DOW Dow Inc

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

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

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

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

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Report of Independent Registered Public Accounting Firm

Plan Committee and Plan Participants

The Dow Chemical Company Employees’ Savings Plan

Midland, Michigan

Opinion on the Financial Statements

We have audited the accompanying statement of net assets available for benefits of The Dow Chemical Company Employees’ Savings Plan (the “Plan”) as of December 31, 2018, the related statement of changes in net assets available for benefits for the year then ended and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2018 and the changes in net assets available for benefits for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting 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.

Our audit included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Supplemental Information

The supplemental information in the accompanying Schedule of Assets Held at the End of Year as of December 31, 2018 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental 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 information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ BDO USA, LLP

BDO USA, LLP

Grand Rapids, Michigan

June 28, 2019

We have served as the Plan’s auditor since 2019.

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Report of Independent Registered Public Accounting Firm

To the Plan Administrator and Plan Participants

The Dow Chemical Company Employees’ Savings Plan

Opinion on the Financial Statements

We have audited the accompanying statement of net assets available for benefits of The Dow Chemical Company Employees’ Savings Plan (the “Plan”) as of December 31, 2017 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets of the Plan as of December 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

The Plan’s management is responsible for these financial statements. Our responsibility is to express an opinion on the Plan’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting 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.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provide a reasonable basis for our opinion.

/s/ PLANTE & MORAN, PLLC

Plante & Moran, PLLC

Flint, Michigan

June 26, 2018

We served as the Plan’s auditor from 2010 through 2018.

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THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

AS OF DECEMBER 31, 2018 and 2017

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	2018									2017
	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)	$	8,315,896,596		$	350,275,026		$	8,666,171,622		$	9,468,123,830		$	727,199,386		$	10,195,323,216
Fully benefit-responsive investment contracts - at contract value	2,024,506,428			—			2,024,506,428			2,160,384,796			—			2,160,384,796
Receivables - interest, dividends and other	7,948,721			1,631			7,950,352			4,073,137			3,693			4,076,830
Receivables - participant notes	113,531,034			—			113,531,034			114,458,502			—			114,458,502
Total Assets	$	10,461,882,779		$	350,276,657		$	10,812,159,436		$	11,747,040,265		$	727,203,079		$	12,474,243,344
Liabilities
LESOP loan payable (Note 5)	$	—		$	25,673,299		$	25,673,299		$	—		$	39,129,934		$	39,129,934
Other payables	4,952,913			1,240,196			6,193,109			4,393,126			1,890,244			6,283,370
Total Liabilities	$	4,952,913		$	26,913,495		$	31,866,408		$	4,393,126		$	41,020,178		$	45,413,304
Net Assets Available For Benefits	$	10,456,929,866		$	323,363,162		$	10,780,293,028		$	11,742,647,139		$	686,182,901		$	12,428,830,040

See Notes to Financial Statements.

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THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEAR ENDED DECEMBER 31, 2018

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	Allocated Participant Directed			Unallocated Non- Participant Directed			Total
Additions
Investment income (loss)
Net realized/unrealized loss on investments	$	(1,020,756,198	)	$	(123,990,381	)	$	(1,144,746,579	)
Interest and dividends	158,402,928			11,795,448			170,198,376
Total investment loss	(862,353,270		)	(112,194,933		)	(974,548,203		)
Employer contributions	501,217			—			501,217
Employee contributions	289,017,379			—			289,017,379
Interest on participant notes receivable	4,575,842			—			4,575,842
Allocation of 3,611,043 shares of common stock of DowDuPont Inc., at market	247,718,466			—			247,718,466
Total additions	$	(320,540,366	)	$	(112,194,933	)	$	(432,735,299	)
Deductions
Distributions and withdrawals	$	960,363,428		$	—		$	960,363,428
Administrative expenses	1,632,780			—			1,632,780
Interest expense	—			2,906,340			2,906,340
Allocation of 3,611,043 shares of common stock of DowDuPont Inc., at market	—			247,718,466			247,718,466
Total deductions	$	961,996,208		$	250,624,806		$	1,212,621,014
Net decrease	$	(1,282,536,574	)	$	(362,819,739	)	$	(1,645,356,313	)
Transfers in	651,634			—			651,634
Transfers out	(3,832,333		)	—			(3,832,333		)
Net Assets Available for Benefits
Beginning of year	11,742,647,139			686,182,901			12,428,830,040
End of year	$	10,456,929,866		$	323,363,162		$	10,780,293,028

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NOTES TO FINANCIAL STATEMENTS

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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 “TDCC”), or of certain of TDCC's subsidiaries, including former employees with balances in the Plan, subject to certain eligibility service requirements for part-time employees.

Merger - Effective August 31, 2017, pursuant to the merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017, TDCC and E. I. du Pont de Nemours and Company ("Historical DuPont") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont") and, as a result, TDCC and Historical DuPont became subsidiaries of DowDuPont (the "Merger"). TDCC and Historical DuPont did not merge their defined contribution plans as a result of the Merger. See Note 7 for additional information.

Employee Contributions - Plan participants generally may elect to contribute from 0.5% to 40% of their compensation, depending on the participant's eligible pay, limited to a 0.5% minimum contribution. The maximum yearly gross compensation pre-tax or Roth 401(k) contribution made through payroll deductions was $18,500 in 2018 . Participants who attained age 50 before the end of the plan year were eligible to make additional catch-up contributions in the amount of $6,000 in 2018 . 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. Effective January 1, 2019, the Plan was amended to automatically enroll newly hired eligible employees to contribute 6% of their eligible pay to the Plan, with annual 1% increases each April 1 until the contribution rate reaches 10%, 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. For legacy Dow Silicones Corporation employees hired prior to January 1, 2006, the Company's matching contribution provides a 100% match on the first 3% of eligible pay deferrals and 50% on the next 2% of eligible pay deferrals; and for those hired on and after January 1, 2006 and prior to September 1, 2016, the Company's matching contribution provides a 100% match on the first 3% of eligible pay deferrals and 50% on the next 4% of eligible pay deferrals. During 2018, the Company's matching contribution was made from the LESOP in the form of DowDuPont stock. Employees were permitted to divest their DowDuPont stock at any time and elect one of the other investment options available to them under the Plan. See Note 7 for additional information.

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 eligible participants in the form of contingent matching contributions, and then to eligible participants, as an “Excess Employee Stock Ownership Program ("ESOP") Shares Distribution” contribution. For the year ended December 31, 2018 , the total number of shares allocated as contingent matching contributions and Excess ESOP Shares Distribution contributions amounted to 1,412,383 shares of DowDuPont common stock, with a market value of $75,534,260 . The Company allocated these shares to the participants in March 2019 .

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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 or made for the year ended December 31, 2018 .

Dividends - Participants invested in DowDuPont stock funds may elect to receive dividends as a distribution rather than reinvesting dividends within the participant account. See Note 7 for additional information.

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, 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. The plan makes a lump-sum payment to terminated participants who have a balance that does not exceed $1,000. Active employees may request in-service distributions upon the attainment of age 59-1/2. Active employees under the age of 59-1/2 may request a distribution in the event of a financial hardship as defined by the Plan.

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 generally 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, 2018 and 2017 was 3.25% to 10.5% .

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

Related Party and Party-In-Interest Transactions - 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.

Plan investments include shares of common stock of TDCC's parent company as of December 31, 2018, DowDuPont Inc., and the Plan holds notes receivable from Plan participants. See Note 7 for additional information.

The Plan has a loan outstanding with Dorintal Reinsurance, Ltd., a related party. See Note 5 for additional information.

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 on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.

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

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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.

Investment Valuation and Income Recognition - Investments in the Plan consisting of common stock of DowDuPont, mutual funds, certain money market funds 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. There are no redemption restrictions or unfunded commitments on these investments. Temporary investments are investments in short‑term money market funds in the respective investment funds. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) in the fair value of investments includes the Plan's gains and losses on investments bought and sold as well as held during the year.

Investments of the Interest Income Fund (“Fund”) included in the Plan consist of Synthetic Guaranteed Investment Contracts (“Synthetic GICs”), a money market fund, and a common collective trust fund. All of the Plan's Synthetic GICs are fully benefit-responsive and are recorded at contract value. Contract value is the amount participants would normally receive if they were to initiate permitted transactions under the terms of the Plan. Contract value represents deposits made to the contract plus earnings at guaranteed crediting rates less withdrawals and applicable fees. 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 assets. The crediting interest rates are reset monthly and the contracts guarantee 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 that may 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; 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

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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.

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.

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, 2018 and 2017 were insignificant.

Federal Income Tax Status - The Internal Revenue Service has determined and informed the Company by a letter dated September 2, 2014 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.

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 is subject to routine audits by taxing authorities; however, there are currently no audits for any tax periods in progress.

Risks and Uncertainties - The Plan invests in various investment instruments, including shares of the common stock of DowDuPont. 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.	LEVERAGED EMPLOYEE STOCK OWNERSHIP PLAN INVESTMENTS

The Plan's investment in The Dow Chemical Company LESOP, at December 31, 2018 and 2017 , is presented in the following table:

	2018						2017
	Allocated			Unallocated			Allocated			Unallocated
Shares of DowDuPont Common Stock	15,286,397			6,527,850			15,491,810			10,138,893
Cost	$	71,914,375		$	134,156,362		$	74,895,954		$	188,524,586
Fair Value	$	817,516,512		$	349,109,418		$	1,103,326,708		$	722,091,959

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), where 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

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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.

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 table presents information about certain assets of the Plan measured at fair value on a recurring basis.

Assets Measured at Fair Value on a Recurring Basis	December 31, 2018						December 31, 2017
	Total			Level 1			Total			Level 1
DowDuPont Inc. Common Stock:
Allocated participant directed	$	1,715,552,832		$	1,715,552,832		$	2,263,079,811		$	2,263,079,811
Unallocated non-participant directed	349,109,418			349,109,418			722,091,959			722,091,959
Common stock	30,217,099			30,217,099			33,004,235			33,004,235
Mutual funds	1,455,450,162			1,455,450,162			1,592,970,412			1,592,970,412
Temporary investments - Money market funds: 1
Allocated participant directed	91,270,469			91,270,469			74,071,704			74,071,704
Unallocated non-participant directed	1,165,608			1,165,608			5,107,427			5,107,427
Total categorized assets at fair value	$	3,642,765,588		$	3,642,765,588		$	4,690,325,548		$	4,690,325,548
Fair value measured at net asset value per share: 2
Common/collective trusts	5,023,406,034						5,504,997,668
Total assets at fair value	$	8,666,171,622					$	10,195,323,216

1.	The Plan sponsor reviewed the Plan's temporary investments and determined such investments are valued using quoted prices in active markets. Prior period amounts were updated to conform with the current year presentation.

2.

Investments in common/collective trusts are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of net assets available for benefits.

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 2018 .

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 Code and an 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 ("LESOP"), and (ii) the DowDuPont stock funds. The LESOP includes (i) the assets of the Suspense Account and (ii) a LESOP Stock Fund which (A) shall consist of shares of DowDuPont 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 DowDuPont stock funds constitutes part of the employee stock ownership plan under Section 4975(e)(7) of the Code. The Trustee or its nominee votes all unallocated shares under the LESOP. See Note 7 for additional information.

The Plan has a loan outstanding with Dorintal Reinsurance, Ltd., a related party. At December 31, 2017 , the loan bore interest at 10.03% and was scheduled to mature in 2020. The loan was refinanced in December 2018 and currently bears interest at 4% and matures in 2024. The Plan uses dividends paid on unallocated shares of DowDuPont common stock to make the scheduled quarterly principal and interest payments. If needed, the Plan may use dividends paid on allocated shares of DowDuPont common stock to make these scheduled payments. Dividends from allocated shares were used to pay principal and interest in 2018 . These dividends were 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 common stock dividends paid as compared to required principal and interest payments. There was no shortfall and no Company cash contribution for the year ended December 31, 2018 . DowDuPont declared common stock dividends of $1.52 per share during 2018 . See Note 7 for additional information.

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Interest expense for the year ended December 31, 2018 is $2,906,340 . The minimum principal payments on the refinanced loan to maturity are as follows:

Minimum Loan Principal Payment to Maturity
2019	$	4,485,698
2020	4,667,836
2021	4,857,368
2022	5,054,596
2023	5,259,834
Thereafter	1,347,967
Total	$	25,673,299

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, 2018 and 2017 :

Reconciliation of Net Assets Available for Benefits per the Financial Statements to Form 5500 at December 31,	2018			2017
Net Assets Available for Benefits per the Financial Statements	$	10,780,293,028		$	12,428,830,040
Adjustment from Contract Value to Fair Value for Fully Benefit-responsive Synthetic GICs	(13,747,381		)	16,499,744
Net Assets Available for Benefits per Form 5500	$	10,766,545,647		$	12,445,329,784

For the year ended December 31, 2018 , the following is a reconciliation of total investment loss per the financial statements to Form 5500:

Reconciliation of Net Decrease in Net Assets Available for Benefits per the Financial Statements to Form 5500 for 2018
Net decrease in net assets available for benefits per the financial statements	$	(1,645,356,313	)
Adjustment from contract value to fair value for fully benefit-responsive synthetic GICs	(30,247,125		)
Net income (loss) per Form 5500	$	(1,675,603,438	)

7.	SUBSEQUENT EVENTS

After the Merger as discussed in this annual report, DowDuPont announced its intent to pursue, subject to the receipt of approval by the Board of Directors of DowDuPont and customary closing conditions, the separation of its agriculture business, specialty products business and materials science business through a series of tax efficient transactions. As a result of these transactions, DowDuPont formed two wholly-owned subsidiaries: Dow Inc., to serve as a holding company for its materials science business, and Corteva, Inc., to serve as a holding company for its agriculture business.

On April 1, 2019, DowDuPont completed the distribution of Dow Inc. ("Dow Inc. Distribution"). Additionally, Dow Inc. commenced trading under the symbol “DOW” on the New York Stock Exchange on April 2, 2019. Fund unit trading for the Plan commenced on April 4, 2019. Prior to the commencement of unit trading on April 4, 2019, participants in the Plan who held DowDuPont stock fund units as of the close of business on March 29, 2019 received one unit of Dow Inc. stock funds for every three units of DowDuPont stock funds. No fractional units of Dow Inc. stock funds were issued. Instead, cash in lieu of any fractional units was paid and invested in the Plan money market fund. The DowDuPont common stock funds are closed to new investments within the Plan. Effective April 1, 2019, participants may elect to receive Dow Inc. stock fund dividends as a distribution rather than reinvesting dividends within the participant accounts and DowDuPont stock fund dividends are no longer eligible for distribution to participants.

10

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As a result of the Dow Inc. Distribution, the LESOP stock funds held both Dow Inc. common stock and DowDuPont common stock. Additionally, the Company continued to be the sponsor of the Plan and was no longer a part of the DowDuPont controlled group, and DowDuPont common stock ceased to be an employer security with respect to the Plan under Section 407 of ERISA. Consequently, all DowDuPont common stock was sold and the proceeds were reinvested in Dow Inc. common stock. Future scheduled quarterly principal and interest payments on the loan outstanding with Dorintal Reinsurance, Ltd., will be made using dividends paid on unallocated shares of Dow Inc. common stock and allocated shares of Dow Inc. common stock, if needed. Additionally, Company matching contributions following April 1, 2019 are made from the LESOP in the form of Dow Inc. stock.

On June 1, 2019, DowDuPont completed the distribution of Corteva, Inc. (“Corteva, Inc. Distribution”). Additionally, Corteva, Inc. commenced trading under the symbol “CTVA” on the New York Stock Exchange on June 3, 2019. Fund unit trading for the Plan commenced on June 5, 2019. Prior to the commencement of unit trading on June 5, 2019, participants in the Plan who held DowDuPont stock fund units as of the close of business on May 31, 2019 received one unit of Corteva, Inc. stock funds for every three units of DowDuPont stock funds. No fractional units of Corteva, Inc. stock funds were issued. Instead, cash in lieu of any fractional units was paid to and invested in the Plan money market fund. The Corteva, Inc. stock funds are closed to new investments within the Plan. Following the Corteva, Inc. Distribution, DowDuPont continues to hold the specialty products business and changed its registered name from "DowDuPont Inc." to "DuPont de Nemours, Inc." ("DuPont"). The DowDuPont stock funds held in the account as of the close of business on May 31, 2019 were renamed DuPont stock funds and commenced trading on June 5, 2019.

Employees may divest their DowDuPont (now DuPont), Dow Inc., and Corteva, Inc. stock funds at any time and elect one of the other investment options available to them under the Plan.

In connection with the Dow Inc. Distribution and the Corteva, Inc. Distribution, DowDuPont, Dow Inc., and Corteva, Inc. entered into an employee matters agreement, effective as of April 1, 2019 (“Employee Matters Agreement”). The Employee Matters Agreement sets forth, among other matters that, as a result of the Dow Inc. Distribution, Plan participants aligned with DowDuPont’s agriculture business and specialty products business ceased contributions to the Plan. Additionally, Dow Inc. employees previously aligned with Historical DuPont’s material science business were allowed to enter the Plan as new participants when those entities formally adopted the Plan as of April 1, 2019. No Plan assets were transferred to or from the Plan as a result of the Dow Inc. Distribution. At the participant’s discretion, their assets in former plans can be rolled into the Plan.

11

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SUPPLEMENTAL SCHEDULE

12

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THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN
PLAN SPONSOR: THE DOW CHEMICAL COMPANY
EMPLOYER IDENTIFICATION NO. 38-1285128
PLAN NO. 002
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
INCLUDING APPENDICES A - E
AS OF DECEMBER 31, 2018
		(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			$	7,889,080,375
*	Fidelity Contrafund Pool CL 2	Common/Collective Trust	**	684,655,170
*	Fidelity Govt MM Portfolio Inst Class	Money Market	**	29,932,288
	Non-Interest Bearing Cash	Temporary Investments	**	82
*	Fidelity Short Term Investment Fund	Money Market	**	62,503,707
*	Participant Loans	Interest recorded at prime rate (3.25% - 10.5%)	**	113,531,034
	Total			$	8,779,702,656
*	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, INC.                     EMPLOYER IDENTIFICATION NO. 38-1285128                     PLAN NO. 002                 APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01.0001                     December 31, 2018
			(c)
	(b)		Face Value					(e)
	Identity of Issue, Borrower,		or Number		(d)			Current
(a)	Lessor or Similar Party		of Shares		Cost			Value
	ABBVIE INC	3.200% 11/06/2022 DD 05/14/15	800,000		$	798,424		$	788,051
	ABBVIE INC	3.600% 05/14/2025 DD 05/14/15	650,000		668,636			623,474
	AMERICAN EXPRESS CREDIT CORP	2.250% 05/05/2021 DD 05/05/16	270,000		272,519			264,214
	AMERICAN HONDA FINANCE CORP	VAR RT 11/05/2021 DD 09/06/17	700,000		697,158			689,871
	AMERICAN INTERNATIONAL GROUP I	4.125% 02/15/2024 DD 10/02/13	1,500,000		1,544,339			1,506,135
	AMGEN INC	2.700% 05/01/2022 DD 05/01/15	300,000		299,145			293,769
	ANTHEM INC	2.950% 12/01/2022 DD 11/21/17	600,000		599,718			585,144
	ARGENT SECURITIES INC A W10 M1	VAR RT 10/25/2034 DD 09/09/04	246,348		244,658			243,190
	AT&T INC	3.400% 05/15/2025 DD 05/04/15	750,000		731,798			706,238
	AT&T INC	4.300% 02/15/2030 DD 08/15/18	2,049,000		2,059,798			1,936,285
	AUTODESK INC	3.125% 06/15/2020 DD 06/05/15	800,000		822,336			796,856
	BANC OF AMERICA MORTGAGE A 1A1	VAR RT 02/25/2034 DD 01/01/04	8,841		8,886			8,857
	BANK 2017-BNK7 BNK7 ASB	3.265% 09/15/2060 DD 09/01/17	1,000,000		1,029,960			987,760
	BANK OF AMERICA CORP	VAR RT 12/20/2028 DD 12/20/17	1,052,000		1,059,004			982,726
	BANK OF AMERICA CORP	4.100% 07/24/2023 DD 07/23/13	2,800,000		2,925,580			2,837,996
	BARCLAYS PLC	3.200% 08/10/2021 DD 08/10/16	2,400,000		2,410,924			2,332,440
	BAT CAPITAL CORP	VAR RT 08/15/2022 DD 11/15/18	500,000		504,030			494,970
	BAYER US FINANCE II LLC 144A	VAR RT 06/25/2021 DD 06/25/18	700,000		700,000			690,676
	BEAR STEARNS ALT-A TRUS 11 2A2	VAR RT 11/25/2034 DD 09/01/04	70,929		69,908			69,774
	BMW US CAPITAL LLC 144A	VAR RT 04/12/2021 DD 04/12/18	1,000,000		1,000,000			990,270
	BPCE SA	4.000% 04/15/2024 DD 04/15/14	1,300,000		1,327,690			1,305,096
	BPCE SA	2.500% 07/15/2019 DD 07/15/14	400,000		398,068			398,464
	CALIFORNIA ST	7.950% 03/01/2036 DD 04/01/10	500,000		620,800			527,880
	CALIFORNIA ST	VAR RT 04/01/2047 DD 04/27/17	1,400,000		1,400,000			1,389,962
	CGMS COMMERCIAL MORTGAG B1 AAB	3.243% 08/15/2050 DD 08/01/17	2,300,000		2,360,131			2,284,176
	CHARTER COMMUNICATIONS OPERATI	4.464% 07/23/2022 DD 07/23/16	500,000		537,530			504,805
	CITIGROUP COMMERCIAL GC11 AAB	2.690% 04/10/2046 DD 04/01/13	348,111		347,255			346,103
	CITIGROUP COMMERCIAL GC29 AAB	2.984% 04/10/2048 DD 04/01/15	700,000		715,230			695,576
	CITIGROUP COMMERCIAL MO B2 AAB	3.962% 03/10/2051 DD 03/01/18	700,000		720,960			724,899
	CITIGROUP COMMERCIAL MO P8 AAB	3.268% 09/15/2050 DD 09/01/17	1,100,000		1,132,985			1,092,476
	CITIGROUP INC	3.400% 05/01/2026 DD 05/02/16	2,800,000		2,830,354			2,633,736
	COBB-MARIETTA COLISEUM & EXHIB	2.700% 01/01/2022 DD 09/09/15	650,000		650,000			648,739
	COMCAST CORP	2.850% 01/15/2023 DD 01/14/13	500,000		489,095			490,280
	COMM 2013-CCRE11 MORT CR11 ASB	3.660% 08/10/2050 DD 10/01/13	600,000		626,814			607,902
	COMM 2014-CCRE19 MORT CR19 ASB	3.499% 08/10/2047 DD 08/01/14	800,000		823,980			809,472
	COMM 2015-DC1 MORTGAGE DC1 ASB	3.142% 02/10/2048 DD 03/01/15	400,000		411,995			400,116
	COMM 2016-COR1 MORTGA COR1 ASB	2.972% 10/10/2049 DD 10/01/16	500,000		505,645			494,435
	COMMIT TO PUR FNMA SF MTG	3.000% 02/01/2034 DD 02/01/19	4,200,000		4,153,406			4,186,476
	COMMIT TO PUR FNMA SF MTG	3.500% 02/01/2034 DD 02/01/19	5,300,000		5,337,266			5,360,367
	COMMIT TO PUR FNMA SF MTG	4.000% 01/01/2049 DD 01/01/19	5,300,000		5,349,688			5,402,714

