% 05/15/2042 DD 05/15/12	1,855,000	1,893,440		1,555,584
	U S TREASURY BOND	2.750% 08/15/2042 DD 08/15/12	8,810,000	8,694,720		6,980,515
	U S TREASURY BOND	2.750% 11/15/2042 DD 11/15/12	1,420,000	1,303,937		1,122,695
	U S TREASURY BOND	2.875% 05/15/2043 DD 05/15/13	11,340,000	9,622,589		9,190,730
	U S TREASURY BONDS	3.625% 08/15/2043 DD 08/15/13	1,160,000	1,114,745		1,095,481
	U S TREASURY NOTE	1.500% 12/31/2018 DD 12/31/13	27,275,000	26,960,118		26,968,156
	U S TREASURY NOTE	2.375% 12/31/2020 DD 12/31/13	2,935,000	2,938,378		2,923,524
	U S TREASURY NOTE	4.000% 02/15/2014 DD 02/15/04	25,090,000	25,250,944		25,206,669
	U S TREASURY NOTE	1.875% 02/28/2014 DD 02/28/09	4,080,000	4,096,943		4,091,465
	U S TREASURY NOTE	1.750% 03/31/2014 DD 03/31/09	11,325,000	11,377,108		11,370,527
	U S TREASURY NOTE	1.250% 02/15/2014 DD 02/15/11	4,925,000	4,936,881		4,931,747
	U S TREASURY NOTE	0.250% 03/31/2014 DD 03/31/12	13,500,000	13,505,968		13,505,265
	U S TREASURY NOTE	2.000% 02/15/2023 DD 02/15/13	15,680,000	15,833,330		14,545,709
	U S TREASURY NOTE	0.375% 06/30/2015 DD 06/30/13	11,570,000	11,567,967		11,593,950
	U S TREASURY NOTE	2.500% 08/15/2023 DD 08/15/13	10,045,000	9,904,485		9,646,314
	U S TREASURY NOTE	2.750% 11/15/2023 DD 11/15/13	565,000	560,263		552,725
	VERIZON COMMUNICATIONS INC	3.850% 11/01/2042 DD 11/07/12	560,000	559,210		457,408
	VERIZON COMMUNICATIONS INC	6.400% 09/15/2033 DD 09/18/13	2,945,000	2,942,055		3,387,103
	VODAFONE GROUP PLC	2.950% 02/19/2023 DD 02/19/13	1,430,000	1,423,379		1,304,174
	VOLKSWAGEN AUTO LOAN ENHA 2 A2	0.420% 07/20/2016 DD 11/13/13	1,445,000	1,444,946		1,444,682
	WASTE MANAGEMENT INC	2.600% 09/01/2016 DD 08/29/11	395,000	394,964		407,707
	U S TREASURY BILL	0.000% 04/03/2014 DD 04/04/13	555,000	(554,916	)	(554,916	)
	U S TREASURY BILL	0.000% 04/03/2014 DD 04/04/13	3,325,000	(3,324,504	)	(3,324,504	)

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX E - UNDERLYING ASSETS FOR PRUDENTIAL GA-62233 December 31, 2013

	U S TREASURY NOTE	0.250% 03/31/2014 DD 03/31/12	555,000		(555,618	)	(555,618	)
	US TREAS BD FUTURE (CBT)	EXP MAR 14	(159	)	386,320		386,320
	US ULTRA BOND (CBT)	EXP MAR 14	(127	)	416,719		416,719
	US 10YR TREAS NTS FUTURE (CBT)	EXP MAR 14	(23	)	59,656		59,656
	US 5YR TREAS NTS FUTURE (CBT)	EXP MAR 14	(77	)	110,086		110,086
	US 2YR TREASURY NTS FUT (CBT)	EXP MAR 14	(199	)	44,774		44,774
	INTEREST BEARING CASH	TEMPORARY INVESTMENST			13,730,442		13,730,442
	TOTAL UNDERLYING ASSETS				386,466,983		380,549,406
	ADJUSTMENT FROM MARKET TO CONTRACT VALUE						(15,156,407	)
	CONTRACT VALUE						365,392,999

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036 December 31, 2013

			(c)
	(b)		Face Value		(e)
	Identity of Issue, Borrower,		or Number	(d)	Current
(a)	Lessor or Similar Party		of Shares	Cost	Value

