New York, December 1, 2008—Shearman & Sterling is representing The Dow Chemical Company in connection with its joint venture transaction with Petrochemical Industries Company (PIC), a wholly-owned subsidiary of Kuwait Petroleum Corporation. Dow announced today that it had entered into a Joint Venture Formation Agreement with PIC, pursuant to which Dow and PIC will establish a 50:50 joint venture, K-Dow Petrochemicals, and Dow will transfer to K-Dow certain assets used in the research, development, manufacture, distribution, marketing and sale of polyethylene, polypropylene, polycarbonate and polycarbonate compounds and blends, ethyleneamines, ethanolamines, and related licensing and catalyst technologies, and K-Dow will assume certain related liabilities. The value of the businesses contributed to the joint venture is $17.4 billion.

Shearman & Sterling is the lead transaction counsel to Dow in this transaction. The Shearman & Sterling multijurisdictional and multidisciplinary team comprising lawyers based in New York, London, Frankfurt, Paris and Rome has been led by partners George A. Casey (New York-Mergers & Acquisitions), James Comyn (London-Mergers & Acquisitions), Nicholas Buckworth (London-Project Development & Finance) and Douglas R. McFadyen (New York-Tax).

For additional information contact: Ron Brandsdorfer | New York | T +1.212.848.5081 |