---

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                     EMPLOYER IDENTIFICATION NO. 38-1285128                     PLAN NO. 002                 APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01.0001                     December 31, 2018
	COMMIT TO PUR GNMA II JUMBOS	4.000% 01/20/2049 DD 01/01/19	5,200,000		5,242,250			5,324,332
	CREDIT SUISSE AG/NEW YORK NY	3.625% 09/09/2024 DD 09/09/14	1,000,000		1,003,200			981,190
	CREDIT SUISSE AG/NEW YORK NY	3.000% 10/29/2021 DD 10/29/14	900,000		894,600			888,588
	CSAIL 2015-C1 COMMERCIA C1 ASB	3.351% 04/15/2050 DD 03/01/15	400,000		411,998			401,252
	CSAIL 2015-C4 COMMERCIA C4 ASB	3.617% 11/15/2048 DD 11/01/15	1,000,000		1,075,039			1,011,340
	CVS HEALTH CORP	4.100% 03/25/2025 DD 03/09/18	1,600,000		1,600,965			1,584,032
	DAIMLER FINANCE NORTH AME 144A	2.300% 02/12/2021 DD 11/14/17	1,400,000		1,397,074			1,366,008
	DAIMLER FINANCE NORTH AME 144A	VAR RT 05/04/2020 DD 05/04/18	800,000		800,000			795,544
	DELL INTERNATIONAL LLC / 144A	4.420% 06/15/2021 DD 06/01/16	800,000		842,048			798,680
	DELL INTERNATIONAL LLC / 144A	5.450% 06/15/2023 DD 06/01/16	400,000		436,568			407,056
	DEUTSCHE BANK AG/NEW YORK NY	4.250% 10/14/2021 DD 04/14/18	1,200,000		1,197,156			1,173,300
	DOMINION ENERGY GAS HOLDINGS L	2.500% 12/15/2019 DD 12/08/14	800,000		806,728			794,080
	DUKE ENERGY CORP 144A	VAR RT 05/14/2021 DD 05/16/18	500,000		500,000			497,620
	ECMC GROUP STUDENT L 2A A 144A	VAR RT 05/25/2067 DD 08/10/17	772,402		772,402			783,192
	EMD FINANCE LLC 144A	2.400% 03/19/2020 DD 03/19/15	1,000,000		1,000,360			989,820
	ENBRIDGE INC	2.900% 07/15/2022 DD 07/07/17	800,000		780,298			774,208
	ENERGY TRANSFER OPERATING LP	4.150% 10/01/2020 DD 09/19/13	200,000		209,190			201,208
	ENERGY TRANSFER PARTNERS LP /	5.750% 09/01/2020 DD 09/11/13	800,000		837,096			821,032
	ENTERPRISE PRODUCTS OPERATING	6.500% 01/31/2019 DD 04/03/08	500,000		531,915			501,100
	ESC LEHMAN BRTH HLD	0.000% 05/02/2018 DD 04/24/08	1,800,000		944,180			35,100
	ESC LEHMAN BRTH HLD ESCROW	0.000% 11/24/2013 DD 01/22/08	900,000		484,667			17,100
	FEDERAL HOME LN BK CONS BD	3.375% 12/08/2023 DD 12/09/13	1,300,000		1,326,620			1,339,715
	FEDERAL HOME LN BK CONS BD	2.125% 02/11/2020 DD 02/09/18	800,000		798,536			796,256
	FEDERAL HOME LN MTG CORP	1.625% 09/29/2020 DD 09/29/17	1,500,000		1,497,285			1,476,525
	FEDERAL HOME LN MTG CORP	2.375% 02/16/2021 DD 02/16/18	3,000,000		2,992,080			2,989,590
	FEDERAL NATL MTG ASSN	1.875% 09/24/2026 DD 09/27/16	2,000,000		1,838,240			1,860,900
	FEDERAL NATL MTG ASSN	2.000% 01/05/2022 DD 01/09/17	6,400,000		6,389,922			6,305,280
	FEDERAL NATL MTG ASSN	2.375% 01/19/2023 DD 01/23/18	1,200,000		1,193,292			1,191,024
	FEDERAL NATL MTG ASSN	1.750% 09/12/2019 DD 07/28/14	20,000,000		19,887,400			19,877,800
	FHLMC POOL #1G-1744	VAR RT 08/01/2035 DD 09/01/05	181,063		181,563			188,793
	FHLMC POOL #78-0605	VAR RT 06/01/2033 DD 06/01/03	320,904		320,704			336,090
	FHLMC POOL #84-6183	VAR RT 01/01/2024 DD 10/01/95	10,314		9,869			10,506
	FHLMC POOL #G0-8835	3.500% 08/01/2048 DD 08/01/18	593,016		587,735			592,862
	FHLMC POOL #G0-8841	3.500% 09/01/2048 DD 09/01/18	7,415,148		7,349,107			7,413,146
	FHLMC MULTICLASS MTG	3.389% 03/25/2024 DD 06/01/14	1,000,000		1,029,951			1,016,920
	FHLMC MULTICLASS MTG 3225 HF	VAR RT 10/15/2036 DD 10/15/06	395,251		397,104			397,828
	FHLMC MULTICLASS MTG 3843 FE	VAR RT 04/15/2041 DD 04/15/11	448,365		449,486			447,764
	FHLMC MULTICLASS MTG 3843 FG	VAR RT 04/15/2041 DD 04/15/11	448,365		449,486			451,472
	FHLMC MULTICLASS MTG 4559 AF	VAR RT 03/15/2042 DD 03/01/16	1,401,844		1,403,596			1,399,573
	FHLMC MULTICLASS MTG 4736 CD	3.000% 08/15/2046 DD 11/01/17	663,362		653,100			661,478
	FHLMC MULTICLASS MTG K006 AX1	VAR RT 01/25/2020 DD 04/01/10	2,154,411		21,135			15,339
	FHLMC MULTICLASS MTG K007 X1	VAR RT 04/25/2020 DD 06/01/10	379,327		4,681			3,820
	FHLMC MULTICLASS MTG K008 X1	VAR RT 06/25/2020 DD 09/01/10	446,099		8,993			7,414
	FHLMC MULTICLASS MTG K065 A1	2.864% 10/25/2026 DD 07/01/17	679,281		692,829			677,087
	FHLMC MULTICLASS MTG W5FX AFX	VAR RT 04/25/2028 DD 06/01/18	2,400,000		2,342,856			2,399,472

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THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                     EMPLOYER IDENTIFICATION NO. 38-1285128                     PLAN NO. 002                 APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01.0001                     December 31, 2018
	FIDELITY NATIONAL INFORMATION	5.000% 10/15/2025 DD 10/20/15	139,000		158,142			144,591
	FNMA POOL #0072163	VAR RT 02/01/2028 DD 02/01/89	2,321		2,302			2,283
	FNMA POOL #0112511	VAR RT 09/01/2020 DD 01/01/91	685		689			679
	FNMA POOL #0303298	VAR RT 01/01/2025 DD 04/01/95	2,029		2,083			2,034
	FNMA POOL #0323919	VAR RT 08/01/2029 DD 08/01/99	11,509		11,049			12,004
	FNMA POOL #0361373	VAR RT 07/01/2026 DD 09/01/96	13,379		13,718			13,726
	FNMA POOL #0MA2705	3.000% 08/01/2046 DD 07/01/16	733,285		763,476			715,158
	FNMA POOL #0MA3304	3.000% 02/01/2048 DD 02/01/18	593,839		571,385			578,975
	FNMA GTD REMIC P/T 11-47 GF	VAR RT 06/25/2041 DD 05/25/11	1,075,295		1,079,663			1,086,703
	FNMA GTD REMIC P/T 15-79 FE	VAR RT 11/25/2045 DD 10/25/15	697,612		693,579			698,079
	FNMA GTD REMIC P/T 16-11 CF	VAR RT 03/25/2046 DD 02/25/16	792,778		790,301			794,356
	FNMA GTD REMIC P/T 17-M12 A1	2.815% 06/25/2027 DD 10/01/17	1,485,753		1,500,584			1,475,620
	FNMA GTD REMIC P/T 17-M8 A1	2.654% 05/25/2027 DD 07/01/17	500,125		505,108			498,199
	FNMA GTD REMIC P/T 18-M12 FA	VAR RT 08/25/2025 DD 09/01/18	998,312		996,669			996,825
	FORD CREDIT AUTO OWNE 1 A 144A	2.260% 11/15/2025 DD 05/15/14	1,000,000		999,751			996,920
	FORD MOTOR CREDIT CO LLC	5.875% 08/02/2021 DD 08/01/11	650,000		712,992			666,621
	FORD MOTOR CREDIT CO LLC	2.597% 11/04/2019 DD 11/04/14	800,000		793,720			791,168
	FORD MOTOR CREDIT CO LLC	4.134% 08/04/2025 DD 08/04/15	900,000		937,629			810,702
	GATX CORP	VAR RT 11/05/2021 DD 11/06/17	800,000		800,000			791,760
	GENERAL ELECTRIC CO	2.700% 10/09/2022 DD 10/09/12	800,000		762,576			742,344
	GENERAL ELECTRIC CO	4.650% 10/17/2021 DD 10/17/11	430,000		477,489			431,290
	GENERAL MOTORS FINANCIAL CO IN	4.375% 09/25/2021 DD 09/25/14	500,000		524,475			500,970
	GENERAL MOTORS FINANCIAL CO IN	VAR RT 10/04/2019 DD 10/06/16	800,000		803,400			803,248
	GNMA POOL #0434797	8.500% 07/15/2030 DD 07/01/00	5,028		5,218			5,352
	GNMA POOL #0434944	8.500% 11/15/2030 DD 11/01/00	2,585		2,683			2,658
	GNMA POOL #0434985	8.500% 12/15/2030 DD 12/01/00	4,688		4,858			4,757
	GNMA POOL #0486116	8.500% 07/15/2030 DD 07/01/00	9,172		9,508			9,192
	GNMA POOL #0494885	8.500% 03/15/2030 DD 03/01/00	1,010		1,047			1,012
	GNMA POOL #0498147	8.500% 12/15/2029 DD 12/01/99	309		320			310
	GNMA POOL #0511172	8.500% 01/15/2030 DD 01/01/00	522		541			526
	GNMA POOL #0520979	8.500% 09/15/2030 DD 09/01/00	4,875		5,059			5,531
	GNMA POOL #0521829	8.500% 05/15/2030 DD 05/01/00	4,173		4,327			4,604
	GNMA POOL #0531197	8.500% 06/15/2030 DD 06/01/00	7,887		8,175			7,926
	GNMA POOL #0698036	6.000% 01/15/2039 DD 01/01/09	20,383		22,208			21,868
	GNMA POOL #0782190	6.000% 10/15/2037 DD 10/01/07	3,663		3,991			3,973
	GNMA POOL #0782449	6.000% 09/15/2038 DD 10/01/08	28,812		31,392			30,911
	GNMA GTD REMIC P/T 17-57 WF	VAR RT 12/20/2045 DD 04/01/17	735,760		735,272			733,759
	GNMA II POOL #0003001	8.500% 11/20/2030 DD 11/01/00	5,461		5,640			6,229
	GNMA II POOL #0008089	VAR RT 12/20/2022 DD 12/01/92	25,914		26,352			26,344
	GNMA II POOL #0008913	VAR RT 07/20/2026 DD 07/01/96	10,223		10,105			10,525
	GNMA II POOL #0080022	VAR RT 12/20/2026 DD 12/01/96	10,840		10,887			11,161
	GNMA II POOL #0080354	VAR RT 12/20/2029 DD 12/01/99	25,238		25,826			26,118
	GOLDMAN SACHS GROUP INC/THE	5.250% 07/27/2021 DD 07/27/11	100,000		99,946			103,809
	GOLDMAN SACHS GROUP INC/THE	5.750% 01/24/2022 DD 01/24/12	2,400,000		2,722,008			2,512,872
	GOLDMAN SACHS GROUP INC/THE	4.000% 03/03/2024 DD 03/03/14	400,000		420,300			394,708

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THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                     EMPLOYER IDENTIFICATION NO. 38-1285128                     PLAN NO. 002                 APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01.0001                     December 31, 2018
	GOLDMAN SACHS GROUP INC/THE	VAR RT 06/05/2023 DD 06/05/17	600,000		600,000			575,994
	GOLDMAN SACHS GROUP INC/THE	3.750% 05/22/2025 DD 05/22/15	200,000		201,482			191,354
	HARLEY-DAVIDSON FINANCIAL 144A	VAR RT 03/02/2021 DD 11/28/18	1,000,000		1,000,000			999,990
	HSBC HOLDINGS PLC	3.600% 05/25/2023 DD 05/25/16	900,000		915,877			894,861
	HSBC HOLDINGS PLC	VAR RT 06/19/2029 DD 06/19/18	1,500,000		1,522,230			1,486,860
	HYUNDAI AUTO LEASE B A2B 144A	VAR RT 12/16/2019 DD 05/31/17	456,304		456,304			456,309
	IMPERIAL BRANDS FINANCE P 144A	3.750% 07/21/2022 DD 07/21/15	1,000,000		1,059,420			991,950
	JACKSON NATIONAL LIFE GLO 144A	VAR RT 06/11/2021 DD 06/11/18	800,000		800,000			795,000
	JAPAN BANK FOR INTERNATIONAL C	2.500% 06/01/2022 DD 06/01/17	500,000		499,510			492,865
	JOHN DEERE CAPITAL CORP	VAR RT 09/10/2021 DD 09/10/18	800,000		800,000			792,016
	JP MORGAN MORTGAGE TRUS A2 4A1	VAR RT 05/25/2034 DD 04/01/04	35,298		35,105			35,225
	JPMBB COMMERCIAL MORTG C17 ASB	3.705% 01/15/2047 DD 12/01/13	582,048		609,264			588,340
	JPMBB COMMERCIAL MORTG C21 ASB	3.428% 08/15/2047 DD 07/01/14	1,200,000		1,235,996			1,203,048
	JPMBB COMMERCIAL MORTG C24 ASB	3.368% 11/15/2047 DD 10/01/14	1,000,000		1,029,996			1,000,760
	JPMDB COMMERCIAL MORTGA C4 ASB	2.994% 12/15/2049 DD 11/01/16	900,000		926,999			879,156
	JPMORGAN CHASE & CO	3.200% 01/25/2023 DD 01/25/13	1,000,000		1,036,420			985,430
	JPMORGAN CHASE & CO	3.625% 05/13/2024 DD 05/13/14	3,000,000		3,128,610			2,980,020
	KANSAS ST DEV FIN AUTH REVENUE	2.927% 04/15/2021 DD 08/20/15	950,000		950,000			948,309
	KEYBANK NA/CLEVELAND OH	2.500% 12/15/2019 DD 11/24/14	250,000		256,076			248,465
	KINDER MORGAN ENERGY PARTNERS	4.300% 05/01/2024 DD 05/02/14	500,000		516,530			499,255
	KINDER MORGAN ENERGY PARTNERS	3.500% 09/01/2023 DD 02/28/13	1,500,000		1,480,858			1,457,055
	KRAFT HEINZ FOODS CO	VAR RT 02/10/2021 DD 08/10/17	800,000		800,000			793,360
	LEASEPLAN CORP NV 144A	2.875% 01/22/2019 DD 10/22/15	300,000		302,871			299,889
	LEHMAN BRTH HLD (RICI) ESCROW	0.000% 12/28/2017 DD 12/21/07	2,000,000		1,998,520			—
	LLOYDS BANK PLC	VAR RT 05/07/2021 DD 05/08/18	400,000		400,000			395,968
	LLOYDS BANKING GROUP PLC	VAR RT 11/07/2023 DD 11/07/17	900,000		900,000			852,237
	LLOYDS BANKING GROUP PLC	4.050% 08/16/2023 DD 08/16/18	800,000		799,784			790,336
	LOS ANGELES CA MUNI IMPT CORPL	3.432% 11/01/2021 DD 11/19/15	450,000		450,000			456,242
	LOS ANGELES CNTY CA PUBLIC WKS	2.560% 12/01/2019 DD 09/02/15	870,000		870,000			867,199
	LOS ANGELES CNTY CA REDEV REFU	2.000% 09/01/2023 DD 08/25/16	800,000		792,424			769,424
	MAJAPAHIT HOLDING BV 144A	7.750% 01/20/2020	600,000		627,000			623,838
	MASTR ADJUSTABLE RATE M 15 1A1	VAR RT 12/25/2034 DD 11/01/04	14,362		14,430			14,330
	MERRILL LYNCH MORTGAGE A1 2A1	VAR RT 02/25/2034 DD 02/01/04	132,613		133,162			132,547
	METROPOLITAN LIFE GLOBAL 144A	2.300% 04/10/2019 DD 04/10/14	550,000		549,280			549,065
	METROPOLITAN LIFE GLOBAL 144A	VAR RT 09/07/2020 DD 09/07/18	1,300,000		1,300,000			1,291,446
	MIAMI-DADE CNTY FL AVIATION RE	3.285% 10/01/2023 DD 08/30/18	800,000		800,000			809,136
	MORGAN STANLEY	4.000% 07/23/2025 DD 07/23/15	2,000,000		2,131,000			1,973,100
	MORGAN STANLEY	5.750% 01/25/2021 DD 01/25/11	2,000,000		2,298,480			2,085,300
	MORGAN STANLEY BANK OF C13 ASB	3.557% 11/15/2046 DD 12/01/13	499,440		518,893			504,520
	MORGAN STANLEY BANK OF C16 A4	3.600% 06/15/2047 DD 06/01/14	900,000		957,516			908,010
	MORGAN STANLEY CAPITAL HR2 ASB	3.509% 12/15/2050 DD 12/01/17	700,000		720,984			703,990
	MOTEL 6 TRUST 2017 MTL6 A 144A	VAR RT 08/15/2034 DD 09/11/17	765,518		765,518			752,589
	NATIONAL RURAL UTILITIES COOPE	VAR RT 06/30/2021 DD 07/26/18	1,000,000		1,000,000			992,320
	NAVIENT STUDENT LOA 3A A1 144A	VAR RT 07/26/2066 DD 04/20/17	196,640		196,640			196,699
	NAVIENT STUDENT LOA 4A A1 144A	VAR RT 06/27/2067 DD 09/20/18	922,546		922,546			920,710