	ABBVIE INC	1.750% 11/06/2017 DD 05/06/13	425,000	424,112	424,273
	ABBVIE INC	2.000% 11/06/2018 DD 05/06/13	325,000	323,287	321,493
	ABBVIE INC	2.900% 11/06/2022 DD 05/06/13	260,000	258,326	243,012
	ALLY MASTER OWNER TRUST 1 A2	1.000% 02/15/2018 DD 02/21/13	250,000	249,942	249,800
	ALLY MASTER OWNER TRUST 4 A2	1.540% 09/15/2016 DD 09/21/11	160,000	161,413	161,021
	ALLY MASTER OWNER TRUST 5 A	1.540% 09/15/2019 DD 10/11/12	525,000	524,850	521,246
	ALTRIA GROUP INC	9.700% 11/10/2018 DD 11/10/08	10,000	13,719	13,144
	ALTRIA GROUP INC	9.250% 08/06/2019 DD 02/06/09	98,000	121,850	129,096
	ALTRIA GROUP INC	2.850% 08/09/2022 DD 08/09/12	330,000	329,314	303,838
	AMAZON.COM INC	2.500% 11/29/2022 DD 11/29/12	205,000	203,188	184,793
	AMERICAN EXPRESS CO	2.650% 12/02/2022 DD 12/03/12	350,000	320,765	324,685
	AMERICAN HONDA FINANCE CORP	2.125% 10/10/2018 DD 10/10/13	400,000	398,456	398,352
	AMERICAN INTERNATIONAL GROUP I	3.800% 03/22/2017 DD 03/22/12	35,000	34,929	37,377
	AMERICAN INTERNATIONAL GROUP I	2.375% 08/24/2015 DD 08/23/12	110,000	109,899	112,358
	AMERICAN INTERNATIONAL GROUP I	4.125% 02/15/2024 DD 10/02/13	195,000	194,877	193,869
	AMERICAN INTERNATIONAL GROUP I	5.850% 01/16/2018 DD 12/12/07	235,000	233,057	269,557
	AMERIPRISE FINANCIAL INC	4.000% 10/15/2023 DD 09/06/13	475,000	484,286	473,594
	AMGEN INC	3.875% 11/15/2021 DD 11/10/11	310,000	309,132	318,429
	AMGEN INC	2.125% 05/15/2017 DD 05/15/12	175,000	175,749	177,216
	ANADARKO PETROLEUM CORP	6.375% 09/15/2017 DD 08/12/10	200,000	233,216	229,614
	ARI FLEET LEASE TRUST B A 144A	VAR RT 01/15/2021 DD 10/23/12	157,948	157,948	157,758
	AT&T INC	3.875% 08/15/2021 DD 08/18/11	160,000	165,424	162,096
	BANC OF AMERICA COMMERCIA 4 A4	5.634% 07/10/2046 DD 08/01/06	435,000	489,056	471,549
	BANC OF AMERICA MERRILL L 1 A5	VAR RT 11/10/2042 DD 04/01/05	445,210	484,427	461,554
	BANK OF AMERICA CORP	5.750% 12/01/2017 DD 12/04/07	135,000	129,533	153,645
	BANK OF AMERICA CORP	5.625% 07/01/2020 DD 06/22/10	125,000	127,107	142,839
	BANK OF AMERICA CORP	5.875% 01/05/2021 DD 12/21/10	190,000	196,316	218,384
	BANK OF AMERICA CORP	2.000% 01/11/2018 DD 01/11/13	245,000	244,630	244,566
	BANK OF AMERICA CORP	2.600% 01/15/2019 DD 10/22/13	245,000	244,958	246,080
	BANK OF AMERICA CORP	4.100% 07/24/2023 DD 07/23/13	50,000	51,033	50,212
	BANK OF TOKYO-MITSUBISHI 144A	1.550% 09/09/2016 DD 09/09/13	450,000	449,424	454,212
	BARCLAYS BANK PLC 144A	6.050% 12/04/2017 DD 12/04/07	785,000	876,089	877,614
	BAT INTERNATIONAL FINANCE 144A	9.500% 11/15/2018 DD 11/21/08	165,000	163,442	217,287
	BEAR STEARNS COMMERCIA PW10 A4	VAR RT 12/11/2040 DD 12/01/05	225,000	250,857	238,714
	BEAR STEARNS COMMERCIA PW11 A4	VAR RT 03/11/2039 DD 03/01/06	490,000	398,431	527,823
	BEAR STEARNS COMMERCIA PW14 A4	5.201% 12/11/2038 DD 12/01/06	190,000	208,948	207,545
	BEAR STEARNS COMMERCIA PW16 A4	VAR RT 06/11/2040 DD 06/01/07	145,000	165,114	162,607

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036 December 31, 2013

	BEAR STEARNS COMMERCIAL T24 A4	5.537% 10/12/2041 DD 10/01/06	140,000	151,397	153,002
	BEAR STEARNS COS LLC/THE	6.400% 10/02/2017 DD 10/02/07	150,000	149,562	174,084
	BEAR STEARNS COS LLC/THE	7.250% 02/01/2018 DD 02/01/08	115,000	143,107	137,698
	BNP PARIBAS SA	2.375% 09/14/2017 DD 09/14/12	320,000	324,762	326,710
	BNP PARIBAS SA	5.000% 01/15/2021 DD 01/18/11	230,000	246,052	252,308
	BNP PARIBAS SA	2.400% 12/12/2018 DD 12/12/13	250,000	249,415	250,160
	BP CAPITAL MARKETS PLC	1.846% 05/05/2017 DD 05/07/12	640,000	640,000	646,426
	BPCE SA	2.500% 12/10/2018 DD 12/10/13	280,000	279,555	278,502
	BRANCH BANKING & TRUST CO	2.300% 10/15/2018 DD 09/26/13	250,000	249,950	250,373
	BURLINGTON NORTHERN SANTA FE L	3.850% 09/01/2023 DD 08/22/13	325,000	323,898	319,683
	CANADIAN NATIONAL RAILWAY CO	2.850% 12/15/2021 DD 11/15/11	630,000	625,277	605,789
	CAPITAL ONE BANK USA NA	3.375% 02/15/2023 DD 02/11/13	300,000	302,259	278,904
	CAPITAL ONE FINANCIAL CORP	6.150% 09/01/2016 DD 08/29/06	350,000	362,737	391,468
	CARGILL INC 144A	4.307% 05/14/2021 DD 05/16/11	564,000	553,557	585,291
	CARMAX AUTO OWNER TRUST 3 A4	1.490% 01/15/2019 DD 08/08/13	265,000	264,987	266,073
	CBS CORP	5.750% 04/15/2020 DD 04/05/10	290,000	303,113	325,531
	CD 2007-CD4 COMMERCIAL CD4 A4	5.322% 12/11/2049 DD 03/01/07	435,000	494,065	476,373
	CELLCO PARTNERSHIP / VERIZON W	8.500% 11/15/2018 DD 05/15/09	325,000	321,539	411,492
	CHESAPEAKE FUNDING L 1A A 144A	VAR RT 11/07/2023 DD 05/17/12	358,190	358,722	358,993
	CITIGROUP COMMERCIAL MOR C4 A3	VAR RT 03/15/2049 DD 06/01/06	105,213	115,319	114,014
	CITIGROUP INC	6.125% 05/15/2018 DD 05/12/08	345,000	367,566	399,265
	CITIGROUP INC	8.500% 05/22/2019 DD 05/22/09	670,000	738,754	858,665
	CITIGROUP INC	5.375% 08/09/2020 DD 08/09/10	165,000	191,910	187,711
	CITIGROUP INC	1.700% 07/25/2016 DD 07/25/13	150,000	149,930	151,413
	CITIGROUP INC	3.875% 10/25/2023 DD 10/25/13	495,000	492,955	486,615
	COCA-COLA ENTERPRISES INC	3.500% 09/15/2020 DD 09/14/10	400,000	409,052	399,848
	COMCAST CORP	5.700% 07/01/2019 DD 06/18/09	250,000	302,858	288,943
	COMM 2013-LC6 MORTGAGE LC6 A4	2.941% 01/10/2046 DD 01/01/13	175,000	180,238	163,956
	COMMERCIAL MORTGAGE PAS CR3 A3	2.822% 10/15/2045 DD 10/01/12	240,000	242,128	225,595
	COMMERCIAL MORTGAGE PASS C4 A3	5.467% 09/15/2039 DD 09/01/06	271,600	288,617	295,454
	COMMIT TO PUR FHLMC GOLD SFM	4.000% 01/01/2044 DD 01/01/14	4,100,000	4,223,641	4,210,495
	COMMIT TO PUR FHLMC GOLD SFM	6.000% 01/01/2044 DD 01/01/14	1,000,000	1,100,469	1,105,200
	COMMIT TO PUR FNMA SF MTG	4.000% 01/01/2029 DD 01/01/14	14,300,000	15,234,008	15,152,423
	COMMIT TO PUR FNMA SF MTG	4.500% 01/01/2044 DD 01/01/14	4,300,000	4,564,047	4,556,151
	COMMIT TO PUR FNMA SF MTG	6.000% 01/01/2044 DD 01/01/14	6,300,000	6,952,641	6,987,582
	CONAGRA FOODS INC	1.900% 01/25/2018 DD 01/25/13	55,000	55,000	53,992
	CONOCOPHILLIPS	6.000% 01/15/2020 DD 05/21/09	400,000	478,946	469,248
	CONSUMERS ENERGY CO	3.375% 08/15/2023 DD 08/09/13	325,000	324,834	316,362
	COX COMMUNICATIONS INC	6.250% 06/01/2018 DD 06/05/08	175,000	206,817	199,603
	COX COMMUNICATIONS INC 144A	2.950% 06/30/2023 DD 05/01/13	645,000	642,162	563,627
	CREDIT SUISSE FIRST BOST C1 A4	VAR RT 02/15/2038 DD 03/01/05	402,856	433,873	414,382
	CVS CAREMARK CORP	6.250% 06/01/2027 DD 05/25/07	75,000	81,024	87,151

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036 December 31, 2013

	CVS CAREMARK CORP	2.750% 12/01/2022 DD 11/29/12	130,000	129,819	119,986
	DBUBS 2011-LC1 MO LC1A A3 144A	5.002% 11/10/2046 DD 02/01/11	145,767	162,273	160,800
	DIRECTV HOLDINGS LLC / DIRECTV	5.200% 03/15/2020 DD 03/11/10	155,000	170,810	168,790
	DIRECTV HOLDINGS LLC / DIRECTV	4.600% 02/15/2021 DD 08/17/10	275,000	292,227	283,990
	DIRECTV HOLDINGS LLC / DIRECTV	2.400% 03/15/2017 DD 03/08/12	425,000	429,568	432,676
	DOMINION RESOURCES INC/VA	6.400% 06/15/2018 DD 06/17/08	255,000	254,760	297,378
	DUKE ENERGY CORP	3.950% 10/15/2023 DD 10/11/13	70,000	69,857	70,020
	DUKE REALTY LP	5.950% 02/15/2017 DD 08/24/06	30,000	30,450	33,383
	DUKE REALTY LP	7.375% 02/15/2015 DD 08/11/09	195,000	216,771	208,576
	EMC CORP/MA	1.875% 06/01/2018 DD 06/06/13	650,000	649,630	642,616
	ENERGY TRANSFER PARTNERS LP	4.150% 10/01/2020 DD 09/19/13	400,000	399,316	405,832
	ENERGY TRANSFER PARTNERS LP	5.950% 10/01/2043 DD 09/19/13	400,000	390,588	405,804
	ERAC USA FINANCE LLC 144A	1.400% 04/15/2016 DD 10/15/12	60,000	59,904	60,047
	ERAC USA FINANCE LLC 144A	2.800% 11/01/2018 DD 07/23/13	175,000	175,565	176,845
	EVEREST REINSURANCE HOLDINGS I	5.400% 10/15/2014 DD 10/12/04	250,000	250,055	258,390
	FHLMC POOL #A4-1215	5.000% 11/01/2035 DD 12/01/05	170,349	163,602	183,645
	FHLMC POOL #A4-1297	5.000% 12/01/2035 DD 12/01/05	51,242	49,212	56,165
	FHLMC POOL #A4-1833	5.000% 01/01/2036 DD 01/01/06	77,908	74,822	84,274
	FHLMC POOL #A4-7715	5.000% 11/01/2035 DD 11/01/05	2,357	2,264	2,538
	FHLMC POOL #A7-0631	5.000% 12/01/2037 DD 12/01/07	200,143	191,950	215,464
	FHLMC POOL #A7-7292	5.000% 04/01/2038 DD 05/01/08	753,157	743,743	810,811
	FHLMC POOL #A9-6129	4.000% 01/01/2041 DD 12/01/10	4,340,979	4,483,757	4,461,875
	FHLMC POOL #B1-1979	5.500% 01/01/2019 DD 01/01/04	11,318	11,331	12,252
	FHLMC POOL #B1-5149	5.500% 06/01/2019 DD 06/01/04	17,567	18,187	18,502
	FHLMC POOL #B1-5992	5.500% 08/01/2019 DD 08/01/04	46,937	48,595	50,827
	FHLMC POOL #B1-6466	5.500% 09/01/2019 DD 09/01/04	134,277	134,424	145,364
	FHLMC POOL #E0-1216	5.500% 10/01/2017 DD 10/01/02	41,936	43,416	44,562
	FHLMC POOL #E0-1648	5.500% 05/01/2019 DD 05/01/04	6,203	6,422	6,717
	FHLMC POOL #E9-2026	5.500% 10/01/2017 DD 10/01/02	95,197	98,559	100,246
	FHLMC POOL #E9-9911	5.500% 10/01/2018 DD 09/01/03	48,727	50,447	52,011
	FHLMC POOL #G0-1940	5.000% 10/01/2035 DD 10/01/05	115,514	108,502	124,767
	FHLMC POOL #G0-4214	5.500% 05/01/2038 DD 04/01/08	436,771	439,774	476,023
	FHLMC POOL #G1-2164	6.500% 05/01/2017 DD 05/01/06	44	45	45
	FHLMC POOL #G1-2165	6.500% 01/01/2019 DD 05/01/06	820	832	860
	FHLMC MULTICLASS MTG 2684 PH	5.000% 01/15/2033 DD 10/01/03	114,365	112,284	119,177
	FHLMC MULTICLASS MTG K003 A5	5.085% 03/25/2019 DD 06/01/09	175,000	176,749	197,437
	FIFTH THIRD AUTO TRUST 20 A A4	0.830% 04/15/2019 DD 03/28/13	390,000	389,979	385,269
	FNMA POOL #0252441	6.000% 05/01/2019 DD 04/01/99	11,065	12,056	12,253
	FNMA POOL #0256315	5.500% 07/01/2036 DD 06/01/06	201,454	197,512	221,342
	FNMA POOL #0693008	5.000% 05/01/2018 DD 05/01/03	3,642	3,655	3,879
	FNMA POOL #0725314	5.000% 04/01/2034 DD 03/01/04	131,933	125,321	143,542
	FNMA POOL #0726028	5.000% 08/01/2018 DD 07/01/03	24,928	25,018	26,525