---

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                     EMPLOYER IDENTIFICATION NO. 38-1285128                     PLAN NO. 002                 APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01.0001                     December 31, 2018
	NAVIENT STUDENT LOAN 5A A 144A	VAR RT 06/25/2065 DD 08/11/16	552,021		552,021			556,134
	NEW YORK CITY NY TRANSITIONAL	3.480% 08/01/2026 DD 09/25/18	1,000,000		1,000,000			995,320
	NEW YORK ST URBAN DEV CORP REV	2.100% 03/15/2022 DD 03/23/17	1,640,000		1,639,229			1,617,384
	NISSAN MOTOR ACCEPTANCE C 144A	VAR RT 09/21/2021 DD 09/21/18	1,000,000		1,000,000			980,290
	NORTH CAROLINA ST TURNPIKE AUT	6.700% 01/01/2039 DD 07/29/09	345,000		385,579			345,000
	NORTH CAROLINA ST TURNPIKE AUT	6.700% 01/01/2039 DD 07/29/09	255,000		284,993			255,839
	ORACLE CORP	2.950% 11/15/2024 DD 11/09/17	900,000		898,578			876,501
	OVERSEAS PRIVATE INVT CORP	3.790% 06/15/2034 DD 03/17/14	1,046,404		1,046,894			1,086,920
	PENSKE TRUCK LEASING CO L 144A	3.050% 01/09/2020 DD 12/11/14	800,000		822,952			796,584
	PETROBRAS GLOBAL FINANCE BV	6.250% 03/17/2024 DD 03/17/14	200,000		200,980			202,900
	PIONEER NATURAL RESOURCES CO	7.500% 01/15/2020 DD 11/13/09	850,000		1,041,905			883,269
	PORT OF SEATTLE WA REVENUE	7.000% 05/01/2036 DD 07/16/09	750,000		876,195			760,388
	PROTECTIVE LIFE GLOBAL FU 144A	2.161% 09/25/2020 DD 09/27/17	900,000		900,000			883,944
	PUBLIC SERVICE ELECTRIC & GAS	1.900% 03/15/2021 DD 03/03/16	460,000		464,951			449,190
	QUALCOMM INC	3.000% 05/20/2022 DD 05/20/15	400,000		399,848			393,520
	QVC INC	4.850% 04/01/2024 DD 03/18/14	1,500,000		1,536,930			1,449,510
	RECKITT BENCKISER TREASUR 144A	2.375% 06/24/2022 DD 06/26/17	800,000		799,248			768,376
	REILLY MTG ASSOC 91ST FHA PROJ	VAR RT 02/01/2023 DD 11/04/99	7,693		7,886			7,702
	RELIANCE STANDARD LIFE GL 144A	2.500% 04/24/2019 DD 04/24/14	1,000,000		997,670			997,540
	REYNOLDS AMERICAN INC	6.875% 05/01/2020 DD 11/01/15	700,000		751,531			728,399
	ROYAL BANK OF SCOTLAND GROUP P	3.875% 09/12/2023 DD 09/12/16	1,100,000		1,100,437			1,054,559
	SABINE PASS LIQUEFACTION LLC	5.750% 05/15/2024 DD 11/15/14	1,000,000		1,117,630			1,043,360
	SAN JOSE CA REDEV AGY SUCCESSO	3.125% 08/01/2028 DD 12/21/17	800,000		754,056			769,344
	SANTANDER UK GROUP HOLDINGS PL	3.125% 01/08/2021 DD 01/08/16	1,150,000		1,165,658			1,128,978
	SANTANDER UK PLC	VAR RT 11/15/2021 DD 11/15/18	400,000		400,000			396,288
	SBA TOWER TRUST 144A	2.898% 10/15/2044 DD 10/15/14	900,000		900,000			894,699
	SLC STUDENT LOAN TRUST 20 1 A3	VAR RT 02/15/2025 DD 06/15/05	303,073		302,742			302,931
	SLC STUDENT LOAN TRUST 20 2 A3	VAR RT 03/15/2027 DD 09/28/05	402,737		401,856			402,504
	SLC STUDENT LOAN TRUST 20 2 A5	VAR RT 09/15/2026 DD 09/19/06	943,022		935,092			941,400
	SLM STUDENT LOAN T 10 A7B 144A	VAR RT 10/25/2029 DD 04/25/18	600,000		600,000			599,484
	SLM STUDENT LOAN T 3A A6B 144A	VAR RT 10/25/2064 DD 04/25/14	1,000,000		988,125			1,002,480
	SLM STUDENT LOAN TRUST 20 1 A5	VAR RT 01/26/2026 DD 01/25/07	290,812		289,904			289,856
	SLM STUDENT LOAN TRUST 20 3 A5	VAR RT 10/25/2024 DD 04/13/05	163,163		161,760			163,009
	SLM STUDENT LOAN TRUST 20 4 A3	VAR RT 01/25/2027 DD 05/19/05	346,011		344,173			344,315
	SLM STUDENT LOAN TRUST 20 8 A5	VAR RT 01/27/2025 DD 09/14/06	1,001,223		997,782			997,229
	SMBC AVIATION CAPITAL FIN 144A	4.125% 07/15/2023 DD 07/30/18	500,000		498,965			502,270
	SOCIETE GENERALE SA 144A	2.625% 09/16/2020 DD 09/16/15	1,150,000		1,144,975			1,136,246
	SOUTHERN POWER CO 144A	VAR RT 12/20/2020 DD 11/20/17	800,000		800,000			790,136
	SOUTHWEST AIRLINES CO	2.750% 11/06/2019 DD 11/06/14	500,000		498,980			498,135
	STRYKER CORP	3.500% 03/15/2026 DD 03/10/16	800,000		764,936			769,280
	TECH DATA CORP	3.700% 02/15/2022 DD 01/31/17	400,000		400,804			392,448
	TELEFONICA EMISIONES SA	5.877% 07/15/2019 DD 07/06/09	650,000		722,605			657,787
	TELEFONICA EMISIONES SA	5.462% 02/16/2021 DD 02/16/11	900,000		1,000,629			932,715
	TEVA PHARMACEUTICAL FINANCE NE	2.200% 07/21/2021 DD 07/21/16	600,000		577,740			551,526
	THORNBURG MORTGAGE SECUR 4 2A1	VAR RT 09/25/2037 DD 08/01/07	67,723		67,696			67,506

---

THE DOW CHEMICAL COMPANY EMPLOYEES' SAVINGS PLAN PLAN SPONSOR: THE DOW CHEMICAL COMPANY, INC.                     EMPLOYER IDENTIFICATION NO. 38-1285128                     PLAN NO. 002                 APPENDIX A - UNDERLYING ASSETS FOR PACIFIC LIFE G-27523.01.0001                     December 31, 2018
	TOYOTA MOTOR CREDIT CORP	VAR RT 05/17/2022 DD 05/17/18	1,100,000		1,100,000			1,087,812
	TYSON FOODS INC	3.950% 08/15/2024 DD 08/08/14	700,000		756,035			695,940
	U S TREASURY NOTE	1.500% 08/15/2026 DD 08/15/16	100,000		97,093			92,250
	U S TREASURY NOTE	1.875% 07/31/2022 DD 07/31/17	5,700,000		5,712,246			5,581,782
	U S TREASURY NOTE	2.250% 10/31/2024 DD 10/31/17	2,650,000		2,670,489			2,605,798
	U S TREASURY NOTE	2.250% 02/15/2021 DD 02/15/18	4,500,000		4,492,441			4,475,565
	U S TREASURY NOTE	2.750% 08/31/2023 DD 08/31/18	4,000,000		3,967,344			4,044,840
	U S TREASURY NOTE	2.875% 11/30/2023 DD 11/30/18	1,300,000		1,307,313			1,322,646
	U S TREASURY NOTE	1.750% 03/31/2022 DD 03/31/15	3,000,000		3,005,156			2,932,740
	U S TREASURY NOTE	1.375% 04/30/2021 DD 04/30/16	4,800,000		4,791,609			4,681,488
	U S TREASURY NOTE	2.250% 02/15/2027 DD 02/15/17	3,100,000		3,088,293			3,010,162
	U S TREASURY NOTE	2.000% 04/30/2024 DD 04/30/17	4,100,000		4,063,164			3,991,719
	U S TREASURY NOTE	2.375% 05/15/2027 DD 05/15/17	6,480,000		6,554,333			6,344,309
	U S TREASURY NOTE	2.000% 05/31/2024 DD 05/31/17	5,200,000		5,217,976			5,059,444
	UBS COMMERCIAL MORTGAGE C4 ASB	3.366% 10/15/2050 DD 10/01/17	500,000		514,982			496,035
	UBS COMMERCIAL MORTGAGE C7 ASB	3.586% 12/15/2050 DD 12/01/17	800,000		823,995			807,176
	UBS GROUP FUNDING SWITZER 144A	VAR RT 08/15/2023 DD 08/15/17	1,600,000		1,600,000			1,538,864
	UBS-BARCLAYS COMMERCIAL C5 AAB	2.687% 03/10/2046 DD 02/01/13	418,428		416,403			415,670
	UNIV OF CALIFORNIA CA REVENUES	2.719% 05/15/2024 DD 09/28/17	700,000		700,000			685,713
	UTAH ST	3.539% 07/01/2025 DD 09/30/10	1,350,000		1,450,802			1,382,346
	VERIZON COMMUNICATIONS INC	3.376% 02/15/2025 DD 08/16/17	2,589,000		2,561,966			2,512,391
	VOLKSWAGEN GROUP OF AMERI 144A	2.450% 11/20/2019 DD 11/20/14	500,000		499,500			495,235
	WELLS FARGO & CO	VAR RT 01/24/2023 DD 01/24/17	1,600,000		1,600,000			1,584,528
	WELLS FARGO & CO	3.300% 09/09/2024 DD 09/09/14	2,500,000		2,488,775			2,418,350
	WELLS FARGO COMMERCIAL C30 ASB	3.412% 09/15/2058 DD 08/01/15	800,000		856,438			803,712
	WELLS FARGO COMMERCIAL C35 ASB	2.788% 07/15/2048 DD 07/01/16	600,000		617,980			588,750
	WESTJET AIRLINES LTD 144A	3.500% 06/16/2021 DD 06/16/16	1,000,000		1,025,000			991,300
	WISCONSIN ST GEN FUND ANNUAL A	1.899% 05/01/2022 DD 08/16/16	800,000		800,000			773,968
	YALE UNIVERSITY	2.086% 04/15/2019 DD 04/10/14	350,000		357,884			349,587
	ZIMMER BIOMET HOLDINGS INC	3.550% 04/01/2025 DD 03/19/15	800,000		826,712			760,360
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2034 DD 01/01/19	5,000,000		(5,042,578		)	(5,042,578		)
	COMMIT TO PUR FNMA SF MTG	3.000% 01/01/2034 DD 01/01/19	4,200,000		(4,138,969		)	(4,138,969		)
	COMMIT TO PUR FNMA SF MTG	3.000% 02/01/2034 DD 02/01/19	4,200,000		(4,153,406		)	(4,153,406		)
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2034 DD 01/01/19	300,000		(302,555		)	(302,555		)
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2034 DD 01/01/19	300,000		(301,500		)	(301,500		)
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2034 DD 01/01/19	5,000,000		(5,025,781		)	(5,025,781		)
	COMMIT TO PUR FNMA SF MTG	3.500% 02/01/2034 DD 02/01/19	5,300,000		(5,337,266		)	(5,337,266		)
	COMMIT TO PUR FNMA SF MTG	4.000% 01/01/2049 DD 01/01/19	5,300,000		(5,349,688		)	(5,349,688		)
	COMMIT TO PUR FNMA SF MTG	3.000% 01/01/2034 DD 01/01/19	(4,200,000	)	4,156,688			4,156,688
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2034 DD 01/01/19	(300,000	)	302,320			302,320
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2034 DD 01/01/19	(300,000	)	302,555			302,555
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2034 DD 01/01/19	(5,000,000	)	5,042,578			5,042,578
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2034 DD 01/01/19	(5,000,000	)	5,038,672			5,038,672
	COMMIT TO PUR GNMA II JUMBOS	4.000% 01/20/2049 DD 01/01/19	5,200,000		(5,242,250		)	(5,242,250		)
	FHLMC POOL #1G-1744	VAR RT 08/01/2035 DD 09/01/05	(618	)	618			618

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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 TRANSAMERICA MDA01078TR December 31, 2018
			(c)
	(b)		Face Value					(e)
	Identity of Issue, Borrower,		or Number		(d)			Current
(a)	Lessor or Similar Party		of Shares		Cost			Value
	ABBOTT LABORATORIES	3.400% 11/30/2023 DD 11/22/16	945,000		$	927,031		$	942,111
	ALIMENTATION COUCHE-TARD 144A	2.350% 12/13/2019 DD 12/14/17	895,000		894,893			886,650
	ALLERGAN SALES LLC 144A	5.000% 12/15/2021 DD 12/10/13	325,000		351,878			334,393
	AMERICAN EXPRESS CO	3.700% 08/03/2023 DD 08/03/18	175,000		173,259			175,506
	AMERICAN EXPRESS CREDIT CORP	2.600% 09/14/2020 DD 09/14/15	120,000		119,323			118,772
	ANHEUSER-BUSCH COS LLC / 144A	3.650% 02/01/2026 DD 08/01/18	495,000		468,433			468,047
	ANTHEM INC	3.125% 05/15/2022 DD 05/07/12	1,180,000		1,161,899			1,162,666
	ASTRAZENECA PLC	3.500% 08/17/2023 DD 08/17/18	390,000		381,771			387,956
	AT&T INC 144A	0.000% 11/27/2022 DD 11/27/07	2,000,000		1,542,500			1,733,520
	BANK OF AMERICA CORP	3.300% 01/11/2023 DD 01/11/13	345,000		336,893			339,777
	BANK OF AMERICA CORP	VAR RT 07/21/2023 DD 07/21/17	785,000		755,625			759,307
	BANK OF AMERICA CORP	VAR RT 12/20/2023 DD 12/20/17	355,000		341,940			345,064
	BANK OF AMERICA CORP	VAR RT 03/05/2024 DD 03/05/18	325,000		319,516			321,071
	BANK OF AMERICA CORP	4.100% 07/24/2023 DD 07/23/13	420,000		420,932			425,699
	BANK OF MONTREAL	VAR RT 10/05/2028 DD 10/05/18	395,000		395,000			393,219
	BARCLAYS PLC	VAR RT 05/16/2024 DD 05/16/18	800,000		800,000			777,800
	BAT CAPITAL CORP	3.222% 08/15/2024 DD 08/15/18	148,000		139,921			136,321
	BAXALTA INC	2.875% 06/23/2020 DD 12/23/15	128,000		127,959			126,857
	BAYER US FINANCE II LLC 144A	3.875% 12/15/2023 DD 06/25/18	1,575,000		1,569,866			1,546,430
	BERKSHIRE HATHAWAY ENERGY CO	2.375% 01/15/2021 DD 01/05/18	1,245,000		1,244,278			1,227,981
	BERKSHIRE HATHAWAY INC	2.200% 03/15/2021 DD 03/15/16	200,000		204,749			197,376
	BP CAPITAL MARKETS AMERICA INC	4.500% 10/01/2020 DD 10/01/18	115,000		117,141			117,744
	BRISTOL-MYERS SQUIBB CO	1.750% 03/01/2019 DD 10/31/13	580,000		581,305			578,747
	CANADIAN NATURAL RESOURCES LTD	2.950% 01/15/2023 DD 05/30/17	425,000		424,375			406,232
	CAPITAL ONE BANK USA NA	3.375% 02/15/2023 DD 02/11/13	535,000		513,637			516,580
	CAPITAL ONE NA	2.650% 08/08/2022 DD 08/08/17	140,000		133,510			134,442
	CELGENE CORP	3.250% 02/20/2023 DD 02/20/18	315,000		314,238			307,582
	CENTERPOINT ENERGY INC	3.600% 11/01/2021 DD 10/05/18	935,000		934,729			936,954
	CF INDUSTRIES INC 144A	3.400% 12/01/2021 DD 11/21/16	340,000		339,500			333,377
	CHARTER COMMUNICATIONS OPERATI	4.500% 02/01/2024 DD 07/03/18	315,000		314,663			314,521
	CIGNA CORP 144A	3.400% 09/17/2021 DD 09/17/18	2,280,000		2,280,000			2,274,824
	CITIBANK NA	3.400% 07/23/2021 DD 07/23/18	1,590,000		1,588,251			1,592,019
	CITIGROUP INC	VAR RT 07/24/2023 DD 07/24/17	735,000		704,968			711,282
	CITIGROUP INC	VAR RT 01/24/2023 DD 01/24/18	485,000		485,113			476,391
	CITIGROUP INC	VAR RT 06/01/2024 DD 05/22/18	945,000		946,001			947,655
	COMCAST CORP	3.700% 04/15/2024 DD 10/05/18	1,920,000		1,919,885			1,931,731
	CONAGRA BRANDS INC	4.300% 05/01/2024 DD 10/22/18	1,000,000		999,500			993,970

---

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 TRANSAMERICA MDA01078TR December 31, 2018
	CONSTELLATION BRANDS INC	2.650% 11/07/2022 DD 11/07/17	480,000		460,032			459,614
	CONTINENTAL RESOURCES INC/OK	3.800% 06/01/2024 DD 05/19/14	215,000		209,125			203,534
	COOPERATIEVE RABOBANK UA	3.950% 11/09/2022 DD 11/09/12	275,000		276,697			274,104
	CVS HEALTH CORP	3.700% 03/09/2023 DD 03/09/18	1,730,000		1,714,499			1,711,489
	DAIMLER FINANCE NORTH AME 144A	1.750% 10/30/2019 DD 10/31/16	910,000		908,708			897,906
	DAIMLER FINANCE NORTH AME 144A	2.300% 01/06/2020 DD 01/06/17	420,000		419,807			415,414
	DEVON ENERGY CORP	3.250% 05/15/2022 DD 05/14/12	170,000		166,952			165,657
	DISCOVERY COMMUNICATIONS LLC	2.200% 09/20/2019 DD 09/21/17	510,000		509,801			504,665
	DOMINION ENERGY GAS HOLDINGS L	2.500% 12/15/2019 DD 12/08/14	515,000		514,804			511,189
	DTE ENERGY CO	3.700% 08/01/2023 DD 08/06/18	55,000		54,914			54,615
	EASTMAN CHEMICAL CO	3.500% 12/01/2021 DD 11/06/18	470,000		468,717			472,355
	ENERGY TRANSFER OPERATING LP	4.200% 09/15/2023 DD 06/08/18	1,000,000		999,260			985,540
	ENERGY TRANSFER PARTNERS LP /	4.500% 11/01/2023 DD 11/01/13	260,000		257,876			260,086
	ENERGY TRANSFER PARTNERS LP /	5.750% 09/01/2020 DD 09/11/13	425,000		463,815			436,173
	EXELON CORP	2.450% 04/15/2021 DD 04/07/16	905,000		916,032			885,126
	FEDERAL NATL MTG ASSN	2.500% 04/13/2021 DD 04/13/18	3,225,000		3,220,195			3,222,356
	FEDERAL NATL MTG ASSN	2.875% 09/12/2023 DD 09/14/18	2,075,000		2,066,493			2,099,423
	FISCAL YEAR 2005 SECURITIZATIO	4.930% 04/01/2020 DD 12/02/04	100,000		107,461			100,781
	FORD MOTOR CREDIT CO LLC	3.813% 10/12/2021 DD 08/09/18	500,000		500,000			485,595
	FORTIVE CORP	1.800% 06/15/2019 DD 06/15/17	96,000		95,897			94,852
	GENERAL MOTORS FINANCIAL CO IN	3.500% 11/07/2024 DD 11/07/17	530,000		485,565			484,606
	GENERAL MOTORS FINANCIAL CO IN	4.150% 06/19/2023 DD 06/19/18	685,000		683,986			667,430
	GEORGIA POWER CO	2.000% 09/08/2020 DD 08/08/17	845,000		844,713			825,810
	GNMA GTD REMIC P/T 11-121 FA	VAR RT 03/16/2043 DD 09/16/11	248,943		249,662			248,365
	GOLDMAN SACHS GROUP INC/THE	VAR RT 06/05/2023 DD 06/05/17	315,000		316,262			302,397
	GOLDMAN SACHS GROUP INC/THE	VAR RT 10/31/2022 DD 10/31/17	1,405,000		1,405,000			1,364,550
	HSBC HOLDINGS PLC	VAR RT 03/13/2023 DD 03/13/17	875,000		875,000			856,328
	HUNTINGTON NATIONAL BANK/THE	3.250% 05/14/2021 DD 05/15/18	140,000		138,895			139,651
	INTERNATIONAL FLAVORS & FRAGRA	3.400% 09/25/2020 DD 09/26/18	260,000		259,917			260,200
	JPMORGAN CHASE & CO	VAR RT 07/23/2024 DD 07/23/18	1,300,000		1,298,425			1,302,353
	JPMORGAN CHASE BANK NA	VAR RT 04/26/2021 DD 04/26/18	1,140,000		1,140,000			1,135,394
	KEURIG DR PEPPER INC 144A	4.057% 05/25/2023 DD 05/25/18	1,000,000		1,000,000			996,540
	KREDITANSTALT FUER WIEDERAUFBA	1.625% 05/29/2020 DD 05/31/17	2,145,000		2,141,761			2,115,206
	KROGER CO/THE	3.300% 01/15/2021 DD 12/23/13	480,000		490,766			477,931
	KROGER CO/THE	1.500% 09/30/2019 DD 10/03/16	410,000		409,799			404,313
	LINCOLN NATIONAL CORP	4.000% 09/01/2023 DD 08/16/13	1,000,000		1,034,310			1,019,420
	LOCKHEED MARTIN CORP	2.500% 11/23/2020 DD 11/23/15	900,000		890,478			889,515
	MANUFACTURERS & TRADERS TRUST	2.250% 07/25/2019 DD 07/25/14	110,000		109,674			109,612
	MARSH & MCLENNAN COS INC	2.750% 01/30/2022 DD 01/12/17	800,000		798,904			784,112
	METROPOLITAN LIFE GLOBAL 144A	3.875% 04/11/2022 DD 04/10/12	565,000		568,882			572,255
	MITSUBISHI UFJ FINANCIAL GROUP	3.455% 03/02/2023 DD 03/02/18	265,000		265,000			263,373