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036 December 31, 2013

	FNMA POOL #0727187	5.500% 08/01/2033 DD 08/01/03	54,664	55,022	60,215
	FNMA POOL #0733371	5.000% 08/01/2018 DD 07/01/03	60,377	60,943	64,322
	FNMA POOL #0733655	5.500% 09/01/2033 DD 08/01/03	64,487	64,910	71,041
	FNMA POOL #0734847	5.500% 08/01/2033 DD 08/01/03	85,384	85,945	94,094
	FNMA POOL #0738499	5.500% 09/01/2033 DD 09/01/03	38,184	38,434	41,912
	FNMA POOL #0738632	5.000% 11/01/2018 DD 11/01/03	66,088	66,708	70,420
	FNMA POOL #0743133	5.000% 10/01/2018 DD 09/01/03	87,294	88,112	93,005
	FNMA POOL #0743186	5.000% 10/01/2018 DD 09/01/03	212,001	213,989	225,945
	FNMA POOL #0743859	5.000% 11/01/2018 DD 10/01/03	197,267	199,117	211,184
	FNMA POOL #0743887	5.000% 11/01/2018 DD 10/01/03	86,611	87,423	92,741
	FNMA POOL #0747866	5.000% 11/01/2018 DD 11/01/03	113,333	114,396	120,781
	FNMA POOL #0757861	5.000% 10/01/2018 DD 11/01/03	90,381	91,228	96,183
	FNMA POOL #0778421	5.000% 08/01/2035 DD 07/01/05	13,435	13,215	14,562
	FNMA POOL #0820263	5.000% 07/01/2035 DD 07/01/05	50,556	49,727	54,874
	FNMA POOL #0825951	5.000% 07/01/2035 DD 06/01/05	43,644	42,928	47,345
	FNMA POOL #0826955	5.000% 06/01/2035 DD 06/01/05	5,729	5,635	6,218
	FNMA POOL #0828523	5.000% 07/01/2035 DD 07/01/05	88,933	87,474	96,549
	FNMA POOL #0828547	5.000% 08/01/2035 DD 08/01/05	9,773	9,277	10,601
	FNMA POOL #0828678	5.000% 07/01/2035 DD 07/01/05	100,492	98,843	109,006
	FNMA POOL #0828712	5.000% 07/01/2035 DD 07/01/05	91,042	89,549	98,819
	FNMA POOL #0830996	5.000% 08/01/2035 DD 07/01/05	113,254	111,396	122,924
	FNMA POOL #0832013	5.000% 09/01/2035 DD 08/01/05	143,498	141,144	155,710
	FNMA POOL #0832878	5.000% 09/01/2035 DD 08/01/05	158,186	152,971	171,689
	FNMA POOL #0838778	5.000% 10/01/2035 DD 10/01/05	53,536	50,853	58,107
	FNMA POOL #0840377	5.000% 11/01/2035 DD 11/01/05	38,999	37,045	42,303
	FNMA POOL #0843360	5.000% 11/01/2035 DD 11/01/05	70,438	66,908	76,434
	FNMA POOL #0844018	5.000% 11/01/2035 DD 10/01/05	145,730	138,427	158,171
	FNMA POOL #0867065	5.000% 02/01/2036 DD 02/01/06	48,534	46,069	52,642
	FNMA POOL #0882022	5.500% 05/01/2036 DD 05/01/06	8,159	7,999	8,966
	FNMA POOL #0888023	5.500% 06/01/2036 DD 11/01/06	876,080	874,027	965,204
	FNMA POOL #0888120	5.000% 10/01/2035 DD 12/01/06	341,468	330,184	370,589
	FNMA POOL #0893289	5.500% 08/01/2036 DD 08/01/06	81,096	79,588	89,098
	FNMA POOL #0893363	5.000% 06/01/2036 DD 08/01/06	14,592	13,860	15,824
	FNMA POOL #0900979	5.500% 09/01/2036 DD 09/01/06	11,580	11,365	12,711
	FNMA POOL #0961876	5.000% 03/01/2038 DD 02/01/08	401,783	392,335	439,739
	FNMA POOL #0AJ5610	3.000% 02/01/2027 DD 02/01/12	2,715,382	2,816,785	2,774,686
	FNMA POOL #0AU1358	3.000% 07/01/2028 DD 07/01/13	1,159,474	1,202,773	1,185,330
	FNMA POOL #0AU8871	3.000% 12/01/2028 DD 11/01/13	1,699,948	1,743,775	1,736,820
	FORD CREDIT FLOORPLAN MAS 1 A1	2.120% 02/15/2016 DD 02/24/11	270,000	269,988	270,583
	FORD MOTOR CREDIT CO LLC	6.625% 08/15/2017 DD 08/04/10	150,000	177,495	173,765
	FORD MOTOR CREDIT CO LLC	5.875% 08/02/2021 DD 08/01/11	225,000	262,510	255,085
	FORD MOTOR CREDIT CO LLC	4.250% 09/20/2022 DD 09/25/12	235,000	232,909	236,081