---

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 TRANSAMERICA MDA01078TR December 31, 2018
	MONDELEZ INTERNATIONAL HO 144A	1.625% 10/28/2019 DD 10/28/16	500,000		493,070			493,040
	MOODY'S CORP	3.250% 06/07/2021 DD 06/07/18	95,000		94,858			94,633
	MORGAN STANLEY	VAR RT 02/14/2020 DD 02/17/17	510,000		510,000			510,015
	MOTIVA ENTERPRISES LLC 144A	5.750% 01/15/2020 DD 01/11/10	203,000		227,438			206,559
	NATIONAL RURAL UTILITIES COOPE	1.650% 02/08/2019 DD 02/08/16	515,000		514,387			514,248
	NCUA GUARANTEED NOTES	3.450% 06/12/2021 DD 06/16/11	885,000		947,879			901,605
	NISOURCE INC 144A	3.650% 06/15/2023 DD 06/11/18	365,000		363,414			365,617
	NISSAN MOTOR ACCEPTANCE C 144A	2.150% 09/28/2020 DD 09/28/17	945,000		944,206			918,294
	NORTHERN STATES POWER CO/MN	2.200% 08/15/2020 DD 08/11/15	400,000		399,264			394,580
	NORTHROP GRUMMAN CORP	3.250% 08/01/2023 DD 05/31/13	135,000		132,260			132,858
	PECO ENERGY CO	1.700% 09/15/2021 DD 09/21/16	815,000		814,772			785,163
	PFIZER INC	3.000% 09/15/2021 DD 09/07/18	185,000		184,750			186,104
	PLAINS ALL AMERICAN PIPELINE L	2.600% 12/15/2019 DD 12/09/14	510,000		509,046			502,467
	PNC BANK NA	2.300% 06/01/2020 DD 06/01/15	145,000		143,041			143,048
	PROCTER & GAMBLE - ESOP	9.360% 01/01/2021 DD 12/04/90	68,418		87,233			72,546
	PUBLIC SERVICE ENTERPRISE GROU	2.650% 11/15/2022 DD 11/06/17	1,060,000		1,058,654			1,024,999
	REGIONS FINANCIAL CORP	2.750% 08/14/2022 DD 08/14/17	235,000		234,880			226,723
	REGIONS FINANCIAL CORP	3.800% 08/14/2023 DD 08/13/18	345,000		344,796			345,618
	SAN DIEGO GAS & ELECTRIC CO	1.914% 02/01/2022 DD 03/12/15	285,002		285,002			279,653
	SANTANDER UK GROUP HOLDINGS PL	VAR RT 01/05/2024 DD 01/05/18	1,385,000		1,385,000			1,314,130
	SEMPRA ENERGY	3.550% 06/15/2024 DD 06/13/14	410,000		407,319			401,919
	SEMPRA ENERGY	2.400% 02/01/2020 DD 01/12/18	490,000		489,334			483,410
	SOUTHERN CALIFORNIA EDISON CO	1.845% 02/01/2022 DD 01/16/15	347,500		347,500			337,982
	SOUTHERN CO/THE	2.350% 07/01/2021 DD 05/24/16	605,000		604,177			587,534
	SOUTHERN CO/THE	2.950% 07/01/2023 DD 05/24/16	155,000		154,335			149,684
	STARBUCKS CORP	3.800% 08/15/2025 DD 08/10/18	260,000		259,761			257,119
	SUMITOMO MITSUI FINANCIAL GROU	2.846% 01/11/2022 DD 01/12/17	155,000		151,028			152,151
	SUMITOMO MITSUI FINANCIAL GROU	3.748% 07/19/2023 DD 07/19/18	335,000		335,000			337,147
	SUNTRUST BANK/ATLANTA GA	2.250% 01/31/2020 DD 02/01/17	925,000		924,649			914,030
	SUNTRUST BANK/ATLANTA GA	VAR RT 08/02/2022 DD 07/26/18	875,000		875,000			872,384
	TENNESSEE GAS PIPELINE CO LLC	7.000% 03/15/2027 DD 03/13/97	135,000		155,621			152,600
	TEXTRON INC	3.875% 03/01/2025 DD 11/06/14	425,000		441,354			414,273
	TIME WARNER ENTERTAINMENT CO L	8.375% 03/15/2023 DD 09/15/93	80,000		90,834			91,266
	TORONTO-DOMINION BANK/THE	1.800% 07/13/2021 DD 07/13/16	245,000		240,837			237,084
	TORONTO-DOMINION BANK/THE	3.250% 06/11/2021 DD 06/12/18	340,000		339,847			341,394
	TOYOTA MOTOR CREDIT CORP	1.700% 02/19/2019 DD 02/19/16	230,000		231,163			229,575
	U S TREASURY NOTE	1.125% 08/31/2021 DD 08/31/16	5,245,000		4,992,820			5,062,631
	U S TREASURY NOTE	1.875% 07/31/2022 DD 07/31/17	2,180,000		2,111,684			2,134,787
	U S TREASURY NOTE	1.625% 10/15/2020 DD 10/15/17	11,355,000		11,136,771			11,177,976
	U S TREASURY NOTE	2.125% 11/30/2024 DD 11/30/17	2,315,000		2,260,290			2,259,579
	U S TREASURY NOTE	1.875% 12/15/2020 DD 12/15/17	1,200,000		1,197,253			1,185,708
	U S TREASURY NOTE	2.000% 01/15/2021 DD 01/15/18	20,700,000		20,444,392			20,491,344

---

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 TRANSAMERICA MDA01078TR December 31, 2018
	U S TREASURY NOTE	2.250% 02/15/2021 DD 02/15/18	2,165,000		2,146,141			2,153,244
	U S TREASURY NOTE	2.375% 04/15/2021 DD 04/15/18	4,615,000		4,560,377			4,603,463
	U S TREASURY NOTE	2.375% 04/30/2020 DD 04/30/18	7,365,000		7,347,702			7,345,409
	U S TREASURY NOTE	2.750% 08/15/2021 DD 08/15/18	6,610,000		6,595,024			6,654,684
	U S TREASURY NOTE	2.875% 09/30/2023 DD 09/30/18	8,310,000		8,292,679			8,445,038
	U S TREASURY NOTE	2.875% 10/15/2021 DD 10/15/18	4,365,000		4,365,749			4,411,051
	U S TREASURY NOTE	2.875% 10/31/2020 DD 10/31/18	1,505,000		1,514,641			1,514,406
	U S TREASURY NOTE	3.125% 11/15/2028 DD 11/15/18	235,000		240,545			243,758
	U S TREASURY NOTE	2.875% 11/30/2025 DD 11/30/18	970,000		965,150			987,392
	U S TREASURY NOTE	2.875% 11/30/2023 DD 11/30/18	1,405,000		1,409,128			1,429,475
	U S TREASURY NOTE	2.750% 11/30/2020 DD 11/30/18	9,935,000		9,918,166			9,980,006
	U S TREASURY NOTE	2.625% 12/15/2021 DD 12/15/18	4,515,000		4,512,054			4,535,272
	U S TREASURY NOTE	1.625% 03/31/2019 DD 03/31/14	2,320,000		2,362,956			2,315,453
	U S TREASURY NOTE	2.250% 11/15/2024 DD 11/15/14	600,000		573,906			589,662
	U S TREASURY NOTE	3.375% 11/15/2019 DD 11/15/09	395,000		397,530			397,378
	U S TREASURY NOTE	1.875% 10/31/2022 DD 10/31/15	11,505,000		11,018,463			11,247,978
	U S TREASURY NOTE	1.625% 11/30/2020 DD 11/30/15	5,780,000		5,852,328			5,684,746
	U S TREASURY NOTE	2.125% 12/31/2022 DD 12/31/15	7,795,000		7,612,808			7,685,091
	U S TREASURY NOTE	1.750% 05/15/2022 DD 05/15/12	3,305,000		3,174,382			3,227,399
	U S TREASURY NOTE	1.250% 10/31/2021 DD 10/31/16	1,820,000		1,734,448			1,759,285
	U S TREASURY NOTE	1.125% 01/31/2019 DD 01/31/17	2,985,000		2,980,699			2,982,134
	U S TREASURY NOTE	2.000% 07/31/2020 DD 07/31/13	750,000		762,545			743,820
	U S TREASURY NOTE	2.500% 08/15/2023 DD 08/15/13	3,805,000		3,763,086			3,803,820
	U S TREASURY NOTE	2.125% 08/31/2020 DD 08/31/13	5,050,000		4,989,348			5,016,468
	U S TREASURY NOTE	1.500% 04/15/2020 DD 04/15/17	3,150,000		3,102,859			3,108,042
	U S TREASURY NOTE	1.875% 04/30/2022 DD 04/30/17	11,030,000		10,745,184			10,818,886
	U S TREASURY NOTE	2.125% 05/15/2025 DD 05/15/15	2,185,000		2,089,681			2,126,289
	U S TREASURY NOTE	1.625% 07/31/2020 DD 07/31/15	5,965,000		5,976,184			5,880,416
	U S TREASURY NOTE	1.750% 05/31/2022 DD 05/31/17	10,330,000		10,058,769			10,084,663
	U S TREASURY NOTE	2.500% 06/30/2020 DD 06/30/18	2,545,000		2,541,785			2,543,015
	U S TREASURY NOTE	2.750% 06/30/2025 DD 06/30/18	765,000		762,500			772,711
	U S TREASURY NOTE	2.625% 07/15/2021 DD 07/15/18	2,200,000		2,208,164			2,207,832
	U S TREASURY NOTE	2.750% 07/31/2023 DD 07/31/18	6,535,000		6,490,085			6,604,663
	UBS AG/LONDON 144A	2.450% 12/01/2020 DD 11/30/17	215,000		210,457			210,982
	UBS GROUP FUNDING SWITZER 144A	VAR RT 08/15/2023 DD 08/15/17	250,000		247,883			240,448
	UNION PACIFIC CORP	3.500% 06/08/2023 DD 06/08/18	720,000		719,345			721,368
	UNITEDHEALTH GROUP INC	2.375% 10/15/2022 DD 10/25/17	365,000		350,396			353,798
	UNITEDHEALTH GROUP INC	3.500% 02/15/2024 DD 12/17/18	205,000		204,490			206,312
	US BANK NA/CINCINNATI OH	2.000% 01/24/2020 DD 01/24/17	455,000		454,040			450,750
	US BANK NA/CINCINNATI OH	2.050% 10/23/2020 DD 10/24/17	540,000		529,484			530,636
	US BANK NA/CINCINNATI OH	3.450% 11/16/2021 DD 11/16/18	680,000		679,062			685,107
	VALERO ENERGY PARTNERS LP	4.375% 12/15/2026 DD 12/09/16	80,000		78,408			78,669

---

---

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 PRUDENTIAL INSURANCE GA-62233                 December 31, 2018
			(c)
	(b)		Face Value					(e)
	Identity of Issue, Borrower,		or Number		(d)			Current
(a)	Lessor or Similar Party		of Shares		Cost			Value
	ABBVIE INC	4.250% 11/14/2028 DD 09/18/18	845,000		$	837,775		$	820,316
	AEP TEXAS CENTRAL TRANSIT A A5	5.306% 07/01/2021 DD 10/11/06	315,786		321,164			320,892
	ALLY AUTO RECEIVABLES TRU 1 A3	1.700% 06/15/2021 DD 01/31/17	900,069		893,283			893,840
	AMAZON.COM INC	2.800% 08/22/2024 DD 02/22/18	160,000		159,586			155,514
	AMERICAN ELECTRIC POWER CO INC	3.650% 12/01/2021 DD 11/30/18	395,000		394,755			397,966
	AMERICAN EXPRESS CO	2.500% 08/01/2022 DD 08/01/17	1,320,000		1,318,957			1,274,038
	AMERICAN EXPRESS CREDIT AC 4 A	1.640% 12/15/2021 DD 05/30/17	990,000		989,841			985,377
	AMERICAN INTERNATIONAL GROUP I	3.900% 04/01/2026 DD 03/22/16	695,000		694,653			668,639
	AMERICAN INTERNATIONAL GROUP I	4.750% 04/01/2048 DD 03/26/18	105,000		102,985			96,088
	AMGEN INC	3.875% 11/15/2021 DD 11/10/11	770,000		767,844			780,187
	AMGEN INC	2.650% 05/11/2022 DD 05/11/17	275,000		274,412			268,824
	ANHEUSER-BUSCH COS LLC / 144A	3.650% 02/01/2026 DD 08/01/18	865,000		820,055			817,901
	ANHEUSER-BUSCH INBEV WORLDWIDE	4.600% 04/15/2048 DD 04/04/18	545,000		541,000			488,462
	ANTHEM INC	2.500% 11/21/2020 DD 11/21/17	905,000		903,389			892,574
	APPLE INC	2.700% 05/13/2022 DD 05/13/15	575,000		579,330			568,595
	APPLE INC	3.000% 02/09/2024 DD 02/09/17	535,000		534,765			528,350
	APPLE INC	2.750% 01/13/2025 DD 11/13/17	825,000		823,796			795,515
	ASTRAZENECA PLC	3.500% 08/17/2023 DD 08/17/18	920,000		916,992			915,179
	AT&T INC	3.400% 05/15/2025 DD 05/04/15	2,245,000		2,245,023			2,114,004
	AT&T INC	6.000% 08/15/2040 DD 02/15/16	170,000		180,868			171,749
	AT&T INC	6.375% 03/01/2041 DD 03/01/16	125,000		149,909			135,365
	BAE SYSTEMS PLC 144A	4.750% 10/11/2021 DD 10/11/11	2,140,000		2,137,817			2,209,507
	BANK OF AMERICA CORP	4.000% 01/22/2025 DD 01/22/15	105,000		104,471			102,286
	BANK OF AMERICA CORP	4.450% 03/03/2026 DD 03/03/16	1,790,000		1,849,073			1,769,594
	BANK OF AMERICA CORP	VAR RT 10/01/2025 DD 09/18/17	1,145,000		1,145,395			1,085,678
	BANK OF AMERICA CORP	VAR RT 05/17/2022 DD 05/17/18	1,385,000		1,385,000			1,385,208
	BANK OF AMERICA CORP	VAR RT 07/23/2024 DD 07/23/18	715,000		715,000			713,298
	BANK OF AMERICA CORP	4.100% 07/24/2023 DD 07/23/13	155,000		159,594			157,103
	BANK OF NOVA SCOTIA/THE	3.125% 04/20/2021 DD 04/20/18	1,350,000		1,347,435			1,347,867
	BAYER US FINANCE II LLC 144A	4.875% 06/25/2048 DD 06/25/18	610,000		631,672			548,231
	BB&T CORP	2.750% 04/01/2022 DD 03/21/17	1,055,000		1,053,027			1,037,128
	BG ENERGY CAPITAL PLC 144A	4.000% 10/15/2021 DD 10/12/11	1,195,000		1,185,560			1,211,742
	BIOGEN INC	3.625% 09/15/2022 DD 09/15/15	295,000		294,764			295,773
	BMW US CAPITAL LLC 144A	3.100% 04/12/2021 DD 04/12/18	1,225,000		1,224,265			1,213,228
	BP CAPITAL MARKETS AMERICA INC	3.216% 11/28/2023 DD 11/28/18	1,195,000		1,172,773			1,177,756
	CAPITAL ONE FINANCIAL CORP	2.400% 10/30/2020 DD 10/31/17	1,040,000		1,039,043			1,018,181
	CAPITAL ONE MULTI-ASSET A1 A1	2.000% 01/17/2023 DD 03/27/17	405,000		399,289			400,549

---

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 PRUDENTIAL INSURANCE GA-62233                 December 31, 2018
	CELGENE CORP	3.875% 08/15/2025 DD 08/12/15	120,000		127,398			115,519
	CHEVRON CORP	2.895% 03/03/2024 DD 03/03/17	795,000		795,000			775,864
	CITIBANK CREDIT CARD ISS A3 A3	1.920% 04/07/2022 DD 04/11/17	1,385,000		1,365,293			1,367,341
	CITIBANK NA	2.100% 06/12/2020 DD 06/12/17	920,000		919,604			904,774
	CITIGROUP INC	4.500% 01/14/2022 DD 11/01/11	1,935,000		2,124,185			1,977,048
	CITIGROUP INC	3.400% 05/01/2026 DD 05/02/16	1,200,000		1,190,107			1,128,744
	CITIGROUP INC	VAR RT 01/24/2023 DD 01/24/18	1,345,000		1,345,000			1,321,126
	COMCAST CORP	3.000% 02/01/2024 DD 01/10/17	2,455,000		2,450,311			2,393,478
	COMERICA INC	2.125% 05/23/2019 DD 05/23/14	425,000		425,000			423,071
	CREDIT SUISSE GROUP AG 144A	VAR RT 06/12/2024 DD 06/12/18	985,000		985,000			982,449
	CVS HEALTH CORP	3.500% 07/20/2022 DD 07/20/15	630,000		629,729			625,678
	CVS HEALTH CORP	4.780% 03/25/2038 DD 03/09/18	995,000		977,308			953,469
	DAIMLER FINANCE NORTH AME 144A	2.300% 01/06/2020 DD 01/06/17	765,000		764,648			756,646
	DAIMLER FINANCE NORTH AME 144A	3.350% 05/04/2021 DD 05/04/18	875,000		873,985			872,349
	DEUTSCHE TELEKOM INTERNAT 144A	2.820% 01/19/2022 DD 01/19/17	975,000		974,951			953,063
	DISCOVER CARD EXECUTION A5 A5	3.320% 03/15/2024 DD 10/11/18	765,000		764,980			774,318
	DOMINION ENERGY INC	2.750% 01/15/2022 DD 01/12/17	945,000		943,639			920,477
	DTE ENERGY CO	3.850% 12/01/2023 DD 11/25/13	955,000		952,947			957,598
	DTE ENERGY CO	1.500% 10/01/2019 DD 10/05/16	705,000		704,119			694,552
	DUKE ENERGY FLORIDA LLC	3.200% 01/15/2027 DD 01/06/17	705,000		704,577			682,144
	EASTMAN CHEMICAL CO	2.700% 01/15/2020 DD 11/20/14	119,000		118,751			118,123
	EDISON INTERNATIONAL	2.400% 09/15/2022 DD 08/22/17	755,000		752,524			711,950
	EMD FINANCE LLC 144A	2.400% 03/19/2020 DD 03/19/15	795,000		794,960			786,907
	EQUINOR ASA	3.700% 03/01/2024 DD 11/08/13	530,000		554,608			539,885
	EVERSOURCE ENERGY	2.750% 03/15/2022 DD 03/10/17	2,025,000		2,045,716			1,989,866
	EXELON CORP	3.950% 06/15/2025 DD 12/15/15	1,420,000		1,434,795			1,401,568
	EXELON GENERATION CO LLC	2.950% 01/15/2020 DD 01/13/15	570,000		569,892			567,258
	FEDEX CORP	4.050% 02/15/2048 DD 01/31/18	590,000		537,716			494,214
	FORD CREDIT AUTO LEASE TR A A3	1.880% 04/15/2020 DD 03/28/17	738,834		734,072			737,002
	FORD CREDIT AUTO OWNE 1 A 144A	2.120% 07/15/2026 DD 01/21/15	2,340,000		2,339,166			2,316,062
	FORD CREDIT AUTO OWNE 2 A 144A	2.310% 04/15/2026 DD 10/15/14	1,115,000		1,106,957			1,107,173
	FORD CREDIT FLOORPLAN MAS 1 A1	1.760% 02/15/2021 DD 02/17/16	905,000		902,561			903,281
	FORD CREDIT FLOORPLAN MAS 3 A1	1.550% 07/15/2021 DD 07/26/16	835,000		823,714			828,529
	FORD CREDIT FLOORPLAN MAS 5 A1	1.950% 11/15/2021 DD 12/13/16	340,000		336,223			336,376
	FORD MOTOR CREDIT CO LLC	2.597% 11/04/2019 DD 11/04/14	1,415,000		1,415,000			1,399,378
	GILEAD SCIENCES INC	3.250% 09/01/2022 DD 09/14/15	465,000		464,344			463,907
	GM FINANCIAL CONSUMER AU 3 A2A	2.740% 07/16/2021 DD 07/18/18	845,000		842,939			843,538
	GOLDMAN SACHS GROUP INC/THE	5.250% 07/27/2021 DD 07/27/11	760,000		758,316			788,948
	GOLDMAN SACHS GROUP INC/THE	4.000% 03/03/2024 DD 03/03/14	385,000		409,193			379,906
	GOLDMAN SACHS GROUP INC/THE	VAR RT 06/05/2028 DD 06/05/17	390,000		370,442			362,454
	GOLDMAN SACHS GROUP INC/THE	VAR RT 07/24/2023 DD 07/24/17	1,000,000		1,000,000			952,580
	GOLDMAN SACHS GROUP INC/THE	3.750% 02/25/2026 DD 02/25/16	1,105,000		1,086,091			1,044,943