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036 December 31, 2013

	FREEPORT-MCMORAN COPPER & GOLD	3.100% 03/15/2020 DD 09/15/13	490,000	477,428	476,050
	GENERAL ELECTRIC CAPITAL CORP	5.550% 05/04/2020 DD 05/04/07	625,000	742,025	719,206
	GENERAL ELECTRIC CAPITAL CORP	5.625% 05/01/2018 DD 04/21/08	275,000	298,378	315,802
	GENERAL ELECTRIC CAPITAL CORP	5.500% 01/08/2020 DD 01/08/10	95,000	94,675	108,790
	GENERAL ELECTRIC CAPITAL CORP	4.625% 01/07/2021 DD 01/07/11	225,000	237,823	245,351
	GENERAL ELECTRIC CAPITAL CORP	4.650% 10/17/2021 DD 10/17/11	125,000	141,131	136,181
	GENERAL ELECTRIC CAPITAL CORP	3.150% 09/07/2022 DD 09/07/12	335,000	332,880	324,186
	GMAC COMMERCIAL MORTGAGE C1 A4	VAR RT 11/10/2045 DD 01/01/06	115,000	125,247	120,828
	GNMA POOL #0249532	8.500% 04/15/2018 DD 05/01/88	5,159	5,571	5,181
	GNMA POOL #0345910	6.000% 12/15/2023 DD 12/01/93	12,561	13,091	14,118
	GNMA POOL #0427239	6.000% 01/15/2028 DD 01/01/98	889	926	988
	GNMA POOL #0434429	6.500% 06/15/2014 DD 07/01/99	1,251	1,558	1,256
	GNMA POOL #0465541	6.000% 07/15/2028 DD 07/01/98	3,392	3,535	3,788
	GNMA POOL #0486703	6.000% 11/15/2028 DD 11/01/98	2,069	2,157	2,307
	GNMA POOL #0491289	6.000% 11/15/2028 DD 11/01/98	12,755	13,333	14,186
	GNMA POOL #0493395	6.500% 01/15/2014 DD 01/01/99	176	206	176
	GNMA POOL #0513006	6.500% 07/15/2014 DD 07/01/99	298	378	298
	GNMA POOL #0517858	6.500% 09/15/2014 DD 09/01/99	920	1,025	922
	GNMA POOL #0596613	6.000% 10/15/2032 DD 10/01/02	1,139	1,174	1,283
	GNMA POOL #0601319	6.000% 02/15/2033 DD 02/01/03	16,764	17,523	18,701
	GNMA POOL #0739896	4.000% 01/15/2041 DD 01/01/11	458,114	494,745	476,631
	GNMA POOL #0767263	4.000% 08/15/2041 DD 08/01/11	1,776,989	1,919,078	1,848,815
	GNMA POOL #0770410	4.000% 06/15/2041 DD 06/01/11	202,285	218,657	210,481
	GNMA POOL #0778693	4.000% 12/15/2041 DD 12/01/11	380,238	411,014	395,608
	GNMA POOL #0781856	6.000% 08/15/2034 DD 01/01/05	378,627	391,731	425,115
	GNMA POOL #0782071	7.000% 05/15/2033 DD 03/01/06	95,821	99,983	113,529
	GNMA II POOL #0MA1377	4.500% 10/20/2043 DD 10/01/13	1,593,790	1,714,383	1,706,806
	GOLDMAN SACHS GROUP INC/THE	5.950% 01/15/2027 DD 11/09/06	215,000	190,086	228,324
	GOLDMAN SACHS GROUP INC/THE	6.150% 04/01/2018 DD 04/01/08	210,000	245,547	240,803
	GOLDMAN SACHS GROUP INC/THE	5.750% 01/24/2022 DD 01/24/12	285,000	303,235	320,822
	GOLDMAN SACHS GROUP INC/THE	2.375% 01/22/2018 DD 01/22/13	165,000	164,931	165,627
	GS MORTGAGE SECURITIES GC10 A5	2.943% 02/10/2046 DD 02/01/13	140,000	142,572	131,011
	GS MORTGAGE SECURITIES GC12 A4	3.135% 06/10/2046 DD 05/01/13	165,000	169,946	156,078
	GS MORTGAGE SECURITIES GG4 A4A	4.751% 07/10/2039 DD 06/01/05	429,805	464,185	445,252
	HCP INC	2.625% 02/01/2020 DD 11/19/12	150,000	149,594	142,979
	HCP INC	4.250% 11/15/2023 DD 11/12/13	165,000	164,241	161,403
	HCP INC	6.000% 03/01/2015 DD 02/28/03	95,000	94,471	100,544
	HCP INC	6.000% 01/30/2017 DD 01/22/07	85,000	91,478	95,262
	HEALTH CARE REIT INC	4.125% 04/01/2019 DD 04/03/12	90,000	97,060	94,766
	HEALTH CARE REIT INC	2.250% 03/15/2018 DD 12/06/12	245,000	243,777	242,219
	HEINEKEN NV 144A	1.400% 10/01/2017 DD 10/10/12	95,000	94,687	93,202
	HEWLETT-PACKARD CO	4.300% 06/01/2021 DD 05/31/11	245,000	251,049	248,320