---

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 PRUDENTIAL INSURANCE GA-62233                 December 31, 2018
	GOLDMAN SACHS GROUP INC/THE	2.350% 11/15/2021 DD 09/27/16	640,000		635,661			617,094
	GOLDMAN SACHS GROUP INC/THE	2.300% 12/13/2019 DD 12/13/16	595,000		594,554			588,949
	GUARDIAN LIFE GLOBAL FUND 144A	1.950% 10/27/2021 DD 10/27/16	1,100,000		1,099,274			1,061,918
	HSBC HOLDINGS PLC	4.300% 03/08/2026 DD 03/08/16	1,065,000		1,069,552			1,050,537
	HSBC HOLDINGS PLC	3.600% 05/25/2023 DD 05/25/16	1,320,000		1,319,512			1,312,463
	HSBC HOLDINGS PLC	VAR RT 05/18/2024 DD 05/18/18	235,000		235,000			233,731
	HSBC HOLDINGS PLC	VAR RT 06/19/2029 DD 06/19/18	625,000		625,000			619,525
	HUMANA INC	2.625% 10/01/2019 DD 09/19/14	560,000		559,972			557,172
	HYUNDAI AUTO RECEIVABLES B A2	3.040% 06/15/2021 DD 12/12/18	255,000		254,979			255,321
	INGERSOLL-RAND LUXEMBOURG FINA	2.625% 05/01/2020 DD 10/28/14	680,000		679,551			673,343
	JPMORGAN CHASE & CO	2.700% 05/18/2023 DD 05/18/16	2,490,000		2,464,707			2,391,720
	JPMORGAN CHASE & CO	VAR RT 07/23/2024 DD 07/23/18	2,550,000		2,550,000			2,554,616
	JPMORGAN CHASE & CO	VAR RT 12/05/2024 DD 12/05/18	780,000		780,000			786,209
	KEURIG DR PEPPER INC 144A	4.417% 05/25/2025 DD 05/25/18	250,000		250,000			248,843
	KEYBANK NA/CLEVELAND OH	2.300% 09/14/2022 DD 09/14/17	1,350,000		1,349,690			1,299,645
	KEYBANK NA/CLEVELAND OH	3.350% 06/15/2021 DD 06/13/18	440,000		439,938			441,373
	KINDER MORGAN ENERGY PARTNERS	3.500% 03/01/2021 DD 02/24/14	440,000		437,774			438,645
	KINDER MORGAN INC/DE	4.300% 06/01/2025 DD 11/26/14	320,000		321,643			317,475
	KINDER MORGAN INC/DE	5.300% 12/01/2034 DD 11/26/14	180,000		151,331			176,429
	KINDER MORGAN INC/DE	5.550% 06/01/2045 DD 11/26/14	150,000		164,724			148,556
	KINDER MORGAN INC/DE	5.200% 03/01/2048 DD 03/01/18	390,000		389,060			372,298
	KRAFT HEINZ FOODS CO	3.500% 06/06/2022 DD 12/06/12	355,000		351,805			351,418
	KRAFT HEINZ FOODS CO	3.500% 07/15/2022 DD 07/15/16	575,000		573,643			566,657
	KRAFT HEINZ FOODS CO	4.000% 06/15/2023 DD 06/15/18	1,235,000		1,232,567			1,231,764
	MASSMUTUAL GLOBAL FUNDING 144A	1.950% 09/22/2020 DD 09/22/17	1,690,000		1,687,938			1,656,268
	MCDONALD'S CORP	4.450% 03/01/2047 DD 03/09/17	535,000		543,580			511,514
	METROPOLITAN LIFE GLOBAL 144A	2.400% 01/08/2021 DD 01/10/18	950,000		948,965			935,532
	METROPOLITAN LIFE GLOBAL 144A	3.450% 10/09/2021 DD 10/09/18	590,000		589,699			592,466
	MICROSOFT CORP	2.000% 08/08/2023 DD 08/08/16	245,000		244,267			235,558
	MONDELEZ INTERNATIONAL HO 144A	1.625% 10/28/2019 DD 10/28/16	2,295,000		2,290,043			2,263,054
	MORGAN STANLEY	4.000% 07/23/2025 DD 07/23/15	365,000		364,701			360,091
	MORGAN STANLEY	3.125% 01/23/2023 DD 01/23/18	1,440,000		1,436,760			1,406,794
	MORGAN STANLEY	3.875% 04/29/2024 DD 04/28/14	780,000		773,167			776,272
	MORGAN STANLEY	2.500% 04/21/2021 DD 04/21/16	2,210,000		2,221,468			2,163,148
	MORGAN STANLEY	2.625% 11/17/2021 DD 11/17/16	545,000		542,215			531,936
	MORGAN STANLEY	7.300% 05/13/2019 DD 05/13/09	255,000		292,464			258,871
	MORGAN STANLEY	3.125% 07/27/2026 DD 07/25/16	140,000		139,048			129,448
	MOTIVA ENTERPRISES LLC 144A	5.750% 01/15/2020 DD 01/11/10	151,000		150,704			153,647
	NESTLE HOLDINGS INC 144A	3.350% 09/24/2023 DD 09/24/18	1,705,000		1,704,693			1,721,880
	NEW YORK LIFE GLOBAL FUND 144A	2.900% 01/17/2024 DD 01/17/17	1,830,000		1,828,390			1,781,670
	NISSAN AUTO RECEIVABLES C A2A	3.070% 10/15/2021 DD 12/12/18	390,000		389,999			390,698
	NORTHROP GRUMMAN CORP	2.080% 10/15/2020 DD 10/13/17	1,220,000		1,219,817			1,196,454

---

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 PRUDENTIAL INSURANCE GA-62233                 December 31, 2018
	ORACLE CORP	2.950% 11/15/2024 DD 11/09/17	740,000		738,831			720,679
	PHILIP MORRIS INTERNATIONAL IN	2.000% 02/21/2020 DD 02/21/17	395,000		392,583			390,070
	PHILIP MORRIS INTERNATIONAL IN	1.875% 11/01/2019 DD 11/02/17	1,465,000		1,462,114			1,447,376
	PUBLIC SERVICE ENTERPRISE GROU	2.650% 11/15/2022 DD 11/06/17	1,360,000		1,358,273			1,315,093
	RECKITT BENCKISER TREASUR 144A	2.750% 06/26/2024 DD 06/26/17	1,840,000		1,838,013			1,739,021
	REPUBLIC SERVICES INC	3.950% 05/15/2028 DD 05/14/18	755,000		744,445			755,491
	ROYAL BANK OF CANADA	2.750% 02/01/2022 DD 01/31/17	1,220,000		1,219,719			1,200,480
	SEMPRA ENERGY	2.400% 03/15/2020 DD 03/13/15	760,000		759,362			749,322
	SEMPRA ENERGY	1.625% 10/07/2019 DD 10/07/16	420,000		419,572			414,196
	SEMPRA ENERGY	2.900% 02/01/2023 DD 01/12/18	350,000		348,674			340,095
	SIEMENS FINANCIERINGSMAAT 144A	2.900% 05/27/2022 DD 05/27/15	625,000		625,000			613,631
	SIMON PROPERTY GROUP LP	2.750% 06/01/2023 DD 12/11/17	1,275,000		1,272,692			1,235,526
	SOUTHERN CO/THE	2.950% 07/01/2023 DD 05/24/16	1,165,000		1,164,010			1,125,041
	STATE STREET CORP	1.950% 05/19/2021 DD 05/19/16	265,000		264,862			257,559
	SYSCO CORP	3.550% 03/15/2025 DD 03/19/18	895,000		890,346			881,351
	TOYOTA MOTOR CREDIT CORP	2.600% 01/11/2022 DD 01/09/17	660,000		659,109			649,493
	TOYOTA MOTOR CREDIT CORP	2.950% 04/13/2021 DD 04/13/18	460,000		459,816			460,069
	TRANSCANADA PIPELINES LTD	4.625% 03/01/2034 DD 02/28/14	530,000		527,604			506,622
	U S TREASURY BOND	2.500% 02/15/2045 DD 02/15/15	4,620,000		4,134,520			4,186,875
	U S TREASURY BOND	2.500% 02/15/2046 DD 02/15/16	19,100,000		18,378,892			17,243,671
	U S TREASURY BOND	2.500% 05/15/2046 DD 05/15/16	9,400,000		8,486,149			8,477,296
	U S TREASURY BOND	2.250% 08/15/2046 DD 08/15/16	2,370,000		1,971,400			2,025,521
	U S TREASURY BOND	3.000% 08/15/2048 DD 08/15/18	1,620,000		1,513,980			1,612,337
	U S TREASURY NOTE	1.500% 07/15/2020 DD 07/15/17	2,770,000		2,718,891			2,726,622
	U S TREASURY NOTE	1.625% 10/15/2020 DD 10/15/17	8,770,000		8,585,415			8,633,276
	U S TREASURY NOTE	2.250% 03/31/2020 DD 03/31/18	6,990,000		6,943,669			6,961,341
	U S TREASURY NOTE	2.375% 04/30/2020 DD 04/30/18	2,410,000		2,400,378			2,403,589
	U S TREASURY NOTE	2.500% 05/31/2020 DD 05/31/18	20,795,000		20,721,774			20,776,285
	U S TREASURY NOTE	2.875% 08/15/2028 DD 08/15/18	4,670,000		4,738,408			4,742,245
	U S TREASURY NOTE	1.375% 04/30/2020 DD 04/30/15	5,475,000		5,375,367			5,390,740
	U S TREASURY NOTE	1.375% 08/31/2020 DD 08/31/15	25,325,000		24,674,845			24,847,117
	U S TREASURY NOTE	1.375% 09/30/2020 DD 09/30/15	7,890,000		7,694,060			7,734,962
	U S TREASURY NOTE	2.125% 08/31/2020 DD 08/31/13	900,000		889,699			894,024
	U S TREASURY NOTE	1.500% 05/15/2020 DD 05/15/17	18,215,000		17,912,913			17,955,983
	U S TREASURY NOTE	1.500% 05/31/2020 DD 05/31/15	13,805,000		13,558,645			13,602,205
	U S TREASURY NOTE	1.625% 07/31/2020 DD 07/31/15	24,195,000		23,775,193			23,851,915
	U S TREASURY NOTE	1.500% 06/15/2020 DD 06/15/17	25,555,000		25,097,192			25,183,686
	U S TREASURY NOTE	2.500% 06/30/2020 DD 06/30/18	19,500,000		19,424,261			19,484,790
	UNION PACIFIC CORP	3.950% 09/10/2028 DD 06/08/18	1,005,000		1,011,070			1,003,633
	UNITED TECHNOLOGIES CORP	1.950% 11/01/2021 DD 11/01/16	245,000		244,454			235,188
	UNITED TECHNOLOGIES CORP	3.950% 08/16/2025 DD 08/16/18	605,000		603,972			600,317
	UNITEDHEALTH GROUP INC	4.625% 07/15/2035 DD 07/23/15	300,000		319,608			317,997

---

---

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 MET TOWER LIFE 38025 AND RGA RGA00036     December 31, 2018
			(c)
	(b)		Face Value					(e)
	Identity of Issue, Borrower,		or Number		(d)			Current
(a)	Lessor or Similar Party		of Shares		Cost			Value
	AIG GLOBAL FUNDING 144A	3.350% 06/25/2021 DD 06/27/18	315,000		$	314,981		$	313,742
	AIR LEASE CORP	2.125% 01/15/2020 DD 10/03/16	290,000		288,965			285,810
	AIR LIQUIDE FINANCE SA 144A	1.750% 09/27/2021 DD 09/27/16	1,000,000		972,810			957,280
	ALIMENTATION COUCHE-TARD 144A	2.350% 12/13/2019 DD 12/14/17	280,000		279,966			277,388
	ALLY MASTER OWNER TRUST 2 A	3.290% 05/15/2023 DD 05/30/18	400,000		399,996			402,292
	AMAZON.COM INC	1.900% 08/21/2020 DD 02/21/18	565,000		564,689			556,864
	AMERICAN EXPRESS CREDIT AC 9 A	VAR RT 04/15/2026 DD 09/24/18	310,000		310,000			307,929
	AMERICAN HONDA FINANCE CORP	2.250% 08/15/2019 DD 09/09/14	1,050,000		1,048,058			1,045,065
	APPLE INC	1.550% 08/04/2021 DD 08/04/16	1,295,000		1,272,558			1,255,619
	ASIAN DEVELOPMENT BANK	2.250% 01/20/2021 DD 01/19/18	630,000		629,326			626,138
	AXA EQUITABLE HOLDINGS IN 144A	3.900% 04/20/2023 DD 04/20/18	435,000		434,356			429,610
	BANK OF AMERICA CORP	5.700% 01/24/2022 DD 01/24/12	620,000		702,212			657,119
	BANK OF AMERICA CORP	VAR RT 05/17/2022 DD 05/17/18	320,000		320,000			320,048
	BARCLAYS PLC	VAR RT 02/15/2023 DD 11/15/18	200,000		199,962			198,312
	BB&T CORP	2.750% 04/01/2022 DD 03/21/17	815,000		806,043			801,194
	BERKSHIRE HATHAWAY ENERGY CO	2.800% 01/15/2023 DD 01/05/18	850,000		833,612			831,079
	BOEING CO/THE	2.125% 03/01/2022 DD 02/16/17	625,000		628,838			606,563
	CAPITAL ONE NA	2.950% 07/23/2021 DD 07/24/14	800,000		827,368			786,840
	CHEVRON CORP	1.961% 03/03/2020 DD 03/03/15	360,000		360,000			356,386
	CHUBB INA HOLDINGS INC	2.300% 11/03/2020 DD 11/03/15	315,000		315,916			310,496
	CISCO SYSTEMS INC	2.200% 02/28/2021 DD 02/29/16	1,000,000		1,009,610			986,750
	CITIBANK CREDIT CARD ISS A6 A6	3.210% 12/07/2024 DD 08/17/18	380,000		379,936			383,887
	CITIBANK NA	3.400% 07/23/2021 DD 07/23/18	300,000		299,880			300,381
	CITIZENS BANK NA/PROVIDENCE RI	2.550% 05/13/2021 DD 05/13/16	250,000		249,768			244,520
	CK HUTCHISON INTERNATIONA 144A	2.250% 09/29/2020 DD 09/29/17	610,000		608,329			599,837
	COMCAST CORP	3.300% 10/01/2020 DD 10/05/18	525,000		524,853			527,011
	COMM 2013-CCRE8 MORTGAG CR8 A4	3.334% 06/10/2046 DD 06/01/13	240,208		240,029			240,556
	CONNECTICUT LIGHT & POWER CO/T	2.500% 01/15/2023 DD 01/15/13	1,050,000		1,022,343			1,030,323
	CVS HEALTH CORP	3.700% 03/09/2023 DD 03/09/18	530,000		525,251			524,329
	DAIMLER FINANCE NORTH AME 144A	VAR RT 05/04/2021 DD 05/04/18	300,000		300,000			297,327
	DIAGEO CAPITAL PLC	4.828% 07/15/2020 DD 05/14/10	805,000		853,331			827,049
	DOLLAR TREE INC	3.700% 05/15/2023 DD 04/19/18	100,000		99,814			98,334
	DUKE ENERGY CAROLINAS LLC	3.900% 06/15/2021 DD 05/19/11	1,000,000		1,031,000			1,013,450
	EASTMAN CHEMICAL CO	2.700% 01/15/2020 DD 11/20/14	280,000		283,660			277,936
	ESTEE LAUDER COS INC/THE	1.700% 05/10/2021 DD 05/10/16	975,000		965,644			948,275
	EXXON MOBIL CORP	2.222% 03/01/2021 DD 03/03/16	950,000		960,251			936,320
	FEDERAL HOME LN BK CONS BD	1.550% 08/28/2019 DD 08/28/17	1,300,000		1,300,000			1,291,056
	FEDERAL HOME LN BK CONS BD	1.500% 10/21/2019 DD 10/13/17	1,285,000		1,282,726			1,273,037

---

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 MET TOWER LIFE 38025 AND RGA RGA00036     December 31, 2018
	FEDERAL HOME LN BK CONS BD	2.300% 01/26/2021 DD 01/26/18	1,030,000		1,022,883			1,023,923
	FEDERAL HOME LN BK CONS BD	2.625% 05/28/2020 DD 05/21/18	945,000		944,660			946,361
	FEDERAL HOME LN MTG CORP	2.000% 11/20/2020 DD 11/20/17	1,280,000		1,279,616			1,262,715
	FEDERAL HOME LN MTG CORP	3.350% 07/26/2023 DD 07/26/18	985,000		985,000			985,108
	FEDERAL HOME LN MTG CORP	2.500% 04/23/2020 DD 04/19/18	470,000		469,897			469,347
	FNMA POOL #0BM4416	5.000% 10/01/2048 DD 08/01/18	268,568		286,822			285,359
	GILEAD SCIENCES INC	2.550% 09/01/2020 DD 09/14/15	550,000		551,829			545,551
	GOLDMAN SACHS GROUP INC/THE	VAR RT 05/15/2026 DD 05/17/18	320,000		320,000			307,126
	GOLDMAN SACHS GROUP INC/THE	2.875% 02/25/2021 DD 02/25/16	1,000,000		1,028,260			982,900
	GOLDMAN SACHS GROUP INC/THE	2.550% 10/23/2019 DD 10/23/14	180,000		183,837			178,862
	HOME DEPOT INC/THE	2.625% 06/01/2022 DD 06/02/15	625,000		637,338			618,444
	HONEYWELL INTERNATIONAL INC	1.850% 11/01/2021 DD 10/31/16	640,000		639,968			618,515
	HUNTINGTON BANCSHARES INC/OH	3.150% 03/14/2021 DD 03/14/16	290,000		289,429			288,710
	INTEL CORP	2.450% 07/29/2020 DD 07/29/15	1,000,000		1,019,650			995,990
	INTERNATIONAL BANK FOR RECONST	1.250% 07/26/2019 DD 01/28/16	1,240,000		1,234,011			1,230,365
	JACKSON NATIONAL LIFE GLO 144A	VAR RT 06/11/2021 DD 06/11/18	305,000		305,000			303,094
	JPMORGAN CHASE & CO	2.550% 03/01/2021 DD 03/01/16	850,000		863,708			838,015
	LLOYDS BANKING GROUP PLC	4.050% 08/16/2023 DD 08/16/18	360,000		359,903			355,651
	MARATHON PETROLEUM CORP	5.125% 03/01/2021 DD 09/01/11	575,000		628,538			591,600
	MCCORMICK & CO INC/MD	2.700% 08/15/2022 DD 08/11/17	565,000		564,944			547,858
	MEDTRONIC INC	2.500% 03/15/2020 DD 03/15/15	250,000		258,013			248,720
	MERCK & CO INC	1.850% 02/10/2020 DD 02/10/15	850,000		848,751			842,393
	METROPOLITAN LIFE GLOBAL 144A	1.950% 09/15/2021 DD 09/15/16	525,000		503,444			506,877
	METROPOLITAN LIFE GLOBAL 144A	1.750% 09/19/2019 DD 09/19/17	290,000		289,803			287,187
	MICROSOFT CORP	1.100% 08/08/2019 DD 08/08/16	970,000		968,936			960,349
	MORGAN STANLEY	2.625% 11/17/2021 DD 11/17/16	1,200,000		1,206,072			1,171,236
	NBCUNIVERSAL MEDIA LLC	4.375% 04/01/2021 DD 04/01/11	575,000		622,259			589,364
	NESTLE HOLDINGS INC 144A	3.100% 09/24/2021 DD 09/24/18	325,000		324,880			326,882
	NOVARTIS CAPITAL CORP	1.800% 02/14/2020 DD 02/17/17	1,000,000		1,006,540			988,800
	ORACLE CORP	3.875% 07/15/2020 DD 07/15/11	800,000		871,712			812,120
	PNC BANK NA	2.625% 02/17/2022 DD 02/17/17	600,000		604,362			586,422
	PRICOA GLOBAL FUNDING I 144A	2.450% 09/21/2022 DD 09/21/17	480,000		479,506			463,906
	PRINCIPAL LIFE GLOBAL FUN 144A	2.375% 11/21/2021 DD 11/21/16	620,000		618,115			603,068
	PROCTER & GAMBLE CO/THE	1.850% 02/02/2021 DD 02/02/16	1,190,000		1,189,774			1,168,735
	PROTECTIVE LIFE GLOBAL FU 144A	2.161% 09/25/2020 DD 09/27/17	635,000		635,000			623,672
	PSNH FUNDING LLC 3 1 A1	3.094% 02/01/2026 DD 05/08/18	350,000		349,992			352,037
	PUBLIC SERVICE ELECTRIC & GAS	1.900% 03/15/2021 DD 03/03/16	1,200,000		1,219,320			1,171,800
	ROCHE HOLDINGS INC 144A	2.250% 09/30/2019 DD 09/29/14	920,000		918,657			913,946
	ROCKWELL COLLINS INC	2.800% 03/15/2022 DD 04/10/17	650,000		658,743			631,794
	SALESFORCE.COM INC	3.250% 04/11/2023 DD 04/11/18	325,000		324,805			326,671
	SAN DIEGO GAS & ELECTRIC CO	3.000% 08/15/2021 DD 08/18/11	1,250,000		1,294,975			1,244,825
	SIEMENS FINANCIERINGSMAAT 144A	2.700% 03/16/2022 DD 03/16/17	770,000		768,252			755,470