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036 December 31, 2013

	HEWLETT-PACKARD CO	3.000% 09/15/2016 DD 09/19/11	475,000	473,974	494,105
	HOME DEPOT INC/THE	2.250% 09/10/2018 DD 09/10/13	185,000	184,739	187,544
	HOWARD HUGHES MEDICAL INSTITUT	3.500% 09/01/2023 DD 07/22/13	95,000	94,803	93,419
	HSBC BANK USA NA	4.875% 08/24/2020 DD 08/24/10	300,000	297,243	323,769
	HSBC HOLDINGS PLC	5.100% 04/05/2021 DD 04/05/11	365,000	367,372	405,679
	HUTCHISON WHAMPOA INTERNA 144A	4.625% 09/11/2015 DD 09/11/09	450,000	473,490	476,199
	IMPERIAL TOBACCO FINANCE 144A	2.050% 02/11/2018 DD 02/11/13	575,000	574,483	568,572
	INTERNATIONAL BUSINESS MACHINE	3.375% 08/01/2023 DD 08/01/13	400,000	398,720	389,720
	JP MORGAN CHASE COMMER CB14 A4	VAR RT 12/12/2044 DD 03/01/06	450,000	493,953	480,200
	JP MORGAN CHASE COMMER CB16 A4	5.552% 05/12/2045 DD 09/01/06	423,273	477,992	459,772
	JP MORGAN CHASE COMMERC CBX A6	4.899% 01/12/2037 DD 11/01/04	300,000	301,488	307,431
	JP MORGAN CHASE COMMERC LC9 A5	2.840% 12/15/2047 DD 12/01/12	175,000	178,397	163,637
	JPMORGAN CHASE & CO	5.125% 09/15/2014 DD 09/15/04	50,000	53,929	51,514
	JPMORGAN CHASE & CO	6.125% 06/27/2017 DD 06/27/07	800,000	828,230	908,656
	JPMORGAN CHASE & CO	6.300% 04/23/2019 DD 04/23/09	65,000	79,766	76,716
	JPMORGAN CHASE & CO	4.950% 03/25/2020 DD 03/25/10	150,000	149,942	166,355
	JPMORGAN CHASE & CO	4.250% 10/15/2020 DD 10/21/10	105,000	103,767	111,304
	JPMORGAN CHASE & CO	4.350% 08/15/2021 DD 08/10/11	250,000	248,800	263,480
	JPMORGAN CHASE & CO	3.375% 05/01/2023 DD 05/01/13	310,000	292,885	288,920
	JPMORGAN CHASE COMMERC LDP2 A4	4.738% 07/15/2042 DD 06/01/05	400,000	435,203	416,700
	KANSAS CITY SOUTHERN DE MEXICO	2.350% 05/15/2020 DD 05/03/13	300,000	285,963	279,486
	KEYCORP	2.300% 12/13/2018 DD 11/13/13	285,000	284,820	282,934
	KIMCO REALTY CORP	5.584% 11/23/2015 DD 11/21/05	175,000	175,079	189,513
	KIMCO REALTY CORP	6.875% 10/01/2019 DD 09/24/09	160,000	159,744	190,750
	KIMCO REALTY CORP	4.300% 02/01/2018 DD 09/03/10	75,000	74,739	80,696
	KINDER MORGAN ENERGY PARTNERS	5.300% 09/15/2020 DD 05/19/10	225,000	251,642	248,202
	KRAFT FOODS GROUP INC	2.250% 06/05/2017 DD 12/05/12	130,000	129,762	131,634
	KRAFT FOODS GROUP INC	3.500% 06/06/2022 DD 12/06/12	125,000	123,875	121,824
	KROGER CO/THE	3.850% 08/01/2023 DD 07/25/13	80,000	79,966	78,765
	LIBERTY PROPERTY LP	6.625% 10/01/2017 DD 09/25/07	110,000	109,324	125,964
	LIBERTY PROPERTY LP	4.125% 06/15/2022 DD 06/11/12	55,000	58,729	54,134
	LIBERTY PROPERTY LP	3.375% 06/15/2023 DD 12/10/12	70,000	69,932	63,709
	LINCOLN NATIONAL CORP	4.000% 09/01/2023 DD 08/16/13	305,000	302,530	300,995
	M&T BANK AUTO RE 13-1A A3 144A	1.060% 11/15/2017 DD 09/19/13	465,000	464,994	467,725
	MARATHON OIL CORP	2.800% 11/01/2022 DD 10/29/12	410,000	409,004	377,860
	MARSH & MCLENNAN COS INC	2.300% 04/01/2017 DD 03/12/12	100,000	101,435	100,711
	MARSH & MCLENNAN COS INC	4.050% 10/15/2023 DD 09/27/13	375,000	373,523	369,439
	MERRILL LYNCH & CO INC	6.875% 04/25/2018 DD 04/25/08	1,055,000	1,170,308	1,247,400
	MERRILL LYNCH & CO INC	5.700% 05/02/2017 DD 05/02/07	145,000	160,498	161,178
	METLIFE INC	VAR RT 09/15/2023 DD 09/10/13	255,000	256,275	260,327
	MOLSON COORS BREWING CO	3.500% 05/01/2022 DD 05/03/12	25,000	24,912	24,546
	MORGAN STANLEY	6.625% 04/01/2018 DD 04/01/08	875,000	931,108	1,023,829

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036 December 31, 2013

	MORGAN STANLEY	5.550% 04/27/2017 DD 04/27/07	345,000	371,593	384,854
	MORGAN STANLEY	4.875% 11/01/2022 DD 10/23/12	150,000	151,210	153,549
	MORGAN STANLEY CAPITAL HQ6 A4A	4.989% 08/13/2042 DD 08/01/05	595,000	652,571	621,763
	MORGAN STANLEY CAPITAL T23 A4	VAR RT 08/12/2041 DD 08/01/06	140,000	121,756	153,933
	NATIONAL RURAL UTILITIES COOPE	3.050% 02/15/2022 DD 02/02/12	325,000	323,882	315,728
	NBCUNIVERSAL MEDIA LLC	4.375% 04/01/2021 DD 04/01/11	300,000	308,210	317,526
	NEW YORK LIFE GLOBAL FUND 144A	1.650% 05/15/2017 DD 02/14/12	625,000	623,881	625,688
	NEWS AMERICA INC	4.500% 02/15/2021 DD 08/15/11	345,000	342,522	369,795
	NEWS AMERICA INC	3.000% 09/15/2022 DD 09/14/12	245,000	243,261	230,312
	NEXEN INC	6.200% 07/30/2019 DD 07/30/09	275,000	320,427	317,023
	NIPPON TELEGRAPH & TELEPHONE C	1.400% 07/18/2017 DD 07/18/12	300,000	299,595	296,388
	NISSAN AUTO LEASE TRUST A A4	0.740% 10/15/2018 DD 05/23/13	175,000	174,976	174,960
	OBP DEPOSITOR LLC T OBP A 144A	4.646% 07/15/2045 DD 07/01/10	150,000	157,838	162,669
	ONCOR ELECTRIC DELIVERY CO LLC	4.100% 06/01/2022 DD 05/18/12	180,000	189,194	180,812
	ORACLE CORP	3.625% 07/15/2023 DD 07/16/13	160,000	158,557	158,715
	PACIFICORP	5.500% 01/15/2019 DD 01/08/09	500,000	589,300	574,195
	PENSKE TRUCK LEASING CO L 144A	4.875% 07/11/2022 DD 07/13/12	155,000	159,446	159,011
	PENSKE TRUCK LEASING CO L 144A	2.875% 07/17/2018 DD 01/17/13	315,000	316,023	316,852
	PEPSICO INC	7.900% 11/01/2018 DD 10/24/08	33,000	32,920	41,249
	PEPSICO INC	3.125% 11/01/2020 DD 10/26/10	100,000	99,167	100,115
	PEPSICO INC	2.250% 01/07/2019 DD 07/30/13	405,000	404,550	406,207
	PERNOD-RICARD SA 144A	5.750% 04/07/2021 DD 04/07/11	480,000	547,627	529,090
	PETROBRAS INTERNATIONAL FINANC	5.875% 03/01/2018 DD 11/01/07	931,000	1,033,664	992,246
	PHILIP MORRIS INTERNATIONAL IN	3.600% 11/15/2023 DD 11/12/13	325,000	322,650	314,584
	PNC BANK NA	2.700% 11/01/2022 DD 10/22/12	350,000	321,461	317,265
	PNC FUNDING CORP	5.250% 11/15/2015 DD 11/03/03	405,000	425,594	434,913
	PROLOGIS LP	4.500% 08/15/2017 DD 08/09/10	215,000	212,680	232,204
	PRUDENTIAL FINANCIAL INC	2.300% 08/15/2018 DD 08/15/13	160,000	159,813	159,053
	PRUDENTIAL FINANCIAL INC	5.100% 08/15/2043 DD 08/15/13	170,000	169,922	168,837
	REALTY INCOME CORP	6.750% 08/15/2019 DD 09/05/07	300,000	299,481	351,210
	ROYAL BANK OF SCOTLAND GROUP P	2.550% 09/18/2015 DD 09/18/12	225,000	224,872	230,121
	ROYAL BANK OF SCOTLAND PLC/THE	3.950% 09/21/2015 DD 09/20/10	75,000	74,845	78,557
	SABMILLER HOLDINGS INC 144A	2.200% 08/01/2018 DD 08/13/13	200,000	199,506	199,686
	SBA TOWER TRUST 144A	4.254% 04/15/2040 DD 04/16/10	375,000	375,000	379,684
	SOCIETE GENERALE SA	2.625% 10/01/2018 DD 10/01/13	340,000	339,432	342,982
	SOUTHERN CALIFORNIA EDISON CO	3.500% 10/01/2023 DD 10/02/13	485,000	484,146	475,324
	SOUTHWEST AIRLINES CO 2007-1 P	6.150% 02/01/2024 DD 10/03/07	196,266	198,554	224,724
	STANDARD CHARTERED PLC 144A	5.200% 01/26/2024 DD 09/26/13	400,000	399,648	399,196
	TELEFONICA EMISIONES SAU	3.992% 02/16/2016 DD 02/16/11	75,000	75,226	78,780
	TIAA SEASONED COMMERCIAL C4 A3	VAR RT 08/15/2039 DD 07/10/07	272,664	290,035	280,178
	TIME WARNER CABLE INC	5.850% 05/01/2017 DD 04/09/07	270,000	269,376	294,489
	TIME WARNER CABLE INC	8.250% 02/14/2014 DD 11/18/08	140,000	139,789	141,203