---

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 MET TOWER LIFE 38025 AND RGA RGA00036     December 31, 2018
	SOUTHERN CO/THE	1.850% 07/01/2019 DD 05/24/16	405,000		404,923			403,016
	SPRINT SPECTRUM CO LLC / 144A	VAR RT 03/20/2023 DD 10/27/16	343,750		345,381			339,453
	STARBUCKS CORP	2.100% 02/04/2021 DD 02/04/16	940,000		943,667			916,904
	SYSCO CORP	2.600% 10/01/2020 DD 09/28/15	840,000		840,637			830,945
	TJX COS INC/THE	2.750% 06/15/2021 DD 06/05/14	450,000		472,401			446,477
	TORONTO-DOMINION BANK/THE	3.150% 09/17/2020 DD 09/17/18	220,000		219,954			220,513
	TOYOTA MOTOR CORP	3.183% 07/20/2021 DD 07/20/18	330,000		330,000			330,149
	U S TREASURY NOTE	2.750% 04/30/2023 DD 04/30/18	7,495,000		7,491,670			7,571,974
	U S TREASURY NOTE	2.875% 10/31/2023 DD 10/31/18	4,375,000		4,353,467			4,447,800
	U S TREASURY NOTE	2.000% 11/30/2020 DD 11/30/13	4,865,000		5,016,415			4,819,950
	U S TREASURY NOTE	1.750% 09/30/2022 DD 09/30/15	2,655,000		2,604,995			2,584,881
	U S TREASURY NOTE	1.125% 09/30/2021 DD 09/30/16	5,745,000		5,551,182			5,540,995
	U S TREASURY NOTE	1.625% 08/15/2022 DD 08/15/12	4,150,000		3,993,240			4,026,330
	U S TREASURY NOTE	2.000% 12/31/2021 DD 12/31/16	2,160,000		2,173,264			2,130,473
	U S TREASURY NOTE	2.000% 07/31/2020 DD 07/31/13	2,990,000		3,062,443			2,965,362
	U S TREASURY NOTE	1.750% 06/30/2022 DD 06/30/17	3,095,000		3,082,127			3,020,039
	U S TREASURY NOTE	2.625% 07/31/2020 DD 07/31/18	640,000		639,931			640,774
	U S TREASURY NOTE	2.750% 07/31/2023 DD 07/31/18	2,610,000		2,596,814			2,637,823
	UNILEVER CAPITAL CORP	1.375% 07/28/2021 DD 07/28/16	385,000		381,935			368,949
	VALERO ENERGY CORP	6.125% 02/01/2020 DD 02/08/10	635,000		716,589			653,555
	VOLKSWAGEN AUTO LOAN ENHA 1 A3	3.020% 11/21/2022 DD 07/03/18	365,000		364,947			365,069
	VOLKSWAGEN GROUP OF AMERI 144A	2.400% 05/22/2020 DD 05/22/15	305,000		299,358			300,257
	WALMART INC	3.125% 06/23/2021 DD 06/27/18	290,000		289,986			292,062
	WELLS FARGO & CO	3.500% 03/08/2022 DD 03/08/12	1,200,000		1,244,820			1,196,004
	WELLS FARGO BANK NA	VAR RT 07/23/2021 DD 07/23/18	300,000		300,069			299,709
	WESTPAC BANKING CORP	3.050% 05/15/2020 DD 05/15/18	220,000		219,963			220,154
	ZOETIS INC	3.250% 08/20/2021 DD 08/20/18	55,000		54,938			54,837
	ABBOTT LABORATORIES	2.900% 11/30/2021 DD 11/22/16	600,000		594,984			594,786
	AETNA INC	2.800% 06/15/2023 DD 06/09/16	205,000		204,701			194,957
	ALABAMA POWER CO	2.450% 03/30/2022 DD 03/03/17	255,000		254,791			248,265
	ALLERGAN FUNDING SCS	3.450% 03/15/2022 DD 03/12/15	370,000		371,616			364,095
	ALLY MASTER OWNER TRUST 4 A	3.300% 07/17/2023 DD 08/15/18	310,000		309,956			311,773
	ALTRIA GROUP INC	2.850% 08/09/2022 DD 08/09/12	210,000		209,563			201,596
	AMERICAN EXPRESS CO	3.700% 11/05/2021 DD 11/06/18	190,000		189,958			191,706
	AMERICAN EXPRESS CO	4.200% 11/06/2025 DD 11/06/18	190,000		189,578			193,684
	AMERICREDIT AUTOMOBILE RE 2 A3	3.150% 03/20/2023 DD 08/15/18	210,000		209,965			210,775
	AMGEN INC	3.875% 11/15/2021 DD 11/10/11	200,000		205,038			202,646
	AMGEN INC	2.650% 05/11/2022 DD 05/11/17	130,000		130,919			127,080
	ANHEUSER-BUSCH COS LLC / 144A	3.650% 02/01/2026 DD 08/01/18	815,000		771,747			770,623
	ANHEUSER-BUSCH INBEV WORLDWIDE	3.500% 01/12/2024 DD 04/04/18	440,000		437,831			430,386
	ANTHEM INC	3.650% 12/01/2027 DD 11/21/17	195,000		194,608			186,309

---

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 MET TOWER LIFE 38025 AND RGA RGA00036     December 31, 2018
	ANTHEM INC	4.101% 03/01/2028 DD 03/02/18	85,000		83,485			83,312
	ANTHEM INC	3.125% 05/15/2022 DD 05/07/12	155,000		156,273			152,723
	APPALACHIAN POWER CO	3.300% 06/01/2027 DD 05/11/17	170,000		169,133			162,411
	APPLE INC	2.500% 02/09/2025 DD 02/09/15	75,000		74,894			70,827
	APPLE INC	2.850% 02/23/2023 DD 02/23/16	100,000		100,178			98,774
	APPLE INC	3.000% 02/09/2024 DD 02/09/17	35,000		34,985			34,565
	ARI FLEET LEASE TRUS B A3 144A	3.430% 08/16/2027 DD 09/27/18	138,000		137,979			138,519
	AT&T INC	4.125% 02/17/2026 DD 02/09/16	155,000		164,905			151,466
	AT&T INC	4.250% 03/01/2027 DD 02/09/17	50,000		50,232			48,918
	BA CREDIT CARD TRUST A1 A	VAR RT 06/15/2021 DD 02/13/14	495,000		495,000			495,035
	BAE SYSTEMS HOLDINGS INC 144A	3.800% 10/07/2024 DD 10/07/14	200,000		199,406			199,594
	BANK 2017-BNK9 BNK9 A4	3.538% 11/15/2054 DD 12/01/17	562,000		578,857			557,881
	BANK 2018-BNK10 BN10 A5	3.688% 02/15/2061 DD 02/01/18	390,000		401,698			387,933
	BANK OF AMERICA CORP	2.250% 04/21/2020 DD 04/21/15	150,000		147,864			148,397
	BANK OF AMERICA CORP	3.950% 04/21/2025 DD 04/21/15	55,000		54,838			53,292
	BANK OF AMERICA CORP	4.450% 03/03/2026 DD 03/03/16	300,000		318,840			296,580
	BANK OF AMERICA CORP	VAR RT 01/20/2028 DD 01/20/17	185,000		182,073			179,469
	BANK OF AMERICA CORP	VAR RT 04/24/2028 DD 04/24/17	170,000		170,000			163,076
	BANK OF AMERICA CORP	VAR RT 07/21/2021 DD 07/21/17	285,000		285,000			279,901
	BANK OF AMERICA CORP	VAR RT 01/23/2022 DD 01/23/18	185,000		185,000			182,194
	BANK OF AMERICA CORP	VAR RT 01/23/2026 DD 01/23/18	200,000		200,000			191,218
	BANK OF AMERICA CORP	VAR RT 12/20/2023 DD 12/20/17	53,000		53,010			51,517
	BANK OF AMERICA CORP	VAR RT 12/20/2028 DD 12/20/17	100,000		92,675			93,415
	BANK OF AMERICA CORP	VAR RT 07/23/2024 DD 07/23/18	505,000		505,000			503,798
	BANK OF NEW YORK MELLON CORP/T	VAR RT 10/30/2023 DD 10/31/16	490,000		490,000			490,862
	BANK OF NEW YORK MELLON CORP/T	2.450% 11/27/2020 DD 11/27/15	25,000		25,343			24,709
	BAT CAPITAL CORP	2.297% 08/14/2020 DD 08/14/18	440,000		433,374			429,722
	BAT CAPITAL CORP	3.222% 08/15/2024 DD 08/15/18	275,000		275,000			253,300
	BAYER US FINANCE II LLC 144A	4.250% 12/15/2025 DD 06/25/18	275,000		274,480			267,647
	BECTON DICKINSON AND CO	2.894% 06/06/2022 DD 06/06/17	530,000		530,000			513,316
	BENCHMARK 2018-B1 MORTGA B1 A5	VAR RT 01/15/2051 DD 01/01/18	155,000		159,639			155,127
	BERKSHIRE HATHAWAY ENERGY CO	2.400% 02/01/2020 DD 12/04/14	175,000		176,639			173,857
	BNP PARIBAS SA 144A	3.800% 01/10/2024 DD 01/10/17	200,000		199,392			194,724
	BNP PARIBAS SA 144A	3.375% 01/09/2025 DD 01/09/18	200,000		199,642			188,216
	BNP PARIBAS SA 144A	4.400% 08/14/2028 DD 08/14/18	200,000		198,928			195,208
	BOSTON GAS CO 144A	3.150% 08/01/2027 DD 08/03/17	60,000		59,944			57,237
	BOSTON SCIENTIFIC CORP	2.850% 05/15/2020 DD 05/12/15	93,000		92,328			92,395
	BOSTON SCIENTIFIC CORP	4.000% 03/01/2028 DD 02/26/18	180,000		178,289			174,713
	BP CAPITAL MARKETS AMERICA INC	3.790% 02/06/2024 DD 11/06/18	385,000		385,000			389,154
	BPCE SA 144A	2.750% 01/11/2023 DD 01/11/18	350,000		347,008			335,745
	BROADCOM CORP / BROADCOM CAYMA	2.375% 01/15/2020 DD 01/15/18	120,000		118,397			118,501

---

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 MET TOWER LIFE 38025 AND RGA RGA00036     December 31, 2018
	BROADCOM CORP / BROADCOM CAYMA	3.625% 01/15/2024 DD 01/15/18	575,000		571,564			544,008
	BROADCOM CORP / BROADCOM CAYMA	3.875% 01/15/2027 DD 01/15/18	225,000		202,428			201,850
	BROADCOM CORP / BROADCOM CAYMA	3.125% 01/15/2025 DD 10/17/17	115,000		109,222			103,817
	CANADIAN NATURAL RESOURCES LTD	2.950% 01/15/2023 DD 05/30/17	25,000		24,858			23,896
	CANADIAN NATURAL RESOURCES LTD	3.850% 06/01/2027 DD 05/30/17	275,000		275,220			259,413
	CARDINAL HEALTH INC	2.616% 06/15/2022 DD 06/12/17	285,000		285,000			274,552
	CARMAX AUTO OWNER TRUST 2 3 A4	1.600% 01/18/2022 DD 07/20/16	465,000		454,538			455,798
	CARMAX AUTO OWNER TRUST 2 4 A3	3.360% 09/15/2023 DD 10/24/18	210,000		209,998			211,439
	CATERPILLAR FINANCIAL SERVICES	1.850% 09/04/2020 DD 09/07/17	250,000		249,790			245,133
	CBS CORP	2.900% 06/01/2023 DD 12/01/18	205,000		203,214			195,386
	CENTERPOINT ENERGY INC	2.500% 09/01/2022 DD 08/10/17	200,000		200,055			191,282
	CHARTER COMMUNICATIONS OPERATI	4.908% 07/23/2025 DD 07/23/16	565,000		581,628			561,813
	CHARTER COMMUNICATIONS OPERATI	4.464% 07/23/2022 DD 07/23/16	215,000		215,684			217,066
	CHESAPEAKE FUNDING 2A A1 144A	3.230% 08/15/2030 DD 08/16/18	305,000		304,965			306,379
	CIGNA CORP 144A	4.125% 11/15/2025 DD 09/17/18	180,000		179,851			179,746
	CIGNA CORP 144A	4.375% 10/15/2028 DD 09/17/18	945,000		943,249			950,273
	CIGNA HOLDING CO	3.050% 10/15/2027 DD 09/14/17	390,000		378,175			356,745
	CITIGROUP COMMERCIAL M GC35 A4	3.818% 11/10/2048 DD 12/01/15	300,000		308,991			304,680
	CITIGROUP COMMERCIAL MOR P1 A5	3.717% 09/15/2048 DD 08/01/15	264,000		285,594			267,464
	CITIGROUP INC	4.450% 09/29/2027 DD 09/29/15	155,000		155,886			149,392
	CITIGROUP INC	3.700% 01/12/2026 DD 01/12/16	135,000		134,820			129,797
	CITIGROUP INC	4.600% 03/09/2026 DD 03/09/16	25,000		24,951			24,674
	CITIGROUP INC	2.700% 03/30/2021 DD 03/30/16	540,000		542,328			531,981
	CITIGROUP INC	VAR RT 01/10/2028 DD 01/10/17	240,000		233,256			231,578
	CITIGROUP INC	VAR RT 05/17/2024 DD 05/17/17	190,000		190,000			185,366
	CNH EQUIPMENT TRUST 2018- B A4	3.370% 05/15/2024 DD 09/26/18	265,000		264,979			268,318
	CNOOC PETROLEUM NORTH AMERICA	6.200% 07/30/2019 DD 07/30/09	275,000		320,427			279,747
	COCA-COLA EUROPEAN PARTNERS PL	3.500% 09/15/2020 DD 04/12/18	450,000		452,228			451,539
	COMCAST CORP	3.375% 08/15/2025 DD 05/27/15	95,000		91,228			92,570
	COMCAST CORP	2.350% 01/15/2027 DD 07/19/16	165,000		147,049			147,492
	COMCAST CORP	3.450% 10/01/2021 DD 10/05/18	165,000		164,833			166,673
	COMCAST CORP	3.950% 10/15/2025 DD 10/05/18	180,000		179,779			182,131
	COMCAST CORP	4.150% 10/15/2028 DD 10/05/18	130,000		129,935			132,006
	COMM 2015-CCRE26 MORTG CR26 A4	3.630% 10/10/2048 DD 10/01/15	453,000		466,201			456,085
	COMM 2015-LC19 MORTGAG LC19 A4	3.183% 02/10/2048 DD 02/01/15	320,000		317,900			315,597
	COMMERCIAL MORTGAGE PA CR28 A4	3.762% 02/10/2049 DD 02/01/16	425,000		427,955			429,947
	COMMIT TO PUR FHLMC GOLD SFM	3.000% 01/01/2034 DD 01/01/19	900,000		889,453			896,814
	COMMIT TO PUR FHLMC GOLD SFM	4.000% 01/01/2049 DD 01/01/19	3,300,000		3,336,609			3,364,119
	COMMIT TO PUR FHLMC GOLD SFM	4.500% 01/01/2049 DD 01/01/19	1,000,000		1,031,563			1,035,090

---

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 MET TOWER LIFE 38025 AND RGA RGA00036     December 31, 2018
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2049 DD 01/01/19	1,700,000		1,671,105			1,699,694
	COMMIT TO PUR FNMA SF MTG	4.000% 01/01/2049 DD 01/01/19	3,100,000		3,127,609			3,160,078
	COMMIT TO PUR GNMA II JUMBOS	3.500% 11/01/2048 DD 11/01/18	8,105,000		8,078,488			8,155,008
	COMMIT TO PUR GNMA II JUMBOS	4.000% 01/20/2049 DD 01/01/19	2,200,000		2,236,781			2,252,602
	COMMIT TO PUR GNMA II JUMBOS	4.500% 01/20/2048 DD 01/01/19	1,300,000		1,341,719			1,345,175
	COMMONWEALTH EDISON CO	3.700% 08/15/2028 DD 08/14/18	225,000		224,460			225,668
	CONAGRA BRANDS INC	3.800% 10/22/2021 DD 10/22/18	130,000		129,851			130,046
	CONAGRA BRANDS INC	4.600% 11/01/2025 DD 10/22/18	30,000		29,914			30,095
	CONSTELLATION BRANDS INC	4.750% 12/01/2025 DD 12/04/15	322,000		333,606			328,852
	CONSTELLATION BRANDS INC	2.700% 05/09/2022 DD 05/09/17	30,000		29,935			28,976
	CONSTELLATION BRANDS INC	2.650% 11/07/2022 DD 11/07/17	360,000		358,495			344,711
	CONSTELLATION BRANDS INC	3.200% 02/15/2023 DD 02/07/18	165,000		164,847			160,002
	CONSTELLATION BRANDS INC	4.400% 11/15/2025 DD 10/29/18	95,000		94,821			95,188
	COX COMMUNICATIONS INC 144A	2.950% 06/30/2023 DD 05/01/13	55,000		52,264			52,923
	COX COMMUNICATIONS INC 144A	3.150% 08/15/2024 DD 08/07/17	294,000		289,786			282,828
	CREDIT ACCEPTANCE AU 3A A 144A	3.550% 08/15/2027 DD 08/23/18	285,000		284,948			287,157
	CREDIT SUISSE GROUP FUNDING GU	3.800% 09/15/2022 DD 09/15/15	475,000		482,871			471,537
	CROWN CASTLE INTERNATIONAL COR	3.200% 09/01/2024 DD 08/01/17	280,000		273,422			265,639
	CROWN CASTLE INTERNATIONAL COR	3.150% 07/15/2023 DD 01/16/18	150,000		149,445			144,194
	CSAIL 2015-C1 COMMERCIAL C1 A4	3.505% 04/15/2050 DD 03/01/15	372,000		396,747			372,945
	CSAIL 2015-C3 COMMERCIAL C3 A3	3.447% 08/15/2048 DD 08/01/15	275,000		284,550			273,834
	CSAIL 2015-C3 COMMERCIAL C3 A4	3.718% 08/15/2048 DD 08/01/15	256,000		264,940			258,488
	CSAIL 2015-C4 COMMERCIAL C4 A4	3.808% 11/15/2048 DD 11/01/15	286,000		294,578			289,787
	CSX CORP	3.250% 06/01/2027 DD 05/01/17	240,000		239,707			225,806
	CVS HEALTH CORP	2.750% 12/01/2022 DD 11/29/12	30,000		29,958			28,872
	CVS HEALTH CORP	3.500% 07/20/2022 DD 07/20/15	175,000		174,925			173,800
	CVS HEALTH CORP	2.875% 06/01/2026 DD 05/25/16	125,000		117,375			113,853
	CVS HEALTH CORP	3.700% 03/09/2023 DD 03/09/18	675,000		668,952			667,778
	CVS HEALTH CORP	4.100% 03/25/2025 DD 03/09/18	445,000		440,643			440,559
	DBJPM 16-C3 MORTGAGE TRU C3 A5	2.890% 08/10/2049 DD 08/01/16	576,000		569,389			549,596
	DELTA AIR LINES INC	3.800% 04/19/2023 DD 04/19/18	215,000		213,404			211,560
	DISCOVERY COMMUNICATIONS 144A	2.800% 06/15/2020 DD 12/15/17	138,000		136,834			136,537
	DISCOVERY COMMUNICATIONS 144A	3.950% 06/15/2025 DD 12/15/17	110,000		109,967			105,663
	DISCOVERY COMMUNICATIONS LLC	4.900% 03/11/2026 DD 03/11/16	155,000		163,544			156,142
	DISCOVERY COMMUNICATIONS LLC	3.800% 03/13/2024 DD 03/13/17	183,000		185,930			178,522
	DISCOVERY COMMUNICATIONS LLC	2.950% 03/20/2023 DD 09/21/17	95,000		94,880			90,890
	DISCOVERY COMMUNICATIONS LLC	3.950% 03/20/2028 DD 09/21/17	95,000		89,269			88,088
	DOMINION ENERGY INC	3.900% 10/01/2025 DD 09/24/15	405,000		407,863			403,502
	DRIVE AUTO RECEIVABLES TR 5 A3	3.340% 10/15/2022 DD 11/20/18	455,000		454,955			456,684
	DTE ENERGY CO	1.500% 10/01/2019 DD 10/05/16	150,000		149,813			147,777
	DUKE ENERGY CAROLINAS LLC	3.350% 05/15/2022 DD 11/08/18	175,000		174,599			176,633