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036 December 31, 2013

	TIME WARNER CABLE INC	4.000% 09/01/2021 DD 09/12/11	105,000	104,064	97,519
	TIME WARNER INC	4.875% 03/15/2020 DD 03/11/10	125,000	124,588	137,010
	TIME WARNER INC	4.750% 03/29/2021 DD 04/01/11	200,000	200,756	213,274
	TIME WARNER INC	4.000% 01/15/2022 DD 10/17/11	240,000	247,934	243,031
	U S TREAS NT	0.250% 10/31/2015 DD 10/31/13	3,425,000	3,421,789	3,420,171
	U S TREASURY BOND	5.375% 02/15/2031 DD 02/15/01	500,000	626,406	612,735
	U S TREASURY NOTE	2.000% 04/30/2016 DD 04/30/11	605,000	631,103	625,891
	U S TREASURY NOTE	0.625% 07/15/2014 DD 07/15/11	140,000	139,932	140,388
	U S TREASURY NOTE	0.250% 02/15/2015 DD 02/15/12	7,825,000	7,768,758	7,830,478
	UBS AG/STAMFORD CT	5.875% 07/15/2016 DD 07/26/06	300,000	336,945	333,579
	UBS COMMERCIAL MORTGAGE C1 A3	3.400% 05/10/2045 DD 05/01/12	385,000	417,295	379,271
	UBS-BARCLAYS COMMERCIAL C2 A4	3.525% 05/10/2063 DD 07/01/12	165,000	175,885	163,096
	UBS-BARCLAYS COMMERCIAL C4 A5	2.850% 12/10/2045 DD 12/01/12	265,000	243,852	247,009
	UBS-BARCLAYS COMMERCIAL C6 A4	3.244% 04/10/2046 DD 04/01/13	170,000	165,386	162,614
	UDR INC	3.700% 10/01/2020 DD 09/26/13	70,000	69,987	70,377
	UNION ELECTRIC CO	6.400% 06/15/2017 DD 06/15/07	345,000	344,696	395,529
	UNITEDHEALTH GROUP INC	6.000% 02/15/2018 DD 02/07/08	250,000	293,238	288,828
	US BANCORP	2.200% 11/15/2016 DD 11/03/11	490,000	488,746	506,023
	US BANCORP/MN	1.950% 11/15/2018 DD 11/07/13	325,000	324,597	323,258
	US TREAS-CPI INFLAT	0.625% 02/15/2043 DD 02/15/13	1,244,478	970,061	956,891
	US TREAS-CPI INFLAT	0.125% 04/15/2018 DD 04/15/13	8,058,020	8,315,947	8,218,536
	VENTAS REALTY LP / VENTAS CAPI	2.000% 02/15/2018 DD 12/13/12	165,000	164,569	162,197
	VENTAS REALTY LP / VENTAS CAPI	2.700% 04/01/2020 DD 03/19/13	225,000	224,870	215,145
	VERIZON COMMUNICATIONS INC	8.750% 11/01/2018 DD 11/04/08	471,000	619,111	602,677
	VERIZON COMMUNICATIONS INC	2.500% 09/15/2016 DD 09/18/13	800,000	799,384	827,232
	VERIZON COMMUNICATIONS INC	4.500% 09/15/2020 DD 09/18/13	380,000	379,506	406,817
	VERIZON COMMUNICATIONS INC	6.550% 09/15/2043 DD 09/18/13	385,000	384,550	450,435
	VERIZON COMMUNICATIONS INC	7.750% 12/01/2030 DD 06/01/01	100,000	119,045	127,724
	VIACOM INC	5.625% 09/15/2019 DD 08/26/09	135,000	163,027	153,538
	VIRGINIA ELECTRIC AND POWER CO	2.950% 01/15/2022 DD 01/12/12	326,000	325,214	314,962
	WACHOVIA BANK COMMERCIA C18 A4	4.935% 04/15/2042 DD 05/01/05	275,046	297,855	285,333
	WACHOVIA CORP	5.750% 02/01/2018 DD 01/31/08	675,000	765,909	778,329
	WELLPOINT INC	2.300% 07/15/2018 DD 08/06/13	135,000	134,432	133,928
	WELLS FARGO & CO	3.450% 02/13/2023 DD 02/13/13	125,000	124,926	118,180
	WELLS FARGO & CO	4.125% 08/15/2023 DD 08/15/13	160,000	159,454	157,736
	WELLS FARGO & CO	2.150% 01/15/2019 DD 10/28/13	145,000	144,682	144,546
	WFRBS COMMERCIAL MO C2 A4 144A	VAR RT 02/15/2044 DD 03/01/11	120,000	138,250	130,496
	WFRBS COMMERCIAL MO C3 A4 144A	4.375% 03/15/2044 DD 06/01/11	360,000	412,547	378,788
	WFRBS COMMERCIAL MORTGA C11 A5	3.071% 03/15/2045 DD 02/01/13	245,000	252,347	232,147
	XSTRATA FINANCE CANADA LT 144A	VAR RT 10/23/2015 DD 10/25/12	325,000	324,896	329,137
	XSTRATA FINANCE CANADA LT 144A	VAR RT 10/25/2017 DD 10/25/12	325,000	324,454	328,689
	ZOETIS INC	3.250% 02/01/2023 DD 08/01/13	680,000	639,540	636,256

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: The Dow Chemical Company, Inc. EMPLOYER IDENTIFICATION NO. 38-1285128 PLAN NO. 002 APPENDIX F - UNDERLYING ASSETS FOR BANK OF TOKYO INV-DOWCHEM13-1 AND RGA RGA00036 December 31, 2013

	ZOETIS INC	1.875% 02/01/2018 DD 08/01/13	85,000	84,952		84,301
	COMMIT TO PUR FNMA SF MTG	4.000% 01/01/2029 DD 01/01/14	9,700,000	(10,334,289	)	(10,334,289	)
	COMMIT TO PUR FNMA SF MTG	4.000% 01/01/2029 DD 01/01/14	4,600,000	(4,899,719	)	(4,899,719	)
	COMMIT TO PUR FNMA SF MTG	4.500% 01/01/2044 DD 01/01/14	4,300,000	(4,564,047	)	(4,564,047	)
	COMMIT TO PUR FNMA SF MTG	6.000% 01/01/2044 DD 01/01/14	4,000,000	(4,414,375	)	(4,414,375	)
	COMMIT TO PUR FNMA SF MTG	6.000% 01/01/2044 DD 01/01/14	2,300,000	(2,538,266	)	(2,538,266	)
	COMMIT TO PUR FHLMC GOLD SFM	4.000% 01/01/2044 DD 01/01/14	4,100,000	(4,223,641	)	(4,223,641	)
	COMMIT TO PUR FHLMC GOLD SFM	6.000% 01/01/2044 DD 01/01/14	1,000,000	(1,100,469	)	(1,100,469	)
	INTEREST BEARING CASH	TEMPORARY INVESTMENST		49,301,769		49,301,769
	TOTAL UNDERLYING ASSETS			161,505,679		162,636,832

	BANK OF TOKYO INV-DOWCHEM13-1 - 50% of MARKET VALUE					81,318,416
	IGT INVESCO SHORT-TERM BOND FUND					84,309,074
	FAIR VALUE BANK OF TOKYO INV-DOWCHEM13-1					165,627,490
	BANK OF TOKYO INV-DOWCHEM13-1 - ADJUSTMENT FROM MARKET TO CONTRACT VALUE					(3,275,310	)
	BANK OF TOKYO INV-DOWCHEM13-1 - CONTRACT VALUE					162,352,180

	RGA RGA00036 - 50% of MARKET VALUE					81,318,416
	IGT INVESCO SHORT-TERM BOND FUND					112,020,638
	FAIR VALUE RGA RGA00036					193,339,054
	RGA RGA00036 - ADJUSTMENT FROM MARKET TO CONTRACT VALUE					(2,599,767	)
	RGA RGA00036 - CONTRACT VALUE					190,739,287

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement (No. 333-67414) on Form S-8 of our report dated June 26, 2014, appearing in the annual report on Form 11-K of The Dow Chemical Company Employees' Savings Plan as of December 31, 2013 and 2012 and for the year ended December 31, 2013.

/s/ Plante & Moran, PLLC

Plante & Moran, PLLC

Elgin, Illinois

June 26, 2014