---

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 MET TOWER LIFE 38025 AND RGA RGA00036     December 31, 2018
	DUKE ENERGY CORP	3.750% 04/15/2024 DD 04/04/14	200,000		199,882			200,316
	DUKE ENERGY PROGRESS LLC	3.250% 08/15/2025 DD 08/13/15	265,000		264,192			257,869
	ENERGY TRANSFER OPERATING LP	4.200% 09/15/2023 DD 06/08/18	80,000		79,941			78,843
	ENTERPRISE FLEET FIN 1 A3 144A	3.100% 10/20/2023 DD 03/21/18	245,000		243,335			245,657
	ENTERPRISE PRODUCTS OPERATING	4.150% 10/16/2028 DD 10/11/18	305,000		301,279			303,463
	EVERGREEN CREDIT CARD 2 A 144A	VAR RT 07/15/2022 DD 07/31/18	415,000		415,000			414,801
	EXELON CORP	2.450% 04/15/2021 DD 04/07/16	30,000		29,993			29,341
	FHLMC POOL #A4-1215	5.000% 11/01/2035 DD 12/01/05	79,213		76,075			84,091
	FHLMC POOL #A4-1297	5.000% 12/01/2035 DD 12/01/05	32,425		31,141			34,226
	FHLMC POOL #A4-1833	5.000% 01/01/2036 DD 01/01/06	14,779		14,194			15,660
	FHLMC POOL #A4-7715	5.000% 11/01/2035 DD 11/01/05	365		351			383
	FHLMC POOL #A7-0631	5.000% 12/01/2037 DD 12/01/07	72,067		69,116			75,994
	FHLMC POOL #A7-7292	5.000% 04/01/2038 DD 05/01/08	120,224		118,721			127,225
	FHLMC POOL #A9-6129	4.000% 01/01/2041 DD 12/01/10	1,983,975		2,049,229			2,041,351
	FHLMC POOL #B1-1979	5.500% 01/01/2019 DD 01/01/04	180		180			180
	FHLMC POOL #B1-5992	5.500% 08/01/2019 DD 08/01/04	1,735		1,797			1,738
	FHLMC POOL #B1-6466	5.500% 09/01/2019 DD 09/01/04	6,207		6,214			6,223
	FHLMC POOL #E0-1648	5.500% 05/01/2019 DD 05/01/04	137		142			137
	FHLMC POOL #G0-1940	5.000% 10/01/2035 DD 10/01/05	30,194		28,361			32,067
	FHLMC POOL #G0-4214	5.500% 05/01/2038 DD 04/01/08	101,921		102,622			108,958
	FHLMC POOL #G0-8741	3.000% 01/01/2047 DD 12/01/16	7,290,308		7,490,791			7,107,685
	FHLMC POOL #G0-8796	3.500% 12/01/2047 DD 12/01/17	617,366		611,361			617,249
	FHLMC POOL #G0-8804	3.500% 02/01/2048 DD 02/01/18	2,062,630		2,042,567			2,062,197
	FHLMC POOL #G0-8816	3.500% 05/01/2048 DD 05/01/18	988,141		976,754			987,904
	FHLMC POOL #Q4-6279	3.500% 02/01/2047 DD 02/01/17	482,832		476,872			483,590
	FHLMC POOL #Q5-3034	3.500% 12/01/2047 DD 12/01/17	321,912		318,203			321,851
	FHLMC POOL #Q5-5617	3.500% 04/01/2048 DD 04/01/18	370,968		366,693			370,875
	FHLMC POOL #Q5-6545	3.500% 06/01/2048 DD 06/01/18	545,345		540,041			545,203
	FHLMC POOL #Q5-6606	3.500% 06/01/2048 DD 06/01/18	1,247,095		1,234,965			1,246,771
	FHLMC MULTICLASS MTG 3883 PB	3.000% 05/15/2041 DD 06/01/11	100,517		100,117			100,576
	FHLMC MULTICLASS MTG K003 A5	5.085% 03/25/2019 DD 06/01/09	145,745		147,202			145,627
	FHLMC MULTICLASS MTG K068 A2	3.244% 08/25/2027 DD 10/01/17	382,000		393,447			380,373
	FIDELITY NATIONAL INFORMATION	2.250% 08/15/2021 DD 08/16/16	175,000		174,976			168,994
	FIFTH THIRD BANK/CINCINNATI OH	2.875% 10/01/2021 DD 09/05/14	300,000		298,455			296,457
	FIRST NATIONAL MASTER NOTE 1 A	VAR RT 10/15/2024 DD 10/17/18	270,000		270,000			270,014
	FISERV INC	3.800% 10/01/2023 DD 09/25/18	340,000		339,844			342,118
	FLUOR CORP	4.250% 09/15/2028 DD 08/29/18	140,000		139,702			136,384
	FNMA POOL #0252441	6.000% 05/01/2019 DD 04/01/99	157		172			169
	FNMA POOL #0256315	5.500% 07/01/2036 DD 06/01/06	42,372		41,543			45,082
	FNMA POOL #0725206	5.500% 02/01/2034 DD 02/01/04	91,930		104,732			98,983
	FNMA POOL #0725222	5.500% 02/01/2034 DD 02/01/04	150,256		171,115			161,806
	FNMA POOL #0725314	5.000% 04/01/2034 DD 03/01/04	39,938		37,936			42,404

---

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 MET TOWER LIFE 38025 AND RGA RGA00036     December 31, 2018
	FNMA POOL #0727187	5.500% 08/01/2033 DD 08/01/03	14,645		14,741			15,576
	FNMA POOL #0733655	5.500% 09/01/2033 DD 08/01/03	22,768		22,917			24,505
	FNMA POOL #0734847	5.500% 08/01/2033 DD 08/01/03	43,690		43,976			46,757
	FNMA POOL #0735383	5.000% 04/01/2035 DD 03/01/05	370,603		414,996			393,484
	FNMA POOL #0820263	5.000% 07/01/2035 DD 07/01/05	12,182		11,983			12,929
	FNMA POOL #0825951	5.000% 07/01/2035 DD 06/01/05	16,025		15,762			16,821
	FNMA POOL #0826955	5.000% 06/01/2035 DD 06/01/05	2,189		2,153			2,323
	FNMA POOL #0828523	5.000% 07/01/2035 DD 07/01/05	23,897		23,505			25,360
	FNMA POOL #0828547	5.000% 08/01/2035 DD 08/01/05	2,785		2,643			2,955
	FNMA POOL #0828678	5.000% 07/01/2035 DD 07/01/05	15,896		15,635			16,820
	FNMA POOL #0828712	5.000% 07/01/2035 DD 07/01/05	29,234		28,754			31,017
	FNMA POOL #0830996	5.000% 08/01/2035 DD 07/01/05	23,561		23,174			24,775
	FNMA POOL #0832013	5.000% 09/01/2035 DD 08/01/05	42,760		42,058			45,400
	FNMA POOL #0832878	5.000% 09/01/2035 DD 08/01/05	43,119		41,697			45,769
	FNMA POOL #0838778	5.000% 10/01/2035 DD 10/01/05	15,140		14,382			16,065
	FNMA POOL #0840377	5.000% 11/01/2035 DD 11/01/05	12,710		12,073			13,368
	FNMA POOL #0843360	5.000% 11/01/2035 DD 11/01/05	7,082		6,729			7,419
	FNMA POOL #0844018	5.000% 11/01/2035 DD 10/01/05	44,193		41,978			46,911
	FNMA POOL #0867065	5.000% 02/01/2036 DD 02/01/06	12,280		11,656			13,017
	FNMA POOL #0882022	5.500% 05/01/2036 DD 05/01/06	2,125		2,083			2,287
	FNMA POOL #0888023	5.500% 06/01/2036 DD 11/01/06	301,953		301,246			324,322
	FNMA POOL #0888120	5.000% 10/01/2035 DD 12/01/06	99,699		96,405			105,885
	FNMA POOL #0888635	5.500% 09/01/2036 DD 08/01/07	78,314		89,197			84,338
	FNMA POOL #0893289	5.500% 08/01/2036 DD 08/01/06	18,994		18,641			20,250
	FNMA POOL #0893363	5.000% 06/01/2036 DD 08/01/06	4,352		4,134			4,618
	FNMA POOL #0900979	5.500% 09/01/2036 DD 09/01/06	8,062		7,912			8,568
	FNMA POOL #0961876	5.000% 03/01/2038 DD 02/01/08	81,920		79,994			85,814
	FNMA POOL #0AL5249	4.500% 01/01/2043 DD 04/01/14	720,946		779,860			754,902
	FNMA POOL #0AN6110	3.000% 07/01/2027 DD 07/01/17	515,000		526,064			502,187
	FNMA POOL #0AN6257	3.160% 08/01/2027 DD 08/01/17	690,000		709,838			679,712
	FNMA POOL #0AN7376	2.880% 11/01/2027 DD 11/01/17	730,112		733,078			704,653
	FNMA POOL #0AN8322	3.190% 02/01/2028 DD 02/01/18	590,000		586,635			583,557
	FNMA POOL #0AN8695	3.550% 03/01/2028 DD 03/01/18	710,000		726,391			720,409
	FNMA POOL #0AT2016	3.000% 04/01/2043 DD 04/01/13	892,853		901,223			877,496
	FNMA POOL #0BJ8622	3.500% 05/01/2048 DD 04/01/18	178,043		176,485			178,059
	FNMA POOL #0BK5010	3.500% 06/01/2048 DD 06/01/18	799,309		792,315			799,373
	FNMA POOL #0CA1191	3.500% 11/01/2047 DD 01/01/18	192,627		191,001			192,640
	FNMA POOL #0MA3120	3.500% 09/01/2047 DD 08/01/17	1,735,534		1,796,745			1,736,714
	FNMA POOL #0MA3305	3.500% 02/01/2048 DD 02/01/18	1,082,473		1,069,745			1,082,549
	FNMA GTD REMIC P/T 12-18 GA	2.000% 12/25/2041 DD 02/01/12	171,710		162,293			165,520
	FNMA GTD REMIC P/T 12-21 PQ	2.000% 09/25/2041 DD 02/01/12	88,925		84,187			85,241
	FNMA GTD REMIC P/T 12-52 PA	3.500% 05/25/2042 DD 04/01/12	102,794		104,123			104,987

---

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 MET TOWER LIFE 38025 AND RGA RGA00036     December 31, 2018
	FNMA GTD REMIC P/T 12-75 KC	2.500% 12/25/2041 DD 06/01/12	182,596		177,147			178,649
	FNMA GTD REMIC P/T 15-48 QB	3.000% 02/25/2043 DD 06/01/15	240,699		242,739			238,850
	FNMA GTD REMIC P/T 16-11 GA	2.500% 03/25/2046 DD 02/01/16	156,608		151,811			153,262
	FNMA GTD REMIC P/T 17-34 JK	3.000% 05/25/2047 DD 04/01/17	146,460		141,838			145,182
	FNMA GTD REMIC P/T 17-72 B	3.000% 09/25/2047 DD 08/01/17	215,555		214,991			214,764
	FNMA GTD REMIC P/T 17-72 CD	3.000% 09/25/2047 DD 08/01/17	220,063		218,915			219,599
	FNMA GTD REMIC P/T 18-23 LA	3.500% 04/25/2048 DD 03/01/18	205,494		207,501			212,355
	FNMA GTD REMIC P/T 18-38 PC	3.500% 03/25/2045 DD 05/01/18	253,413		253,967			256,943
	FNMA GTD REMIC P/T 18-77 PA	3.500% 02/25/2048 DD 09/01/18	119,950		119,425			121,365
	FNMA GTD REMIC P/T 18-80 GD	3.500% 12/25/2047 DD 09/01/18	461,691		457,020			467,000
	FORD MOTOR CREDIT CO LLC	3.815% 11/02/2027 DD 11/02/17	200,000		183,512			168,742
	FORTIS INC/CANADA	2.100% 10/04/2021 DD 04/04/17	75,000		74,809			72,103
	FORTIS INC/CANADA	3.055% 10/04/2026 DD 04/04/17	200,000		198,266			182,578
	FORTIVE CORP	2.350% 06/15/2021 DD 06/15/17	360,000		362,588			351,025
	GENERAL DYNAMICS CORP	2.875% 05/11/2020 DD 05/11/18	760,000		757,310			760,524
	GENERAL MOTORS CO	5.000% 10/01/2028 DD 09/10/18	255,000		254,911			241,620
	GENERAL MOTORS FINANCIAL CO IN	4.300% 07/13/2025 DD 07/13/15	330,000		323,872			312,715
	GENERAL MOTORS FINANCIAL CO IN	5.250% 03/01/2026 DD 03/01/16	175,000		182,266			171,238
	GEORGIA POWER CO	3.250% 03/30/2027 DD 03/03/17	75,000		74,915			70,165
	GEORGIA POWER CO	2.000% 09/08/2020 DD 08/08/17	251,000		245,436			245,300
	GLAXOSMITHKLINE CAPITAL INC	3.375% 05/15/2023 DD 05/15/18	270,000		268,734			271,029
	GLAXOSMITHKLINE CAPITAL PLC	3.125% 05/14/2021 DD 05/15/18	270,000		269,274			270,340
	GLP CAPITAL LP / GLP FINANCING	5.300% 01/15/2029 DD 09/26/18	145,000		145,061			141,814
	GNMA POOL #0345910	6.000% 12/15/2023 DD 12/01/93	2,398		2,499			2,572
	GNMA POOL #0427239	6.000% 01/15/2028 DD 01/01/98	618		644			663
	GNMA POOL #0465541	6.000% 07/15/2028 DD 07/01/98	1,164		1,213			1,249
	GNMA POOL #0486703	6.000% 11/15/2028 DD 11/01/98	813		847			888
	GNMA POOL #0491289	6.000% 11/15/2028 DD 11/01/98	9,563		9,996			10,260
	GNMA POOL #0596613	6.000% 10/15/2032 DD 10/01/02	608		627			656
	GNMA POOL #0601319	6.000% 02/15/2033 DD 02/01/03	10,343		10,811			11,096
	GNMA POOL #0739896	4.000% 01/15/2041 DD 01/01/11	136,420		147,328			140,657
	GNMA POOL #0767263	4.000% 08/15/2041 DD 08/01/11	642,299		693,658			662,095
	GNMA POOL #0770410	4.000% 06/15/2041 DD 06/01/11	46,950		50,750			48,395
	GNMA POOL #0778693	4.000% 12/15/2041 DD 12/01/11	125,180		135,312			129,058
	GNMA POOL #0781856	6.000% 08/15/2034 DD 01/01/05	138,310		143,097			150,536
	GNMA POOL #0782071	7.000% 05/15/2033 DD 03/01/06	40,116		41,858			45,513
	GNMA GTD REMIC P/T 13-37 LG	2.000% 01/20/2042 DD 03/01/13	273,824		255,512			261,411
	GNMA II POOL #0MA4652	3.500% 08/20/2047 DD 08/01/17	2,512,621		2,616,659			2,529,305
	GNMA II POOL #0MA4961	3.000% 01/20/2048 DD 01/01/18	384,872		371,657			379,099
	GNMA II POOL #0MA5018	3.000% 02/20/2048 DD 02/01/18	3,867,437		3,734,645			3,809,387
	GOLDMAN SACHS GROUP INC/THE	VAR RT 11/29/2023 DD 11/29/13	300,000		304,878			297,303
	GOLDMAN SACHS GROUP INC/THE	5.750% 01/24/2022 DD 01/24/12	285,000		303,235			298,404

---

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 MET TOWER LIFE 38025 AND RGA RGA00036     December 31, 2018
	GOLDMAN SACHS GROUP INC/THE	4.000% 03/03/2024 DD 03/03/14	80,000		79,758			78,942
	GOLDMAN SACHS GROUP INC/THE	VAR RT 06/05/2028 DD 06/05/17	210,000		210,000			195,168
	GOLDMAN SACHS GROUP INC/THE	VAR RT 07/24/2023 DD 07/24/17	295,000		293,151			281,011
	GOLDMAN SACHS GROUP INC/THE	VAR RT 05/01/2029 DD 04/23/18	320,000		315,024			307,965
	GOLDMAN SACHS GROUP INC/THE	3.750% 02/25/2026 DD 02/25/16	305,000		318,554			288,423
	GOLDMAN SACHS GROUP INC/THE	2.350% 11/15/2021 DD 09/27/16	115,000		114,882			110,884
	GOLDMAN SACHS GROUP INC/THE	3.500% 11/16/2026 DD 11/16/16	230,000		212,920			212,440
	GOLDMAN SACHS GROUP INC/THE	3.750% 05/22/2025 DD 05/22/15	25,000		24,920			23,919
	GOLDMAN SACHS GROUP INC/THE	VAR RT 10/31/2022 DD 10/31/17	180,000		180,000			174,818
	GS MORTGAGE SECURITIES GS5 A4	3.674% 03/10/2050 DD 03/01/17	445,000		467,226			444,439
	HESS CORP	4.300% 04/01/2027 DD 09/28/16	280,000		279,288			256,572
	HOME DEPOT INC/THE	2.125% 09/15/2026 DD 09/15/16	120,000		118,685			108,019
	HOME DEPOT INC/THE	3.250% 03/01/2022 DD 12/06/18	115,000		114,685			116,194
	HSBC HOLDINGS PLC	3.400% 03/08/2021 DD 03/08/16	240,000		239,453			239,378
	HSBC HOLDINGS PLC	2.950% 05/25/2021 DD 05/25/16	400,000		403,752			394,844
	HUMANA INC	2.500% 12/15/2020 DD 12/21/17	125,000		124,933			123,115
	INTEL CORP	3.100% 07/29/2022 DD 07/29/15	55,000		58,720			55,058
	INTESA SANPAOLO SPA 144A	3.375% 01/12/2023 DD 01/12/18	200,000		199,480			185,270
	INTESA SANPAOLO SPA 144A	3.875% 01/12/2028 DD 01/12/18	200,000		198,428			170,808
	JOHN DEERE CAPITAL CORP	2.650% 01/06/2022 DD 01/06/17	105,000		104,971			102,992
	JOHN DEERE CAPITAL CORP	2.350% 01/08/2021 DD 01/08/18	225,000		224,883			221,915
	JOHN DEERE CAPITAL CORP	3.450% 06/07/2023 DD 06/07/18	85,000		84,953			85,321
	JOHNSON & JOHNSON	2.950% 03/03/2027 DD 03/03/17	5,000		4,995			4,808
	JP MORGAN CHASE COMMERC JP3 A5	2.870% 08/15/2049 DD 09/01/16	270,000		264,727			257,000
	JPMBB COMMERCIAL MORTGA C32 A5	3.598% 11/15/2048 DD 10/01/15	322,000		351,219			323,607
	JPMORGAN CHASE & CO	2.295% 08/15/2021 DD 08/08/16	465,000		466,588			453,673
	JPMORGAN CHASE & CO	4.350% 08/15/2021 DD 08/10/11	250,000		248,800			255,833
	JPMORGAN CHASE & CO	4.500% 01/24/2022 DD 01/23/12	105,000		112,184			108,191
	JPMORGAN CHASE & CO	2.550% 03/01/2021 DD 03/01/16	80,000		79,940			78,872
	JPMORGAN CHASE & CO	3.300% 04/01/2026 DD 03/23/16	100,000		99,881			95,233
	JPMORGAN CHASE & CO	VAR RT 01/23/2029 DD 01/23/18	320,000		320,000			303,008
	JPMORGAN CHASE & CO	VAR RT 04/23/2029 DD 04/23/18	95,000		94,389			93,134
	JPMORGAN CHASE & CO	VAR RT 07/23/2024 DD 07/23/18	345,000		345,000			345,624
	KRAFT HEINZ FOODS CO	3.000% 06/01/2026 DD 05/24/16	320,000		318,598			285,466
	KRAFT HEINZ FOODS CO	4.625% 01/30/2029 DD 06/15/18	140,000		136,685			138,421
	MARATHON OIL CORP	2.800% 11/01/2022 DD 10/29/12	130,000		119,753			122,100
	MARSH & MCLENNAN COS INC	4.050% 10/15/2023 DD 09/27/13	375,000		373,523			380,483
	MARSH & MCLENNAN COS INC	3.500% 03/10/2025 DD 09/10/14	65,000		64,796			63,853
	MASTER CREDIT CARD T 3A A 144A	VAR RT 01/21/2022 DD 08/14/18	455,000		455,000			455,541
	MCDONALD'S CORP	3.350% 04/01/2023 DD 03/16/18	195,000		194,926			194,013
	MCKESSON CORP	3.650% 11/30/2020 DD 11/30/18	470,000		469,784			472,247
	MERCEDES-BENZ AUTO LEASE B A3	3.210% 09/15/2021 DD 11/20/18	450,000		449,990			451,850

---

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 MET TOWER LIFE 38025 AND RGA RGA00036     December 31, 2018
	METHANEX CORP	3.250% 12/15/2019 DD 12/17/12	345,000		348,129			342,409
	METROPOLITAN LIFE GLOBAL 144A	2.400% 01/08/2021 DD 01/10/18	380,000		379,586			374,213
	MICROCHIP TECHNOLOGY INC 144A	3.922% 06/01/2021 DD 05/29/18	210,000		210,000			208,318
	MICROSOFT CORP	2.000% 08/08/2023 DD 08/08/16	85,000		84,746			81,724
	MICROSOFT CORP	2.400% 08/08/2026 DD 08/08/16	195,000		191,669			181,808
	MICROSOFT CORP	2.875% 02/06/2024 DD 02/06/17	10,000		9,927			9,906
	MOODY'S CORP	2.625% 01/15/2023 DD 01/15/18	50,000		49,883			47,732
	MORGAN STANLEY	4.350% 09/08/2026 DD 09/08/14	175,000		174,692			170,065
	MORGAN STANLEY	2.750% 05/19/2022 DD 05/19/17	200,000		199,582			194,576
	MORGAN STANLEY	VAR RT 04/24/2024 DD 04/24/18	310,000		310,000			307,359
	MORGAN STANLEY	2.500% 01/24/2019 DD 01/24/14	100,000		99,632			99,959
	MORGAN STANLEY	2.450% 02/01/2019 DD 01/27/16	125,000		127,498			124,939
	MORGAN STANLEY	2.500% 04/21/2021 DD 04/21/16	245,000		244,177			239,806
	MORGAN STANLEY	4.875% 11/01/2022 DD 10/23/12	20,000		20,161			20,610
	MORGAN STANLEY	3.125% 07/27/2026 DD 07/25/16	620,000		616,558			573,271
	MORGAN STANLEY	3.950% 04/23/2027 DD 04/23/15	90,000		89,676			84,851
	MORGAN STANLEY BANK OF C14 A5	4.064% 02/15/2047 DD 02/01/14	25,000		26,743			25,758
	MORGAN STANLEY BANK OF C22 A4	3.306% 04/15/2048 DD 04/01/15	569,000		577,002			562,166
	MORGAN STANLEY BANK OF C26 A5	3.531% 10/15/2048 DD 11/01/15	441,000		479,019			440,413
	MORGAN STANLEY BANK OF C28 A4	3.544% 01/15/2049 DD 02/01/16	563,000		576,349			562,088
	MORGAN STANLEY BANK OF C30 A5	2.860% 09/15/2049 DD 09/01/16	590,000		580,962			560,004
	MPLX LP	4.125% 03/01/2027 DD 02/10/17	100,000		99,834			95,211
	MYLAN INC 144A	4.550% 04/15/2028 DD 04/09/18	95,000		94,764			88,543
	MYLAN NV	3.750% 12/15/2020 DD 12/15/16	95,000		94,970			94,956
	MYLAN NV	3.150% 06/15/2021 DD 12/15/16	235,000		234,727			229,821
	MYLAN NV	3.950% 06/15/2026 DD 12/15/16	45,000		42,359			41,013
	NATIONAL RURAL UTILITIES COOPE	2.300% 11/01/2020 DD 10/27/15	170,000		169,657			167,544
	NATIONAL RURAL UTILITIES COOPE	2.400% 04/25/2022 DD 04/25/17	75,000		74,979			72,983
	NESTLE HOLDINGS INC 144A	3.350% 09/24/2023 DD 09/24/18	325,000		324,942			328,218
	NEW YORK LIFE GLOBAL FUND 144A	2.000% 04/13/2021 DD 04/13/16	340,000		340,853			331,296
	NXP BV / NXP FUNDING LLC 144A	4.875% 03/01/2024 DD 12/06/18	370,000		370,204			371,624
	OBP DEPOSITOR LLC T OBP A 144A	4.646% 07/15/2045 DD 07/01/10	150,000		157,838			152,517
	PACIFIC GAS & ELECTRIC CO	3.400% 08/15/2024 DD 08/18/14	30,000		28,322			26,017
	PACIFIC GAS & ELECTRIC CO	2.950% 03/01/2026 DD 03/01/16	375,000		349,642			308,321
	PACIFIC GAS & ELECTRIC CO	3.300% 12/01/2027 DD 11/29/17	100,000		88,906			81,605
	PENSKE TRUCK LEASING CO L 144A	4.875% 07/11/2022 DD 07/13/12	155,000		159,446			160,481
	PENSKE TRUCK LEASING CO L 144A	3.375% 02/01/2022 DD 02/02/15	120,000		125,686			118,661
	PENSKE TRUCK LEASING CO L 144A	3.900% 02/01/2024 DD 05/10/18	35,000		34,929			34,738
	PETROLEOS MEXICANOS	6.500% 01/23/2029 DD 10/23/18	15,000		14,993			13,988
	PETROLEOS MEXICANOS	4.875% 01/24/2022	40,000		40,890			38,940
	PETROLEOS MEXICANOS	4.625% 09/21/2023	99,000		99,575			92,912
	PETROLEOS MEXICANOS	5.350% 02/12/2028	125,000		125,000			109,063

---

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 MET TOWER LIFE 38025 AND RGA RGA00036     December 31, 2018
	PFIZER INC	3.200% 09/15/2023 DD 09/07/18	65,000		64,868			65,257
	PFIZER INC	3.600% 09/15/2028 DD 09/07/18	65,000		64,897			65,246
	PHILIP MORRIS INTERNATIONAL IN	3.250% 11/10/2024 DD 11/10/14	290,000		285,711			283,020
	PHILIP MORRIS INTERNATIONAL IN	2.375% 08/17/2022 DD 08/17/17	190,000		189,120			182,598
	PIONEER NATURAL RESOURCES CO	4.450% 01/15/2026 DD 12/07/15	115,000		122,749			116,110
	REYNOLDS AMERICAN INC	4.000% 06/12/2022 DD 06/12/15	240,000		247,779			237,413
	REYNOLDS AMERICAN INC	4.450% 06/12/2025 DD 06/12/15	30,000		30,518			28,927
	ROYAL BANK OF CANADA	2.150% 10/26/2020 DD 10/26/17	360,000		359,791			354,470
	SABINE PASS LIQUEFACTION LLC	5.750% 05/15/2024 DD 11/15/14	170,000		188,753			177,371
	SABINE PASS LIQUEFACTION LLC	4.200% 03/15/2028 DD 03/06/17	5,000		4,995			4,783
	SALESFORCE.COM INC	3.250% 04/11/2023 DD 04/11/18	140,000		139,916			140,720
	SALESFORCE.COM INC	3.700% 04/11/2028 DD 04/11/18	95,000		94,976			95,503
	SANTANDER DRIVE AUTO RECE 5 A3	3.190% 03/15/2022 DD 10/24/18	200,000		199,974			199,384
	SANTANDER HOLDINGS USA INC	3.700% 03/28/2022 DD 09/28/17	265,000		268,747			260,257
	SEMPRA ENERGY	2.400% 02/01/2020 DD 01/12/18	210,000		209,714			207,176
	SHERWIN-WILLIAMS CO/THE	2.750% 06/01/2022 DD 05/16/17	105,000		104,935			101,641
	SHERWIN-WILLIAMS CO/THE	3.450% 06/01/2027 DD 05/16/17	190,000		182,270			177,112
	SOUTH CAROLINA ELECTRIC & GAS	3.500% 08/15/2021 DD 08/17/18	220,000		219,993			220,618
	SOUTHERN CALIFORNIA EDISON CO	2.900% 03/01/2021 DD 03/05/18	425,000		424,822			419,747
	SOUTHERN CALIFORNIA EDISON CO	3.400% 06/01/2023 DD 06/04/18	210,000		209,782			208,795
	SOUTHERN CALIFORNIA GAS CO	2.600% 06/15/2026 DD 06/03/16	130,000		129,748			121,958
	SOUTHERN CO/THE	2.950% 07/01/2023 DD 05/24/16	15,000		14,987			14,486
	SOUTHERN CO/THE	3.250% 07/01/2026 DD 05/24/16	175,000		164,176			163,931
	STARBUCKS CORP	3.800% 08/15/2025 DD 08/10/18	355,000		351,578			351,067
	STARBUCKS CORP	4.000% 11/15/2028 DD 08/10/18	85,000		84,905			84,312
	STATE STREET CORP	VAR RT 12/03/2024 DD 12/03/18	110,000		110,000			110,262
	SUNCOR ENERGY INC	3.600% 12/01/2024 DD 11/25/14	165,000		163,938			161,387
	SYNCHRONY FINANCIAL	3.700% 08/04/2026 DD 08/04/16	100,000		92,965			84,824
	SYNGENTA FINANCE NV 144A	5.182% 04/24/2028 DD 04/24/18	440,000		423,974			408,034
	SYNGENTA FINANCE NV 144A	4.892% 04/24/2025 DD 04/24/18	200,000		200,000			189,110
	TELEFONICA EMISIONES SA	4.103% 03/08/2027 DD 03/08/17	395,000		375,866			379,437
	TEXAS EASTERN TRANSMISSIO 144A	3.500% 01/15/2028 DD 01/09/18	60,000		59,689			56,648
	THERMO FISHER SCIENTIFIC INC	3.000% 04/15/2023 DD 04/13/16	150,000		149,268			145,934
	THERMO FISHER SCIENTIFIC INC	2.950% 09/19/2026 DD 09/19/16	65,000		64,212			59,985
	TOYOTA AUTO RECEIVABLES 2 D A4	3.300% 02/15/2024 DD 11/07/18	175,000		174,964			177,154
	TRANSCANADA PIPELINES LTD	4.250% 05/15/2028 DD 05/07/18	270,000		267,894			267,392
	TRANSCONTINENTAL GAS PIPE LINE	4.000% 03/15/2028 DD 09/15/18	35,000		34,388			34,224
	TRILLIUM CREDIT CARD 2A A 144A	VAR RT 09/26/2023 DD 10/12/18	455,000		455,000			454,600
	U S TREASURY NOTE	1.375% 02/29/2020 DD 02/28/15	7,125,000		7,128,896			7,025,393
	U S TREASURY NOTE	3.125% 05/15/2021 DD 05/15/11	5,347,000		5,421,774			5,426,349
	U S TREASURY NOTE	0.750% 07/15/2019 DD 07/15/16	2,460,000		2,449,397			2,436,458
	U S TREASURY NOTE	1.375% 02/15/2020 DD 02/15/17	2,958,000		2,945,154			2,917,209

---

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 MET TOWER LIFE 38025 AND RGA RGA00036     December 31, 2018
	UBS AG/LONDON 144A	2.450% 12/01/2020 DD 11/30/17	215,000		214,802			210,982
	UBS GROUP FUNDING SWITZER 144A	2.950% 09/24/2020 DD 09/24/15	205,000		204,649			202,833
	UNION PACIFIC CORP	3.750% 07/15/2025 DD 06/08/18	340,000		339,986			343,227
	UNITED TECHNOLOGIES CORP	2.800% 05/04/2024 DD 05/04/17	350,000		349,272			329,910
	UNITED TECHNOLOGIES CORP	3.125% 05/04/2027 DD 05/04/17	125,000		118,554			115,455
	UNITED TECHNOLOGIES CORP	3.650% 08/16/2023 DD 08/16/18	420,000		419,962			418,354
	UNITED TECHNOLOGIES CORP	3.950% 08/16/2025 DD 08/16/18	40,000		39,932			39,690
	UNITEDHEALTH GROUP INC	2.300% 12/15/2019 DD 12/08/14	245,000		250,635			243,388
	UNITEDHEALTH GROUP INC	1.700% 02/15/2019 DD 02/25/16	130,000		129,952			129,791
	UNITEDHEALTH GROUP INC	2.125% 03/15/2021 DD 02/25/16	260,000		259,207			254,569
	UNITEDHEALTH GROUP INC	3.150% 06/15/2021 DD 06/19/18	60,000		59,968			60,080
	UNITEDHEALTH GROUP INC	3.700% 12/15/2025 DD 12/17/18	55,000		54,889			55,549
	US TREAS-CPI INFLAT	0.625% 01/15/2026 DD 01/15/16	4,416,513		4,382,575			4,298,901
	US TREAS-CPI INFLAT	0.625% 07/15/2021 DD 07/15/11	1,240,888		1,288,151			1,227,337
	VALE OVERSEAS LTD	6.250% 08/10/2026	255,000		280,378			275,400
	VALERO ENERGY CORP	3.400% 09/15/2026 DD 09/12/16	155,000		153,934			142,188
	VALERO ENERGY PARTNERS LP	4.500% 03/15/2028 DD 03/29/18	260,000		259,116			254,582
	VERIZON COMMUNICATIONS INC	3.500% 11/01/2024 DD 10/29/14	110,000		111,697			108,491
	VERIZON COMMUNICATIONS INC	4.125% 03/16/2027 DD 03/16/17	440,000		443,568			440,339
	VERIZON COMMUNICATIONS INC	4.329% 09/21/2028 DD 06/21/18	85,000		84,425			85,349
	VIACOM INC	4.250% 09/01/2023 DD 08/19/13	395,000		406,402			393,460
	VODAFONE GROUP PLC	3.750% 01/16/2024 DD 05/30/18	265,000		262,755			261,192
	VOLKSWAGEN AUTO LOAN ENHA 2 A3	3.250% 04/20/2023 DD 11/21/18	355,000		354,985			357,939
	VOLKSWAGEN GROUP OF AMERI 144A	3.875% 11/13/2020 DD 11/13/18	220,000		219,833			221,074
	WALMART INC	3.400% 06/26/2023 DD 06/27/18	365,000		364,901			368,763
	WARNER MEDIA LLC	3.600% 07/15/2025 DD 06/04/15	255,000		258,405			241,516
	WARNER MEDIA LLC	3.875% 01/15/2026 DD 11/20/15	120,000		122,145			114,612
	WELLS FARGO & CO	2.500% 03/04/2021 DD 03/04/16	75,000		74,983			73,768
	WELLS FARGO & CO	3.000% 04/22/2026 DD 04/22/16	240,000		238,923			223,642
	WELLS FARGO & CO	VAR RT 10/31/2023 DD 10/31/16	120,000		120,000			119,629
	WELLS FARGO & CO	4.125% 08/15/2023 DD 08/15/13	310,000		308,224			311,832
	WELLS FARGO & CO	VAR RT 05/22/2028 DD 05/22/17	300,000		300,000			288,024
	WELLS FARGO & CO	2.625% 07/22/2022 DD 07/24/17	475,000		474,582			458,024
	WELLS FARGO BANK NA	2.600% 01/15/2021 DD 01/23/18	250,000		249,865			246,895
	WELLS FARGO BANK NA	3.625% 10/22/2021 DD 10/23/18	345,000		344,962			347,042
	WESTERN MIDSTREAM OPERATING LP	4.500% 03/01/2028 DD 03/02/18	195,000		189,813			182,270
	WESTERN MIDSTREAM OPERATING LP	4.750% 08/15/2028 DD 08/09/18	190,000		184,481			180,865
	WFRBS COMMERCIAL MORTG LC14 A5	4.045% 03/15/2047 DD 02/01/14	85,000		90,814			87,677
	WILLIAMS COS INC/THE	4.300% 03/04/2024 DD 03/04/14	30,000		29,937			29,895
	WILLIAMS COS INC/THE	3.900% 01/15/2025 DD 06/27/14	75,000		74,768			72,867
	WILLIS NORTH AMERICA INC	3.600% 05/15/2024 DD 05/16/17	110,000		110,160			107,400

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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 MET TOWER LIFE 38025 AND RGA RGA00036     December 31, 2018
	WRKCO INC 144A	4.650% 03/15/2026 DD 12/03/18	225,000		224,672			228,438
	COMMIT TO PUR FHLMC GOLD SFM	3.000% 01/01/2034 DD 01/01/19	900,000		(889,453		)	(889,453		)
	COMMIT TO PUR FHLMC GOLD SFM	4.000% 01/01/2049 DD 01/01/19	3,300,000		(3,336,609		)	(3,336,609		)
	COMMIT TO PUR FHLMC GOLD SFM	4.500% 01/01/2049 DD 01/01/19	1,000,000		(1,031,563		)	(1,031,563		)
	COMMIT TO PUR FHLMC GOLD SFM	4.500% 01/01/2049 DD 01/01/19	1,000,000		(1,031,563		)	(1,031,563		)
	COMMIT TO PUR FHLMC GOLD SFM	4.500% 01/01/2049 DD 01/01/19	(1,000,000	)	1,031,641			1,031,641
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2049 DD 01/01/19	400,000		(390,203		)	(390,203		)
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2049 DD 01/01/19	400,000		(390,219		)	(390,219		)
	COMMIT TO PUR FNMA SF MTG	3.500% 01/01/2049 DD 01/01/19	900,000		(890,684		)	(890,684		)
	COMMIT TO PUR FNMA SF MTG	4.000% 01/01/2049 DD 01/01/19	1,500,000		(1,509,609		)	(1,509,609		)
	COMMIT TO PUR FNMA SF MTG	4.000% 01/01/2049 DD 01/01/19	1,600,000		(1,618,000		)	(1,618,000		)
	COMMIT TO PUR GNMA II JUMBOS	3.500% 11/01/2048 DD 11/01/18	4,105,000		(4,094,738		)	(4,094,738		)
	COMMIT TO PUR GNMA II JUMBOS	3.500% 11/01/2048 DD 11/01/18	4,000,000		(3,983,750		)	(3,983,750		)
	COMMIT TO PUR GNMA II JUMBOS	4.000% 01/20/2049 DD 01/01/19	2,200,000		(2,236,781		)	(2,236,781		)
	COMMIT TO PUR GNMA II JUMBOS	4.500% 01/20/2048 DD 01/01/19	700,000		(722,313		)	(722,313		)
	COMMIT TO PUR GNMA II JUMBOS	4.500% 01/20/2048 DD 01/01/19	600,000		(619,406		)	(619,406		)
	INTEREST BEARING CASH	TEMPORARY INVESTMENTS			46,762,292			46,762,292
	TOTAL UNDERLYING ASSETS				$	282,357,509		$	278,931,006
	MET TOWER LIFE 38025 - 68.1% of MARKET VALUE							$	189,839,503
	IGT INVESCO SHORT-TERM BOND FUND							129,109,959
	FAIR VALUE BANK OF MET LIFE TOWER 38025							318,949,462
	MET TOWER LIFE 38025 - ADJUSTMENT FROM MARKET TO CONTRACT VALUE							4,122,426
	MET TOWER LIFE 38025 - CONTRACT VALUE							$	323,071,888
	RGA RGA00036 - 31.9% of MARKET VALUE							$	89,091,503
	IGT INVESCO SHORT-TERM BOND FUND							130,011,740
	FAIR VALUE RGA RGA00036							219,103,243
	RGA RGA00036 - ADJUSTMENT FROM MARKET TO CONTRACT VALUE							2,867,301
	RGA RGA00036 - CONTRACT VALUE							$	221,970,544

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EXHIBIT INDEX

EXHIBIT NO.		DESCRIPTION
23.1  *		Consent of BDO USA, LLP
23.2  *		Consent of Plante & Moran, PLLC

* Filed herewith

48

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SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees have 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 28, 2019		BY: /s/ BRYAN JENDRETZKE
		Bryan Jendretzke
		Global Benefits Director and Plan Administrator

49